Inflation Policy and Unemployment Theory: The Cost-Benefit Approach to Monetary Planning.

PHELPS, Edmund S.

$550.00

Item Number: 115886

New York: W. W. Norton & Company, Inc, 1972.

First edition of the Nobel Prize-winning economist’s study in economic policy and theory. Octavo, original cloth. Signed by Edmund Phelps on the title page. Near fine in a very good price-clipped dust jacket. Jacket design by Tom Lincoln.

A major advance toward understanding the forces that lead to inflation and unemployment, this study takes a cost-benefit approach to monetary planning. The Nobel Prize-winning economist views a reduction of inflation by monetary means as a social investment and argues that such an investment must be subjected to cost-benefit tests. By extending his analysis into question of efficiency and resource allocation, he integrates the modern microeconomic theory of unemployment theory with the theory of optimal inflation.