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- W2516560468 abstract "Summary Traditional analysis of the price mechanism as a device for disseminating information is inadequate. It cannot explain the existence of unemployed resources, nor can it explain the role of money in the economic system. Money balances are held to economise on information gathering costs because information about prices themselves is imperfect. Moreover, money flows between economic agents carry information about the appropriateness of prices being set by them. Money therefore has a basic role to play in economic analysis on the micro level as well as on the macro level. The economics of allocation, unemployment and inflation are fundamentally one and the same thing. A system of macroeconomic theory consistent with this view is only now beginning to be built up, and is likely to cast in explicitly dynamic rather than comparative static terms." @default.
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- W2516560468 date "2016-01-01" @default.
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- W2516560468 title "ECONOMICS OF INFLATION" @default.
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