Macroeconomics and Monetary Theory (Lectures in economics, 1)

 
9780202060545: Macroeconomics and Monetary Theory (Lectures in economics, 1)
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Macroeconomics is an outgrowth from the main stream of classical monetary theory following Keynes. Keynes changed the emphasis from determination of the level of money prices to 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. The tendency of the past twenty-five years has been to reintegrate Keynesian and classical monetary theory into one general system of analysis. Moreover, as inflation has succeeded mass unemployment as a major policy problem, interest in classical monetary theory has revived, while Keynesians have increasingly' emphasized the monetary aspects of Keynesian theory. The proper contemporary distinction is not between two separate branches of economic theory, but between two areas of application or contexts of the theory of rational maximizing behavior. In the one (the microeconomic) context, it is assumed either that the overall workings of the economic system can be disregarded, or that the macroeconomic relationships are in full general equilibrium. In the other (the macroeconomic) context, it is assumed that the maximizing decisions of individual economic units (firms and households) will not necessarily add up to a macroeconomic equilibrium, but will produce a disequilibrium situation that will in the course of time produce changes in the individual decisions.

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About the Author:

Harry G. Johnson was Professor of Economics at the London School of Economics and the University of Chicago. He was a Fellow of the American Academy of Arts and Sciences and a Member of the Executive Committee of the American Economic Association. He has been editor of The Manchester School and the Journal of Political Economy and has served on the research staff of the Royal Commission on Banking and Finance, as a Consultant to the Board of Governors of the Federal Reserve System and as a Member of the Review Committee on Balance of Payments Statistics.

Review:

“This book contains the lecture notes taken by a team of Professor Johnson’s students during his graduate course on macro-economics and monetary theory at the London School of Economics... The greatest strength of the book lies in the survey of the theory of the demand for money... [A] useful source of ideas for those designing the scope of their lecture courses.”

—John Williamson, The Economic Journal

“This slim volume presents a set of lecture notes based on Harry G. Johnson’s graduate course in macroeconomics and monetary theory... I predict that it will have wide interest for teachers—and students—of the standard first-year graduate theory course... As lecture notes they are remarkable. They expound numerous standard pieces of analysis—both simple and moderately complex—always with skill and often with clarity or elegance of conception not found in other expositions of the same points.”

—Gardner Ackley, The Journal of Business

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Other Popular Editions of the Same Title

9780202308654: Macroeconomics and Monetary Theory

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