The first batch of 1,000 copies of "Economics" was sold out in just two days, which Zhu Youxiao did not expect. After Ruan Dayue saw the sales on the first day, he immediately rushed to print another 1,000 copies, and after printing 1,000 copies, Ruan Dayue felt that it was not enough, so he printed another 10,000 copies. How can Zhu Youxiao's books be out of stock? The out-of-stock does not mean that Ruan Dayue is not doing things effectively.

In fact, although Zhu Youxiao's book is very popular, some of the ideas in it are a bit ahead of the time for people of this era, and it is difficult to understand for a while.

Sun Chuanting bought a copy of the book when it first came on the market, and some of the theories in the book he understood at a glance, some of which needed to be carefully figured out, but some of which he was a little difficult to understand. With a copy of "Economics" in his arms, he specially found Zhu Youxiao to ask for advice.

"Your Majesty, the minister has many questions about the inflation that Your Majesty discussed in the book, and I have come to ask Your Majesty today." Sun Chuanting said. As the first assistant of the next term, inflation is one of Sun Chuanting's biggest concerns.

"If you have any questions, we can discuss them with each other." Zhu Youxiao said with a smile.

"Your Majesty said that inflation is the depreciation of the currency and the comprehensive and sustained rise in the price level caused by the excess of the amount of treasure money in circulation in excess of the actual needs of the economy. How does Your Majesty determine how many treasure notes need to be issued in practice? Sun Chuanting asked.

Sun Chuanting's question is more difficult, for Zhu Youxiao's half bucket of water, he also thought for a while before saying: "For example, let's ignore other situations, if there are 1,000 horses of silk in the market, each horse costs 100 taels of silver, and there are 10,000 stone of grain, each stone needs 1 tael of silver, then the market will need 110,000 taels of silver to buy these goods, but considering that it is possible that the silk merchant sells the silk and then comes to buy grain, or someone buys grain and then comes to buy silk, It wouldn't take as many as 110,000 taels of silver to sell them all, wouldn't you? ”

Sun Chuanting listened to Zhu Youxiao's explanation, thought carefully for a while, and then asked, "How many treasure banknotes do you need to issue?" ”

"110,000 taels of silver dollars divided by the velocity of the treasure banknotes, in other words, the amount of money necessary for circulation in the empire for a certain period of time = the total price of commodities / the velocity of the treasure banknotes, can you understand?" Zhu Youxiao asked.

"The general meaning of the minister understands, and the minister still needs to understand it carefully. But the minister still doesn't understand, how to calculate the total price of goods? Sun Chuanting asked.

"This problem is a bit difficult, to be honest, I can't solve it for the time being, but it will definitely be solved in the future, it involves how to count how many goods are produced by the entire empire every year, and what is the price of these goods, etc., I can only hope that one day someone in the empire can solve this problem." This involves statistics and other disciplines, and Zhu Youxiao does not understand these aspects at all.

Regarding Zhu Youxiao's confession, Sun Chuanting did not ask questions, he continued to ask: "Then how does the imperial court determine how much currency needs to be issued each year?" ”

"This is the reason why I issue gold coins, I can't determine how much currency I need every year, I can only determine how much money needs to be issued according to the amount of gold and silver in the treasury, if the empire has a hundred taels of gold, then the empire completely issues two hundred gold treasure notes, although the treasure money can be freely exchanged for gold coins and silver dollars, but these one hundred taels of gold as a banknote (reserve) generally cannot be used, and most of the money in circulation in the market is treasure money, and some treasure money will never be used to exchange gold coins or silver dollars." Zhu Youxiao explained.

The two-standard system in the gold and silver double standard system currently adopted by Zhu Youxiao means that the two currencies of gold and silver circulate at the same time according to the fixed rate prescribed by the state. Such a system can make the price of gold and silver equal in the market, and can stabilize the value standard of the monetary unit. The dual standard system overcomes the double price defect of the parallel standard, but under this system, when the market price of gold and silver is inconsistent with the legal price, the metal currency with a higher market price will decrease, and the metal currency with a lower market price will increase, that is, the phenomenon of "bad money driving out good money" appears.

Although this system has drawbacks, it is the best choice for Zhu Youxiao at present, which is also to prepare for the gold standard system in the future.

After Zhu Youxiao finished speaking, seeing that Sun Chuanting could not understand it in a short period of time, Zhu Youxiao continued: "Sun Aiqing can combine the Southern Song Dynasty and the Yuan Dynasty when the situation of paper money to understand, at the end of the Southern Song Dynasty, the Huizi depreciated thousands of times, the wealth of the people was plundered, the people went bankrupt overnight, the country's economy collapsed rapidly, and at the end of the Yuan Dynasty, the depreciation of paper money was as high as 60,000 or 70,000 times, which is what I said in my book, the crazy depreciation of paper money is the precursor of a country's demise." ”

"No, after the minister goes back, he will carefully study the currency issuance of the Southern Song Dynasty and the Yuan Dynasty, as a lesson from the past."

"Well, if the empire also has the situation at the end of the Southern Song Dynasty and the end of the Yuan Dynasty, it means that the empire is also dying, so this matter cannot be sloppy." Zhu Youxiao admonished.

"Your Majesty also speaks of deflation in the book, but does not elaborate, is this the opposite of inflation?" Sun Chuanting asked.

"Yes, indeed, but the issue is more complicated, and this is the reason why I continue to maintain gold and silver currency, the expansion of the empire has brought huge gold and silver wealth, and I only keep some of it as banknotes in the treasury, and the other part of it becomes gold and silver currency and flows into the market." Zhu Youxiao explained.

……

Zhu Youxiao and Sun Chuanting discussed for half a day, during which several ministers joined in, and the discussion between the two became a collective discussion, and it can even be said that it was a brainstorming, which benefited Zhu Youxiao a lot, and made Zhu Youxiao recall more knowledge points, and he was ready to revise the book "Economics", and was ready to clarify and revise some views and theories in the second edition.

Compared with the interest of court officials in governing the country and people's livelihood in the book, the merchants preferred the marketing theories introduced in the book. Although marketing belonged to the management category in later generations, it was related to economics, and Zhu Youxiao was too lazy to separate it and put it all in the book "Economics".

"I don't understand until today where is the success of Phoenix Qiuhuang?" Jiang Yan sighed with "Economics".

"I also have a feeling of being sudden, I just realized that I used to do business with all experience, and only today did I realize that everything is traceable, Your Majesty is really a saint!" Liu Qi said.

"The book 'Economics' has inspired me a lot, and I have decided that from today onwards, His Majesty's 'Economics' will become a must-read book for the children of my Jiang family." Jiang Yan swore and said.

(End of chapter)