Prosperity and Depression.pdf

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Chap. 2The PI/relY Monetary Theoryalso the growth of capital-and allowance ought to· be made forthe p~oportion ·of skilled labour of varying grades and for theappropriate amount of economic rent. In other words, the aimshould be to stabilise, not the price level of commodities, but thepric.e level of the factors of production. l§ 9. INTERNATIONAL COMPLICATIONSWith the purely monetary explanation of the business cycle, itis comparatively easy to account for various kinds of intemationalcomplications. The analysis of any given international constella·rion involving two or more countries must invariably turn on thequestion ofhow the money supply in each ofthese countries is likelyto be affected. This analysis has not yet been worked out systematicallyfrom the standpoint of the explanation of the businesscycle. But the instruments of the analysis .are ready to hand.The theory ofthe intemational money mechanism under differentmonetary standards is one of the most fully elaborated chaptersof economic science. 1§ 10. CONCLUDING REMARKSA feature of particular interest in Mr. HAWTREY'S monetarytheory of the business cycle is the demonstration and analysis ofthe cumulative nature ofthe process of expansion and contraction.In this respect, there is, as we shall see, much agreement betweentheorists of different schools of thought. Mr. HAWTREY'S pro·positions on this point, largely taken over from MARSHALL and theCambridge tradition, have found a place in the theory of a greatnumber of writers.'Other features of Mr. HAWTREY'S theory are more questionable.His contention that the reason for the breakdown of the boom isj See his paper U Money and Index-Numbers tt in Journal of 1MRoyal Statistical Society, 1930, reprinted in The Art 01 Central Banking,pages 3°3-332.• See below Ch. 3, §§ 8, 16, and Part II, Ch. II.I No attempt has been .made to establish priorities or to trace thevarious lines of thought to their historical origins.
2.8 AnalYsis of Theories Part Ialways a monetary one and that prosperity could be prolongedand depression staved off indefinitely, if the money supply wereinexhaustible, would certainly be challenged by most economists.These and other features of the purely monetary explanationofthe cycle will be referred to, explicitly orimplicitly, in connectionwith the discussion of the non-monetary theories.
Page 2: PROSPERITY AND DEPRESSION
Page 5 and 6: PROSPERITY AND DEPRESSION was origi
Page 7 and 8: VIPre/tNtmore apt to meet the shock
Page 10: PREFACE TO THE 1939 EDITIONIn prepa
Page 14: CONTENTSINTRODUCTION .PART I. SYSTE
Page 17 and 18: XVIAnalYtical Table ofContentsA. TH
Page 19 and 20: XVIIIAnalYtical Table 0/· ContmtJc
Page 21 and 22: xxAna!Jtical Table of Contents§ 6.
Page 23 and 24: XXIIAna!Jtical Table of ContentsA.
Page 25 and 26: xxivAnalytical Table of Contents§
Page 27 and 28: 111/rotltiGtiollThe second part of
Page 30 and 31: CHAPTER 1PRELIMINARY REMARKS§ I. T
Page 32 and 33: Chap. 1 PreliJl/inary RIll/arks 7Ie
Page 34 and 35: Chap. I Preliminary Remarks 9It has
Page 36 and 37: Chap. I Preliminary Remarle.s IIA f
Page 38 and 39: Chap. IPreliminary Remar!eJNaturall
Page 40 and 41: Chap-, 2 The PurelY Monetary Theory
Page 42 and 43: Chap. 2.The PurelY Monetary Theoryp
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Page 46 and 47: Chap. z The PurelY Monetary Theory
Page 48 and 49: Chap. 2.The PurelY Monetary Theoryi
Page 50 and 51: Chap. 2The PurelY Monetary Theoryco
Page 54 and 55: CHAPTER 3THE OVER-INVESTMENT THEORI
Page 56 and 57: Chap. 3The Over-investment Theories
Page 58 and 59: Chap. ;The Over-investment Theories
Page 60 and 61: Chap. 3 The Over-investment Theorie
Page 66 and 67: Chap~ 3 The Over-investment Theorie
Page 76 and 77: Chap. ; The Over-:-im;estment Theor
Page 78 and 79: Chap. 3 The Over-jf/Pestment Theori
Page 88 and 89: Chap. 3The Over-inve.Jtment Theoric
Page 90 and 91: Chap. 3The Over-investment Theories
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Chap. 3 The Over-investment Theorie
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Chap. 3 The Over-i1l1Jesfmenf Theor
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Chap. ;The Over-investment Theories
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Chap. 3The Over-investment Theories
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Chap. 3The Over-int 1 estment Theor
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Chap~ 3 The Over-investment Theorie
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Chap. 3 The O'IJer-investment Theor
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Chap. 3 The Over-illtJ6slmmt Theori
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Chap. 4 Changes in Cost as Cause of
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Chap. 4Changes in Cost as Cause of
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Chap. 4 Changes in Efficiency as Ca
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Chap. 4 Error Theories 113cars is d
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Chap. 4 The Debt-Deflation Theory l
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Chap. 4 Filkllldal Strwtllrl and th
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Chap. ,Under-consumption TheorilsIt
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Chap. S Under-conJllflJption Theori
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Chap. , Under-consumption Theories
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Chap. 5 UnJer-con.r1l111ptiOIl T!Ho
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Chap. 5 Under-consumption Theories
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Chap. ~(( top " ofthe structure ofp
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Chap. 5Under-consumption TheoriesTh
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Chap. S 133maladjustment or an insu
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Chap. SUnder-consumption Theoriesth
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Chap. , Ullder-COll~rIl1lJption 11J
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Chap. 5Under-consumption TheoriesTh
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Clap. ~Under-mullfIJption Theoriesc
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Chap. 6 U Psych%gica/ Theories" 143
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Chap. 6With the introduction of the
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Chap. 6 CC Pfych%gi&aJ TheorieJ " 1
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Chap. 6 149their own moneyJ the rep
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CHAPTER 7HARVEST THEORIES.AGRICULTU
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Chap. 7 Agri~Nihire and the Btisine
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Chap. 7Agriculture and the Business
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Chap. 7Agrie-IIJtNre and the BIIJi"
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Chap. 7Ag,.kuJture and the Business
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Chap. 7 161It is important to consi
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Chap. 7A
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Chap. 7AgriclJlture and the Busines
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Chap. 7Agriculture aIIti the BlIJin
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Chap. 8Recent Discussions on the Tr
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Chap. 8 Recent Discussions on the T
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Chap. 8 Recent DiscUJsion.! on the
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Chap. 8 Reant DisCll.fsions on the
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Chap. 8•{;Recent Discussions on t
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,Chap. 8 '&Bcent Discussions on the
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Chap. 8Recent Discussions on .the T
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Chap. 8 Recent DisCIISsion.s on the
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Chap. 8 Recent Di~rcussions on the
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Chap. 8 H.ece/it DiJcussiofu on the
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Chap. 8Recent Discussion.! on the T
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Chap. 8 'Recent Discussions on· th
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Chap. 8 Recent Di.rcuJ.rionJ fJn th
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Chap. 8Recent Discussions on the .T
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Chap. 8 Recent DisCllJsions on the
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Clap. 8 ReGent DisfllJsions on the
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Chap. 8Recent Di.scusJions on the T
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Chap. 8R.e&lIIt DisaunOlU 011 the T
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Part IISYNTHETIC EXPOSITION RELATIN
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Nature and Causes of the 0(1,Part I
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160 Nature and Causes of the CycleP
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%6z Nahlre IlIId CtlIISes of the Cy
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Nature and Catlses 0./ the CyclePar
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2.66 Nature and ~auses of the Cycle
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2.68 Nature and Causes of the Cycle
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Nat., and CaNses of the CyclePart n
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Nature and. Causes of the CyclePart
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274 Nature and Causes· oj" the Cyc
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Nature.· and Causes· of the Cycle
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NaJr, and Casls of the ey,,,Part II
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180 Nature and Causes oj" the Cycle
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Nature and Causes of the CyclePart
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Na/Nrc and Causes of the CyclePart
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286 NatNr' and CalIS's· of the 01'
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288 Nature and Causes of the Cycle
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Nature and Causes of the C;YclePart
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3 00 Nature and Causes of t~ Cycle
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Nature andCause.r of the CyclePart
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Nature and Causes of' the CyclePart
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Nature and CaUSdS of the CyclePart
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~IO Nature and CauJes oj the CYfl,
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Nature and CauJeJ of the CyclePart
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Nature d11d Causes. of the CyclePar
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Natllre and Causes of the CyclePart
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N atnre and Causes of the ,CyclePar
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Nature and Callses 0./ the CyclePar
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334 Nature and' Causes of the Cycle
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;;8 Nature and Causes of the Cycle
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34° Nature and Causes of the Cycle
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Nature and Cau.re.r ~f the Cycle Pa
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344 Natllre and Callses of the Cycl
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Nature and Causes oj. the CyclePart
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Nature and Causes of tht Cycl'Part
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Nature and· Causes of the CyclePar
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Nature and Callses of the C:JclePar
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Nature and Causes of the OclePart I
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392 Natllre and Causes of the Cycle
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394 Nature and Causes of the 0c1e P
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4°2. Nature and Causes of the Cycl
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CHAPTER 12INTERNATIONAL ASPECTS OF
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Nature and CatlSes of the CyclePart
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410 Nature and Causes 0.1 the Cycle
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4 1 2. Nattire and Causes of the Cy
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418 Nature and Causes of the C;ycle
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42.0 Nature and Causes of the Cycle
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42.2. Nature and .Causes of the Cyc
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Nature and Causes ~I the Cycle Part
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Nature and Callses of the CyclePart
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43° Nature and Causes of the Cycle
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o • ANature and CalISe.! of the C
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Nattire and Causes of the C:JclePar
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442. Nature and Causes of the Cycle
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Nature and Causes qf'the CyclePart
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Part IIIFURTHER REFLECTIONS ON RECE
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Recent Developments in Trade Cycle
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Recent Dell,Jopm,ntI in TraJ, eycJ,
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Recent Develop"lents in Trade Cycle
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Recent Developmenti in Trade Cycle
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47° Recent Developments in Trade C
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47 2 Recent Developments in Trade C
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474 Recent Developments in Trade Cy
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Recent Developments in, Trade Cycle
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49° Recent Developments in Trade C
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49 2 Recent Developments in Trade C
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soo Recent Developlllel1ts in Trade
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Appendix IDESCRIPTION OF THE INDICE
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Appendix I 5 11Employment.1911- 193
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Appendix IIB. Number of workpeople
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NAME INDEX TO PARTS I AND IIAdams,
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Name Index to Parts I and IIKeynes
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SUB}EC1' INDEX TO PARTS I AND IIAcc
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Subject Index to Parts I and II 5 2
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.. Subject Index to Parts I and IIB
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Subject Index 10 Paris I and IIInve
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Subject Index to Parts I and IIProd
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Subject Index to Parts I and IIWage
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Name and Subject Index to Part IIIK
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