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The Stability of the Purchasing Power of Money

In: International Money and the Real World

Author

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  • Paul Davidson

Abstract

Production in entrepreneurial market-oriented economies is always organized on a forward-money contractual basis. The efficient planning of time-consuming mass production processes by entrepreneurs, in a world where slavery and peonage are illegal, requires contractual commitments for the hire-purchase of inputs before the production activity is undertaken. Such contracts not only ensure regular (non-casual) employment and fair treatment of labour over time,1 but they also provide entrepreneurs with the necessary controls over factor services and costs, thereby limiting the money liabilities involved in undertaking any planned production activities.

Suggested Citation

  • Paul Davidson, 1982. "The Stability of the Purchasing Power of Money," Palgrave Macmillan Books, in: International Money and the Real World, chapter 8, pages 146-166, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-16679-4_8
    DOI: 10.1007/978-1-349-16679-4_8
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