The Relation of Custom to Price

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University of Wisconsin--Madison, 1918 - Prices

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Page 244 - Competition, in fact, has only become in any considerable degree the governing principle of contracts, at a comparatively modern period. The farther we look back into history, the more we see all transactions and engagements under the influence of fixed customs. The reason is evident. Custom is the most powerful protector of the weak against the strong ; their sole protector where there are no laws or government adequate to the purpose.
Page 92 - It is true in the sense that one of the normal effects of an increase in the quantity of money is an exactly proportional increase in the general level of prices.
Page 121 - Custom is the most powerful protector of the weak against the strong ; their sole protector where there are no laws or government adequate to the purpose. Custom is a barrier which, even in the most oppressed condition of mankind, tyranny is forced in some degree to respect.
Page 30 - ... choice a chance to pass upon it at all. If the simpler phases of valuation, those that relate to the personal aims of the individual, are usually subconscious, much more is this true of the larger phases which relate to the development of complex impersonal wholes. It is quite true that there are "great social values whose motivating power directs the activities of nations, of great industries, of literary and artistic 'schools...
Page 23 - Custom is general practice, judicially noticed without proof. Usage is the fact. Custom is the law. There may be usage without custom, but there can be no custom without usage to accompany or precede it. Usage consists of a repetition of acts. Custom arises out of this repetition.
Page 98 - There is, then, a relation of convenience and custom between checks and cash circulation, and a more or less stable ratio between the...
Page 159 - If in the scarcity or excessive plenty which prevails, as the case may be, there are several kinds of the same article, which ordinarily stand in a certain ratio to each other, and can be used interchangeably, the rise of price is greatest, in the event of a scarcity, in what has been heretofore the cheapest form, and conversely in a time of oversupply the greatest fall is in what has hitherto been the dearest.
Page 107 - ... the subject it is proper to notice the novel theory advanced by Prof. Laughlin, in his recent book, to which reference has already been made, according to which a prominent factor in the recent depreciation of silver is the natural preference which men have for gold over silver. To quote his words, " Monetary history reveals in every modern commercial country a prejudice in favor of gold as against silver. . . . The world of commerce, whatever the reason may be, believes in gold. . . . Gold satisfies...
Page 125 - But the person practising any one of these hereditary employments is really a servant of the community as well as one of its component members. He is sometimes paid by an allowance in grain, more generally by the allotment to his family of a piece of cultivated land in hereditary possession. Whatever else he may demand for the wares he produces, is limited by a customary standard of price, very rarely departed from.
Page 158 - The price of any article in demand, but at present in defect, rises in price by a different ratio from that indicated by the ascertained amount of the deficiency; and e...

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