Prices and Production
Subject Index
A | B | C | D | E
F | G | H | I | J
K | L | M | N | O
P | Q | R | S | T
U | V | W
A
acquisitive capital, 38–40
American Economic Review, 96–97n, 126n
American Federal Reserve System. See Federal Reserve System
Archiv für Sozialwissenschaften, 81n
Archiv für Sozialwissenschaften und Sozialpolitik, 83n, 110n, 123n
Austrian economics, xv–xvi
B
Bank Act of 1844, 342, 344, 412
Bank of England, 206
Bank of International Settlements, 414
Bank Restrictions, 205
banks
central. See central banks
Chicago Plan of Banking Reform, 410–13
circulation of money and, 443, 449–51, 456–61, 465, 470–76
commercial and credit creation, 79–89
credit, 106–07, 127–30, 143, 291–92, 307, 326
effects of on trade cycles. See monetary theories of the trade cycle
Federal Reserve System and, 16, 17n
national monetary systems. See national monetary systems
prices and credit cycle, 253, 268–69, 274–75
barter system
assumption of in non-monetary theory, 42–45
compared to money economy, 21, 53, 55, 59
savings and, 38
supply and demand in, 135
Bullion Report, 206–07, 207n15, 213
business forecasts, 14–17, 40–42
C
The Canadian Journal of Economics and Political Science, 490n
capital
acquisitive, 38–40
circulating, 146, 163, 167–72, 277, 459–61
concepts concerning period of investment, 489–20
fixed. See fixed capital
fluctuations, 305–29
formation and consumption, 115–18
international movements of. See international capital movements
investment and the demand for, 423–530
production of and increase in money, 210–20
rates of interest and, 112–13
capital equipment, 30–31, 466 See also fixed capital
capitalist economy, 33, 101, 155
capitalistic methods of production
consequences of, 253, 260, 267, 272, 283–84
credit and, 281
effects of consumption on, 272
extensions of, 162n–63, 170, 177
transitions in, 226–28, 237–52, 436, 481
Carnegie Endowment, 397n
cash reserves, 83–94, 97
catallactic theories, 61n
catallaxy, ix
central banks
credit and, 5, 291–92, 407–09, 417–20
depressions and, xx, 298
elastic currency, 286–88
exchange rates and gold reserves, 413–16
mixed currencies and, 359–60
monetary policy, 298, 459
national reserve systems and, 345–48
role of, 365–66
World Saving Day, 134
Century Magazine, 136n4, 148–50, 151n37
Chamber of Commerce, International, 397n
Chicago School of economics, xviii
circulating capital, 146, 163, 167–72, 277, 459–61
circulation of money
diagram, 441
velocity of. See velocity of circulation
coefficient of money transactions, 295–96, 308
consumption, production equation, 138, 142
consumption goods, 135, 137–42, 148–49, 153–69, 173–87
credit
assumption of in non-monetary theory, 42–47
bank, 106–07, 127–30, 143, 291–92, 307, 326
to consumers, 274–75
creation by commercial banks, 79–89
cycles of, 75, 253–81, 478–85
effects of increased demand, 90–96
expansion. See credit expansion
forms of, 290
supply of and non-monetary theories of trade cycle, 42–48
system, description of, 291–92 See also interest
credit expansion
causes of cyclical fluctuations and, 79, 89–96, 103
depressions and, 5–7, 274–75
forced savings and, 319
statistical analysis and, 17n
cumulative propogation of effects of demand, 30–31, 35
currencies
elastic, 283–99
independent, 367–83
international. See international currencies
international capital movements and, 386–91
mixed, 359–65
national. See national currencies
purely metallic, 341–44, 353–59
cyclical fluctuations. See monetary theories of the trade cycle
D
deflation, 5–6, 377–83
depressions
analysis of Keynes money theory and, 480–81, 484–85
central banks and, xx, 298
credit expansion, 6–7, 103, 274–75
currency systems and, 337
monetary policies and, 300
non-monetary theories of trade cycle and, 64, 111
savings in barter economy and, 38
scarcity of gold and, 197
shrinkage of production and, 306–09, 323, 327–29
underconsumption theories and, xix
diagrams
changes in stages of production, 228, 233, 239, 244, 246
circulation of money, 441
marginal productivity in stages, 262
disproportionality theories. See non-monetary theories of trade cycle
division of firms, 294–95
E
Econometric, 193n
economic forecasts, 14–17, 40–42
Economic Journal, 179n60, 193n, 285n73, 473n, 475n, 468, 490n
Economic Studies, 491n3
Economica, 81n, 133n, 193n, 283, 354n, 407n36, 455n, 462n, 490n, 529n
Edinburgh Review, 204n, 223
elastic currency, 283–299
elasticity of volume of money
credit money and, 406–07, 410
fluctuations in economy and, 101
rates of interest and, 458
theories of trade cycle and, 45–49, 58, 74
velocity of circulation, 296–97 See also credit
empirical studies and trade cycle theory, 9–17
endogenous theories of trade cycles, defined, 40
entrepreneur’s profits concept, 428–34
equation of exchange, 199
equilibrium theory
definition, 19n15
non-monetary theories of trade cycle and, 26, 28, 44, 47
trade cycle theory and, 10–11, 13n9, 18–20, 55
equipment, capital, 30–31, 466
exogenous theories of trade cycles, 75–77
F
factors of production
changes in, 152
definition, 226
prices of, 161
transference of, 168
ultimate, 154
Federal Budget Board, 151
Federal Reserve System, 7, 286, 346, 393, 413–17
Federal Unemployment Stabilization Board, 151
fixed capital
compared to circulating, 277–78, 459–61
investments in, 146, 163, 166–71
trade cycle theory, 29, 112, 120, 122
forced savings
capital goods and, 315–22
definition, 118–22, 210
effects on prices, 216–17
effects on production, 306, 309–10
inflation and, 319, 466, 479, 481
forecasts, economic, 14–17, 40–42
Foster and Catchings, underconsumption theory of
background, 134–37
criticism of, 145–47, 151–80
development of consequences, 147–51, 180–87
general principles, 137–45
Frazers Magazine, 204n
G
Gibson Paradox, 476–78
gold standard
central banks and, xx, xxi, 414
exchange system, 386
internationalism of, 342–44
mixed system, 351
national monetary systems and, 334–35, 337–38
problems of, 403–06
problems of monetary theory and, 299–300
return to, 197 See also international standard
H
Harvard Barometer, 16n
Harvard Economic Service, 126
Harvard Economic Society, 16n12
homogenous currency
Chicago Plan of Banking Reform and, 411
compared to national currencies, 348–50
definition, 340–43
international capital movements and, 388–91
international flows of money and, 351, 353–59
mixed currencies and, 361
national reserve systems and, 391–93
I
independent national currencies, 376–83, 393–96
National Reserve System and, 391–93
international currencies
Chicago Plan of Banking Reform, 411
gold standard and, 334, 337–38, 393, 405
industrial fluctuations, 305–29
industrial output, causes of variation in, 223–26
inflation, 381, 382
central banks and, 79, 365–66
changes in quantity of money and, 357, 377–83
credit and, 97, 117–18, 269
forced savings and, 121, 319, 466, 479, 481
gold standard and, 404
as means to fight depression, 298, 308
nature of, 339–43
underconsumption theory of Foster and Catchings and, 150
war and post war, 183n, 197 See also international currencies; international standard
inflationism, 178–79
Institute for Business Cycle Research, xii
interest
function of, 36–40, 514–18
as regulator for development of goods, 45 See also credit
interest, rate of
bank liquidity and, 91–98, 103
completing investments and, 526–30
demand for goods and, 257–58, 264–67
differences between rates, 122–29
effects in non-monetary theories of trade cycle, 36–40
effects on production, 57–67, 70
influence on prices, 210–21
international capital movements, 389–90, 395–96, 398–400
International Chamber of Commerce, 397n
international currency movements, 358, 362, 364
interest brake, 47, 96
intermediate products
definition, 227
schematic representation, 228, 233, 239, 244, 246
international capital movements, 388
control of, 396–401
definition and classification, 385–88
homogenous international currency and, 388–91
international flows of money, 351–62, 364
national reserve systems and, 348–50
nature of, 340–43 See also international monetary system
international monetary system
compared to monetary nationalism, 333
international standard
Chicago Plan of Banking Reform, 410–13
credit money and, 406–10
credit policy of central banks, 417–20
exchange rates and gold reserves, 413–17
gold standard, problems of, 403–06 See also gold standard
investment
demand for capital and, 423–530
effects on circulation, 468–76
non-monetary theories of trade cycle and, 29, 38–40
periods of, 489–520
processes of, 434–40
investments and, 164–68, 425, 447–448
natural compared to money, 77–78, 454, 457–59
quantity of money and, 205–10
role in trade cycle theory, 107–22
J
Journal of American Statistical Association, 128n143, 284n71
Journal of Political Economy, 216n35, 410n38, 490n
Journal of Royal Stastical Society, 200n
K
Keynes, J.M.
bank rate theory, 456–68
credit cycle, 478–85
effects of savings and investment on circulation, 468–76
entrepreneur’s profits concept, 428–34
the Gibson Paradox, 476–78
process of the circulation of money, 440–54
processes of investment, 434–40
L
Lausanne School of economics, 19n, 302
M
marginal utility theory, 204–05
means of production
durable, 273
effect of changes on saving, 155–78, 181–87
investment function and, 500
original. See original means of production
rates of interest and, 266–67
media of exchange
definition, 286–87 See also money
merging of firms, 294–95
metallic currencies, 341–44, 353–59 See also homogenous currency
Michigan Business Studies, 90n97
mixed currencies
international flows of money and, 359–65
nature of, 342–48
monetary nationalism, xxi
causes of growth, 374–77
central banks, 365–66
compared to international monetary system, 351–59
currencies, 348–50, 367–74
definition, 339–40
mixed or reserve system, 343–48 See also national monetary systems
monetary systems
international standard. See international standard
national. See national monetary systems
monetary theories of the trade cycle
consequences of adjustments in volume of money, 95–103
credit creation of central banks, 90–94
effects of changes in equilibrium rate, 109–13
effects of changes in volume of money and, 63–71
elasticity of volume of money as characteristic, 74–78
fluctuations in price level and, 53–60
fluctuations in value of money and, 60–63
natural vs. actual rate of interest, 113–22
types of actual rates of interest, 122–30
money
circulation diagram, 441
effects of changes in volume, 105–30, 142–43, 308
elastic currency concept, 283–99
elasticity of volume. See elasticity of volume of money
influences on prices, 197–221
international flows of, 351–66
neutral value of, 220–21, 301–04
quantity and production of capital, 210–20
quantity of and effects on production, 241–52
quantity of and rates of interest, 205–17
supply of and price disturbances, 265–69
value of. See value of money
value of compared to volume of, 60–63
velocity of circulation. See velocity of circulation
volume of. See volume of money See also currencies
money transactions, coefficient of, 295–96, 308
N
National Bureau of Economic Research, 156n
NationalØkonomisk Tidsskrift, 529n
national currencies
as commodities, 341n
compared to international monetary system, 333
international capital movements and, 393–96
rates of exchange, 348–50, 370–74 See also national monetary systems
national monetary systems
central bank policy, 365–66
definition, 339–40
general observations, 339–43
independent national currencies, 348–50, 367–83
international flows of money, 351–67
interntional capital movements and, 385–401 See also national currencies
National Reserve System, xxi, 343–48, 391–93
natural economy, 51
non-monetary theories of trade cycle
credit supply and, 42–48
production techniques and, 29–38
psychological theories, 40–42
savings and investment and, 38–40
semi-monetary explanantions, 48–49
types of, 23–29
O
original means of production
capitalistic methods of production, 228–29, 231–32, 236–48
definition, 226–27
schematic representation, 227, 233, 239, 244, 246
output of consumers goods, schematic representation, 228, 233, 239, 244, 246
P
Peel’s Act of 1844, 410–12
Phillips curve, ix
Political Discourses (Hume), 203
Pollak Foundation for Economic Research, 135, 136nn1–4
price cycles, 64
price mechanism
non-monetary theories of trade cycle, 32–35
working of and credit cycle, 253–81
price stabilizers, xix–xx, 4–7
producers’ goods
classes of, 255–56
definition, 227
production
definition, 226
means of. See means of production
schematic representation of changes in structure, 228, 233, 239, 244, 246
schematic representation of marginal productivity in stages, 262
stages of, 35–38, 154–60, 171–75, 178, 181–85
techniques of and non-monetary theories of trade cycle, 29–38
production period, theories based on, 31–32
production-consumption equation, 138, 142
psychological theories of trade cycle, 29, 40–42
public works, 148–51, 300, 307–08
purchasing power
artificial maintenance of, 484
commercial, 97n
compared to value of money, 61
consumer, 118, 120, 133, 143, 147
creation by commercial banks, 88
of money, 428, 450–51, 454
price level and, 60n
producers’, 182
Q
quantitative vs. qualitative methods of investigation, 198–99
R
ratio of cash to deposits, 83–94, 97
“realistic” theories of trade cycles, 48
Report of the Proceedings of the Meeting of Economists, 395n
reserve ratio, 83–94, 97
reserves, cash, 83–94, 97
resources in production, 272–75
The Review of Economic Statistics, 17n12, 127n, 523n
Review of Economic Studies, 491n3
S
savings
effects of changes in production, 237–41
effects on circulation, 468–76
forced. See forced savings
monetary theories of the trade cycle and, 111
non-monetary theories of trade cycle and, 29, 38–40
underconsumption theory of Foster and Catchings and. See Foster and Catchings, underconsumption theory of
voluntary, 306
Schriften des Vereins für Sozialpolitik, 3nn2–3, 38n34, 59n59, 77n, 87n91, 89n, 98n106
Social Research, 520n40
socialist economy, compared to capitalist economy, 33
stabilizers, price, xix–xx, 4–7
stages of production, 35–38, 154–60, 171–75, 178, 181–85
state actions, 300
“state” theory, 61n
statistical research and trade cycle theory, 9–17, 125–30
Stockholm Economic Studies, 123n
supply and demand
in barter economy, 135
disturbances of, 51
economic equilibrium and, 46
effect of credit supply, 47
prices as equilibrating mechanism, 19, 33–34, 37, 43, 264
real capital, 217
T
taxation, 300
techniques of production and non-monetary theories of trade cycle, 28–35
theories
equilibrium. See equilibrium theory
Three Market Barometer, 126
trade cycle. See trade cycle theory
underconsumption. See underconsumption theories
time, length of and production, 29–31
trade barriers, 6
trade cycle theory
exogenous compared to endogenous theories, 75–78
monetary approaches. See monetary theories of the trade cycle
non-monetary approaches. See non-monetary theories of trade cycle
starting points for, 18–21
statistical research and, 9–17, 125–30
U
underconsumption theories
depression and, xix
savings and, 315
teachings of Foster and Catchings. See Foster and Catchings, underconsumption theory of
trade cycle theory and, 18, 48
V
value of money
influence on prices, 197–99, 202–05, 219–21
monetary theories of the trade cycle, 52–56, 59–63, 67–70
velocity of circulation
elasticity of currency and, 296–97
production process and, 185, 195, 238
savings and, 169, 174, 458, 470–71
supply of and money and, 308
volume of money
as basis for equilibrium theory, 55
definition, 46n41
monetary theories of the trade cycle, 54–55, 59–65, 74–75, 78–80, 106–07
savings and, 142–44, 147–49, 165–66, 177–81, 185–86
W
Weltwirtschaftliches Archiv, 4n, 9n, 13n9, 46n42, 105n, 121n, 164n, 193n
