The Value of Money

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Macmillan, 1917 - Money - 610 pages
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Page 587 - All rights tend to declare themselves absolute to their logical extreme. Yet all in fact are limited by the neighborhood of principles of policy which are other than those on which the particular right is founded, and which become strong enough to hold their own when a certain point is reached.
Page 25 - But value dwells not in particular will ; It holds his estimate and dignity As well wherein 'tis precious of itself As in the prizer...
Page 66 - I sometimes think that if I were to write the chapter on value again which is in my book, I should acknowledge that the relative value of commodities was regulated by two causes instead of by one, namely, by the relative quantity of labour necessary to produce the commodities in question, and by the rate of profit for the time that the capital remained dormant, and until the commodities were brought to market.
Page 587 - The boundary at which the conflicting interests balance cannot be determined by any general formula in advance, but points in the line, or helping to establish it, are fixed by decisions that this or that concrete case falls on the nearer or farther side.
Page 302 - It has been asserted, in substance, that though an increase in the productivity of one orchard would not appreciably affect the total productivity of capital, and hence would not appreciably affect the rate of interest, yet if the productivity of all the capital of the world could be doubled, the rate of interest would be doubled. It is true that doubling the productivity of the world's capital would not be entirely without effect upon the rate of interest; but this effect would not be in the simple...
Page 588 - And yet again the extent to which legislation may modify and restrict the uses of property consistently with the Constitution is not a question for pure abstract theory alone. Tradition and the habits of the community count for more than logic.
Page 285 - ... expectation of supply, are the true causes of almost all speculations and of almost all fluctuations of price ; but in order to bring about the chronological agreement required by their theory, between the variations of bank issues and those of prices, they have played such fantastic tricks with facts and dates as would be thought incredible, if an eminent practical authority had not taken the trouble of meeting them, on the ground of mere history, with an elaborate exposure. I refer, as all...
Page 285 - Tooke's investigations was thus stated by himself, in his examination before the Commons Committee on the Bank Charter question in 1832 ; and the evidences of it stand recorded in his book : " In point of fact, and historically, as far as my researches have gone, in every signal instance of a rise or fall of prices, the rise or fall has preceded, and therefore could not be the erfect of, an enlargement or contraction of the bank circulation...
Page 265 - Since all trade is in reality barter, money being a mere instrument for exchanging things against one another, we will, for simplicity, begin by supposing the international trade to be in form, what it always is in reality, an actual trucking of one commodity against another.
Page 281 - M' relatively to M ; as a country grows more commercial the need for the use of checks is more strongly felt.1 As to effects on velocity of circulation, we may distinguish three cases. The first is where the change in volume of trade corresponds to a change in...

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