Elementary Principles Of Economics; Together With A Short Sketch Of Economic History

Paperback | February 3, 2012

byRichard Theodore Ely

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907. Excerpt: ... CHAPTER IV MONEY Having discussed at length the fundamental principles on which exchange and value rest, we pass naturally to consider the nature of the complex mechanism by which exchange is effected. At the very centre of this mechanism stands money, the medium of exchange. We have already in our historical study explained how from the custom of making gifts men passed to regular exchange by barter, and how from barter everywhere grew up the regular use of some one thing or some few things as means of making exchanges. With the handicraft stage men had come to use the precious metals for this purpose, and money, in the modern sense of the word, thus became a regular institution. The Definition of Money.--But what is money? When we come to define the word, we find that usage is by no means uniform. It is often convenient to use the popular meaning of the term, according to which money is anything that passes freely from hand to hand, as a medium of exchange, and is generally received in final discharge of debts. But there is a narrower conception based upon the functions which money fulfils in the modern economy. In the first place, (1) we find that money everywhere serves as a medium of exchange. This, the first function to be developed, is everywhere the principal function of all kinds of money. Our present civilization would be impossible without money as a medium of exchange. Without such a medium, a man with a horse who wanted a coat would be obliged to hunt for a tailor who wanted a horse, and even after finding him, he might be unable to effect an exchange owing to the inequality in values of the things to be exchanged. In the second place, (2) we find that money serves directly and immediately as a measure of values. It is frequently said that mo...

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907. Excerpt: ... CHAPTER IV MONEY Having discussed at length the fundamental principles on which exchange and value rest, we pass naturally to ...

Format:PaperbackDimensions:106 pages, 9.69 × 7.44 × 0.22 inPublished:February 3, 2012Publisher:General Books LLCLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0217470033

ISBN - 13:9780217470032

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