By Gianni Vaggi
This quantity offers a short historical past of monetary thought from the 17th century to the current day. each one bankruptcy examines the foremost contributions of a huge economist, or crew of economists, and concludes with short feedback for additional interpreting. The economists lined contain Keynes, Marshall, Petty and Jevons, in addition to much less well-known theorists resembling Galiani and Turgot.
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Additional info for A Concise History of Economic Thought: From Mercantilism to Monetarism
Thirdly, the existence of rent is a further proof that agriculture yields a surplus, without it rent would be zero. These arguments imply a degree of ambiguity about the best way of measuring surplus. Is rent a measure of surplus, or can it be measured by the 900 people who are not employed in agriculture, or by the quantity of wage goods in excess of the consumption required by the 100 agricultural workers? Petty did not give precise answers, but it is clear that a physical surplus of necessaries is a condition for the social division of labour.
Monetary and credit policy no longer resembles that of bullionism. The merchant–entrepreneurs need to borrow money for their investments, the interest rate is the price of capital and it affects the cost of production and the competitiveness of British manufactures. Hence the mercantilists want the government to set an upper legal limit to the rate of interest, and 20 Seventeenth-century Pioneers the issue of setting an appropriate maximum legal rate becomes one of the major economic policy issues during the seventeenth and early eighteenth centuries.
He wrote some successful historical novels. In 1677 Boisguilbert married a very rich woman, and subsequently became a magistrate in Normandy. This put him in touch with the poor and deteriorating conditions of the French economy and the need to reverse this situation through economic reforms. His ﬁrst work, Le Détail de la France appeared in 1695, with several later editions and changes; in this work, Boisguilbert’s preoccupation with the economic conditions of France was already clearly visible.
A Concise History of Economic Thought: From Mercantilism to Monetarism by Gianni Vaggi