Excerpt from Currency and Credit
To add yet another to the legion of books which have been written on Currency is an act which almost requires an apology. But extensive and complex as the subject has always been, every year that passes brings new developments which add to its extent and its complexity. A subject which grows in this luxuriant fashion opens up a corresponding variety in the methods of theoretical approach. The present work is not intended to set up one particular method to the exclusion of all others. Still less does it exalt any single practical measure as a panacea of currency disorders. Its purpose is rather to present a systematic analysis of currency and credit movements, and especially to avoid that phrase, "other things being equal," by which it is so fatally easy for theory to step straight from premises to conclusion.
Scientific treatment of the subject of currency is impossible without some form of the quantity theory. Two forms of this theory, both rigorously true, will be found enunciated in Chapter III. But the quantity theory by itself is inadequate, and it leads up to the method of treatment based on what I have called the consumers' income and the consumers' outlay - that is to say, simply the aggregates of individual incomes and individual expenditures. This method has been employed throughout the succeeding pages.
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