An Essay On Economic Theory Book Reviews
An Essay On Economic Theory by Richard Cantillon & Mark Thornton Book Summary
In An Essay on Economic Theory, Cantillon briefly considers the possibility of what we would now call countercyclical monetary policy — in this case, managed by the princes of his day — but notes the great difficulty in timing the cycle.
Cantillon’s theory of interest builds upon his monetary theory. Money doesn’t earn its interest just by being in circulation. It is based on human needs, particularly the needs of those entrepreneurs who can imagine putting money they don’t have to productive uses to gain more money in the future. They offer capitalists the enticement of extra profit — i.e., interest — to cover the risk of loss of the principal.
Cantillon defends high interest rates. They keep business and trade going. Higher rates are based on the same principles as lower rates: the fears of lenders and the needs of borrowers.
Based on these foundations and on a perceptive analysis of the bankers’ market for money for exchange, Cantillon provides the capstone of his treatise: a more robust theory of relative market prices, careful analysis of balance of trade, and an explanation of fractional reserve banking.
Book Name | An Essay On Economic Theory |
Genre | Industries & Professions |
Author | Richard Cantillon & Mark Thornton |
Published | 14 February 2014, Friday |
Language | English |
E-Book Size | 837.7 KB |
An Essay On Economic Theory (Richard Cantillon & Mark Thornton) Book Reviews 2024
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Summary of An Essay On Economic Theory by Richard Cantillon & Mark Thornton
The An Essay On Economic Theory book written by Richard Cantillon & Mark Thornton was published on 14 February 2014, Friday in the Industries & Professions category. A total of 178 readers of the book gave the book 0 points out of 5.
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