In his main work, he created a theory of partial equilibrium, distinguishing between time periods required for different adjustments and introducing the concept of elasticity.
His contributions to monetary theory include the cash-balance approach to the quantity theory of money, the purchasing power parity theory of exchange rates, and the analysis of credit creation. In his main work, he created a theory of partial equilibrium, distinguishing between time periods required for different adjustments and introducing the concept of elasticity. FTP, identify this British economist, whose best known work is 1890s Principles of Economics.
His contributions to monetary theory include the cash-balance approach to the quantity theory of money, the purchasing power parity theory of exchange rates, and the analysis of credit creation.
Alfred {Marshall}