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Experts define, review, and evaluate economic fluctuations
Economic and business uncertainty dominate today's economic
analyses. This new Encyclopedia illuminates the subject by offering
323 original articles on every major aspect of business cycles,
fluctuations, financial crises, recessions, and depressions. The
work of more than 200 experts, including many of the leading
researchers in the field, the articles cover a broad range of
subjects, including capsule biographies of leading economists born
before 1920. Individual entries explore banking panics, the cobweb
cycle, consumer durables, the depression of 1937-1938, Otto
Eckstein, Friedrich Engels, experimental price bubbles, forced
savings, lass-Steagall Act, Friedrich hagen, qualitative
indicators, use of macro-econometric models, monetary neutrality,
Phillips Curve, Paul Samuelson, Say's law, supply-side recessions,
James Tokin, trend and random wages, Thorstein Veblen, worker-job
turnover, and more.
This book presents an alternative approach to monetary theory that
differs from the General Theory of Keynes, the Monetarism of
Friedman, and the New Classicism of Lucas. Particular attention is
given to the work of Hawtrey and his analysis of financial crises
and his explanation of the Great Depression. The unduly neglected
monetary theory of Hawtrey is examined in the context of his
contemporaries Keynes and Hayek and the subsequent contributions of
Friedman and of the Monetary Approach to the Balance of Payments.
Studies in the History of Monetary Theory aims to highlight the
misunderstandings of the quantity theory and the price-specie-flow
mechanism and to explain their unfortunate consequences for the
subsequent development of monetary theory. The book is relevant to
researchers, students, and policymakers interested in the history
of economic thought, monetary theory, and monetary policy.
This book presents an alternative approach to monetary theory that
differs from the General Theory of Keynes, the Monetarism of
Friedman, and the New Classicism of Lucas. Particular attention is
given to the work of Hawtrey and his analysis of financial crises
and his explanation of the Great Depression. The unduly neglected
monetary theory of Hawtrey is examined in the context of his
contemporaries Keynes and Hayek and the subsequent contributions of
Friedman and of the Monetary Approach to the Balance of Payments.
Studies in the History of Monetary Theory aims to highlight the
misunderstandings of the quantity theory and the price-specie-flow
mechanism and to explain their unfortunate consequences for the
subsequent development of monetary theory. The book is relevant to
researchers, students, and policymakers interested in the history
of economic thought, monetary theory, and monetary policy.
The power of the state to issue currency and control the monetary system is so entrenched, and the presumption among economists that money must be supplied monopolistically by a central authority is so widespread, that the notion that money could be supplied competitively has rarely been taken seriously. This book boldly challenges the conventional view that the state must play a dominant role in the monetary system. Part I explores the historical evidence and examines how a well-developed monetary system might have developed without any special role for the state. Part II offers a theory for a competitive supply of money and uses it to shed light on the development of monetary theory and the course of monetary history over the past two centuries. In Part III the author outlines new proposals for monetary reform that will protect the financial system against instability and will ensure macroeconomic stability.
The power of the state to issue currency and control the monetary
system is so entrenched, and the presumption among economists that
money must be supplied monopolistically by a central authority is
so widespread, that the notion that money could be supplied
competitively has rarely been taken seriously. This book boldly
challenges the conventional view that the state must play a
dominant role in the monetary system. Part I explores the
historical evidence and examines how a well-developed monetary
system might have developed without any special role for the state.
Part II offers a theory for a competitive supply of money and uses
it to shed light on the development of monetary theory and the
course of monetary history over the past two centuries. In Part III
the author outlines new proposals for monetary reform that will
protect the financial system against instability and will ensure
macroeconomic stability.
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