Inflation Policy and Unemployment Theory: The Cost-Benefit Approach to Monetary Planning (Paperback) (ISBN-13: 9780393330571)

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.

Author: Edmund S. Phelps
ISBN-10: 0393330575
ISBN-13: 9780393330571
Publisher: W. W. Norton & Company
Language: English
Published: 06/06/1972
Pages: 352
Format: Paperback
Weight: 0.84lbs
Size: 8.00h x 5.00w x 0.79d