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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Document type:: Monograph

Structure type:: Chapter

Title:: Part III. The recent historical example

Collection:: Economics Books

I10 MONEY light as those which a spendthrift or a drunkard is rightly exhorted by his friends to face like a man.” For the rake to stop his fatal progress and endeavour to lead a godly, righteous, and sober life is painful, but when he is at length succeeding, he should not turn round and belabour those who set him on the right road, but rather turn his indignation on those who before led him wrong, and now would like to get him back on the wrong road. At any rate we may congratulate ourselves that our people have been much better off than those of the countries which continued much longer on the wrong road. Some of them have been unemployed, but starvation and other forms of extreme suffering are to be met with among them far less than in countries where the wages of workmen doubled— In paper money—every few weeks. They are more contented, and their government is solvent. But why not, it is asked, have so arranged the limitation of currency as to stabilize prices at the level of April, 1920, instead of reducing them violently ? Would not that have obviated the depression and unemployment and also avoided the injustice inherent in a fall of prices, which does not compensate the same people as those who suffered by the previous rise ? The answer is, firstly, that when prices have been rising steadily for five years business has come to be so based on the anticipation of a continuance of the rise, that the mere taking away of that anticipation must cause a slump. - Part of the height of prices is due to the expectation that presently they will be higher still, and if that expectation is taken away, present prices must fall. Secondly, if the high level of prices has not been long attained, the same people who were injured by the rise will be compensated by the fall to such a large extent that a fall of prices

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