James Laurence Laughlin's Criticism of the Quantity Money Theory

La critique de James Laurence Laughlin à la théorie quantitative de la monnaie

Constance André-Aigret
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Constance André-Aigret: TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS de Lyon - École normale supérieure de Lyon - Université de Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique

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Abstract: This paper studies James Laurence Laughlin's criticism of the quantity theory of money. Money is defined as being, first of all, a standard of value; in this sense, he reverses the quantity theory causality. According to him, the needs of trade ascertain the volume of means of exchange in circulation. Then, he explains fluctuations of prices by non-monetary factors and includes credit and speculation to his monetary theory.

Keywords: James Laurence Laughlin; quantity theory of money; real bills doctrine; standard of value; théorie quantitative de la monnaie; doctrine des effets réels; étalon de valeur (search for similar items in EconPapers)
Date: 2019-07-03
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Published in Revue d'histoire de la pensée économique, 2019, Revue d’histoire de la pensée économique 2019 – 1, n° 7, 2019 – 1 (n° 7), pp.43-72. ⟨10.15122/isbn.978-2-406-09425-8.p.0043⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02304835

DOI: 10.15122/isbn.978-2-406-09425-8.p.0043

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