IDEAS home Printed from https://ideas.repec.org/a/aea/jecper/v24y2010i4p207-17.html
   My bibliography  Save this article

Retrospectives: An Early Supply-Side-Demand-Side Controversy: Petty, Law, Cantillon

Author

Listed:
  • John Berdell

Abstract

Early modern Europe in the late seventeenth and early eighteenth centuries witnessed an unprecedented increase in the rate of economic growth, and governments entertained a wide range of proposals aimed at developing and harnessing foreign trade and emerging financial markets. In his magisterial survey of foreign trade doctrine titled Studies in the Theory of International Trade (1936), Jacob Viner pointed out that enlightened authors of that time were often nonbullionist mercantilists: they favored export promotion and import reduction not on the grounds that it would lead to an accumulation of gold, but on the grounds that it would increase trade and employment. My focus here is on how some key economists of this time period—William Petty, John Law, and Richard Cantillon—adumbrated disputes between supply-side and demand-side macroeconomics that have continued to the present day.

Suggested Citation

  • John Berdell, 2010. "Retrospectives: An Early Supply-Side-Demand-Side Controversy: Petty, Law, Cantillon," Journal of Economic Perspectives, American Economic Association, vol. 24(4), pages 207-217, Fall.
    • Handle: RePEc:aea:jecper:v:24:y:2010:i:4:p:207-17
    Note: DOI: 10.1257/jep.24.4.207
    as

    Download full text from publisher

    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.24.4.207
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Richard Stone, 1986. "Nobel memorial lecture 1984. The accounts of society," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 1(1), pages 5-28, January.
    2. Anthony Brewer, 2005. "Cantillon, Quesnay, and the Tableau Economique," Bristol Economics Discussion Papers 05/577, School of Economics, University of Bristol, UK.
    3. Murphy, Antoin E., 1997. "John Law: Economic Theorist and Policy-maker," OUP Catalogue, Oxford University Press, number 9780198286493.
    4. Carl Wennerlind, 2003. "Credit-Money as the Philosopher's Stone: Alchemy and the Coinage Problem in Seventeenth-Century England," History of Political Economy, Duke University Press, vol. 35(5), pages 234-261, Supplemen.
    5. François R. Velde, 2007. "John Law's System," American Economic Review, American Economic Association, vol. 97(2), pages 276-279, May.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Simon Bilo, 2018. "Lucas and Hume on Monetary Non-neutrality: A Tension between the Logic and the Technique of Economics," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 44(3), pages 364-380, June.
    2. John Berdell, 2013. "Casualties of Credit: The English Financial Revolution, 1620--1720," Review of Political Economy, Taylor & Francis Journals, vol. 25(2), pages 360-363, April.
    3. Ruohan Wu, 2023. "Contingent impacts of COVID relief policies under global value chain shortage," Economics of Transition and Institutional Change, John Wiley & Sons, vol. 31(4), pages 877-914, October.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. William Roberds & Francois R. Velde, 2014. "Early Public Banks," Working Paper Series WP-2014-3, Federal Reserve Bank of Chicago.
    2. Yang Hu & Les Oxley, 2017. "Exuberance in Historical Stock Prices during the Mississippi and South Seas Bubble Episodes," Working Papers in Economics 17/08, University of Waikato.
    3. Suzuki, Tomo, 2003. "The accounting figuration of business statistics as a foundation for the spread of economic ideas," Accounting, Organizations and Society, Elsevier, vol. 28(1), pages 65-95, January.
    4. Thomas M. Humphrey, 1999. "Mercantilists and classicals: insights from doctrinal history," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 55-82.
    5. Condorelli, Stefano, 2014. "The 1719-20 stock euphoria: a pan-European perspective," MPRA Paper 68652, University Library of Munich, Germany, revised Dec 2015.
    6. Wiese, Arthur M., 1994. "Contructing Data for Use in Applied General Equilibrium Models from the U.S. National Income and Product Accounts: An ERS Data Base," Staff Reports 278749, United States Department of Agriculture, Economic Research Service.
    7. Steve Boucher & J. Edward Taylor, 2006. "Subsistence Response to Market Shocks," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(2), pages 279-291.
    8. Yuri Biondi & Simone Righi, 2019. "Inequality, mobility and the financial accumulation process: a computational economic analysis," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 14(1), pages 93-119, March.
    9. Santos, Susana, 2017. "An approach to the structural features of the socio-economic activity of a country based on a Social Accounting Matrix.Evidences and multiplier effects on distribution of income," MPRA Paper 79727, University Library of Munich, Germany.
    10. Richard S. Dale & Johnnie E. V. Johnson & Leilei Tang, 2005. "Financial markets can go mad: evidence of irrational behaviour during the South Sea Bubble," Economic History Review, Economic History Society, vol. 58(2), pages 233-271, May.
    11. Pierre-Charles Pradier, 2016. "The debt of the Hôtel-Dieu de Paris from 1660 to 1690: a testbed for sovereign default," Documents de travail du Centre d'Economie de la Sorbonne 16057, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    12. Germano Mwabu & Moses K. Muriithi & Reuben G. Mutegi, 2011. "National Transfer Accounts for Kenya: the economic lifecycle in 1994," Chapters, in: Ronald Lee & Andrew Mason (ed.), Population Aging and the Generational Economy, chapter 19, Edward Elgar Publishing.
    13. Susana SANTOS, 2016. "The Informal Aspects of the Activity of Countries Studied Through Social Accounting and Socio-Demographic Matrices," Journal of Economic and Social Thought, KSP Journals, vol. 3(1), pages 49-78, March.
    14. Chahreddine ABBES, 2009. "When Free Trade is Good for the Environment?," EcoMod2009 21500000, EcoMod.
    15. Marcus Noland & Sherman Robinson & Ligang Liu, 1999. "The economics of korean unification," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 3(3), pages 255-299.
    16. Hautcoeur Pierre-Cyrille & Riva Angelo E., 2013. "What Financiers Usually Do, and What We Can Learn from History," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 3(3), pages 313-331, April.
    17. Frehen, Rik G.P. & Goetzmann, William N. & Geert Rouwenhorst, K., 2013. "New evidence on the first financial bubble," Journal of Financial Economics, Elsevier, vol. 108(3), pages 585-607.
    18. Michel Bordo & John Lando-Lane, 2013. "Does Expansionary Monetary Policy Cause Asset Price Booms? Some Historical and Empirical Evidence," Working Papers Central Bank of Chile 710, Central Bank of Chile.
    19. Michael D. Bordo & John Landon-Lane, 2014. "What Explains House Price Booms? History and Empirical Evidence," International Symposia in Economic Theory and Econometrics, in: Macroeconomic Analysis and International Finance, volume 23, pages 1-36, Emerald Group Publishing Limited.
    20. Quinn, Stephen & Roberds, William, 2014. "How Amsterdam got fiat money," Journal of Monetary Economics, Elsevier, vol. 66(C), pages 1-12.

    More about this item

    JEL classification:

    • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aea:jecper:v:24:y:2010:i:4:p:207-17. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Michael P. Albert (email available below). General contact details of provider: https://edirc.repec.org/data/aeaaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.