Valuation, depreciation and the rate base

Bibliographic data

Monograph

Identifikator:: 174667931X

URN:: urn:nbn:de:zbw-retromon-119897

Document type:: Monograph

Author:: Grunsky, Carl Ewald http://d-nb.info/gnd/10180959X

Title:: Valuation, depreciation and the rate base

Edition:: 2. ed., revised and extended

Place of publication:: New York

Publisher:: Wiley

Year of publication:: 1927

Scope:: X, 500 Seiten

Digitisation:: 2021

Collection:: Economics Books

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XIV. The standard of value

Collection:: Economics Books

274 VALUATION, DEPRECIATION AND THE RATE-BASE money when functioning as a standard of value is desirable and to prevent such injustice as was done in Russia, in Austria, in Germany and even in France, and to a less degree in the United States and other countries, such a substitute must be found. This is not to be sought among the metals but rather among the things which in civilized communities are necessary to meet the wants of man. The ideal, and what would appear to be the natural, unit of this character, to supplement (not to replace) money, is that which, in any country, is made up of definite quantities of staples such as food and fuel, iron and each of the many other things which a family requires to live in ordinary comfort — each of these several things in fairly close proportion to the nation’s annual consumption thereof. The introduction of such a supplementary commodity unit into the industrial and business life of the country would be simple. Money would still be necessary and would continue to be used as a medium of exchange, as at present, in all ordinary transactions involving only a negligible time element. Purchase and sale transactions would be conducted as is now customary, cost being determined and the price fixed in terms of money. Alongside of such a norm the use of money would be subject to certain limitations, easily recognized, which should long ago have been prescribed Let the proposed unit, for example, be called a “ com ” (ab- breviated from com-modity unit) and let it be supposed that, to start with, the quantities of each of the 300, or more, things which the U. S. Department of Labor takes into account when it fixes the general commodity index number” have been determined, which, in the proportion of general consumption thereof, would at the average wholesale prices during the ten years 19oo to 1gog (incl.) have been purchasable for some round number of dollars, say $1000. One thousandth part of these several quantities considered collectively, may then be con- sidered “ one com.” Once fixed in this fashion and defined by congressional action, the “ com ”’ would remain a definite per- manent legal unit until modified — should such modification

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