The Value of Money |
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Common terms and phrases
abstract amount average bank reserves bank-credit bankers banks barter billions bonds brokers capital value capitalization theory causal causes chapter checks deposited circulation coin commercial paper commodity cost discussion doctrine Dodo-Bones dollars dynamic economic value effect equation of exchange equilibrium explain fact factors functions of money give given gold Gresham's Law important income increase individual infra Kemmerer Kinley's figures labor less March 16 marginal utility means medium of exchange money and credit money market money-rates nomic notion present price-level problem production Professor Fisher psychological quantity of money quantity theory ratio relation reserves retail rise saleability social value speculation static theory stock exchange supply and demand tend theory of value things tion transactions trust companies utility theory value of money value theory velocity velocity of money volume of trade wealth wheat wholesale writer York City York clearings
Popular passages
Page 563 - 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 19 - 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 56 - 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 563 - 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 286 - 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 564 - 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 588 - The Bank of England; The Bank of France; The Bank of Germany...
Page 251 - 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 182 - It is not, however, with ultimate or average, but with immediate and temporary prices, that we are now concerned. These, as we have seen, may deviate very widely from the standard of cost of production. Among other causes of fluctuation, one we have found to be, the quantity of money in circulation. Other things being the same, an increase of the money in circulation raises prices, a diminution lowers them.
Page 114 - In short, the quantity theory asserts that (provided velocity of circulation and volume of trade are unchanged) if we increase the number of dollars, whether by renaming coins, or by debasing coins, or by increasing coinage, or by any other means, prices will be increased in the same proportion. It is the number, and not the weight, that is essential.