In this work James Tobin discusses two major issues of macroeconomics: the strength of automatic market forces in maintaining full employment equilibrium and the efficacy of government fiscal and monetary policies in stabilizing the economy.

In response to widespread interest in a formal complete statement analyzing aspects of the money-income relationship and clarification of his quantity theory, Milton Friedman in 1970 published "A Theoretical Framework for Monetary Analysis," and a year later "A Monetary Theory of Nominal Income," both in the Journal of Political Economy. A combined version of these essays, first published by the National Bureau of Economic Research, begins this volume.

Because his statement was important and controversial both as a commentary on the history of economic thought and as a theoretical contribution in its own right, the Journal of Political Economy in 1972 presented critical reviews from noted monetary theorists, including Karl Brunner and Allan H. Meltzer, James Tobin, Paul Davidson, and Don Patinkin. Their studies, which are printed in the present volume, focus on substantive issues, covering a variety of topics. All of their major points are discussed in Friedman's reply, which clarifies and expands upon his original themes and introduces interesting new material. Thus the synthesis of his two articles, the critical comments, and his response, together with an introduction by Robert J. Gordon, are combined in one volume for the convenience of scholars and students.

In Sing to the Colors, award-winning author James Tobin considers ideas of place, tradition, legacy, and pride while investigating two centuries of history at his alma mater, the University of Michigan. The book’s 23 essays capture a series of moments—some well-known and celebrated, others inconspicuous or even troubling—that have contributed to the ongoing evolution of the University. Readers travel back to bitter battles fought over the vision for the University in its early years and learn how the Diag and other campus landmarks came to be. Other chapters consider milestones on the University’s continuing journey toward greater inclusivity such as the 1970 Black Action Movement strike and the enrollment of Michigan’s first female students in the 1870s. Still others illuminate the complex relationship between the University and the city of Ann Arbor, revisiting former mainstays like the Pretzel Bell and Drake’s Sandwich Shop. Alongside these stories, Tobin grapples with his own understanding of and connection to Michigan’s history, which—whatever its imperfections and errors—has shaped the lives of thousands of alumni around the world. This is a book for readers who not only cherish the University of Michigan but who also want to better understand the long work of the many generations who envisioned and built and sustained the place.