Mark Blaug brought his usual standards of historical awareness and respect for empirical content to bear when he wrote about the Quantity Theory of Money, but he hesitated to probe too deeply into the political and ideological elements of its history, perhaps leading him to underestimate their...

Formal analysis, in which maximizing agents use today's "true" model of the economy to form expectation upon which they then base their behaviour, trivializes the role of the future in economic life and ignores the possibility that the past's models, which helped generate the data against which...