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And from their durability, the total quantity in existence is at all times so great in
proportion to the annual supply, that the effect on value even of a change in the
cost of production is not sudden : a very long time being required 20 BOOK III.
... and bearing a recognised proportion to one another; and the trouble was
saved of weighing and assaying at every change of possessors, an
inconvenience which on the occasion of small purchases would soon have
... that every diminution of supply raised the value exactly in proportion to the
deficiency, or that every increase lowered it in the precise ratio of the excess.
Some things are usually affected in a greater ratio than that of the excess or
bulk in proportion to its value is so easily smuggled, and still more easily melted,
that it has been impossible by the most stringent measures to prevent these
operations. All the risk which it was in the power of governments to attach to them
<Alterations, therefore, in the cost of production of the precious metals, do not act
upon the value of money except just in proportion as they increase or diminish its
quantity 2 which cannot be said of any other commodity. It would therefore, I ...
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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