Pre-Classical Economists Volume III: John Law (1671–1729) and Bernard Mandeville (1660–1733)

Mark Blaug

in Books from Edward Elgar Publishing

Abstract: John Law was one of those extraordinary personalities in which the 18th century seemed to abound. He held a demand-and-supply theory of value and treated the value of money or the determination of the average level of prices as only a special case of a general theory of value. Law eventually became Minister of Finance in France and was responsible for the greatest speculative frenzy in her history known as the Mississippi Bubble. When the boom collapsed in the closing months of 1720, Law was forced to flee France, permanently discredited, and spent his declining years as a professional gambler in Venice.

Keywords: Economics and Finance (search for similar items in EconPapers)
JEL-codes: B0 (search for similar items in EconPapers)
Date: 1991
ISBN: 9781852784706
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