IDEAS home Printed from
   My bibliography  Save this paper

The Monetary Thought of Thomas Tooke


  • Smith, Matthew


The leading theorist of the Banking School and author of the monumental six volume History of Prices(1838-1857) and the brilliant pamphlet, An Inquiry into the Currency Principle (1844), Thomas Tooke (1774-1858) is one of the most prominent figures in nineteenth century monetary thought. This paper aims to expound the central features of Tooke's monetary analysis. The paper first examines his early pre-banking school views on monetary questions which led him to reject the classical quantity theory. It then examines Tooke's banking school principles on the relation between money, interest and the price level. By way of conclusion, the logical consistency of Tooke's monetary thought within the theoretical framework of classical economics is examined critically in order to evaluate its relevance to contemporary monetary economics.

Suggested Citation

  • Smith, Matthew, 1994. "The Monetary Thought of Thomas Tooke," Working Papers 204, University of Sydney, School of Economics.
  • Handle: RePEc:syd:wpaper:2123/7604

    Download full text from publisher

    File URL:
    Download Restriction: no

    More about this item


    Access and download statistics


    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:syd:wpaper:2123/7604. 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: (Vanessa Holcombe). General contact details of provider: .

    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.

    We have no references for this item. You can help adding them by using 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.

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.