Fixed or Flexible Exchange Rates? History and Perspectives
by Marin Muzhani (CDI College, Canada)
Provides a detailed analysis of the economic implications of economy pricing, examining how micro- and macroeconomic events are connected in a globalized system. Discusses pricing strategies in economy pricing, as well as competition, mass production, and economies of scale. Explores the theory of the firm in economy pricing, including the concept of production and costs. Explains how pricing works in a competitive market and how the pricing strategy is influenced by factors that may be beyond the firm’s control. Describes how inflation, interest rates, and unemployment rates work at the macro level in an economy pricing system dominated by competition and characterized by different categories of non-premium products in almost all sectors of the economy. Considers how monetary policy works when inflation, interest rates, and unemployment rates are kept low in an economy pricing system characterized by a high level of competition between firms in different sectors. Covers public debt and fiscal policy, including aggregate demand and curve supply.
[Book's annotation appearing in the 'Journal of Economic Literature' (Volume 61, no. 4), December 2023, and in the American Economic Association's electronic publications: 'e-JEL', 'JEL' on CD, and EconLit]
The economy of the industrialized countries in the 21st century has already moved to a new level of mass production and technology never seen before, thanks in part to globalization, advanced technologies, new organization management methods, and innovative supply chain. A relatively large number of mass-produced commodities (characterized as non-premium) and services in Western economies are somehow sold at discounts rather than regular prices at a much higher frequency that was never seen before. This phenomenon has completely changed how we look at the theory of the firm in microeconomics.
This book is indented to introduce new ideas and theories by challenging the current modern micro-and-macro economic theories. In a globalized world, the economies of advanced countries have entered a new phase called “economy pricing,” where most of the mass commodities are sold at a low price during certain periods of the year, called ‘sales events’. In addition to low prices, most industrialized countries have had record low inflation, low-interest rates, low growth, and low unemployment rates.
This book will contend how the “Economy Pricing System” is about to revolutionize how people look at a real economy’s micro and macro effects.
List of Figures
List of Tables
PART I: The Microeconomics of Economy Pricing System
Chapter 1 Competition and Pricing Strategies
Chapter 2 Theory of the Firm in Economy Pricing
Chapter 3 Pricing Strategy and Market Factors
PART II: The Macroeconomics of Economy Pricing System
Chapter 4 Inflation, Interest Rates, and Unemployment
Chapter 5 Monetary Policy in an Economy Pricing System
Chapter 6 Budget Deficit and Fiscal Policy in Economy Pricing
Marin Muzhani has a Ph.D. in economics from the University of Florence, teaches at CDI College, and has been a post-doctoral researcher at the University of Florence. He has also worked as visiting scholar at different universities in Europe and North America. His interests and research are related mostly to growth economics, macroeconomics, and modern monetary theories such as optimum currency areas and monetary unions.
Muzhani has participated in important international economic conferences, such as HES ('History of Economic Society'), ESHET ('European Society of Economic Thought'), AEA ('American Economic Association'), EEA ('European Economic Association'), etc. Apart from this new title, he is the author of two successful mono volumes: “Mainstream Growth Economists and Capital Theorists,” published by 'McGill-Queen’s University Press' (MQUP) in 2014, and “Fixed or Flexible Exchange Rates? History and Perspectives”, published by 'Vernon Press', in 2018.
Currency Depreciation, the Balance of Trade, Flexible Exchange rates, Fixed Exchange Rates, Gold Standard, International Monetary System, Trade Policies, Credibility and Optimization in Monetary Policy, Global Reserve Currency, Monetary Policy Coordination, Exchange Rate Regimes, Shock absorbers, Optimum Currency Areas, Monetary Unions, Fiscal Federalism, Eurozone, Monetary Blocks, Financial Crises, Debt Crisis, Quantitative Easing