Revaluation of Mises\u27 Theory in View of Modern Monetary Economics

This paper examines Mises’ studies of the cumulative process. We shall show that Mises’ analysis contains three noticeable features for modern monetary economics: the subjective valuation of money, his unique transmission mechanism of monetary policy and the origin of the economic disturbance. As a result of these features, Mises’s analysis was characterized as unique monetary economics. Despite having the same purpose, the Austrian School adopted equilibrium analysis, while the Stockholm School adopted the disequilibrium analysis. The concept “turnover of the monetary rate of interest” is from the second and third features of Mises’ theory as described above, and provided the Austrian School’s analysis with the possibility of a business cycle theory. Thus it was not Hayek or Wicksell, but Mises, who directed the studies of the Austrian School. This is why we must elucidate the theoretical structure of Mises’ analysis

Wicksell’s Indeterminacy, Disequilibrium Analysis, and Cumulative Process

This paper is devoted to the examination of two widely accepted understandings of Wicksellian cumulative process, i.e. Wicksell’s indeterminacy and disequilibrium analysis. It should be noted that these two understandings are generally based on Myrdal’s or Patinkin’s interpretations, not Wicksell’s descriptions, because it is difficult to grasp Wicksell’s thought from his vague, unclear, and confusing statements on his works. Thus, in this paper, these two understandings are examined based on Wicksell’s descriptions. In particular we shall deal only with cumulative process on the assumption of the stationary state in Wicksell (1936) while the main target of other historians of economic thought has been to elucidate Wicksell’s thought from all Wicksell’s works. This is because the natural rate of interest remains fixed in the stationary state, making it easy to point out why the process is cumulative. Moreover, after the essential theoretical characteristics of trade, price expectations, and price determination on cumulative process have been discussed, we examine whether the two understandings are found in cumulative process. As a result, it was discovered that there is a large difference between these two understandings and Wicksellian cumulative process

Cerebral Glycogen Distribution and Aging

In the brain, glycogen metabolism has been implied in synaptic plasticity and learning, yet the distribution of this molecule has not been fully described. We investigated cerebral glycogen of the mouse by immunohistochemistry (IHC) using two monoclonal antibodies that have different affinities depending on the glycogen size. The use of focused microwave irradiation yielded well‐defined glycogen immunoreactive signals compared with the conventional periodic acid‐Schiff method. The IHC signals displayed a punctate distribution localized predominantly in astrocytic processes. Glycogen immunoreactivity (IR) was high in the hippocampus, striatum, cortex, and cerebellar molecular layer, whereas it was low in the white matter and most of the subcortical structures. Additionally, glycogen distribution in the hippocampal CA3‐CA1 and striatum had a ‘patchy’ appearance with glycogen‐rich and glycogen‐poor astrocytes appearing in alternation. The glycogen patches were more evident with large‐molecule glycogen in young adult mice but they were hardly observable in aged mice (1–2 years old). Our results reveal brain region‐dependent glycogen accumulation and possibly metabolic heterogeneity of astrocytes