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Benjamin Graham on Buffer Stocks

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  • Woods, John E
Abstract
Surprisingly, Benjamin Graham, the acknowledged “Father of Value Investing”, considered his most important work to be the invention of the Commodity Reserve Currency Plan during the 1930s and 1940s. Previous studies of the Plan have overlooked the fact that, of its three main components (buffer stocks, price stability and currency–backing), Graham regarded the first as the most important and the other two as “secondary” or “subsidiary”. By focusing on the buffer–stock aspect, we demonstrate, first, the breadth and depth of Graham’s overall conception in terms of both micro– and macro-economics and, second, the considerable overlap with Keynes’s ideas developed around the same time, which are manifested particularly in their common conclusion that the inefficiency of commodity markets could be rectified only by government intervention. We also comment on Mehrling’s assessment of Graham as “not any kind of economist at all” (JHET, 2011).

Suggested Citation

  • Woods, John E, 2021. "Benjamin Graham on Buffer Stocks," OSF Preprints qdv3n, Center for Open Science.
    • Handle: RePEc:osf:osfxxx:qdv3n
    DOI: 10.31219/osf.io/qdv3n
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    References listed on IDEAS

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    1. Maria Cristina Marcuzzo & Eleonora Sanfilippo, 2016. "Keynes and the interwar commodity option markets," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 40(1), pages 327-348.
    2. Williams,Jeffrey C. & Wright,Brian D., 2005. "Storage and Commodity Markets," Cambridge Books, Cambridge University Press, number 9780521023399.
    3. Pasinetti,Luigi L., 2007. "Keynes and the Cambridge Keynesians," Cambridge Books, Cambridge University Press, number 9780521872270.
    4. Leanne J. Ussher & Armin Haas & Klaus Töpfer & Carlo C. Jaeger, 2018. "Keynes and the international monetary system: Time for a tabular standard?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 25(1), pages 1-35, January.
    5. Leanne Ussher, 2009. "Global Imbalances and the Key Currency Regime: The Case for a Commodity Reserve Currency," Review of Political Economy, Taylor & Francis Journals, vol. 21(3), pages 403-421.
    6. Kaldor, Nicholas [Lord], 1976. "Inflation and Recession in the World Economy," Economic Journal, Royal Economic Society, vol. 86(344), pages 703-714, December.
    7. Leanne Ussher, 2016. "International monetary policy with commodity buffer stocks," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 13(1), pages 10-25, April.
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    9. Moggridge, D E, 1992. "The," Journal of Economic Perspectives, American Economic Association, vol. 6(3), pages 207-209, Summer.
    10. Mehrling, Perry, 2011. "The Monetary Economics Of Benjamin Graham: A Bridge Between Goods And Money?," Journal of the History of Economic Thought, Cambridge University Press, vol. 33(3), pages 285-305, September.
    11. J. E. Woods, 2013. "On Keynes as an investor," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 37(2), pages 423-442.
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