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 I. General principles

Collection:: Economics Books

VALUE OF NOTES 63 amount not ‘‘ unreasonably ” large, no one thinks of questioning their utility as currency, and there is plenty of demand at the lower price at which they are put on the market. But if the increase goes on, sooner or later there comes a time when the increase is so rapid or the total outstanding becomes so large that even ‘“ the public ”’ begins to wonder ‘ what all this means,” and when that happens distrust soon sets in, the general acceptability of the notes suddenly ceases, and they become absolutely worthless : some other currency is found to take their place. The conclusion to which this section has led us is that where the unit of account is a note, the value of money and the general level of prices depend on the will of the issuers, and that the issuers may, and probably will, if not restrained, bring the value of money down so low and drive prices up so high that confidence in the notes disappears and some other unit of account, such as coin or bullion, has to be used. The conclusion of the whole inquiry is that the value of money, which is the same thing as the general level of prices regarded inversely, is not an anomalous or even very peculiar thing, but depends in the same way as the value of other commodities upon the various influences which affect demand and supply : and that if peoples dislike the rise of prices which is another name for a fall in the value of money, they should insist on adequate limitation of the supply of money. This is a conclusion which has long been familiar to economists = is time ‘t was grasped by the men whe ro? “om ae on Y~'ng practical.

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