The Fundamental Problem in Monetary Science
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In our eReader you can find the full English version of the book. Read The Fundamental Problem in Monetary Science Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book The Fundamental Problem in Monetary Science
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p. 110 ; similarly again pp. 131-2.
VARYING ECONOMISTS 157 that the gold discoveries had "a considerable effect in reversing the previous course of prices,"* by throwing the greater cheapening of production on the side of gold. At this time also he considered this reversion a temporary accident, and afSrmed that "the normal course of prices in the present progressive state of things is downward," the improvements in production falling naturally more upon commodities in general than upon the pre...cious metals. t In other words, he expected that in the future the exchange-value of gold and silver, articles produced with decreasing returns, would nor- mally rise, or appreciate. On account of this variability of the exchange -value of the precious metals, he con- sidered them imperfect instruments to serve as the standard of value in deferred payments and as the store of value, and desired that these functions of money should be separated from its functions as a medium of exchange and as a measure of contemporary values.!
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You can find similar books in the "Read Also" column, or choose other free books by Correa Moylan Walsh to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
p. 110 ; similarly again pp. 131-2.
VARYING ECONOMISTS 157 that the gold discoveries had "a considerable effect in reversing the previous course of prices,"* by throwing the greater cheapening of production on the side of gold. At this time also he considered this reversion a temporary accident, and afSrmed that "the normal course of prices in the present progressive state of things is downward," the improvements in production falling naturally more upon commodities in general than upon the pre...cious metals. t In other words, he expected that in the future the exchange-value of gold and silver, articles produced with decreasing returns, would nor- mally rise, or appreciate. On account of this variability of the exchange -value of the precious metals, he con- sidered them imperfect instruments to serve as the standard of value in deferred payments and as the store of value, and desired that these functions of money should be separated from its functions as a medium of exchange and as a measure of contemporary values.!
What to read after The Fundamental Problem in Monetary Science?
You can find similar books in the "Read Also" column, or choose other free books by Correa Moylan Walsh to read onlineMoreLess
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