pment in the process of economic growth, a convincing theoretical framework was lacking until the recent publications of McKinnon [19] and Shaw [25]. Indeed, neoclassical growth theories provide, in the main, a negative role to the monetary process. Here, a reduction rather than an increase in...

In a recent article in this Review, Akhtar [2] presented 30 estiO.ates of demand or money functions in Pakistan. One of the purposes of Akhtar's study was to est two alternative theories, "the modern quantity theory of money and what JUay ,lie called the 'accumulating capital' framework" [2, p....