Inflation and Unemployment: Contributions to a New Macroeconomic Approach

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ISBN: 9780415118224 | 0415118220
Cover: Hardcover
Copyright: 8/19/1996

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Are inflation and unemployment inevitable? This collection challenges traditional monetary theory by focusing on the role of banks and provides a new insight into the role played by bank money and capital accumulation.

List of contributors

vii

Introduction

(16)

Alvaro Cencini

Mauro Baranzini

Part I Inflation and unemployment: a monetary and structural framework for analysis

Inflation and Deflation: The two faces of the same reality

(44)

Alvaro Cencini

Introduction

(1)

The quantity theory of money: a reappraisal

(6)

The traditional analysis of inflation: a critical survey

(13)

Unemployment

(7)

Stagflation

(7)

Inflation and deflation as the consequences of the same anomaly

(10)

Structural Change, Economic Growth and Unemployment in a Vertically Integrated Model

(14)

Mauro Baranzini

Introduction

(2)

Two frameworks of analysis: the circular model and the vertically integrated model

(2)

Technological unemployment in the vertically integrated model

(4)

International mobility of labour, information and technical knowledge

(1)

Summing up

(5)

Part II Inflation and deflation as monetary pathologies

Unemployment: Is there a principal cause?

(32)

Bernard Schmitt

Introduction

(4)

No positive measure of unemployment can occur in an economy where the definition of the national income reduces to C + I

(6)

The complete demonstration of the equivalence of saving and investment must be founded on a revision of the concept of money

(4)

Profits are definitively not to blame for any measure of positive unemployment

(7)

Real money, nominal money and the principal cause of unemployment

(11)

From Keynes's to the Modern Analysis of Inflation

107

(30)

Xavier Bradley

Jean-Jacques Friboulet

Claude Gnos

Inflation from the Tract to the Treatise

108

(5)

Income and the definition of the inflationary gap

113

(9)

The General Theory and after: the confrontation between the analysis of the inflationary gap and the identity between supply and demand

122

(6)

The identity between aggregate supply and demand, the basis of a new definition of the inflationary gap

128

(9)

Part III Learning from the past

The Marx-Hayek Cycle and the Demise of Official Keynesianism

137

(14)

Meghnad Desai

Introduction

137

(1)

Marx's theory of the cycle

138

(3)

Hayek's theory

141

(2)

Recent economic history as a Marx-Hayek cycle

143

(6)

Some analytical summing up

149

(2)

Unemployment and Price Stability: Aspects of the Marshallian legacy on the monetary economy

151

(27)

Peter Groenewegen

Marshall and the monetary economy

153

(11)

The monetary economy in Robertson and Keynes

164

(7)

Concluding comments

171

(7)

References

178

(9)

Author index

187

(3)

Subject index

190

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Inflation and Unemployment: Contributions to a New Macroeconomic Approach

Summary

Table of Contents

Supplemental Materials

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Inflation and Unemployment: Contributions to a New Macroeconomic Approach

Summary

Table of Contents

Supplemental Materials

Digital License