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The national income and quantity of money as the psychology of public will be

Sooner or later to lead to this size.

These tendencies will force the way through, possibly, with a smaller friction

At movement upwards, than at movement downwards. But if the quantity of money is

Long to remain sharply insufficient, a normal way out Change of monetary unit or the most monetary system will be faster

With the purposes of increase in quantity of money, instead of fall of unit of wages

With increase in debt time arising from here. Therefore during very The long periods change of the prices almost always goes aside

Increases. It is received so that when money is available in relative surplus,

Wages unit and when it is felt relative them grows Defect there is any means for increase The valid quantity of money.

Within XIX century growth of the population, the invention, opening of the new countries,

Condition of reliance and frequency of wars (approximately on one on each Decade) in connection with propensity to consumption, apparently, were

Are sufficient for an establishment of such schedule of a marginal efficiency

The capital, at which more or less satisfactory average level

Employment it was combined with norm of percent, enough high from the point of view

Typical norm of percent on long-term loans in the leading financial centres

It was kept at level about 5 %, and on the first class valuable papers-between 3 and

3,5 %. These norms of percent were modest enough to encourage Investments into the sizes compatible to average employment which was not Excessively low. From time to time in wages unit, and even more often in Monetary unit or in monetary system (last especially By means of development of bank money) amendments so that were made The quantity of money expressed in terms of wages, was enough For satisfaction of a normal liquidity preference at the percentage Rates which seldom fell much below the indicated standard sizes. Wages unit found out as a whole the stable tendency to growth, But grew as well labour efficiency. Equally effective all these forces It was shown in a relative firmness of prices - best five years' average

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