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Books > History > History of specific subjects > Economic history
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Economic Theory of Bank Credit (Hardcover)
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Economic Theory of Bank Credit (Hardcover)
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L. Albert Hahn published the first edition of the Economic Theory
of Bank Credit in 1920 and a radically revised third edition in
1930. Economic Theory of Bank Credit is a clear exposition of a
theory of credit and stands in the tradition of Harley Withers,
Henry Macleod, and Knut Wicksell. A theory of credit recognizes
that banks are not only intermediaries of savings but in fact
create money themselves. This idea is paired with a detailed
account of the technical processes of the banking sector. In Part
Two, Hahn provides an economic account of the effects of credit
creation on the economy: banks vary their credit creation activity
for various reasons and cause fluctuations in overall economic
activity. Hahn therefore develops a monetary theory of the business
cycle in the spirit of Schumpeter. The first and third editions
draw different conclusions about central bank policy. The first
edition is optimistic that an ever-lasting boom could be achieved,
whilst the third edition sees the core function of central bank
policy as smoothing economic fluctuations. This edition, translated
into English for the first time, enables the reader to revisit this
classic contribution to monetary theory. It features a complete
translation of the first edition, key elements of the third
edition, and a new introduction by Professor Harald Hagemann.
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