Wherever Government economic policy, the business policy of an individual firm, or the future trends of stock or commodity markets are discussed, the topic of inflation plays a major role. Generally speaking inflation is considered dangerously imminent.

One of the most amazing things to an economist traveling nowadays in Europe is the awkward and truly grotesque conditions that have developed as a consequence of governmental interference, restrictions, and regulations in the foreign money markets.

During the war, saving was considered a decided virtue. The war-loan drives emphasized the necessity of saving and stressed its beneficial effects.

Nothing is so instructive for the evaluation of scientific and political ideas as the history of those ideas. It teaches us that conceptions claiming novelty and originality have nearly always, during the course of history, been not only conceived but refuted.

All business-cycle theories work on certain basic assumptions.

When the average businessman thinks about wage problems and a wage policy, as he often must do nowadays, he cannot help being unhappy.

It is the contention of this chapter that the concept of liquidity preference is not applicable under present conditions.

Critics of Keynesian economic theory or policy do not usually stress its logical inconsistency. In their opinion what is wrong is that the underlying factual assumptions are unrealistic or, more specifically, correct only in very special cases.

In contrast to most of his followers, Keynes was well aware that his ideas were not entirely original. Every age has brought forth a crop of books on “easy money,” having in common the thesis that economic disturbances, especially unemployment, are caused largely by monetary maladjustments and can be corrected by monetary measures. Keynes himself points out in his General Theory the merits of the Mercantilists.