Clarification of the Monetary Standard

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CLARIFICATION OF THE MONETARY STANDARD WILL E. MASON

PTA P V

In what was probably an exasperated reference to the early nineteenth-century bullion dispute in England, Gladstone once called the study of money “a fruitful cause of insanity.” During' recent years, the proliferation and confusion of such terms as non-fixed inconvertible paper standard, gold insolvency standard, managed in¬ convertible gold bullion standard, manipulated gold loan standard, and inconvertible paper money gold standard would seem to bear out the truth of his charge. Despite the tremen¬ dous changes in monetary theory and practice that have occurred during the last century, tra¬ ditional terms and concepts have been retained and, as a result, have become vague and irrelevant. Will E. Mason maintains that what this money muddle demands is the concept of a monetary standard which is sufficiently precise, reason¬ able, and realistic to permit isolation of the phenomenon and identification of its various species. In this book he discusses classical mon¬ etary theories, traces the mounting confusion in terminology, and after clearly defining the distinctions among monetary standards, poli¬ cies, and objectives, suggests a workable con¬ cept. This meticulous study of a complex and often neglected subject will be of inestimable value to specialists and of great interest to any¬ one seeking a better understanding of monetary theory and practice.

UL 2 3 1963

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332.4 M38IC

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MASON CLARIFICATION OF THE MONETARY STANDARD

750 332.4 M38lc

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MASON CLARIFICATION OF THE MONETARY STANOARD

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SAN FRANCISCO TUBLIC LIBRARY

Clarification Of The Monetary Standard

CLARIFICATION OF THE MONETARY STANDARD The Concept and Its Relation to Monetary Policies and Objectives

WILL E. MASON The Pennsylvania State University Press University Park /1963

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