The increase in growth made possible by these initiatives also would set the stage for additional growth augmenting policies including reform and simplification of the personal income tax code and restoration of gold as a standard of value for the dollar.
The best measure of a currency's true value is its price in gold, a standard measure of wealth for 4, 000 years.
Both theoretically and practically it can be seen that a Gold Standard is no guarantee of value or price stability.
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One enterprising cemetery owner offers those unwilling or unable to keep up the payments on graves a standard 70% of the market value to take a grave off their hands.
Any bond investor will tell you that, assuming a currency of stable value such as is provided by a gold standard system, yields on high-quality debt will tend to decline in a recession.
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Transport projects are usually evaluated in terms of net social value, a standard concept in economics.
But eventually they may go up as workers make a futile attempt to maintain their standard of living with dollars that are steadily losing value.
In the case of a gold standard system, the policy target is to create a currency whose value is fixed to gold.
In Britain, listed companies have until 2005 to adopt FRS17, a new accounting standard that forces firms to show in their accounts any movements in the value of their pension funds.
Under a genuine gold standard, the money supply responds automatically to the demand for money, and the value of money is anchored by defining the dollar in terms of gold.
My standard advice for those few younger people who ask me for it is simply to produce a lot of external value.
However, a gold standard system can make available any amount of currency, as is appropriate given economic needs and the fixed parity value.
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