ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Money, Employment and Growth

Money, Employment and Growth HOW to ensure monetary (price) stability with high rates of employment and growth in an economy? Monetary economists differ among themselves m their answers. Monetarists among them emphasise the crucial importance of controlling appropriately variations in the stock of money. Non-monetarists among them insist that what matters is not the stock of money but the overall liquidity of the economy and the accompanying level and structure of interest rates as well as the availability of credit. Bani Majumdar draws upon the elements of both the approaches without carefully distinguishing between them or spelling out how the two approaches can be married to each other. The result is a confused piece of monetary analysis without a clear sense of direction.

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