A General Theory of the Price Level, Output, Income Distribution, and Economic Growth

By Sidney Weintraub | Go to book overview

Introductory Note
In this study I think I have accomplished some important results for economic science. If I am right, the argument has rendered obsolete some major sections of economic analysis and has simultaneously shown the way toward a union and synthesis of several broad fields of our subject.As I see it, my work has yielded the following results:
1. The law of the price level.
2. The unification of the theory of the price level and aggregate output and employment.
3. Some empirical laws of income distribution.
4. The influences on the price level in a growing economy and the synthesis of price level theory and growth theory.

I also like to believe that I have accomplished some further synthesis of analytic economics and empirical work, all toward the end of establishing an empirical science on a firm basis. If my arguments turn out to be acceptable, certain important institutions devoted to the task of economic stabilization will be affected. Too, I think my results contribute toward making economics a predictive science; my concepts can be used in forecasting. The margin of error

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A General Theory of the Price Level, Output, Income Distribution, and Economic Growth
Table of contents

Table of contents

  • Title Page iii
  • Preface vii
  • Contents ix
  • Introductory Note 1
  • 1 - A New Predictive Theory 3
  • 2 - The Basic Truism 9
  • 3 - The Partition and Measure of Elements 13
  • 4 - The Law of k 33
  • Conclusion 43
  • 5 - The Law of the Price Level 45
  • 6 - On Predicting the Price Level 57
  • 7 - The Wedding Ceremony: Price Level and Aggregate Output 69
  • 8 - The Eclipse of the Equation of Exchange 75
  • Conclusions 83
  • 9 - A Miscast Federal Reserve 85
  • 10 - Wage Policy: A Way Out 89
  • 11 - Decomposing k 93
  • 12 - An Empirical Macroeconomic Theory of Income Distribution 105
  • 13 - A Final Price Level Generalization 109
  • 14 - The Price Level Over Time: The Final Synthesis for a Growing Economy 111
  • Conclusion 118
  • Concluding Note 119
  • Index 121
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