Value Of Money Options

[Cyfer]

From the abolition of the gold Standard (1931) TO the end of the Industrial Revolution (1850)?
I don't understand.

Anyway - whatever you mean, the answer to your question is No.

Yes I do mean these dates. But please provide me with information and evidence on why 'No'.

Hi,

Okay. What Mr JDC is saying is that your dates are WAY out. The UK didn't come off the Gold Standard until this century, and I'm not really sure why you're linking the Gold Standard so much to the Ind Rev and Inflation! Also, I don't think population increase and migration have any link with inflation etc. Sorry to sound so negative. I think you're a wee bit muddled with all this wonderful new information

Interest Rates are the price of money. The 'bank base rate' of interest is set by the Bank of England (please do look at their website!) but businesses can charge their own rate. When you put money in a bank you get paid interest and so make money. When you borrow money you get charged interest so it costs you money. The rate of interest goes up and down all the time. Interest rates affect how likely people are to save or borrow and spend, and this affects inflation. It also affects how much the pound is worth against other currencies (when you hear about 'the pound is falling' etc.). Just now interest rates are really low cos the Gov are wanting people to go out and spend. When interest rates are low many people pay less for their mortgage so have more to spend. It's also supposed to encourage people to sped rather than save.

I think the abolition of the Gold Standard this century did lead to inflation, but the Gvt felt it had no real choice.

This is complicated. Go to your school library and see if you can borrow a textbook! Economics isn't like History, it's much harder to just 'dip into'. Anyone can read a history book, but to read about economics you need to understand the basic concepts.

I'm going to sleep now! Happy algebra

My dates always seem to be way out, it always happens with me ^^, unless I'm talking about the Renaissance. The UK only came off the Gold Standard in 1931!? Ok it seems as if I have deeply misunderstood my dates here. I understand all the economic things such as interest why inflation happens and the such but borrowing a book seems good. Although I always forgot to return it.

I'm thinking of switching whole time periods so I'm not talking about inflation in the Industrial Revolution but in the 1900's. The Government had no real choice? Why's this?

Good night ^^

Oh and I told my teacher with 5 seconds or so what I've been doing (since she was the first to display interest) and she wants me to do a project about it x_X.

[MrJohnDClare]

I think you need to read and think a bit before you make up your mind.
What you want to study will affect which era you want to study - so if you're interested in inflation, you would do best to look at the 1960s and 1970s; if you;re interested in interest rates the 1980s and 1990s would probably be best; if it's the Gold Standard you;re after, you need to look at the 1920s and 1930s; or you could choose the 1930s or the end of the 19th century if you wanted to know about deflation (yes! the years after 1880 were times when prices were generally falling, not rising) etc.
Having said all this, most people who get interested in economic history get into the Industrial Revolution itself (1750-1850) - a time of rapid economic growth, punctuated by depressions. That was where I started off, from which I slid into social history of the 19th century (STILL think that's wonderful) and from there into the Agricultural Revolution (on which I did my university thesis and wrote my first-ever textbook).

Perhaps before you start discussing this topic again you need spend some time reading about Economic History - go to your school library and get out a likely-looking book..
There is not much of particular merit on the web (at least at a first glance) - there is a wikipedia article here, and a chatty newsletter here.

[MrJohnDClare]

My dates always seem to be way out, it always happens with me

Yes, but it can't be often that you have history going backwards, from 1931 to 1850!

[MrJohnDClare]

PS have you noticed that you are now the ninth (equal) most prolific poster on this forum of all time, and the second (equal) most prolific student!

You sort of snuck up on the inside!

[glitterglitter]

Hey,

Just to say I totally agree with Mr JDC on this - get a book from your school library. Economics is fascinating, and it will help your history. But it is complicated, particularly for someone as young as yourself! There's a DVD and a book called 'The Ascent of Money'. I saw bits of the video and it was quite good. Haven't read the book!

There's actually a really good book called 'Freakonomics' which is applying economic ideas to ordinary, everyday issues. It's very readable and you don't (I think, it was a while ago) need any economic background to understand it.

[Cyfer]

I think you need to read and think a bit before you make up your mind.
What you want to study will affect which era you want to study - so if you're interested in inflation, you would do best to look at the 1960s and 1970s; if you;re interested in interest rates the 1980s and 1990s would probably be best; if it's the Gold Standard you;re after, you need to look at the 1920s and 1930s; or you could choose the 1930s or the end of the 19th century if you wanted to know about deflation (yes! the years after 1880 were times when prices were generally falling, not rising) etc.
Having said all this, most people who get interested in economic history get into the Industrial Revolution itself (1750-1850) - a time of rapid economic growth, punctuated by depressions. That was where I started off, from which I slid into social history of the 19th century (STILL think that's wonderful) and from there into the Agricultural Revolution (on which I did my university thesis and wrote my first-ever textbook).

Perhaps before you start discussing this topic again you need spend some time reading about Economic History - go to your school library and get out a likely-looking book..
There is not much of particular merit on the web (at least at a first glance) - there is a wikipedia article here, and a chatty newsletter here.

Thanks for the links, they look Ok, I'll read them when I have time and borrow some books from my school library (my local one is a mess).

My dates always seem to be way out, it always happens with me

Yes, but it can't be often that you have history going backwards, from 1931 to 1850!

Yes, it seems I'll have to switch to the period of the Great Depression. Maybe include Japan's economic disaster? Or am I mixing up dates again? By the way I saw some charts on the rates of GDP falling in the Great Depression and the moving average showed that it didn't actually fall considerably it just stayed at basically the same level which was disastrous due to the rate of expansion the US was undergoing the unemployment charts were dreadful (as in what they showed)

PS have you noticed that you are now the ninth (equal) most prolific poster on this forum of all time, and the second (equal) most prolific student!

You sort of snuck up on the inside!

Second? Rivals shall be eliminated. Maybe I'm from the Gestapo and (if glitterglitter is a girl) than glitterglitter is my honey trap? Not sure if that's what they were called exactly... Hrmmm an internet honey trap? Confusing :/

Hey,

Just to say I totally agree with Mr JDC on this - get a book from your school library. Economics is fascinating, and it will help your history. But it is complicated, particularly for someone as young as yourself! There's a DVD and a book called 'The Ascent of Money'. I saw bits of the video and it was quite good. Haven't read the book!

There's actually a really good book called 'Freakonomics' which is applying economic ideas to ordinary, everyday issues. It's very readable and you don't (I think, it was a while ago) need any economic background to understand it.

Ha! What a coincidence. My sister just got that book yesterday! She seems very touchy about it though (I'm the reader in the family) and I don't think she'll lend it to me any time soon. She started raging (forgive the internet expression, it just seems perfect) at me and my mum for having a conversation at breakfast. She really needs to cancel out background noise....
At least I got to read the blurb and a bit from the start (she was late from school) and it seems quite good but a bit a long the lines of the book 'Risk'. Not sure how to describe it though. Sorry.

I'll make sure to get The Ascent of Money.


Unfortunately I'll probably be only to continue with all this meagerly during the weekends or in my holidays... no sooner. Thanks for the great advice Mr JDC and glitterglitter! (JDC. Catchy)

[MrJohnDClare]

Enjoy.
I did Economics and Economic History at A level (back in the dark ages) and loved every minute.

The Great Depression is a gas!
Love it.
And it has LOADS of relevance to the current credit crunch.

[Cyfer]

Enjoy.
I did Economics and Economic History at A level (back in the dark ages) and loved every minute.

The Great Depression is a gas!
Love it.
And it has LOADS of relevance to the current credit crunch.

Do you mean nitrous oxide, laughing gas when relating to gas? Since it's addictive? thanks for the link