Edwin Cannan vs Credit Creationism
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That banks couldn't lend more than they had, as had once been generally understood, and that the old bankers' saying that "every bank loan creates a deposit" had been misunderstood. All it meant was that a bank loan would encourage an expansion of business activity, which would bring in more deposits.Judge for yourself:http://www.theoryandpractice.org.uk/library/meaning-bank-deposits-edwin-cannan-1921It wouldn't be surprising since Cannan was one of Hardy's professors at the LSE.
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