By Chi-Yuen Wu
Masking the interval 1550 - 1939, this publication examines the heritage and improvement of theories of overseas pricing and trade.The paintings of the next economists is roofed: Locke, Barbon, Vaderlint, Harris, Hume, Smith, Ricardo, Malthus, Bosanquet, Mill, Torrens, Marshall, Haberler, Austin, Stirling, Chevalier, Carines, Jevons, Leslie, Goschen, Bagehot, Wicksell, Sidgwick, Pigou, Viner, Heckscher, Ohlin, Keynes, Taussig, and Pareto.The quantity comprises an in depth Bibliography of every interval mentioned in addition to finished indices of matters and names. [C:\Users\Microsoft\Documents\Calibre Library]
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169-173. 1 Tudor Economic Documents, p. 172. 8 4-5 ; ch. x, pp. 14-32. Thomas Gresham went even so far as to say : " A s the exchainge is the thinge that eatts ought [eats out] all princes, to the wholl destruction of ther common well [weal], if itt be nott substantially looked unto, so THE MERCANTILISTS THEORIES 25 The bullionists had made it clear that the rate of exchange influenced the movement of specie, the state of trade, and the prices of goods. The mere recognition of a relationship among those factors was an important advance in economic thought, although the views that the bullionists held were largely unsound.
E. the quantity theory in the sense we use it) but also such propositions as the doctrine that money stimulates trade and the doctrine that changes in the velocity of the circulation of money may lead to changes in prices and/or trade. From the historical point of view, the mercantilists notice both the effects of an increasing circulation on prices and those on trade. Taking their position as a whole, they emphasized more the latter effects than the former. During the nineteenth century, most economists put more emphasis on the effects of money in changing prices than on its effects on the volume of trade and production.
36). •7 Verbutn Saþienti, ca. 1664 (Writings, pp. 112-13). Two of the other earliest statements were found in the works of G. Montanari and Pierre de Boisguilbert. The contributions of Bois- THE MERCANTILISTIC THEORIES tf undoubtedly an important contribution to the theory of the value of money, Petty did not explicitly 1 or directly connect his discussion of the velocity of circulation with the problem of the value of money. He was primarily interested in the question of the quantity of money required by a nation and found it to be determined by the payments to be made in money and its velocity of circulation.