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Henry Thornton and the Development of Classical Monetary Economics

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  • Neil T. Skaggs

Abstract

Students of nineteenth-century economics have held Henry Thornton in high esteem since his 'rediscovery' by Jacob Viner and Friedrich Hayek in the 1920s. Thornton has been praised for the sophistication of his macroeconomic thinking a for the extent to which he developed ideas later associated with giants such as Knut Wicksell and J. M. Keynes. However, the consensus has been that he had little effect on the development of British classical monetary economics. I show that the consensus is wrong by demonstrating that Thornton affected the course of classical thinking in important ways, particularly through his influence on members of the Banking School. Thornton was not simply a precursor of modern thought but was one of the dominant figures of classical monetary economics.

Suggested Citation

  • Neil T. Skaggs, 1995. "Henry Thornton and the Development of Classical Monetary Economics," Canadian Journal of Economics, Canadian Economics Association, vol. 28(4b), pages 1212-1227, November.
    • Handle: RePEc:cje:issued:v:28:y:1995:i:4b:p:1212-27
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    Cited by:

    1. Joshua R. Hendrickson, 2018. "The Bullionist Controversy: Theory and New Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 50(1), pages 203-241, February.
    2. Laurent Le Maux, 2014. "Cantillon And Hume On Money And Banking: The Foundations Of Two Theoretical Traditions," Journal of Economic Surveys, Wiley Blackwell, vol. 28(5), pages 956-970, December.
    3. David Laidler, 2009. "Financial Stability, Monetarism and the Wicksell Connection," Review of Economic Analysis, Digital Initiatives at the University of Waterloo Library, vol. 1(1), pages 60-79, September.
    4. Laurent Le Maux, 2021. "Bagehot for Central Bankers," Working Papers Series inetwp147, Institute for New Economic Thinking.
    5. Arie Arnon, 2007. "The Early Round Of The Bullionist Debate 1800-1802: Boyd, Baring And Thornton’S Innovative Ideas," Working Papers 0714, Ben-Gurion University of the Negev, Department of Economics.
    6. Neil Skaggs, 2005. "Treating schizophrenia: a comment on Antoin Murphy's diagnosis of Henry Thornton's theoretical condition," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 12(2), pages 321-328.

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