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

By Sidney Weintraub | Go to book overview

1
A New Predictive Theory

Truisms such as MV = PQ, C + I = Y, and GC = have played a not inconsiderable part in the development of our science. Generally speaking, they have enabled the economist to visualize rather complicated phenomena as being comprised of just a few major elements; they have also provided their share of intellectual fun in inciting some frequently exacerbating debate, in inducing fruitful conjectures on whether they hold or conceal new truths and real laws, and in maintaining a serene detachment from chronic endeavors to wring from them significant causal relations.

I think I have found a more useful truism than the MV = PQ equation--one which is more susceptible to empirical verification and predictive application than this has proved to be. It will be my purpose in the following pages to justify this observation.


Two Tentative Laws

I propose to develop a tautology which covers the same general realm as the Equation of Exchange (hereafter EOE), and with the same purpose of specifying the major variables affecting the level of prices. Like the EOE, this one is also directly informative and illuminating, but its superior virtue

-3-

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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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