illustrations showing that 

 Similar Relative Effects 



A\ 



Ma>j be produced b^ 



MERY 



DIFFERENT CAUSES 



PURCHASING POWER 



OF COLD 



Reference : - C . mdzcates Gold/ 



s.h cd k< other commodity 



EXAMPLES 



P.P. increased lowered CKStffbgtaa 



accordingly as puces of oilier 

 corfmoclities,lia.v*! fallen, men. or 

 remained ftta.tioiw.ry. its own cost 

 production remaining stationary mi ^ 



PRICES OF 



OTHER COMMODITIES 



Some increasing irregularly aiew 

 stationary Uje larger number 

 falling irregularly P. Power over 

 Cold si wilt* eackotiier »arywg as 

 the prices vary * as the cost of 

 production . 



Cost of Production 

 Remaining Sta.tjona.ty 

 Increased Purcca sracr Power over 

 other rorarno tut i«s 



£ aHwg T]nvfoonV relative to Gold 

 Purchasing Power over each other 

 unchanged owingtocost of product- 

 ion. na.Tir'g fallen uniformly m ali. 

 industries 



Appreciated or Increased. P Power 

 HI owing to increased cost of 



production 



Produces the same results as 

 radicated by example H hot 

 owing to cost of production 

 _jij> i remamg uncVianged in all radustnes 



IV 



Greatly appreciated P.Power 

 owmp' to a coTxespondingrj 

 great increa.ee in. cost of 

 prccfucticm 



[G®^* 



Produces (he same results as 

 indicated by example H but owing 

 to cost of production baring 

 uniformly risen m all industries 

 but witri a smaller intensity than 

 the current rise in the cost of 

 production of: Gold 



Appreciated or Increased. 

 V P Power even with reduction 

 in cost of production 



Produces the same results as 

 indicated by example IK* *™g 

 to cost of production having 

 uniformly fallen, in all industries 

 tut at greater rate of intensity tW 

 in the con- current fall in cost of 

 production of Cold 



