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Such equipment was now available in what might once have been called a dime store but with another price-level. The visitors made a game of being awkward and inept, together. It was balm for Helen's sensitivity. "Somebody's got to keep the camera for us, Mex," Frank Nelsen said presently. "Yeah I know. Les'll do it for us," Ramos answered. "He's the best, there.
The particular figures given are, of course, purely illustrative; the conclusion to which they point is that, if new enterprises are to be undertaken, pre-war enterprises are likely to yield a rate of profit, on their fixed capital at least, increased in rough proportion to the price-level.
Devices of that nature may be very useful in the later stages of a trade depression, when the necessary readjustments both of the price-level and of the relative outputs of different classes of commodities have already been effected, and when trade remains depressed only because people have not yet plucked up the necessary confidence to start things going again.
The poet knows that there is no such thing as the perpetual law of supply and demand, perhaps not of demand and supply or of the wage-fund, or price-level, or increments earned or unearned; and that the existence of personal or public property may not prove the existence of God.
This fact is, indeed, the counterpart or complement of another phenomenon with which we are more familiar. While prices are actually rising, profits, as we have come to recognize, necessarily rule high, because every trader or manufacturer is constantly in the position of selling at a higher price-level, stock which he purchased, or goods made from materials which he purchased at a lower level.
For what they have indicated is an increase of money profits in rough proportion to the price-level, so that the aggregate profits will represent about as much real income as before.
The conclusion therefore amounts to no more than this, that you cannot alter fundamentally the distribution of wealth between labor and capital by merely inflating the currency, or otherwise juggling with the price-level.
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