Principles of Political Economy: book 3. ExchangeMacmillan and Company, 1897 |
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Términos y frases comunes
according actual Adam Smith adjusted amount assume bank notes Bank of England banking reserves bargain barter bi-metallism causes CHAPTER circulation coinage commercial commodities companies competition considered contracts conversely cost of production currency definition demand and supply depends depreciation economic rent effect equal example exchange value exports fixed foreign trade gold prices Gresham's Law important increase industry kind labour and capital law of demand legal tender less level of prices limited market price means medium of exchange ment merchants monetary monopolist monopoly normal price obtain payment pound sterling present principle quasi-rent rate of discount rate of interest ratio regards relative values reserve rise in price Scottish banks securities seigniorage sell sellers silver prices Similarly simple standard store of value supposed tend theory things tion token coins utility value of gold various wages whilst
Pasajes populares
Página 163 - To expect, indeed, that the freedom of trade should ever be entirely restored in Great Britain, is as absurd as to expect that an Oceana or Utopia should ever be established in it.
Página 266 - No nation ever voluntarily gave up the dominion of any province, how troublesome soever it might be to govern it, and how small soever the revenue which it afforded might be in proportion to the expense which it occasioned.
Página 262 - And for as much as to pursue schemes of conquest and extension of dominion in India are measures repugnant to the wish, the honour, and policy of this nation...
Página 118 - That an increase of the quantity of money raises prices, and a diminution lowers them, is the most elementary proposition in the theory of currency, and without it we should have no key to any of the others.
Página 160 - The certainty of what each individual ought to pay is, in taxation, a matter of so great importance, that a very considerable degree of inequality, it appears, I believe, from the experience of all nations, is not near so great an evil as a very small degree of uncertainty.
Página 179 - Here you have a pamphlet — there a fishing town — here the long-continued prosperity of a whole nation — and there the opinion of a professor of economics, that in such circumstances she ought not by true principles to have prospered at all.
Página 289 - The result to the interests of the two countries will be as already pointed out: the paying country will give a higher price for all that it buys from the receiving country, while the latter, besides receiving the tribute, obtains the exportable produce of the tributary country at a lower price.
Página 18 - Almost every speculation respecting the economical interests of a society thus constituted, implies some theory of Value: the smallest error on that subject infects with corresponding error all our other conclusions; and anything vague or misty in our conception of it, creates confusion and uncertainty in everything else.
Página 4 - As it is by treaty, by barter, and by purchase, that we obtain from one another the greater part of those mutual good offices which we stand in need of, so it is this same trucking disposition which originally gives occasion to the division of labour.
Página 13 - By the price of a thing, therefore, we shall henceforth understand its value in money; by the value, or exchange value of a thing, its general power of purchasing; the command which its possession gives over purchasable commodities in general.