Political economy

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Monograph

Identifikator:: 867647221

URN:: urn:nbn:de:zbw-retromon-93157

Document type:: Monograph

Author:: Chapman, Sydney John http://d-nb.info/gnd/123743141

Title:: Political economy

Place of publication:: London [u.a.]

Publisher:: Williams & Norgate [u.a.]

Year of publication:: 1912

Scope:: 1 Online-Ressource (255 Seiten)

Collection:: Economics Books

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MONEY 117 in general demand. It need hardly be remarked in addition that they tended to be commodities adapted by nature for the purpose of effecting exchanges ; and that a process of natural selection, or substitu tion, as it is called in economics, took place whereby the most suitable of these things displaced the less suitable. The chief proper ties of a suitable medium of exchange may be enumerated. It must be divisible without losing in value, to enable small purchases to be made with it ; comparatively durable, so that it does not depreciate in value when it is held for a time ; moderately constant in value for the same reason ; and moderately precious at the time when it is used so as to contain a convenient value in a convenient bulk and weight. Let us argue out the theory of money on the simple supposition that every time an exchange is effected some money commodity to the value of the exchange passes hands ; that is to say, let us provisionally ignore credit money, the peculiarities of which will be treated later. It has been alleged that the problem of the value of money even under these simple conditions is inherently alien to the problem of the value of things, because

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