Friedman (1969) argued that a positive shadow price of money balances would violate the Pareto-efficiency condition that the shadow price of anything should equal its marginal cost.
Hark how all the Welkin rings / Glory to the King of Kings, /Peace on Earth, and Mercy mild, / GOD and Sinners reconcil'd![]
Glory to the King of Kings, /
GOD and Sinners reconcil'd
