On the Causes and Consequences of the Present Monetary Crisis: Or, the First Principles of Political Economy Applied to the Gold SuppliesGroombridge and Sons, 1857 - 62 страници |
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accounts accumulated labour Adam Smith advance amount apparent rise augmentation Bank Acts Bank of England become Bills of Exchange capital cash notes cheques commercial commodities consequence consume consumption cotton country banker diminished discounts effect employed employment enormous Exchequer-bills existing export extent fall gold and silver gold discoveries gold supplies hands hatter important increase Infant Schools issue of paper labour market law of supply less Lessons on Objects loanable accumulation loans London banker machinery manufacturer material ment millions monied class national accumulation necessary Newmarsh ordinary panic Political Economy portion present principles before laid producers and middlemen productive power profit purchase quarter of 1855 quicksilver rate of interest resting stock Schools and Nurseries shopkeeper specie stimulated stock of accumulated sumption supply and demand supply of money suppose takes tion trade transactions uncoined gold United Kingdom value of money wages wealth whilst
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Страница 42 - Gold and silver, however, like every other commodity, vary in their value, are sometimes cheaper and sometimes dearer, sometimes of easier and sometimes of more difficult purchase. The quantity of labour which any particular quantity of them can purchase or command, or the quantity of other goods which it will exchange for, depends always upon the fertility or barrenness of the mines which happen to be known about the time when such exchanges are made.
Страница 3 - They contain the value of a certain quantity of labour which we exchange for what is supposed at the time to contain the value of an equal quantity. Labour was the first price, the original purchasemoney that was paid for all things. It was not by gold or by silver, but by labour, that all the wealth of the world was originally purchased; and its value, to those who possess it and who want to exchange it for some new productions, is precisely I. v] The Nature and Causes of the Wealth of Nations 37...
Страница 2 - The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour which it enables him to purchase or command. Labour, therefore, is the real measure of the exchangeable value of all commodities.
Страница 25 - In all rich countries, there is a number of men forming what is called the monied class ; these men are engaged in no trade, but live on the interest of their money, which is employed in discounting bills, or in loans to the more industrious part of the community.
Страница 26 - When we look to the markets of a large town, and observe how regularly they are supplied both with home and foreign commodities, in the quantity in which they are required, under all the circumstances of varying demand, arising from the caprice of taste, or a change in the amount of population, without often producing either the effects of a glut from a too abundant supply, or an enormously high price from the supply being unequal to the demand, we must confess that the principle which apportions...
Страница 26 - ... country. There is perhaps no manufacturer, however rich, who limits his business to the extent that his own funds alone will allow: he has always some portion of this floating capital, increasing or diminishing according to the activity of the demand for his commodities.
Страница 62 - Agricultural distress had disappeared; the persons employed in the cotton and woollen manufactures were in full employment ; the various department of the iron trade were flourishing ; on all sides new buildings were in the progress of erection ; and money was so abundant, that men of enterprise, though without capital, found no difficulty in commanding funds for any plausible undertaking.
Страница 2 - The real price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it. What everything is really worth to the man who has acquired it, and who wants to dispose of it or exchange it for something else, is the toil and trouble which it can save to himself, and which it can impose upon other 160 Rconomic Studies.
Страница 3 - ... the toil and trouble which it can save to himself and which it can impose upon other people. What is bought with money or with goods is purchased by labour, as much as what we acquire by the toil of our own body.
Страница 43 - ... the fertility or barrenness of the mines which happen to be known about the time when such exchanges are made. The discovery of the abundant mines of America reduced in the sixteenth century the value of gold and silver in Europe to about a third of what it had been before. As it cost less labour to bring those metals from the mine to the market, so when they were brought thither they could purchase or command less labour...