Clarification of the monetary standard : the concept and its relation to monetary policies and objectives / Will E. Mason.

Includes bibliographical references (pages 121-223) and index.

Chapter I Introduction -- Chapter II Concepts of a monetary standard implied in discussions of specific standards -- Chapter III Source of the difficulty: Preservation of classical terms incompatible with modern value theory -- Chapter IV Reason for persistence of classical monetary terminology: Neoclassical separation of value theory and monetary theory -- Chapter V Results of the confusion: Shift in approach aggravating the problem -- Chapter VI Toward a workable concept of a monetary standard --Chapter VII Conclusion --

"The purpose of this book is to stress the need to decide what a monetary standard is and to help make progress toward the selection of a specific monetary standard. The author points out that the monetary standard means different things to different people, and he infers from this that effective monetary policies are therefore very difficult to achieve. He confronts the question whether the concept of the monetary standard is passe... The author concludes that the concept of a monetary standard as "the principle limiting the money supply" is unworkable. Rather, the concept of the standard is said to be properly understood as the criterion (or criteria) of monetary policy. For some readers, a particularly useful contribution of the book will be the scholarly review (chapter ii) of the concepts of the monetary standard that have emerged from historical experience, and discussions of particular standard" -- From a review by Kenyon E. Poole in The Journal of Finance Vol. 18, No. 4 (Dec., 1963).

From the library of Karl and Elizabeth Niebyl.