Monetary Theory and Public Policy by Kenneth K. Kurihara

Monetary Theory and Public Policy : The Development of modern monetary theory and its implications for domestic and international public policy by Kenneth K. Kurihara

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London : George Allen & Unwind Ltd., 1951. First British Edition. Hardcover. 393 pages ; 22 cm. Price clipped dust jacket with few minor rips around the edges. Light browning to the half-title page and the last free blank page. Pages toned and unmarked. Binding is firm.


Monetary Theory and Public Policy treats systematically the important concepts of modern economic theory, particularly as these concepts apply to problems of money and banking and to related public policy, both national and international. The latest developments in monetary theory, Keynesian and non-Keynesian, are discussed.

Part One is concerned with money and general prices, with problems of inflation as well as those of depression. Inflation is discussed in terms of modern [monetary theory rather than in terms of the additional quantity theory, that is, as an integral art of the general theory of effective demand.

Part Two deals with interest, the consumption function, the savings-investment equilibrium, and related policy discussions. Here the Keynesian and non-Keynesian contributions to economic theory are examined in considerable detail to facilitate later policy consideration.

Part Three provides an application of the Keynesian " income-expenditure" approach to an “open system" economy with foreign economic relations. Various theories about the external value of money, the roles of the International Bank and International Monetary Fund, the international aspects of depression, the problems of a chronic dollar shortage, and related problems of international currency and finance are considered against the background of the changing international setting.

Monetary Theory and Public Policy is a valuable work in a field of first importance. Providing a full examination of monetary theory and of its implications for public policy, it is extremely helpful to an understanding of to-day's major economic problems.

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