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The Fluttering Veil (Liberty Fund Studies on Economic Liberty) First Edition Edition
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In any event, the book is divided into four sections and I will comment briefly on each of them. Part one is 'Monetary Disequilibrium and its consequences' which is an excellent section, especially the essay 'A Cash Balance Interpretation of Depressions.' The section discusses various aspects of monetarism, and in particular 'monetary disequilibrium.' What he means by this is the following: if people demand to hold more money at the current price of money, that is to say the price level, than actually exists, the price of money must rise, which is to say that the price level must fall, in order to cut off this demand and restore equilibrium in the market for money. It's a very elegant and convincing idea, and it's well presented in the book. This section is unreservedly good.
Section 2 is called 'Monetary Misconceptions', which treats several topics but mainly argues against a Keynesian economist James Tobin, who wrote an article called 'Central Banks as Creators of Money'.Read more ›