The Journal of Political Economy Volume 29 (Paperback)

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: of deposit credits in existence varies with the amount of unrealized or unfixed claims upon society" (pp. 63-64) is in sharp contrast with the view presented by Phillips in his Bank Credit, that deposits are a function of cash. (Phillips is not mentioned.) Some of those whose theories have been attacked by the author will, no doubt, reply by questioning the validity of the method used by him in avoiding the discussion of the problems in pecuniary terms. It is to be hoped that he plans to give statistical illustration or verification of some of the points wherein he differs from others. His position as assistant director of the Division of Analysis and Research of the Federal Reserve Board ought to provide him with facilities to do this. Mr. Sterner modestly disclaims much originality. However, he has evidently studied the literature in the field thoroughly and has developed, as the result of that study, a consistent theory of banking which contains a considerable amount that is new. James D. Magee New York University Volume XXIX Number 3 i?i'.'. ' -' The Journal Political Economy, PUBLISHEp BY THE UNIVERSITY OF CHICAGO MARCH 1921 The Origin of Utility Commissions in Massachusetts Leonard D. White 177 "The Stabilizing of the Dollar" C ReinoIdNoyes 198 The Quantity Theory and Recent Statistical Studies G. R. Davies 213 The Development of Interbank Borrowing in the National System, 1869-1914. II Oliver C. Lockhart 222 Notes 241 An Example of Municipal Research /. A/. Clark 241 Some Recent Financial Devices Charles O. Hardy 249 Book Reviews and Notices 252 Kahn's Our Economic and Other Problems: A Financier's Point of View (Hamilton), 252.?Secrist's Statisties in Busintss (Fitzgerald); 255.?GoooRiniVs Tlie Frontier of...