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BIS Working Papers No 136 the Price Level, Relative Prices and Economic Stability: Aspects of the Interwar Debate by David Laidler* Monetary and Economic Department
BIS Working Papers No 136 The price level, relative prices and economic stability: aspects of the interwar debate by David Laidler* Monetary and Economic Department September 2003 * University of Western Ontario Abstract Recent financial instability has called into question the sufficiency of low inflation as a goal for monetary policy. This paper discusses interwar literature bearing on this question. It begins with theories of the cycle based on the quantity theory, and their policy prescription of price stability supported by lender of last resort activities in the event of crises, arguing that their neglect of fluctuations in investment was a weakness. Other approaches are then taken up, particularly Austrian theory, which stressed the banking system’s capacity to generate relative price distortions and forced saving. This theory was discredited by its association with nihilistic policy prescriptions during the Great Depression. Nevertheless, its core insights were worthwhile, and also played an important part in Robertson’s more eclectic account of the cycle. The latter, however, yielded activist policy prescriptions of a sort that were discredited in the postwar period. Whether these now need re-examination, or whether a low-inflation regime, in which the authorities stand ready to resort to vigorous monetary expansion in the aftermath of asset market problems, is adequate to maintain economic stability is still an open question. BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The views expressed in them are those of their authors and not necessarily the views of the BIS. -
WINTER 2015 Journal of Austrian Economics
The VOL. 18 | NO . 4 QUARTERLY WINTER 2015 JOURNAL of AUSTRIAN ECONOMICS ARTICLES The Efficient Market Conjecture . 387 Ricardo E. Campos Dias de Sousa and David Howden The Austrian Business Cycle Theory: A Defense of Its General Validity . 409 Mihai Macovei Division of Labor and Society: The Social Rationalism of Mises and Destutt de Tracy . 436 Carmen Elena Dorobăţ From Marshallian Partial Equilibrium to Austrian General Equilibrium: The Evolution of Rothbard’s Production Theory . 456 Patrick Newman Man, Economy and State, Original Chapter 5: Producer’s Activity . 487 Murray N. Rothbard Book Review: Doing Bad by Doing Good: Why Humanitarian Action Fails By Chris Coyne . 562 Jason E. Jewell Book Review: Exploring Capitalist Fiction: Business through Literature and Film By Edward W. Younkins . 568 Shawn Ritenour Book Review: Contending Perspective in Economics: A Guide to Contemporary Schools of Thought By John T. Harvey . 572 Mark Thornton Book Review: Finance Behind the Veil of Money: An Essay on the Economics of Capital, Interest, and the Financial Market By Eduard Braun . 578 David Howden FOUNDING EDITOR (formerly The Review of Austrian Economics), Murray N. Rothbard (1926–1995) EDITOR, Joseph T. Salerno, Pace University BOOK REVIEW EDITOR, Mark Thornton, Ludwig von Mises Institute ASSISTANT EDITOR, Timothy D. Terrell, Wofford College EDITORIAL BOARD D.T. Armentano, Emeritus, University of Hartford Randall G. Holcombe, Florida State University James Barth, Auburn University Hans-Hermann Hoppe, Emeritus, UNLV Robert Batemarco, Pace University Jesús Huerta de Soto, Universidad Rey Juan Carlos Walter Block, Loyola University Jörg Guido Hülsmann, University of Angers Donald Bellante, University of South Florida Peter G. -
An Early Harvard Memorandum on Anti-Depression Policies.1
An Early Harvard Memorandum on anti-Depression Policies.1 Introductory Note by David Laidler (University of Western Ontario) and Roger Sandilands (University of Strathclyde) 1The typescript whose text is reproduced below is from Box 12, Folder 29, Harry Dexter White Papers, Seeley G. Mudd Manuscript Library, Princeton University Library. Published with permission of Princeton University Library. Its title, authorship and date are written at the top of its first page, in handwriting identified by Bruce Craig and Sandilands as that of White. 1 The Memorandum’s Authors and Their Message The Memorandum which this note introduces was completed by three young members of the Harvard economics department sometime in January 1932 Two of them, Lauchlin Currie and Harry Dexter White were soon to play key roles on the American, indeed the world-wide, policy scene. Both of them would go to Washington in 1934 as founding members of Jacob Viner’s “Freshman Brains Trust”. In due course, first at the Federal Reserve Board, and later at the Treasury and the White House, Currie would become a highly visible and leading advocate of expansionary fiscal policy, while White, at the Treasury, was to be a co-architect, with Keynes, of the Bretton Woods system. Both would fall victim to anti-communist witch-hunts in the late 1940s, in White’s case perhaps at the cost of his life, since he died of a heart attack in 1948 three days after a strenuous hearing before the House Committee on Unamerican Activities (HUAC). The third author, P. T. Ellsworth, later a Professor -
Department of Surgery General Surgery Residency Program
Department of Surgery General Surgery Residency Program Chairman: Fabrizio Michelassi, MD, FACS Vice Chair of Education: Thomas J. Fahey, III, MD, FACS Program Director: Thomas J. Fahey, III, MD, FACS Associate Program Directors: Abraham Houng, MD, Brendan Finnerty, MD, Christopher Agrusa, MD Program Manager: David Fehling, MA General Surgery Residency Coordinator: Jennifer Cleaver Welcome from the Chairman We are delighted and proud to be an active part of our institution, which is among the top- ranked clinical and medical research centers in the country. Our affiliation with a major academic medical center underscores our departments three-pronged mission: to provide the highest quality of compassionate care, to educate the surgeons of tomorrow, and to pursue groundbreaking research. As members of the clinical staff of NewYork-Presbyterian and Weill Cornell Medicine, our team of experienced surgeons practice at the forefront of their respective specialties, offering patients outstanding, humane and personalized care. As faculty of Weill Cornell Medical College, these physicians are educating future generations of surgeons and advancing state-of-the-art surgical treatment. The history of surgery at the New York Hospital, the second oldest hospital in the United States, reflects the evolution of surgery in America, and is marked by some of the most extraordinary achievements in medicine. The New York Hospital was the cradle of early surgical developments and instruction in America, earning a worldwide reputation for excellence and innovation. Many of today’s practices and techniques arose from our institution. Our department continues to build upon our rich legacy of surgical innovations, making important contributions to the advancement of new surgical procedures. -
1 the MAKING of INDEX NUMBERS in the EARLY 1920S
THE MAKING OF INDEX NUMBERS IN THE EARLY 1920s: A CLOSER LOOK AT THE FISHER–MITCHELL DEBATE Felipe Almeida Victor Cruz e Silva Universidade Federal do Paraná Universidade Estadual de Ponta Grossa Área 1 - História do Pensamento Econômico e Metodologia RESUMO O surgimento sistemático da abordagem axiomática dos números de índice ocorreu no início dos anos 1920, um período marcado pelo pluralismo na academia econômic estadunidense. Promovida por Irving Fisher, a abordagem axiomática dos números de índice teve como objetivo selecionar uma fórmula ideal universalmente válida para números de índice, empregando uma série de testes estatísticos. No entanto, desde a primeira apresentação da abordagem de Fisher, no Encontro Anual da Associação Estadunidense de Estatística em 1920, até a publicação de seu livro “The Making of Index Numbers” em 1922, Fisher enfrentou uma série de críticas, não endereçadas à sua fórmula ideal propriamente dita, mas à própria idéia de uma fórmula universal para números de índice. Os principais indivíduos envolvidos nesse debate foram Wesley Mitchell, Warren Persons, Correa Walsh (que foi o único que apoiou a proposta de Fisher) e Allyn Young. Entre eles, o principal representante dos antagonistas de Fisher era Mitchell. Este estudo argumenta que as divergências entre Fisher e Mitchell resultam de seus distintos entendimentos da economia como uma "ciência". Portanto, o objetivo deste estudo é ilustrar como Fisher, como economista matemático, privilegiou a universalidade das teorias econômicas, enquanto Mitchell, como institucionalista, entendeu a economia como uma disciplina contextual e histórica e como essas preconcepções estão presentes no debate sobre números de índice. Para ilustrar suas posições, este estudo explora evidências baseadas em arquivo. -
Washington University School of Medicine Bulletin, 1913
Washington University School of Medicine Digital Commons@Becker Washington University School of Medicine Washington University Publications Bulletins 1913 Washington University School of Medicine bulletin, 1913 Follow this and additional works at: http://digitalcommons.wustl.edu/med_bulletins Recommended Citation Washington University School of Medicine bulletin, 1913. Central Administration, Publications. Bernard Becker Medical Library Archives. Washington University School of Medicine, Saint Louis, Missouri. http://digitalcommons.wustl.edu/med_bulletins/15 This Article is brought to you for free and open access by the Washington University Publications at Digital Commons@Becker. It has been accepted for inclusion in Washington University School of Medicine Bulletins by an authorized administrator of Digital Commons@Becker. For more information, please contact [email protected]. 3N UNIVERSITYi LIBRARY MEnirfll gr»^., BULLETIN OF WASHINGTON UNIVERSITY ST. LOUIS CATALOGUE OF THE MEDICAL SCHOOL MAY, 1913 PUBLICATIONS OF WASHINGTON UNIVERSITY SERIES II VOLUME XI NUMBER VII PUBLICATIONS OF WASHINGTON UNIVERSITY Series I. THE WASHINGTON UNIVERSITY RECORD. This series is issued monthly from November to May, and is intended for the entire University constituency: faculties, alumni, students, and friends of the institution generally. It contains a resume of the principal activities of the University for the period covered, and announcements of important future events. Each number contains, besides, one or more articles of an untechnical character on literary or scientific subjects. One issue (Annual Review) embodies a full review of the academic year, with the Chancellor's Report, abstracts of University legislation, a list of the writings of members of the Faculty, a complete record of papers read by them before learned societies, a list of public addresses, and other matters of University interest. -
Wellesley College Bulletin
ANNUAL REPORTS NUMBER OF THE WELLESLEY COLLEGE BULLETIN - WELLESLEY, MASSACHUSETTS SEPTEMBER I947 ANNUAL REPORTS NUMBER OF THE WELLESLEY COLLEGE BULLETIN SEPTEMBER 1 9 47 Bulletins published seven times a year by Wellesley College, Weliesley 81, Massachusetts. April, three; September, one; October, two; November, one. Entered as second-class matter, February 12, at the Post 1912, Office at Boston, Massachusetts, under the Act of July, 1894. Additional entry at Concord, N. H. Volume 37 Number 1 CONTENTS Report of the President 5 Appendix: Faculty Academic Biography of New Members for 1947-48 . .16 Leaves of Absence in 1947-48 19 Changes in Rank in 1947-48 19 Resignations and Expired Appointments, June, 1947 . 20 Publications of the Faculty, 1946-47 21 Lectures, Concerts, and Art Exhibitions, 1946-47 Lectures 28 Sunday Services 32 Concerts 33 Exhibitions Art . 33 Summer Conferences, 1947 34 Academic Statistics, 1946-47 35 Scholarships, 1946-47 39 Report of the Treasurer 40 REPORT OF THE PRESIDENT To the Trustees of Wellesley College: I have the honor to submit the report for the year 1946-47, the seventy-second session of Wellesley College. The Board of Trustees This year is marked by the termination of the chairmanship of Robert G. Dodge who has for twenty-four years been a mem- ber of the Board and for seventeen years its chairman. We have had many occasions on which to try to express the appreciation of the College for Mr. Dodge's magnificent service. All those efforts are inadequate to express the indebtedness we feel for the clarity of his vision, the soundness of his judgment, the keenness of his insight, and the strength of his kindness and generosity. -
The Lewis Atterbury Stimson, Md (1844-1917) Papers
MEDICAL CENTER ARCHIVES OF NEWYORK-PRESBYTERIAN/WEILL CORNELL 1300 York Avenue #34 New York, NY 10065 Finding Aid to the THE LEWIS ATTERBURY STIMSON, MD (1844-1917) PAPERS Dates: 1861-1933; 1965-1969 18.25 Linear Inches (6 Boxes) © 2020 Medical Center Archives of NewYork-Presbyterian/Weill Cornell 2 ABSTRACT: Lewis Atterbury Stimson, MD was a surgeon and educator, as well as an important contributor towards the founding of Cornell University Medical College in 1898. This collection contains correspondence, notebooks, a diary, will, and reprints, as well as biographies and memorial statements relating to L. A. Stimson. PROVENANCE: This collection was formed by combining L. A. Stimson material in the Philip Moen Stimson Papers (accessioned 1974) with two boxes of L. A. Stimson reprints received from the Pathology Department Library (which received them from Stimson himself) and the miscellaneous items acquired by the Archives over several years. The constant demand for material on and information about L. A. Stimson warrants these materials being drawn into a single collection. ADMINISTRATIVE/BIOGRAPHICAL NOTE: Lewis Atterbury Stimson was born August 24, 1844 in Paterson, New Jersey, the second son of Henry Clark and Julia Atterbury Stimson. He was educated in the Paterson schools and at Yale College from which he graduated in 1863. After traveling in Europe and service in the Union Army, in 1866, Dr. Stimson entered his father's New York banking firm. That same year, in Paris, he married Candace T. Wheeler. The couple had two children, Henry Lewis (later Secretary of State and of War) and Candace Catherine Stimson. -
The Descendants of Job Atterbury
THE DESCENDANTS OF JOB ATTERBURY BY L. EFFINGHAM de FOREST, M.A., J.D., F.S.G., F.I.A.G. AND ANNE LAWRENCE de FOREST THE DE FOREST PUBLISHING COMPANY NEw YoRic, N. Y. 1933 CoPnIG:e:T, 1933, BY L. EFl"IHGBAK J>E FOllEST This work is not to be reproduced in whole or in part without permission in writing from the authors. REARRANGED AND REPRINTED FROM: ATTERBURY AND ALLIED F AKILIES (1933) BY L. EFFINGHAM DE FOREST As AUTHOR: Dommerich, Hall and Allied Families (1924). Ballard and Allied Families (1924). The Tercentenary of New York (1924). Ludington-Saltus Records (1925). Babcock and Allied Families (1928). The Van Cortlandt Family (1930). Our Colonial and Continental Ancestors ( 1930). Jelke and Frazier and Allied Families (1931). As EDITOR: Year Books of the (N. Y.) Society of Colonial Wars (1914-191S, 1915-1916, 1920-1921). Genealogical Records of the Saint Nicholas Society (1916, 1923). Year Book of the (N. Y.) Society of American Wars (1917). Record Books of the (N. Y.) Society of Mayflower Descendants (1922, 1926). History of the Class of 1912, Yale College, Volume II (1924). The Journals and Papers of Seth Pomeroy (1926). Worthington-Rice and Allied Families (1929). American Colonial Families (1930). Elliott and Gibbons and Allied Families (1931). The Sherrill Genealogy (2nd edition, 1932). Louisbourg Journals, 1745 (1932). BY L. EFFINGHAM DE FOREST AND ANNE LAWRENCE DE FOREST James Cox Brady and his Ancestry (1933). Atterbury and Allied Families ( 1933) . Captain John Underhill (1933). The Descendants of Job Atterbury ( 1933). FOREWORD THIS genealogy was compiled for Mrs. -
0X0a I Don't Know Gregor Weichbrodt FROHMANN
0x0a I Don’t Know Gregor Weichbrodt FROHMANN I Don’t Know Gregor Weichbrodt 0x0a Contents I Don’t Know .................................................................4 About This Book .......................................................353 Imprint ........................................................................354 I Don’t Know I’m not well-versed in Literature. Sensibility – what is that? What in God’s name is An Afterword? I haven’t the faintest idea. And concerning Book design, I am fully ignorant. What is ‘A Slipcase’ supposed to mean again, and what the heck is Boriswood? The Canons of page construction – I don’t know what that is. I haven’t got a clue. How am I supposed to make sense of Traditional Chinese bookbinding, and what the hell is an Initial? Containers are a mystery to me. And what about A Post box, and what on earth is The Hollow Nickel Case? An Ammunition box – dunno. Couldn’t tell you. I’m not well-versed in Postal systems. And I don’t know what Bulk mail is or what is supposed to be special about A Catcher pouch. I don’t know what people mean by ‘Bags’. What’s the deal with The Arhuaca mochila, and what is the mystery about A Bin bag? Am I supposed to be familiar with A Carpet bag? How should I know? Cradleboard? Come again? Never heard of it. I have no idea. A Changing bag – never heard of it. I’ve never heard of Carriages. A Dogcart – what does that mean? A Ralli car? Doesn’t ring a bell. I have absolutely no idea. And what the hell is Tandem, and what is the deal with the Mail coach? 4 I don’t know the first thing about Postal system of the United Kingdom. -
Allyn Abbott Young Ramesh Chandra Great Thinkers in Economics
GREAT THINKERS IN ECONOMICS SERIES EDITOR: A. P. THIRLWALL Allyn Abbott Young Ramesh Chandra Great Thinkers in Economics Series Editor A. P. Thirlwall School of Economics University of Kent Canterbury, UK The famous historian, E.H. Carr once said that in order to understand history it is necessary to understand the historian writing it. The same could be said of economics. Famous economists often remark that spe- cific episodes in their lives, or particular events that took place in their formative years attracted them to economics. Great Thinkers in Economics is designed to illuminate the economics of some of the great historical and contemporary economists by exploring the interaction between their lives and work, and the events surrounding them. More information about this series at http://www.palgrave.com/gp/series/15026 Ramesh Chandra Allyn Abbott Young Ramesh Chandra Glasgow, UK ISSN 2662-6276 ISSN 2662-6284 (electronic) Great Thinkers in Economics ISBN 978-3-030-31980-9 ISBN 978-3-030-31981-6 (eBook) https://doi.org/10.1007/978-3-030-31981-6 © The Editor(s) (if applicable) and The Author(s) 2020 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and trans- mission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. -
An Early Harvard 'Memorandum' on Anti-Depression Policies
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Laidler, David; Sandilands, Roger; Currie, L. B.; Ellsworth, E. T.; White, H. D. Working Paper An early Harvard 'Memorandum' on anti-depression policies Research Report, No. 2000-4 Provided in Cooperation with: Department of Economics, University of Western Ontario Suggested Citation: Laidler, David; Sandilands, Roger; Currie, L. B.; Ellsworth, E. T.; White, H. D. (2000) : An early Harvard 'Memorandum' on anti-depression policies, Research Report, No. 2000-4, The University of Western Ontario, Department of Economics, London (Ontario) This Version is available at: http://hdl.handle.net/10419/70400 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under