The money interest and the public interest : American monetary thought, 1920-1970

書誌事項

The money interest and the public interest : American monetary thought, 1920-1970

Perry G. Mehrling

(Harvard economic studies, v. 162)

Harvard University Press, 1997

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注記

Bibliography: p. 245-280

Includes bibliographical references and index

内容説明・目次

内容説明

The years 1920-1970 saw revolutionary change in the character of the monetary system as a consequence of depression, war, and finally prosperity. The same years saw equally revolutionary change in the character of economic ideas as the rise of statistics, Keynesian economics, and then Walrasian economics transformed the style of economic explanation. The two lines of change reinforced one another, as monetary events posed new questions that required new conceptual approaches, and as monetary ideas suggested possible directions for monetary policy. Against this background of change, Perry Mehrling tells a story of continuity around the crucial question of the role of money in American democracy, a question associated generally with the Progressive tradition and its legacy, and more particularly with the institutionalist tradition in American economic thought. In this story, which he tells through the ideas and lives of three prominent institutionalists-Allyn Young, Alvin Hansen, and Edward Shaw-progress is measured not by the swings of fashion between two polar traditions of monetary thought-quantity theory and anti-quantity theory-but rather by the success with which each succeeding generation finds its footing on the shifting middle ground between the two extremes. More than a simple history of monetary doctrine, the book makes a case for the continuing influence of a distinctly American tradition on the evolution of economic thought in general. In this tradition, monetary and financial institutions are shaped by historical forces and adapt to the changing needs of the economy.

目次

  • Part 1 Allyn Abbot Young (1876-1929): intellectual formation - Richard T.Ely and English political economy, John Dewey and the logic of scientific inquiry, economic theory and statistics
  • early monetary ideas - J. Laurence Laughlin versus the quantity theory, Irving Fisher and the quantity theory
  • war and reconstruction - war finance and monetary disorder, the monetary standard, why gold?
  • monetary management in the 20s -index numbers and price stabilization
  • production and speculation
  • Ralph Hawtrey and the control of the business cycles
  • the limits of monetary policy. Part 2 Alvin Harvey Hansen (1887-1975): intellectual formation - money and technology, continental business cycle theory, money, income and Albert Aftalion
  • depression - money and depresion, the depression as a business cycle, Hansen's monetary thought, social control versus laissez-faire
  • stagnation - the new frontier, big government, money and sound finance, Hansen and Keynes
  • the golden age - the making of American Keynesianism, Keynesianism versus institutionalism
  • the new economics and money
  • the origin of monetary Walrasianism. Part 3 Edward Stone Shaw (1908-1994): intellectual formation: John B. Canning and Ralph Hawtrey, Robertson and Keynes, money in a theory of banking
  • from money to finance - money in a theory of finance, finance and US economic development
  • a theory for policymakers, a theory for academics
  • financial structure and economic development - financial deepening, a theory for policymakers, a theory for academics.

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