The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Law, John (1671–1729)

  • Michael D. Bordo
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_887

Abstract

John Law of Lauriston has been regarded by some observers as a monetary crank, by others as a precursor of modern schemes of managed money and Keynesian full – employment policies. He was the originator of the Mississippi Bubble, perhaps the greatest speculative bubble of all time.

Keywords

Banque Royale Commodity money Convertibility Disequilibrium theory of money Fiat money Law, J. Medium of exchange Mississippi Bubble Money supply National banks Paper money Real bills doctrine Speculation 

JEL Classifications

B31 
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Bibliography

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Michael D. Bordo
    • 1
  1. 1.