Description
In this book Nobel Laureate Sir John Hicks draws together the common threads of over fifty years of writing on monetary economics into a succinct statement of the fundamentals of monetary theory. Confronting the failure of both standard classical and neoclassical theory to fill the gap between monetary and non-monetary economics, he posits an idea of competitive markets that can be linked to the monetary sector, and explains the way in which economic theory has been adjusted to reflect developments in the real economy. Introduction; Part I: The working of markets: Supply and demand; The function of speculation; The pricing of manufactures; The labour market; Part II: Money and Finance: The nature of money; The market makes its money; Banks and bank money; Choice among assets; Theories of interest – Keynes versus Marshall; Markets in shares – ownership and control; Part III: Problems and Policies: The old trade cycle; The credit economy; Interest and investment; An international economy; Appendix: Risk and uncertainty; Index
