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according actual Adam Smith adjusted amount assume bank notes Bank of England bargain barter bi-metallism causes CHAPTER circulation coinage commercial commodities competition considered contracts conversely cost of production currency definition demand and supply depends depreciation economic rent effect equal Erchange example exchange value exports gold and silver gold prices Gresham's Law important inconvertible increase industry kind labour and capital law of demand legal ratio legal tender less level of prices limited market price means medium of exchange ment metallic money monetary monopoly normal price obtain payment pound pound sterling present principle purchasing power quantity theory quasi-rent rate of interest regards relative values reserve rise in price Scottish banks securities seigniorage sell sellers silver prices Similarly simple standard store of value supposed tend things tion token coins utility value of gold various wages weight whilst
Сторінка 163 - To expect, indeed, that the freedom of trade should ever be entirely restored in Great Britain, is as absurd as to expect that an Oceana or Utopia should ever be established in it.
Сторінка 262 - And for as much as to pursue schemes of conquest and extension of dominion in India are measures repugnant to the wish, the honour, and policy of this nation...
Сторінка 118 - That an increase of the quantity of money raises prices, and a diminution lowers them, is the most elementary proposition in the theory of currency, and without it we should have no key to any of the others.
Сторінка 160 - The certainty of what each individual ought to pay is, in taxation, a matter of so great importance, that a very considerable degree of inequality, it appears, I believe, from the experience of all nations, is not near so great an evil as a very small degree of uncertainty.
Сторінка 179 - Here you have a pamphlet — there a fishing town — here the long-continued prosperity of a whole nation — and there the opinion of a professor of economics, that in such circumstances she ought not by true principles to have prospered at all.
Сторінка 289 - The result to the interests of the two countries will be as already pointed out: the paying country will give a higher price for all that it buys from the receiving country, while the latter, besides receiving the tribute, obtains the exportable produce of the tributary country at a lower price.
Сторінка 18 - Almost every speculation respecting the economical interests of a society thus constituted, implies some theory of Value: the smallest error on that subject infects with corresponding error all our other conclusions; and anything vague or misty in our conception of it, creates confusion and uncertainty in everything else.
Сторінка 4 - As it is by treaty, by barter, and by purchase, that we obtain from one another the greater part of those mutual good offices which we stand in need of, so it is this same trucking disposition which originally gives occasion to the division of labour.