Titlebook: Macroeconomics; An Introductory Text John Evans-Pritchard Textbook 1985Latest edition Macmillan Publishers Limited 1985 fiscal policy.growt

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Monetary policy,pply of money. To explain why control of the money supply will affect the economy it is useful to introduce at this stage what is known as the Quantity Theory of Money. This claims that the level of prices in the economy is directly related to the quantity of money in the economy. The significance o

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Fiscal Policy,relate only to controls of the economy by government revenue (mainly taxation) and government expenditure. As with monetary policy, the primary historical objective of fiscal policy has been to influence the economy through the level of aggregate monetary demand. It is those fiscal controls that hav

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Physical Policy and Supply-side Economics, of demand management, but subsidies, indirect taxes, the effects of interest rates on firms, etc., work mainly on the supply side. Physical policy in contrast ignores these supply and demand controls and simply dictates how markets will work. With prices policies, for example, the market prices wil

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Unemployment,ent would present no problem. Unemployment surely means that people do not have jobs. In reality, as usual, it is not so simple. There must be a distinction made between people who do not have jobs and do not want them, such as housewives and schoolchildren, and those who do not have jobs and do wan

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Balance of Payments and Exchange Rates,tant to the economy for a number of reasons. To purchase imports it is usually necessary to exchange our currency for the exporter’s currency. This is done because pounds sterling are not of much use to the exporter who must pay his workforce and buy more goods for export in his own country’s curren

Eulogy

Economic Growth,lace constraints upon the economy, it is growth that is the ultimate objective of the whole process. Growth provides us with the possibility of a rising standard of living. It may well be true that, unless we achieve the other three objectives, growth will be less than it might be, but it is also tr

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Irremediable