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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.
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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