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Ricardo's denial of the gold point mechanism

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  • Jérôme DE BOYER DES ROCHES

Abstract

Contrary 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

Suggested Citation

  • Jérôme DE BOYER DES ROCHES, 2008. "Ricardo's denial of the gold point mechanism," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 55, pages 49-63, July - De.
    • Handle: RePEc:cpo:journl:y:2008:i:55:p:49-63
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    More about this item

    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • F3 - International Economics - - International Finance

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