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Bagehot's Classical Money View: A Reconstruction

Author

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  • Perry Mehrling

    (Pardee School of Global Studies at Boston University)

Abstract

Bagehot is difficult for modern economists to read with understanding, for three reasons. He was a classical economist not neoclassical, his orientation was global not national, and, most importantly, his intellectual formation was as a practicing country banker not an academic. This paper adopts all three perspectives, and uses this frame to reinterpret his mature work, both Lombard Street and the unfinished Economic Studies, as the origin of the key currency tradition which continues as a minority view in modern economics.

Suggested Citation

  • Perry Mehrling, 2024. "Bagehot's Classical Money View: A Reconstruction," Working Papers Series inetwp216, Institute for New Economic Thinking.
    • Handle: RePEc:thk:wpaper:inetwp216
    DOI: 10.36687/inetwp216
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    File URL: https://ssrn.com/abstract=4704176
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    More about this item

    Keywords

    Bagehot Rule; key currency; money view; Lombard Street; Ricardo;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B17 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - International Trade and Finance
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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