The Availability Doctrine: Development and Implications *

@inproceedings{Scott1957TheAD,
  title={The Availability Doctrine: Development and Implications *},
  author={Jr. Ira O. Scott},
  year={1957}
}
According to the classical theory of interest, which long served as a framework for the theory of money, prices, and income, the rate of interest is determined by the supply of and demand for savings. Monetary theorists, such as Wicksell, Fisher, Hawtrey, and Keynes, erected an imposing edifice on this foundation. Then came the Great Depression and disillusionment, the Second World War and the pegged market regime. At the same time, a growing ferment in the literature undermined the classical… CONTINUE READING

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