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 121 demand for it for building, the demand for it for furniture, the demand for it for boats, and so on. However, the composite nature of the demand for gold being allowed for, it does become necessary to lay down another pro position to complete the theory of the purchas ing power of money. This other proposition denotes the manner in which supplies of gold are distributed between its two broadly dis tinguishable uses, and runs as follows : the distribution of gold between its uses for money and in the arts is such that its marginal utility is the same in both uses ; which means, in other words, that the exchange value of an ounce of gold must equal what an ounce of gold will buy. An illustration of the correctness of this proposition will be found in the fact that the price of gold bullion in England never departs by more than a fractional percentage from £3 17s. lOd. per ounce, that is 934 pence per ounce. This apparently curious fact, which has caused not a little misapprehension, is simply a result of the legal decision that a sovereign, which equals 240 pence, shall contain about |f£ of an ounce of gold. The second proposition relating to the value of money having been enunciated and defended, it must next be pointed out that

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