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

THE “QUANTITY THEORY” 63 other is more impressed by the importance of B, and therefore says ““ X depends upon B, other things (including A) being equal.” The first writer then goes about recruiting adherents to the “A theory of X,” while the other seeks support for the “B theory of X,” though all the time the two theories are really not opposed to each other, but are only two parts of the same theory, each of which is taught by an expositor who thinks less of the other part. Just so the Quantity Theory of the value of money singles out quantity as the thing on which the value of money may be said to depend, other things (including Demand) remaining the same. It would be very astonishing if this were not true, since it is true of every commodity other than money that its value depends on its quantity, other things (including demand) remaining the same. Certainly in the case of other commodities we are in the habit of speaking of supply ”’ rather than of “quantity,” but the difference in wording does not seem to be important. The stock of some things (such as milk, or even wheat) on hand at any one moment is so small in proportion to the annual produce of the article, that we think of the stream of produce as furnishing the supply. Of other things, such as land, buildings and railways, the annual production is so small compared with the stock in existence at any one moment, that we think of the stock, rather than the annual produce, as furnishing the supply. In regard to this second class, we talk readily of the supply being increased when we mean that the quantity in existence has been increased. A country is “ well-supplied ” with" railways or a town with a particular kind of house when the quantity of these things is great. Currency is one of the durable instrumental goods, such as houses, of which in ordinary times the stock at any moment is

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