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 I. General principles

Collection:: Economics Books

MEASUREMENT OF VALUE - - -d a pound sterling, £1, will buy less than before : when the same words are used in the United States what is meant is that a dollar, $1, will buy less ; when in France, that a franc, 1f., and in India, that a rupee, R1, will buy less. Thus an alteration in the general level of prices is the same thing as an alter- ation in the value of money, except of course that it is upsidedown, a fall in the value of money being a rise in the general level of prices, and a rise in its value being a fall in that level. As prices are expressed in quantities of the unit of account, this is a matter which could not possibly be otherwise. The price of things is the money got for them ; the value ° money is the things got for it. Till recently there have been many persons, and perhaps there still are some, who mani:est an extra- ordinary reluctance to admit the occurrence of any change in the general level of prices in their own time. They appear to have at the back of their minds an impression that money has become invariable in value, so that prices taken as a whole are no longer subject to change, however much variation there may be in the prices of particular commodities. Why such changes should have been possible in the past, as they admit, and not in the present, they are never able to explain, and their reluctance to admit the possibility of changes in the present is only the consequence of their being so habitually accustomed to measure values by money that they feel towards any suggestion that the value of money itself wants measuring just as the aged villager feels towards the suggestion that the distance between two milestones from which 4 "2s ““rcughout life taken his idea of a mile is £ mand “he suggestion that the ve’ . =38uaan;, -oears as incred- ible . le suggestion t.... .e whole of the WwW orkshire had risen « fco’ between

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