quote · Legacy record
But it must be observed that as the depreciation of money proceeds, the demand for money (i.e. for the kind of money in question) gradually begins to fall. When loss of wealth is suffered in proportion to the length of time money is kept on hand, endeavours are made to reduce cash holdings as much as possible. N ow if every individual, even if his circumstances are otherwise unchanged, no longer wishes to maintain his cash holding at the same level as before the beginning of the inflation, the demand for money in the whole community, which can only be the sum of the individuals' demands, decreases too. There is also the additional fact that as commerce gradually-begins to use foreign money and actual gold in place of notes, individuals begin to hold part of their reserves in foreign money and in gold and no longer in notes.
But it must be observed that as the depreciation of money proceeds, the demand for money (i.e. for the kind of money in question) gradually begins to fall. When loss of wealth is suffered in proportion to the length of time money is kept on hand, endeavours are made to reduce cash holdings as much as possible. N ow if every individual, even if his circumstances are otherwise unchanged, no longer wishes to maintain his cash holding at the same level as before the beginning of the inflation, the demand for money in the whole community, which can only be the sum of the individuals' demands, decreases too. There is also the additional fact that as commerce gradually-begins to use foreign money and actual gold in place of notes, individuals begin to hold part of their reserves in foreign money and in gold and no longer in notes.
Approximate author period: c. 1927 AD · modern
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- Author or tradition
- Ludwig von Mises
Attribution: attributed - Country attributed
- Not established
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- Approximate author period: c. 1927 AD · modern
Approximate author-period anchor from life dates 1881 to 1973; Wikidata Q84233, https://www.wikidata.org/wiki/Q84233 (accessed 2026-10-08). Not a quotation composition date.
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Supplied reference C; CSV row 119643; supplied attribution, independently unverified
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