James Laurence Laughlin's Criticism of the Quantity Money Theory
- Publication type: Journal article
- Journal: Revue d’histoire de la pensée économique
2019 – 1, n° 7. varia - Author: André-Aigret (Constance)
- Pages: 43 to 72
- Journal: Journal of the History of Economic Thought
This paper studies James Laurence Laughlin’s criticism of the quantity theory of money. Money is defined as being, first of all, a standard of value; in this sense, he reverses the quantity theory causality. According to him, the needs of trade ascertain the volume of means of exchange in circulation. Then, he explains fluctuations of prices by non-monetary factors and includes credit and speculation to his monetary theory.
- CLIL theme: 3340 -- SCIENCES ÉCONOMIQUES -- Histoire économique
- ISBN: 978-2-406-09425-8
- EAN: 9782406094258
- ISSN: 2495-8670
- DOI: 10.15122/isbn.978-2-406-09425-8.p.0043
- Publisher: Classiques Garnier
- Online publication: 06-27-2019
- Periodicity: Biannual
- Language: French
- Keyword: James Laurence Laughlin, quantity theory of money, real bills doctrine, standard of value
