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The Fundamental Problem in Monetary Science

The Fundamental Problem in Monetary Science


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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1903. Excerpt: ... ever, prices had been kept up "temporarily"--there is no reason for this restriction--by cheapening money equally with commodities, this would not have been desirable, "even to avoid a panic," since a continuation of this process "would produce a much worse panic than we now have" (p. 39), --the reason for which presumably is that money would not then be properly fulfilling its function as the standard of "value." Satisfaction is also shown at the thought that the last half of our national debt will be paid off with more property, "of course," but with less labor, than the first half (p. 60). Mr. Wisner holds, as everybody would, that "when compared with human labor, things can never get too cheap," and that "the only way the human family can be benefited by the triumphs of science and art is by a decreased cost of the things it needs" (p. 42); but he takes prices as synonymous with costs, t and further conceives that "as prices, compared with human labor, decline, the condition of the people is elevated," and that this is "the process of natural law and a phase of evolution," against which it is useless for bimetallists to contend by trying to keep prices up (p. 66, cf. pp. 86-7).! It is evident that Mr. Wisner is dealing with cost-value, except where he once mentions the command of labor over commodities and money, when he strays momentarily into the field of esteem-value. 5. Putting off notice of the rank and file of controversialists who have indifferently used either or both He has, however, excepted gold. tYet he distinguishes between values and prices on p. 76. tSuch a "process of natural law" would be observed if prices were table and wages and profits rose; but this is not noticed. of the standards based on labor, we may, before learing this...


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Product Details
  • ISBN-13: 9781150164507
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 116
  • Spine Width: 6 mm
  • Width: 189 mm
  • ISBN-10: 1150164506
  • Publisher Date: 03 Feb 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 222 gr


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