INTRODUCTION TO THE SECOND EDITION
The best service one can do for one’s readers, in preparing a subsequent edition of a book of this kind for publication, is to call their attention to significant developments of theory that have since emerged. Three such developments are particularly appropriate for mention here, because they relate to issues dealt with at various points in this book. These are: new explorations in the fundamental theory of a monetary economy (relevant to Chapters I, II, IV and X); a theoretical critique of the ‘Phillips curve’ approach to the theory of inflation (relevant to Chapters III and IX); and the new approach to the ...
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