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Money, Inflation and Business Cycles - The Cantillon Effect and the Economy (Paperback)
Loot Price: R1,345
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Money, Inflation and Business Cycles - The Cantillon Effect and the Economy (Paperback)
Series: Routledge International Studies in Money and Banking
Expected to ship within 10 - 15 working days
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Who would disagree that money matters? Economists have yet to
sufficiently explore issues related to monetary inflation in
relation to the Cantillon effect, i.e. distribution and price
effects resulting from uneven changes in the money supply and their
impact on the economy. This book fills this important gap in the
existing literature. The author classifies the various channels
through which new money can be injected into the economy and
demonstrates that it is not only the increase in money supply that
is important, but also the way in which it occurs. Since the
increase in money supply does not affect the cash balance of all
economic entities in the same proportion and at the same time - new
money is introduced into the economy through specific channels - a
distribution of income and changes in the structure of relative
prices and production occur. The study of money supply growth,
carried out in the spirit of Richard Cantillon, offers an important
analytical framework that facilitates the development of a number
of sub-disciplines within economics and provides a better
understanding of many economic processes. It significantly explores
the theory of money and inflation, the business cycle and price
bubbles, but also the theory of banking and central banking, income
distribution, income and wealth inequalities, and the theory of
public choice. This book is therefore an important voice in the
fundamental debate on the role of monetary factors in the economy,
as well as on the effects and legitimacy of a loose monetary
policy. In 2017, the doctoral dissertation on which the book is
based was awarded the Polish Prime Minister's prize. In these times
of non-standard monetary policy and rising income inequalities in
OECD countries, the focus on the distribution effect of monetary
inflation makes this a must read for researchers and policy-makers
and for anyone working in monetary economics. This title was
translated from Polish by Martin Turnau.
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