The Value of Money

A. C. Pigou

The Quarterly Journal of Economics, 1917, vol. 32, issue 1, 38-65

Abstract: I. § 1. Another formulation of the conditions governing the value of money, 38. — II. §2. The term "value of money," 39. — III. § 3. The demand for legal-tender money, 40. — § 4. The derived demand schedule for legal tender, 42. — § 5. The separate variables in the formula; total resources, 43. — § 6. The proportion of resources kept in legal-tender form, 44. — § 7. The proportion kept in pockets and tills, 48. — § 8. The proportion kept by bankers, 50. — §§ 9, 10. The relation of the present formula to that of the equation of exchange, 52. — IV. §§ 11–19. The supply of legal-tender money under various conditions: inconvertible paper fixed in amount; partial fixity of supply; free coinage; bimetallism; seigniorage; gold exchange standard, 54. — V. § 20. Demand and supply, 58. — § 21. Production and supply of gold, 58. — § 22. Common causes likely to affect the various factors, 59. — §23. The element of time, 61. — § 24. Possible interaction of demand and supply, 63. — VI. § 25. Conclusion, 65.

Date: 1917
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