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National Income and the Price Level: A Study in MacRoeconomic Theory

National Income and the Price Level: A Study in Macroeconomic Theory

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National Income and the Price Level: A Study in MacRoeconomic Theory

National Income and the Price Level: A Study in Macroeconomic Theory

4.85 27,191 ratings · 5,111 reviews
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Overview: My intended approach is to build clear and pertinent analytical models starting at the most elementary level, proceeding as rapidly as possible to the point at which they can be applied to the main interesting problems. Although the text departs occasionally from the main line of thought to deal with peripheral questions, it concentrates primarily on the substantive questions that justifiably have attracted the most attention in the fundamental sources. Accordingly, many hypothetical alternatives and problems are omitted entirely, and many others receive only brief treatment, in order to permit greater concentration on the central area of analysis and its applications.PrefaceBailey's exposition is organized around Hicks' famous synthesis of the cash-balance and product markets (here called the "monetary" and "expenditure" sectors respectively). [...] The introduction of the price level brings complications to the two-sector model. [...] This indeterminancy is overcome by the introduction of a third sector-the production and employment sector. [...] The possibility that consistent equilibrium solutions may not be reached is one of the concerns of the third chapter ("Advanced Analysis of National Income Determination"). [...] Real cash balances play an important role in this chapter. Expected changes in such balances help explain inflation. [...] The plausibility of the model and the likelihood of consistent solutions (without government intervention) are both made doubtful by some of the findings of Chapters 7 and 8, ("The Effects of the Rate of Interest and Real Cash Balances on Consumption," and "Measurement and Prediction: An Introduction"). [...] The policy conclusions (Chapter 6, "Policies for Economic Stabilization") follow from the model and from principles of optimum resource allocation. [...] The rest of the book represents the author's attempt to break new ground [...] : the feasibility of disaggregating the model into one of general equilibrium, the availability of a substantial backlog of investment opportunities at low interest rates (Chapter 4, "Some Problems in the Analysis of Equilibrium"); the consistency of imperfect competition with general equilibrium solutions (Chapter 5, "General Equilibrium with Imperfect Competition"); forecasting techniques based on exponentially declining weighted averages of past values (Chapter 9, "Expectations and Adjustment to Change: A Key Link in Cumulative Movements of the Economy"). [...] An appendix on the "Concept of Income" will probably have more interest for the average reader.Jacob Cohen, 1963http://www.jstor.org/stable/pdfplus/1...

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ISBN
5839354
Publisher
McGraw-Hill
Publication date
1962
Pages
278 pages
Reading Options
PDF · EPUB · Mobi
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Martin J. Bailey
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Martin J. Bailey is the author of several novels. Originally from the East Coast, they now live in the Midwest with family. In addition to writing, Martin J. Bailey enjoys gardening, cooking, and reading way past bedtime. Their work often explores the complexities of everyday life and human relationships.

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Linda White
Linda White May 30, 2024
I thoroughly enjoyed the elegance of it. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. I would highly recommend this to discerning readers.
Margaret Anderson
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Absolutely brilliant. The prose is exquisite. It’s accessible yet undeniably sophisticated. Worth every moment spent reading.
Carol Lopez
Carol Lopez August 13, 2025
Not entirely to my refined tastes. It verged on repetitive in the second act. A more concise edit would have served it well. Unlikely to reread, but a reasonable expenditure of time.
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Sarah Anderson October 03, 2024
A profoundly satisfying read. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem.
Paul Gonzalez
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Kimberly Edwards May 27, 2024
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A profoundly satisfying read. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I am now a lifelong fan of this author.
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Karen Nguyen November 28, 2025
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Daniel Hill October 06, 2025
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Michael Jones July 01, 2024
Took a moment to build, but the payoff was spectacular. The protagonist was compelling, though some subplots felt slightly overshadowed. A wonderful companion for a quiet weekend.
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Took a moment to build, but the payoff was spectacular. A brilliant concept executed with flair. Just a few pacing choices I would change. A wonderful companion for a quiet weekend.
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Honestly one of the most premium reading experiences lately. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I will undoubtedly revisit this masterpiece.
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Excellent, though slightly flawed. It held my rapt attention, even when certain twists were telegraphed. I would highly recommend this to discerning readers.
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A profoundly satisfying read. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author.
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Thomas Edwards June 06, 2025
Masterpiece from start to finish. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem.
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Ashley Rodriguez August 25, 2025
Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. An absolute must-read for connoisseurs of the genre.
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Kevin Hernandez November 04, 2024
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Deborah Anderson October 12, 2024
A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem.
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Matthew Sanchez February 15, 2025
A decent, if standard, experience. The prose was competent, yet the characters lacked the depth I usually seek. Suitable if your reading queue is empty.
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Deborah Perez April 13, 2024
Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An effortless 5 stars.
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Donald Ramirez May 29, 2024
A very strong entry. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A wonderful companion for a quiet weekend.
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Deborah Lopez September 04, 2025
Honestly one of the most premium reading experiences lately. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An effortless 5 stars.
Jennifer Lopez
Jennifer Lopez March 16, 2025
I thoroughly enjoyed the elegance of it. It held my rapt attention, even when certain twists were telegraphed. A very distinguished novel.
Anthony Martinez
Anthony Martinez November 26, 2025
An acceptable diversion. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. Suitable if your reading queue is empty.
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Lisa Phillips September 11, 2025
A profoundly satisfying read. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. A true literary gem.
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Richard Torres August 02, 2024
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I thoroughly enjoyed the elegance of it. A brilliant concept executed with flair. Just a few pacing choices I would change. A very distinguished novel.
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A profoundly satisfying read. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I am now a lifelong fan of this author.
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A profoundly satisfying read. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author.
David Sanchez
David Sanchez July 29, 2025
Such a rich narrative. The prose is exquisite. It’s accessible yet undeniably sophisticated. An absolute must-read for connoisseurs of the genre.
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Nancy Nelson March 02, 2024
Honestly one of the most premium reading experiences lately. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem.
Michael Phillips
Michael Phillips July 20, 2024
A very strong entry. It held my rapt attention, even when certain twists were telegraphed. A solid 4 stars from me.
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Kimberly Baker September 09, 2025
Exceeded all my expectations. I became deeply invested in the protagonist's journey. A masterclass in storytelling. Worth every moment spent reading.
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Lisa Nguyen October 21, 2024
Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece.
James Jackson
James Jackson September 18, 2024
Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. I am now a lifelong fan of this author.
Michelle Gonzalez
Michelle Gonzalez December 24, 2024
A very strong entry. A brilliant concept executed with flair. Just a few pacing choices I would change. A wonderful companion for a quiet weekend.
Kimberly Baker
Kimberly Baker October 03, 2024
Exceeded all my expectations. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem.
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Such a rich narrative. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem.
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Such a rich narrative. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece.
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Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre.
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Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I am now a lifelong fan of this author.
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Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author.
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Absolutely brilliant. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece.
Joshua Rivera
Joshua Rivera May 23, 2025
It was adequate. The prose was competent, yet the characters lacked the depth I usually seek. Unlikely to reread, but a reasonable expenditure of time.
Elizabeth Rivera
Elizabeth Rivera April 10, 2025
Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. Worth every moment spent reading.
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Steven Hall June 27, 2025
A very strong entry. The middle had a deliberate pace, but the climax was phenomenal. I would highly recommend this to discerning readers.
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Jacob Robinson August 27, 2024
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Christopher Rivera December 22, 2024
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George Brown
George Brown July 28, 2025
Such a rich narrative. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. Worth every moment spent reading.
Matthew Baker
Matthew Baker April 11, 2024
Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem.
Richard Hernandez
Richard Hernandez December 19, 2024
A very strong entry. The middle had a deliberate pace, but the climax was phenomenal. I would highly recommend this to discerning readers.
Laura King
Laura King May 05, 2024
A profoundly satisfying read. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. A true literary gem.
Ashley Rodriguez
Ashley Rodriguez January 31, 2024
Excellent, though slightly flawed. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel.
Cynthia Wright
Cynthia Wright December 18, 2024
Honestly one of the most premium reading experiences lately. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece.
Thomas Ramirez
Thomas Ramirez March 28, 2024
A profoundly satisfying read. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece.
Richard Torres
Richard Torres September 01, 2025
A highly sophisticated read. The protagonist was compelling, though some subplots felt slightly overshadowed. A solid 4 stars from me.
Daniel Hill
Daniel Hill February 17, 2024
A profoundly satisfying read. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author.
Susan Lee
Susan Lee January 27, 2024
Absolutely brilliant. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading.
Andrew Rivera
Andrew Rivera February 09, 2024
A profoundly satisfying read. The prose is exquisite. It’s accessible yet undeniably sophisticated. Worth every moment spent reading.
Eric Brown
Eric Brown September 13, 2024
Masterpiece from start to finish. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An absolute must-read for connoisseurs of the genre.
Robert Flores
Robert Flores December 21, 2024
Such a rich narrative. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre.
Elizabeth Reyes
Elizabeth Reyes February 17, 2024
Took a moment to build, but the payoff was spectacular. It held my rapt attention, even when certain twists were telegraphed. A wonderful companion for a quiet weekend.
Cynthia Thomas
Cynthia Thomas February 01, 2024
Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An absolute must-read for connoisseurs of the genre.
Anthony Edwards
Anthony Edwards July 26, 2025
Absolutely brilliant. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. Worth every moment spent reading.
Mark Turner
Mark Turner October 26, 2024
Took a moment to build, but the payoff was spectacular. The middle had a deliberate pace, but the climax was phenomenal. A wonderful companion for a quiet weekend.
Kevin Nguyen
Kevin Nguyen May 22, 2024
I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. An effortless 5 stars.
Michael Roberts
Michael Roberts October 19, 2025
Exceeded all my expectations. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem.
Elizabeth Rivera
Elizabeth Rivera May 24, 2024
I was completely blown away. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre.
Eric Cruz
Eric Cruz October 03, 2025
A profoundly satisfying read. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading.
Mary Rodriguez
Mary Rodriguez April 27, 2025
Masterpiece from start to finish. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. Worth every moment spent reading.
Amanda Lee
Amanda Lee May 01, 2025
Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece.
David Anderson
David Anderson July 12, 2024
A very strong entry. The protagonist was compelling, though some subplots felt slightly overshadowed. A wonderful companion for a quiet weekend.
Anthony Edwards
Anthony Edwards July 21, 2025
Exceeded all my expectations. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece.
Steven Flores
Steven Flores December 09, 2025
Exceeded all my expectations. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author.
Deborah Sanchez
Deborah Sanchez October 25, 2025
Took a moment to build, but the payoff was spectacular. A brilliant concept executed with flair. Just a few pacing choices I would change. A solid 4 stars from me.
Joseph Martin
Joseph Martin February 13, 2024
Honestly one of the most premium reading experiences lately. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre.
Kevin Perez
Kevin Perez January 05, 2025
A highly sophisticated read. It held my rapt attention, even when certain twists were telegraphed. A very distinguished novel.
Emily Baker
Emily Baker February 21, 2024
Absolutely brilliant. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece.
Mark Lewis
Mark Lewis June 26, 2025
Absolutely brilliant. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem.
Sarah Campbell
Sarah Campbell September 16, 2024
Absolutely brilliant. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading.
Amanda Scott
Amanda Scott May 13, 2024
I thoroughly enjoyed the elegance of it. It held my rapt attention, even when certain twists were telegraphed. A wonderful companion for a quiet weekend.
Nancy Rivera
Nancy Rivera March 08, 2025
Honestly one of the most premium reading experiences lately. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre.
Amanda Taylor
Amanda Taylor August 19, 2025
Excellent, though slightly flawed. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel.
Christopher Campbell
Christopher Campbell July 10, 2024
Honestly one of the most premium reading experiences lately. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars.
Kimberly Scott
Kimberly Scott November 12, 2025
A decent, if standard, experience. The prose was competent, yet the characters lacked the depth I usually seek. A fair 3 stars.
Brian Diaz
Brian Diaz January 02, 2024
Honestly one of the most premium reading experiences lately. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre.
Christopher Rivera
Christopher Rivera January 17, 2025
I find myself somewhat conflicted. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. Unlikely to reread, but a reasonable expenditure of time.
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