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On Money and Other Trade Questions: Being a Review of Mr. Wallace's Speech on an Inconvertible Currency (Classic Reprint): Being a Review of Mr. Wallace's Speech on an Inconvertible Currency (Classic Reprint)

On Money and Other Trade Questions: Being a Review of Mr. Wallace's Speech on an Inconvertible Currency (Classic Reprint): Being a Review of Mr. Wallace's Speech on an Inconvertible Currency (Classic Reprint)

          
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About the Book

Excerpt from On Money and Other Trade Questions: Being a Review of Mr. Wallace's Speech on an Inconvertible Currency

Before entering on a review of Mr. Wallace's arguments in favor of an inconvertible currency, it is pertinent to define some expressions of frequent occurrence in the discussion of economic questions. Value is one of these. There are'two kinds of value - value in use and value in exchange. It is in the latter sense the expression is used by economists. A thing to have value must have cost labor, either in appropriating it, or in producing it, and sometimes in preserving it. A thing which can be got without labor, even though amongst the most useful of substances, commands no value, because a person will not give anything useful or agreeable, which he possesses, and which has cost him labor for that which he can get without. Tne value of a commodity is its purchasing power, or the quantity of any one thing or of things in general, for which it will exchange. If a barrel of flour will exchange for a pair of boots, then one value of a barrel of flour is a p1ir of boots. The price of a commodity is lts value in money, or the amount of money for which it will exchange. If a bushel of wheat is sold for a dollar, then the price or money value of the bushel of wheat is one dollar.

I have not in this paper attempted to classify Mr. Wallace's argu ments, as, from their incoherence and inconsistency with one another, they are not susceptible of an intelligible classification. Moreover, their crudities and fallacies are much more effectually exposed by taking them seriatim than by any possible groupings.

About the Publisher

Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com

This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.


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Product Details
  • ISBN-13: 9781528053884
  • Publisher: Forgotten Books
  • Publisher Imprint: Forgotten Books
  • Height: 0 mm
  • Weight: 208 gr
  • ISBN-10: 1528053885
  • Publisher Date: 10 Dec 2018
  • Binding: Hardback
  • Language: English
  • Width: 6 mm


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On Money and Other Trade Questions: Being a Review of Mr. Wallace's Speech on an Inconvertible Currency (Classic Reprint): Being a Review of Mr. Wallace's Speech on an Inconvertible Currency (Classic Reprint)
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