The Theory of Money and of Banking

This survey will cover both the theory of money in the abstract sense, and also with those aspects of monetary control which are usually referred to as the theory of money and banking. It covers not only the fundamental nature of money and the Lange–Patinkin accusation against the Classical economists (and in Patinkin's case, against McCulloch in particular) of having dichotomized the theory of money and of prices ⁹⁵¹ but also McCulloch's part in the controversies over central banking control. In this part of the discussion McCulloch's basic concept of money will be examined.