Ricardo's denial of the gold point mechanism
AbstractContrary 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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Bibliographic InfoArticle provided by L'Harmattan in its journal Cahiers d'économie Politique.
Volume (Year): (2008)
Issue (Month): 55 (July - Dec)
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- B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
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