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Léon Walras and Augustin Cournot on the Regulation of Paper Money: Rules vs. Discretion at the End of the 19th Century
[Leon Walras y Augustin Cournot sobre la Regulación del Papel Moneda: Reglas versus discrecionalidad a finales del siglo XIX]

Author

Listed:
  • Andrés Álvarez

    (Universidad de los Andes, Bogotá, Colombia.)

Abstract

This paper compares Léon Walras’ and Augustin Cournot’s views on monetary regulation. It shows that whereas Cournot believed discretionary monetary regulation to be convenient and acceptable, Walras held that the only acceptable monetary system is based exclusively on the stability of the value of money under a monetary rule following a strict equivalence between metallic reserves and a pure medium of exchange form of money. The paper also advances Cournot understood more clearly than Walras the evolution of the monetary system of their days because Walras was trying to guarantee the coherence of his pure theory with his applied theory, which made him unable to accept the evolution toward a monetary system based on fiat money.

Suggested Citation

  • Andrés Álvarez, 2020. "Léon Walras and Augustin Cournot on the Regulation of Paper Money: Rules vs. Discretion at the End of the 19th Century [Leon Walras y Augustin Cournot sobre la Regulación del Papel Moneda: Reglas v," Iberian Journal of the History of Economic Thought, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Dpto. Historia e Instituciones Económicas I., vol. 7(1), pages 1-13.
    • Handle: RePEc:ucm:ijohet:v:7:y:2020:i:1:p:1-13
    DOI: 10.5209/ijhe.69402
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    More about this item

    Keywords

    Paper-Money; History of Monetary Thought; Léon Walras; Augustin Cournot; Central Bank.;
    All these keywords.

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General

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