THE CAUSES OF THE ECONOMIC CRISIS phần 6 pps

... 3. THE CIRCULATION CREDIT THEORY Of all the theories of the trade cycle, only one has achievedand retained the rank of a fully-developed economic doctrine.That is the theory advanced by the ... School, the theorywhich traces the cause of changes in business conditions to the phenomenon of circulation credit. All other theories of the crisis, even when they try to differ in other respects ... rise of competition from the tilling of richer soil in Eastern Europe and overseas, or the crisis of the European cotton industry at the time of the American Civil War.What is true of the crisis...

THE CAUSES OF THE ECONOMIC CRISIS phần 1 pdf

... 1524. The Future 1533—THE CAUSES OF THE ECONOMIC CRISIS (1931) 155I. The Nature and Role of the Market 1551. The Marxian “Anarchy of Production” Myth 1552. The Role and Rule of Consumers 1 56 3. ... Unemployment 164 1. The Market Wage Rate Process 164 2. The Labor Union Wage Rate Concept 166 3. The Cause of Unemployment 167 4. The Remedy for Mass Unemployment 168 5. The Effects of Government ... money.—Ed.]xii — The Causes of the Economic Crisis cycles and his conception of the effects of monetary and creditpolicies.” In tribute to Hayek’s excellent contributions, the Austrian theory of the business...

THE CAUSES OF THE ECONOMIC CRISIS phần 2 potx

... clearings at the 16 — The Causes of the Economic Crisis If, with the suspension of printing press operations, the mone-tary policy reforms are declared at an end, then obviously the value of the German ... needed for these purposesare, for the most part, already available within the country. The 10 — The Causes of the Economic Crisis 4— The Causes of the Economic Crisis 4Bourse (French). A continental ... in 17 96. ” Thus, even the collapse of the paper moneystandard was a “success” for the State Theory of Money. [NOTE: The “StateTheory of Money” has been the basis of the monetary policies of most...

THE CAUSES OF THE ECONOMIC CRISIS phần 3 pot

... result, therefore, the balance of payments becomes decisive40 — The Causes of the Economic Crisis (2) On the other hand, whether it might not also be neces-sary to limit similarly the issue of other ... prescribed the Banking Theory. It has moreover even revived the doctrine of the canonists and of the legal authorities of the Middle Ages to the effect that money is a creature of the government and the ... while on the other sidethere is an equally large reduction in exports and thus also adecline in the supply of foreign exchange. Imports are paid for 46 — The Causes of the Economic Crisis abroad...

THE CAUSES OF THE ECONOMIC CRISIS phần 4 pot

... increasing the quantity of money. In place 60 — The Causes of the Economic Crisis 7[This is not the place to examine further the theory of the formation of the purchasing power of the monetary ... Circulation Credit Theory, developed out of the Currency Theory and usually called the “Monetary Theory of the Trade Cycle.” These theories, of course, are no longer whatthey were in the days of Ricardo ... to the hard-hitting criticism of Classical economics. The balance of payments of a country is nothing but the sum of the balances of payments of all its individual enterprises. The essence of...

THE CAUSES OF THE ECONOMIC CRISIS phần 5 potx

... also the theory of intermediate (indirect) exchange, i.e., the theory of agenerally accepted medium of exchange (monetary theory) and the theory of fiduciary media (banking theory) with all their ... theory is the emphasis he gave to the previously little noted effect of 82 — The Causes of the Economic Crisis 4. CHANGES IN WEALTH AND INCOMEHowever, the social consequences of changes in the ... the conse-quences of the fact that price changes of the various commoditiesdid not take place simultaneously. The deterioration in the value 86 — The Causes of the Economic Crisis exchange ratios...

THE CAUSES OF THE ECONOMIC CRISIS phần 7 ppt

... obstacle in the way of the development of fiduciary media in the form of bank deposits. 114 — The Causes of the Economic Crisis and proceeding always to make loans below the rate of interestwhich ... out as the result of a change in the conduct of the banks. The later the crack-up comes, the longer the period in which the calculation of the entrepreneurs is misguided by the issue of additional ... newquantities of fiduciary media to flow into circulation continuously1 16 — The Causes of the Economic Crisis III. THE REAPPEARANCE OF CYCLES1. METALLIC STANDARD FLUCTUATIONSFrom the instant when the...

THE CAUSES OF THE ECONOMIC CRISIS phần 8 potx

... regularityin the timing of the movements in the three curves. 1 36 — The Causes of the Economic Crisis There is no need to share the exuberant expectations for the practical usefulness of the Harvard ... “controlling the money market.” For the bank of issue, the restriction of circulation credit means the renunciation of profits. It may even mean losses. 1 46 — The Causes of the Economic Crisis Moreover, ... onlyoriginate with the central bank of issue. Every venture on the part of private banks, against the wish or the plan of the central bank,150 — The Causes of the Economic Crisis The most important...

THE CAUSES OF THE ECONOMIC CRISIS phần 9 ppt

... on the part of the labor unions presup-poses, of course, that the government at least acquiesces in theirbehavior. 166 — The Causes of the Economic Crisis supply and demand, by the value the ... the living standard of the masses, that accompanied the development of capitalism, is the The Causes of the Economic Crisis: An Address — 165 3. THE CAUSE OF UNEMPLOYMENTIf the government were ... the root of this theory. 160 — The Causes of the Economic Crisis order to find employment again. It is not on account of “rational-ization,” but because the unemployed are relieved of the necessityof...

THE CAUSES OF THE ECONOMIC CRISIS phần 10 doc

... [during the nineteenth century] at the time of the drive for bimetallism. 1 86 — The Causes of the Economic Crisis 3An extreme example: the discount policy of the German Reichsbank in the time of ... the economic crisis, the breakdown of interventionist economic policy the policy being followed today by all govern-ments, irrespective of whether they are responsible to The Causes of the Economic ... projects offer the chances of profitability when, in fact, the available supply of 198 — The Causes of the Economic Crisis practical policy that could not have been learned from the Currency Theory....

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