Die drei Nationalökonomien

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Monograph

Identifikator:: 1826612467

URN:: urn:nbn:de:zbw-retromon-221187

Document type:: Monograph

Author:: Sombart, Werner http://d-nb.info/gnd/118751433

Title:: Die drei Nationalökonomien

Place of publication:: München [u.a.]

Publisher:: Duncker & Humblot

Year of publication:: 1930

Scope:: XII, 352 S.

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: Zweiter Teil. Die drei Nationalökonomien

Collection:: Economics Books

Bo MONEY dities and issuing more notes when they fell and fewer when they rose. This is, however, the very last thing that in practice issuers, in the present state of economic instruction, are likely to do. They usually begin by adopting the exactly opposite principle because, incredible as it will appear to future ages, they think ‘when prices are high, more currency is required.” Turn this round, express it in another way, and you have “ when the value of currency is low more of it is required *’ and currency is thus made a striking exception to the general rule that the falling value of an article indicates that additional supply of it is becoming less required. It is of course no exception at all. When money is reckoned in gold and more gold is produced, the value of money falls (general prices rise) and this indicates that additional supply of gold is less required: when money is reckoned in notes and more notes are produced, the value of money falls (general prices rise) and this indicates that additional supply of notes is less required. When more coal is produced, the value of coal falls, and this indicates that additional supply of coal is less required. Of course, if the coal-producers or the gold-producers accept a lower price for their product, they will find, down to a very low limit, plenty of “genuine demand ” for it, but only because the demand has extended to take advantage of the lower price, and so it is with the note-producers: if they will accept smaller quantities of commodities and services in exchange for their notes, they will find down to a very low limit plenty of genuine demand for them, because they are cheaper. The only difference between coal and gold and notes is that coal is never money, while gold sometimes is, and notes always are : in consequence of which the value required in exchange for coal is always called its

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