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Simon Newcomb’s monetary theory: a reappraisal

Author

Listed:
  • Sofia Valeonti

    (PHARE - Philosophie, Histoire et Analyse des Représentations Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne)

Abstract

Whereas Simon Newcomb formulated the equation of exchange, he rejected the causality and the proportionality postulates of the quantity theory in some cases. To solve this puzzle, this paper relies on the distinction between the classical theory of money and the quantity theory of money and shows that, according to Newcomb, the quantity theory applied only for inconvertible paper money, while metallic money and convertible bank issues were regulated by different mechanisms. Understanding Newcomb's distinction between the different types of issues also sheds light on his stance in the monetary debate of the U.S. Reconstruction period.

Suggested Citation

  • Sofia Valeonti, 2020. "Simon Newcomb’s monetary theory: a reappraisal," Post-Print hal-03882772, HAL.
    • Handle: RePEc:hal:journl:hal-03882772
    DOI: 10.1080/09672567.2020.1790623
    as

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