- Email: [email protected]
Economic theory and policy in the UK: An outline and assessment of the controversies
Recent Books theory, the term structure of interest rates, and the derivation the monetary base complement the older material.
of
Disequilibrium Dynamics: A Theoretical Analysis of Znflation and Unemployment. Katsuhito Iwai. Cowles Foundation for Research in Economics at Yale University, Monograph 27. New Haven: ,Yale University Press, 1981. 314 pp. $37.50. Iwai echoes Keynes’s challenge to the orthodox doctrine that an unguided market economy can successfully regulate itself. Thus, he proposes a model of a monopolistically competitive economy in which the numerous interdependent firms set their own prices and fix their own wage offers without ever knowing what demands and supplies will be forthcoming. On this foundation, he develops a method of dynamic analysis that explains the evolution of prices, wages, employment, and output as a causal process that is moved by the complex dynamic principle of effective demand and the Wicksellian theory of cumulative process. Finally, he undertakes a long-run analysis of inflation and unemployment and demonstrates that a monetary economy never lives up to its idealized portrait. With mathematical appendices. Economic Theory and Policy in the UK: An Outline and Assessment of the Controuersies. Rod Cross. Oxford: Martin Robertson, 1982. 223 pp. $19.50. A lucid, nontechnical study in which Cross outlines the characteristics of several recent schools of economic thought: the OrFundamentalist and New Cambridge thodox, Disequilibrium, Keynesian Schools; Monetarism; the New Classical Macroeconomics; and Supply-Side Macroeconomics. Each approach is analyzed in terms of its contribution to our understanding of the economy and its ability to aid policymakers in reaching economic objectives. Against this background of theory, British economic policy over the last twenty years is appraised. Excellent bibliography. The Economics of Modern Britain: An Zntroduction to Macroeconomics. John Black. 3rd. ed. Oxford: Martin Robertson, 1983. 290 pp. $27.50. The third edition of the widely adopted intermediate macro text incorporates extensive revisions of statistics and figures. The text provides a solid introduction to standard theoretical models and relates them to actual developments in the UK economy. Some problem sets. 136
of
Disequilibrium Dynamics: A Theoretical Analysis of Znflation and Unemployment. Katsuhito Iwai. Cowles Foundation for Research in Economics at Yale University, Monograph 27. New Haven: ,Yale University Press, 1981. 314 pp. $37.50. Iwai echoes Keynes’s challenge to the orthodox doctrine that an unguided market economy can successfully regulate itself. Thus, he proposes a model of a monopolistically competitive economy in which the numerous interdependent firms set their own prices and fix their own wage offers without ever knowing what demands and supplies will be forthcoming. On this foundation, he develops a method of dynamic analysis that explains the evolution of prices, wages, employment, and output as a causal process that is moved by the complex dynamic principle of effective demand and the Wicksellian theory of cumulative process. Finally, he undertakes a long-run analysis of inflation and unemployment and demonstrates that a monetary economy never lives up to its idealized portrait. With mathematical appendices. Economic Theory and Policy in the UK: An Outline and Assessment of the Controuersies. Rod Cross. Oxford: Martin Robertson, 1982. 223 pp. $19.50. A lucid, nontechnical study in which Cross outlines the characteristics of several recent schools of economic thought: the OrFundamentalist and New Cambridge thodox, Disequilibrium, Keynesian Schools; Monetarism; the New Classical Macroeconomics; and Supply-Side Macroeconomics. Each approach is analyzed in terms of its contribution to our understanding of the economy and its ability to aid policymakers in reaching economic objectives. Against this background of theory, British economic policy over the last twenty years is appraised. Excellent bibliography. The Economics of Modern Britain: An Zntroduction to Macroeconomics. John Black. 3rd. ed. Oxford: Martin Robertson, 1983. 290 pp. $27.50. The third edition of the widely adopted intermediate macro text incorporates extensive revisions of statistics and figures. The text provides a solid introduction to standard theoretical models and relates them to actual developments in the UK economy. Some problem sets. 136