A Tract on Monetary Reform

The evil consequences of instability in the standard of value have now been sufficiently described. In this chapter[19] we must lay the theoretical foundations for the practical...

Money is only important for what it will procure. Thus a change in the monetary unit, which is uniform in its operation and affects all transactions equally, has no consequences...

Our first two chapters, on the evils proceeding from instability in the purchasing power of money and on the part played by the exigencies of Public Finance, have indicated the...

II. A method for regulating the supply of foreign exchange so as to avoid purely temporary fluctuations, caused by seasonal or other influences and not due to a lasting disturba...

A Government can live for a long time, even the German Government or the Russian Government, by printing paper money. That is to say, it can by this means secure the command ove...

[I have utilised, mainly in the first chapter and in parts of the second and third, the material, much revised and re-written, of some articles which were published during 1922...