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Monetary Problems and Reforms

Monetary Problems and Reforms


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About the Book

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.1897 Excerpt: ... II. FIAT MONEY; LEGAL TENDER. It has been pointed out how money originates as a system or method of supplying certain wants felt by the community, and how this is brought about by individuals who, in seeking to conduct business in a convenient way, become familiar with the use of certain articles as temporary possessions which they will generally have to dispose of in order to reap the result of industry. Attention has been called to the fact that the use of such articles as mediums of exchange, and to serve all purposes of money, is a customary use growing out of the agreements of many different individuals each in pursuit of his own profits. The acceptance of such articles in direct exchange is because each party has bargained for and received what he is disposed to consider a fair equivalent in general. The further use of money as a measure of values is also a matter of habit. The custom of comparing values by referring them to the articles commonly received in exchange is merely a matter of convenience. There is no essential reason why values must be compared with the medium of exchange. So, too, when two persons are bargaining for a future delivery of some article, the fact that the article finally selected happens to be used as a medium of exchange does not affect the economic nature of the transaction. From an economic point of view there can be no difference between an obligation to deliver what happens to be a medium of exchange and an obligation to deliver some other article. In either event the selection has been made by the agreement of the parties, and the obligation is as to a certain quantity of a certain thing. It is thus that we may say that in economic contemplation any obligation to deliver specified goods is a debt. It would seem that th...


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Product Details
  • ISBN-13: 9781151320858
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 20
  • Spine Width: 1 mm
  • Width: 189 mm
  • ISBN-10: 1151320854
  • Publisher Date: 09 Feb 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 54 gr


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