Stabilization of Prices: A Critical Study of the Various Plans Proposed for Stabilization

Stabilization of Prices: A Critical Study of the Various Plans Proposed for Stabilization

Stabilization of Prices: A Critical Study of the Various Plans Proposed for Stabilization

Stabilization of Prices: A Critical Study of the Various Plans Proposed for Stabilization

Excerpt

This book is an attempt to state and analyze a problem which at present engages the earnest attention of a large body of economists and laymen. It has reached a point where many students are convinced that some step more positive than discussion and study should be taken. I am not able to concede that the situation is so desperate as to call for such a measure or that we are equipped with the knowledge necessary to determine what that measure should be. If this effort fails to offer a positive solution I hope it will at least provide the stimulus for a more effective and satisfactory study of the problem. I have tried to use the inductive method so far as possible. It has been necessary to marshal considerable statistical material. The greatest care has been exercised in the reading of proof, the checking of quotations and the verification factual calculations. I wish to apologize for any errors which may remain undisclosed and uncorrected and hope that they will not disturb the burden of the argument.

It is difficult to make acknowledgments. The roots of such a work reach back so far and extend into such multifarious pockets of soil that a complete statement of credit due becomes impracticable. It is an agreeable privilege, however, to be able to single out one to whom gratitude is particularly and overwhelmingly due, Professor Edwin Walter Kemmerer. As a student I worked under him with pleasure. As a teacher I worked alongside him with pride and profit. The field of monetary theory became an entrancing vale in which we have pressed our explorations. His clear exposition and refreshing tolerance were an inspiration. The seed of this work was planted in his seminar and its cultivation progressed to maturity under his encouragement. To Professor Frank A. Fetter I am indebted for my . . .

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