Die Kaufkraft des Geldes

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Monograph

Identifikator:: 1028803699

URN:: urn:nbn:de:zbw-retromon-43559

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541; Brown, Harry Gunnison http://d-nb.info/gnd/123548152

Title:: Die Kaufkraft des Geldes

Place of publication:: Berlin

Publisher:: Druck und Verlag von Georg Reimer

Year of publication:: 1916

Scope:: 1 Online-Ressource (XX, 435 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Title page

Collection:: Economics Books

354 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - horizon is a mathematically explicit way of bringing the presence of a mathematical limitation to ethical thought to our attention. Professor HAAvELMO pointed out that sacrifices enforced at one time may later be endorsed by public opinion, perhaps when the oenefits from that earlier sacrifice become apparent. This would re-enforce an idea I have expressed in my paper but not in my presentation. Perhaps the discount rate p itself should be a function of the level of consumption reached. I would expect that if we get close to affluence p diminishes, It is conceivable that one could find ways of making p depend on the consumption level in such a way as to avoid the difficulties that I have encountered. Several speakers have asked whether these strange results are due to the assumption of a double commodity that can both be eaten and used as capital. So far I do not know of more detailed or elaborate studies directed to the same question; so I can only state my hunches. 1 would think that essentially the same results would be found with other forms of indefinitely continuing popu- lation growth as long as the percentage rate of growth stays above some positive percentage. I think one would find the same difficulty even more strongly if one introduces technological progress in ad- dition. It is possible, however, that resource limitations not ultimately compensated by technological progress could work in the opposite direction and would do away with the conclusion. If the single social preference function is replaced by individual preference func- tions and a market mechanism is introduced of the type that Professor Arrais has stressed several times in the discussion, I would not want to venture a guess as to whether the difficulty I have encountered would remain or disappear. As to Professor ALLAIS’ statement that there is no reason for discounting, I started out with that idea myself. But I found that for there to exist an optimum path, I had to either discount or discriminate against people on the basis of how many there are in a given generation. 51 Malinvaud - pag. 84

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