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Macroeconomics & Monetary Theory (Paperback)
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Macroeconomics & Monetary Theory (Paperback)
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Total price: R1,489
Discovery Miles: 14 890
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Macroeconomics is an outgrowth from the main stream of classical
monetary theory following Keynes. Keynes changed the emphasis from
determination of the level of money prices to determination of the
level of output and employment. He also changed the key
relationship from demand and supply of money as determining the
price level to the relationship between consumption expenditure and
income, in conjunction with private investment expenditure, as
determining the level of output and therefore employment demanded.
The income multiplier replaced the velocity of circulation as the
key concept of monetary theory. The tendency of the past
twenty-five years has been to reintegrate Keynesian and classical
monetary theory into one general system of analysis. Moreover, as
inflation has succeeded mass unemployment as a major policy
problem, interest in classical monetary theory has revived, while
Keynesians have increasingly' emphasized the monetary aspects of
Keynesian theory. The proper contemporary distinction is not
between two separate branches of economic theory, but between two
areas of application or contexts of the theory of rational
maximizing behavior. In the one (the microeconomic) context, it is
assumed either that the overall workings of the economic system can
be disregarded, or that the macroeconomic relationships are in full
general equilibrium. In the other (the macroeconomic) context, it
is assumed that the maximizing decisions of individual economic
units (firms and households) will not necessarily add up to a
macroeconomic equilibrium, but will produce a disequilibrium
situation that will in the course of time produce changes in the
individual decisions. "Harry G. Johnson" was Professor of Economics
at the London School of Economics and the University of Chicago. He
was a Fellow of the American Academy of Arts and Sciences and a
Member of the Executive Committee of the American Economic
Association. He has been editor of "The Manchester School and the
Journal of Political Economy" and has served on the research staff
of the Royal Commission on Banking and Finance, as a Consultant to
the Board of Governors of the Federal Reserve System and as a
Member of the Review Committee on Balance of Payments Statistics.
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