War borrowing

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Monograph

Identifikator:: 101124439X

URN:: urn:nbn:de:zbw-retromon-21219

Document type:: Monograph

Author:: Hollander, Jacob H. http://d-nb.info/gnd/136924867

Title:: War borrowing

Place of publication:: New York

Publisher:: The Macmillan Company

Year of publication:: 1919

Scope:: 1 Online-Ressource (215 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: The price level

Collection:: Economics Books

V THE PRICE LEVEL The relation of certificates of indebtedness to the price level is an aspect of the larger question of the effect of war borrowing upon economic and social well being. Even before our entry into the war this consideration had been much to the fore in fiscal dis cussion in this country and abroad, in connection with the outright disfavor of funding and the vigor ous advocacy of an “ all tax ” policy in war financ ing, on the score that war loans make inevitably for inflation and rising prices. It is possible to trace with some exactness the growth of the doctrine that war loans cause in flation. 1 Without returning to shadowy beginnings, the first explicit phrasing of the argument appears to have been made in 1915-1916 by an English econ omist of note, Mr. A. C. Pigou, professor of polit ical economy in the University of Cambridge in two public lectures delivered in Cambridge, in articles contributed to the Contemporary Review and, more formally, in the little book on “ The Economy and Finance of the War.” 1 See a paper by the writer “ Do Government Loans Cause Inflation? ” (in Annals of American Academy of Political and Social Science, January, 1918), from which the succeeding paragraphs are taken. 157

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