1
اقتصاد::
مانده پول
In consequence, the effect of a change in the money stock on the price level will be less than proportional, and systematically so.
This proportional change in the nominal money supply and in the price level may look superficially like a quantity-theoretic effect, but it is really nothing of the kind: it is not that a change in money stock drives the price level, but rather that the changes in money stock and price level are both driven by the alteration in the relation between the unit of account and the money commodity.
Locke's own statement of the argument, however, seems to depend on the idea that silver has an intrinsic value, that monetary exchange is essentially a matter of exchanging the precious metals for other commodities in non-arbitrary proportions, and that the debasement is in the nature of a currency reform or simple rescaling (as outlined above), rather than the sort of change in money stock envisaged by the quantity theory.
England's money stock expands, and her prices rise, up to the point where the increased price of English cloth makes its purchase by the Portuguese traders unprofitable.
The monetary expansion is, however, at least the proximate cause of the price movement: it is not a case of monetary endogeneity in Marx's mode (that is, a case of a change in the aggregate price of commodities, or in velocity, inducing a change in the money stock).
واژگان شبکه مترجمین ایران