By Susan St. Louis, W. Murray
In e-book 3a, Peter and Jane rejoice doing issues they prefer in 36 new phrases together with 'me', 'tea', 'bed' and 'give'. as soon as this booklet has been accomplished, the kid strikes directly to e-book 3b.
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Additional info for Things We Like: Things We Like Bk. 3a
We find many possible reasons – possibly a reflection that we have ourselves spent too much time thinking about money! Reason #1: Money is information - money is the system through which information about the current and future values of goods and services is 54 Chapter 5 transmitted. This is the essential function of prices. The problem is that money at any given point in time has itself not one but two prices: • The first price, the exchange rate, allows any nation to specialize in her comparative advantage and thereby maximize the well-being of the population over the short and the long term.
And does putting the cost of capital at zero, and printing a lot of money (the remedies so far espoused by most central banks in their bid to fight deflation) really help the laid-off Samsung worker, or now-unemployed nurse, find a job? Or does the zero cost of capital instead accelerate the trend of replacing labor with capital? After all, if we make capital free, and labor expensive (through increases in regulations, increases in benefits etc…), should we be surprised that companies replace labor with capital?
Ernest Renan, a 19th century French philosopher, wrote that the main characteristic of a nation was: “The willingness of the citizens to live together”. Implicit in the idea of a nation is thus that a social contract exists with two important elements: a) solidarity among the citizens, and b) a state to help organize the defense of life, freedom and property. And if this is the case, then money is nothing but a necessary tool for this social contract between citizens to be expressed in the economic and legal life of the nation.
Things We Like: Things We Like Bk. 3a by Susan St. Louis, W. Murray