ABSTRACT
This introduction presents an overview of the key concepts discussed in the subsequent chapters of this book. The book, first published in 1980, is based on a series of lectures entitled "Theoretical Problems of American Political Economy" that Lynn Turgeon made during the fall of 1978 at Moscow State University. During the postwar years, the study of economics in the United States has dominated by Paul Samuelson's neoclassical synthesis. This synthesis was an attempt to integrate what author might refer to as Marshallian economics with the Keynesian model. There is a right deviation, the so-called "Chicago School". This school of economists has never really accepted the Keynesian vision of the role of the state. A quantity theory of money is assumed, with inflation caused primarily by too much money in the system. Policy proposals include cutting wages to restore full employment. These views are currently being expressed by Milton Friedman and can be labeled either as "New Right" or "pre-Keynesian".
