Synopsis
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 edition. Excerpt: ...are conducted in terms of gold. All the other commodities measure their values in it, and the different ratios are measureable by the cost of the commodities in human labour. Say gold stands at 12. Then the value measurements might be 3, 4, 7, 9, 11, 12, according to magnitude. These are quantitative value measurements. The rising and falling oi these quantities are determined by the cost of production of the commodities, including gold itself. But now gold stands face to face with all the other commodities, and in so far as exchange value is concerned it is subject to the cost of production on either side, e.g.:--First.--A change in the value of gold will affect all the other commodities at the same rate, providing their values remain unaltered. Second.--A change in the value of all the other commodities will affect the exchange value of gold, provided its value remains unaltered. Third.--If the value of gold and all the other commodities alter simultaneously and to the same degree, then the exchange ratio would remain unaltered. Fourth.--The above law operates the same, although a multitude of varying ratios are expressed. These are explained according to the larger or smaller magnitudes as measured in quantities or terms of gold. The secret of this particular aspect of exchange is to bo found in the nature of the objects exchanged. As they are social expressions of expended human labour power, so must exchange manifest the relationship of these different labour powers. Sugar cannot measure sugar, coal cannot measure coal; so is it also true to say that gold cannot measure gold. Gold, to express its exchange value, must lower its dignity to appoint one of its inferior fellow-commodities to act as its equivalent in the transaction, which shows...
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About the Author
James Clunie works at Scottish Widows Investment Partnership (SWIP), where he is responsible for managing a UK equity long-short fund and a long-only fund. Previously, he was at the University of Edinburgh for four years, conducting research into stock lending and short-selling. He also set up and ran their Masters programme in Finance and Investment. Prior to this, Clunie worked at Murray Johnstone International, where he was head of asset allocation, and at Aberdeen Asset Management, where he was head of global equities. He graduated with a BSc (Hons) in Mathematics and Statistics and recently completed his PhD on indirect short-selling constraints, both at the University of Edinburgh. He is a chartered financial analyst.
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