On Freedom and Free Enterprise: Essays in Honor of Ludwig von Mises (Mary Sennholz)
- Highlight Loc. 4137-45 | Added on Thursday, September 29, 2011, 12:29 AM
Robertson (Sir Denis H.), in spite of his highly independent and original approach to the question, has never torn himself away from the tradition which regards “idle money” as unproductive. The following passage from the 1947 edition of his delightful textbook is not one of the “little bits of specially dead wood” which he cut out of the 1928 version. . . . The value of money is (within limits) a measure of the usefulness of any one unit of money to its possessor, but not to society as a whole: while the value of bread is also a measure (within limits) of the social usefulness of any one loaf of bread. And the reason for this peculiarity about money is the fact that nobody generally speaking wants it except for the sake of the control which it gives over other things.69 Again I ask, then why is the velocity of circulation not infinite?
- Highlight Loc. 4137-45 | Added on Thursday, September 29, 2011, 12:29 AM
Robertson (Sir Denis H.), in spite of his highly independent and original approach to the question, has never torn himself away from the tradition which regards “idle money” as unproductive. The following passage from the 1947 edition of his delightful textbook is not one of the “little bits of specially dead wood” which he cut out of the 1928 version. . . . The value of money is (within limits) a measure of the usefulness of any one unit of money to its possessor, but not to society as a whole: while the value of bread is also a measure (within limits) of the social usefulness of any one loaf of bread. And the reason for this peculiarity about money is the fact that nobody generally speaking wants it except for the sake of the control which it gives over other things.69 Again I ask, then why is the velocity of circulation not infinite?
