Political Economy
by Nassau William Senior (9780217786300)

Political Economy
Nassau William Senior
Release Date: 10 December 0140
Format: Paperback
Pages: 112
Category: Economics, Finance, Business & Management
ISBN: 9780217786300
ISBN-10: 0217786308

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: " In short, there was hardly an article of merchandise which did not participate in the rise. For it became the business of the speculators or the brokers, who were interested rn raising and keeping up prices, to look minutely through the general Price Currents with a view to discover any article which had not advanced, in order to make it the subject of anticipated demand. " If a person not under the influence of the prevailing delusion- ventured to inquire for what reason any particular article hatl risen ? the common answer was, ' Everything else has risen, and therefore this ought to rise.'." When we consider that the supply of large classes of commofli- ties is dependent on our amicable or hostile relations with foreign states, and on the commercial and financial legislation both of those states and of our own country, and that the supply of still larger classes is dependent not only on those contingencies, but on the accidents of the seasons,?and when we consider how the demand is affected not merely by the existing or the anticipated obstacles to the supply, but often by a spirit of speculation as blind as that of a gambler ignorant of the odds and even of the principles of his game,?it is obvious that the general value of all commodities, the quantity of each which will exchange for a given quantity of every other, can never remain the same for a single day. Every day there will be a variation in the demand or the supply of one or more of the innumerable classes of commodities which are the objects of exchange in a commercial country. A given quantity of the commodity which has varied will consequently exchange for a greater or a less quantity of all other commodities. All other commodities, therefore, will have varied in value as estimated in the first mentioned com...

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