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History of Economic Analysis part 71

History of Economic Analysis part 71. At the time of his death in 1950, Joseph Schumpeter-one of the major figures in economics during the first half of the 20th century-was working on his monumental History of Economic Analysis. A complete history of humankind's theoretical efforts to understand economic phenomena from ancient Greece to the present, this book is an important contribution to the history of ideas as well as to economics. | History of economic analysis 662 fundamental futility of any such discussion does not exclude the possibility that participants learn and produce valuable results thereby. 5 See Cannan s edition mentioned above The Paper Pound of 1797-1821 . England had been on a gold standard when restriction was decreed in 1797. Within a few years a strong political current set in that was to carry her toward the legal adoption of it 1816 and eventually toward the resumption of specie payments at the prewar par Peel s Resumption Act of 1819 actual resumption 1821 .6 The possibilities of continuing the paper regime of the war the course recommended by Lord Keynes in 1923 or of adopting bimetallism or the silver standard were advocated but not seriously considered. It should be mentioned however that Ricardo s Plan according to which the monetary metal should not enter into hand-to-hand circulation but be held by the Bank for the purpose of redeeming notes not in coin but in ingots of bullion was actually embodied in the Resumption Act of 1819 though meeting with complete indifference on the part of the public and with little favor on the part of the Bank the relevant permissive clauses did not become operative. Resumption impinged upon a depressive situation. Postwar readjustments were in any case bound to cause difficulties particularly in the agrarian sector. Not only the inevitable fall of prices from the war peak though the exact dates and figures given by Silberling have been criticized there is little doubt that the price level by 1819 had fallen by something like 30 per cent in about five years but also the adaptation of production to entirely new situations presented problems of the kind which it always takes a depression to straighten out. In addition there was the fact realized by many but not all the experts that the prospects of gold production were distinctly unfavorable. Finally however there was something else which these experts just as the experts of 1918 entirely