G. J. Santoni is a senior economist at the Federal Reserve Bank of St. Louis. Thomas A. Pollmann provided research assistance. ‘See, for example, Fisher (1963) who notes that: “This theory, though often crudely formulated, has been accepted by Locke, Hume, Adam Smith, Ricardo, Mill, Walker, Marshall, Hadley, Fetter, Kemmerer, and most writers on the subject.” (p. 14) See also pp. 157—59 and 296...
