Schragen der Gilden und Aemter der Stadt Riga bis 1621

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Monograph

Identifikator:: 832850500

URN:: urn:nbn:de:zbw-retromon-69619

Document type:: Monograph

Title:: Schragen der Gilden und Aemter der Stadt Riga bis 1621

Place of publication:: Riga

Publisher:: Häcker

Year of publication:: 1896

Scope:: 1 Online-Ressource (XV, 758 S.)

Collection:: Economics Books

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23 MONEY can only speculate, some time must elapse before the truth appears, ‘and the mistakes are often mostly in one direction so that they do not cancel each other. Now the price of a thing at any moment is con- stantly influenced by anticipations of what the de- mand for and the supply of the thing is going to be in the future, and the more durable the thing is, the more important are the effects of these anticipations likely to be. Thus plums were not a penny cheaper in the summer of 1918 because next year’s crop was universally expected to be much larger. But when any oneis in search of a house, not to rent for a short time but to buy for good and all, he finds himself met immediately by the owner’s views about the demand for and supply of houses next year and many years after that. If there is general agreement that the demand for houses will 4 good and the supply poor for many years, the value of houses will be higher than if the contrary is the case, whatever the present quantity of houses and whatever the present desire of persons for house-room and whatever their number and their means to pay for what they desire may be. It is just the same with gold as with houses, except that there is perhaps a little more probability of general error in one direction or the other in consequence of the widespread impression that gold is invariable in value. In considering whether to buy iron or any non-precious metal, and even a precious metal which is not the standard metal, men think of the future demand for and supply of that particular metal, because they think that these factors will settle its future price : but they will think nothing about the future value of the gold they are going to give for the iron. Estimates of the future value of gold, if made at all, are made quite unconsciously in the estimates which are formed of the likelihood of a general rise or fall of prices. If

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