¹ Report of the Royal Commission on Banking and Finance (Ottawa: Queen's Printer, 1964).Google Scholar

² Tarshis, Lorie, “Money and Credit, A Review Article,” American Economic Review, 06 1962.Google Scholar Tarshis gave to the Report of the CMC a B+ when judged by “competence up to the borders of knowledge reached two decades earlier” (p. 473).

³ Milton Friedman, “An Essay in Petitio Principii,” ibid., May 1962, 291.

⁴ Page references set out in this way are to the Report of the Royal Commission on Banking and Finance.

⁵ Slater, David W., “General Economic Policy in the Report of the Royal Commission on Banking and Finance,” Canadian Banker, Summer 1964, 7–22 Google Scholar; and “Economic and Financial Evolution in Canada,” ibid., Autumn 1964, 5–22.

⁶ Johnston, Harry G., “Monetary Theory and Policy,” The American Economic Review, 06 1962, 335–84Google Scholar; the quotation is from p. 364.

⁷ Gurley, J. G. and Shaw, E. S., Money in a Theory of Finance (Washington, 1960).Google Scholar