Money

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Monograph

Identifikator:: 1819853969

URN:: urn:nbn:de:zbw-retromon-207464

Document type:: Monograph

Author:: Cannan, Edwin http://d-nb.info/gnd/118666916

Title:: Money

Edition:: 6. ed.

Place of publication:: [London]

Publisher:: King

Year of publication:: 1929

Scope:: XII, 120 Seiten

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part I. General principles

Collection:: Economics Books

MEASUREMENT OF VALUE 5 the conclusion of peace they return home to find that a field belonging to Smith has been used for training recruits in trench warfare. F ormerly it was flat and level with the surrounding fields, now the digging and mining have made it into something like a model of Switzerland. Smith is informed by a friend (who does not want his name mentioned) and believes, that Jones’ father, the only haulier in the village, has taken advantage of its disturbed condition to carry away many loads of gravel from it. He tells this to Jones, who replies indignantly *“ Father would never do a thing like that,” and points out that if so much gravel had been removed, the general level of the ground would have been perceptibly reduced. Smith and Jones go together to look at the ground, and to Smith’s eye the field seems on the whole very decidedly lower—*“ about two feet,” he guesses. Jones is led by bias in favour of Jones senior to think there is no difference, and draws Smith’s attention to the par- ticularly high parts of the ground : Smith in return points to the biggest depressions. To settle the question, they agree to run a level line of rods across the field sufficiently high to clear the hills and measure down from it at frequent fixed intervals, say every two yards, to the present surface. This done, they find that the average of all the measurements indi- cates a level of 10 inches below the old level. This is a blow to Jones, but not so much as Smith expected, so the two agree that this result “is not sufficient to go by,” and take another line across the field ; this shows an average fall of 8 inches, and averaged with the first line, ) inches. Both being still dissatisfied, they take fo ™ + lines which give as their results falls of 13, _.ua!_ inches. The average for the whole of the me2c rements is now 9, and both Smith and Jones see that more measurements will make very little difference. Smith is willing to admit that the

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