#This book provides an excellent overview of the controversies that have driven debate about monetary theory and policy over the last two centuries. I highly recommend the book for use in advanced undergraduate or graduate courses. This new edition revises and updates some of the arguments, with some additional treatment of orthodoxy so that it can serve as a stand-alone text in monetary theory courses.# # L. Randall Wray, University of Missouri, US #John Smithin is one of the deepest thinkers writing today about monetary matters in modern economics. Not only has he a thorough and full knowledge of past contributions, he is also an original thinker in his own right. The processes he depicts at work in modern economies are immediately recognisable and make good sense. He allies his theoretical understanding with advocacy of wise and humane policies. In John Smithin#s writings the spirits of Keynes and Hicks live on, with also, dare I say it, the insights of Marx about the relationship between the real and the monetary in capitalism. Any student brought up on Smithin#s clear and lucid accounts of controversies in monetary economics will have a firm grounding on which to base their understanding of the world around them.# # G.C. Harcourt, Jesus College, Cambridge, UK This influential volume, which has been revised and updated for the twenty-first century, includes both new material and more detailed expositions of existing arguments. Although so-called #real# theories of business cycles and growth are prevalent in contemporary mainstream economics, Controversies in Monetary Economics suggests that those economists who have instinctively focused on monetary factors in explaining macroeconomic behaviour are more genuinely #realistic#. The author combines an explanation of past and present monetary controversy with practical proposals for the conduct of monetary policy in the contemporary global economy. Several alternative approaches are discussed, ranging from the tradi