Maes, Ivo - In: Kyklos 44 (1991) 1, pp. 3-18
J. R. Hick's paper "A Suggestion for Simplifying the Theory of Money" (1935) can be considered as a prefiguration of modern macroeconomic portfolio theory. It is argued here that this innovation was not a historical accident. It fit into Lionel Robbins' program to elaborate economics as the...