Inflation Policy and Unemployment Theory: The Cost-Benefit Approach to Monetary Planning

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Edmund S. Phelps

Inflation Policy and Unemployment Theory

The Cost-Benefit Approach to Monetary Planning

Edmund S. Phelps

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English

WW Norton & Co
15 September 2020

Monetary economics; Microeconomics; Public finance accounting

Summary
Details

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.

By: Edmund S. Phelps
Imprint: WW Norton & Co
Country of Publication: United States
Dimensions: Height: 203mm, Width: 127mm, Spine: 20mm
Weight: 381g
ISBN: 9780393330571
ISBN 10: 0393330575
Pages: 352
Publication Date: 15 September 2020
Audience: General/trade , ELT Advanced
Format: Paperback
Publisher's Status: Active