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John Law: Economic Theorist and Policy-maker
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John Law: Economic Theorist and Policy-maker

Antoin E. Murphy

Abstract

Despite his popular reputation as a rake and a gambler, John Law (1671–1729) left a remarkable legacy of economic concepts at a time when economic conceptualization was very much at an embryonic stage. His vision of a monetary and financial system was more of the twenty‐first rather than the eighteenth century. Law believed in an economy of banknotes and credit where specie had no role to play. He was the first economic writer to use concepts such as demand and supply, the demand for and supply of money, the money‐in‐advance requirement, the circular flow of income, and the law of one price. L ... More

Keywords: banks, bubbles, circular flow of income, credit, demand for money, France, John Law, law of one price, Mississippi System, money supply, money, money‐in‐advance requirement, Scotland, speculation, stock market, supply and demand

Bibliographic Information

Print publication date: 1997 Print ISBN-13: 9780198286493
Published to Oxford Scholarship Online: November 2003 DOI:10.1093/019828649X.001.0001

Authors

Affiliations are at time of print publication.

Antoin E. Murphy, author
Trinity College
Author Webpage

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