By Roy F. Harrod
Read Online or Download Reforming the World’s Money PDF
Best nonfiction_13 books
Kelsey and the quest of the porcelain doll
An enthralling tale of adversity, experience and love from award-winning writer Rosanne Hawke. ?Nanna, are you able to inform me a narrative simply as though I have been with you? ' Kelsey is in Pakistan and desires to head domestic. mom and dad are busy supporting flood sufferers and he or she misses her buddies. yet such a lot of all, Kelsey misses Nanna Rose.
Spring Recipes, 2nd Edition: A Problem-Solution Approach
With over three million users/developers, Spring Framework is the best "out of the box" Java framework. Spring addresses and gives easy strategies for many facets of your Java/Java EE software improvement, and courses you to exploit top practices to layout and enforce your purposes.
- Unsecured Ladders: Meeting the Challenge of the Unexpected
- Lost in the American City: Dickens, James, and Kafka
- The fullness of the logos in the key of life. / Book II, Christo-logos: metaphysical rhapsodies of faith (Itinerarium mentis in deo)
- Drink in the Eighteenth and Nineteenth Centuries
Additional info for Reforming the World’s Money
Example text
Demand-deflationary measures, when no demand-inflation is present, are bad in themselves. The trouble is that they are very tempting because they have a strong effect on the balance of payments. If an industrial country gets into balance-of-payments deficit, it knows that the surest way of curing this in the short run is by demanddeflationary measures. It is tempted to apply these in order to get the balance-of-payments effect, even if no demandinflation is present. This is not a very long-sighted policy.
They will do so, whether their external balance of payments happens to be favourable or unfavourable at the moment. For more than forty years the United States has adopted such measures when the phase of the business cycle seemed to show that they were needed, even despite the fact that during many such phases her external balance of payments was favourable. Furthermore, and a fortiori, such countries would adopt restraining measures whether they have large reserves or not. S. authorities, REFORMING THE WORLD'S MONEY which adopted such measures, despite having enormous reserves for the larger part of the period.
This is not to imply that wages in all sectors should be exactly equal, but only that there are limits to the inequalities that can be tolerated. And these limits are too narrow to allow wages in the more progressive FLEXIBLE EXCHANGE RATES 37 sectors to rise in line with productivity increases. If this is explained to the workers in the progressive sectors - and they can perfectly well understand it - they will want some assurance that their employers are not putting into their pockets the whole difference between increasing productivity and the more moderate wage mark-ups.