Currency and Credit (Classic Reprint) - Tapa blanda

Excerpt from Currency and Credit

It will be found that pre-war institutions and con dirions are often referred to in the present tense. This is no more unreal than to speak of them' in the past, as things of the past. Even now the war is not techni cally over, and in the prevailing obscurity it is impossible to say What can or cannot be regarded as normal or actual.

Chapters XV. To XIX. Are occupied with illustrative examples drawn from a variety of periods and countries. I am indebted to the editors of the Economic Journal for bringing out the greater part of Chapters XV. And xvi.'in the issues of the journal for September and March, 1918.

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Excerpt from Currency and Credit

To add yet another to the legion of books which have been written on Currency is an act which almost requires an apology. But extensive and complex as the subject has always been, every year that passes brings new developments which add to its extent and its complexity. A subject which grows in this luxuriant fashion opens up a corresponding variety in the methods of theoretical approach. The present work is not intended to set up one particular method to the exclusion of all others. Still less does it exalt any single practical measure as a panacea of currency disorders. Its purpose is rather to present a systematic analysis of currency and credit movements, and especially to avoid that phrase, "other things being equal," by which it is so fatally easy for theory to step straight from premises to conclusion.

Scientific treatment of the subject of currency is impossible without some form of the quantity theory. Two forms of this theory, both rigorously true, will be found enunciated in Chapter III. But the quantity theory by itself is inadequate, and it leads up to the method of treatment based on what I have called the consumers' income and the consumers' outlay - that is to say, simply the aggregates of individual incomes and individual expenditures. This method has been employed throughout the succeeding pages.

About the Publisher

Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com

This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.