The Primer of Political Economy in Sixteen Definitions And Forty Propositions
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To quickly assess the difficulty of the text, read a short excerpt:
Paper money has only a sham value, unless it is convertible into specie at par. If you can get a gold dollar by presenting a paper dollar at the bank which issues it, then paper is as good as gold, because everything is worth what it will exchange for. Paper is more convenient to carry than gold. This PRIMER OF POLITICAL ECONOMY. 57 is the reason it is used by communities whose paper- money is convertible into specie.
Inconvertible paper money has a sham value, because the value at which it exc...hanges does not depend upon its cost of production. It costs only about one mill to produce a paper dollar. The reason it exchanges for more than one mill is because the bank or government issuing it promises to redeem it in specie some time. The chance of its being worth par in gold some time makes it worth something in gold now. But since its value depends upon this chance, it must change with the chance. The chance changes from day to day, and so the value of paper money changes.
This changing value makes it unfit to measure values, just as a stick which was 30 inches long to-day and 25 to-morrow and 27 the day after, would be unfit to measure length.
What to read after The Primer of Political Economy in Sixteen Definitions And Forty Propositions?
You can find similar books in the "Read Also" column, or choose other free books by Mason, Alfred Bishop, 1851-1933 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Paper money has only a sham value, unless it is convertible into specie at par. If you can get a gold dollar by presenting a paper dollar at the bank which issues it, then paper is as good as gold, because everything is worth what it will exchange for. Paper is more convenient to carry than gold. This PRIMER OF POLITICAL ECONOMY. 57 is the reason it is used by communities whose paper- money is convertible into specie.
Inconvertible paper money has a sham value, because the value at which it exc...hanges does not depend upon its cost of production. It costs only about one mill to produce a paper dollar. The reason it exchanges for more than one mill is because the bank or government issuing it promises to redeem it in specie some time. The chance of its being worth par in gold some time makes it worth something in gold now. But since its value depends upon this chance, it must change with the chance. The chance changes from day to day, and so the value of paper money changes.
This changing value makes it unfit to measure values, just as a stick which was 30 inches long to-day and 25 to-morrow and 27 the day after, would be unfit to measure length.
What to read after The Primer of Political Economy in Sixteen Definitions And Forty Propositions?
You can find similar books in the "Read Also" column, or choose other free books by Mason, Alfred Bishop, 1851-1933 to read onlineMoreLess
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