Farley Grubbâ€™s Noisy Evasions on Colonial Money: A Rejoinder
GRUBBâ€™S RECENT PAPERS (2003, 2004, 2006B) ARE AIMED AT nothing less than rewriting important chapters of early American history. Our goal in both our AER and EJW comments was a negative one, to dissuade readers from accepting Grubbâ€™s views and data. We are humbled by the complexity of the early American monetary system and the meagerness of the available evidence. We nowhere make the blanket claims that Grubb attributes to us, namely, that specie was plentiful, that exchange rates were immutable, or that cross-colony circulation of bills of credit was ubiquitous. Instead, we offer evidence that at some times and places specie was more abundant than Grubb claims, that most colonial exchange rates oscillated within broad specie points, and that bills of credit often circulated in adjacent colonies. And again, we make such claims with one point only in mind, to alert scholars that Grubbâ€™s interpretation is highly suspect.
Volume (Year): 3 (2006)
Issue (Month): 2 (May)
|Contact details of provider:|| Postal: Enterprise Hall, Room 354, 4400 University Drive, 3G4 Fairfax, VA 22030|
Phone: (703) 993-1151
Web page: https://econjwatch.org/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ronald W. Michener & Robert E. Wright, 2005. "State "Currencies" and the Transition to the U.S. Dollar: Clarifying Some Confusions," American Economic Review, American Economic Association, vol. 95(3), pages 682-703, June.
- Farley Grubb, 2003. "Creating the U.S. Dollar Currency Union, 1748–1811: A Quest for Monetary Stability or a Usurpation of State Sovereignty for Personal Gain?," American Economic Review, American Economic Association, vol. 93(5), pages 1778-1798, December.
- Weiss, Roger W., 1970. "The Issue of Paper Money in the American Colonies, 1720–1774," The Journal of Economic History, Cambridge University Press, vol. 30(04), pages 770-784, December.
- Grubb, Farley, 2004. "The circulating medium of exchange in colonial Pennsylvania, 1729-1775: new estimates of monetary composition, performance, and economic growth," Explorations in Economic History, Elsevier, vol. 41(4), pages 329-360, October.
- Farley Grubb, 2006. "Theory, Evidence, and Beliefâ€”The Colonial Money Puzzle Revisited: Reply to Michener and Wright," Econ Journal Watch, Econ Journal Watch, vol. 3(1), pages 45-72, January.
- Michener, Ron, 1988. "Backing Theories and the Currencies of Eighteenth-Century America: A Comment," The Journal of Economic History, Cambridge University Press, vol. 48(03), pages 682-692, September.
When requesting a correction, please mention this item's handle: RePEc:ejw:journl:v:3:y:2006:i:2:p:251-274. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jason Briggeman)
If references are entirely missing, you can add them using this form.