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Pre-Classical Economists Volume III: John Law (1671–1729) and Bernard Mandeville (1660–1733)

Author

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  • Mark Blaug

Abstract

John Law was one of those extraordinary personalities in which the 18th century seemed to abound. He held a demand-and-supply theory of value and treated the value of money or the determination of the average level of prices as only a special case of a general theory of value. Law eventually became Minister of Finance in France and was responsible for the greatest speculative frenzy in her history known as the Mississippi Bubble. When the boom collapsed in the closing months of 1720, Law was forced to flee France, permanently discredited, and spent his declining years as a professional gambler in Venice.

Suggested Citation

  • Mark Blaug, 1991. "Pre-Classical Economists Volume III: John Law (1671–1729) and Bernard Mandeville (1660–1733)," Books, Edward Elgar Publishing, number 639.
    • Handle: RePEc:elg:eebook:639
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    File URL: http://www.e-elgar.com/shop/isbn/9781852784706
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    More about this item

    Keywords

    Economics and Finance;

    JEL classification:

    • B0 - Schools of Economic Thought and Methodology - - General

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