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- W2068305132 abstract "Throughout the history of monetary theory there has been a debate between those who argue that and those who argue that you cannot push on a string-an increase in the supply of money cannot be relied upon to cause real or inflationary expansion. Notable recent protagonists in this debate have been, on the one hand, Friedman and Patinkin and, on the other hand, the Radcliffe Committee.2 In the 1930s it was the controversy of monetary economics with Keynes arguing that one cannot push on a string because a liquidity trap or inelastic investment function may render monetary expansion ineffective, and Pigou arguing that money matters because of a wealth effect in the goods market. But in English monetary history, one of the earlier major examples of this controversy was the nineteenth-century debate between the Currency School and the Banking School. The most illuminating way in which to view the essays in Professor Hicks' new book is as a review of, and a contribution to, this debate. Hicks argues the case in favour of the Banking School and attempts to establish the propositions which were put forward by members of that School. The essays are complicated and the conclusions are many and sometimes obscure; but there are several themes that run through the argument. There are two that are especially relevant to policy prescriptions. The first is that the banking system cannot be relied upon to cause an expansion in real output or an inflation by expanding the money supply (you cannot push on a string), either because the money supply is determined by the needs of trade (and so can never exceed demand), or because an expansion may lead to hoarding (rather than a real balance effect). The second is that a contraction of the money supply may lead to either deflation of prices or a reduction in output; and, to increase our uncertainty still further, these effects will be" @default.
- W2068305132 created "2016-06-24" @default.
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- W2068305132 date "1969-05-01" @default.
- W2068305132 modified "2023-10-03" @default.
- W2068305132 title "Professor Hicks and the Foundations of Monetary Economics" @default.
- W2068305132 doi "https://doi.org/10.2307/2551910" @default.
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