About the Book

A major advance toward understanding the forces that lead to inflation and unemployment, this study takes a cost-benefit approach to monetary planning. Professor Phelps views a reduction of inflation by monetary means as a social investment and argues that such an investment must be subjected to cost-benefit tests. By extending his analysis into questions of efficiency and resource allocation, he integrates the modern microeconomic theory of unemployment with the theory of optimal inflation. Another element of the analysis, the doctrine of optimum liquidity, is reassessed and found to require important revisions.

Product Details

Media: Paperback Book, 352 pages

Language: English

Publisher: W. W. Norton & Company

Edition: Unknown

ISBN-10: 0393330575

Publication Date: Jun. 1st, 1972

ISBN-13: 9780393330571

Dimensions: 5.00 x 8.00 x 0.79 inches

Shipping Weight: 0.84 lbs

• Categories: Governmental