Jump to ContentJump to Main Navigation
The Genesis of MacroeconomicsNew Ideas from Sir William Petty to Henry Thornton$
Users without a subscription are not able to see the full content.

Antoin E. Murphy

Print publication date: 2008

Print ISBN-13: 9780199543229

Published to Oxford Scholarship Online: May 2009

DOI: 10.1093/acprof:oso/9780199543229.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 15 December 2019

Anne Robert Jacques Turgot: The Importance of Capital

Anne Robert Jacques Turgot: The Importance of Capital

Chapter:
(p.133) 7 Anne Robert Jacques Turgot: The Importance of Capital
Source:
The Genesis of Macroeconomics
Author(s):

Antoin E. Murphy (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199543229.003.0007

This chapter discusses Anne Robert Jacques Turgot's background and contributions to macroeconomics. His introduction of capital was not a mere semantic addition to the economists' lexicon. He was able to describe in detail the link between savings and capital formation. Crucial to this process was the role of the rate of interest. He was not prepared to accept that the rate of interest was determined by the supply and demand for money. Instead he saw it as determined by the supply of and demand for loanable funds. This savings-capital formation analysis would prove to be one of his outstanding contributions and would provide the basis for the classical theory of savings and investment for most of the 19th century.

Keywords:   macroeconomic ideas, capital, savings, investment, interest rate

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .