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The Methodological Roots of J. Laurence Laughlin's Anti-quantity Theory of Money and Prices

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  • Skaggs, Neil T.

Abstract

From the 1880s until after the creation of the Federal Reserve System in 1913 the United States was a hotbed of monetary controversy. The secular price deflation that began in 1865 prompted a host of efforts to increase the money supply, in the belief that more money would check the decline of prices. The agitation for free coinage of silver that arose in the 1870s and carried into the 1880s and 1890s generated a maelstrom of arguments and counterarguments. Such theoretical support as the “cheap money advocates” provided was in the form of a crude application of the quantity theory of money. Not surprisingly, using the quantity theory in such a manner brought the theory itself under fire.

Suggested Citation

  • Skaggs, Neil T., 1995. "The Methodological Roots of J. Laurence Laughlin's Anti-quantity Theory of Money and Prices," Journal of the History of Economic Thought, Cambridge University Press, vol. 17(1), pages 1-20, April.
    • Handle: RePEc:cup:jhisec:v:17:y:1995:i:01:p:1-20_00
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    Cited by:

    1. Robert Dimand, 1999. "Minnie Throop England On Crises And Cycles: A Neglected Early Macroeconomist," Feminist Economics, Taylor & Francis Journals, vol. 5(3), pages 107-126.
    2. repec:dau:papers:123456789/10195 is not listed on IDEAS
    3. Robert Dimand, 2002. "Patinkin on Irving Fisher's monetary economics," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(2), pages 308-326.

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