By Hilaire Belloc
This vintage advent to the fundamentals of monetary concept deals a positive method of monetary schooling by way of defining phrases and introducing key ideas with no utilizing insider jargon and intricate theories. the elemental questions about why the financial system fluctuates and the way small farmers, small enterprise humans, households, shoppers, and innovators are tormented by those fluctuations are thought of. critical choices to fashionable monetary theories are defined, with recognition to the realities which were mostly unchanged throughout the final century.
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Extra resources for Economics for Helen
Example text
On the mainland, a day’s journey from the island, there is good soil and pasture and a good climate, but there is no salt. Salt is a prime necessity of life, and it comes into a lot of things besides necessaries. To the people of the mainland, therefore, salt, which they lack, is of high value. To the people of the island it is of low value, for they can get as much of it as they want, with very little trouble. Meanwhile, meat is of very high value to the people of the island, who can grow little of it on their own soil, while it is of much less value to the people of the mainland, who have plenty of it through their good pastures and climate.
If you were to double your capital again, making four times your original amount, using a lot more food for labourers and a lot more implements, you would again have a larger produce, probably, but perhaps only double your original amount: Four times the original amount of capital, and only twice, say, the old income. So the process goes on; and in all forms of the production of wealth this formula applies, and is true: The returns of increasing capital, so long as the method of production is not changed, get greater in amount, but less in proportion to the total capital employed.
Interest Now, if this Worth While of Labour was all that had to be considered, things would be a great deal simpler than they are. Unfortunately, there is another “worth while” from which one cannot get away, and which makes the second division in the produce of wealth. ” We must be careful not to mix up “Interest on Money,” that is, the word “interest” in its ordinary conversational use, with true economic interest. Interest on money does not really exist. ) for which the money is only a symbol, or else it is Usury, that is, the claiming of a profit which is not really there; and what Usury is exactly we shall see later on.