"THESE ARE TROUBLED TIMES FOR MACROECONOMICS": FIRST EDITION OF TOBIN'S ASSET ACCUMULATION AND ECONOMIC ACTIVITY
TOBIN, James. Asset Accumulation and Economic Activity. Reflections on Contemporary Macroeconomic Theory. (Chicago): University of Chicago Press, (1980). Octavo, original black cloth, original dust jacket. $250.
First edition of this expansion on Yale economist and Nobel Prize-winner James Tobin's 1978 Yrjö Jahnsson lectures on employment equilibrium and economic stabilization through government intervention.
Written by James Tobin, the Sterling Professor of Economics at Yale University and the 1981 Nobel Prize-winner in Economics, this work confronts macroeconomics head on, debating the issue of market efficiency and whether involuntary unemployment can be avoided by that purported efficiency. Expanding on his 1978 Yrjö Jahnsson lectures and another lecture he gave that same year at the British professional economics association, Tobin addresses two key issues in macroeconomics: the strength of the market in maintaining full employment equilibrium and the effectiveness of government policies in stabilizing the economy. Tobin's brave and insightful work offers myriad areas for further inquiry and raises questions about many established governmental and social policies.
Book with a couple tiny spots of soiling to text, dust jacket with a bit of toning to spine. A near-fine copy.