Three lectures on the value of money

כריכה קדמית
B. Fellowes, 1840 - 84 עמודים
 

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עמוד 6 - ... the whole of the money ; and that this tenth, " &c. will be a great quantity or small, exactly in " proportion as the whole quantity of the money " in the country is great or small. If this were " the state of the facts, therefore, it is evident " that the value of money would depend wholly
עמוד 21 - The quantity wanted will depend partly on the cost of producing gold, and partly on the rapidity of its circulation. The rapidity of circulation being given, it would depend on the cost of production : and the cost of production being given, the quantity of money would depend on the rapidity of its circulation...
עמוד 5 - It is not difficult to perceive that it is the total quantity of the money in circulation in any country which determines what portion of that quantity shall exchange for a certain portion of the goods or commodities of that country. It is the proportion between the circulating money and the commodities in the market which determines the price.
עמוד 11 - Briefly, it may be said to depend, first, on the proportion to his income of his purchases and sales for money ; and secondly, on the rapidity with which they succeed one another: but such a statement is too concise to be intelligible without further explanation. Exchange, as it is the principal cause, is also one of the principal effects of improvement.
עמוד 30 - Our principal object in this discussion has been to show, that the value of money, in so far as it is decided by intrinsic causes, does not depend permanently on the quantity of it possessed by a given community ; or on the rapidity of its circulation, or on the prevalence of exchanges, or on the use of barter or credit, or, in short, on any cause whatever excepting the cost of its production.
עמוד 6 - If this were the state of the facts, therefore, il is evident that the value of money would depend wholly upon the quantity of it. ' It will appear that the case is precisely the same in the actual state of the facts. The whole of the goods of a country are not exchanged at once against the whole of the money ; the goods are exchanged in portions, often in very small portions, and at different times, during the course of the whole year. The same piece of money which is paid in one exchange to-day...
עמוד 7 - ... if each performs ten different exchanges to effect " one exchange of all the goods, the value of all " the goods in the country is equal to ten times " the value of all the money. " This, it is evident, is a proposition universally " true. Whenever the value of money has either " risen or fallen (the quantity of goods against " which it is exchanged, and the rapidity of " circulation, remaining the same,) the change " must be owing to a corresponding diminution " or increase of the quantity,...
עמוד 6 - ... paid in one exchange to-day may be paid in another exchange to-morrow. Some of the pieces will be employed in a great many exchanges, some in very few, and some, which happen to be hoarded, in none at all. There will, amid all these varieties, be a certain average number of exchanges, the same which, if all the pieces had performed an equal number, would have been performed by each ; that average we may suppose to be any number we please; say, for example, ten. If each of the pieces of the money...
עמוד 8 - Mr. Mill does not say in so many words that the value of money is decided by causes differing from those which decide the value of other commodities. But such is in fact the result of the statement which I have just [quoted], if it be compared with his section on exchangeable value. In that section he states that the relative value of commodities, in other words, the quantity of one which exchanges for a given quantity of another, depends entirely upon cost of production. He does not mention rapidity...

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