Axel Leijonhufvud has made a unique contribution to the development
of macroeconomic theory. This volume draws together his insightful
essays dealing with the extremes of economic instability: great
depressions, high inflation and the transition from socialism to a
market economy. In several of the papers, Leijonhufvud brings a
neo-institutionalist perspective to the problems of coordination in
economic systems.The papers within Macroeconomic Instability and
Coordination some of them already considered classics, deal with
the questions that dominated Leijonhufvud's interest throughout his
career as an economist: what are the limits to an economy's
capacity to coordinate the activities of its members? How does the
behavior of the system change under extreme conditions? In what
ways does its performance depend upon the institutions that govern
the market process? This book presents in one volume several of
Axel Leijonhufvud's most important contributions to macroeconomic
theory and monetary economics. It will be invaluable to monetary
and financial economists as well as to historians of economic
thought.
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