Political economy

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Monograph

Identifikator:: 1782637850

URN:: urn:nbn:de:zbw-retromon-178813

Document type:: Monograph

Author:: Westergaard, Harald http://d-nb.info/gnd/117574163; Nybølle, Hans Cl. http://d-nb.info/gnd/127386696

Title:: Grundzüge der Theorie der Statistik

Edition:: 2., völlig umgearb. Aufl.

Place of publication:: Jena

Publisher:: G. Fischer

Year of publication:: 1928

Scope:: 640 Seiten

Digitisation:: 2022

Collection:: Economics Books

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

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Document type:: Monograph

Structure type:: Chapter

Title:: V. Kapitel. Interpolation und Ausgleichung

Collection:: Economics Books

MONEY 129 device which could have no effect upon the quantity of circulating money one way or the other. On the face of it, the system simply enables a person who has deposited his money in a bank to give authority to somebody else, in the form of an order, to draw that money out instead of his drawing it out himself. But on peering more curiously into the matter we shall detect that, once this method of making payments has appeared, it becomes possible to extend enormously the quantity of media of exchange in use. Cheques take the place of cash instead of serving merely as a means of getting cash. They effect millions of pounds’ worth of exchanging with out the use of a single sovereign. We shall have to enquire how the process whereby the quantity of the media of exchange is magnified through the agency of cheque payments is actually controlled in a modern business economy, and what its effect is on the state of trade, but first it will be desirable to remind ourselves of the manner in which the limited supplies of gold in the banks automatic ally stop the expansion of credit money after it has reached a certain figure. Bankers from their experience and from reading the signs of the market know approximately what demands to expect for gold for exporta-

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