Gesamtstaat, Dualismus und Pragmatische Sanktion

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Monograph

Identifikator:: 1031909583

URN:: urn:nbn:de:zbw-retromon-67385

Document type:: Monograph

Author:: Zehntbauer, Richard http://d-nb.info/gnd/1055162402

Title:: Gesamtstaat, Dualismus und Pragmatische Sanktion

Edition:: Erweiterter Sonderabdruck

Place of publication:: Freiburg (Schweiz)

Publisher:: Universitäts-Buchhandlung (Otto Gschwend)

Year of publication:: 1914

Scope:: 1 Online-Ressource (73 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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124 MODERN MONETARY SYSTEMS Now ought we to deprecate our ignorance on this point ? Some economists are of this opinion, and, like IM. Rist, after noting the enigma contained in the experience of Czechoslovakia and some others, cling in desperation to the Quantity Theory, “without which the principal stages in the history of prices would remain incom- prehensible.”’? From the above account it would seem, on the contrary, that we can retain enough of the theory to explain these important historical events, without rejecting, a priori, other factors which may also serve, and sometimes even suffice, to make them comprehensible. But we believe, on the other hand, that there is nothing but harm in trying to invent theories which are more rigid than the facts themselves. We shall see that the chief monetary problems come down to exchange problems in which it is not the abstract Quantity Theory which plays a part, but the supply and demand of an external currency by holders of an internal one under circumstances which vary as between one country and another and one period and another, according to the legal conditions and actual circumstances which determine the working of the monetary system. And we shall observe that the Quantity Theory, so far from making easier the solution of these problems, has long been instrumental in discarding exact and reasonable explanations in favour of superficial and unreal ones. 1 “La déflation en pratique,” p. 96.

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