Thomas Tooke (1774–1858): Money Follows Prices

Jan Greitens ()
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Jan Greitens: Johann Wolfgang Goethe-Universität

Chapter Chapter 17 in Currency and Credit Money, 2026, pp 173-181 from Springer

Abstract: Abstract This chapter examines Tooke’s critique of the Quantity Theory of Money and his development of the Banking School perspective. He argues that prices determine the money supply, not vice versa, and introduces an Income Theory of Money. Tooke emphasizes the role of credit instruments, such as bills of exchange, and distinguishes between currency and credit circulation. He develops the concept of endogenous money, highlighting the responsiveness of credit to economic activity. This chapter shows how Tooke rejects rigid monetary control and advocates elasticity, positioning him as a key opponent of the Currency School.

Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spshcp:978-3-032-24113-9_17

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DOI: 10.1007/978-3-032-24113-9_17

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