by Nathan Lewis, Daily Reckoning.com:
Nicholas Copernicus (1473-1543) is known today as the “Earth goes around the sun guy,” but he also advised the Royal Prussian parliament on monetary reform over a period of several years. During this time, he wrote an essay known as the Treatise on Money. A new translation of Copernicus’ essay by Gerald Malsbary has recently been released via Laissez Faire Books. The book has many gems — things so simple and obvious that they have been forgotten by the majority of academic economists today, with the usual bad consequences.
“Money, or coinage, is gold or silver that has been specially marked — in accordance with policy established by any government or head of government — for the purpose of reckoning the prices of things that are bought and sold. Money is therefore a kind of common ‘measuring stick’ for the valuation of things. Now, whatever is taken as a measure has to be stable — must keep to a fixed limit. Otherwise, public order will necessarily be disturbed, and the buyers and sellers of things will be cheated many times over, just as if basic measures of length [Latin ulna, or ell], bulk measure [Latin modius, or peck], or weight did not have a fixed quantity.”
Please follow SGT Report on Twitter & help share the message.