(This is a textbook on macroeconomic theory that attempts ...)
This is a textbook on macroeconomic theory that attempts to rework the theory of macroeconomic relations through a re-examination of their microeconomic foundations. In the tradition of Keynes's General Theory of Employment, Interest and Money (published in 1936), and Patinkin's Money, Interest, and Prices, published in 1956 and revised in 1965, this book represents a third generation of macroeconomic theory. This book presents a comprehensive choice-theoretic analysis of the determination of the level of employment and the rate of inflation. A central feature of the book is the recasting of macroeconomic analysis in terms of a theory of exchange under non-market-clearing conditions. In addition, the analysis incorporates other aspects of the current reformulation of macroeconomic theory, including the relation between inflationary expectations, rates of return, and unemployment, the dynamics of aggregate demand, and the significance of incomplete information regarding the spatial distribution of wages and prices.
Master of Arts University Oxford, 1957. Doctor of Philosophy University Pennsylvania, 1973.
Lector, Senior Lector Economics, University Manchester, 1960-1963, 1963-1965. Principal, London Business School, London, 1972-1984. Professor of Economics, London Business School, London, United Kingdom, Chairman, Legal and General Group, London, United Kingdom, since 1965.
Editorial Board, Omega.
Development and practical usage of econometric forecasting and policy methods relating to the United Kingdom economy. Continuous interest in matters relating to inflation, and general macroeconomic policy. Ancillary contributions have been made to the determination of specific economic variables such as wage rates (1959), consumption (1963 and 1964), interest rates (1965), employment (1966), inventories and investment (1963 and 1964), exports (1966) and prices (1972).