The Currency Question (Illustrated) by John Mill

The Currency Question (Illustrated)

byJohn Mill

Kobo ebook | October 19, 2014

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John Stuart Mill made essential contributions to social theory, political theory and political economy. He has been called "the most influential English-speaking philosopher of the nineteenth century".

However, John Mill was also an important contributor for the foundation of modern monetary theory. John Mill's views on monetary theory were developed with his methodological approach, in which reactions to practical problems directed theoretical inquiry, instead of theory developing separately from policy questions. Mill’s focus on monetary theory at his time was how to deal with the periodic recessions and financial disruptions that were occurring.

John Mill looked into the economic aspect of the monetary theory through this essay. He through the essay argued “A commercial crisis is the recoil of prices, after they have been raised by speculation higher than is warranted by the state of the demand and of the supply. Speculation is almost always set in motion by something which affords apparent grounds for expecting either an extra demand or a deficient supply. But the anticipation may, in the first place, be erroneous; in the second, however rational it may be, the speculation (especially where the prospect of gain is considerable) is very likely to be overdone, each speculator conducting his operations as if he alone knew the circumstances on which the hope of profit is grounded.”

The work influenced Irving Fisher who completed his great works such as The Debt-deflation Theory of Great Depressions and The Theory of Interest .

John Mill is known as one of the founders of economics. This is a must-read book for people who are interested in the deepest thoughts about monetary theory by John Mill, one of the greatest thinkers on the planet.




Title:The Currency Question (Illustrated)Format:Kobo ebookPublished:October 19, 2014Publisher:AS TeamLanguage:English

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