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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140 POLITICAL ECONOMY no ascent will take place in the value of securities standing for loans of definite sums of money which have to be repaid at some time, for example, in the value of consols. Nevertheless, we must not conclude offhand that for every reason steady prices are theoretically best for the community. One thought which should give pause may be expressed. When prices are steady a proper share of the benefits of progress do not automatically accrue to the wage-earning classes, and consequently repeated re-adjust ments of wages become needful. Possibly the ideal would be a fall in prices exactly corre sponding in degree with productive progress ; but all economists would not endorse this pronouncement, owing to the effect which they think falling prices have upon the directors of industry ; and in any event it would be impossible to bring about exactly, or even approximately, such a variation in the purchasing-power of money. From a practical point of view, when all advantages and disadvantages are weighed, it is probable that steady prices would be best if they could be secured. A suggestion has been made that countries, acting in concert, should regulate the quantity of money with reference to index numbers of prices so that

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