David Ricardo, one of the major figures in the history of economic thought, particularly in the English classical political economy, deployed his activities as economist just two hundreds of years ago. Since then his economics has been generally estimated as the culminating point of the classical economics, and his name and theory has been exerting an enduring influence up to the present. This book, consisting of articles contributed by historians economic thought on money and finance, intends to reappraise the Ricardo’s monetary and financial thought on the occasion of its bicentenary and to offer historical clues to understanding today’s world wide financial crisis.
The book consists of eight chapters divided into three parts. The first part is devoted to the historical back ground of Ricardo’s thought (Hume, Smith, Thornton etc). It serves to bring in relief the originality of Ricardo’s thought in the historical context. The second and central part consists of four chapters discussing the most important aspects of Ricardo’s monetary thought: Ricardo and quantity theory of money, the ideal monetary regime conceived by Ricardo very early in his career and matured till the last moment of his life, plan for the establishment of a national bank. In this part, the relation between the quantity of money and its value in Ricardo’s theory is examined in a new light and Ricardo as a non-quantity theorist. The two chapters in the third and last part discuss the problems raised after Ricardo in relation to his monetary thought.
Tracing Ricardo's economic thought to the early 19th century, this book may provide readers insight to help them understand the present day financial crises through his works.
The purpose of this book is to provide a comprehensive account and reconsideration of the contribution to political economy of Thomas Tooke (1774-1858) throwing new light on monetary analysis within the framework of classical economics.
First published in English in 1934 and 1935, this Routledge Revival set is a reissue of Knut Wicksell's two volume work on political economy, first published in Sweden in 1901 and 1906. Volume I concerns itself predominiantly with issues of theory: specifically the theory of value, the theory of production and distribution and the theory of capital accumulation. Volume II deals with theories relating to money, currency and credit.
Another notable-quotable passage concerns socialism: If, therefore, the choice were to be made between Communism with all its chances, and the present  state of society with all its sufferings and injustices; if the institution of private property necessarily carried with it as a consequence, that the produce of labour should be apportioned as we now see it, almost in an inverse ratio to the labour--the largest portions to those who have never worked at all, the next largest to those whose work is almost nominal, and so in a descending scale, the remuneration dwindling as the work grows harder and more disagreeable, until the most fatiguing and exhausting bodily labour cannot count with certainty on being able to earn even the necessaries of life; if this or Communism were the alternative, all the difficulties, great or small, of Communism would be but as dust in the balance. Looks like JSM is on the wrong side of history again, but he also noted: But to make the comparison applicable, we must compare Communism at its best, with the régime of individual property, not as it is, but as it might be made. Fair enough. There are many other notable-quotable sections of Mills book.
Mills book is about the earliest work on comparative economic systems that I know of. The inclusion of Mills chapters on socialism add much to this edition. Given that he was writing in the shadow of Malthus, he does take a rather pessimistic tone at times. Yet his discussion of the stationary state are interesting. On page 129 Mill discusses how the stationary state does not impose insurmountable obstacles to human improvement. It is also interesting to note the degree to which his arguments for limited government involvement in the economy fits with modern economic theory.
Mill was one of the greatest social theorists of all times. Yet he (and Marx) failed to see the importance of marginal concepts in economics. Mill was, however, a much better social theorist than Marx. Mill was able to arrive at some sound conclusions without modern price theory. This book also reveals Mills abilities as a social philosopher. This is a rare example of a book that it vitally important despite being fundamentally wrong. It is important not merely for historical reasons. PPE makes you think more deeply about economics, politics, and philosophy. Few thinkers have been as thought provoking as Mill, and likely few will match his level of acumen in the future.
The work of the following economists is covered: Locke, Barbon, Vaderlint, Harris, Hume, Smith, Ricardo, Malthus, Bosanquet, Mill, Torrens, Marshall, Haberler, Austin, Stirling, Chevalier, Carines, Jevons, Leslie, Goschen, Bagehot, Wicksell, Sidgwick, Pigou, Viner, Heckscher, Ohlin, Keynes, Taussig, and Pareto.
The volume includes an extensive Bibliography of each period discussed as well as comprehensive indices of subjects and names.