Money

Money

Money

Money

Excerpt

As the first volume of the Pollak Publications, we issued The Making of Index Numbers, because in our view the first need of any science is fairly accurate and generally accepted instruments of measurement. The economic world seemed to us ready to welcome and use a thoroughgoing exposition of methods of constructing index numbers of prices, wages, production, cost of living, and so forth. We did not, however, anticipate the immediate and world-wide demand that, within six months after the publication of this highly technical work, exhausted the first edition. A revised edition has just come from the press.

And now, six months after the appearance of Money as the second of the Pollak Publications, we are gratified to find that another edition of that book is required. Naturally, we are even more firmly convinced than ever that an analysis of the part that money plays in the world's work will be recognized eventually as part of the necessary groundwork for an understanding of our major economic problems.

But there are other essential parts. The economic world in which we live is based, not only on the exchange of goods for money, but also on the production of goods for sale at a profit. First of all is the fundamental fact that we live in a money economy: but no less important is the fact that we live in a profit-making economy. The significance of the first fact, we have tried to make clear in this volume. We are well aware, however, that this analysis of the characteristics of money is only part of the . . .

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