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The Genesis of MacroeconomicsNew Ideas from Sir William Petty to Henry Thornton$
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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

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Henry Thornton: The Lender of Last Resort

Henry Thornton: The Lender of Last Resort

Chapter:
(p.189) 9 Henry Thornton: The Lender of Last Resort
Source:
The Genesis of Macroeconomics
Author(s):

Antoin E. Murphy (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199543229.003.0009

This chapter discusses Henry Thornton's background and contributions to macroeconomics. Topics covered include his writing of Paper Credit, his criticisms of Adam Smith's monetary economics, and Thornton as an anti-deflationist and anti-inflationist. The chapter also discusses his description of the different types of media of exchange that could be used as substitutes for metallic money, the differing velocities of these media of exchange, and his criticisms of Montesquieu, Hume, and Smith in the final chapter of Paper Credit.

Keywords:   macroeconomic ideas, Paper Credit, Adam Smith, monetary economics, exchange

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