Simon Newcomb’s monetary theory: a reappraisal

Sofia Valeonti
Additional contact information
Sofia Valeonti: PHARE - Philosophie, Histoire et Analyse des Représentations Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne

Post-Print from HAL

Abstract: Whereas Simon Newcomb formulated the equation of exchange, he rejected the causality and the proportionality postulates of the quantity theory in some cases. To solve this puzzle, this paper relies on the distinction between the classical theory of money and the quantity theory of money and shows that, according to Newcomb, the quantity theory applied only for inconvertible paper money, while metallic money and convertible bank issues were regulated by different mechanisms. Understanding Newcomb's distinction between the different types of issues also sheds light on his stance in the monetary debate of the U.S. Reconstruction period.

Keywords: Simon Newcomb; quantity theory of money; greenback debate (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations:

Published in European Journal of the History of Economic Thought, 2020, ESHET Conference Lille, 27 (6), pp.837-852. ⟨10.1080/09672567.2020.1790623⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03882772

DOI: 10.1080/09672567.2020.1790623

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().