CONTENT: 
DAT 
GINERAL PRINCIPLES 
§ 1. INTRODUCT: 
§ 2. RECOGNITICNH 
CHANCES: 
3 
“IF 
MEASUREMENT 
Mr FEN 
SITTE © 
OF 
+» change in general prices is the same thing 
change in the value of money. . . . . 
Which is difficult to recognise and is often denied 
But can be measured by means of index numbers 
— 
AL 
Y 72 
z= A 
2-3 
3-4 
4-8 
TIE VALUE OF MONEY OR GENERAL LEVEL 
OF = ~~ "ERE THE UNIT OF ACCOUNT 
= ~~ Burrion UN- 
CO; 
8-25 
Free interchangeabilitv 
their value identical . . . 
The value of gold depends on the demand for indus- 
trial and currency purposes . 10-19 
And on the supply . : . . ’ . 19-21 
It is affected by anticipation of future changes . « 21-28% 
bullion and coin makes 
§ 
THE VALUE OF MONEY OR GENERAL LEVEL 
OF PRICES WHERE THE UNIT OF ACCOUNT 
1s A COIN OF WHICH THE ISSUE 1s LIMITED . 25-39 
A seignorage keeps the value of coin above that of 
bullion by limiting its supply. . . . . 25-29 
Similarly an arbitrary limitation of supply can be 
worked so as to keep the value of = coin at anv ~a=*ic ‘ar 
level alove that of bullinn 
Like the British silver 
And the Indian — 
29-30 
30-36 
- 39