Ricardo's denial of the gold point mechanism

Contrary to a wide-spread opinion, it was not Ricardo who developed the gold-points theory, but Thornton. Thornton did it in complement of its lender in last resort theory to justify the suspension of payments and to explain the high price of bullion. Ricardo rejected the Thornton's gold points mechanism, and set Hume's price-specie-flow mechanism. The stake for Ricardo was to show that only an excessive quantity of money can involve a high price of bullin. We analyze his arguments

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Year of publication:	2008
Authors:	ROCHES, Jérôme DE BOYER DES
Published in:	Cahiers d’économie politique / Papers in Political Economy. - L'Harmattan, ISSN 0154-8344. - 2008, 55, p. 49-63
Publisher:	L'Harmattan

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Extent:	application/pdf
Type of publication:	Article
Classification:	B1 - History of Economic Thought through 1925 ; E4 - Money and Interest Rates ; F3 - International Finance
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10004962270