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Thus, to attribute relative stability of the real wage
To payment - means to contradict not only to the facts and experience, but also logic, if we
We assume that the considered
The system is stable in the sense that small changes in propensity to
To consumption and in prompting to investment do not cause sharp jumps in prices.
As the note to the above-stated, probably, it is necessary to indicate that,
That has already been stated, namely as "liquidity", and "costs
Contents "are important only in comparison with one another. Feature of money
Consists only in relative excess of liquidity over costs
Let's consider, for example, economy in which there is no asset with the constant
Excess of the award for liquidity over contents costs. This best
Definition which I can give so-called to "not monetary economy". In
It there is nothing, so to say, except the concrete consumer blessings and
Concrete kinds of the capital equipment, more or less
Specialised according to character of the consumer blessings,
Made or at their direct sharing, or at their indirect
Assistance for it or the smaller period of time. All these blessings unlike
Cash spoil or if they contain in stocks, cause
The costs exceeding any award for liquidity which can it
To be due.
In such economy kinds of the capital equipment will differ the friend from
The friend: on a variety of the consumer blessings, which production they
Can promote; on stability of value of their issue (in that sense,
That value of bread is more stable in time, than value of fashionable novelties)
And on speed from which the riches substantiated in them can become
"Liquid" in sense of production of issue the gain from which can be on
To desire it is transformed into something other.
Proprietors of riches will compare in this case in the indicated sense
Defect of "liquidity" of various kinds of the capital equipment as
Means of a premise of riches with the best available statistical estimation
Perspective incomes of them with allowance for risk. The award for liquidity, as
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