Description

Originally published in London in 1863, A Serious Fall in the Value of Gold Ascertained, and Its Social Effects Set Forth is an interesting study of the gold standard at a time when gold was considered one of the most valuable metals in the world, and when many countries on silver standard coins were transferring to the gold currency of the United Kingdom and the United States. Economist William Stanley Jevons analyzes the effects of the gold rush in the western U.S. and Australia and how the increasing supply of gold will decrease the value. He uses multiple charts and formulas to support his theories, and predicts a departure from the gold standard, which most of the world did after World War I, though not for the reasons Jevons cites. Regardless, it is a fascinating study, especially considering the 21st century inflation in the price of gold, and will delight modern economists and history buffs. English economist and logician WILLIAM STANLEY JEVONS (1835-1882) was born in Liverpool. He studied chemistry and botany at University College, London, and was later professor of logic and political economy at Owens College, Manchester. He is also the author of The Theory of Political Economy (1871) and The State in Relation to Labour (1882).