By Knut Wicksell
Knut Wicksell was once a Swedish economist who had an important impact on Austrian economics and Ludwig von Mises. this is able to be his such a lot compelling publication: lectures introduced over the process a whole occupation, protecting either common and particular economics difficulties. This one-volume works really comprises 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
Perfectly clear examples of this can, in fact, be adduced from antiquity. Again if we compare antiquity with the later Middle Ages we shall find that the excessive quantities of the precious metals in the former, and the scarcity of them in the latter, period was reflected in a price level which, in the days of the Antonines, for example, is supposed 36 LECTURES ON POLITICAL ECONOMY to have been as high as at the present day; whereas in the Middle Ages, at any rate in Scandinavia, the prices of those necessities which it is possible to compare were only a fraction of what they are now.
The consequence was that, a daler (which, from the outset, was the same as a " thaler " or a specie " riksthaler ") was calculated as 4 marks or 32 ore, and this equivalent was maintained during all subsequent debasements. Whereas the specie " riksdalar ", which was a kind of international coin, remained practically unchanged in weight and fineness, the originally equivalent " svenska daler " was debased more and more. Our currency history until 1830 is indeed an almost uninterrupted succession of debasements and bankruptcies.
The gold standard is not fully introduced by this means ; for that would require the unrestricted supply of gold for rupees at the same price, a condition not yet enacted by law, though adhered to in fact. In 1915, a transition to the gold standard in a form similar to that of India was planned in Mexico and China. 3. Swedish Currency History and a Comparison between Present-day Swedish Currency and that of Other Countries. The oldest Swedish coinage seems to have been minted in the time of Olof Skot or King Anund.