By Knut Wicksell
Knut Wicksell was once a Swedish economist who had a huge effect on Austrian economics and Ludwig von Mises. this could be his such a lot compelling ebook: lectures introduced over the process a whole profession, masking either basic and particular economics difficulties. This one-volume works truly comprises volumes from the unique, which has been lengthy out of print. it's a fats 570 pages. All hail Wicksell!
570 pages, 6" x 9", paperback, 2007
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Additional resources for Lectures on Political Economy. Money
Lilt r / n Mk • 11/11 M/If/ I W \\ 1200 1100 1000 n 900 700 -r" /'/ n[1/ I\ I\I \ .... / / \ 500 / v \\ — / 1 \\ 200 • 1\ \ 1 * • N ^-- / 1 S g = i i 1600 1590 1400 1300 1200 t . Ratio 15:1 20: I }.. I" 1 300 100 1700 /V /r // // 400 1800 /'I 800 600 IW0 1 1I 1 * I 25: 1 30:1 35:1 44 LECTURES ON POLITICAL ECONOMY and, in Europe, Austria, where the gold standard has not yet been fully introduced, Spain, Greece, and the Balkan countries, also India, where the rupee (silver) is still the standard but with limited minting for State account only.
In these cases we are dealing with goods which are being constantly consumed and the stocks of which cannot easily be very great in proportion to the quantities normally produced and consumed. If production and consumption do not coincide, a surplus or deficiency of the medium of exchange must arise, with a consequent change of values and a rise or fall in the prices of other goods. e. as many iron bars as could be held in the hand. We should remember that, in antiquity, iron was a comparatively rare metal).
E. equal to 16 pence in gold. ) At the above price the Anglo-Indian government has undertaken to issue without limit rupees against gold. Since 1899, moreover, the legal tender value of the English sovereign has stood at a ratio of £1 = 15 rupees. The gold standard is not fully introduced by this means ; for that would require the unrestricted supply of gold for rupees at the same price, a condition not yet enacted by law, though adhered to in fact. In 1915, a transition to the gold standard in a form similar to that of India was planned in Mexico and China.