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... of the Progress of Industry and Population on Values and Prices. § 1.
Tendency to a decline of the value and cost of production of all commodities, - - -
- - - - 2. – except the products of agriculture and mining, which have a tendency to
If \ prices are low, money will buy much of other things, and is of high value; if
prices are high, it will buy little of other things, and is of low value. The value of
money is inversely S as general prices: falling as they rise, and rising as roj fall.
Suppose, everything else being the same, that there is an increase in the quantity
of money, say by the arrival of a ... which they are accustomed to purchase: these
accordingly will rise in price, and so on until the rise has reached everything.
... wants and inclinations of the community collectively in respect to consumption
remaining exactly the same; the increase of demand would reach all things
equally, and there would be an universal rise of prices. We might suppose with
o - o - 4 | the general rise of price is independent of this diffusing and equalizing
process. Even if some prices were raised more, and others less, the average rise
would be one-fourth. This is a necessary consequence of the fact, that a fourth ...
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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