By Knut Wicksell
Knut Wicksell used to be a Swedish economist who had a big impression on Austrian economics and Ludwig von Mises. this would be his such a lot compelling e-book: lectures added over the process a complete occupation, overlaying either normal and particular economics difficulties. This one-volume works truly includes 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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Extra resources for Lectures on Political Economy. Money
A. and sufficient even to enable extra-European states to adopt the gold standard. This, however, is a question of expediency x and does not affect the theoretical foundation of bimetallism, which is essentially unchanged, even if, as we shall point out later, it carries us beyond the conclusions which its advocates draw from it. For the moment, however, the free minting of silver does not exist in any country with a regulated currency. The currency systems in existence in 1915 may be characterized as (1) those with a pure gold standard, in which silver is only used as token money and is only legal tender up to a limited amount; (2) those with the so-called " limping " standard, in which both metals are legal tender, but only one, gold, is freely minted; and, finally, (3) those with a paper standard in which the currency consists of inconvertible paper money or of metallic (silver) money minted only by the State for its own account.
The advantage of having as a medium of exchange a quantity of metal easily recognizable by its external form instead of having to bring forth scales and testing stone for every transaction is so great that even considerable inequality in the weight or composition of the currency is generally tolerated before the currency becomes useless as a medium of exchange on account of its diminished value. In earlier times, before the art of making the precious metals more durable by means of alloys, of protecting coins against wrongful clipping and scraping by means of an artistic design, money was much more worn and damaged than it is nowadays.
Concerning earlier Swedish currency and monetary systems, cf. the respective chapters in H. Hildebrand's Svenska MedeUiden and C. B. Ljungberg's essay in Agardh-Ljungberg's Statsekonomisk statistik over Sverige. Concerning Sweden's adoption of the Gold Standard, cf. Kommittebetdnkande of 13th August, 1870, Handlingar submitted to the Bank and Law Committee, 1873, and the Report of that Committee, as well as the Riksdag minutes for the same year. 1. —Some Historical Notes on Currency in Antiquity and the Middle Ages.