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Alternative Aims in Monetary Policy (1923)

In: Essays in Persuasion

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  • John Maynard Keynes

Abstract

The instability of money has been compounded, in most countries except the United States, of two elements: the failure of the national currencies to remain stable in terms of what was supposed to be the standard of value, namely gold; and the failure of gold itself to remain stable in terms of purchasing power. Attention has been mainly concentrated (e.g. by the Cunliffe Committee) on the first of these two factors. It is often assumed that the restoration of the gold standard, that is to say, of the convertibility of each national currency at a fixed rate in terms of gold, must be, in any case, our objective; and that the main question of controversy is whether national currencies should be restored to their pre-war gold value or to some lower value nearer to the present facts; in other words, the choice between deflation and devaluation.

Suggested Citation

  • John Maynard Keynes, 2010. "Alternative Aims in Monetary Policy (1923)," Palgrave Macmillan Books, in: Essays in Persuasion, chapter 2, pages 164-182, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-59072-8_14
    DOI: 10.1007/978-1-349-59072-8_14
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