Social Consequences of Changes in the Value of Money (1923)

John Maynard Keynes

Chapter 2 in Essays in Persuasion, 2010, pp 59-75 from Palgrave Macmillan

Abstract: Abstract Money is only important for what it will procure. Thus a change in the monetary unit, which is uniform in its operation and affects all transactions equally, has no consequences. If, by a change in the established standard of value, a man received and owned twice as much money as he did before in payment for all rights and for all efforts, and if he also paid out twice as much money for all acquisitions and for all satisfactions, he would be wholly unaffected.

Keywords: Social Consequence; Business World; Trust Fund; Normal Profit; Legal Tender (search for similar items in EconPapers)
Date: 2010
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DOI: 10.1007/978-1-349-59072-8_7

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