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The Keynesian Revolution in the Making, 1924–1936$
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Peter Clarke

Print publication date: 1990

Print ISBN-13: 9780198202196

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198202196.001.0001

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Rigid doctrines and flexible prices

Rigid doctrines and flexible prices

(p.28) 2 Rigid doctrines and flexible prices
The Keynesian Revolution in the Making, 1924–1936

Peter Clarke

Oxford University Press

The case for balanced budgets, for the Gold Standard, and for Free Trade had a clear economic consistency. In particular, each rested upon the premise that the economy was self-righting if only a process of adjustment which depended upon the flexibility of prices was allowed to run its course. It was, however, upon the moral plane that these precepts achieved full communion, as different expressions of the nostrum that the principles of sound finance had to be immutable and ‘knave-proof’. This conception is open to subversion by the Tract's view that in ‘the realm of State action, everything is to be considered and weighed on its merits’.

Keywords:   budgets, economy, prices, finance, free trade

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