By Gianni Vaggi
This quantity provides a short heritage of financial thought from the 17th century to the current day. each one bankruptcy examines the main contributions of an immense economist, or team of economists, and concludes with short feedback for additional examining. The economists lined contain Keynes, Marshall, Petty and Jevons, in addition to much less prevalent theorists corresponding to Galiani and Turgot.
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Additional info for A Concise History of Economic Thought: From Mercantilism to Monetarism
Petty remarked that each production process employs as inputs labour, L0, natural resources – in short: land – T0 and commodities which have been produced in the previous year. Call V0 the value of the inputs different from labour and land. V0 was produced one year ago by means of labour, L1, and land, T1, and by a set of commodity inputs, whose value was V1. One can reconstruct the process of production over time by moving backwards year after year and decomposing the value of the inputs into labour, land and a smaller residual V.
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. In his dispute with Malynes about the effects of a devaluation, Mun distinguished two types of wealth: natural wealth consists of primary, mainly subsistence, goods; artiﬁcial wealth ‘consists in our manufactures and industrious trading with forraign commodities’ (Mun, 1623, p. 7, see also pp. 71–3). However, the distinction between wealth as a stock of foreign currency and as a quantity of products is not always clearcut.
Several policies were put forward to favour the Mun and Foreign Trade 17 increase of the national stock of bullion. Using modern terminology, some of these measures were designed to inﬂuence capital movements directly, while other policies operated through the current account balance. 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.