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This is a textbook on macroeconomic theory that attempts to rework
the theory of macroeconomic relations through a re-examination of
their microeconomic foundations. In the tradition of Keynes's
General Theory of Employment, Interest and Money (published in
1936), and Patinkin's Money, Interest, and Prices, published in
1956 and revised in 1965, this book represents a third generation
of macroeconomic theory. This book presents a comprehensive
choice-theoretic analysis of the determination of the level of
employment and the rate of inflation. A central feature of the book
is the recasting of macroeconomic analysis in terms of a theory of
exchange under non-market-clearing conditions. In addition, the
analysis incorporates other aspects of the current reformulation of
macroeconomic theory, including the relation between inflationary
expectations, rates of return, and unemployment, the dynamics of
aggregate demand, and the significance of incomplete information
regarding the spatial distribution of wages and prices.
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