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The relative influence of money and credit of general prices

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RyanJ_1922redux.pdf (19.05Mb)
Date
1922
Author
Ryan, John
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Abstract
 
 
It will be seen from the fore-going pages that, in our opinion, general prices are determined by the ratio existing between the total supply of money end credit and the volume of exchanges to be performed. But money end credit do not always change in the same ratio, particularly if we regard fairly long periods of time. Credit tends to expand in a greater ratio, thereby influencing general prices to a more marked degree than would be admitted by the "old" or "new" Quantity Theorists. Nevertheless, credit cannot expand indefinitely irrespective of the monetary basis on which it ultimately rests.
 
If the principles advocated in this thesis are to be refuted, it must be shown that prices are determined in accordance with the principles supported by tr e adherents of one or other of the other theories. But it seems correct to state that expert economic opinion would not adopt any of those theories, and until the necessary statistical material is available, the question of the precise influence of money end credit on prices must remain debatable.
 
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http://hdl.handle.net/1842/33800
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