The ratio of money to income was once described by Lawrence Klein (1962) as one of the five great ratios of economics, and its determinants, the arguments of the demand for money function, were thoroughly investigated in the United Kingdom (and elsewhere) in the late 1960s and early 1970s. The success of these investigations and the associated rise of monetarism hardly needs retelling, except to note that a markedly different attitude exists now, as evidenced by Laidler (1981):
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Artis et al. (1984) studied this question.
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