Monetary theory and policy from Hume and Smith to Wicksell: money, credit, and the economy
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge [u.a.]
Cambridge Univ. Press
2011
|
| Ausgabe: | 1. publ. |
| Schriftenreihe: | Historical perspectives on modern economics
|
| Schlagworte: | |
| Online-Zugang: | Cover image Inhaltsverzeichnis |
| Beschreibung: | "This book provides a comprehensive survey of the major developments in monetary theory and policy from David Hume and Adam Smith to Walter Bagehot and Knut Wicksell. In particular, it seeks to explain why it took so long for a theory of central banking to penetrate mainstream thought. The book investigates how major monetary theorists understood the roles of the invisible and visible hands in money, credit, and banking; what they thought about rules and discretion and the role played by commodity-money in their conceptualizations; whether or not they distinguished between the two different roles carried out via the financial system - making payments efficiently within the exchange process and facilitating intermediation in the capital market; how they perceived the influence of the monetary system on macroeconomic aggregates such as the price level, output, and accumulation of wealth; and finally, what they thought about monetary policy. The book explores the analytical dimensions in the various monetary theories while emphasizing their policy consequences. The book highlights the work of a number of pioneering theoreticians. Among these Henry Thornton stands out, primarily because of his innovative analyzis of the complicated phenomena that developed after the introduction of an inconvertible monetary system in 1797. A major question addressed by the book is why theoreticians and policymakers were so resistant to his ideas for so many years"-- Provided by publisher. Includes bibliographical references and index |
| Beschreibung: | XXII, 424 S. graph. Darst. |
| ISBN: | 9780521191135 |
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Datensatz im Suchindex
| _version_ | 1804143937185644544 |
|---|---|
| adam_text | Contents
List of Illustrations page
xv
List of Tables
xvii
Preface
xix
Introduction
1
PART ONE ANALYTICAL AND HISTORICAL FOUNDATIONS
1
Monetary Theory circa
1750:
David Hume
Introduction
9
Of Money and Commodity-Money
10
The Price-Specie-Flow Mechanism
17
A Note on Noncommodity-Money
21
On the Rate of Interest
23
Summary
24
2
Mid-Eighteenth-Century British Financial System
26
3
Adam Smith: The Case for Laissez-Faire in Money and Banking
Introduction
33
Money and the Division of Labor
34
Money, Banking, and the Invisible Hand
36
The Real Bills Doctrine
40
Smith and Hume
45
4
Monetary Theories of Credit in Exchange
Introduction
50
A Pure Commodity-Money System of Exchange
54
From Money to Credit in Exchange
54
Implications for the Quantity Theory
58
Contents
PART TWO DEBATING MONETARY THEORY
UNDER INCONVERTIBILITY
New Reality: The Restriction Period,
1797-1821
The Restriction: An Inconvertible Monetary System
63
The Early Round of the Bullion Debate
1800-1802:
Boyd versus Baring
Introduction
73
Boyďs
Letter to Pitt
(1800):
A Critique of the Bank of England
76
Boyďs
1796
Proposals
86
Sir Francis Baring,
1801:
A Defense of the Bank
88
Boyďs
Rebuttal: The Second Edition (1801b)
91
Conclusion
95
Thornton on Inconvertibility and Central Banking:
Ahead of His Time
Introduction
96
Paper Credit on the Contraction of the Circulation
101
Paper Credit on the Expansion of the Circulation
106
Thornton on Discretionary Policy
112
Defending the Bank Directors
114
A Brief Look Beyond
1802 119
The Bullion Committee
122
Thornton s Pioneering Monetary Ideas
125
Ricardo
versus Bosanquet: The Famous Round
of the Bullion Debate
Ricardian Monetary Theory:
1809-1811 126
The Bullion Committee
133
Charles Bosanquet
(1810):
The Anti-Bullionist Position
134
Ricardo s Reply to Mr. Bosanquet
143
The Ingot Plan
144
The Resumption
147
Ricardo s Break from the Smithian Theory of Money
- 1824 148
Summary
151
Credit Theories of Money in Exchange and Intermediation
Introduction
152
An Accounting System of Exchange
(ASE)
153
Credit, Near-Credits, and Money
156
The Rise of Near-Credits
156
The Rise of Money
160
Money and Credit in Intermediation
161
Some Implications for the History of Monetary Theory
167
Contents xi
PART THREE DEBATING: LAISSEZ-FAIRE, RULES,
AND DISCRETION
10
From the Resumption to
1837:
More Crises
Introduction
173
The
1825
Crisis
175
The
1832
Committee and Palmer s Rule
178
Appendix: More Data
180
11
The Currency School Trio: Loyd,
Torrens,
and Norman
The Automatism of the Currency School
187
Loyd s Early Formulations
190
Loyd in the 1840s
197
Torrens s (Mature) Monetary Position
200
Norman: A Voice within the Bank
206
12
The Banking School Trio: Tooke,
Fullarton,
and Wilson
Introduction
209
Tooke s Early and Mature Positions
211
An Early Critique of
Ricardo 213
The
1844
Text: A Banking School Manifesto
217
Fullarton
and the Law of Reflux
227
Tooke on Other Mediums of Payment
230
An Income Theory of Prices
231
Banking, Monetary Policy, and the Economy:
An Incomplete Analysis
234
Tooke s Theory of Interest: Consistency in
1826
and
1844 235
Monetary Policy and the Bank after
1844 240
Wilson, the Economist, and the Public Debate
245
Conclusion
246
Appendix: A Note on J. S. Mill s Monetary Thinking
247
13
Neither Currency Nor Banking School: Joplin and the
Free Banking Parnell
Introduction
249
Thomas Joplin
(1790-1847) 249
Parnell and the Free Banking School
259
The Banking and Currency Schools on Laissez-Faire in Banking
270
Summary
272
PART FOUR THE ROAD TO DEFENSIVE CENTRAL BANKING
14
Bagehot and a New Conventional Wisdom
Introduction
277
The British Monetary Orthodoxy
280
xii Contents
15
16
Lombard Street
Addressing Intermediation
285
Lombard Street: One Reserve System
287
Lombard Street Defensive
Monetary Policy
290
The Government
and the Bank
295
The Bank s Structure and Policy
298
Who Influenced Bagehot?
304
Lombard Street on Free Banking
306
Summary
307
Does Karl Marx Fit In?
Introduction
309
Marx s Thoughts on Money
- 1857
310
Marx s Mature Formulation
- 1859
315
Traces of Tooke in Marx s Developing Theory of Money
321
Summary
328
Marshall s (Oral) Monetary Tradition and Bimetallism
Introduction
330
The Oral Tradition
331
Monetary Policy
337
PART
PIVE A
NEW BEGINNING: TOWARDS
ACTIVE CENTRAL BANKING
17
Wicksell s Innovative Monetary Theory and Policy
Introduction
343
The
1898 Geldzins und Guterpreise 344
Different Payment Arrangements and Intermediation
350
The Price Level, Interest Rates, and the Cumulative Phenomena
352
Wicksell on Monetary Policy
356
History of Monetary Policy in the Lectures
358
A Note on Wicksell
s
Independent Discovery
365
The Classical Dichotomy and Wicksell s
Unorthodox Trichotomy
366
18
The Puzzling Slow Rise of a Theory of Central Banking: Between
Lender of Last Resort, Defensive, and Active Monetary Policies
Introduction
370
Hume and Smith: Neither Defensive Nor Active Monetary Policy
375
Thornton: An Early Advocate of Active Central Banking
377
The Bullionists and the Currency School: Rules,
Without Monetary Policy
381
The Banking School on Monetary Policy after
1844 384
Contents xiii
Bagehot and Defensive
Monetary Policy in the 1870s
389
Wicksell
and the
Reemergence
of
Active
Monetary Policy
391
Summary
395
Epilogue
399
Bibliography
401
Author Index
419
Subject Index
422
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| spelling | Arnon, Arie Verfasser (DE-588)170452689 aut Monetary theory and policy from Hume and Smith to Wicksell money, credit, and the economy Arie Arnon 1. publ. Cambridge [u.a.] Cambridge Univ. Press 2011 XXII, 424 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Historical perspectives on modern economics "This book provides a comprehensive survey of the major developments in monetary theory and policy from David Hume and Adam Smith to Walter Bagehot and Knut Wicksell. In particular, it seeks to explain why it took so long for a theory of central banking to penetrate mainstream thought. The book investigates how major monetary theorists understood the roles of the invisible and visible hands in money, credit, and banking; what they thought about rules and discretion and the role played by commodity-money in their conceptualizations; whether or not they distinguished between the two different roles carried out via the financial system - making payments efficiently within the exchange process and facilitating intermediation in the capital market; how they perceived the influence of the monetary system on macroeconomic aggregates such as the price level, output, and accumulation of wealth; and finally, what they thought about monetary policy. The book explores the analytical dimensions in the various monetary theories while emphasizing their policy consequences. The book highlights the work of a number of pioneering theoreticians. Among these Henry Thornton stands out, primarily because of his innovative analyzis of the complicated phenomena that developed after the introduction of an inconvertible monetary system in 1797. A major question addressed by the book is why theoreticians and policymakers were so resistant to his ideas for so many years"-- Provided by publisher. Includes bibliographical references and index Geschichte 1750-1990 gnd rswk-swf Geschichte 1750-199 gnd rswk-swf Geschichte Monetary policy History Banks and banking, Central History Economists Geldpolitik (DE-588)4019902-2 gnd rswk-swf Geldtheorie (DE-588)4121333-6 gnd rswk-swf Geldtheorie (DE-588)4121333-6 s Geldpolitik (DE-588)4019902-2 s Geschichte 1750-199 z DE-188 Geschichte 1750-1990 z 1\p DE-604 http://assets.cambridge.org/97805211/91135/cover/9780521191135.jpg Cover image Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021211387&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Arnon, Arie Monetary theory and policy from Hume and Smith to Wicksell money, credit, and the economy Geschichte Monetary policy History Banks and banking, Central History Economists Geldpolitik (DE-588)4019902-2 gnd Geldtheorie (DE-588)4121333-6 gnd |
| subject_GND | (DE-588)4019902-2 (DE-588)4121333-6 |
| title | Monetary theory and policy from Hume and Smith to Wicksell money, credit, and the economy |
| title_auth | Monetary theory and policy from Hume and Smith to Wicksell money, credit, and the economy |
| title_exact_search | Monetary theory and policy from Hume and Smith to Wicksell money, credit, and the economy |
| title_full | Monetary theory and policy from Hume and Smith to Wicksell money, credit, and the economy Arie Arnon |
| title_fullStr | Monetary theory and policy from Hume and Smith to Wicksell money, credit, and the economy Arie Arnon |
| title_full_unstemmed | Monetary theory and policy from Hume and Smith to Wicksell money, credit, and the economy Arie Arnon |
| title_short | Monetary theory and policy from Hume and Smith to Wicksell |
| title_sort | monetary theory and policy from hume and smith to wicksell money credit and the economy |
| title_sub | money, credit, and the economy |
| topic | Geschichte Monetary policy History Banks and banking, Central History Economists Geldpolitik (DE-588)4019902-2 gnd Geldtheorie (DE-588)4121333-6 gnd |
| topic_facet | Geschichte Monetary policy History Banks and banking, Central History Economists Geldpolitik Geldtheorie |
| url | http://assets.cambridge.org/97805211/91135/cover/9780521191135.jpg http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021211387&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT arnonarie monetarytheoryandpolicyfromhumeandsmithtowicksellmoneycreditandtheeconomy |