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The Determinants of Growth

In: New Paradigm in Macroeconomics

Author

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  • Richard A. Werner

Abstract

John Law, born in Edinburgh, the son of a goldsmith and banker, recognized the implications of the activities of banks and their link to the economy. He argued that wealth depends on goods and their trade ‘and Trade depends on Money’. ‘But only banker-created money ensures a sufficiently active supply’ (Davies, 1994, p. 553, paraphrasing Law). ‘By this Money the People may be employed, the Country improved, Manufacture advanced, Trade Domestic and Foreign be carried on, and Wealth and Power attained’ (quoted in Davies, 1994, p. 553).

Suggested Citation

  • Richard A. Werner, 2005. "The Determinants of Growth," Palgrave Macmillan Books, in: New Paradigm in Macroeconomics, chapter 15, pages 207-225, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50607-7_16
    DOI: 10.1057/9780230506077_16
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    Cited by:

    1. Yeoh Khar Kheng* & Mohamad Yusop B. Mohd Jani & Mohd Sufli B. Yusof, 2018. "Internationalization of Malaysian Service Smes: The Leveraging Role of Network Capital and the Internet-Enabled Business Environment," The Journal of Social Sciences Research, Academic Research Publishing Group, pages 718-728:6.

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