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This book explores the causes, costs and benefits of inflation. It
argues that while the cause of inflation is essentially monetary,
the costs and benefits of inflation lie in inflation's distortion
of the economy's responses to real shocks. The book begins by
securing the Quantity Theory of Money from certain critiques. The
theory is defended from the 'fiscal theory of the price level' by a
refinement of the theory of money demand, and from post
Keynesianism by the construction of a theory of the supply of
inside money. To cope with the endogeneity of outside money, a
simple and tractable neo-Wicksellian theory of inflation is
advanced, which is shown to exhibit a striking homology with the
Quantity Theory. The author then traces the costliness of
inflation, not to any disturbance of the money market, but to the
damage inflation does to the bond market's function of sharing out
disturbances to consumption caused by technological shocks. The
same damage, however, imparts an egalitarian dynamic to the
accumulation of wealth, which will not occur without risky
inflation. The Causes, Costs and Compensations of Inflation will be
of great interest to policy makers, central bankers, researchers,
and both post-graduate and undergraduate students in
macroeconomics, money and banking.
In this tightly argued work William Coleman explores the
macroeconomic implications of politically based restraints on
competition in labour markets.Through a suite of compact models the
author investigates the consequences of the labour force securing
the best terms of sale for its labour by means of the electoral
mechanism. He concludes that such ?electorally optimal? labour
regulation can explain not only wage rigidity and unemployment, but
also wage volatility; episodes of excess demand for labour; the
co-existence of an inefficient state sector with an efficient
private sector; and the preference for a minimum wage over a
universal wage regulation. Finally, the approach can rationalize
nominal wage rigidity, and not solely real wage rigidity. In sum,
the analysis promises to both complete the Classical explanation of
unemployment by predicting when, why and how real wages will be
rigid, and at the same time to better secure Keynesian insights by
suggesting how money rigidity may be characteristic of electorally
optimal labour regulation.The Political Economy of Wages and
Unemployment will prove a challenging and stimulating read for
academics, students and researchers of economics generally, and
more specifically, those with a special interest in macroeconomics
and labour economics.
Anti-economics is described as the opposition to the main stream of
economic thought that has existed from the Eighteenth-century to
the present day. This book tells the story of anti-economics in
relations to Smith, Ricardo, Mill, Walras, Keynes and Hicks as well
as current economic thinkers. William Coleman examines how
anti-economics developed from the Enlightenment to the present day
and analyzes its various guises. Right anti-economics, Left
anti-economics, Nationalist and Historicist anti-economics and
Irrationalist, Moralist, Aesthetic and Environmental
anti-economics.
Anti-economics is described as the opposition to the mainstream of economic thought that has existed from the 18th century to the present day. This book tells the story of anti-economics in relation to Smith, Ricardo, Mill, Walras, Keynes, and Hicks as well as current economic thinkers. William Coleman examines how anti-economics developed from the Enlightenment to the present day and analyzes its various guises; Right anti-economics, Left anti-economics, Nationalist and Historicist anti-economics and Irrationalist, Moralist, Aesthetic, and Environmental anti-economics.
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