Overview

Many economic principles can be dealt with best in the first place on the assumption that when a change is observed in the price of a particular commodity or service it means a change of value peculiar to that one kind of commodity or service and is not merely a part of a general change in the level of prices, which is only another name for a change in the value of money. In civilized countries in ordinary times, as in England for nearly a century before the War broke out in 1914, general changes in prices - rises or falls of prices taken as a whole - were perceptible enough to experts and students, but were too gradual to be realized by the mass of the people, or even to exercise any easily recognized influence on the actions of the commercial and investing classes. In 1913 the author of Wealth: a Brief Explanation of the Causes of Material Welfare, might well feel justified in omitting the subject. But in 1918 the position is different: the War has brought about a change in the general level of prices or value of money so great and so rapid that it is perceptible to everyone, and has immensely disturbed the relative material welfare of classes and individuals and become an acknowledged cause of action in numerous directions. To endeavor to acquire some clear notion of what makes the value of money change has become the duty of all who think themselves capable of expressing useful opinions on economic affairs. The following pages embody an attempt to assist in this task. They do not profess to be exhaustive: an investigation of the past and discussion of schemes for the future have both been sacrificed in order that space might be gained for treatment of the present.

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9781656498342

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