Đang chuẩn bị liên kết để tải về tài liệu:
History of Economic Analysis part 36

History of Economic Analysis part 36. At the time of his death in 1950, Joseph Schumpeter-one of the major figures in economics during the first half of the 20th century-was working on his monumental History of Economic Analysis. A complete history of humankind's theoretical efforts to understand economic phenomena from ancient Greece to the present, this book is an important contribution to the history of ideas as well as to economics. | History of economic analysis 312 lowest Rate it bears in other Countreys. The opposite view is well stated in a pamphlet entitled Interest of Money Mistaken Or a Treatise proving that the Abatement of Interest is the Effect and not the Cause of the Riches of a Nation that appeared in the same year and in Thomas Manley s Usury at Six per Cent Examined. 1669 . To this Culpeper junior replied with The Necessity of Abating Usury Re-asserted. 1670 . Petty North Locke and Pollexfen with varying degrees of emphasis are the principal names associated with the victory over the Culpeper-Child position. In fact neither Locke nor A. Smith went so far as this. But in the end this view prevailed.2 On the other hand scholastic doctrine also provided the theoretical explanatory ideas about interest from which the analysis of the seventeenth and eighteenth centuries started. Neglecting minor points we shall concentrate upon these two the monetary conception of interest and the proposition en-shrined in Molina s pithy saying that money is the tool of the merchant s trade. The scholastics did not indeed restrict the concept of interest to interest on loans of money but the latter naturally commanded their attention more than anything else they never agreed on or developed the idea that prospective profits are the source of the demand for business loans but some of the most eminent of them adumbrated it with unmistakable clearness. During the seventeenth century and far into the eighteenth the large majority of economists looked upon interest as many of us do again now as a monetary phenomenon. In particular this is true of the Culpepers Manley Child Petty Locke and Pollexfen not to mention any continental writers. In the case of Petty direct scholastic influence is not inconceivable since he had received part of his education at a Jesuit college. Looking quite in the spirit of the scholastic fathers for a special reason independent of and additional to the mere act of transferring .