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The gold standard have still the big force with reference to the given offer,

Free at the same time from the basic defects of the gold standard. That not

Less, evaluating feasibility of this plan, it is impossible to consider it only as the scheme

Monetary reform. It is necessary to mean that accumulation of commodity reserves

It should is unconditional to remain a part of a state policy and that Political reasons hardly will allow, that the markets of primary goods were We are completely granted to ourselves in any foreseeable future, on which We can plan now. Nevertheless all plans aimed at the direct Price control of the concrete goods, encounter on rather serious Objections also will undoubtedly generate significant economic and political Difficulties. Not to mention monetary reasons, there is an insistent Requirement for system, at which the special bodies acting, in Essence, in only any and unpredictable image, would be deprived Possibilities of such regulation and instead were subject mechanical and

To the predicted rule. If it can be connected to reorganisation international

Monetary system which again would supply to the world stability of the international

Currency relations and it freedom in movement of primary goods, would be The serious step to more prospering and stable economic is taken.

The chapter XI. Effect of Rikardo

It is reprinted from Economica, IX, No. 34 (new ser.; May, 1942), 127-52

Cars and work are in a constant competitiveness between Themselves, and the first often can be applied only When the price of labour will be lifted. David Rikardo

When in recent work I have mentioned industrial fluctuations "the known thesis

- that pay rise induces capitalists to replacement Labour by cars "Interest, Investments (1939); compare also: The Pure Theory of Capital (1941), chap. xxvii and Profits it has been made under

Illusion influence that argument which I used for a long time, it is possible to express

Thus - in more habitual and accessible form. Illusion has been disseminated Numerous comments for that work. [Compare, in particular, the review of mine

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