The Purchasing Power of Money: Its' Determination And Relation to Credit Interest And Crises

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Cosimo, Inc., May 1, 2006 - Business & Economics - 528 pages
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Of all wealth, man himself is a species. Like his horses or his cattle, he is himself a material object, and like them, he is owned: for if slave, he is owned by another, and if free, by himself. But though human beings may be considered as wealth, human qualities, such as skill, intelligence, and inventiveness, are not wealth. Just as the hardness of steel is not wealth, but merely a quality of one particular kind of wealth, -hard steel, -so the skill of a workman is not wealth, but merely a quality of another particular kind of wealth-skilled workman. Similarly, intelligence is not wealth, but an intelligent man is wealth. -from "Chapter I: Primary Definitions" Perhaps America's first celebrated economist, Irving Fisher-for whom the Fisher equation, the Fisher hypothesis, and the Fisher separation theorem are named-staked an early claim to fame with his revival, in this 1912 book, of the "quantity theory of money." An important work of 20th-century economics, this work explores: the circulation of money against goods the various circulating media the mystery of circulating credit how a rise in prices generates a further rise influence of foreign trade on the quantity of money the problem of monetary reform and much more. AUTHOR BIO: American economist IRVING FISHER (1867-1947) was professor of political economy at Yale University. Among his many books are Mathematical Investigations in the Theory of Value and Prices (1892), The Rate of Interest (1907), Why Is the Dollar Shrinking? A Study in the High Cost of Living (1914), and Booms and Depressions (1932).
 

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Contents

The general reader will be chiefly interested
1
Circulation of money against goods
6
exclusively to mathematical economists for whom the chief
7
PURCHASIBS POWBB OF MOMET AS REAATBT TO XHB EjCrA
8
The equation of exchange arithmetically expressed
14
The equation of exchange mechanically expressed
21
Conclusion and illustrations
28
1 The mystery of oironlating credit
38
Practical restrictions
226
Statistical Verification General Historical Bbtihw 284
234
Early American paper money
258
Deposit currency and crises
265
Summary
274
Statistical Verification Recent Years
278
New estimates for M and W 18961909
280
Summary
281

The revised equation of exchange
47
Tardiness of interest adjustment to price movements
58
Extent of disturbances in equation v
64
Completion of the credit oyele 87
72
V Immjuscx Ikflbbnces ok Pcbckasmo Power
74
Influences on the volume of deposits subject to check
88
Iwdibbct Influences Continued
90
Inftaence of melting and minting on the quantity of money
98
Mechanical illustration of these influences
104
INFLUENCE OF MONETARY SYSTEMS OS PURCHASING p0WEB
112
S Cases when bimetallism fails after production overtakes con
120
The limping standard the goldexchange standard
127
0 Lessons of French experiment
135
16 Bimetallism in Prance 182
140
General description of system in the United States
143
Influence of Quantity of Money and Othek Factors
149
Effects of a change in money if Quantity theory in causal
157
Effects of changes in velocities of circulation Fand V
164
Distinction between causation of individual prices and
174
9 Summary
181
The Dispersion of Prices makes necessary an Immsx
184
Consequently other prices must overrespond
190
CHAPTER X
198
An index number as a standard of deferred payments
208
Deferred payments based on total exchanges
217
New estimates for MV and V 18961909
286
Correcting discrepancies
298
running page headings have been constructed with espe
306
Influence of antecedent causes such as tariffs etc 811
315
THB PBOBXiKM OF MAKING PURCHASING POWER MORE STABLE
319
The problem of monetary reform 819
323
whole and it is hoped that as many as possible of those
324
4 The tabular standard 382
335
Appendix to Chapter II 849
349
to Ch II 5 Arrays atps Q wdpQs 365
358
to Ch II 5 Algebraic demonstration of equation of
364
Appmdix to Chapter V
370
to Ch V 5 Effect of time credit on equation of exchange 870
371
to Ch VII 2 Money substitutes unlike other substitutes
378
Appendix to Chaptbb VIII
379
Apmmtoix to Chapwb X
385
The writers proposal
387
Summary and conclusion 848
408
Appendix to Chapter XII
430
to Ch XII 1 Professor Kemmererts calculation 480
432
to Ch XII 3 Method of calculating WV for 18971908
446
to Ch XII 4 Application of formula to calculations
460
to Ch XII 4 Interpolating Values of Ffor 18971008
477
to Ch XII 6 Method of calculating P
486
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About the author (2006)

Irving Fisher (1867-1947) was one of America's most celebrated economists. Although not widely remembered outside of economics, within it he has increasingly become considered a giant of the profession. (Dalls Federal Reserve)

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