This is an amazing Economic concept!
“The demand for money for storage purposes is not separable from the demand for money for other purposes. Hoarding money is nothing but the custom of holding a greater stock of it than is usual with other economic agents, at other times, or in other places. The hoarded sums of money do not lie idle, whether they are regarded from the social or from the individual point of view. They serve to satisfy a demand for money just as much as any other money does. Now the adherents of the Banking Principle seem to hold the opinion that the demand for storing purposes is elastic and conforms to variations in the demand for money for other purposes in such a way that the total demand for money, i.e. that for storing purposes and that for other purposes taken together, adjusts itself to the existing stock of money without any variation in the objective exchange-value of the monetary unit. This view is entirely mistaken. In fact, the conditions of demand for money, including the demand for storage purposes, is independent of the circumstances of the supply of money.”
— The Theory of Money and Credit (LvMI) by Ludwig von Mises
https://a.co/iBQqRNk
jon
npub1wtf…jjv2
2024-05-31 17:36:01
Author Public Key
npub1wtfnlhvhvm90lgsgyd6cu82tj3v429y7qkuu54srwzxpefppc2zq3cjjv2Published at
2024-05-31 17:36:01Event JSON
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"content": "This is an amazing Economic concept!\n\n“The demand for money for storage purposes is not separable from the demand for money for other purposes. Hoarding money is nothing but the custom of holding a greater stock of it than is usual with other economic agents, at other times, or in other places. The hoarded sums of money do not lie idle, whether they are regarded from the social or from the individual point of view. They serve to satisfy a demand for money just as much as any other money does. Now the adherents of the Banking Principle seem to hold the opinion that the demand for storing purposes is elastic and conforms to variations in the demand for money for other purposes in such a way that the total demand for money, i.e. that for storing purposes and that for other purposes taken together, adjusts itself to the existing stock of money without any variation in the objective exchange-value of the monetary unit. This view is entirely mistaken. In fact, the conditions of demand for money, including the demand for storage purposes, is independent of the circumstances of the supply of money.”\n\n— The Theory of Money and Credit (LvMI) by Ludwig von Mises\nhttps://a.co/iBQqRNk",
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}