From Cambridge to Eternity: “Dimension Algebra 04”
<Questions for Review of “Money Demand”> 1. What was “money” historically? - Commodities: shells, stones, copper, nickel, silver, gold and so on - Classical economists: a veil - David Hume among others 3) : the annual average 2) of monetary outstanding - John M. Keynes among others: the outstanding balance as at a moment of interest - John R. Hicks among others 4) : something that is a “constant” fraction (or multiple) of the annual “nominal” income: i.e. M= k ∙ I = k ∙ ( P∙Y ) 2. How do we calculate the average? <A> There ar...