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David Hume (1711–1776), one of the most famous philosophers in Western civilization, was the first to give a thorough and complete explanation of the gold-specie-flow mechanism, which is the automatic adjustment mechanism that balances the inflow and outflow of gold under an international gold standard.
On a gold standard a country’s money supply, including paper money, is directly proportional to domestic gold holdings, including bullion and gold specie. When a country imports goods from abroad, making payment causes gold to flow out of the importing country. When a country receives payment for goods exported abroad, gold flows into the country. In addition, investments in a foreign country cause gold to flow out, destined for the country receiving the investment. When a country attracts foreign investment, gold flows in to pay for the investment.
David Hume addressed the problem of what happens when the outflow of gold, owing to imports and investments in foreign countries, is unequal to the inflow of gold from exports and foreign investment attracted from abroad. He developed the gold-specie-flow mechanism to explain the forces that bring the outflow of gold into balance with the inflow of gold, stabilizing domestic money supplies.
If gold outflows exceed gold inflows, domestic money supplies dwindle, putting downward pressure on domestic prices. As domestic prices fall, domestic goods become cheaper relative to imported goods, decreasing gold outflows from imports. Also, falling domestic prices lower the prices of domestic goods in export markets, increasing gold inflows from exports. Therefore, imports decrease and exports increase, closing the gap between the gold outflows and gold inflows.
If gold inflows exceed gold outflows, domestic money supplies balloon, putting upward pressure on domestic prices. Rising domestic prices render domestic goods less competitive in export markets, decreasing gold inflows from exports. Also, rising domestic goods prices lift the price of domestic goods relative to imported goods, increasing gold outflows from imports. Therefore, imports increase and exports decrease until the gap between gold inflows and gold outflows has closed.
Hume’s theory of the gold-specie-flow-mechanism helped supply the theoretical foundation of the gold standard as a stabilizing force in monetary affairs.
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Mark Picks up ng isang gamot na bola na may isang masa ng 12 kg. Pagkatapos ay sumasaklaw niya 15 N ng lakas upang iangat ang gamot na bola. Ano ang pag ng mga gamot na bola? Ipahayag ang iyong sagot sa m / s2.
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Robert Langdon awoke slowly.
A telephone was ringing in the darkness-a tinny, unfamiliar ring. He fumbled for the bedside lamp and turned it on. Squinting at his surroundings he saw a plush Renaissance bedroom with Louis XVI furniture, hand-frescoed walls, and a colossal mahogany four-poster bed.
Where the hell am I?
The jacquard bathrobe hanging on his bedpost bore the monogram: HOTEL RITZ PARIS.
Slowly, the fog began to lift.
Langdon picked up the receiver. "Hello?"
"Monsieur Langdon?" a man's voice said. "I hope I have not awoken you?"
Dazed, Langdon looked at the bedside clock. It was 12:32 A.M. He had been asleep only an hour, but he felt like the dead.
"This is the concierge, monsieur. I apologize for this intrusion, but you have a visitor. He insists it is urgent." Langdon still felt fuzzy. I His eyes focused now on a crumpled flyer on his bedside table.
THE AMERICAN UNIVERSITY OF PARIS
an evening with Robert Langdon
Professor of Religious Symbology, Harvard University
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