Paperback
A Source Book on Early Monetary Thought
Writings on Money before Adam Smith
9781800370005 Edward Elgar Publishing
This volume contains thirty-seven contributions from the most significant early developers of monetary economics. Starting with Aristotle, the collection tracks the development of the modern theory of money through the ages by thinkers like Albert the Great, Thomas Aquinas, Jean Buridan, Martin de Azpilcueta, John Locke, Richard Cantillon, David Hume, and A.R.J Turgot.
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Critical Acclaim
Contents
More Information
This volume contains thirty-seven contributions from the most significant early developers of monetary economics. Starting with Aristotle, the collection tracks the development of the modern theory of money through the ages by thinkers like Thomas Aquinas, Martin de Azpilcueta, John Locke, Richard Cantillon, David Hume, and A.R.J Turgot. Also included are the first translations of Jean Buridan’s writings on money and of Albert the Great’s writings on money from Latin.
A Source Book on Early Monetary Theory will be of interest to bankers, historians, and macroeconomists and can be used as a supplementary text on courses in macroeconomics, money and banking, and the history of economic thought.
A Source Book on Early Monetary Theory will be of interest to bankers, historians, and macroeconomists and can be used as a supplementary text on courses in macroeconomics, money and banking, and the history of economic thought.
Critical Acclaim
‘Edward Fuller''s convenient anthology of contributions to monetary
economics by thirty writers before Adam Smith, from Aristotle to
Hume and Condillac, will be greatly appreciated by anyone interested in the origins and development of monetary economics. Many of these important writings were previously difficult of access. Now it is easy, and enjoyable, to peruse in a single book the long and rich heritage of monetary analysis in the two millennia from Aristotle to Adam Smith.’
– Robert W. Dimand, Brock University, Canada
‘A timely book. Edward Fuller leads us back to the intellectual sources of sound thinking on money. His anthology is essential reading in an age of monetary insanity.’
– Guido Hülsmann, Université d''Angers, France
‘Money has been making the world go ''round since ancient times. This volume , dealing with monetary thought from Aristotle to Condillac, provides, in one place, an excellent source of and easy access to the ideas of pre-Smithian monetary theorists, including translations of key writings. It should have a prominent place on the bookshelf of professional economists and advanced students alike.’
– Warren Young, Bar Ilan University, Israel and Carnegie-Mellon University, US
‘It is very useful to have in one volume the highlights of pre-Smithian European monetary theory, including some selections translated into English for the first time. The volume begins with Aristotle''s influential (if theoretically dubious) remarks on money, followed by important commentaries they inspired from Albertus Magnus, Thomas Aquinas, and Jean Buridan. Next come choice selections from the brilliant medieval writer critic of debasement, Nicholas Oresme, and from several thoughtful Spanish scholastics including Juan de Mariana. Relevant monetary extracts from the early modern writers Grotius, Pufendorf, Locke, and Cantillon follow. The volume winds up with Scottish and French Enlightenment figures like Hutcheson, Hume, Turgot, and Condillac. Altogether this collection is a welcome resource for teachers and students of monetary history and the history of economic thought.’
– Lawrence H. White, George Mason University, US
economics by thirty writers before Adam Smith, from Aristotle to
Hume and Condillac, will be greatly appreciated by anyone interested in the origins and development of monetary economics. Many of these important writings were previously difficult of access. Now it is easy, and enjoyable, to peruse in a single book the long and rich heritage of monetary analysis in the two millennia from Aristotle to Adam Smith.’
– Robert W. Dimand, Brock University, Canada
‘A timely book. Edward Fuller leads us back to the intellectual sources of sound thinking on money. His anthology is essential reading in an age of monetary insanity.’
– Guido Hülsmann, Université d''Angers, France
‘Money has been making the world go ''round since ancient times. This volume , dealing with monetary thought from Aristotle to Condillac, provides, in one place, an excellent source of and easy access to the ideas of pre-Smithian monetary theorists, including translations of key writings. It should have a prominent place on the bookshelf of professional economists and advanced students alike.’
– Warren Young, Bar Ilan University, Israel and Carnegie-Mellon University, US
‘It is very useful to have in one volume the highlights of pre-Smithian European monetary theory, including some selections translated into English for the first time. The volume begins with Aristotle''s influential (if theoretically dubious) remarks on money, followed by important commentaries they inspired from Albertus Magnus, Thomas Aquinas, and Jean Buridan. Next come choice selections from the brilliant medieval writer critic of debasement, Nicholas Oresme, and from several thoughtful Spanish scholastics including Juan de Mariana. Relevant monetary extracts from the early modern writers Grotius, Pufendorf, Locke, and Cantillon follow. The volume winds up with Scottish and French Enlightenment figures like Hutcheson, Hume, Turgot, and Condillac. Altogether this collection is a welcome resource for teachers and students of monetary history and the history of economic thought.’
– Lawrence H. White, George Mason University, US
Contents
Contents:
Foreword by Jesús Huerta de Soto vii
Foreword by Joseph T. Salerno viii
1 Introduction: The Aristotelian Monetary Tradition 1
Edward W. Fuller
2 Aristotle: Nicomachean Ethics (c. 350 BC) 8
3 Aristotle: Politics (c. 350 BC) 11
4 Albert the Great: Commentary on Aristotle’s Nicomachean Ethics (c. 1262) 14
5 Albert the Great: Commentary on Aristotle’s Politics (c. 1263) 21
6 Thomas Aquinas: Commentary on Aristotle’s Nicomachean Ethics (c. 1271) 29
7 Thomas Aquinas: Commentary on Aristotle’s Politics (c. 1272) 34
8 Peter John Olivi: A Treatise on Contracts (c. 1295) 41
9 Jean Buridan: Commentary on Aristotle’s Nicomachean Ethics (c. 1336) 47
10 Jean Buridan: Commentary on Aristotle’s Politics (c. 1349) 54
11 Nicholas Oresme: Treatise on Money (1358) 70
12 Gabriel Biel: On the Power and Utility of Moneys (1495) 89
13 Copernicus: Essay on the Coinage of Money (1526) 96
14 Luís Saravia de la Calle: Instructions for Merchants (1544) 103
15 Martín de Azpilcueta: On Exchange (1556) 105
16 Tomás de Mercado: Manual of Deals and Contracts (1569) 113
17 Sir Thomas Smith: A Discourse of the Commonweal of this Realm of
England (1581) 114
18 Francisco García: A Very General and Useful Treatise on Contracts (1583) 120
19 Bernardo Davanzati: A Discourse upon Coins (1588) 123
20 Luís de Molina: A Treatise on Money (1597) 132
21 Leonard Lessius: On Buying and Selling (1605) 134
22 Juan de Mariana: A Treatise on the Alteration of Money (1609) 137
23 Hugo Grotius: The Rights of War and Peace (1625) 168
24 Samuel Pufendorf: The Elements of Universal Jurisprudence (1660) 171
25 Samuel Pufendorf: The Whole Duty of Man (1673) 174
26 John Locke: Some Considerations of the Consequences of the Lowering
of Interest, and Raising the Value of Money (1691) 177
27 Dudley North: Discourses upon Trade (1691) 194
28 Isaac Gervaise: The System or Theory of the Trade of the World (1720) 206
29 Richard Cantillon: An Essay on Economic Theory (1730) 217
30 Jacob Vanderlint: Money Answers All Things (1734) 244
31 Francis Hutcheson: Philosophiae Moralis Institutio Compendiaria (1747) 246
32 Ferdinando Galiani: On Money (1751) 248
33 David Hume: Of Money (1752) 260
34 David Hume: Of Interest (1752) 267
35 David Hume: Of the Balance of Trade (1752) 274
36 Joseph Harris: An Essay upon Money and Coins (1757–58) 283
37 A.R.J. Turgot: Reflections on the Formation and Distribution of Wealth (1766) 289
38 Étienne Bonnot de Condillac: Commerce and Government Considered
in Their Mutual Relationship (1776) 296
Index 310
Foreword by Jesús Huerta de Soto vii
Foreword by Joseph T. Salerno viii
1 Introduction: The Aristotelian Monetary Tradition 1
Edward W. Fuller
2 Aristotle: Nicomachean Ethics (c. 350 BC) 8
3 Aristotle: Politics (c. 350 BC) 11
4 Albert the Great: Commentary on Aristotle’s Nicomachean Ethics (c. 1262) 14
5 Albert the Great: Commentary on Aristotle’s Politics (c. 1263) 21
6 Thomas Aquinas: Commentary on Aristotle’s Nicomachean Ethics (c. 1271) 29
7 Thomas Aquinas: Commentary on Aristotle’s Politics (c. 1272) 34
8 Peter John Olivi: A Treatise on Contracts (c. 1295) 41
9 Jean Buridan: Commentary on Aristotle’s Nicomachean Ethics (c. 1336) 47
10 Jean Buridan: Commentary on Aristotle’s Politics (c. 1349) 54
11 Nicholas Oresme: Treatise on Money (1358) 70
12 Gabriel Biel: On the Power and Utility of Moneys (1495) 89
13 Copernicus: Essay on the Coinage of Money (1526) 96
14 Luís Saravia de la Calle: Instructions for Merchants (1544) 103
15 Martín de Azpilcueta: On Exchange (1556) 105
16 Tomás de Mercado: Manual of Deals and Contracts (1569) 113
17 Sir Thomas Smith: A Discourse of the Commonweal of this Realm of
England (1581) 114
18 Francisco García: A Very General and Useful Treatise on Contracts (1583) 120
19 Bernardo Davanzati: A Discourse upon Coins (1588) 123
20 Luís de Molina: A Treatise on Money (1597) 132
21 Leonard Lessius: On Buying and Selling (1605) 134
22 Juan de Mariana: A Treatise on the Alteration of Money (1609) 137
23 Hugo Grotius: The Rights of War and Peace (1625) 168
24 Samuel Pufendorf: The Elements of Universal Jurisprudence (1660) 171
25 Samuel Pufendorf: The Whole Duty of Man (1673) 174
26 John Locke: Some Considerations of the Consequences of the Lowering
of Interest, and Raising the Value of Money (1691) 177
27 Dudley North: Discourses upon Trade (1691) 194
28 Isaac Gervaise: The System or Theory of the Trade of the World (1720) 206
29 Richard Cantillon: An Essay on Economic Theory (1730) 217
30 Jacob Vanderlint: Money Answers All Things (1734) 244
31 Francis Hutcheson: Philosophiae Moralis Institutio Compendiaria (1747) 246
32 Ferdinando Galiani: On Money (1751) 248
33 David Hume: Of Money (1752) 260
34 David Hume: Of Interest (1752) 267
35 David Hume: Of the Balance of Trade (1752) 274
36 Joseph Harris: An Essay upon Money and Coins (1757–58) 283
37 A.R.J. Turgot: Reflections on the Formation and Distribution of Wealth (1766) 289
38 Étienne Bonnot de Condillac: Commerce and Government Considered
in Their Mutual Relationship (1776) 296
Index 310
