The laws, according to which a depreciation of the precious metals consequent upon an increase of supply takes place, considered in connection with the recent gold discoveries
Citation:
Cairnes, John E., 'The laws, according to which a depreciation of the precious metals consequent upon an increase of supply takes place, considered in connection with the recent gold discoveries'. - Dublin: Dublin Statistical Society,Vol.II, Part XIII, 1859, pp236-262Download Item:
Abstract:
It appears to me, however, that misconceptions respecting the influence
of an increased supply of gold upon its value and upon
general prices are by no means confined to the class who could be
misled by such fallacies, but that even among economists (at least
among economists in this country) we may observe the same indisposition
to believe in an actual and progressive depreciation of
this metal. It is not indeed denied ? at least, I presume it is not
denied ? by anyone pretending to economic knowledge, that the
enlarged production of gold now taking place has a tendency to
lower its value; but it seems to be very generally supposed that the
same cause ? the increased gold production ? has the effect, through
its influence on trade, of calling into operation so many tendencies
of a contrary nature, that on the whole, the depreciation must
proceed with extreme slowness, the results being dispersed over a
period so great as to take from them any practical importance, and
that, at all events, up to the present time no sensible effect upon
prices has hence arisen.
Description:
Read before the British Association: September, 1858
Author: Cairnes, John E.
Publisher:
Dublin Statistical SocietyType of material:
Journal articleCollections
Series/Report no:
Journal of the Dublin Statistical SocietyVol.II, Part XIII, 1859
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Full text availableKeywords:
Precious metals, GoldISSN:
00814776Metadata
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