IDEAS home Printed from https://ideas.repec.org/p/osf/socarx/4yxbp.html
   My bibliography  Save this paper

Correa Moylan Walsh beyond index numbers: from the “battle of the standards” to the science of money

Author

Listed:
  • Cruz-e-Silva, Victor
  • Almeida, Felipe

Abstract

In 1901, Correa Moylan Walsh gained renown for writing a groundbreaking monograph on index numbers. His contributions to monetary economics, however, though neglected, transcend his work on index numbers, which was conceived to serve more foundational concerns of his. Therefore, our aim is twofold. First, we want to recover Walsh’s role as an important early twentieth-century economist. Second, we intend to provide a wider account of his incursion into monetary economics. Our argument is that the cornerstone of Walsh’s approach to the science of money is not confined to index numbers, but concerns his distinction between different kinds of economic value and the discussion regarding the kind of value that money should measure and store. As such, we identify Walsh’s 1903 book, The Fundamental Problem in Monetary Science, as his archetypical work.

Suggested Citation

  • Cruz-e-Silva, Victor & Almeida, Felipe, 2024. "Correa Moylan Walsh beyond index numbers: from the “battle of the standards” to the science of money," SocArXiv 4yxbp, Center for Open Science.
    • Handle: RePEc:osf:socarx:4yxbp
    DOI: 10.31219/osf.io/4yxbp
    as

    Download full text from publisher

    File URL: https://osf.io/download/65b2711599d01006d96267c4/
    Download Restriction: no
    File URL: https://libkey.io/10.31219/osf.io/4yxbp?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Robert W. Dimand & Rebeca Gomez Betancourt, 2012. "Retrospectives: Irving Fisher's Appreciation and Interest (1896) and the Fisher Relation," Journal of Economic Perspectives, American Economic Association, vol. 26(4), pages 185-196, Fall.
    2. De Boyer Des Roches, Jã‰Rã”Me & Betancourt, Rebeca Gomez, 2013. "American Quantity Theorists Prior To Irving Fisher’S The Purchasing Power Of Money," Journal of the History of Economic Thought, Cambridge University Press, vol. 35(2), pages 135-152, June.
    3. Thomas C. Leonard, 2016. "Illiberal Reformers: Race, Eugenics, and American Economics in the Progressive Era," Economics Books, Princeton University Press, edition 1, number 10572.
    4. Marcel Boumans, 2001. "Fisher's Instrumental Approach to Index Numbers," History of Political Economy, Duke University Press, vol. 33(5), pages 313-344, Supplemen.
    5. H. Spencer Banzhaf, 2004. "The Form and Function of Price Indexes: A Historical Accounting," History of Political Economy, Duke University Press, vol. 36(4), pages 589-616, Winter.
    6. Girton, Lance & Roper, Don, 1978. "J. Laurence Laughlin and the Quantity Theory of Money," Journal of Political Economy, University of Chicago Press, vol. 86(4), pages 599-625, August.
    7. Jérôme de Boyer Des Roches & Rebeca Gomez Betancourt, 2013. "American quantity theorists prior to Irving Fisher's purchasing power of money," Post-Print halshs-00823362, HAL.
    8. Claes-Henric Siven, 2002. "Analytical Foundations of Erik Lindahl's Monetary Analysis, 1924-1930," History of Political Economy, Duke University Press, vol. 34(1), pages 111-153, Spring.
    9. John Aldrich, 1992. "Probability and Depreciation: A History of the Stochastic Approach to Index Numbers," History of Political Economy, Duke University Press, vol. 24(3), pages 657-687, Fall.
    10. Clark Warburton, 1981. "Monetary Disequilibrium Theory in the First Half of the Twentieth Century," History of Political Economy, Duke University Press, vol. 13(2), pages 285-299, Summer.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. McCloskey Deirdre Nansen, 2018. "The Two Movements in Economic Thought, 1700–2000: Empty Economic Boxes Revisited," Man and the Economy, De Gruyter, vol. 5(2), pages 1-20, December.
    2. Bordo, Michael D., 1986. "Explorations in monetary history: A survey of the literature," Explorations in Economic History, Elsevier, vol. 23(4), pages 339-415, October.
    3. repec:dau:papers:123456789/10190 is not listed on IDEAS
    4. Carlana, Michela & Tabellini, Marco, 2018. "Happily Ever After: Immigration, Natives' Marriage, and Fertility," Working Paper Series rwp18-035, Harvard University, John F. Kennedy School of Government.
    5. Deirdre Nansen McCloskey, 2019. "Lachmann practiced humanomics, beyond the dogma of behaviorism," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(1), pages 47-61, March.
    6. Hasse, Jean-Baptiste & Lajaunie, Quentin, 2022. "Does the yield curve signal recessions? New evidence from an international panel data analysis," The Quarterly Review of Economics and Finance, Elsevier, vol. 84(C), pages 9-22.
    7. Phillip W. Magness, 2018. "The Progressive Legacy Rolls On: A Critique of Steinbaum and Weisberger on Illiberal Reformers," Econ Journal Watch, Econ Journal Watch, vol. 15(1), pages 1-20–34, January.
    8. Fiorito, Luca, 2022. "The “Social Value” Debate: An Early Chapter in the History of American Marginalism," OSF Preprints kznuj, Center for Open Science.
    9. Sunna, Claudia & Ricciardo, Traci M., 2023. "Before Brain Drain: Italian Economists On The Calculus Of The Value Of Men," Journal of the History of Economic Thought, Cambridge University Press, vol. 45(4), pages 603-624, December.
    10. Timo Kuosmanen & Thierry Post & Timo Sipiläinen, 2004. "Shadow Price Approach to Total Factor Productivity Measurement: With an Application to Finnish Grass-Silage Production," Journal of Productivity Analysis, Springer, vol. 22(1), pages 95-121, July.
    11. Kenneth W Clements & Grace Gao, 2013. "A Multi-Market Approach to Measuring the Cycle," Economics Discussion / Working Papers 13-16, The University of Western Australia, Department of Economics.
    12. Max Gillman, 2021. "Macroeconomic Trends among Visegrád Countries, EU Balkans, and the U.S., 1991-2021," Central European Business Review, Prague University of Economics and Business, vol. 2021(2), pages 1-20.
    13. William P. Fisher Jr., 2023. "Separation Theorems in Econometrics and Psychometrics: Rasch, Frisch, Two Fishers and Implications for Measurement," Journal of Interdisciplinary Economics, , vol. 35(1), pages 29-60, January.
    14. Walker Wright, 2022. "Illiberal economic institutions and racial intolerance in the United States," Economic Affairs, Wiley Blackwell, vol. 42(2), pages 307-326, June.
    15. BRILLANT, Lucy, 2024. "The origins of yield curve theory: Irving Fisher and John Maynard Keynes," SocArXiv 9hf8z, Center for Open Science.
    16. Rebeca Gomez Betancourt & Jérôme de Boyer des Roches, 2013. "Origins and developments of Irving Fisher's compensated dollar plan," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(2), pages 261-283, April.
    17. Peter Boettke, 2018. "Economics and Public Administration," Southern Economic Journal, John Wiley & Sons, vol. 84(4), pages 938-959, April.
    18. Andrew Lynn, 2022. "Ethics, Economics, and the Specter of Naturalism: The Enduring Relevance of the Harmony Doctrine School of Economics," Journal of Business Ethics, Springer, vol. 178(3), pages 661-673, July.
    19. Sylvie Rivot, 2020. "Information and Expectations in Policy-Making: Friedman's Changing Approaches to Macroeconomic Dynamics," GREDEG Working Papers 2020-39, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    20. Fiorito, Luca & Erasmo, Valentina, 2023. "Franklin H. Giddings on Race and Eugenics: A Note," SocArXiv gd7af, Center for Open Science.
    21. Daniel B. Klein, 2018. "Dissing The Theory of Moral Sentiments : Twenty-Six Critics, from 1765 to 1949," Econ Journal Watch, Econ Journal Watch, vol. 15(2), pages 201–254-2, May.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:osf:socarx:4yxbp. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: OSF (email available below). General contact details of provider: https://arabixiv.org .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.