A Sketch of the History of the Currency Comprising a Brief Review of the Opinio
A Sketch of the History of the Currency Comprising a Brief Review of the Opinio
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In our eReader you can find the full English version of the book. Read A Sketch of the History of the Currency Comprising a Brief Review of the Opinio Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book A Sketch of the History of the Currency Comprising a Brief Review of the Opinio
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Ricardo seems, however, to have considerable difficulty to meet, when applying his theory to the case of a bad harvest. It has been found, a that when any article of vital importance, such as corn, becomes scarce, its value, when compared with other commodities, rises more than in proportion to the diminution of the quantity. We should, therefore, expect, that a larger quantity of a cur- rency such as ours, consisting of pieces of bullion of full weight, would be required when our har- vest is ...bad. Mr. Ricardo seems to get over this difficulty by supposing that even money of this kind is but a sign of value, and that the prices of commodities reckoned in such a currency, depend as completely upon the number of pieces, with- out any reference to their intrinsic value, as if those pieces were mere paper. It is only on this supposition that there appears any possibility of a History of Prices, vol. I. , p. 13.
115 considering that prices depend upon a compa- rison of the whole number of pieces with the whole of the commodities, and that a destruction of part of the commodities necessarily raises the price of the remainder.
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To quickly assess the difficulty of the text, read a short excerpt:
Ricardo seems, however, to have considerable difficulty to meet, when applying his theory to the case of a bad harvest. It has been found, a that when any article of vital importance, such as corn, becomes scarce, its value, when compared with other commodities, rises more than in proportion to the diminution of the quantity. We should, therefore, expect, that a larger quantity of a cur- rency such as ours, consisting of pieces of bullion of full weight, would be required when our har- vest is ...bad. Mr. Ricardo seems to get over this difficulty by supposing that even money of this kind is but a sign of value, and that the prices of commodities reckoned in such a currency, depend as completely upon the number of pieces, with- out any reference to their intrinsic value, as if those pieces were mere paper. It is only on this supposition that there appears any possibility of a History of Prices, vol. I. , p. 13.
115 considering that prices depend upon a compa- rison of the whole number of pieces with the whole of the commodities, and that a destruction of part of the commodities necessarily raises the price of the remainder.
What to read after A Sketch of the History of the Currency Comprising a Brief Review of the Opinio?
You can find similar books in the "Read Also" column, or choose other free books by James Maclaren to read onlineMoreLess
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