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Leo Walker
Leo Walker

Macroeconomic Theory by ML Jhingan: An Overview of the Book and Its Features



(481 6880 m.l. jhingan: macroeconomic theory)1215 price stability is maintained by the absence of moneylending facilities and the existence of a minimum wage, and other stabilizing factors. yet, some of the variables normally thought to be more likely to bring about price stability are associated with periods of high unemployment rates. this is consistent with the classical theory of price stability (e.g., ) that emphasizes demand for money and resources as the driving forces behind price changes.




macroeconomic theory by ml jhingan pdf 88



historically, there have been two types of price stability. the first type is achieved when inflation is brought about by the government causing difficulties in the market (sinclair, 1995, p.37). the other type, the classical theory of price stability, is brought about by institutions such as the minimum wage and the absence of credit facilities. the classical theory is proven on the premise that price stability is achieved by the demand for money and resources as the driving force behind price changes. it is most obvious that a nation with a minimum wage and a fixed exchange rate will not have its currency strengthened by a declining demand for foreign goods and services. on the contrary, it will be weakened by a trade deficit.


(471 8029 m.l. jhingan: macroeconomic theory)532 the classical theory of price stability, however, does not tell us what happens when price stability fails to maintain itself. consequently, the classical theory, which depends on the demand for money and resources as the driving force behind price changes, can give an explanation of price volatility only when price stability has been established. however, the classical theory does not tell us what price stability should be. that is an empirical question.


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