Les questions fondamentales du marxisme

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Monograph

Identifikator:: 1819912523

URN:: urn:nbn:de:zbw-retromon-208152

Document type:: Monograph

Title:: Das Problem der Wirtschaftsdemokratie

Edition:: 2. Aufl.

Place of publication:: Düsseldorf

Publisher:: Industrie-Verl.

Year of publication:: [1929]

Scope:: 186 S.

Digitisation:: 2022

Collection:: Economics Books

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124 POLITICAL ECONOMY time ; and there is no reason to suppose that rapidity of circulation will be affected by variations in the supply of coins. Moreover, it is apparent that the quantity of exchanging which each unit of money will effect in any one transaction must depend on the quantity of exchanging to be done. The agency intended to be employed in carrying out exchanges is used up, and just used up, in carrying them out, owing to competition on the part of people possessing money with which they intend to make purchases. And the quantity of exchanging to be done cannot be altered by variations in the extent of the means for effecting exchanges. So the purchasing power of money must vary inversely and in the same proportion as the supply of monetary units. This doctrine, it will be observed, is implied in our earlier exposition, but something is gained by making it explicit. Countless illustrations of the truth of the quantity theory might be gleaned from the pages of history. Prescott, in his History of the Conquest of Peru, writes thus of what happened after the division of the spoil among Pizarro’s followers at Cuzco :—“ The effect of such a surfeit of the precious metals was instantly felt on prices. The most ordinary articles were only to be had for

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