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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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94,381 ratings · 6,333 reviews
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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 94,381 ratings · 6,333 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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Andrew Collins
Andrew Collins April 15, 2024
Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece.
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Joseph Torres October 19, 2024
Absolutely brilliant. The prose is exquisite. It’s accessible yet undeniably sophisticated. 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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Elizabeth Adams February 17, 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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Linda Harris March 23, 2025
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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Thomas Mitchell October 02, 2024
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A very strong entry. The middle had a deliberate pace, but the climax was phenomenal. A very distinguished novel.
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Masterpiece from start to finish. I adored how the story unfolded. It kept me captivated without sacrificing elegance. Worth every moment spent reading.
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Such a rich narrative. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. Worth every moment spent reading.
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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 solid 4 stars from me.
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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 solid 4 stars from me.
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I thoroughly enjoyed the elegance of it. The middle had a deliberate pace, but the climax was phenomenal. A very distinguished novel.
Daniel Hill
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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.
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Exceeded all my expectations. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars.
Amanda Rodriguez
Amanda Rodriguez September 03, 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 wonderful companion for a quiet weekend.
Daniel Baker
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Took a moment to build, but the payoff was spectacular. The protagonist was compelling, though some subplots felt slightly overshadowed. A solid 4 stars from me.
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Nancy Edwards April 06, 2024
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A profoundly satisfying read. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece.
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William Thompson November 18, 2025
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Masterpiece from start to finish. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece.
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Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An absolute must-read for connoisseurs of the genre.
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Took a moment to build, but the payoff was spectacular. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. Quite impressive overall.
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A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author.
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I was completely blown away. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An absolute must-read for connoisseurs of the genre.
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Excellent, though slightly flawed. The middle had a deliberate pace, but the climax was phenomenal. A very distinguished novel.
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Patricia Gomez June 20, 2024
A profoundly satisfying read. I adored how the story unfolded. It kept me captivated without sacrificing elegance. Worth every moment spent reading.
Mary Turner
Mary Turner January 09, 2024
A decent, if standard, experience. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. A fair 3 stars.
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Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars.
Mark Turner
Mark Turner September 04, 2024
A very strong entry. It held my rapt attention, even when certain twists were telegraphed. A wonderful companion for a quiet weekend.
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Nicholas Carter August 15, 2025
A highly sophisticated read. The middle had a deliberate pace, but the climax was phenomenal. I would highly recommend this to discerning readers.
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Absolutely brilliant. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem.
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A highly sophisticated read. The middle had a deliberate pace, but the climax was phenomenal. Quite impressive overall.
Kevin Martin
Kevin Martin August 23, 2025
Such a rich narrative. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading.
James Hall
James Hall February 16, 2024
Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre.
Patricia Carter
Patricia Carter December 11, 2024
Excellent, though slightly flawed. It held my rapt attention, even when certain twists were telegraphed. A wonderful companion for a quiet weekend.
Lisa Gonzalez
Lisa Gonzalez September 01, 2024
Honestly one of the most premium reading experiences lately. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem.
Donald Phillips
Donald Phillips April 02, 2024
Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I am now a lifelong fan of this author.
James Mitchell
James Mitchell May 31, 2024
An acceptable diversion. The prose was competent, yet the characters lacked the depth I usually seek. Suitable if your reading queue is empty.
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Kenneth Smith January 23, 2025
Masterpiece from start to finish. 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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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.
George Green
George Green December 28, 2024
I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece.
James Turner
James Turner July 27, 2025
Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem.
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Mark Wilson January 02, 2024
An acceptable diversion. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. Perfectly average.
Kenneth Anderson
Kenneth Anderson July 19, 2024
A decent, if standard, experience. The prose was competent, yet the characters lacked the depth I usually seek. Perhaps more aligned with a different audience's tastes.
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A very strong entry. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. Quite impressive overall.
Robert Gonzalez
Robert Gonzalez May 31, 2024
I thoroughly enjoyed the elegance of it. The protagonist was compelling, though some subplots felt slightly overshadowed. A wonderful companion for a quiet weekend.
Mary Turner
Mary Turner April 09, 2024
I was completely blown away. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece.
Daniel Hall
Daniel Hall February 12, 2024
A profoundly satisfying read. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. Worth every moment spent reading.
Steven Williams
Steven Williams January 06, 2024
I find myself somewhat conflicted. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. Perfectly average.
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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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Brian Rodriguez June 22, 2024
Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. Worth every moment spent reading.
Sarah Rodriguez
Sarah Rodriguez September 30, 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 very distinguished novel.
Anthony Ramirez
Anthony Ramirez November 01, 2024
A very strong entry. The middle had a deliberate pace, but the climax was phenomenal. A solid 4 stars from me.
Steven Taylor
Steven Taylor August 31, 2025
Excellent, though slightly flawed. It held my rapt attention, even when certain twists were telegraphed. I would highly recommend this to discerning readers.
Daniel Hill
Daniel Hill January 21, 2024
Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. I am now a lifelong fan of this author.
Betty Harris
Betty Harris July 26, 2025
A very strong entry. The protagonist was compelling, though some subplots felt slightly overshadowed. A wonderful companion for a quiet weekend.
Jacob Johnson
Jacob Johnson October 21, 2025
A very strong entry. The protagonist was compelling, though some subplots felt slightly overshadowed. A wonderful companion for a quiet weekend.
Anthony Scott
Anthony Scott July 23, 2025
A profoundly satisfying read. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece.
Anthony Baker
Anthony Baker May 31, 2025
Not entirely to my refined tastes. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. Unlikely to reread, but a reasonable expenditure of time.
Gary  Parker
Gary Parker April 15, 2025
I find myself somewhat conflicted. It verged on repetitive in the second act. A more concise edit would have served it well. A fair 3 stars.
Christopher Nelson
Christopher Nelson September 12, 2025
I was completely blown away. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre.
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Betty Jones September 17, 2024
I was completely blown away. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece.
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Honestly one of the most premium reading experiences lately. 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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Rebecca Turner December 15, 2025
Such a rich narrative. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars.
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A highly sophisticated read. It held my rapt attention, even when certain twists were telegraphed. I would highly recommend this to discerning readers.
Kevin Gomez
Kevin Gomez September 14, 2024
I thoroughly enjoyed the elegance of it. It held my rapt attention, even when certain twists were telegraphed. A very distinguished novel.
Daniel Cruz
Daniel Cruz September 27, 2025
Took a moment to build, but the payoff was spectacular. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A very distinguished novel.
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Melissa Perez June 26, 2025
Absolutely brilliant. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I am now a lifelong fan of this author.
Paul Reyes
Paul Reyes October 11, 2025
It was adequate. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. Perhaps more aligned with a different audience's tastes.
Mark King
Mark King September 17, 2024
Absolutely brilliant. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An absolute must-read for connoisseurs of the genre.
Barbara Johnson
Barbara Johnson May 06, 2024
A profoundly satisfying read. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I am now a lifelong fan of this author.
Thomas Moore
Thomas Moore December 13, 2025
A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre.
Ryan Diaz
Ryan Diaz February 28, 2025
Took a moment to build, but the payoff was spectacular. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel.
Melissa Martin
Melissa Martin April 30, 2024
A highly sophisticated read. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. I would highly recommend this to discerning readers.
Matthew Cruz
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Masterpiece from start to finish. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre.
Nancy Jackson
Nancy Jackson October 25, 2024
Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem.
Andrew Nelson
Andrew Nelson March 24, 2024
I was completely blown away. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An effortless 5 stars.
Karen Reyes
Karen Reyes October 11, 2025
Exceeded all my expectations. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece.
Barbara Martin
Barbara Martin April 15, 2024
I thoroughly enjoyed the elegance of it. A brilliant concept executed with flair. Just a few pacing choices I would change. Quite impressive overall.
James Edwards
James Edwards October 11, 2024
Such a rich narrative. The prose is exquisite. It’s accessible yet undeniably sophisticated. I am now a lifelong fan of this author.
George Moore
George Moore October 16, 2024
Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. Worth every moment spent reading.
Patricia Carter
Patricia Carter August 04, 2025
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.
Kimberly Green
Kimberly Green September 20, 2024
Such a rich narrative. The prose is exquisite. It’s accessible yet undeniably sophisticated. I am now a lifelong fan of this author.
Betty Ramirez
Betty Ramirez May 27, 2024
It was adequate. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. Perhaps more aligned with a different audience's tastes.
Mark Taylor
Mark Taylor June 23, 2024
I was completely blown away. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading.
Andrew Robinson
Andrew Robinson December 23, 2024
I was completely blown away. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem.
Stephanie Miller
Stephanie Miller March 14, 2025
A highly sophisticated read. The middle had a deliberate pace, but the climax was phenomenal. A very distinguished novel.
Paul Reyes
Paul Reyes December 16, 2025
A highly sophisticated read. A brilliant concept executed with flair. Just a few pacing choices I would change. A wonderful companion for a quiet weekend.
Linda Hall
Linda Hall October 14, 2024
Absolutely brilliant. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem.
Elizabeth Rivera
Elizabeth Rivera July 29, 2025
Honestly one of the most premium reading experiences lately. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece.
Jennifer Roberts
Jennifer Roberts January 09, 2024
A profoundly satisfying read. The prose is exquisite. It’s accessible yet undeniably sophisticated. Worth every moment spent reading.
Michael Torres
Michael Torres February 06, 2025
Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars.
Patricia Baker
Patricia Baker January 06, 2025
Not entirely to my refined tastes. It verged on repetitive in the second act. A more concise edit would have served it well. A fair 3 stars.
Mary Taylor
Mary Taylor May 17, 2025
Masterpiece from start to finish. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading.
Nicholas Adams
Nicholas Adams August 20, 2024
Masterpiece from start to finish. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I am now a lifelong fan of this author.
Rebecca Green
Rebecca Green July 23, 2025
Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An effortless 5 stars.
Elizabeth Roberts
Elizabeth Roberts July 24, 2024
I thoroughly enjoyed the elegance of it. The middle had a deliberate pace, but the climax was phenomenal. A wonderful companion for a quiet weekend.
Sarah Moore
Sarah Moore September 16, 2025
An acceptable diversion. It verged on repetitive in the second act. A more concise edit would have served it well. Perfectly average.
Andrew Anderson
Andrew Anderson November 15, 2025
Honestly one of the most premium reading experiences lately. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading.
Karen Hill
Karen Hill July 22, 2025
Excellent, though slightly flawed. A brilliant concept executed with flair. Just a few pacing choices I would change. I would highly recommend this to discerning readers.
Steven Taylor
Steven Taylor April 21, 2024
I thoroughly enjoyed the elegance of it. The protagonist was compelling, though some subplots felt slightly overshadowed. A wonderful companion for a quiet weekend.
Elizabeth Adams
Elizabeth Adams July 01, 2025
I was completely blown away. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading.
Joshua Lee
Joshua Lee April 14, 2025
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.
Kenneth Anderson
Kenneth Anderson October 03, 2024
I was completely blown away. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I am now a lifelong fan of this author.
Joshua Robinson
Joshua Robinson November 04, 2024
I thoroughly enjoyed the elegance of it. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel.
William Cruz
William Cruz April 16, 2024
An acceptable diversion. It verged on repetitive in the second act. A more concise edit would have served it well. Perfectly average.
Jessica Sanchez
Jessica Sanchez November 04, 2025
Honestly one of the most premium reading experiences lately. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece.
Jacob Wright
Jacob Wright August 04, 2024
Such a rich narrative. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem.
Susan King
Susan King November 23, 2025
I was completely blown away. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading.
Barbara Johnson
Barbara Johnson April 26, 2024
Exceeded all my expectations. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I will undoubtedly revisit this masterpiece.
Ryan Jackson
Ryan Jackson May 19, 2025
I was completely blown away. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars.
Nancy Carter
Nancy Carter December 01, 2025
I thoroughly enjoyed the elegance of it. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. Quite impressive overall.
Steven Taylor
Steven Taylor November 12, 2024
Honestly one of the most premium reading experiences lately. The prose is exquisite. It’s accessible yet undeniably sophisticated. An absolute must-read for connoisseurs of the genre.
David Sanchez
David Sanchez May 11, 2025
I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. An effortless 5 stars.
Eric Miller
Eric Miller April 22, 2025
A profoundly satisfying read. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem.
Linda Harris
Linda Harris June 25, 2025
I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem.
Paul Lee
Paul Lee September 06, 2024
Took a moment to build, but the payoff was spectacular. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A solid 4 stars from me.
Betty Ramirez
Betty Ramirez November 06, 2025
A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading.
Paul Miller
Paul Miller February 06, 2025
I was completely blown away. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece.
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