The stock market crash - and after

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Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XII. Relief in Seven Years of Stable Money

Collection:: Economics Books

CHAPTER XII RELIEF IN SEVEN YEARS OF STABLE MONEY A major reason why expected earnings of cor- porations should now bulk larger than they did a few years ago, as reflected in the high price levels of stocks, is that since 1922 the United States has had a comparatively stable level of commodity prices, that is, a stable dollar. We have had seven years of stable purchasing power, such as has never existed before in this coun- try. The influence of this factor, while potent, is subtle and generally overlooked. Through what I have called the “money illusion,” the business man generally does not know when the dollar does change, much less does he realize when the dollar does not change. But the harm from the change and the good from the lack of change are very real and powerful. Like the influence of peace as distinct from war, any stability of commodity prices which makes the calcu- lation of the business man, in terms of dollars and cents, more safe than when the purchasing power of the dollar is constantly changing, results in prosper- ous conditions, bigger earnings, better prospects, and a higher price level of securities. Qs

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