Top 10 cities in usa to visit on He believed that the latter function required gold and silver, at least for international transactions, because of the generally agreed-upon intrinsic value of precious metals. His monetary economics generally focused on the ratio of a country’s monetary stock to its volume of trade. Locke argued that comparisons of this ratio between countries determined international price levels. Contrary to the typical mercantilist preference for low prices as a stimulus to exports, Locke warned of the danger of prices at home falling below those abroad. Consequently, his views concerning monetary requirements for international purposes represented the extreme mercantilist position that a favorable balance of trade was necessary to avoid the dire effects on trade, agriculture, employment, wages, terms of trade, and population movements that a relative drop in money stock would cause. He is credited, along with Petty, with the introduction of the concept of velocity of circulation to what is now called the quantity theory of money. His formulation of the theory was much more refined than it had been previously, even though it led him to the fallacious and inconsistent conclusion concerning the continuous inflow of specie. Top 10 cities in usa to visit 2016.
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