A change in the price level which causes a departure of desired from actual real balances may lead to a change in individuals' spending. The object of this paper is to enquire into the operation and significance of this real-balance effect in classical value and monetary theory, about which there has for some time been controversy. Lange argued that the classical dichotomy between the real and monetary sectors of the economy is invalid, and that an integration of value and monetary theory is required. Patinkin has attempted this integration in his book Money, Interest, and Prices, arguing that the real-balance effect provides the necessary link between the two parts of the system. In this paper we argue that the classical dichotomy is valid, and that the integration undertaken by Patinkin is therefore unnecessary. In Part I we enquire into the operation of the real-balance effect in a classical exchange model. This is necessary because Patinkin's analysis is incomplete and leaves many important points obscure. We find that, while the price level is of course determined by the desire to hold balances together with the stock of money, the role of the real-balance effect is only to provide an explanation of how the system behaves in disequilibrium. Thus the real-balance effect is irrelevant to those famous propositions of the quantity theory which are the result of comparative static analysis. In Part II we enquire into the formal consistency of the classical model, a question which is given great importance by the fact that nearly all modern value theory presupposes the validity of the classical dichotomy. We find that the model has a consistent solution which does not depend in any way on the presence in the model of the real-balance effect. We find, however, that the model offers no explanation of behaviour out of equilibrium, and that the role of the real-balance effect is again to provide an explanation of disequilibrium behaviour. We see that it is the absence of such an explanation from the formal classical model that has led to the persistent and erroneous view that the system is inconsistent. We also see in what way Lange's original argument was mistaken.In Part III we investigate the role of the real-balance effect in a classical model with production and saving as well as exchange. We find once again that the role of this effect is to explain how this system behaves out of equilibrium, but that the equilibrium level of employment is independent of its operation in the model. We argue that Patinkin's claim, that his analysis" invalidates" the Keynesian theory of employment, is completely unfounded. Downloaded from 1 The perpendicular from PI to g has been omitted from the figure. 2 It will be noticed that, if real income is constant, the budget line can move only if real balances change, while real balances change either if consumption is not equal to income or if the price level changes. at Emory University on August 16, 2015 http://restud.oxfordjournals.org/ Downloaded from PI P2 2 X I == S 1~~-d1 = 0 ; ...

Herbicides increase crop yields by allowing weed control and harvest management. Glyphosate is the most widely-used herbicide active ingredient, with $11 billion spent annually on glyphosate-containing products applied to >350 million hectares worldwide, using about 8.6 billion kg of glyphosate. The herbicidal effectiveness of glyphosate can depend upon the time of day of spraying. Here, we show that the plant circadian clock regulates the effectiveness of glyphosate. We identify a daily and circadian rhythm in the inhibition of plant development by glyphosate, due to interaction between glyphosate activity, the circadian oscillator and potentially auxin signalling. We identify that the circadian clock controls the timing and extent of glyphosate-induced plant cell death. Furthermore, the clock controls a rhythm in the minimum effective dose of glyphosate. We propose the concept of agricultural chronotherapy, similar in principle to chronotherapy in medical practice. Our findings provide a platform to refine agrochemical use and development, conferring future economic and environmental benefits.

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