LEADER 04001nam 2200589 a 450 001 9910808228603321 005 20240416145131.0 010 $a0-674-05961-1 024 7 $a10.4159/9780674059610 035 $a(CKB)1000000000005308 035 $a(OCoLC)50024527 035 $a(CaPaEBR)ebrary5004915 035 $a(SSID)ssj0000387913 035 $a(PQKBManifestationID)12155566 035 $a(PQKBTitleCode)TC0000387913 035 $a(PQKBWorkID)10423476 035 $a(PQKB)10462424 035 $a(Au-PeEL)EBL3299994 035 $a(CaPaEBR)ebr5004915 035 $a(OCoLC)923108512 035 $a(MiAaPQ)EBC3299994 035 $a(DE-B1597)644682 035 $a(DE-B1597)9780674059610 035 $a(EXLCZ)991000000000005308 100 $a19970428d1997 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe money interest and the public interest $eAmerican monetary thought, 1920-1970 /$fPerry G. Mehrling 205 $a1st ed. 210 $aCambridge, Mass. $cHarvard University Press$d1997 215 $a1 online resource (299 p.) 225 1 $aHarvard economic studies ;$vv. 162 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a0-674-58430-9 320 $aIncludes bibliographical references (p. 245-280) and index. 327 $tFrontmatter -- $tContents -- $tPreface -- $tAcknowledgments -- $tIntroduction -- $tI ALLYN ABBOTT YOUNG (1876?1929) -- $t1 Intellectual Formation -- $t2 Early Monetary Ideas -- $t3 War and Reconstruction -- $t4 Monetary Management in the Twenties -- $tII ALVIN HARVEY HANSEN (1887?1975) -- $t5 Intellectual Formation -- $t6 Depression -- $t7 Stagnation -- $t8 The Golden Age -- $tIII EDWARD STONE SHAW (1908?1994) -- $t9 Intellectual Formation -- $t10 From Money to Finance -- $t11 Financial Structure and Economic Development -- $tConclusion -- $tNotes -- $tBibliography -- $tIndex 330 $aThe years 1920-1970 saw revolutionary change in the character of the monetary system as a consequence of depression, war, and finally prosperity. The same years saw equally revolutionary change in the character of economic ideas as the rise of statistics, Keynesian economics, and then Walrasian economics transformed the style of economic explanation. The two lines of change reinforced one another, as monetary events posed new questions that required new conceptual approaches, and as monetary ideas suggested possible directions for monetary policy. Against this background of change, Perry Mehrling tells a story of continuity around the crucial question of the role of money in American democracy, a question associated generally with the Progressive tradition and its legacy, and more particularly with the institutionalist tradition in American economic thought. In this story, which he tells through the ideas and lives of three prominent institutionalists, Allyn Young, Alvin Hansen, and Edward Shaw, progress is measured not by the swings of fashion between two polar traditions of monetary thought--quantity theory and anti-quantity theory--but rather by the success with which each succeeding generation finds its footing on the shifting middle ground between the two extremes. More than a simple history of monetary doctrine, the book makes a case for the continuing influence of a distinctly American tradition on the evolution of economic thought in general. In this tradition, monetary and financial institutions are shaped by historical forces and adapt to the changing needs of the economy. 410 0$aHarvard economic studies ;$vv. 162. 606 $aMonetary policy$zUnited States$xHistory 615 0$aMonetary policy$xHistory. 676 $a332.4/973 700 $aMehrling$b Perry$0261975 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910808228603321 996 $aThe money interest and the public interest$94040210 997 $aUNINA