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Money, a substitute for confidence? From Vaughan to Keynes and beyond

Опубликовано на портале: 15-12-2002
American Journal of Economics and Sociology. 1999.  Vol. 58. No. 2. P. 167-192. 
Тематический раздел:
From Rice Vaughan (1675): The first Invention of Money was for a Pledge and instead of a Surety" to John Manyard Keynes (1937): Our desire to hold money as a store of wealth is a barometer of the degree of our distrust, there is a tradition of monetary theory linking the demand for money with the state of confidence. In the early 19th century, Henry Thornton and Thomas Attwood analyzed the shifts in precautionary demand for money and their implications for money supply, production, employment, and the balance of payments. The tradition was interrupted during the late nineteenth and early twentieth centuries and was subsequently revived by Keynes's General Theory.