Thomas Joplin and classical macroeconomics
Subtitle: a reappraisal of classical monetary thought
By: D.P. O'Brien.
Publisher: E. Elgar
Published: 1993
Place of publication: Aldershot, England; Brookfield, Vt., USA
Language: eng
Number of pages: 289
Subjects: Joplin, T. (Thomas), 1790?-1847.; Economists -- Great Britain -- Biography.; Economics -- Great Britain -- History -- 19th century.; Monetary policy -- Great Britain -- History -- 19th century.; Banks and banking -- Great Britain -- History -- 19th century.; Macroeconomics -- History -- 19th century.
Description: "'This marvellous book is more than a re-evaluation of the work of a highly colourful monetary theorist, reformer and energetic controversialist. Other major landmarks, such as Robbins' Torrens and O'Brien's own McCulloch, have produced significant changes in perceptions of their subjects. But this highly readable book places virtually the whole of classical monetary and macroeconomic thought in a new perspective. Not only is Joplin shown to have been highly original in his development of concepts - a multiplier and a reciprocal demand approach to trade are just two examples - but his ability to bring new concepts to bear on the most important practical issues of his time is nothing short of staggering. Joplin argued that the basis of nineteenth century monetary legislation (resulting in the 1844 Bank Act) was fundamentally flawed, largely because of its focus (along with later commentators) on the Bank of England note issue rather than money supply originating outside the Bank of England. The author provides econometric tests of Joplin's theory and shows that Joplin's macroeconomic analysis can be formulated as a sophisticated dynamic Keynesian model of an open economy. Denis O'Brien has brought to his subject a phenomenal range and depth of knowledge of economic literature in order to produce a major landmark in the history of economic analysis.'"--BOOK JACKET.
Notes: Includes bibliographical references (p. 278-284) and index.