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In Search of the "Veil of Money" and the "Neutrality of Money": A Note on the Origin of Terms
Ist Teil von
The Scandinavian journal of economics, 1989-01, Vol.91 (1), p.131-146
Ort / Verlag
Oxford, etc: Basil Blackwell, Ltd
Erscheinungsjahr
1989
Link zum Volltext
Quelle
EBSCOhost Business Source Ultimate
Beschreibungen/Notizen
"Veil of money" and "neutrality of money" have become shorthand expressions for the quantity-theory proposition that only the absolute price level of an economy - and not real outputs, such as relative prices and the rate of interest - is affected by changes in the quantity of money. The notion can be traced to the essays of David Hume (1752), but the terms did not come into use until the interwar years of the 20th century. "Neutrality of money" was introduced in a series of lectures presented at the London School of Economics by Hayek in 1931 and subsequently published under the title of Prices and Production. The earliest known use of the term "veil of money" is in Robertson's Cambridge Economic Handbook on Money (1922).