Preface to the Second Edition

THE second edition is a reprint of the first with the following changes:—

For corrections of misprints and various helpful criticisms of the first edition I am under great obligations to a number of friends and correspondents and particularly to Major W. E. McKechnie, of the Indian Medical Service, Etawah, United Provinces, India; Professor Warren M. Persons, Colorado College, Colorado Springs, Colo.; Mr. J. M. Keynes, Editor, Economic Journal, Kings College, Cambridge; Carl Snyder, author, New York City; James Bonar, Deputy Master of the Royal Mint, Ottawa, Canada; Professor Allyn A. Young, Washington University, St. Louis, Mo.; Professor Stephen Bauer, Director, International Office of Labor Legislation, Basle, Switzerland; Professor Wesley Clair Mitchell, New York City; Professor O. M. W. Sprague, Harvard University.

I have endeavored to avoid disturbing the plates of the first edition more than was absolutely necessary. Otherwise I should have been glad to incorporate some changes to make use of some valuable but general criticisms. In particular I should have liked to modify somewhat the statement of the theory of crises in Chapter IV and in Chapter XI to make use of the helpful criticism of Miss Minnie Throop England, of the University of Nebraska, in The Quarterly Journal of Economics, November, 1912; also to meet a criticism of Mr. Keynes' to the effect that, while my book shows that the changes in the quantity of money do affect the price level, it does not show how they do so. To those who feel the need of a more definite picture of how the price level is affected by a change in the quantity of money I refer the reader to my Elementary Principles of Economics, pages 242-247, and to other writers on this subject, particularly Cairns.