no appropriate speak a difference purchasing power money Germany Austr — commodities offered same.

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It is no more appropriate to speak of a difference between the purchasing power of money in Germany and in Austria than it would be justifiable to conclude from differences between the prices charged by hotels on the peaks and in the valleys of the Alps that the objective exchange-value of money is different in the two situations and to formulate some such proposition as that the purchasing power of money varies inversely with the height above sea-level. The purchasing power of money is the same everywhere

only the commodities offered are not the same.

Related Authors: only the commodities offered are not the same.

Related Topics: Ludwig von Mises, The Theory of Money, credit

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