...: Bizzarri. Metal, Money, and the Prince: John Buridan and Nicholas Oresme after Thomas Aquinas Andrk Lapidus Introduction The monetary theories that stem from the works of the medieval theo- logians’ share common roots. For Thomas Aquinas and John Buridan during the second half...

...Filippo Cesarano From the dawn of coined money to just a few decades ago, the monetary system had been linked, directly or indirectly, to a commodity. The age-long dominance of metallism is puzzling because the conventional character of money, or cartalist theory, had already been grasped...

...Neil T. Skaggs Perceptive thinkers have been writing intelligently about money for at least five centuries. However, nearly all of the early thinkers developed theories designed to explain the behavior of full-bodied metallic money or the opposite extreme, fiat money issued by governments. However...

..., money had to be made of precious metals, as Le Trosne, the main architect of the physiocratic monetary doctrine, forcefully asserted. This doctrine of money created a tension: from the circulation perspective, money was not considered as a component of wealth and could be replaced by paper to simply...

.... Chartalism in ancient China had the following main propositions. First, money originated as an invention of ancient monarchs and is a creature of the state. The second is the nominal theory of money: useless metal can function as money and become a tool of state intervention in the economy through state...

... structure. Section 4 shows that the emergence of money can be explained as the outcome of individual actions and that an undesigned outcome-gold and silver become universal money-appears with the development of exchanges. Section 5 deals with the consequences of the use of metal money on economic...

... commercial banking consisted primarily of lending on promissory notes and issuing paper money liabilities (bank notes). Until the Civil War, notes issued by state- chartered banks and metallic money (specie) constituted the major portion of the nation’s money stock, as demand deposits were...

... for money to consist of, or to be “covered” by, some commodity so that the logical source of the exchange value or purchasing power of money is the exchange value or purchasing power of that commodity, considered independently of its mone- tary role. . . . By Practical Metallism we shall...

...-run trend of prices is quite extensively discussed in a much longer chapter on ‘The history of prices’ following the chapter on money. Under this heading Roscher treats the ups and downs of the value of precious metals, describing the sixteenth-century price revolution and the rising...

...) analysis of money and prices as an integral part of the ‘surplus’ approach to value and distribution in the market economy” (207). Green focuses his discussion on three periods: the “price revolution” of the fif- teenth through seventeenth centuries, when metallic money reigned; the “bullion...

... circumstances and the interests of pressure groups and more rooted in the problems originating from a metallic money supply and from the rise of organized foreign exchange markets.2 This literature is topical insofar as monetary theory, as John Hicks says, “belongs to mon...

... must be a commodity in its own right, that money must have value independently of its monetary functions.* Adding the requirements of convenience in transport and of universal acceptability, we naturally end up with money in the form of precious metals. Gordon, on the other hand, who...

..., long before, the medium of exchange was clearly understood to be a matter of commitments supported by paper documents that were not, strictly speaking, limited by extant metal money. During most of the sixteenth century, Lyons vied with other commercial centers, providing the dominant...

... commodity units so that initially P,= 1, and Pa = 1; then by the homogeneity of all prices,* it follows that And if the nonmonetary demand functions for rthe precious metals are independent of the metals being used as money or not, then it follows from Walras’ law thatQ Next...

... of the undervalued metal, at the mint, from circulation, is inevitable. This is explained in terms of Gresham’s law-which Schmoller spells out in the well-known terms of “bad money driving out good money.”3 The obvious solution to the problem posed by the erratic move- ments from one standard...

..., Davanzatti, Malestroit, and Gresham of the correct or necessary relations between money and price is that of the essential “preciousness” of metals. Precious metals serve as the appro- priate measure to order commodities by price because they are considered intrinsically precious (“rare, useful...

... adjustment. 464 History of Political Economy 28:3 (1996) theoretical metallism,’ and Schumpeter ( 1954,699) rightly classifies him as a metallist together with all the leading economists of the time. In fact, on the next page, Mill plainly states: “Money is a commodity...

... Economy] . St. Petersburg. Tugan-Baranovsky , M. I. 1915a . Osnovy politicheskoi ekonomii . 3d ed. Tugan-Baranovsky , M. I. 1915b . Bumazhnyia den'gi i voina [Paper Money and the War]. Rech , 30 January. Tugan-Baranovsky , M. I. 1917 . Bumazhnyia den'gi i metall [Paper Money...

..., and Italian, even by minor authors. 44 History of Political Economy 23:l (I991) exchange with the unit-of-account function, he stresses the related distinction between effecting transactions by means of metallic money and doing so by other payment or credit instruments and limits...

... Lilia . 2014 . “ The Value and Security of Money: Metallic and Fiduciary Media in Ferdinando Galiani’s Della Moneta .” European Journal of the History of Economic Thought 23 ( 2 ): 1 – 25 . Costabile Lilia Patalano Rosario . 2000 . Repertorio Bio–bibliografico degli Scrittori di...