The Evolution of Money

Paperback | February 5, 2012

byPercy Kinnaird

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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. 1909. Excerpt: ... NTELLIGENCE has been endeavoring for a century to analyze this change from the use of concrete intrinsic-value objects, as standards of value, and, therefore, standards of payment, to the use of paper representatives of the "words of the Money of Account" which, though they have no intrinsic-value, are used in practice, if not in law, as the standards of payment. The idea that value was a concretion, and might only be implied in the physical properties of gold and silver, has always obtained. The idea that value might be the number of units of labor involved, and when a man priced the result of his labor that he subconsciously stated his estimate of the number of labor units he had expended, has never been realized, or, if realized, has never been acknowledged. The idea that value was, or could be, anything other than gold and silver, and that the value of other things could be anything other than the amount of gold and silver they would exchange for, has never been admitted, and seems to be incomprehensible to financial intelligence. The idea that value is a concept, and that "words," used to express those concepts, convey only ideas of man's judgment as to the number of units of labor involved; and when things are exchanged, they are, and can be, justly exchanged only by a comparison of and agreement as to the number of labor units expended on each, is metaphysically, economically, and scientifically true. When products are offered in exchange it is necessary to determine and agree as to the number of labor units in each, before the relation between the products can be ascertained--and this relation is determined so soon as there is mutual agreement as to the price of the products. If the units of labor in one are 5 and in the other 10, it is expressed ...

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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. 1909. Excerpt: ... NTELLIGENCE has been endeavoring for a century to analyze this change from the use of concrete intrinsic-value objects, as sta...

Format:PaperbackDimensions:50 pages, 9.69 × 7.44 × 0.1 inPublished:February 5, 2012Publisher:General Books LLCLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0217890180

ISBN - 13:9780217890182

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