Money and Markets: Essays in Honor of Leland B. Yeager

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Leland’s favorite economists 125Goldschmidt, Nils (2002). Entstehung und Vermächtnis ordo-liberalen Denkens: Walter Eucken und dieNotwendigkeit einer kulturellen Ökonomik (Emergence and Legacy of Ordo-Liberal Thinking:Walter Eucken and the Necessity of Cultural Economics). Münster: LIT.Hirschman, Albert O. (1970). Exit, Voice, and Loyalty: Responses to Decline in Firms, Organizations,and States. Cambridge, MA: Harvard University Press.Külp, Bernhard and Victor Vanberg (eds.) (2003). Freiheit und wettbewerbliche Ordnung(Freedom and Competitive Order). Freiburg: Haufe.Meijer, Gerrit (ed.) (1994). The Intellectual Roots of Market Economies: Walter Eucken’sContribution to Economics. Journal of Economic Studies, 20(4).Nietzsche, Friedrich (1974). The Gay Science – with a Prelude in Rhymes and an Appendix of Songs.Walter Kaufmann (ed.). New York: Vintage Books.Nietzsche, Friedrich (1988). Kritische Studienausgabe, 15 vols. G. Colli and M. Montinari (eds.).München-Berlin/New York: DTV – de Gruyter. Repr. of 2nd edn.Nietzsche, Friedrich (1994). On the Genealogy of Morality. K. Ansell-Pearson (ed.). Cambridge:Cambridge University Press.Peukert, Helge (2004). Der 20. Juli und die wirtschafts-und ordnungspolitischen Konzeptionender Opposition gegen den Nationalsozialismus. Perspektiven der Wirtschaftspolitik,5(4).Schluchter, Wolfgang (forthcoming). Max und Alfred Weber. In Thomas Beschorner andThomas Eger (eds.) Das Ethische in der Ökonomie. Festschrift zum 60. Geburtstag von Hans G.Nutzinger. Marburg: Metropolis.Schwartze, Andreas (1990). LLM-Thesis. Florence: European University Institute, pp. 30–3.Smith, Adam (1776). An Inquiry into the Nature and Causes of the Wealth of Nations.Sombart, Werner (1928). Der moderne Kapitalismus, I–III. Leipzig und München: Duncker &Humblot.Storch, Henri (1823–24). Cours d’économie politique, I–V. Paris: Aillaud.Yeager, Leland (1985). Deregulation and Monetary Reform. American Economic Review,Papers and Proceedings, 75(2): 103–7.Yeager, Leland (1994). Eucken on Capital and Interest. Journal of Economic Studies, 21(4):61–75.Yeager, Leland (2001). Ethics as Social Science. Cheltenham: Elgar.
9 The genesis of an ideaClassical economics and the birth ofmonetary disequilibrium theoryMichael R. MontgomeryIntroductionAs Leland Yeager establishes impressively in The Fluttering Veil (Yeager 1997a), thenotion of monetary disequilibrium is one of the core ideas of macroeconomictheory. That monetary distortions originating on either the supply or demand sideof the “money market” can have important impacts on the price level and on realincome is decisively argued in his volume. That these impacts are likely to bestronger in the event of monetary change than they are for changes in other majormacroeconomic magnitudes is a proposition for which an ample and impressivecase appears in this book. That money has unique status not only as medium ofexchange but also as the sole asset without a “price” of its own, so that consequencesof excess demands for, or supplies of, money must be worked out piecemeal amongthe millions of markets that employ money for transactions purposes, is, properly,the central insight of the volume. That this central insight, which I have not seenemphasized elsewhere in modern macro-theory, substantially simplifies monetarytheory by establishing a uniqueness factor to the monetary asset that the existenceof numerous “near-moneys” cannot overturn is one of the book’s major achievements.That this uniqueness, when considered in combination with the existenceof a complex, interlocking business structure where the fact that costs of somebusinesses are revenues of others, and cost changes for some lag behind pricechanges for others, leads directly to a monetary theory of the business cycle, followsquickly from the analysis. That all this matters crucially for macroeconomic theoryis difficult to deny once one has read the volume.The Fluttering Veil matters not only as a contribution to modern macroeconomictheory. It is also notable in its establishment of numerous links with past thinkersin the monetary disequilibrium tradition. The present paper seeks to make acontribution in this spirit, by exploring the development of the monetarydisequilibrium idea in the hands of the Classical economists. It will be argued belowthat the “Classicals” were considerably more broad-based in their approach tomacroeconomics than is acknowledged by the modern interpretation emphasizingwage/price flexibility, Say’s Law, and the neutrality of money. It was, I will argue,precisely out of this broad-based approach that the monetary disequilibriuminsight emerged – first by Hume, and then, most notably, in the hands of John
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Money and MarketsIn recent decades,
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The Cultural Foundations ofEconomic
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First published 2006by Routledge2 P
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viiiContents9 The genesis of an ide
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ContributorsJürgen G. Backhaus is
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Preface and acknowledgmentsLeland B
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1 A zeal for truthRoger KopplIf the
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A zeal for truth 3kind of decision-
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A zeal for truth 5and attributes to
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A zeal for truth 7“30 years to th
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A zeal for truth 9I have a $10 bank
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A zeal for truth 11conversation, Ye
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A zeal for truth 13a market economy
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A zeal for truth 15of “approval o
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A zeal for truth 17to offer about e
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A zeal for truth 19Klappholz, K. an
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2 The Yeager mystiqueA profile of t
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The Yeager mystique 23students bent
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The Yeager mystique 25Yeager’s pe
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The Yeager mystique 27none, but not
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The Yeager mystique 29demeanor coul
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The Yeager mystique 31wanted to cou
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The Yeager mystique 33The common id
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The Virginia renaissance in politic
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4 LelandA personal appreciationGord
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Leland, a personal appreciation 47I
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Monopoly politics and its unsurpris
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Good ideas and bad regressions 67I
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Good ideas and bad regressions 69am
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Good ideas and bad regressions 71
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Good ideas and bad regressions 73ap
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Page 98 and 99: 7 Pluralism, formalism, andAmerican
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Page 114 and 115: 8 Leland’s favorite economists *J
Page 116 and 117: Figure 8.1 The “Genealogical Tabl
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Page 134 and 135: circumstances and even acts of will
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Page 142 and 143: The genesis of an idea 127Stuart Mi
Page 144 and 145: The genesis of an idea 129suggest t
Page 146 and 147: The genesis of an idea 131macroecon
Page 148 and 149: The genesis of an idea 133value. Hi
Page 150 and 151: The genesis of an idea 135half of m
Page 152 and 153: The genesis of an idea 137Unsettled
Page 154 and 155: The genesis of an idea 1398 “M. S
Page 156 and 157: ReferencesThe genesis of an idea 14
Page 158 and 159: 10 The macroeconomics of money,savi
Page 160 and 161: The macroeconomics of money, saving
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Page 164 and 165: Mr. YeagerThe macroeconomics of mon
Page 166 and 167: 11 No-name moneyMaria Minniti and L
Page 168 and 169: No-name money 153many political lea
Page 170 and 171: No-name money 155consultants, who f
Page 172 and 173: No-name money 157bank chose the one
Page 174 and 175: No-name money 159While inflation in
Page 176 and 177: No-name money 161was reinforced by
Page 178 and 179: No-name money 163private ownership,
Page 180 and 181: No-name money 165Mencinger, Joze (1
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Monetary disequilibrium theory and
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Reflections on reswitching and roun
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14 Leland Yeager’s utilitarianism
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Leland Yeager’s utilitarianism as
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15 Ethnic conflict and theeconomics
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Ethnic conflict and the economics o
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NotesEthnic conflict and the econom
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The legacy of Bismarck 243War, the
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The legacy of Bismarck 245people wo
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The legacy of Bismarck 247system, b
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The legacy of Bismarck 249Old age i
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IndexAckley, G., Macroeconomic Theo
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Marshall, A.: approach to economics
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concerns 10-11, 150; monetarydisequ
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