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Pierson on scarcity of gold and changes in the general price level

Martin M.G. Fase ()

The European Journal of the History of Economic Thought, 1999, vol. 6, issue 1, 58-70

Abstract: This paper is a historical reflection on the monetary view of Pierson. (1838-1910) a nineteenth-century Dutch economist, Bank president and prime minister, and his writing on the appropriateness of index numbers to measure inflation. Two aspects are conisdered. First, a policy of price stability should not focus solely on a general price index because this does not take inot account monetary factors sufficiently. Second, a pure monetary explanation as in the gold debate of the 1880s falls short of the mark and might conceal what really is going on, e.g. deflation.

Keywords: Pierson; deflaion; index numbers; monetarist view (search for similar items in EconPapers)
Date: 1999
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DOI: 10.1080/10427719900000125

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