Open AccessP. R. Brahmananda. Money, Income, Prices in 19th Century India. Mumbai: Himalaya Publishing House, 2001. 744 pages. Hardbound. Indian Rs 1800.00.
Author(s) -
Fazal Husain
Publication year - 2001
Publication title -
pakistan development review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.154
H-Index - 26
ISSN - 0030-9729
DOI - 10.30541/v40i3pp.239-241
Subject(s) - currency , economics , money supply , viewpoints , narrative , period (music) , economy , work (physics) , macroeconomics , keynesian economics , monetary economics , classical economics , monetary policy , economic history , literature , mechanical engineering , art , engineering , visual arts , physics , acoustics
Money, income, and prices are important macroeconomicvariables that play a crucial roles in an economy. The trends in moneysupply, movements in prices, changes in nominal and real income, as wellas their interrelationships affect the economic life and well-being of anation. The compilation of data on these magnitudes over long periods oftime along with the supporting analysis is what constitutes monetaryhistory. The present book by P. R. Brahmananda has carried out such anexercise for India. In presenting the monetary history of India, theauthor has kept the pioneering work of Milton Friedman and Anna Shwartzas a model for his work, and has comprehensively treated the 19thcentury events and experiences of the then Indian Subcontinent in themonetary and related areas. In the process, more than 200 time series ofdifferent variables have been brought together. The book not onlycontains a narrative account including the summary of the variousviewpoints before the currency committees, and a detailed chronology ofthe period, but also examines the pros and cons of the variouscontroversies of that period. Moreover, it subjects the empiricalevidence to econometric testing of several important hypotheses of themodern-day monetary theory.