The aim of this work is two-fold. It is intended first, to challenge the prevailing view that monetarism, or the quantity theory of money, is a necessary part of classical economic analysis, and, second, to show that the framework upon which classical (and Marxian) analysis is based suggests an alternative account of the inflationary process. This may be seen as an exercise in the history of economic thought, but the conclusions are also relevant to modern debate. In particular, the converse of the argument is that the monetarist approach to inflation is a logically necessary component of neoclassical analysis, and that consequently any attempt to criticise that approach in a fundamental way must involve an explicit rejection of the conceptual structure of neoclassical economics.
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