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Studies In An Inflationary Economy

The world in which we live is so incredibly complicated that if we are to try to reach any practical conclusions on economic matters we have to make the most drastic simplifications in the picture it presents. While to begin with we probably use other people’s simplifications, as time goes on we find that, in attempting to reach practical conclusions, we are making use of simplifications which differ, in greater or less degree, from those used by others.

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F . W . Paish

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Paṇavīkka poruḷātārattil āyvukaḷ


Macmillan & Co Ltd

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A number of the essays on current affairs included in this volume have been based in this way on my own simplification of the way in which the monetary system works. I have been using this as a basis of thinking for so long that I find it very difficult to remember how much of it I have borrowed from others and how much I have invented for myself. It certainly bears a considerable resemblance to that used by Professor A. W. Phillips in constructing his analogue machine. While, however, I am certainly indebted to Professor Phillips for giving precision to some of my ideas, I think that even before I knew of his work I must have been thinking along the same general lines, for I find no inconsistency between the model here described and my earlier articles, especially the article on Cheap Money Policy’ originally published in 1947. Some of its details, I have nowhere yet had the opportunity of explaining the model as a whole. I do so here in the hope partly that I may thereby make some of the following essays more intelligible to those whose approach is different from my own, and partly that it may prove helpful to some in making their own appreciations of the real world.


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