Monetary Theory And Public Policy Kenneth Kurihara Pdf 42
Anthonasty Veloz
Providing an extensive examination of monetary theory and its implications for public policy, Monetary Theory and Public Policy is as relevant for an understanding of current economic problems as when it was first published. Looking at the concepts of modern economic theory, particularly as these concepts apply to problems of money and banking, both Keynesian and Post-Keynesian developments are discussed.
Kenneth Kenkichi Kurihara was a distinguished professor of economic theory at the State University of New York. He was a noted post-Keynesian economist who worked on Keynesian dynamics, growth, development economics and monetary theory and public policy. He was born in Kutchan, Hokkaido Japan but moved to the US where he worked first for the government as a research economist, then as an academic at Princeton University, Rutgers University and then at the State University of New York.[1][2]
This paper shows that the recent euphoria in Malaysia to introduce Gold Dinar as money in Muslim countries is devoid of reason. Despite the destabilizing potential of the current monetary arrangements in the world, the return to gold is neither desired nor practicable. The Denarists, as some prefer to characterize the proponents, are palpably asking for the moon. It is argued here that the introduction of gold money in Muslim countries is in no way an Islamic imperative. And, if enforced, the system is likely to end in a chaotic failure. Sagacity, not emotion, must guide public policy.
On the one hand, this may be a good thing. For example, one traditional argument against fiscal policy is that monetary policy can react more rapidly and temporarily than fiscal policy. While this is still true, we have seen that transfer payments can provide timely and temporary economic stimulus. In 2001 and in 2008, the US distributed more than 2% of quarterly GDP in tax rebates to the majority of US tax filers within a few months of the start of each recession.
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