I have found it necessary to warn the reader from time to time that a certain result would necessarily follow from a certain policy “provided there is no inflation.” In the chapters on public works and on credit I said that a study of the complications introduced by inflation would have to be deferred. But money and monetary policy form so intimate and sometimes so inextricable a part of every economic process that this separation, even for expository purposes, was very difficult; and in the chapters on the effect of various government or union wage policies on employment, profits, and production, some of the effects of differing monetary policies had to be considered immediately.