A. C. Pigou

The Foreign Exchanges

Kate of exchange between two moneys part of a larger problem, 52. — Conditions requisite to equilibrium of exchange, 53. — Exceptions (1) government control, (2) monopoly, 54. — Connection between different commodities in international exchange, 56. — The effect of inconvertible paper, 62. — Purchasing power parities, 63. — Lapses from alignment between actual and normal rates of exchange, 70.

Economic Progress in a Stable Environment

IN actual life the process of economic change is dominated by technical developments resulting from scientific discoveries and is closely associated with changes in the size of the population of working age. In what follows I shall rule both these things out of account. I shall assume, moreover, that the stock of money circulating outside the banks is fixed and that the Government does not attempt to control investment with a view to regulating employment. Finally, I shall assume that the State nowhere intervenes by fixing maximum prices below, or minimum prices above, those which would rule in a free market. This implies that at the ruling prices there are no unsatisfied demands or unwanted supplies; in other words that markets are everywhere cleared, or, if we will, that all parts of the economic system are always in market equilibrium-to be sharply distinguished from what I shall call in a moment thorough-going equilibrium. The theme I propose is this. Let us imagine ourselves situated in an initial year in which some investment is taking place, and let us ask what thereafter, subject to the conditions set out in the last paragraph, will happen. The enquiry is most conveniently conducted in two divisions; first on the assumption that people make net savings --I use this term as equivalent to net investment-solely on account of the material returns which they expect them presently to yield, so that, if these expected returns were nil, there would be no net saving; and, secondly, on the more realistic assumption that saving is partly motivated by a desire to hold capital wealth as such as a source of prestige, individual security and so on. On the first assumption the analysis is straightforward, but on the second some awkward puzzles may-not must-present themselves.

Employment and equilibrium

VOLUME 1 Introduction D. Collard Principles and Methods of Industrial Peace, 1905, 260pp Economic Science in Relation to Practice, 1908, 32pp VOLUME 2 Wealth and Welfare, 1912, 524pp VOLUME 3 Economics of Welfare [1920] 1932 4th ed., 868pp VOLUME 4 Unemployment, 1914, 258pp The Political Economy of War, [1921] 2nd ed., 1940, 176pp VOLUME 5 Essays in Applied Economics, 1923, 205pp VOLUME 6 Industrial Fluctuations, [1927] 2nd ed., 1929, 447pp VOLUME 7 A Study in Public Finance, [1928] 3rd ed., 1947, 303pp VOLUME 8 The Theory of Unemployment, 1933, 344pp VOLUME 9 The Economics of Stationary States, 1935, 337pp VOLUME 10 Employment and Equilibrium, [1941] 2nd ed., 1949, 293pp VOLUME 11 Income: An Introduction to Economics, 1946, 125pp Income Revisited, 1955, 94pp VOLUME 12 Aspects of British Economic History 1918-1925, 1947, 259pp VOLUME 13 Keynes General Theory, 1950, 77pp Alfred Marshall and Current Thought, 1953, 92pp VOLUME 14 Essays in Economics, 1952, 247pp

The economics of stationary states

VOLUME 1 Introduction D. Collard Principles and Methods of Industrial Peace, 1905, 260pp Economic Science in Relation to Practice, 1908, 32pp VOLUME 2 Wealth and Welfare, 1912, 524pp VOLUME 3 Economics of Welfare [1920] 1932 4th ed., 868pp VOLUME 4 Unemployment, 1914, 258pp The Political Economy of War, [1921] 2nd ed., 1940, 176pp VOLUME 5 Essays in Applied Economics, 1923, 205pp VOLUME 6 Industrial Fluctuations, [1927] 2nd ed., 1929, 447pp VOLUME 7 A Study in Public Finance, [1928] 3rd ed., 1947, 303pp VOLUME 8 The Theory of Unemployment, 1933, 344pp VOLUME 9 The Economics of Stationary States, 1935, 337pp VOLUME 10 Employment and Equilibrium, [1941] 2nd ed., 1949, 293pp VOLUME 11 Income: An Introduction to Economics, 1946, 125pp Income Revisited, 1955, 94pp VOLUME 12 Aspects of British Economic History 1918-1925, 1947, 259pp VOLUME 13 Keynes General Theory, 1950, 77pp Alfred Marshall and Current Thought, 1953, 92pp VOLUME 14 Essays in Economics, 1952, 247pp

Essays in economics

VOLUME 1 Introduction D. Collard Principles and Methods of Industrial Peace, 1905, 260pp Economic Science in Relation to Practice, 1908, 32pp VOLUME 2 Wealth and Welfare, 1912, 524pp VOLUME 3 Economics of Welfare [1920] 1932 4th ed., 868pp VOLUME 4 Unemployment, 1914, 258pp The Political Economy of War, [1921] 2nd ed., 1940, 176pp VOLUME 5 Essays in Applied Economics, 1923, 205pp VOLUME 6 Industrial Fluctuations, [1927] 2nd ed., 1929, 447pp VOLUME 7 A Study in Public Finance, [1928] 3rd ed., 1947, 303pp VOLUME 8 The Theory of Unemployment, 1933, 344pp VOLUME 9 The Economics of Stationary States, 1935, 337pp VOLUME 10 Employment and Equilibrium, [1941] 2nd ed., 1949, 293pp VOLUME 11 Income: An Introduction to Economics, 1946, 125pp Income Revisited, 1955, 94pp VOLUME 12 Aspects of British Economic History 1918-1925, 1947, 259pp VOLUME 13 Keynes General Theory, 1950, 77pp Alfred Marshall and Current Thought, 1953, 92pp VOLUME 14 Essays in Economics, 1952, 247pp

Income : an introduction to economics

The author considers that income as a method of approach to economics is less forbidding, and in a sense more realistic than, for example, the law of supply and demand. His aim is to present to the general reader a substantial part of the theory of economics in a concise, interesting and intelligible form.

Some Points of Ethical Controversy

would confidently leave a body of parents to decide with the teachers of their school to what extent religion should play a part in school life. Subject to general laws made in the common interest for all schools alike, I would not hesitate to look to such a body of parents for sensible compromise and charity in matters affecting the highest as well as the more trivial interests of a school community. J. J. FINDLAY.