货币论（下卷）

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• It has been observed that, when the gold standard is fully operative, credit cycles generally have an international character. We are now able to see that this must necessarily be so. No individual central bank can go very far either in the direction of inflation or in that of deflation unless the other central banks are moving, faster or slower, the same way. The international gold standard has no views on inflation or deflation as such. Its business is to ensure that no central bank shall inflate or deflate at a pace very different from that of its neighbours. By the law of average behaviour this may obviate major disturbance but by the complexity it introduces and its lack of central direction it multiplies disturbances of intermediate magnitude. (查看原文)

  目送飞鸿 1赞 2023-02-13 17:03:32

• It is investment, i.e. the increased production of material wealth in the shape of capital goods, which alone increases national wealth, and can alone in the long run bring down the natural rate of interest. (查看原文)

  目送飞鸿 2023-02-13 09:56:51

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