An examination of the role of money in a dynamic economy within the
context of theoretical developments both within, and in opposition
to, the Quantity Theory tradition. The book aims to integrate the
most important contributions to understanding the money economy
dealing with market competition and the impact of attempts by
government to manipulate the economy towards high levels of
employment and output. The author emphasizes the dangers of basing
economic policy upon macroeconomic analysis and stresses the
relevance of the market process within a dynamic theory. Steele
also shows the relevance of Hayek's work to Keynesian/monetarist
controversies and examines the impact of inflation upon economic
activity, which arises from distortions caused to relative prices.
He also explains the importance of the Ricardo effect to the
business cycle and indicates the monetarist sentiment in Keynes'
early work. The author considers that the legacy of the Keynesian
era has been costly in terms of human welfare and that Keynes was
wrong to deny the link between money and prices as established by
the Quantity Theory of money. He also notes that while the most
dubious aspects of Keynes' "General
General
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