© 1993

Monetary Theory and Thought

Essays in Honour of Don Patinkin

  • Haim Barkai
  • Stanley Fischer
  • Nissan Liviatan

Table of contents

  1. Front Matter
    Pages i-xiii
  2. Part I

    1. Front Matter
      Pages 1-1
    2. Stanley Fischer
      Pages 15-31
  3. Part II

    1. Front Matter
      Pages 33-33
    2. Lawrence R. Klein
      Pages 35-54
    3. William J. Baumol
      Pages 87-108
    4. David Laidler
      Pages 146-181
  4. Part III

    1. Front Matter
      Pages 183-183
    2. Jean-Paul Fitoussi, Kumaraswamy Velupillai
      Pages 210-242
    3. Frank Hahn
      Pages 243-259
    4. Peter Howitt
      Pages 260-283
  5. Part IV

    1. Front Matter
      Pages 337-337
    2. Lawrence Klein, Rudiger Dornbusch, Edmond Malinvaud, Don Patinkin, James Tobin
      Pages 339-356

About this book


Don Patinkin's pioneering work, integrating monetary and value theory in a Walrasian general equilibrium context anticipated by almost two decades the line of research which attempts to recast macroeconomics by reference to its microeconomic foundations. The notion of an integrated set of markets offered intuitive perception of intermarket linkages. At the same time it highlighted some of the pitfalls of traditional neoclassical monetary analysis, such as the erroneous imputation of unitary elasticity to the demand curve for money. Patinkin's presentation of general equilibrium illuminated the difficulty in upholding the Keynesian notion of underemployment equilibrium. His insightful efforts to understand behaviour in labour markets in disequilibrium led him to provide the first well worked out example of the powerful implications of disequilibrium and thereby to lay the foundations for the disequilibrium analysis of the 1970s.

Editors and affiliations

  • Haim Barkai
    • 1
  • Stanley Fischer
    • 2
  • Nissan Liviatan
    • 1
  1. 1.The Hebrew University of JerusalemIsrael
  2. 2.Massachussetts Institute of TechnologyUnited States

Bibliographic information