The appropriate monetary and fiscal framework for highly organized economies has long been a topic of serious discussion among econo mists. The unsatisfactory state of the debate has been due to a serious difference of opinion regarding the role and working of monetary policy, the relative efficacy of credit and fiscal measures, as well as the objectives of policy. Fluctuations in economic thought are, of course, characteristic of every science, but the convolutions in emphasis during the past three decades in regard to the instru ments and objectives of policy are not easy to parallel. The pre occupation of economists with cyclical fluctuations since the ’thirties has been superseded, to some extent by the contemporary interest in the growth of an economic system; indeed, cyclical disturbances are now frequently treated as an outgrowth of a growing economy.
Weitere Kapitel dieses Buchs durch Wischen aufrufen
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L. H. Samuels
- Palgrave Macmillan UK
- Chapter 25
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