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By David E.W. Laidler
Records the elaboration of the amount idea of cash right into a basic selection theoretic clarification of expense point behaviour. the writer argues that the important architects of the volume concept - Marshall, Fisher and Wicksell - contributed ultimately to the cave in of the ideal.
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A Marshallian supply and demand apparatus modified to incorporate the stock flow distinction is indispensable to the analysis of these interactions. Though the supply and demand apparatus was available in the 1870s, it had not, in any published form, acquired the powerful simplicity that Marshall was to give it. Moreover the liignificance of the stock flow distinction was not widely underWill) CLASSICAL THEORY 0 .. I'RICE LEVEL 11 stood. Mar8hall'~ unpublished manuscript on 'Money' 1)1 1~71 shows that he had, even at this early date, both gruped and s()lved the problems to which I am here alluding, but they were not squarely addressed in any published, or even readily available unpublished, source until much later.
20 lino. ORTHOUOXY ~tI, the presence of thi~ admittedly nturowly foculied of Mill's in his magnum OpUl', as well all in It youthful ellllay, doe~ mean that later analy~is of the role of monetary factorll in the busine~~ ~ycle such as, for example, that of Marshalland Mauhall (1101) or Marshall (I H1:I7), which clearly build on Mill's inllighlti, have ft)ob in classical economics, 16 It also impliell that the notion of a demand fur a stuck uf money to hold was not entirely absent from c1assi~al theory; although the fact that Mill viewed such a demand a~ a temporary phenomenon, arising only at timeli of financial cri~is, does mean that the notion was peripheral to his version of the quantity theory of money.
Classical economics normally treated capital flows as complicating factors of temporary duration. Autonomous capital movements had attracted serious attention in the context of Britain's payments of subsidies to her continental allies during the French Wars. Smith's earlier correct but incomplete insight that such transfers ultimately involved a movement of goods rather than of specie, was the starting point of what was to become the orthodox classical theory of the transfer mechanism. This mechanism involved, as a first step, international movements of money which had incipient effects on price levels and the exchanges, as well as real balance and income effects on the supply and demand for goods in the countries involved.