Edwin Cannan

The Meaning of Bank Deposits - Edwin Cannan (1921)

I HOPE I am not succumbing to the fashion of supposing a golden age in the past, but I cannot help thinking that the nature and functions of deposit banking were much better understood forty years ago than they are now. We had not then become convinced that nothing in economics can be both simple and true, and the young were taught that the theory of deposit banking was very simple.

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