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Money as a viel in the classical system

vicdoris

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7 years ago

Money as a viel in the classical system

using appropriate diagrams explain and show why classical economists viewed money as a veil.

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bio_man

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7 years ago

In essence, Warren and Pearson viewed money as a veil for gold. You could therefore raise nominal dollar prices by simply changing the dollar value of gold. Want reflation? All you need to do is raise the official price of gold! Such a gold price rise was in essence merely a change in the measurement unit of value, according to Warren and Pearson. Just as you could raise recorded numerical room temperature by switching from Celsius to Fahrenheit, so too could you raise prices and wages by raising the official gold price.

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