The Trinity in Economic Aggregate
The Fisher equation probes into the relationship between the commodity demand MV and the market size PY, both of which are measured by money. Smith thinks: the division of labor is restricted by the market extent; young extends the idea of Smith: the division of labor is decided by the market size while the market size depends on the division as well. Based on the formalization of Smith-Young theorem (PY=LE), this article extends the Fisher equation to: MV=PY=LE, integrating the division theory with the monetary one, and analyses the preconditions and the specific economic issues in some classical theories with the new equation.
money market division of labor
RUAN Jia
School of Economics and Management, Bejing Jiaotong University, P.R.China, 100044
国际会议
威海
英文
7-14
2010-07-24（万方平台首次上网日期，不代表论文的发表时间）