Selections Illustrating Economic History Since the Seven Years' War by Benjamin RandSelections Illustrating Economic History Since the Seven Years' War by Benjamin Rand

Selections Illustrating Economic History Since the Seven Years' War

byBenjamin Rand

Paperback | February 7, 2012

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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.1911 Excerpt: ... X. THE NEW GOLD. From Cairnes' Essays In Political Economy.1 Essay Ii.--the Course Of Depreciation. NO one, I think, who has attended to the discussions occasioned by the recent gold discoveries, can have failed to observe, on the part of a large number of those who engage in them, a strange unwillingness to recognize, among the inevitable consequences of those events, a fall in the value of money. I say, a strange unwillingness, because we do not find similar doubts to exist in any corresponding case. With respect to all other commodities, it is not denied that whatever facilitates production promotes cheapness; that less will be given for objects when they can be attained with less trouble and sacrifice. It is not denied, for example, that the steam-engine, the spinning-jenny, and the mule have lowered the value of our manufactures; that railways and steamships have lessened the expense of travelling, or that the superior agricultural resources of foreign countries, made available through free-trade, keep down the price of our agricultural products. It is only in the case of the precious metals that it is supposed that a diminution of cost has no tendency to lower value, and that, however rapidly supply may be increased, a given quantity will continue to command the same quantity of other things as before. Among persons unacquainted with economic science, the prevalence of this opinion is doubtless principally due to those ambiguities of language, and consequent confusion of ideas, with which our monetary phraseology, unfortunately, i London: McMillan and Co., 1873. abounds, many of which tend to encourage the notion of some peculiar and constant stability in the value of the precious metals. Thus, the expression " a fixed price of gold" has led some peop...
Title:Selections Illustrating Economic History Since the Seven Years' WarFormat:PaperbackDimensions:224 pages, 9.69 × 7.44 × 0.47 inPublished:February 7, 2012Publisher:General Books LLCLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0217046614

ISBN - 13:9780217046619

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