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Has Anne Robert Jacques Turgot been neglected by the Credit Rationing Theory?

Author

Listed:
  • Sylvie CIEPLY
  • Nicolas LE PAPE

Abstract

This article deals with the contribution of Turgot to Credit Rationing Theory. By criticising usury laws, Turgot showed the negative influences of external rigidities on the credit market. Given that this argument is at the core of Desequilibrium Credit Rationing Theory, we underline the founding contribution of Turgot. Furthermore, we show that Turgot's analysis came before that of Smith, who is traditionally mentioned as the instigator of Credit Rationing Theory. Turgot's thought is modern too as he showed endogenous causes to credit rationing.

Suggested Citation

  • Sylvie CIEPLY & Nicolas LE PAPE, 2006. "Has Anne Robert Jacques Turgot been neglected by the Credit Rationing Theory?," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 50, pages 103-121.
    • Handle: RePEc:cpo:journl:y:2006:i:50:p:103-121
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    More about this item

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General
    • D45 - Microeconomics - - Market Structure, Pricing, and Design - - - Rationing; Licensing
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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