Has Anne Robert Jacques Turgot been neglected by the Credit Rationing Theory?
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.
Volume (Year): (2006)
Issue (Month): 50 ()
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