A Concise History of Economic Thought: From Mercantilism to by Gianni Vaggi PDF

By Gianni Vaggi

ISBN-10: 0230505805

ISBN-13: 9780230505803

ISBN-10: 1403987394

ISBN-13: 9781403987396

ISBN-10: 1912032112

ISBN-13: 9781912032112

This ebook provides a short background of financial notion from the seventeenth century to the current day. each one bankruptcy examines the most important contributions of a massive economist or workforce of economists and comprises feedback for extra interpreting. Economists lined comprise Keynes, Marshall, Petty and Jevons, and not more primary theorists comparable to Galiani and Turgot.

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In England, Thomas Gresham and John Hales were representatives of such views. Gresham is well known for his view that ‘bad money expels good’, because everyone wants to hoard the latter, hence only non precious coins made of copper are in actual use. Thus, in order to favour the inflows of capital from abroad the nation must have a strong currency. This requires that governments must avoid the debasement of money; where the metal value content of the issued coins is diminished with respect to their face value.

More be employed in the ornaments, pleasure, and magnificence of the whole; if there be 200. Governours, Divines, Lawyers, Physicians, Merchants and Retailers, making in all 900. the question is, since there is food enough for this supernumerary 100. also, how they should come by it? (Petty, 1662, p. 30) Petty, Division of Labour and Surplus 31 Ignoring Petty’s specific question for the moment, let us focus on his notion of social division of labour. At least three important aspects emerge from the beautiful passage just quoted.

The leading writer of the period is Thomas Mun with his two pamphlets A Discourse of Trade 18 Seventeenth-century Pioneers and, above all, the subsequent England’s Treasure by Forraign Trade. A change take place in the definition of wealth; money is always the ideal measure of wealth, but in Mun’s work, wealth is also considered to consist of produced commodities. Money commands the exchange value and it is the obvious means for employing workers, but no longer is it the only and main form of wealth.

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A Concise History of Economic Thought: From Mercantilism to Monetarism by Gianni Vaggi

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