A major advance toward understanding the forces that lead to
inflation and unemployment, this study takes a cost-benefit
approach to monetary planning. Professor Phelps views a reduction
of inflation by monetary means as a social investment and argues
that such an investment must be subjected to cost-benefit tests. By
extending his analysis into questions of efficiency and resource
allocation, he integrates the modern microeconomic theory of
unemployment with the theory of optimal inflation. Another element
of the analysis, the doctrine of optimum liquidity, is reassessed
and found to require important revisions.
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