----------------- 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 ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]