Monroe, A. E.
February 1932
Quarterly Journal of Economics;Feb32, Vol. 46 Issue 2, p251
Academic Journal
This article discusses key issues relevant to the standard of economic value. It is true that the price policy which would eliminate the inflation inimical to sound business might not meet the requirements of equity, but since debtors and creditors can make provision in their contracts against the effects of price developments, if they think it. worth the trouble, whereas there is no way to protect business from the effects of inflation, it seems better to concentrate attention on the latter. But an ever increasing number of men can not say that they buy with their labor. The purchasing power by means of which they satisfy their wants and with which they miter the markets of society comes to them without any effort on their part as tribute from subjects, as income from investments, as the rent of land. Income from investments is reducible to labor in a different way. If the investments are of the efficiency-increasing type, the investor's savings make possible an increase in the physical output of the laborers who use them.


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