Three generations of economists have recognised that certain influences produce a progressive and continuing change in the value of money, that others produce in it an oscillatory movement, and that the latter act cumulatively in their initial stages but produce the conditions for a reaction after a certain point. But their investigations into the oscillatory movements have been chiefly confined, until lately, to the question what kind of cause is responsible for the initial impetus. Some have been fascinated by the idea that the initial cause is always the same and is astronomically regular in the times of its appearance. Others have maintained, more plausibly, that sometimes one thing operates and sometimes another. It is one of the objects of this book to urge that the best way to cure this mortal disease of individualism is to provide that there shall never exist any confident expectation either that prices generally are going to fall or that they are going to rise; and also that there shall be no serious risk that a movement, if it does occur, will be a big one. If, unexpectedly and accidentally, a moderate movement were to occur, wealth, though it might be redistributed, would not be diminished thereby. To procure this result by removing all possible influences towards an initial movement, whether such influences are to be found in the skies only or everywhere, would seem to be a hopeless enterprise. The remedy would lie, rather, in so controlling the standard of value that, whenever something occurred which, left to itself, would create an expectation of a change in the general level of prices, the controlling authority should take steps to counteract this expectation by setting in motion some factor of a contrary tendency. Even if such a policy were not wholly successful, either in counteracting expectations or in avoiding actual movements, it would be an improvement on the policy of sitting quietly by, whilst a standard of value, governed by chance causes and deliberately removed from central control, produces expectations which paralyse or intoxicate the government of production. * * * * *