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Money, Coordination and Prices
Money, Coordination and Prices explains the phenomenon of nominal price rigidity as a characteristic of a monetary economy by means of an innovative combination of insights, using several strands of economic thought, to analyse the monetary economy. The work connects neoclassical and New Keynesian explanations of the use of money and nominal price rigidity and provides heterodox analyses of the two phenomena. The author integrates the mainstream approach with views from institutional and evolutionary economics, as well as post Keynesian economics. Analyses include: * theories of money and nominal price stickiness * conventions and institutions in coordination problems * trust in a monetary economy * the stability of the monetary economy * the monetary economy as an open self-organizing system. This book will appeal to institutional, monetary, post Keynesian and neoclassical/mainstream economists and academics alike.
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What Reviewers Are Saying
'This book presents a view of the economy, and how to model it, in which the current "ideal" of isolated agents coordinated by clearing markets is replaced by an open system in which money, trust, conventions and institutions all play their part in the system's coordination. In this framework, sticky prices and wages are not aberrations or market failures but are central to how the system works. In an open system, equilibrium is replaced by stability, the system's capacity to absorb shocks. How -- refreshing!' - Victoria Chick, University College London, UK