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The chapter XIII. What is "value of money"?"Stable value of money"
Criteria of a choice Efficiency of the account - again a determinative
The wholesale commodity prices as the standard of value for currencies in the international
Regions
Approaching to a problem from purely scientific point of view, it is possible to notice that the such
The phenomena as absolutely stable value does not exist, neither for money, nor for
Something else. Value is the relation, factor of equivalence,
Or, as U.S.Dzhevons, "an indirect way of expression of a proportion"
Jevons, Money and the Mechanism of Exchange, Kegan Paul, London, 1875, the river 11;
cit. In the same place, p. 68 "simply expresses Value variable inherently The relation in which two goods, so it the bases exchange To assume that any thing two days running saves one it the same Value. "> which can be established only having defined that quantity of one Object which is estimated as equal to "equivalent" quantity of another Object. Two objects can have constant relative value in terms Each other, however the statement that value something has not changed,
It is deprived sense if thus it is not concretised, about the relation to what
To other object there is a speech. When we is habitual, but precipitately we use such expressions as "value Beer is stabler, than value of a beet "(and it is a maximum of that else has Any sense), actually we wish to tell that the relative Value of beer, or its "exchange rate", remains to stabler under the relation
It it is possible to tell about a beet and set of other goods. For the usual goods and
Services we, first of all, mean their relation to money. When we We apply concept "value" to money, it means that the prices The majority of the goods do not change mainly in one direction, or What is the changes will be rather insignificant and short. "Stable value of money" However some prices in the free market vary always. We sometimes feel,
That value of money remained approximately at the same level, though many prices
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