Martin Bronfenbrenner in the Journal of Finance had this to say
when the book was first released "A thoughtful, scholarly, and
systematic treatise on the economics of inflation. If this reviewer
were asked to hang a course on inflation theory upon one single
text, it would almost certainly be this one."
The principal concern of this book is to set out the elements
that enter into problems of analyzing inflation. This detailed,
readable review of contemporary theory on the problems of inflation
fills an important gap in the literature on macro-economics that:
1) assesses the implications of inflationary processes for economic
policy; 2) synthesizes a general framework within which to
illustrate inflationary processes; 3) reconciles the approaches of
"demand inflation" and "cost inflation"; and 4) analyzes the
determination and behavior of the general price level in an
exchange economy.
The first part of the book reviews neo-classical and "Keynesian"
type models of the closed macro-economy, analyzes determination of
the general price level, and introduces a restatement of
conventional employment theory with emphasis on the general price
level.
The second part considers the problems of price and wage
determinations and the demand for money in more detail,
synthesizing the analyses into a model of the macro-economy and
discussing the implications of this model and the preceding
analysis for economic policy. Describing alternative approaches to
the theory of inflation, each of which has resulted in partial
theories, the book avoids fragmentary explanations by setting the
entire discussion in the context of a macro-economic general
equilibrium framework.
General
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