General Equilibrium Models of Monetary Economies. Studies in by Ross M. Starr

By Ross M. Starr

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Extra resources for General Equilibrium Models of Monetary Economies. Studies in the Static Foundations of Monetary Theory

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T h i s rate m a y be t e r m e d the supply price of capital. If it is lower t h a n the marginal productivity of capital, there will be excess d e m a n d for capital, stimulating increases in prices of capital goods a n d additions to the stock. If the supply price of capital is higher t h a n its marginal productivity, d e m a n d for capital will be insufficient to absorb the existing stock; its valuation will tend to fall, discouraging production of new capital goods. T h e effects of deviation of supply price of capital from the marginal productivity of the existing stock a r e similar to those of discrepancies between WickselPs m a r k e t and n a t u r a l rates.

This m o n e y , however, was, for a long time, received at the exchequer, by weight and not by tale. 50 BILATERAL TRADE ORIGIN AND USE OF MONEY T h e inconveniency and difficulty of weighing those metals with exactness gave occasion to the institution of coins, of which the stamp, covering entirely both sides of the piece and sometimes the edges t o o , was supposed to ascertain not only the fineness, but the weight of the metal. Such coins therefore, were received by tale as at present, without the trouble of weighing.

Wolowski, this a m o u n t of live stock and vegetables might have brought four thousand francs, which would have been good remuneration for five songs. In the Society Islands, however, pieces of money were very scarce; and as Mademoiselle could not consume any considerable portion of the receipts herself, it became necessary in the mean time to feed the pigs and poultry with the fruit. W h e n Mr. Wallace was travelling in the Malay Archipelago, he seems to have suffered rather from the scarcity than the superabundance of provisions.

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