ABSTRACT
This paper is a discussion of the conventional demand for money. It points out that there are problems both with the standard Keynesian view and the standard monetar ist view of the demand for money. A framework is posited for considering the demand for money quite generally; this framework is then applied in four separate ways to solve the problems both of Keynesians and monetarists. These solutions leave yet a final problem of their own concerning the demand for money; this final problem is the subject of current research. The direction of that research, which is implicit in our general approach to money demand, will be indicated. This paper summarises one paper of my own (1979) and four papers which I have written jointly with Ross Milbourne (1978, 1979, 1980a, 1980b). As such it makes no original contribution; but as a general summary it gives the unifying thoughts behind these papers: it indi cates the problems with conventional theory which caused these papers to be written and the sense in which these papers can be considered a direct outgrowth of these problems.1
