By Gianni Vaggi
This quantity offers a quick background of financial thought from the 17th century to the current day. each one bankruptcy examines the most important contributions of a tremendous economist, or staff of economists, and concludes with short feedback for extra examining. The economists lined comprise Keynes, Marshall, Petty and Jevons, in addition to much less favourite theorists reminiscent of Galiani and Turgot.
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Additional info for A Concise History of Economic Thought: From Mercantilism to Monetarism
26 Seventeenth-century Pioneers In Some Considerations on the Lowering the Rate of Interest and Raising the Value of Money, Locke reiterated North’s view that the government cannot lower the market rate of interest simply by fixing the legal rate at a lower level. In this argument, Locke presented an interesting analysis of the determination of value, even if it was not entirely free of internal inconsistencies. First of all, he distinguished between use and exchange value, a distinction which became familiar to most ensuing economic thinkers.
In Mun’s work, a rough analysis of the production mechanism and of the components of the price of manufactures can be discovered. The importation of raw materials at low costs has two highly positive effects on national wealth. First, given the value of exports, the lower that of imports, the higher is the trade surplus. Secondly, raw materials are used as inputs in the production of manufactured goods, hence cheap imports of raw materials favour the exportation of industrial products by making their cost structure more competitive.
For Locke, it provided the foundations of property rights, which derive from the efforts and energy which have been employed by each individual in acquiring this property. Locke’s analysis of value was likewise applied to the value of money, that is to say, to the interest rate: the natural value of money, as it is apt to yield such a yearly income by interest, depends on the whole quantity of the then passing money of the kingdom, in proportion to the whole trade of the kingdom. , p. 46) Hence the rate of interest cannot be fixed by law, because it depends on the quantity of money in circulation, as well as on the overall amount of trade in the kingdom, that is, the level of economic activity.
A Concise History of Economic Thought: From Mercantilism to Monetarism by Gianni Vaggi