By Gianni Vaggi
This ebook provides a quick background of financial inspiration from the seventeenth century to the current day. every one bankruptcy examines the most important contributions of an enormous economist or workforce of economists and comprises feedback for additional analyzing. Economists lined comprise Keynes, Marshall, Petty and Jevons, and not more wide-spread theorists corresponding to Galiani and Turgot.
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Extra resources for A Concise History of Economic Thought: From Mercantilism to Monetarism
Moreover, England at this time began to exhibit precapitalistic economic and social structures. The French monarchy was much more absolute, grounding its legitimacy on divine right. Economic and political power was ﬁrmly in the hands of King, and only partially shared with the landed aristocracy, the church and public administrators, who often came from the ranks of landlords themselves. French agriculture had a comparatively low productivity and there were still frequent famines associated with harvest failure.
As other authors of the eighteenth century, but with much more clarity, Locke used the air and water paradox to illustrate these two concepts of value: The being of any good, and useful quantity in any thing, neither increases its price, nor indeed makes it have any price at all. … What more useful or necessary things are there to being, or well-being of men, than air and water? and yet these have generally no price at all. (Locke, 1691, p. 41) Water is absolutely necessary for life and it has a very high value in use because it satisﬁes one of the wants of human beings which are fundamental for their survival.
Thus trade inﬂuenced the rate of interest by increasing the available monetary capital in the country and not the other way round. If trade was prosperous, the system created the necessary quantity of money. Hence the rate of interest was the result of the opposing action of two groups of dealers: those who need to borrow money in order to carry on production and investments, and the lenders. The circulation of money depended on the activities of these two groups of people and on the overall level of economic activity.
A Concise History of Economic Thought: From Mercantilism to Monetarism by Gianni Vaggi