Economic Essays (Classic Reprint) - Hardcover

David Ricardo

9780366706976: Economic Essays (Classic Reprint)

Hardcover

ISBN 10: 0366706977 ISBN 13: 9780366706976

Publisher: Forgotten Books, 2018

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This book explores the high price of gold bullion and the reasons for the depreciation of bank notes through the lens of an economic analysis. The author examines the distribution of precious metals among nations based on their wealth and commerce, highlighting the intrinsic value of gold and silver that establishes their role as a medium of exchange. The author argues that an increase in the supply of precious metals, such as from a newly discovered mine, can devalue the currency of the country where the discovery is made. This devaluation leads to an outflow of gold and silver to countries where their value is higher, until the proportions of precious metals among nations are re-established. The author delves into topics such as the relationship between the quantity of money in circulation and its value, the role of banks in issuing notes, and the impact of economic factors on the demand and supply of gold and silver. The insights provided in this book offer a deeper understanding of the monetary systems of the time and their implications for international trade.

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