A bstract . This essay is reprinted from Eatwell, J., M. Milgate and P. Newman (eds.) The New Palgrave: A Dictionary of Economics . 1987, 2: 369–376. United Kingdom, London and Basingstoke: The Macmillan Press Limited; New York, N.Y. The Stockton Press and Japan, Maruzen Company Limited. The essay is reproduced with the kind permission of Palgrave Macmillan.
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James Tobin (2005) studied this question.