INDEX

401

Taxation (contd .)—and liquidity, 309on capital profits, 94-5and money-wages, 264Terms of trade, 263, 270, 334Theory of value, 292-3Thomas, Albert, 349 n.

Thrift—in Mercantilist thought,358-9

Hobson on, 365 366, 368-9

Mandeville on, 362Time and nature of money, 293-4Time-deposits, 167 n.Time-discounting, changes in rateof, 93-4

Time-element in Trade Cycle , 314,317-18

Time-lag, 122-5

Time-preferences of individuals, 166Trade, balance of, 120, 262-3, 333,335-8

Trade Cycles—

theory of, 250, 313-32and wages, 301and unforeseen changes, 124and consumption, 97Pigou on, 278-9Trade restrictions, 338-9Trade, terms of, 263, 270, 334Trade unions, 16, 267, 301Transactions-motive to liquidity,see LiquidityTransfer taxes, 160Treasury bills as money, 167 n.Treatise on Money , 151 n.

“state of bearishness” and the“bull-bear” position in, 109169 n., 173-4

natural rate of interest in, 242-4treatment of money in, 167 n.,194-5

and period of production, 287savings and investment in, 60-61,74, 77-80

and surplus stocks, 70Trade Cycles in, 49-50, 123,

319

Treatise on Probability, 148 n.Uncertainty—

and propensity to consume, 94

and crises, 316

and expectation, 148

and rate of interest, 145 218-19

Uncertainty (contd .)—and liquidity-preference, 168, 182,201

and probability, 148 n.and elasticity of substitution ofmoney, 231

and quantity theory of money,208

Under-consumption, 324-7Douglas on, 370Hobson on, 364-71in Mandeville’s Fable of the Bees,359-62

in Mercantilist thought, 358-9Unemployment—

and authoritarian control, 381and State borrowing for reliefof, 251

and effective demand, Malthus on, 362-4

and gold standard, 348-9and future policy, 382and nature of money, 235and Protection, 334-5and negative saving, 109, 121in the United States , 9the Mercantilists on, 346-7,358-9

Unemployment, frictional—defined, 6; 15-16Pigou on, 278

Unemployment, involuntary, 6,22, 128, 289defined, 15

Pigou on, 5 n„ 7, 13, 190, 274-5Unemployment, voluntary, de-fined, 65 8, 16United States —

boom in 1928-9 in, 322-3, 327capital expansion and deprecia-tion in, 1924-9, 100propensity to consume and stock-market in, 319

financial crisis of 1932 in, 207employment and rate of interestin, 219

the multiplier in, 122, 128“New Deal ” and recovery in, 331-332

open market operations in, 197stock market in, 159-60, 172uniformity of opinion in, 159,172unemployment in 1932 in, 9wage policy in, 269

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