The debate about the impact of money on unemployment and inflation is both highly controversial and crucially important to economic management in a modern economy. This book presents a critical up-to-date evaluation of the debate concerning the role of money and monetary policy in a modern economy. The book is particularly useful in that it demonstrates the relevance of monetary theory to debates about economic policy in the U.K. and the U.S. Moreover, it makes some normally complex areas of monetary theory accessible in a non- technical manner.