In this book, Sir John Hicks draws together the common threads of
over 50 years' writing on monetary economics into a succint
statement of the fundamentals of monetary theory. He also goes
beyond this work of synthesis to outline a theory of competitive
markets which can be linked to the monetary sector, confronting the
failure of both standard classical and neoclassical theory to fill
the gap between monetary and non-monetary economics. In reviewing
his own work, Hicks explains the way in which economic theory has
been adjusted to reflect developments in the real economy. He sees
these sometimes major shifts in theory less as the discovery of new
truths, and more as the discovery, or rediscovery, of truths which
have become more appropriate.
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