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A Market Theory of Money$
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John Hicks

Print publication date: 1989

Print ISBN-13: 9780198287247

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198287240.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 25 September 2021

Choice Among Assets

Choice Among Assets

(p.64) 8 Choice Among Assets
A Market Theory of Money

John Hicks

Oxford University Press

The liquidity concept, which in Keynes's Treatise, (1930) had been confined in application to the behaviour of banks, can be reinterpreted so as to give it a wider reference. Any sort of financial firm can be confronted with similar alternatives, and so could have assets of various degrees of liquidity. One could think of it being faced with a ‘spectrum’ of such assets from which to choose, a spectrum which could be wider or narrower than that on which a bank would usually work. And having gone so far, why not go further? Why not look for liquidity elements in the decisions of all sorts of firms, and even in the management of his property by the private capitalist? This chapter considers the two directions in which the concept might be generalized — to the decisions of more sorts of choosers and between more sorts of assets.

Keywords:   financial assets, Keynes, liquidity, financial firm, decisions

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