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Date: | Fri Mar 31 17:19:21 2006 |
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----------------- HES POSTING -----------------
E. Roy Weintraub ([log in to unmask]) wrote:
On Allais, one of the real issues is the excessive set of claims
made both by Allais, and his pupils/supporters, on his behalf
over many years.
While I don't know whether either Allais or epigones have bothered
to claim this, Allais's (1947) Economie & Intérêt, vol. 1, Paris:
Librairie des Publications Officielles, p. 41, formalised the cash-
balance approach a couple of years prior to Baumol's 1952 "The
Transactions Demand for Cash: An Inventory Theoretic Approach",
Quarterly Journal of Economics 66, pp. 545-56, or Tobin's 1956
"The Interest-Elasticity of Transactions Demand for Cash", Review
of Economics and Statistics 38, pp. 241-7, and he didn't
receive any credit for it, at least for a couple of decades.
Matthias Klaes
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