Frank H. Bowles, The High Cost of Low-Cost Education, The Review of Economics and Statistics, Vol. 42, No. 3, Part 2. Higher Education in the United States: The Economic Problems (Aug., 1960), pp. 199-202

IN the continuing debate about the role of money, credit, and monetary policy in our society, one of the major issues centers around the specific incidence of "tight money" on individual business firms. On the one hand, leading proponents of monetary controls as a regulatory device have emphasized the general, impersonal nature of such controls. They have argued that the impact of monetary policy is determined by the reaction of individual borrowers to changed market conditions.

Philip H. Coombs, Some Issues Raised by Recent Legislation, The Review of Economics and Statistics, Vol. 42, No. 3, Part 2. Higher Education in the United States: The Economic Problems (Aug., 1960), pp. 83-87

The parting of the ways between causal chain (recursive) and interdependent (nonrecursive) systems is reviewed from the point of view of explanatory relations specified in terms of conditional expectations. On the customary assumptions, a causal chain system is designed so that its relations both in the original form and in the reduced form can be specified in terms of conditional expectations, whereas the relations of interdependent systems allow such specification only in the reduced form. A third type of model is discussed, called conditional causal chains, which formally is similar to interdependent systems, with the important difference that the behavioural relations of the original system are specified in terms of conditional expectations.

T HE study of the credit system is, traditionally, an important part of economic discipline. It is the purpose of this paper to introduce a new method, the method of the linear graph, for the study of this time-honored subject. Ostensibly, the contribution of this paper is pedagogical. However, this method enables us to identify and classify all transactions from properly constructed economic models of credit structures. Since all the operations of a credit system are formed of transactions, it is hoped that an axiomatic approach, which is conspicuous by its absence in the study of money and banking, can be initiated through this approach. In order to do this, certain elementary mathematical concepts of the linear graph must be introduced. For this reason, we shall proceed informally and omit all proofs in our presentation. However, the applicability of the mathematical theory of linear graph to the study of money and banking problems is by no mean limited to the elementary mathematical knowledge contained in the text. It is hoped that the method initiated in this paper can be further developed to yield more fruitful results in economic analysis. This is illustrated in the appendix by some examples of economic analysis using non-trivial theorems of linear graph. The text of this paper, however, can be read by readers with no mathematical background in linear graph theory.

Journal Article A Symposium on Monetary Theory: The Patinkin Controversy Get access F. H. Hahn F. H. Hahn Cambridge Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 28, Issue 1, October 1960, Pages 37–43, https://doi.org/10.2307/2296248 Published: 01 October 1960