Page:Indian Journal of Economics Volume 2.djvu/60

 48 H. S, JEVONS ha he nex maximum of prices migh no occur until 1924. The foregoing remarks apply o English prices, which vary closely wih he world's prices of he principal commodities. The special conditions of he war have broken for he ime being ha close coincidence between Iadiau prices aucl hose of he world's markes which had gradually become established. Here prices have risen less han in Europe and America; bu a permaaen difference of level canno be maintained, excep by permanently altering he parity of he rupee and the sovereign. Assuming ha he laer course be no adopted, he re-esablishmen of unrestricted rade after he war, and he gradual lowering of ocean freight rates, must tend to raise that here they may continue to rise, nearly stationary, for 3 or 4 years prices in India; so or a leas remain after he maximum following he c'onclusion of he war has been .passed in Europe and America. change in he parry impossible o expec any Hence, in he of he rupe.e, i substantial fall absence of any would seem of prices in India earlier han 1928 or 1924, a which ime a secular fall my perhaps bgin. The funre course of wages is perhaps easier to predic han ha of prices. Inspection of he graphs reproduced on he chars opposite page 40 aud on page 41, confirmed by inspecting numerous oher curves of wages extending over long periods, shows ha he normal tendency is for wages-raes o rise wih rising pric. es, hough or fall in many even continue rising no so fas, and only slightly when prices industries and wages of slowly when o remain stationary are falling. Wages unskilled labor may general prices are falling. There are wo causes always acing: (1)the endency of he money rae of wage to vary with he cost of livin 8 and thus with general prices, but in-