Money, Interest, and Prices; an Integration of Monetary and Value Theory by Don Patinkin
New York : Harper & Row, 1965. Second Edition. Hardcover. xxv, 708 pages ; illustrations ; 22 cm. In very good condition with original dust jacket, tight binding, clean pages and free of markings.
MONEY, INTEREST, AND PRICES
An Integration of Monetary and Value Theory
Approaches the problems of monetary theory by a general-equilibrium analysis of the commodity and bond markets, achieving a complete integration of monetary theory and value theory. The propositions of both theories are derived by applying the same analytical techniques to the same demand and supply functions of the same markets; this integrated framework is then used to develop the Keynesian theory under the assumption of full employment as well as unemployment.
The Second Edition reflects countless minor changes and a significant number of major ones. The principal difference lies in the microeconomic theory of money of Chapters V-VII. The first of these chapters represent both a rewriting and noticeable expansion of the original treatment, while the last two (based on the work of Baumol, Markowitz, and Tobin) are entirely new. A common feature of all three chapters is the development of this theory within a multiperiod Fisherine model. Chapter VI also demonstrates what had been contended only intuitively in the first edition: namely, that the demand functions used in this book hold-— without basic modification—for a model in which money is held for the precautionary and speculative motives, as well as for the transactions motive.
Other significant changes are the addition of a section to Chapter III on the Archibald-Lipsey analysis of long-run equilibrium, and the radical revision—in both viewpoint and content—of Chapter XII. The last four sections of this chapter have been completely rewritten and, among other things, now make use of Guriey and Shaw's work to discuss the distinction between inside and outside money, and to shpw how the analysis of the functioning of a banking system (and other financial intermediaries) can be integrated into a macroeconomic model. Two other major changes are the addition of Mathematical Appendix 11 on the perennial problem of stocks and flows, and the addition of Note M on the empirical significance of the real-balance effect. This note reflects the generally increased concern of the present edition with the empirical aspects of the analysis.
Don Patinkin (Ph.D., University of Chicago) is Professor of Economics at The Eli ezer Kaplan School of Economics and Social Sciences, The Hebrew University of Jerusalem, and Director of Research of the Maurice Falk Institute for Economic Research in Israel. He has also served as visiting professor at various American universities, most recently as Ford Foundation Visiting Research Professor at the University of California, Berkeley. Dr. Patinkin is also author of THE ISRAEL ECONOMY: THE FIRST DECADE and of papers on monetary, price, and employment theory. He has served on various government economic committees in Israel.
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