The Quantity Theory of Money

  • G. R. Steele

Abstract

The emergence of the money economy has been examined in detail. The evolution of increasingly sophisticated banking practices was seen to be guided by the market process. Banking is important to the money economy, but its presence should not be allowed to obscure more fundamental issues. A broad theoretical view of the money economy is of first importance.

Keywords

Depression Income Defend Mist 

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Notes

  1. 1.
    John Locke (1692) Some Considerations of the Consequences of the Lowering of Interest and Raising the Value of Money;Google Scholar
  2. David Hume (1752) ‘On Money’, in Political Discourses. See Kahn, 1984.Google Scholar
  3. 2.
    John Stuart Mill (1848) Principles of Political Economy. See Kahn, 1984, p. 39. [M], [V], etc. have been added.Google Scholar
  4. 6.
    Knut Wicksell (1906) Lectures on Political Economy;Google Scholar
  5. Henry Thornton (1802) An Inquiry into the Nature of the Paper Credit of Great Britain. See O’Driscoll, 1977, p. 44.Google Scholar
  6. 8.
    The rate of interest at which the demand for loan capital and the supply of savings exactly agree, and which more or less corresponds to the expected yield on the newly created capital, will then be the normal or natural real rate’ (Knut Wicksell, Lectures on Political Economy, first published in Swedish in 1906. Cited from Gilbert, 1956, p. 69 fn).Google Scholar

Copyright information

© G.R. Steele 1989

Authors and Affiliations

  • G. R. Steele
    • 1
  1. 1.University of LancasterUK

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