Monetary Theory and Thought : Essays in Honour of Don Patinkin

Description

Don Patinkin's pioneering work, integrating monetary and value theory in a Walrasian general equilibrium context anticipated by almost two decades the line of research which attempts to recast macroeconomics by reference to its microeconomic foundations. The notion of an integrated set of markets offered intuitive perception of intermarket linkages. At the same time it highlighted some of the pitfalls of traditional neoclassical monetary analysis, such as the erroneous imputation of unitary elasticity to the demand curve for money. Patinkin's presentation of general equilibrium illuminated the difficulty in upholding the Keynesian notion of underemployment equilibrium. His insightful efforts to understand behaviour in labour markets in disequilibrium led him to provide the first well worked out example of the powerful implications of disequilibrium and thereby to lay the foundations for the disequilibrium analysis of the 1970s.

Details

Author(s)
Stanley Fischer, Nissan Liviatan, Haim Barkai
Format
Hardback | 366 pages
Dimensions
140 x 216 x 25.4mm | 636g
Publication date
18 Jun 1993
Publisher
Palgrave MacMillan
Publication City/Country
Basingstoke, United Kingdom
Language
English
Edition statement
1993 ed.
Illustrations note
XIII, 366 p.
ISBN10
0333557360
ISBN13
9780333557365