Macroeconomics and Monetary Theory
Macroeconomics is an outgrowth from the mainstream of classical monetary theory following Keynes. Keynes changed the emphasis from the determination of the level of money prices to the determination of the level of output and employment. He also changed the key relationship from demand and supply of money as determining the price level, to the relationship between consumption expenditure and income, in conjunction with private investment expenditure, as determining the level of output and therefore employment demanded. The income multiplier replaced the velocity of circulation as the key concept of monetary theory.
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Produktdetails
- ISBN: 978-0-202-30865-4
- EAN: 9780202308654
- Produktnummer: 2332408
- Verlag: Taylor and Francis
- Sprache: Englisch
- Erscheinungsjahr: 2006
- Seitenangabe: 228 S.
- Masse: H22.9 cm x B15.2 cm 420 g
- Abbildungen: Farb., s/w. Abb.
- Gewicht: 420
Über den Autor
Harry G. Johnson was Professor of Economics at the London School of Economics and the University of Chicago.
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