Money And Its Relations to Prices Being An Inquiry Into the Causes Measurement
Money And Its Relations to Prices Being An Inquiry Into the Causes Measurement
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172 Money and its Relations to Prices coveries the level reached at the highest point of each succeeding credit cycle was higher, and the lowest point attained in each depression, which fol- lowed on the speculative activity, was higher also. From 1873 to 1896 the position was reversed. After each recovery the curve of prices sank lower, and each succeeding recovery failed to rise to the level of its predecessor. By this failure to recover the old posi- tion, and this tendency to fall to a lowe...r level, the underlying forces of the precious metals manifest their influence on the more superficial fluctuations of credit. They do not supersede those fluctuations, but accentuate or modify them ; and credit-influences no more set them aside than they nullify the opera- tion of credit. The full significance, however, of the figures, which we have quoted, can only be appreciated in the light of Mr. Sauerbeck's additional comparisons. The number 63 was, he observed in 1895, "37 per cent, below the standard period" (which is the average of the decade 1867-77), "20 per cent, below the ten years 1878-87, and 9 per cent, below the average of the last ten years.
What to read after Money And Its Relations to Prices Being An Inquiry Into the Causes Measurement?
You can find similar books in the "Read Also" column, or choose other free books by Langford Lovell Frederick Rice Price to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
172 Money and its Relations to Prices coveries the level reached at the highest point of each succeeding credit cycle was higher, and the lowest point attained in each depression, which fol- lowed on the speculative activity, was higher also. From 1873 to 1896 the position was reversed. After each recovery the curve of prices sank lower, and each succeeding recovery failed to rise to the level of its predecessor. By this failure to recover the old posi- tion, and this tendency to fall to a lowe...r level, the underlying forces of the precious metals manifest their influence on the more superficial fluctuations of credit. They do not supersede those fluctuations, but accentuate or modify them ; and credit-influences no more set them aside than they nullify the opera- tion of credit. The full significance, however, of the figures, which we have quoted, can only be appreciated in the light of Mr. Sauerbeck's additional comparisons. The number 63 was, he observed in 1895, "37 per cent, below the standard period" (which is the average of the decade 1867-77), "20 per cent, below the ten years 1878-87, and 9 per cent, below the average of the last ten years.
What to read after Money And Its Relations to Prices Being An Inquiry Into the Causes Measurement?
You can find similar books in the "Read Also" column, or choose other free books by Langford Lovell Frederick Rice Price to read onlineMoreLess
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