The Political Economy of American Monetary Policy
Publisher: Cambridge University Press
Published: January 29, 1993
Language: eng
Format: Paperback
Number of pages: 324
ISBN-13: 9780521446518
Subjects: Banking; Macroeconomics; Central Bank Monetary Control; Business & Economics; Business / Economics / Finance; Business/Economics; Economics - Macroeconomics; Business & Economics / Macroeconomics
First sentence: There are two classic definitions of economics: Alfred Marshall's "a study of mankind in the ordinary business of life" (Marshall 1947, p. 1), and Lionell Robbins's "the allocation of scarce resources among competing ends" (Robbins 1935, pp. 12-15) Marshall focused on the questions that economists try to answer, whereas Robbins focused on the tools they have available.