 | James Bowen, Margarita Bowen - Technology & Engineering - 2011 - 746 pages
...money as simply a more refined degree of abstraction in the process which created money to begin with. "The substitution of paper in the room of gold and silver money," he writes, "replaces a very expensive instrument of commerce with one much less costly, and sometimes... | |
 | Gordon Bigelow - Literary Criticism - 2003 - 246 pages
...money as simply a more refined degree of abstraction in the process which created money to begin with. "The substitution of paper in the room of gold and silver money," he writes, "replaces a very expensive instrument of commerce with one much less costly, and sometimes... | |
 | Glyn Lloyd-Hughes - 2005 - 412 pages
...of labour, must increase the annual produce of land and labour, the real revenue of every society. The substitution of paper in the room of gold and...instrument of commerce with one much less costly. Circulation comes to be carried on by a new wheel, which it costs less both to erect and to maintain... | |
 | Adam Smith - Business & Economics - 2007 - 513 pages
...filver money, replaces a very expenfive inflrument of commerce with one much lefs coftly,. and ibmetimes equally convenient. Circulation comes to be carried on by a new wheel, which it cofts lefs both to ereft and to maintain than the old one. But in what manner this operation is performed,... | |
 | Michael Lewis - Economic policy - 2007 - 1476 pages
...into motion, and consequently the annual produce of land and labor, the real revenue of every society. But in what manner this operation is performed, and in what manner it tends to increase either the... | |
 | Adam Smith - Economics - 1809 - 516 pages
...motion, and consequently the annual produce of land and labour, the real revenue of every society. The substitution of paper in the room of gold and...less both to erect and to maintain than the old one. But in what manner this operation is performed, and in what manner it tends to increase either the... | |
 | Banks and banking - 1877 - 1076 pages
...part of the circulating capital which consists in money, is an improvement of exactly the same kind " The substitution of paper in the room of gold and...Circulation comes to be carried on by a new wheel, which costs less both to erect and to maintain than the old one." — Adam Smith, "Wealth of Nations," Book... | |
 | 137 pages
...economist once said that " the substitution of paper in the place of gold and silver money replaced a very expensive instrument of commerce with one much...less both to erect and to maintain than the old one." Now, sir, I shall use that quotation as a sort of text to what I am about to say. In proportion as... | |
 | Henry Charles Carey - United States - 1848 - 970 pages
...collecting and supporting that part of the capital which •consists in money is an improvement" — that " the substitution of paper in the room of gold and silver money replaces a very expensive instrument with one less costly and equally convenient" — that " by this operation 20,OOOJ. in gold and silver... | |
 | F. A. Hayek - Political Science - 1991 - 400 pages
...He therefore considered the replacement of metallic currency by bank notes as desirable because "it replaces a very expensive instrument of commerce with...much less costly, and sometimes equally convenient", or, as he expressed it by an often-quoted simile, "the gold and silver money which circulates in any... | |
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The substitution of paper in the room of gold and silver money, replaces a very expensive instrument of commerce with one much less costly, and sometimes equally convenient. Circulation comes to be carried on by a new wheel, which it costs less both to... 
