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Money, Coordination and Prices

Elgar Monographs

By (author) Fieke Vander Lecq
Format: Hardback
Publisher: Edward Elgar Publishing Ltd, Cheltenham, United Kingdom
Published: 25th May 2000
Dimensions: w 234mm h 156mm d 1270mm
Weight: 531g
ISBN-10: 1840642866
ISBN-13: 9781840642865
Barcode No: 9781840642865
Synopsis
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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'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