A magyar korona országainak betegsegélyző pénztárai 1898-ban = Die Krankenkassen der Länder der ungarischen Krone im Jahre 1898

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Monograph

Identifikator:: 890185476

URN:: urn:nbn:de:zbw-retromon-7558

Document type:: Monograph

Title:: A magyar korona országainak betegsegélyző pénztárai 1898-ban = Die Krankenkassen der Länder der ungarischen Krone im Jahre 1898

Place of publication:: Budapest

Publisher:: Pester Buchdruckerei-Actien-Gesellschaft

Year of publication:: 1901

Scope:: 1 Online-Ressource (164, 131 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: I. Allgemeiner Bericht

Collection:: Economics Books

128 MODERN MONETARY SYSTEMS phenomenon, to which was attributed instinctively and almost automatically the cause which seemed most general and most logical. Now external depreciation, which the theory of ex- changes attempts to explain, and internal depreciation are two phenomena which may be related and may even affect each other ; and it will be one of the main objects of the theory of exchanges to show the connection between them. But at the present time they are essentially distinct phenomena ; for they present themselves and are measured by the observation of different sets of facts— rates of exchange, on the one hand, average fluctuations of internal prices on the other. Moreover, the curves which they describe are distinct and the difference between these curves constitutes, as we shall see later on, the most important factor in constructing the theory of the exchanges and its corollaries. § 2. The theory and mechanism of exchange. The crude notions of money, goods and quantity will not suffice to explain exchange phenomena. In the first place, we must take into account some essential elements in the practical work of exchange brokers, study the conditions of the exchange market, and discover what factors are susceptible in different circum- stances of influencing it. The rate of exchange expresses the value of a national monetary unit such as the franc in relation t0 a foreign monetary unit such as the pound sterling or the 1 M. Rist, in a revue of an earlier work (“‘Traité élémentaire d’économie politique”) has already criticised the author for having stated that internal depreciation and external depreciation are distinct phenomena. The above remarks make it unnecessary to reply to this criticism, which could not be admitted as valid without disavowing the very meanings of the terms used and the significance of the ideas expressed therein. Moreover, to avoid confusing these two phenomena with one another is by no means equivalent to denying that they are often connected. It is surprising that the dis- tinction which emerges from the plain observation of facts should be denied by an author who appears to believe in the stabilising effect of fluctuations in exchange rates on the balance of payments, whereas this effect presupposes a substantial difference between internal depreciation and loss on exchange.

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Contents: Modern monetary systems

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