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- DescriptionMacroecomics is an outgrowth from the mainstream of classical monetary theory following Keynes. Keynes changed the emphasis from the determination of the level of money prices to the determination of the level of output and employment. He also changed the key relationship from demand and supply of money as determining the price level, to the relationship between consumption expenditure and income, in conjunction with private investment expenditure, as determining the level of output and therefore employment demanded. The income multiplier replaced the velocity of circulation as the key concept of monetary theory.
- Author BiographyHarry G. Johnson was Professor of Economics at the London School of Economics and the University of Chicago.
- Author(s)Harry G. Johnson
- PublisherTransaction Publishers
- Date of Publication15/07/2006
- SubjectEconomics: Textbooks & Study Guides
- Place of PublicationSomerset
- Country of PublicationUnited States
- Content Note1, black & white illustrations
- Weight341 g
- Width152 mm
- Height229 mm
- Spine13 mm
- Format DetailsTrade paperback (US)
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