HPPE Seminar 6 November  - “Reflections on the Quantity Theory: Pigou 1917 and Pareto 1920-21”

Dear all,

Next Wednesday, on November 6th , Michael McLure will be presenting at the HPPE seminar on the topic « Reflections on the Quantity Theory: Pigou 1917 and Pareto 1920-21 ».
The seminar takes place in Clement House 2.04 at 1 p.m. at the London School of Economics. Everyone is welcome.

Abstract: In 1917, Pigou published his classic article on “The Value of Money” in the Economic Journal. In 1920-21, Pareto wrote a manuscript on monetary theory, ‘Note Critiche di Teoria Monetaria’, but it was not published until 2005 when some fragments of that manuscript were located by Fiorenzo Mornati. In both these papers the authors reflected on the quantity theory of money and both established the conditions that must be met for the theory to hold. Yet the rhetoric of Pigou in light of his analysis was very moderate, cautious and broadly supportive of the theory; whereas the rhetoric of Pareto in light of his analysis was far more direct, unequivocal and critical of the theory. In this study the analysis of Pigou and Pareto is compared and that analysis is used to explain the difference in their rhetoric pertaining to the quantity theory. It is concluded that this case is illustrative of a more general difference between Cambridge and Lausanne during the second generation of these two respective ‘schools’ of thought.

More information about the seminar is available at : http://www.lse.ac.uk/economicHistory/seminars/HPPE/HPPEMT2013.aspx or by contacting Gerardo Serra ([log in to unmask]<mailto:[log in to unmask]>) or Raphaelle Schwarzberg ([log in to unmask]<mailto:[log in to unmask]>)

Best wishes,
Gerardo Serra and Raphaelle Schwarzberg

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