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The text traces the historical shift from barter to a money economy and explains why gold came to dominate after bimetallism. It details price instability under the gold standard and compares it with greater stability under paper money and credit. It then reviews proposals, including Irving Fisher’s goods-dollar concept, and discusses mechanisms such as varying gold dollar weights and certificate-backed 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does the text emphasize stability in money’s value?","Question",{"text":112,"@type":113},"Because money must reliably function as both a medium of exchange and a standard of value, requiring stability in purchasing power.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What does the text say about price behavior under the gold standard?",{"text":117,"@type":113},"It argues that prices were very unstable under the gold standard, citing long-run declines and later rises using selected base-year comparisons.",{"name":119,"@type":110,"acceptedAnswer":120},"What stabilization plan does the text discuss from Irving Fisher?",{"text":121,"@type":113},"It describes keeping gold as the exchange medium while adjusting the weight of the gold dollar to match a goods-dollar based on a wholesale price index, alongside certificate-backed reserves and fees to limit 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DIVISIONBIBLIOGRAPHIC MICROFORM TARGET\n\nORIGINAL MATERIAL AS FILMED-EXISTING BIBLIOGRAPHIC RECORD  \n\n| 308  \u003Cbr>Trant,Jemes Buchanan,  \u003Cbr>Z  \u003Cbr>Box 198 The gold standard and monetary stabilization,by  \u003Cbr>James Buchanan Trant ..Urbana,Il¹.,1926.  \u003Cbr>12 p.24 cm.  \u003Cbr>Abstract of thesis(Ph,D.)University of Illi-  \u003Cbr>nois,1935.  \u003Cbr>四  \u003Cbr>1024  \u003Cbr>O   |\n| --- |\n|  |\n\n Reproductions may not be made without permission trom Columbla UniversityLibraries.              \n## RESTRICTIONS ON USE:\n\n# TECHNICAL MICROFORM DATA\n\nFILM SIZE:          35mmREDUCTION RATIO:            1/:/  \nA  \nIMAGE PLACEMENT:IA  \nIB IB  \nDATE FILMED:                     1197INITIALS:         TLM  \n          23442                 \n## TRACKING\\#:\n\nFILMED BY PRESERVATION RESOURCES,BETHLEHEM,PA.  \n# THE GOLD STANDARD ANDMONETARY STABILIZATION\n\nZ  \n198  \nBY  \nJAMES BUCHANAN TRANT  \nA.B.,Howard Colege,1920  \nA.M,Princeton University,I921  \nAN ABSTRACT OF A THESIS  \nSUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTSFOR THE DEGREE OF DOCTOR OF PHILOSOPHY INECONOMICS IN THE GRADUATE SCHOOLOF THE UNIVERSITY OF ILLINOIS,1925  \nURBANA,ILLINOIS  \nI926  \nTHE GOLD STANDARD ANDMONETARY STABILIZATION  \nBYJAMES BUCHANAN TRANT  \nA.B,Howard Colle,1920AM,Princeton University,1921AN ABSTRAC OF A THESIS  \nSUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTSFOR THE DEGREE OF DOCTOR OF PHILOSOPHY INECONOMICS IN THE GRADUATE SCHOOLOF THE UNIVERSITY OF ILLINOIS,I925URBANA,ILLINOIS1926  \n1.E  \n# THE GOLD STANDARD AND MONETARYSTABILIZATION\n\nMoney serves primarily two purposes;it acts as a mediumof exchange and as a standard of value.If it is to perform thesefunctions eficiently it must be stable in value.  \nIn the development from a barter to a money economy it wasearly found that certain metals had a superior fitness to performthe monetary function.Gold finally dominated because of thebreak-down of bimetallism and the belief that gold was more stablethan silver.England established the gold standard in I816,andbetween that date and 1905 the major nations of the worldadopted it.  \nBut prices have been very unstable under the gold standard.Using 1900 as a base year,prices fell from 157 in 1821 to Io7 in1849,and rose to 148 in 1873,declining from there to 8r in 1896,and rising to II3 in I914.Prices,however,have been more stableunder an uncontrolled paper money and credit system.The pricelevel rose between I913 and 192o from Ioo to 510.3 in France;624-4 in Italy;295 in England;I,486 in Germany;249.7 inCanada;and 226 in the United States.Because of the conditionsjust described a number of proposals have been made for stabil-izing the purchasing power of money.  \nProfessor Irving Fisher in his book,\"Stabilizing the Dollar,\"states that a“goods-dollar”would make a better standard thana gold or silver dollar.It is recognized that the “goods-dollar”could not be used as a medium of exchange because of its weightand bulk and because of the fact that goods are perishable.Be-cause of that it is proposed to keep gold as the medium of ex-change but change the weight of the gold dollar in such a way asto make it equal in value to the“goods-dollar.”The value of the“goods-dollar”would be found by calculating the index numberof prices of a large number of wholesale commodities.The presentprice level would be established as par and every two months theindex number would be computed and if it had increased one percent,the weight of the gold dollar would be decreased one percentIt would be almost impossible to change the weight of thegold coins if they were kept in circulation.Because of that it is  \nproposed to take them out of circulation and put gold certificatesin their place.The certificates would call for a varying amountofgold bullion,depending on the price level.Since the certificatescalled for varying amounts of gold as the price level changed,itwould leave ","cbCaihZxpXya1jsu","https://ap.wps.com/l/cbCaihZxpXya1jsu","pdf",453989,13,"English","# Money as a Standard of Value\n## Historical adoption of the gold standard\n# Instability and comparisons of price levels\n## Prices under gold versus paper and credit\n# Proposals for stabilizing purchasing power\n## Fisher’s goods-dollar idea\n## Gold-dollar weight changes and certificates\n# International and institutional approaches\n## British committee and the postwar banking system","[{\"question\":\"Why does the text emphasize stability in money’s value?\",\"answer\":\"Because money must reliably function as both a medium of exchange and a standard of value, requiring stability in purchasing power.\"},{\"question\":\"What does the text say about price behavior under the gold standard?\",\"answer\":\"It argues that prices were very unstable under the gold standard, citing long-run declines and later rises using selected base-year comparisons.\"},{\"question\":\"What stabilization plan does the text discuss from Irving Fisher?\",\"answer\":\"It describes keeping gold as the exchange medium while adjusting the weight of the gold dollar to match a goods-dollar based on a wholesale price index, alongside certificate-backed reserves and fees to limit speculation.\"}]","THE GOLD STANDARD AND MONETARY STABILIZATION - Abstract of a Thesis Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy in Economics | PDF",1789964104,33]