The Political economy of American monetary policy

About this book

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.