Principles of Policy for the Future: Domestic

Roy Harrod

Chapter 13 in Money, 1969, pp 331-338 from Palgrave Macmillan

Abstract: Abstract At the opening of this book it was suggested that the centre-piece of monetary policy should be the maintenance of a stable value for money. It seems right in principle that the ‘ measuring rod’ should itself have absolute constancy of value. Historically, over many generations, it was held that the best approximation we could get to this was to give our unit of account a constant value in terms of some fairly reliable commodity, like gold. And the primary method for attaining this was to establish a two- way convertibility between bars of gold and the bank-notes and bank deposits that were in active circulation. Of course it was recognised that this was not a perfect system, because gold itself does not have perfect stability of value.

Keywords: Monetary Policy; Fiscal Policy; Economic Welfare; Aggregate Demand; Full Employment (search for similar items in EconPapers)
Date: 1969
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DOI: 10.1007/978-1-349-15348-0_13

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