Asset Prices in Economic AnalysisEdition 1

This study explores the critical role of assets in economic analysis, emphasizing the asset pricing process and its connections to broader economic phenomena. Traditional economic approaches have often prioritized flow dynamics over stock considerations, but the rising interest in economic growth and capital theory has highlighted the need for a balanced perspective. The book argues that asset markets, far from being peripheral, play a central role in determining general equilibrium conditions. By integrating stock and flow dynamics, the analysis seeks to provide a comprehensive framework for understanding asset price determination and its implications for monetary and fiscal policies, although it remains primarily theoretical and abstract in its approach. The work, rooted in the author's doctoral dissertation, reflects rigorous academic inquiry supported by notable economists and institutions. The study benefits from the guidance of Professor Earl R. Rolph and other distinguished scholars, whose critiques and insights helped refine its ideas. While the book delves into monetary and fiscal topics such as central banking, debt management, and taxation, these discussions primarily serve to illustrate theoretical constructs rather than offer direct policy prescriptions. The overarching goal is to present a unified and coherent framework capable of addressing a wide range of economic and policy challenges, underscoring the interplay between asset markets and broader economic systems. This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1963.

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