Beyond Barter: Lectures in Monetary Economics After Rethinking Smithin John
Beyond Barter: Lectures in Monetary Economics After Rethinking Smithin John The conventional macroeconomic theory of the late twentieth and early twenty-first century, based on the assumption that…
Specifikacia Beyond Barter: Lectures in Monetary Economics After Rethinking Smithin John
Beyond Barter: Lectures in Monetary Economics After Rethinking Smithin John
The conventional macroeconomic theory of the late twentieth and early twenty-first century, based on the assumption that the working of complex monetary economy could be analysed on the same principles as those of barter exchange, has demonstrably failed. It builds upon a complete theory of the domestic and international monetary macro-economy, and of macroeconomic policy for the modern age. This book provides a thorough rethinking of the nature of a monetary economy.
Therefore to achieve macroeconomic stability, the book proposes the targeting of real interest rates under a regime of flexible exchange rates or 'fixed but adjustable exchange rates' as the main goal of monetary policy, along with a range of innovative fiscal and trade policies to promote Central to the analysis is the idea that a successful market economy requires an endogenous supply of money via the banking system.