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2019-08-12 15:23:46
HAHN, L. Albert.
Volkswirtschaftliche Theorie des Bankkredits.
Tübingen: Verlag von J. C. B. Mohr (Paul Siebeck), 1920. Octavo (234 x 151 mm). Contemporary brown half cloth, spine lettered and ruled in gilt, patterned boards, marbled endpapers, edges sprinkled black. Swedish banking library stamp of Aktiebolaget Svenska Handelsbanken Studiebiblioteket to title page, pencilled note to final page asserting the same, neat pencil annotations throughout showing evidence of close reading. Contents toned; a very good copy. First edition, first impression, of "one of the most influential and certainly the most controversial book on monetary theory in the German language area" (Hagemann, p. 1). In challenging the orthodox view that credit represented a store of savings deposited with the banks by the public, Hahn (1889-1968) repositioned banks not simply as mediators between savers and investors but as creators of credit, setting forth the doctrine that "capital formation is not the result of saving but of the granting of credit". Schumpter recognises Hahn as the first to propose a complete theory of credit creation, but explains that "one reason why this book left so many economists unconvinced was, however, the fact that the theory of bank credit there presented was wedded to certain highly optimistic views about the possibility of achieving permanent prosperity, which prejudiced some economists against its essential achievement" (p. 1116). One of the most highly regarded economists and bankers in Germany before the Second World War, Hahn became best-known for his anti-Keynesian book of collected essays, The Economics of Illusion (1949). See … [Click Below for Full Description]
Bookseller: Peter Harrington. ABA/ ILAB. [London, United Kingdom]

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