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Correa Moylan Walsh Beyond Index Numbers: From The “Battle Of The Standards” To The Science Of Money

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  • Cruz-e-Silva, Victor
  • Almeida, Felipe

Abstract

In 1901, Correa Moylan Walsh gained renown for writing a groundbreaking monograph on index numbers. His contributions to monetary economics, however, though neglected, transcend his work on index numbers, which was conceived to serve more foundational concerns of his. Therefore, our aim is twofold. First, we want to recover Walsh’s role as an important early twentieth-century economist. Second, we intend to provide a wider account of his incursion into monetary economics. Our argument is that the cornerstone of Walsh’s approach to the science of money is not confined to index numbers but concerns his distinction between different kinds of economic value and the discussion regarding the kind of value that money should measure and store. As such, we identify Walsh’s 1903 book, The Fundamental Problem in Monetary Science, as his archetypical work.

Suggested Citation

  • Cruz-e-Silva, Victor & Almeida, Felipe, 2024. "Correa Moylan Walsh Beyond Index Numbers: From The “Battle Of The Standards” To The Science Of Money," Journal of the History of Economic Thought, Cambridge University Press, vol. 46(1), pages 69-91, March.
    • Handle: RePEc:cup:jhisec:v:46:y:2024:i:1:p:69-91_4
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    References listed on IDEAS

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    1. De Boyer Des Roches, Jérôme & Betancourt, Rebeca Gomez, 2013. "American Quantity Theorists Prior To Irving Fisher’S The Purchasing Power Of Money," Journal of the History of Economic Thought, Cambridge University Press, vol. 35(2), pages 135-152, June.
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    3. Robert W. Dimand & Rebeca Gomez Betancourt, 2012. "Retrospectives: Irving Fisher's Appreciation and Interest (1896) and the Fisher Relation," Journal of Economic Perspectives, American Economic Association, vol. 26(4), pages 185-196, Fall.
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