LECTURE 5

1. Gold as the International Standard

I

With every respect for the intellectual qualities of my opponent, I must oppose his doctrine with all possible emphasis, in order to defend a solid and natural theory of capital against a mythology of capital.

E. v. Böhm-Bawerk Quarterly Journal of Economics 11, no. 2 (February 1907): 282

I. Professor Knight’s Argument

The purpose of this article is to state a proposition which underlies the modern “monetary overinvestment theories” of the trade cycle in a form in which, as far as I know, it has never before been expressed but which seems to make this particular proposition so obvious as to put its logical correctness beyond dispute. This, of course, does not necessarily mean that the theories which rely largely on this proposition provide an adequate account of all or any trade cycles.

Adams, A.B. Profits, Progress and Prosperity. New York: McGraw-Hill, 1927.

Aftalion, A. Journal d’Economie Politique. 1909.

———. Les crises périodiques de surproduction. Paris: Marcel Rivière, 1913.

Akerman, G. Realkapital und Kapitalzins. Part 1. Stockholm, 1923.

Altschul, E. “Konjunkturtheorie und Konjunkturstatistik.” Archiv für Sozialwissenschaft und Sozialpolitik 55 (1926).

Amonn, A. “Cassel’s System der Theoretischen Nationalökonomie.” Archiv für Sozialwissenschaften und Sozialpolitik 51 (1924).

Introduction by Joseph T. Salerno

Monetary Theory and the Trade Cycle (1933)

Translated from the German by N. Kaldor and H.M. Croome (London: Jonathan Cape, 1933). Originally written in German as Geldtheorie und Konjunkturtheorie (Vienna: Holder-Pichler-Tempsky, 1929).

A  |  B  |  C  |  D  |  E
F  |  G  |  H  |  J  |  K
L  |  M  |  N  |  O  |  P
Q  |  R  |  S  |  T  |  V
W  |  Y

A

Adams, A.B., 146–47, 163, 169, 176n, 187n

Profits, Progress and Prosperity, 146n26