Friday, March 08, 2013

A Notable Economist Who Recognized the Importance of Cantillon Effects

His name started with "John Maynard," and ended with "Keynes":

"The basic contention [in the Treatise] is that a monetary injection (for example) will not impinge with the same force on all markets and all prices." -- Axel Leijonhuvud, On Keynesian Economics and the Economics of Keynes, p. 23


  1. Does Leijonhuvud say whether he had unrecognized it by the time he wrote TGT ?

    1. Yes, he notes very emphatically that TGT presumes the analysis present in The Treatise. Keynes was a Wicksellian, and a monetary economist in the classical tradition, with one difference. Anyone care to guess what that is?


Old-fashioned excuse: "The dog ate my homework."

Modern excuse: "Dual-factor authentication ate my ability to do my homework."