By Friedrich August Hayek
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Extra info for Denationalisation of Money - The Argument Refined (Hobart Paper Special)
The cash balance approach . For the problems discussed in this Paper we certainly require a more generally applicable tool. It is fortunately available in the form of a theory which is more satisfactory even for dealing with the simpler situations: the cash balance approach deriving from Carl Menger, Leon Walras and Alfred Marshall. It enables us not merely to explain the ultimate effect of changes in 'the quantity of money' on 'the' general price level, but also to account for the process by which changes in the supplies of various kinds of money will successively affect different prices.
The amount required of any currency will always be that which can be issued or kept in circulation without causing an increase or decrease of the aggregate (direct or indirect) price of the 'basket' of commodities sup posed to remain constant. This rule will satisfy all legitimate demands that the variable 'needs of trade' be satisfied. And this will be true in so far as the stated collection of goods can be bought or sold at the stated aggregate price, and the absorption or release of currency from cash balances does not interfere with this condition.
LF'CiJ4i .. "'I -, \ ii', "~,I, ' I , I I' , 'I I I i' 1'1 I a standard set of wholesale prices of commodities to treat as the standard of value in which they would prefer to have their currencies kept constant. A few banks that had established wide circulation by accommodating this preference, and issued currencies of different denominations but with roughly constant rates of exchange with one another, might continue to try and refine the precise composition of the standard 'basket' of commodities whose price they tried to keep constant in their currency.!