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31 4. Explanations and limitations of this principle, . - . 33 - w CHAPTER IX. Of the
Value of Money, as dependent on Cost of Production. § 1. The Value of money, in
a state of freedom, conforms to the 4' value of the bullion contained in it, . e - - .
If regulated by the price of bullion, an inconvertible currency might be safe, but
not expedient, . - - 91 3. Examination of the doctrine that an inconvertible
currency is safe if representing actual property, . • o . 93 § 1. The substitution of
money for ...
We are, however, to suppose a state, not of artificial regulation, but of freedom. In
that state, and assuming no charge to be made for coinage, the value of money
will conform to the value of the bullion of which it is made. A pound weight of gold
As soon as coin is worth a fraction more than the value of the bullion, it becomes
the interest of the holders of bullion to send it to be coined. If Government,
however, throws the expense of coinage, as is reasonable, upon the holder, by
This simplifies extremely the question which we have here to consider: since gold
and silver bullion are commodities like any others, and their value depends, like
that of other things, on their cost of production. To the majority of civilized ...
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Pragmatic or muddled? Mill sets out to explore economic principles but, ultimately, finds that there is no principle which doesn't have any amount of conceivable exceptions. You have to wonder why its ... Читати огляд повністю