Money

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Monograph

Identifikator:: 1819853969

URN:: urn:nbn:de:zbw-retromon-207464

Document type:: Monograph

Author:: Cannan, Edwin http://d-nb.info/gnd/118666916

Title:: Money

Edition:: 6. ed.

Place of publication:: [London]

Publisher:: King

Year of publication:: 1929

Scope:: XII, 120 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part II. Further elucidations

Collection:: Economics Books

30 MONEY things have become more plentiful. Therefore, it will be suggested, in treating of currency and prices, we ought to think just as much about the quantity of commodities in general as about the quantity of currency. The answer to this is that in fact no one thinks it necessary in the case of ordinary commodities to insist on the fact that their value depends on the absolute plentifulness of all other commodities as well as on their own absolute plentifulness. The relationship between the quantities is the thing we have to con- sider, and it is both legitimate and convenient to treat of changes in this relationship as if they were always caused by changes in the quantity of the thing in question, ignoring the possibility of their being caused by changes in the quantity of all other things. It is legitimate, because it makesno difference to the argument whether the change in relationship is caused by change in the thing itself or in all the other things. It is convenient, because the change in all other things is almost always so slow as to be prac- tically negligible over such period of time as we are likely to be interested in. Currency is certainly no exception to the rule. If its standard is a metallic one, this is obvious. There is no more reason for insisting on the quantity of all other things when we are dealing with gold or silver than when we are dealing with iron and tin. If the standard is a paper unit, the variations in the quantity of all other things are likely to be even less comparatively important than when it is metallic. The “scarcity of commodities” during the war was mythical. Production was really very large; what happened was that it was diverted into unusual channels. The production of a great many important articles fell off, but immense quantities of munitions of war were produced instead ; many services were

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