This book contains a selection of the Wincott lectures, given by eminent economists (including four Nobel laureates). Economists do not always communicate their theories to the general public. But all the contributors to this volume have achieved a perfect balance between practical relevance and sound economic reasoning. For this reason their lectures remain refreshing and fascinating. In addition, with economic discourse becoming more and more mathematically formulated, these lectures are a striking example of how important concepts can be communicated simply. Every one of these advances our...

This volume is the second collection of the series of lectures, held annually at City University, London, in honour of Henry Thornton, the renowned 19th Century monetary economist. As with Monetary Economics in the 1980s (0-333-46220-3), the essays by extremely eminent contributors are wide-ranging in both subject and approach but all develop topics considered by Henry Thornton over a century ago and link historical perspectives to contemporary debates about financial institutions and monetary economics.

The recession which many countries experienced in the early 1990s had certain unusual aspects. Most notably, and common to all countries, was the behaviour of asset prices relative to the general price level. In consequence, reasons were sought to explain the special characteristics of the recession and as a result of the behaviour of asset prices attention turned to 'Debt-Deflation Theories' associated in different forms with Keynes and Irving Fisher. The contributors to this volume discuss the significance of debt deflation. Their striking common feature is that, on the evidence presented...