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Ricardo's denial of the gold point mechanism





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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    References listed on IDEAS

    1. Olivier Godard, 1990. "Environnement, modes de coordination et systèmes de légitimité : analyse de la catégorie de patrimoine naturel," Revue Économique, Programme National Persée, vol. 41(2), pages 215-242.
    2. Claude Henry, 1984. "La microéconomie comme langage et enjeu de négociations," Revue Économique, Programme National Persée, vol. 35(1), pages 177-198.
    3. Thierry Hommel & Olivier Godard, 2002. "Trajectoire de contestabilité sociale et production d'OGM à usage agricole," Économie rurale, Programme National Persée, vol. 270(1), pages 36-49.
    4. Driessen, Peter P. J. & Glasbergen, Pieter & Verdaas, Co, 2001. "Interactive policy-making - a model of management for public works," European Journal of Operational Research, Elsevier, vol. 128(2), pages 322-337, January.
    5. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132-132.
    6. Jean-Charles Hourcade & Emeric Fortin, 2000. "Impact economique des politiques climatiques : des controverses aux enjeux de coordination," Economie Internationale, CEPII research center, issue 82, pages 45-74.
    7. Olivier Barreteau, 2003. "The Joint Use of Role-Playing Games and Models Regarding Negotiation Processes: Characterization of Associations," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 6(2), pages 1-3.
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    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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