The theory of prices a re examination of the central problems of monetary theory vol i

REPRINTS OF ECONOMIC CLASSICS The THEORY OF PRICES VOLUME I The THEORY OF PRICES A Re-Examination of the Central Problems of Monetary Theory BY ARTHUR W MARGET, Ph D PROFESSOR OF ECONOMICS, UNIVERSITY OF MINNESOTA VOLUME I REPRINTS OF ECONOMIC CLASSICS AUGUSTUS M KELLEY· PUBLISHERS NEW YORK • 1966 FIRST PUlJLISHED I REPRINTED I 966 938 - 19+Z BY ARRANGEMENT WITH MRS ARTHUR W MARGET LIBRARY OF CONGRESS CATALOGUE CARD NUMBER PRINTED IN THE UNITED STATES OF AMERICA by SENTR:Y PRESS, NEW YORK, N Y 10019 TO MY MOTHER AND FATHER WHETHE:R a writer or a speaker undertakes to unfold principles, to set them in a novel and more striking light, or to recommend their application, he should know what has been already undertaken, what has been accomplished, and what remains for discovery and elucidation The following work gives sundry examples of the inconveniences resulting from the want of this information, by exhibiting able men engaged in the investigation of principles and the development of laws which had been previously established and traced, and putting forward speculations as original which had been long before the public -J R McCulloch, The Literature of Political Economy ARE we not justified in affirming that Political Economy represents, and that in a very eminent degree, one at least of those symptoms which M Comte has declared to be among the least equivocal evidences of really scientific conceptions-continuity of doctrine? I VENTURE to assert that a more remarkable example of continuity of doctrine, of development of seminal ideas, of original aper,us extended, corrected, occasionally re-cast, of new discoveries supplementing, sometimes modifying, the old-in short, of all the indications of progressive science-will not easily be found even in the history of physical speculation -J E Cairnes, M Comte and Political Economy WHAT, then, remains in the attitude of the medieval masters to offend or embarrass us? Probably nothing save their docile modesty in instructing themselves in philosophy before setting out to further its progress They believed that philosophy could not possibly be the work of a single man, no matter what his genius might be, but that it progresses, like science, slowly, as the result of the patient collaboration of generations, each leaning on its predecessors in order to surpass their achievement ' , We are like dwarfs," said Bernard of Chartres, "seated on the shoulders of giants We see more things than the Ancients and things more distant, but it is due neither to the sharpness of our sight nor the greatness of our stature; it is simply because they have lent us their own." -Etienne Gilson, The Spirit of Medieval Philosophy Preface HE fundamental proposition from which this study proceeds is that the Theory of Prices must be conceived of as an organon, in the sense in which Marshall's Principles may be said to be an organon The Theory of Prices, for those who accept this view, is not a set of maxims of monetary policy, which can claim neither· the general validity nor the authority that may be said to attach to a set of conceptual tools N or is it a series of speculations as to matters of fact, with respect to which the last word must be provided by investigations of the "facts" themselves The reader, therefore, who expects a discussion of such matters as the wisdom of attempting to stabilize the price level, or a "theory" of the business cycle, in the sense of a surmise as to the facts of cyclical variation, is warned that he will be disappointed It will be apparent that this book, which has the dimensions and the purpose of a formal treatise, has also, by virtue of its continued concern with the writings of Mr J M Keynes, many of the characteristics of a polemical tract To the "apology for polemics" which is offered in the Introductory chapter, I have only two comments to add here The first is the obvious one that those of us who disagree most categorically with Mr Keynes, and insist upon subjecting his contentions to a severely critical examination, pay him the clearest of compliments as a creator of the kind of intellectual ferment out of which it is hoped truth will ultimately arise, even at the moment that we protest most emphatically against those of his utterances which we believe have introduced serious confusion into our subject The second comment is that by far the greater part of such criticism of Mr Keynes as this· work contains is criticism not of Mr Keynes's positive analysis, but of his own criticism of received doctrine upon the subject with which t-his book is concerned The difference is surely important vii T viii Preface There are, indeed, precedents for extended critiques of the work of an author of great eminence in his generation The spirit of those parts of the present work which can be regarded as a "critique" of Mr Keynes's writings, however, is akin to that with which John Stuart Mill insisted that his two-volume Examination of Sir William Hamilton's Philosophy was imbued "My subject," said Mill, "is not Sir W Hamilton, but the questions which Sir W Hamilton discussed." The subject of this work is not Mr Keynes, but the questions which Mr Keynes has discussed It is the importance of these questions, and not the importance of Mr Keynes or any of his critics, which alone can justify the length at which this book treats the questions constituting its subject matter It follows, from the fact that by far the greater part of such polemics as are contained in this study are polemics on behalf of the Principle of Continuity as a maxim of doctrinal development, that the work as a whole is intended definitely to be constructive; and I hope that it will be so regarded by all those for whom "construction" is not necessarily construction ex nihilo I am aware, to be sure, that some of my readers will regret that the line of ·positive analysis may appear to be obscured by what will seem to them an unnecessary degree of concern with the works of other writers, including lVlr Keynes To this, my answer is twofold In the first place, it is my intention to follow this treatise with a publication which will be frankly in the nature of a textbook, and which should satisfy those who would insist that it is the proper function of an author to state only the conclusions which he himself believes· to be sound, and not the reasons why he prefers these conclusions to those reached by other writers In the second place, I happen myself to be of the opinion that if it is a vice to be concerned "excessively" with the views of other writers, it is at least equally a vice to proceed in complete disregard of what other writers have done or are doing One is reminded of the Cockatoo in Alfred de MU8set's Histoired'un merle blanc, who attributed the distaste of the public for his attempts at versifying to the fact that the public also read the works of poets other than Preface ix himself, and was "distracted" thereby I confess to the vice of opening myself to the danger of being "distracted" by a consideration of the works of others, if it is a vice; and since I am entirely prepared to forgive the trespasses of those who follow a procedure different from that which I have followed, provided only that the results that they reach are sound, I ask only that my own trespasses, if I have sinned in the opposite direction, may be forgiven also I am aware that it will be objected that familiarity with the work of other writers can be demonstrated in other ways than by specific citation of, or discursive comment upon, the contentions of these other writers, and that it is not necessary to bring into the exhibition gallery all the shavings of the workshop To this I can reply only as follows: First, in all honesty, not all the shavings of the workshop are here presented; indeed, I am only too keenly aware that some of my readers will feel that justice is not done to the specific contributions which they have made or believe they have made Second, there are various kinds of workshops, each producing its own kind of shavings A tortuous concern with problems which the author himself ends by characterizing as side issues that not strike the heart of the matter surely results in a mass of "excess" shavings, particularly when no one but the author himself seems, to have been bothered by these side issues, so that no citations to the works of other authors are necessary It is at least arguable that the fact that other writers can be cited would indicate that the matters under discussion are of interest to some one besides the author Finally, I trust that I may be permitted to lay at least part of the blame, if blame is called for, upon what were undoubtedly overgenerous com ments on some of my published articles in which much attention was paid to the existing literature on the subject with which they were concerned, in that these comments have encouraged me to believe that there are others who experience the same pleasure that I in viewing the results of an adventure of exploration into the field of the history of ideas Familiarity with existing prejudices on the subject leads me to fear, also, that most of the obloquy which maybe x Preface directed against the form of exposition adopted in this study will concern the number and volulne of the footnotes The footnotes are chiefly of three kinds: (1) page citations to the work of authors quoted or discussed in the text; (2) detailed specification in support of a generalization advanced in the text; and (3) supplementary comments designed to reinforce or protect an argument stated in the text For the first type of footnote, I have no apology at all As for the second and third types, I ask the querulous reader to consider whether it is not better, assuming that the material is to be included at all-and in this matter I can only refer again to what was said above concerning the shavings of the workshop-to put it where he need look at it only in case he feels the need of further supporting argument The same answer is offered to those who may object to my adoption of the practice-very common on the European continent, and becoming increasingly common in English-speaking countries with the translation of continental works in which the device was employed-of putting into a smaller type, material of an essentially supplementary character There is nothing to force the reading of either footnotes or material printed in smaller type by those who dislike such devices; and if I have erred in putting into footnotes or smaller type, material which a reader thinks should have gone into the main text, or vice versa, I can only ask humbly to be forgiven for the mistake in judgment I fear, finally, that even such merits as may be discovered in this work will not reconcile those who have an implacable hatred for books that run to many pages Surely, however, the physical compass of a work is not a criterion for judging its usefulness; it is something imposed by the nature of the task which the author sets himself One of the tasks which I have set myself in this book is the illustration of theprocesses by which monetary theory has come to be what it is In the nature of the case, this has involved a continuing and detailed concern with the works of earlier writers, over the whole of the field of the Theory of Money and Prices Only those who know the vastness and the richness of that field will be aware of how much I have left out that I might have put in; and it is their forgiveness that I beg, rather than 610 Subject Index Money (Cont.) : "in circulation" and money "out of circulation" (Cont.): money; Hoards and hoarding), 148f., 322, 359, 393, 459 ft., 521 "in esse" and money "in posse," 473 f "nature" of, 304 f., 308 f., 312, 314 "on the wing" and money "sitting," 460 of ultimate redemption, 221, 367 f., 467 forces determining amount of, 154 ff primary money, 149, 155 purchasing power of (see Purchasing power) quantity of: and income (see Income) and prices (see also Quantity Equations; Quantity Theory), 29,33,68,76,206 ft., 346 and rate of interest (see Interest, rate of) savings deposits as, 466 f velocity of circulation of (see Velocity of circulation) Money income, marginal utility of, 305, 315, 337, 490 ft Money substitutes: forces determining the quantity of (see also Bank deposits), 158289 recognized as a force affecting prices, 96 f Money transactions, coefficient of (see Coefficient) "Moneyed demand," 314, 326, 334 f., 346, 473, 497 Monopoly, 86, 109 "Motion theory" of velocity, 554 Moving equilibrium, 42, 104 "Multiple"· equilibrium, 532 f Multiplier, 29, 406 N Natural rate of interest (see also Anticipated profit; Anticipations; Forced saving; Normal rate; Real capital), 144, 185, 187, 207 f., 210, 212 ff., 219 ff., 224 ii., 242, 246, 250 ii., 255, 261 iI., 272, 296, 326 Natural rate of interest (Cont.): antecedents of the concept, 174 ff., 191 ft definition of, in Keynes's Treatise, 200 f., 267, 275 tI definition of, in Wicksell's I nterest and Prices, 201 tI as an "equilibrium" rate, 202 and "Gibson Paradox," 196 iI as a link between monetary theory and "general" economic theory, 177 and monetary equilibrium, 75 present state of theory of, 204 f and price-stabilization, 198 and statical analysis, 79 as the "uncontrolled" rate, 203 "Nature" of money (see Money) Negative saving, 282 Non-available output (see Available and non-available output) Non-income payments (see Income payments) Non-output transactions, 525 tI., 538 f "Normal" rate of interest, 198 o "Old" goods (see also Goods produced versus goods sold), 508, 542, 545 tI Open market policy: history of, 159 relation of, to "order of events" in modus operandi of bank rate, 217 Options, bearer of (see Money) "Order of events" in the modus operandi of bank rate, 212 ff Ordinary commodities, demand and supply of, 491 Outlay, consumers' (see Consumers' income and consumers' outlay) Output (see also Available and nonavailable output; price level of output): effect of money upon, 29, 94, 106, 138, 501 f., 520, 571 versus transactions in output (see also Goods produced versus goods sold), 538 iI Subject Index Output (Cont.): volume of (see also Production), 207,435, 599 Overdraft facilities (see Cash facilities) p Paradox, Gibson, 196 ff., 219 f Partial equilibrium and general equilibrium analysis, 532 fr "Passiveness" of prices, 305, 309, 312, 315, 318, 327 "Payment habits" (see also Relative demand for cash balances), 481 Payments (see Income payments; Income versus outlay from income; Transit payments) "Penchant al'epargne" (see also Propensity to save), 355 Period of circulation of money, 363, 380 f Period-of-time and point-of-time equations, 39, 425 ff "Period-" or "Sequence-analysis," 134,431 Period subscripts, 133 ff., 382 f " Physical movement" and income velocity, 390 ff Plurality of price levels (see Price levels) Point-of-time and period-of-time equations, 39, 425 ff Posse, money in, 473 Price change, proportional (see Money, quantity of: and prices; Quantity Theory) Price level (see also Cash balances standard; Consumption standard; Cost-of-living pricelevels) : of consumers' goods, 314, 319, 326, 328, 424, 427 ff of output, 68, 264, 509 f., 514 ff., 595 ff., 599 of securities (see also Interest, rate of), 508, 596 ff of services, 569 ff of "transactions," 68, 424, 517 Price levels: "independence" of (see Independence of price levels) 611 Price levels (Cont.): plurality of, 145 f., 270, 319, 326, 427 ff., 485, 496 ff., 571 in Keynes's Treatise, 507 ff "sectional," 502 " Price-neutrality" of velocity (see also Coefficient of differentia- tion; Velocity of circulation of goods), 558, 561 "Price-premium," 276 f Prices (see also Anticipated and realized prices; Money, quantity of; Passiveness of prices; Specifiable prices): falling, and monetary equilibrium, 75, 113 f in international trade theory, 503 ff relative, and the general price level, 248 ff Primary money (see Money) "Primary velocity," 360 Principle of Continuity, "Producers' Money" (see also "Consumers' Money"), 463 Production (see also Output): relation to output, 543 relation to "trade," 565 structure of, 243, 571 Profit, rate of (see also Anticipated profit; Average versus marginal profit), 207 Profit-disequilibrium, 260 Profit-inflation, 69 Profits in Keynes's Treatise (see also "Keynes's Libra"; Investment and Saving), 209, 274 ff "Propensity to hoard," 264, 355, 535 "Propensity to save," 355 "Proper" rate of discount, 193 Proportional price change (see Money, quantity of: and prices; Quantity Theory) "Psychological" factors (see also Anticipations; Expectations; "Strands" in the theory of bank rate: fourth strand; Utility analysis and the income approach), 317, 492 ff "Purchase Money" (see Income money) Purchases velocity, final (see "Final purchases velocity") Subject Index 612 Purchasing power: "competition for," 523 of money (see also Cash balance standard; Consumers' goods equations; Income value of money; Price level), 485 fl., 578 fl Q Quantity Equations (see also Bank rate; Cambridge Quantity Equations; Correction, methods of; Income approach; Indeterminacy) : and the element of change, 81 fl and Fundamental Equations of Keynes's Treatise, 12 fl., 28, 212, 485, 538 f history of, 10 fl., 90 fl and Keynes's General Theory, 29 iI as "mechanistic," 160, 173, 178, 493 and monetary disequilibrium, 85 ff and Quantity Theory, 9.,-38, 44 iI., 76 fl., 82, 102, 111, 114, 123, 206 iI., 303, 547 f as statical equations, 39-100, 139, 209 and statistical measurement, 46 f., 59 fl., 90 as "truisms" or "identities" 63 67, 88 ff ' , , "truth" of (see also Anticipations), 9, 12, 16 fl., 44, 46 fl., 60, 118 ff., 526 f usefulness of, 12, 18,44,81 fl., 90 fl validity of, and debts, 51, 56 Quantity of money (see Money) Quantity Theory: controversy, 22 fl., 210, 252 f meaning of, 23 f., 346, 352 "mechanical" nature of, 306, 324 opponents of, 21 fl., 293, 349 fl., 353 f origin of, 10, 96 and Quantity Equations (see Quantity Equations) as a "static" theory, 73 f "truth" of, 23 f., 34 fl., 310, 323 R Rate of discount (see Bank rate) Rate of earnings (see Earnings) Rate of interest (see Interest, rate of) Rate of interest, natural (see Natural rate) Rate of profit (see Anticipated profit; Average versus marginal profit; Marginal profit; Natural rate; Profit) Rate of sale of goods (see also Velocity of circulation of goods), 187, 433, 455 f., 549 f., 563 f., 565 fl., 572 Rationing of credit, 223 ff Real balances, 400,414,433 fl., 534 fl Real capital: and interest theory, 176, 597 and the natural rate of interest, 201 fl., 261 Real income (see Income) "Realized" prices (see Anticipated and realized prices) Redemption, money of ultimate (see Money) "Relative" circulation, 47 Relative demand for cash balances (see also Absolute demand; Interest, rate of), 209, 211, 370, 437, 443 fl., 478 fl., 482 f., 534 fl Relative prices and the general price level (see also Bidding-up process), 248 fl., 497, 500 fl "Representative £," 392 Reserves (see Bank reserves; Cash reserves) Restriction period, 501 S Saving: "forced" (see Forced saving) and investment (see Investment) negative, 282 Savings banks and commercial banks, 168,470 Savings deposits, 58, 68, 212, 410 f., 466 fl " Sectional" price levels, 502· Security transactions, 60 f., 66, 519, 546, 576 iI., 595 iI "Volume" and "value" of, 588 iI Seigniorage, 15.5 Selling prices and costs (see Costs) Services: "capital services," 573 Subject Index Services (Cont.): price level of (see Price level) transactions in, 569 ff Short and long period fluctuations in the rate of interest, in relation to interest as capitalization factor, 236 ff Short and long term rates of interest, 225,239 f Short period and long period, in relation to statics and dynamics, Fisherine equations, and Keynes's Fundamental Equations, 118 if Size of cash balances (see Cash balances) "Societary circulation," equation of (see also Index of Authors, under Newcomb), 569 "Specifiable prices," 57, 60, 14f>, 517, 572 if Speculation and investment, 236 "Spontaneous" changes in the rate of efficiency earnings, and the Fundamental' Equations of Keynes's Treatise, 113 f Standards (see Cash balances standard; Consumption standard; Welfare standard) "State money," 149, 155 Statical conditions, 41 ff., 79 fl Statical equations (see Quantity Equations) Statics and dynamics (see also Dynamic equilibrium; Monetary equilibrium; Moving equilibrium; Partial equilibrium), 39 ff., 79, 118 f Stationary conditions, and "statics," 40 ff., 120 Stationary or static state, 42, 87, 139 Statistical measurement and the Quantity Equations (see Quantity Equations) Stock market and the absorption of balances, 584 f Stocks of commodities (see also Rate of sale of goods), 567 Store of value (see Money) "Strands" in the theory of bank rate, according to Keynes's Treatise: first strand, 193, 216, 228, 266 285, 288 613 "Strands" in the theory of bank rate, according to Keynes's Treatise (Cont.) : second strand, 208, 216 if third strand, 228, 266, 283, 285, 288 fourth strand, 193, 198 "Stream" equations: eash-halg,nee equg,tions g,g (Bee alBo Anticipated and realized prices), 55, 425 if FundamentalEquationsofKeynes's Treatise as (see also "Keynes's Libra"), 110, 125, 137 ff., 273 f and interest as a capitalization factor, 260, 581 f Structure of production (see Production) Supply curves (see Demand and supply curves) T Tautologies (see Cash-balance approach, as tautological; Quantity Equations as truisms) "Technological" versus "marketing" rate of flow of goods, 552, 572 "Thirteenth thesis," Tooke's, 311, 326 f Time deposits (see Savings deposits) "Total deposits," 58, 419, 466, 468 Total transactions equation (see also Composite demand for cash balances), 523, ,530 f., 571, 574 f., 587 f., 593 f., 598 if "Trade velocity," 385 "Trade," volume of, in relation to volume of production, 98, 538 if "Traders' turnover," 317, 340 Transactions: volume of (see also Non-output transactions; Output; Security transactions; Services), 68, 70, 179, 207, 416, 484-600 price level of (see Price level) Transactions velocity (see also Trade velocity), 358, 361 "Transit" payments (see also Intermediate transactions), 382 "True" velocities, 394 f., 535 Truisms, Quantity Equations as (see Quantity Equations) Subject Index 614 U Ultimate redemption, money of (see Money) Unfinished goods (see Finished and unfinished goods) Unitary elasticity of demand for money, 457 ff "Unit-of-work" concepts of velocity, 425 "Unproductive capital," 335 "Unsatis:qed borrowers," fringe of, 224 ff Unspent margin (see also Cash balances), 149 Unused overdraft facilities (see also Cash facilities), 474 ft Utility analysis: and cash balance approach, 337, 423 f., 440 ff., 450 ff., 480 ff., 491, 494 and circular reasoning, 450 fl and income approach (see also Money income, marginal utility of), 308, 490 ff and interest theory, 177, 491, 494 v Value theory and monetary theory (see also Anticipations; Cashbalance approach; Income approach; Utility analysis), 328, 440 ff., 481, 491 ff in relation to interest theory, 176 ff Velocity of circulation of goods (see also Middlemen's sales; Rate of sale of goods), 19, 97 f., 433, 541, 548 ff., 564 ff algebraic notation for, 97, 565 relation to velocity of circulation of money (see also Coefficient of differentiation; Price-neutrality of velocity), 292, 298, 384 f., 455, 555 ff Velocity of circulation of money (see also " Black Peter Theory"; Cash-balance approach; Circuit velocity; Efficiency of money; "Final purchases' velocity"; Income veJoci ty; Motion theory; Trade velocity; Transactions velocity; "True" velocities; Velocityof circulation of goods; Virtual velocity), 68, 92, 96, 144, 186, 207, 290-301, 344-483 algebraic notation for, 11, 13, 146 f as "omnibus" conception, 403, 410 statistical measurement of, 295 "Virtual" velocity, 185 f., 336, 366 ff., 403,437 "Volition," and cash-balance approach, 391 Volume of trade (sefJ Trade) Volume of transactions (see Transactions) W Wage-rates, ,sticky, 127 f "Welfare," 487 ff " Welfare standard," 487 Working capital, 235, 509 Index of Authors and Works Cited [Works cited in this volume, except those of anonymous authorship, will be found under the names of their authors Titles in italics are those of books or pamphlets; titles in quotation marks are those of articles in periodicals or compilations In most cases only the brief title is given All references are to pages in this work at which citations will be found The full citation, including, in the case of articles, the date at which and the periodical or compilation in which the article was published, will usually be found under the first reference to the article or book in question Two types of references are included: references to a specific work of an author which are entered under the title of that work following the author's name, and general references to an author immediately following that authQr's name.] Money, 20, 54, 67, 73, 89 f., 310, A 339, 347, 464, 579 Adarkar, B P.: "The 'Fundamental Angell, J W.: 479, 566 The Behavior Error' in Keynes's Treatise," 118 f of Money, 212, 360, 376 f., 394 The Theory of Monetary Policy, 102, "The Components of the Circular 124, 187, 196, 200, 235, 268 f., 274, Velocity of Money," 360, 397 f., 42~ 429 f., 434 419, 481 "Monetary Control and Aftalion, A (see also Hawtrey): 302, General Business Stabilization," 304, 318, 338, 340 f., 343, 354,372, 360 "Money, Prices, and Produc382 "Die Einkommenstheorie des tion," 342, 360, 371, 373, 376, 397 f Geldes," 306, 308, 310, 347 f., 352, "The 100 Percent Reserve Plan," 492 "Les experiences monetaires 360 Theory oj International Prices, recentes et la theorie du revenu," 43, 73, 323, 351, 437 306, 310, 339 Monnaie, Prix et Asch, S.: La circulation monetaire, Change, 130, 295, 306, 310, 339, 294,297 344, 347 f., 352, 355, 437, 439, 492, Ashley, W J (see Mill, J S.: Prin495, 499 ciples) Agger, E E.: Organized Banking, 167 Attwood, Mathias: A Letter to Lord Akerman, G (see also Wicksell) : Archibald Hamilton, 469 "Inflation, penningmangd, och Attwood, Thomas: Letter to Vansitranta," 215 tart, 31 Prosperity Restored, 162 Altmann, S P.: 312 "Zur deutschen The Remedy, 469 Geldlehre des 19 JahrhUnderts," 313 B Amonn, A., 548 Anderson, B M., Jr (see also Currie): Beard, Charles A.: The Open Door at Home, 338, 345 "Commodity Price Stabilization a False Goal of Cen- Beccaria, Cesare: 11, 23 tral Bank Policy," 21, 46, 89 A Bendixen, F.: 297 "Bemerkungen zur Geldschopfungslehre," 294 Critical A nalysis of the Book of Lauchlin Currie, 384, 392 "The Bernstein, E M.: Money and the Economic SY8tem, 14, 102, 133, 302, Gold Standard versus' A Managed 339-341, 355, 508 Currency,''' 353 The V alue of 615 616 Index of Authors and Works Cited Birck, L v.: Bidrag til en teori om de t>konomiske perioder, 513 Den t>konomiske V irksomhed, 513 Bode, K (see HaberIer) Bodin, Jean: 9, 94, 96 Response a M de Malestroil, 93 Bohm-Bawerk, E von: 340 Einige strittige Fragen der Kapitalstheorie, 64 "Grundziige der Theorie des wirtschaftlichen Giiterwerts," 64, 337 "Macht oder okonomisches Gesetz?" 203 Bortkiewicz, L von: 293, 450 Bowen, F.: 10 f., 98 Bowman, R T.: 21 Bradford, F A.: Money, 21, 360 Bresciani-Turroni, C : 25 "The Theory of Saving," 505 Brisman, S.: "Rantan vid direkt inflation," 215 Budge, S., 298 Burchardt, F.: "Entwicklungsgeschichte cler monet~ren Konjunkturtheurie," 463 Burgess, W R.: 295 Burns, A F.: "The Quantity Theory and Price-Stabilization," 21, 65 f., 89, 120, 342, 425, 579 Burton, T E.: Financial Crises, 596 Busschau, W J.: The Theory of Gold Supply, 155 C Cagnazzi, L De S.: 97 Elementi di economia politica, 11 Cairncross, A K.: "The Victorians and Investment," 312 f Cairnes, J E.: Essays in Political Economy, 172, 503 "Essays Toward a Solution of the Gold Question," 503 "M Comte and Political Economy," 45, 143, 157, 191, 296 Cannan, E.: 297, 548 "The Application of the Theoretical Apparatus of Supply and Demand to Units of Currency," 441, 457 An Economist's Protest, 294, 296, 426 Cantillion, Richard: 84, 290, 305,310, 501, 504 Essai sur la Nature du Commerce, i72, 307 f Carlile, W W.: The Evolution of Modern Money, 292 Carver, T N., 423 Principles oj National Economy, 368, 443 Cassel, G (see also Wicksell): 182, 184, 305, 360 Theory of Social Economy, 39, 229 f., 426 Catchings, W (see Foster) Clark, C.: The National Income, 1924-1931, 63, 302 Clark, J B.: 43, 330 f Clark, J M.: "Cumulative Effects of Changes in Aggregate Spending," 360 The Economics of Planning Public Works, 360 Preface to Social Economics, 360 "Productive Capacity and Effective Demand," 360 Comte, Auguste (see also Cairnes): Cours de Philosophie Positive, 143 Copeland, M A.: 12, 57, 572-574, 589 "Money, Trade, and Prices," 48,64,90 "Special Purpose Indexes for the Equation of Exchange," 57,60 f Currie, L (see also Anderson): 466 "Money, Gold, and Income in the United States," 360, 373, 376 f., 380 "A Note on Income Velocities," 360, 376 f "A Reply to Dr B M Anderson, Jr.," 360,392, 404 The Supply and Control of Money in the United States, 13, 212, 214, 219, 226, 282, 360, 467, 475 f "The Treatment of Credit in Contemporary Monetary Theory," 360 D Davanzati, Bernardo: 546 Davenport, H J.: 298 The Economics of Alfred Marshall, 464 Economics of Enterprise, 164, 464 f Outlines of Economic Theory, 464 Davidson, D (see also Thomas): 291, 437 "H Thornton, om penningranta och varupriser," 174 "Nagot om begreppet penningens varde," 174 "Om begreppet normal penningranta," 215 "Om stabiliseringen af penningens varde," 174 De Foville, A.: La M onnaie, 23 Del Vecchio, G.: 442, 511 f., 532 "Un capitolo di teoria monetaria," 488, 505 f., 533 Lezioni di economia pura, 465 "La moneta nella Index of Authors and Works Cited teoria dell' equilibrio economico," 480 Progressi della teoria economica, 533 Dempsey, B W.: 96 Deschesne, Laurent: "Pour la theorie quantitative de la monnaie et du credit," 292 Des Essars, P.: "La vitesse de la circulation de la monnaie," 291 De Viti de lVlarco, A : Moneta e prezzi, 84 Diehl, K.: Uber Fragen des Geldwesens und der Valuta, 312 Doring, H : Die Geldtheorien seit Knapp, 39, 319, 323, 330, 338 Dunbar, C F.: Theory and History of Banking, 168 Durbin, E F M.: 76, 114 The Problem of Credit Policy, 102, 105, 113,360 E Edgeworth, F Y.: 326, 487, 549 Papers Relating to Political Economy, 489 f., 519, 523 Edie, L D : Money, Bank-Credit, and Prices, 21, 44, 48, 73, 360, 446-448, 461,500 Edwards, G W.: Principles of Banking and Finance, 162 Einaudi, L.: 195 Ellis, H S., 397, 422, 449 German Monetary Theory, 163, 183, 186, 197 f., 208, 210, 225 f., 232, 235 f., 243-245, 310, 338, 345, 347, 352, 355, 384 f., 425, 428, 446 f., 450458,497-499,553,556 f., 559, 561 f Elster, K.: 297 Die Seele des Geldes, 39 Essars, P des (see Des Essars) Evans, G C.: Mathematical I ntroduction to Economics, 65, 512 F Fanno, M.: Le banche e il mercato monetario, 179 f., 407, 513 f., 587, 596 "Cicli ill produzione, cicli del credito e fiuttuazioni industriali," 181 " Die reine Theorie des Geldmarktes," 148, 152 f., 180, 407, 513 f., 587, 596 Fasiani, M.: " Note sui saggi economici di Francesco Fuoco," 10 f 617 Federal Reserve Board, Tenth Annual Report of, 476 Feilen, J.: Die Umlaufsgeschwindigkeit des Geldes, 293, 297 Fetter, F A.: Economic Principles, 234 Fisher, Irving (see also Subject Index under "Fisher or Fisherine Equation"): 82, 152, 172, 181, 290, 295, 347, 378, 513, 533, 574, 589 f Appreciation and Interest, 197, 490 Elementary Principles of Economics, 234 The Nature of Capital and Income, 234 The Purchasing Power of Money, 20, 47, 51, 53 f., 56, 67, 72, 74 f., 83, 89 f., 106, 143, 148-151, 154, 172 f., 179 f., 512, 569 f., 578 f The Rate of Interest, 197, 234 "Recent Changes in Price Levels and Their Causes," 20, 89 "The Role of Capital in Economic Theory," 20; 24, 53, 61, 72, 173, 180, 186 The Theory of I nterest, 234 Foster, W T., and Catchings, W.: 343, 359 f., 362, 379-381, 408, 511 "The Circuit Flow of Money," 341, 397 1110ney, 65, 98, 341, 371, 373 Profits, 341 Foville, A de (see De Foville) Foxwell, H S.: 490, 519 Frisch, R.: "Statikk og Dynamikk i den s6konomiske Teori," 41, 79, 119 Frisi, Paolo: "Estratto del saggio sulla teoria della moneta del general Lloyd," 10 Fullarton, John: 322 Fuoco, F (see also Fasiani): "Applicazione dell' algebra nell' economia politica," 10 G Gale, Samuel: An Essay on the Nature and Principles of Public Credit, 533, 576,580 Garis, R L.: Principles of Money, Credit, and Banking, 21 Garver, F B (see Hansen) Gemeine Stimmen von der Muntz: Genovesi, Antonio: 23 Gide, C.: 294, 298 Giffen, R.: 173 Essays in Finance, 72 f., 75 618 Index of Authors and Works Cited Goldenweiser, E A.: The Federal Reserve System in Operation, 476 Gonner, E C K.(see Ricardo: Principles and Economic Essays) Graham, F D.: Exchange, Prices, and Production in Hyper-Inflation, 298 Gregory, T E.: Introduction to Tooke and Newmarch's History of Prices, 172, 189, 191,249,307,312, 350 "Money," 341 Greidanus, T.: 309 The Value of Money, 183, 305, 337, 339, 480 Grunzel, J.: Geldwert und Wechselkurs, 290 H Haberler, G.: "Kritische Bemerkungen zu Schumpeters Geldlehre," 9l "Monetary Equilibrium and the Price Level in a Progressive Economy" (with K Bode), 463 Prosperity and Depression, 133 Der Sinn der Index Zahlen, 75 The Theory of International Trade, 350 Haenel, H.: "Geld und Kredit," 293 Hahn, L A : Volkswirtschaftliche Theorie des Bankkred~:ts, 355, 473 Hamilton, Alexander: 161, 171 Papers on Public Credit, Commerce, and Finance, 164 f Hamilton, E J.: 96 Hamilton, William: 29l Hammarskjold, D.: Konjunkturspridningen, 134 "Utkast till en algebraisk metod for dynamisk prisanalys," 134 Hansen, A H.: Business Cycle Theory, 331 "The Flow of Purchas ing Power," 360 "A Fundamental Error in Keynes's 'Treatise,' " 115 "Investment and Saving in Business Cycle Theory" (with H Tout), 115, 117 f., 123, 302 Principles of Economics (with F B Garver), 307, 339, 350 Hardy, C 0.: Review of Keynes's General Theory, 34 Review of Keynes's Treatise, 76, 114, 20l "Savings, Investment, and the Control of Business Cycles," 114, 197 Harms, B.: 293 Harris, Joseph: 23 Harrod, R F.: 425, 446,586 Hart, A G.: "An Examination of Mr Keynes's Price-Level Concepts," 116 f., 121-123, 125, 133, 507-509, 542 f Hastings, H B.: "The Circuit Velocityof Money," 342, 397 Hauser, H.: 93 Hawtrey, R G.: 86, 99, 108, 182, 284, 297, 303, 333, 343, 350, 357, 360, 379, 407 f., 427, 516, 563, 582, 584, 589-593 The Art of Central Banking, 75 f., 117, 136, 159, 211, 245, 249, 277 f., 282, 302, 317, 341, 351, 376, 468, 507-509, 564, 581, 586 f., 592-594 Capital and Employment, 129, 245, 376, 594 Currency and Credit, 131, 317, 340-342, 351, 354, 359, 423 f., 426, 436, 442, 446, 451, 499, 579 f., 586, 588, 590 Good and Bad Trade, 131 f., 340, 351, 354,460,492 "Mr Robertson on Banking Policy," 75, 342, 564 Monetary Reconstruction, 159 "Money and Index Numbers," 581, 586 f., 593 Reviews of Aftalion (in WeltwirtschaftlichesArchiv), 26, 351, 354-356, 437, 442, 446, 492, 542 (in Journal of Royal Statistical Society), 351, 354, 409 "Saving and Hoarding," 564 Trade and Credit, 564 Trade Depression and the Way Out, 351 Hayek, F A von: 75, 102,112, 148, 292, 297, 337, 377, 552 "Carl Menger," 418 Monetary Theory and the Trade Cycle, 173,219,248 f "A Note on the Development of the Theory of Forced Saving," 249 Preise und Produktion, 311,317, 405 Prices and Production, 62, 160, 170, 173, 191, 223, 248, 307, 314, 338, 488, 505, 514 "Reflections on the Pure Theory of Money of Mr J M Keynes," 114-116, 132 f., 139; 197, 203, 220, 222 f., 232, 260, 272, 278, 282, 300, 405, 508 f "Rejoinder to Mr Keynes," 113, 132, 136, 509 "Utility Analysis and Interest," 177, 494 Heckscher, E F.: Mercantilism, 94 "Verkan af for lag rantefot," 229 Helfferich, K.: 305 Money, 368 Henderson, H D.: Index of Authors and Works Cited Hess, R H.: 21, 50, 89 Hicks, J R.: " Mr Keynes' Theory of Employment," 32, 48, 87 "A Suggestion for Simplifying the Theory of Money," 13, 92, 177, 426, 481 Higgs, H (see Cantillon: Essai) Hildebrand, R.: 297, 305 Theorie des Geldes, 292 Hirsch, W.: 450 Hobson, J A.: 345 Gold, Prices, and Wages, 339 The Industrial System, 331 Hoffmann, F.: Kritische Dogmenge8chichte der Geldwerttheorien, 23, 84, 96, 172, 330 Holtrop, M W (see also Marget): 293, 558-560, 563 De Omloopssnelheid van het Geld, 290, 297 f., 359, 362, 426, 463, 482, 561 "Theories of the Velocity of Circulation of Money in Earlier Economic Literature," 96, 290, 298, 426, 481 "Die Umlaufsgeschwindigkeit des Geldes," 292, 463, 482, 561 f Honegger, H.: Volkswirtschaftliche Gedankenstromungen der Gegenwart, 293 Hornbostel, H.: La vitesse de la circulation de la monnaie, 290, 293, 339 Hufeland, J G.: Neue Grundlegung der Staatswirtschaftskunst, 46 Hull, C H (see Petty: Economic Writings) Hume, David: 23, 84, 501, 504, 541 Essays, 94 f., 502 "Of Money," 502 619 J osephy, B.: "Keynes' Geldlehre,,, 15, ·102, 353 Julius Paulus, K Jacobi, S.: Versuch einer volkswirtschaftlichen Unterscheidung der Bankdepositen, 319, 331 Jevons, W S.: The Theory of Political Economy, 10 Johannsen, N (see also J J O Lahn and Adolf Wagner): 303, 322 f., 330, 338, 340, 343 Der Kreislauf des Geldes, 329, 331-336, 406 A Kahn, R F.: "Dr Neisser on Secondary Employment," 30, 33, 82, 469,479 Kellenberger, E : Geldumlauf· und Thesaurierung, 293, 466 Kemmerer, E W.: Money, 19 Money and Credit Instruments in their Relation to General Prices, 19, 44, 47, 149, 151, 493, 578 "Zur Theorie des Geld- und Kreditwesens," 500 Kepper, G.: Die Konjunkturlehren der Banking- und der Currencyschule, 191, 312 Keynes, J M.: "Alfred Marshall, 1842-1924," 440 The General Theory of Employment, Interest, and Money (s(}e also Hicks and Pigou), 1, 3, 25 f., 29, 32-38, 70, 82, 85, 124, 138, 171, 176, 357, 441, 492, 581 "Keynes's Fundamental Equations: A Note," 121, 123 Monetary Reform, 20 f., 153, 362, 414, 416, 438 f., 451, 479-481 'Rejoinder" to Robertson, 16, 18, 131, 235, 264, 282, 286, 469, 485, 514 f., 517, 524, 526, 528-530, 535 f., 546 "Reply to Dr Hayek," 3, 15, 193, 287, 469, 509, 543 Review of Fisher's Purchasing Power of Money, 172 Treatise on Money, 13-15, 27 f., 39, 44, 48, 57, 62,68, 71, 74, 76-78, 80, 83, 88, 90, 101, 108 i., 112, 114, 119 f., 126, 128, 134, 149 f., 155 f., 159-161, 171, 173 f., 178-180, 182-184, 188-190, 193-201, 206-214, 216-220, 224 f., 227 f., 232, 234-236, 238 r., 242, 245-247, 249, 260, 264-269, 271, 274-278, 280-286, 288 r., 299 r., 303, 327, 342, 357 r., 361-364, 376, 379, 388, 394 f., 401 i., 406, 410- Neglected Point in Connection with 413, 415-417, 421 f., 424, 427-430, J Crises, 329, 333-335, 406, 469 Die Steuer der Zukunft, 329, 331-335 Joplin, Thomas: 314, 317, 333, 405 f Outlines of a System of Political EconomY,31! 434-439, 450 f., 462-464, 468 r., 471 r., 477-479, 482 f., 488, 490 r., 496, 500 r., 503 f., 508, 510, 514-517, 528-532, 542 i., 565-568, 595-598 466, 485506539, 620 Index of Authors and Works Cited Kilborne, R D.: Principles of Money and Banking, 500 Kirchmann, H.: Studien zur Grenzproduktivitiitstheorie des Kapitalzinses, 326 Kirrnaier, K.: Die Quantitatstheorie, 294 Kniffin, W H., Jr.: The Practical Work of a Bank, 16l Knight, F H.: The Ethics of Competition and Other Essays, 79, 494 "Issues in the Economics of Stationary States," 43 "Statics and Dynamics," 79, 494 Kuznets, Simon: 86 L Lahn, J J O (see also Johannsen): 322,329 Landry, A.: "La rapidite de la circulation monetaire," 291 Laughlin, J L.: 21 The Principles of Money, 252 Launhardt, W.: 313 Das Wesen des Geldes, 315, 346, 361, 492 Lawrence, J S.: Stabilization of Prices, 162, 164 f., 189 f Lazard, J P.: "Les recentes theories monetaires anglaises," 293 Lederer, E.: 300 Leffler, R V.: Money and Credit, 21 Levasseur, E.: 98 La Question de l'Or, 10, 146 Lewinski, J S.: Money, Credit, and Prices, 190 Lexis, W.: 323 Liefmann, R.: 297, 338, 343, 354 Geld und Gold, 290, 308, 337, 368, 492,503 Lindahl, E.: 87, 205, 303 f., 343, 486, 511 Om for hallandet mellan penningmangd och prisniva, 61, ·149, 328, 342, 359, 362, 379, 401, 580 Penningpolitikens mdl, 328 Penningpolitikens medel, 204, 328, 376 Lloyd, Henry (see also Frisi): 10 f., 23 Locke, John: 96, 172, 290, 426, 481 Lubbock, John W.: 11, 50, 54,146 f., 152, 574 f., 58lL On Currency, 12, 52, 57 f., 61, 63, 65, 67, 97, 153, 502 Lundberg, E.: Studies in the Theory of Economic Expansion, 131, 133 Lutz, F.: "Uber die Umlaufsgeschwindigkeit des Geldes," 10, 298, 557 M Mach, E.: The Science of Mechanics, 83 Machlup, F.: "Interest as Cost and Capitalization Factor," 232 Macleod, H D.: 164, 167, 171 Dictionary of Political Economy, 16.5 f., 169 f Elements of Banking, 165, 170 Elements of Economics, 165, 169 f Elements of Political Economy, 165 f., 169 f History of Ec(}nomics, 165 f., 170 The Theory and Practice of Banking, 165 f., 169 f The Theory of Credit, 165 f., 169 f Maier, K F.: Goldwanderungen, 10 Marco, De Viti de (see De Viti de Marco) Marget, -A W.: 156 "The Definition of the Concept of a 'Velocity of Circulation of Goods,'" 345, 377, 459, 539-541, 543, 545 f., 550554, 563 f., 569, 572 "A Further Note on Holtrop's Formula for the 'Coefficient of Differentiation,'" 384, 558 "Hawtrey's Gold Standard in Theory and Practice," 309 "Irving Fishers Theorie des Zinses," 494 "Leon W alras and the Cash-Balance Approach," 10 f., 146, 153, 361, 414, 416, 441, 450, 457, 548, 565 "The Monetary Aspects of the Walrasian System," 10, 341, 442 "Morgenstern on the Methodology of Economic Forecasting," 534 "The Relation between the Velocity of Circulation of Money and the' Velocity of Circulation of Goods,' " 25, 92, 292, 298, 339, 345, 384 f., 397, 455, 459, 549, 551, 553-561, 563, 566 "The Statistical Measurement of the' Velocity of Circulation of Goods,' " 484, 539, 548, 551, 565, 567, 590 "Zur Dogmengeschichte des Begriffes einer 'Umlaufsgeschwindigkeit der Guter' und seines Verha.ltmsses zur Umlaufsgeschwindigkeit des Geldes," 10, 97, 293, 339, 548, 552,566 Index of Authors and Works Cited Marschak, J.: "Die Verkehrsgleichung," 26, 359 "Volksvermogen und Kassenbedarf," 295, 557-559, 562 Marshall, Alfred (see also Keynes): 73, 172 f., 182, 224, 284, 480,·522 "Distribution and Exchange," 74, 120 Memorials of, 43, 74, 120, 303, 441, 486, 489 Money, Credit and Commerce, 96, 419, 423, 457, 486 Official Papers, 184, 192,549 "Remedies for Fluctuations in General Prices," 486 Martin, P W.: 340 Marx, Karl: 353 Das Kapital, 46 Masci, G.: "Variazioni dei salari e dei prezzi," 250 f Masillo, G.: La velocita di circolazione della moneta, 293 McCulloch, J R.: A Note on Money, 192 " A Treatise on Money," 192 McKee, S., Jr.: 164 Meade, J E.: 75,103-105,109 The Rate of Interest in a Progressive State, 102, 107 f., 110-112, 120 Menger, Karl· (see also Hayek): 297, 305, 441 "Geld," 93, 418, 423, 463 Mildschuh, W.: 337 "Geld (Geschichtliche Entwicklung der Geldwerttheorien)," 304 f., 309 f., 312, 316, 318, 338 Mill, James: 23, 426, 551 Mill, John Stuart: 11, 39, 43 f., 171, 343,426,461,551 "The Currency Question" (review of Tooke and Torrens), 312, 315, 358, 473 Letters of, 312 Principles of Political Economy, 163, 312, 358, 362, 473, 578 Mills, R C.: Money (with E R Walker), 12,326 Mises, L von: 297, 441 Geldwertstabilisierung und Konjunkturpolitik, 219, 229, 276 "Die Stellung des Geldes im Kreise cler wirtschaftlichen Guter," 39, 294, 418, 420, 464 The Theory of Money and Credit, 74, 160, 193, 229, 338, 418, 423, 447, 464 f., 493, 520 f., 575 Mitchell, W.C.: 86, 120,429 Business Cycles, 331 Business Cycles: 621 The Problem and its Setting, 47 f., 51, 65, 119, 331, 358 Monroe, A E : Early Economic Thought, 93 Montesquieu, Charles, Baron de: 23 De l'esprit des lois, 94 Moulton, H G.: Financial Organization of Society, 168 "Surplus in Commercial Banking," 161, 167, 170 Mourre, C.: 566 Myrdal, G : 86, 205, 328 "Der Gleichgewichtsbegriff als Instrument der geldtheoretischen Analyse," 75, 203 f., 225, 278, 326, 329, 497 "Om penningteoretisk jamvikt,"329 N Neisser, H (see also Kahn): "Der Kreislauf des Geldes," 291, 334:, 342, 350, 359, 370, 408, 412, 463, 550-553 Der Tauschwert des Geldes, 144, 154, 349 f., 355, 463, 550, 563 "Kredit und Konjunktur nach J M Keynes," 300 "Umlaufsgeschwindigkeit der Bankdepositen," 359 Nelson, C A.: 165 Neurath, 0.: 305 Newcomb, Simon: 89, 460, 574 Principles of Political Economy, 51-53, 56, 66, 146 f., 461, 569 f Newmarch, W (see also Tooke): 314, 496, 503 f Nielsen, A.: Bankpolitik, 350, 360, 363, 418, 447 Norton, J P.: 378 Statistical Studies in the New York Money Market, 53, 65 f., 147 f., 153 o Ohlin, B.: Introduction to Wicksell's Interest and Prices, 87, 177, 184, 203-205, 221, 328, 348, 497 "Knut Wicksell," 328 "Some Notes on the Stockholm Theory of Savings and Investment," 278, 348, 376 Oualid, W.: Ler;ons sur la monnaie, 352 622 Index of Authors and Works Cited P Palyi, M.: "DngelOste Fragen der Geldtheorie," 39, 432 Pantaleoni, M.: 164, 341 Erotemi di economia, 120 Pure Economics, 578 Papi, G D.: Lezioni di economia, 425 Pareto, V.: 326 Patterson, R H.: The Science of Finance, 461 Paulus, Julius: Pennington, James: 161 "Paper Communicated by Mr Pennington," 163 Petersen, E : 310 Den moderne kvantitetsteoris gyldighet, 47, 84, 315, 339, 352 Petty, William:· 96 f., 290, 423, 481 Economic Writings, 97, 418 Quantulumcunqueconcerning Money, 418 Philippovich, E von: 290 Grundriss der politischen Oekonomie, 305, 349, 486 Phillips, C A.: Bank Credit, 161 f., 164-167, 170 Pigou, A C.: 82, 343, 359, 379, 421 f., 451, 455 f., 558, 562 Essays in Applied Economics, 20, 26, 83, 144, 149, 153 f., 391, 416, 423, 433, 439, 449, 540 The Functions of Economic Analysis, 411 Industrial Fluctuations, 193, 342, 363, 365, 373, 380 f., 397, 564 "Mr J M Keynes' General Theory of Employment, Interest, and Money," f "Mr Keynes on Money," 119,269, 278 "The Monetary Theory of the Trade Cycle," 416 The Theory of Unemployment, 133, 193, 342, 358, 365, 381, 390 f., 393, 472 Plenge, J.: 318 Porter, G R.: 172 Pose, A.: De la theorie monetaire a la throrie economique, 339 R Rau, K H.: Grundsiitze der Volkswirtschaftslehre, 10 f Ricardo, David: 173 f., 176, 184, 190, 192, 256, 258 Economic Essays, 175, 223, 257 Evidence before the Committee of the House of Commons (1819), 502 The High Price of Bullion, 223, 257 Minor Papers on the Currency Question, 191 On Protection to Agriculture, 175 Pn:nciples of Political Economy, 191, 502 Three Letters on the Price of Gold, 175 Robertson, D H : 136, 343, 364, 421 f., 522, 531, 534, 597 Banking Policy and the Price-Level (see also Hawtrey), 134, 342, 365, 380 "Industrial Fluctuation anti the N atural Rate of Interest," 197 "Mr Keynes' Theory of Money," 12 f., 16, 42, 45, 125, 219, 230, 232, 235, 238, 260, 265, 272 f., 381, 416 f., 507-510, 525-527, 529, 532, 536 f Money, 360, 363, 380,416,423,425, 429, 432, 455, 460 "A Note on the Theory of Money," 48, 363, 380, 388 f., 399-401, 410, 423, 431 f '.'Saving and Hoarding," 134 Robertson, J S.: The Income Theory of Prices, 130, 304, 360, 472 Robinson, Joan: 138, 347 "A Parable of Savings and Investment," 547,596 Rodkey, R G.: The Banking Process, 162, 167 f Rogers; J H.: The Process of Inflation in France, 60, 425 Roos, C F.: Dynamic Economics, 48, 60, 65, 98, 153, 476, 523, 571, 573, 588 Ropke, W.: Crises and Cycles, 331 Roscher, Wilhelm: 10 f Rosenstein-Rodan, P N.: "The Coordination of the General Theories of Money and Price," 177, 440 S Say, J B.: 481 Schmoller, G.: 305, 313, 323, 330 Schneider, E.: 41 Schroder, P.: 294 Schumpeter, J.: 39, 90, 303 f., 340, 343, 364, 366, 380, 441, 486, 499, 504 511 f., 521, 553, 562 f "The Ex;lanation of the Business Cycle "41 "Das Sozialprodukt und di~ Rechenpfennige," 21, 89, 91, 291, 338 f., 350, 359 t, 365, 368, 371, 373, 376, 379, 409, 497 f Sidgwick, H.: Principles of Political Economy, 578 Index of Authors and Works Cited Sismondi, J C L Simonde de: 576, 578 Nouveaux principes d'economie politique, 577 Sjostrand, E.: Centralbankensvasentlige Funktioner, 193 Slichter, S H.: Towards Stability, 42, 104 Smith, Adam: 311, 314, 320, 343, 405 f Lectures on Justice, Police, Revenue, and Arms, 465 Wealth of Nations, 488 Snyder, Carl: 295, 539 Soddy, Frederick: The RfJle oj Money, Sommarin, E.: 229 Spiethoff, A.: 312, 329 "Die Lehre vom Kapital," 330 "Die Quantitatstheorie," 313, 322, 337, 349 f Sternschein, A.: Das Wesen der Umlaufsgeschwindigkeit des Geldes, 293, 297 Stewart, Dugald: "Notes on the Bullion Report," 291 Streller, R.: Statik und Dynamik in der theoretischen N ationaliikonomie, 79 Stuart, G M Verrijn (see Verrijn Stuart) Supino, C.: 250 623 578 (see also Gregory) Inquiry into the Currency Principle, 172, 189, 194, 217, 249, 311, 314 f., 320, 346, 488, 577, 580 Letter to Lord Grenville, 165 Thoughts and Details on the High and Low Prices, 249,273 Tout, H (see Hansen) Turner, Samuel: Letter Addressed to the Rt Hon Robert Peel, 11 v Vanderlint, Jacob: 84, 500 Money Answers All Things, 96, 487 Verri, Pietro: M editazioni sulla economia politica, 10 Verrijn Stuart, G M.: Inleiding tot de leer der Waardevastheid van het Geld, 340 Prae-advies over het wezen der prijsstabilisatie, 425 Vinci, F.: 56 Viner, J.: 473 "English Theories of Foreign Trade before Adam Smith," 94 Studies in the Theory of International Trade, 11 f., 94, 96 f., 147, 159, 162 f., 173-175, 358, 385, 467, 504 Viti de Marco (see De Viti de Marco) T W Taussig, F W.: 503 The Theory of Money (1811): 11, 291 Thomas, B.: "The Monetary Doctrines of Professor Davidson." 205 Monetary Policy and Crises, 15, 87, 205,224 Thompson, J M.: "Mathematical Theory of Production Stages in Economics," 514 Thornton, Henry: 173, 190, 192 An Inquiry into the Nature and Effects of the Paper Credit of Great Britain, 162, 191 Tinbergen, J.: 41 Tooke, Thomas (see also Mill, J S.): 190, 192, 195, 250, 256, 284, 303, Wagner, Adolf: 190, 303, 313, 315, 329, 334, 336, 338, 340, 343, ·406, 503 Beitrage zur Lehre von den Banken, 163, 192 f., 318-321, 323, 463~ Die Geld- und Kredittheorie der Peelschen Bankakte, 318 Preface to Johannsen's Der Kreislauf des Geldes, 333, 335 Die russische Papierwahrung, 318 f., 321, 323, 469 Sozialokonomische Theorie des Geldes, 316-319, 321-325, 330, 332, 335, 350, 447, 463, 492 Walker, E R (see Mills, R C.) Walras, Leon: 39, 98, 146, 153, 406, 420, 441, 451, 457, 505, 512 Theorie mathematique de La richessc 305, 310, 316, 338, 340, 343, 406, 486 f., 489, 494, 496, 519, 582 Considerations on the State of the Currency, 172 History of Prices (with W Newmarch), 172, 189, 194,217, 249, 314 f., 496, 503-505, sociale; 407 Walsh, C M.: The Measurement of General Exchange Value, 519, 570 Weiss, F X.:.450 Wessels, T : 441 Die Geldtheorie Leon Walras, 418 624 Index of Authors and Works Cited Westerfield, R B : Money, Credit, and Banking, 341 White, Horace: Money and Banking, 161, 164 f., 167, 170 Wicksell, Knut (see also Ohlin): 171, 177 f., 181, 192 f., 195, 199, 216, 246,285, 303, 305, 311, 324, 329 f., 338, ,340, 343, 350, 366, 435, 486, 519 "Der Bankzins als Regulator der Warenpreise," 164, 173, 186, 190, 197 f., 202 f., 219, 236, 248, 250, 254, 276, 426, 446 "Den dunkla punkten i penningteorien, " 442, 461 Forelasningar (see also Lectures), 496 "Hinauf mit den Bankraten!" 174, 187", 327 "The Influence of the Rate of Interest on Prices," 164, 186, 198, 221, 236 f., 244, 253, 256, 259 Interest and Prices (see also Ohlin), 24, 129, 164, 173 f., 176, 183-187, 190, 196198, 201 f., 208, 215, 217, 219, 221, 223-225, 236-239, 242, 248, 250 f., 253 f., 258-261, 276, 283 f., 291, 313, 324-327, 349, 442, 463, 489491, 497, 54J, 549 Lectures on Political Economy, 90, 163 f., 172, 174, 183, 186 f., 190, 202 f., 215, 219, 223, 229, 236 f., 239, 247-250, 253 f., 256-259, 261, 276, 283, 292, 325-327, 349, 426, 442, 460 f., 463 f., 490 f., 496, 549 f "Professor Cassel's System of Economics," 198, 229 "Reply to Cando Akerman," 215 V orlesungen iiber N ationalokonomie (see Lectures) Wieser, F von: 303, 305, 310, 338, 340, 343, 345, 352, 486, 494, 511, 520 f., 566 "Der Geldwert und seine geschichtliche Veranderungen," 489, 493 "Der Geldwert und seine Veranderungen." 309, 337, 339, 347, 351, 423, 488, 575 Gesammelte Abhandlungen, 337, 339 Social Economics, 348, 493, 498 Wildman, M S.: 21 Williams, J H.: 516 "The Monetary Doctrines of J M Keynes," 12, 161 f., 474, 507-509, 522 Willis, H P.: The Economics of Inflation, 44 The Theory and Practice of Central Banking, 159 Working, H.: 566 y Young, A A.: 341, 549 Z Zwiedineck-Siidenhorst, O von: 338, 340, 343 "Die Arbeitslosigkeit und das Gesetz der zeitlichen Einkommenfolge," 132 "Die Einkommengestaltung als Geldwertbestimmungsgrund," 305, 307-309, 330, 337, 492, 494 f., 499 ... QUANTITY EQUATIONS AS "STATICAL IDENTITIES" I II III IV The Quantity Equations as "Statical" Equations "Statical" Conditions as Stationary Conditions The "Truth" of the Quantity Equations... Monetary Theory II Attacks on "Velocity": Appearance and Reality III "Velocity" in Keynes's Treatise THE "INCOME ApPROACH" TO THE THEORY OF PRICES: ITS HISTORY I II III IV V VI VII Keynes's Treatise... GENERAL CONSIDERATIONS; THE QUANTITY MONEY OF ULTIMATE REDEMPTION I II III VII II III IV VIII M' 143 143 145 154 158 Bank Reserves and the "Creation" of Deposit Currency The Role of the Rate of