Effect of a sudden increase of a metallic currency, or of the sudden creation of
bank notes or other substitutes for money, . e e - e - e - - . 194 3. Effect of the
increase of an inconvertible paper currency. Real and nominal exchange, . . - • e .
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.
We are now only called upon to consider what would be the effect of an increase
of money, consid. ered by itself. Supposing the money in the hands of individuals
to be increased, the wants and inclinations of the community collectively in ...
The very same effect would be produced on prices if we suppose the goods
diminished, instead of the money increased: and the contrary effect if the goods
were increased, or the money diminished. If there were less money in the hands
of the ...
... before all the things on sale at one time are purchased and finally removed
from the market: and each pound or dollar must be counted for as many pounds
or dollars, as the number of times it changes hands in order to effect this object.
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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