Trong vị trí thứ hai, rõ ràng rằng các hiện tượng của nền kinh tế trao đổi bản thân chỉ có thể được giải thích bằng cách đi phía sau mối quan hệ đó và cách gọi các hoạt động của những quy luật của sự lựa chọn tốt nhất khi suy ngẫm về hành vi của cô lập Giáo sư | 54 SIGNIFICANCE OF ECONOMIC SCIENCE CH. can be shown1 that during times of inflation the artificially low rates of interest tend to encourage expansion of certain kinds of capitalistic production in such measure that when the stimulus is exhausted it is no longer possible to work them as profitable undertakings. At the same time liquid resources are dissipated and exhausted. When the slump comes the system is left high and dry with an incubus of fixed capital too costly to be worked at a profit and a relative shortage of liquid capital which causes interest rates to be stringent and oppressive. The beautiful machinery which so impressed the newspaper correspondents is still there but the wheels are empty of profit. The material is there. But it has lost its economic significance. Considerations of this sort might have been thought to be very remote from reality at the time of the German inflation or at the time of stabilisation. After years of chronic capital shortage in that unhappy country they begin to appear less 4. It is time to return to more abstract considerations. We have next to consider the bearing of our definitions upon the meaning of Economic Statistics. Economic Statistics employ two kinds of units of reckoning physical units and value units. Reckoning is by weight and tale or by valuation so many tons of coal so many pounds sterling worth of coal. From the point of view of economic analysis what meaning is to be attached to these computations 1 See Mises Tfte Theory of Money and Credit pp. 339-366 Hayek Monetary Theory and the Trade Cycle and Prices and Production- Strigl Die Produktion unter dem Einflusse einer Kreditexpansion Schriften des Vereins fur Sozidlpoltiik Bd. 173 pp. 187-211 . s See Bonn Das Schicksal des deutschen Kapitalismus pp. 14-31. Bresci-ani-Turroni ỈI vicendi del Marco Tedesco. in RELATIVITY OF ECONOMIC QUANTITIES 55 So far as physical reckonings are concerned what has been said already is sufficient. There is no .
