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

286 VALUATION, DEPRECIATION AND THE RATE-BASE therefore, the government has been in position to lighten the nation’s debt and tax burdens by the simple expedient of pro- viding means for the inflation of the currency — a recourse heretofore frequently resorted to, regardless of the fact that such a procedure is grossly unjust and inequitable. The only method thus far pointed out which will enable the individual to protect himself against such price changes as result from sudden changes in the volume of currency in circulation, and other causes, lies in the official sanctioning of the use of a commodity unit substantially as here set forth. The com will, thereupon, become quite as acceptable as the dollar, even though it never be made the basis of currency as a money unit. A suggestion that recourse should now be had to a commodity unit for the purpose of stabilizing salaries and wages has been prompted by the abnormal recent changes in the purchasing power of the dollar. The plan of utilizing a commodity unit as a norm is not, however, claimed to be new. The author has only attempted to define a particular practical commodity unit for this country, immediately available, and has given it a name to emphasize its distinction from money. It will perform that function of money for which money is least adapted, namely to serve as a standard for deferred payments. The use of the commodity unit for this purpose has long ago been proposed and has been quite fully discussed by economists in the light of pre- war conditions. The advantage, and, it will hardly be going too far to say, the necessity, of employing the multiple standard when the deferred payments are in the form of salaries and wages is not yet generally recognized, obvious though it must be, to every student of the question, that the dollar standard is inade- quate, while the com running with the cost of living would be fair and adequate. There is nothing, as above shown, that will prevent agree- ments immediately being made in which the com, as here defined, or based directly on the accepted Commodity Index Number, may be used to supplement the money unit. It will only be neces- sary to distinctly specify that the com, however defined, shall be

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