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MONEY AND THE PRODUCTION FUNCTION

MONEY AND THE PRODUCTION FUNCTION *I am grateful to Robert Bano, William Brock, Rudiger Dornbusch, Milton Friedman, Jurg Niehans, Don Patinkin and members of the University of Chicago Workshop on Money and Banking for their helpful comments on an earlier version of this paper. I. For money and the utility function, see Patinkin (1965), pp. 78-9, Samuelson (1947), pp. 117-22, and Samuelson (1968); for recent work on money and production theory, see Levhari and Patinkin (19681, Moroney (19721, Orr (19711, p. 201, Pierson (1971) and Stein (1970). Moroney's thoughtful article provides references to other work on the topic. 2. See, for instance, Levhari and Patinkin (1968) and Stein (1970) and particularly the comment by Niehans quoted in the latter. 3. They also find substantially increasing returns to scale. Their estimates are hardly credible since the implied marginal product of one dollar is over sixty cents per annum. ECONOMIC INQUIRY shall also assume that the firm uses money in e ~ c h a n g e We shall say that .~ money enters a firm’s production function if that firm’s a c t i v i t i e ~, ~ which include both production and exchange, can be described by saying that http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Economic Inquiry Wiley

MONEY AND THE PRODUCTION FUNCTION

Economic Inquiry , Volume 12 (4) – Dec 1, 1974

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References (16)

Publisher
Wiley
Copyright
Copyright © 1974 Wiley Subscription Services, Inc., A Wiley Company
ISSN
0095-2583
eISSN
1465-7295
DOI
10.1111/j.1465-7295.1974.tb00419.x
Publisher site
See Article on Publisher Site

Abstract

*I am grateful to Robert Bano, William Brock, Rudiger Dornbusch, Milton Friedman, Jurg Niehans, Don Patinkin and members of the University of Chicago Workshop on Money and Banking for their helpful comments on an earlier version of this paper. I. For money and the utility function, see Patinkin (1965), pp. 78-9, Samuelson (1947), pp. 117-22, and Samuelson (1968); for recent work on money and production theory, see Levhari and Patinkin (19681, Moroney (19721, Orr (19711, p. 201, Pierson (1971) and Stein (1970). Moroney's thoughtful article provides references to other work on the topic. 2. See, for instance, Levhari and Patinkin (1968) and Stein (1970) and particularly the comment by Niehans quoted in the latter. 3. They also find substantially increasing returns to scale. Their estimates are hardly credible since the implied marginal product of one dollar is over sixty cents per annum. ECONOMIC INQUIRY shall also assume that the firm uses money in e ~ c h a n g e We shall say that .~ money enters a firm’s production function if that firm’s a c t i v i t i e ~, ~ which include both production and exchange, can be described by saying that

Journal

Economic InquiryWiley

Published: Dec 1, 1974

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