This book provides both an explanation of the inflation which has bedeviled economic policy in the West since the end of World War II and a micro-economic theory to purge Keynesian models of the Walrasian strain derived from Marshall's Principles.
Does there exist an alternative to the “neoclassical synthesis” presented to students in introductory, intermediate, and advanced economics courses? The alternative is the post-Keynesian theory which is the subject of this book.