Koncepcje monetarne D.H. Robertsona i ich wykorzystanie do analizy ilościowej i dochodowej teorii pieniądza
Monetary concepts of D.H. Robertson and their use for the analysis of the quantity and income theory of money

Summary/Abstract: The article attempts to compare equation of exchange formulated by I. Fisherand A.C. Pigou and analyses these equations with the use of D.H. Robertson’s monetary concepts concerning the synthesis of the quantity and income theory of money, as well as the mechanism of creation of savings in the economy. Conducted research allowed to notice that the hypothesis about the proportional impact of changes in the quantity of money on the price level could not be verified in both quantity and income versions of the equation of exchange due to the existence of hoarding. Hoarding disrupts the balance between social savings, emerging as a result of lacking, and aggregated individual savings, and at the same time being the cause of economic fluctuations and changes in the quantity of money in circulation, as well as fluctuations in the velocity of money.

• Details
• Contents