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The Place of Money in the Theory of Development

In: The Theory of Economic Development in the History of Economic Thought

Author

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  • Lord Robbins

Abstract

I have now passed in review the main features of the history of thought in regard to what the classical economists would have called productive factors and their organisation in the process of economic development. But so far I have said nothing, save incidentally, about money and credit and their functions in this respect. This clearly is an omission which must be remedied. The part played by money and its vicissitudes in promoting or retarding economic development has probably occupied more space in the relevant literature than any other single subject, indeed perhaps more than all the other single subjects put together. Needless to say, I shall not attempt to cover this material in all its bewildering variety. My aim is only to exhibit the main issues in the broadest historical perspective. I shall deal first with thought concerning the qualitative functions of money and monetary institutions in regard to development, and then with discussions of the effect of variations in its quantity.

Suggested Citation

  • Lord Robbins, 1968. "The Place of Money in the Theory of Development," Palgrave Macmillan Books, in: The Theory of Economic Development in the History of Economic Thought, chapter 0, pages 120-149, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-349-00149-1_6
    DOI: 10.1007/978-1-349-00149-1_6
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