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Prices of land, money and credit in one-period and multi-period models
Abstract
Classical models of economics as visualised by Sraffa in 1960, but incorporating some insights into money and interest in his 1932 responses to Friedrich Hayek, provide new openings for realistic understanding of economic change. The prices of everlasting unproduced land as surface area, of longlasting but nor everlasting produced soils and mineral deposits, of interrelated spot and forward prices of non-money products and instrumnets of money and credit, and money rates of interest can then be viewed in a new way, to suggest and coordinate policy responses to rival claims of changing production, trade, environment and distributive shares.
Manuscript received August 8, 1994;
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