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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120 POLITICAL ECONOMY express indirectly the cost of production of rides when rapidity of circulation is taken into account. Just as the price of a cab is deter mined by such influences, so is the price of a piece of money. If the money commodity be gold and the unit be an ounce, the demand for ounces of gold in relation to the marginal cost of production per ounce of different quantities of gold settles the value of gold money ; but this demand and supply, so long as we confine our attention to the monetary uses of gold, is derived from the demand for exchanging power on the one hand, and the supply of exchanging power associated with different amounts of gold money on the other hand. Next, we must take into account the fact that gold is not demanded merely for money but also for uses in the arts. The recognition of this fact brings with it few complexities. It simply involves noting that the demand for gold is a composite demand, and that to get the complete demand we must add to the demand for gold as money the demand for gold in the arts. Gold is by no means peculiar in being the object of a composite demand. Probably most demands are composite. Wood, for example, is demanded for buildings, furniture, boats, and numerous other things ; and the demand for wood is made up of the

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