Thomas Tooke and the Monetary Thought of Classical Economics
Thomas Tooke and the Monetary Thought of Classical Economics

Author: Matthew Smith

Publisher: Taylor & Francis

Published: 2011-03-07

Total Pages: 321

ISBN-13: 1136817190

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The purpose of this book is to provide a comprehensive account and reconsideration of the contribution to political economy of Thomas Tooke (1774-1858), classical economist and influential monetary theorist. Its chief purpose is to examine Tooke’s contributions to political economy with the aim of bringing to light its unified nature and its important legacy to contemporary economics. In doing so the book aims to throw new light on monetary analysis within the framework of classical economics. There remains no comprehensive account of Tooke’s contributions that is concerned with showing his lasting and ongoing influence on the development of monetary thought. The book provides an interpretation and analytical study of Tooke’s political economy from the standpoint of the classical tradition. This enables a demonstration of how his constructive contribution throws a new light on monetary thought in this tradition.

On Interest and Profit
On Interest and Profit

Author: Matthew Smith

Publisher:

Published: 2010

Total Pages:

ISBN-13:

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This paper argues that Thomas Tooke's (1773-1858) most important legacy to economics is not his conception of quot;endogenous moneyquot;, however important, but is instead his original proposition that the long-run quot;averagequot; rate of interest entered into the normal cost of production and, therefore, the normal prices of commodities, reflecting the notion that the interest rate systematically governs the normal rate of profit. The paper shows that this conception of an quot;autonomousquot; rate of interest advanced by Tooke contributes to overcoming the long-run neutrality of monetary forces which has traditionally characterized economic theory within the framework of quot;modernquot; classical analysis.

The Evolution of Economic Ideas
The Evolution of Economic Ideas

Author: Phyllis Deane

Publisher: Cambridge University Press

Published: 1978-10-05

Total Pages: 260

ISBN-13: 9780521293150

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An introduction to the history of economics for undergraduate students. Puts some of the current theoretical controversies into long-term perspective by tracing their historical antecedents and parallels.

Classical Theories of Money, Output and Inflation
Classical Theories of Money, Output and Inflation

Author: Roy Green

Publisher: Springer

Published: 2016-07-27

Total Pages: 275

ISBN-13: 1349223883

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This book challenges the conventional view that monetarism is a necessary part of classical economics and shows, in an historical account of monetary controversy, that the framework upon which classical analysis is based suggests an alternative account of the inflationary process. A corollary of the argument is that the monetarist approach is a logically necessary component of neoclassical analysis and that any attempt to criticise that approach in a fundamental way must involve an explicit rejection of the conceptual structure of neoclassical economics.

Endogenous Money, Interest and Prices
Endogenous Money, Interest and Prices

Author:

Publisher:

Published: 2010

Total Pages:

ISBN-13:

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In the 1840s Thomas Tooke (1774-1858) developed novel monetary principles which formed the basis of the Banking School position. This article provides a systematic account of Tooke's banking school theory, central to which was his conception of 'endogenous money' and the causal relationship between the rate of interest, spending, and the price level. It is shown that in the context of 19th-century classical economics Tooke's banking school theory is much more coherent than has so far been appreciated in the literature. Indeed, it can be, and is, argued that Tooke's theory was a constructive alternative to the classicals' quantity theory of money.

Classical Economics Reconsidered
Classical Economics Reconsidered

Author: Thomas Sowell

Publisher: Princeton University Press

Published: 1994

Total Pages: 174

ISBN-13: 9780691003580

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This reconsideration of the macroeconomics, microeconomics, methodology, and social philosophy of the classical economists has been a small gem on the history of economic thought, written in a way accessible to students, while having much to teach scholars. The reissue of this book twenty years after its original publication is a tribute to the enduring relevance of the questions raised during the formative period of economics and to the skill with which the author analyzes them.