Money And Inflation
On the basis of theoretical considerations and on the evidence of real-world economies, Frank Hahn demonstrates in unequivocal terms that Monetarism offers an implausible solution to the most pervasive economic problems. He confronts the central issue of current economic theory by making the case that the growth of the money supply is not a necessary cause of inflation, as the Monetarists have assumed. And he contends that inflation is in any case not the overwhelming satanic force disrupting society and the economy that the strict Monetarists think it to be on theoretical grounds and so many others feel it to be in terms of practical economic realities. It is the tax systems, he points out, that are the real influence at work against the economies of the industrialized nations.
HardcoverOut of Print ISBN: 9780262081290 116 pp. | 8 in x 5.375 in
Paperback$17.00 S ISBN: 9780262580625 116 pp. | 8 in x 5.375 in
Not for sale in the UK Commonwealth, except Canada.
Hahn picks away at the foundations of some recent economic analysis; he points to the absence of any acceptable theory of expectations; to the disturbing fact that even with certainty, and with correct predictions built into the model, shocks to the economic system can still result; to the difficulties and contradictions inherent in the idea of the 'neutrality' of money with respect to 'real' variables; and, most scathingly of all, to the extraordinary character of the monetarist claim that involuntary unemployment not only does not exist but has no useful meaning. These summaries do less than justice to the subtlety and specificity of argument involved, or to the book's engaging... mixture of vigour, cleverness, and elliptical egocentricity.
London Review of Books