Readings in Monetary Theory

Readings in Monetary Theory

Readings in Monetary Theory

Readings in Monetary Theory

Excerpt

The considerations which have determined our selection of articles for republication in this volume are numerous. Entirely appropriate articles have been excluded if they have already been published in another volume of this series. An example would be D. H. Robertson Survey of Modern Monetary Controversy. We have been keenly aware of the unavoidable problem of alternative cost in the use of limited resources. Consequently, in a few instances we have regretfully omitted articles which were so long that, in the light of limitations on space, their inclusion would have required the omission of several articles of more moderate length. This is particularly true of a number of articles by James W. Angell. For the most part--but we have not made this an invariable rule--we have excluded articles which already have been made easily available in some other volume, such as the various republished articles of John H. Williams.

The boundary lines of no field of knowledge can be drawn with precision, and this is notably true of monetary theory. We have included, without misgivings on this score, a number of articles that deal with commercial banks and with central banking. Studies in aggregative economics stand in the borderland between monetary and price theory, and yet they invariably introduce monetary considerations in very large measure. We have, therefore, included a number of such studies. Equally relevant topics have been largely or wholly excluded, however, because either whole volumes or sections in other volumes of readings have been devoted to them. For this reason we have given only limited space to cycle theory, and we have included no articles on pure interest theory or on foreign exchange and international monetary equilibrium. Since a volume on fiscal policy is projected, we have included only one brief article on this subject.

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