The Appreciation of Gold: And the Fall in Prices of Commodities (Classic Reprint) - Softcover

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Excerpt from The Appreciation of Gold: And the Fall in Prices of Commodities

The first vague hints of a calculation of the buying power of gold are, no doubt, to be found in N ewmarch's comparative tables, arranged in 1859-61 for the Journal of the Statistical Society; but the honour of a methodical and scientific evaluation of the problem belongs principally to J evons, who was indefatigable in his laborious investigation of facts concerning this matter, and further developed his theory in that voluminous treatise, The Variation of Prices and the Value of Currency since published in 1865. J evons' ingenuity in working up statistical materials into comprehensive figures seems to have led him into a superstitious belief in the power of evidence resident in those average figures.

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