Tooke's approach to explaining prices

Matthew Smith ()

The European Journal of the History of Economic Thought, 2002, vol. 9, issue 3, 333-358

Abstract: This paper examines the method of analysis and theoretical approach Thomas Tooke (1774-1858) employed in his empirical study of English prices. It is shown that Tooke adopted the “long period method” formulated by Adam Smith to analyse a capitalist society. It is shown that like most nineteenth-century classical economists, Tooke adopted a modified version of Adam Smith's “adding-up” approach to normal prices and distribution which incoporated Ricardo's theory of rent. The paper shows that based on this approach, Tooke explained short-run fluctuations in prices be reference to factors that disrupted the adjustment of supply to the “effectual” demand for commodities.

Keywords: Thomas Tooke; Banking School; Price Theory; Distribution Theory; Classical Economics; Methodology (search for similar items in EconPapers)
Date: 2002
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DOI: 10.1080/09672560210149206

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