Rice Vaughan: Difference between revisions
Content deleted Content added
Sources sometime refer to Vaughan using his middle name instead of his first name |
ColonelHenry (talk | contribs) someone had removed this info from Henry Vaughan (to which RV redirecte) and only recently I discovered this is a different individual who would be notable to deserves an article. |
||
| Line 1: | Line 1: | ||
''Rice Vaughan'' was a seventeenth century English economist known for writing a seminal work on economics and currencies entitled ''A Discourse on Coins and Coinage''. |
|||
#REDIRECT [[Henry Vaughan]] |
|||
== ''A Discourse of Coin and Coinage'' == |
|||
Vaughan wrote an early work on [[currency]], ''A Discourse of Coin and Coinage''<ref name="OnlineLibraryOfLiberty1">{{cite web |url=http://oll.libertyfund.org/?option=com_staticxt&staticfile=show.php%3Ftitle=2060&chapter=155417&layout=html&Itemid=27 |title=Vaughan, A Discourse of Coin and Coinage - John Ramsay McCulloch, A Select Collection of Scarce and Valuable Tracts on Money [1856] |publisher=Online Library of Liberty |accessdate=2012-07-13}}</ref> (1675). He argued that it was a mass voluntary consensus, the "concurrence of mankind", that gave currency its value as a medium of exchange, not the laws which enforce the usage of currency or the inherent worth of a currency's material composition (such as gold or silver).<ref name="OnlineLibraryOfLiberty2">{{cite web |url=http://oll.libertyfund.org/?option=com_staticxt&staticfile=full_quote.php%3Fquote=156&Itemid=275 |title=Quotations about Liberty and Power: 21 January, 2008 |publisher=Online Library of Liberty |accessdate=2012-07-13 |quote=But you will say, that gold coins, excepting the difference of colour, and of some other properties of the metals, have as much the appearance of money as silver coins: Granted; and so have copper coins too; and so might pewter ones, &c., but this is nothing to the purpose; it is not the mint, but the laws, and the universal concurrence of mankind, that make money.}}</ref> This work also contained the earliest known research on price level changes and [[price index|price indices]]. [[John Ramsay McCulloch]] included ''A Discourse...'' in his ''A Select Collection of Scarce and Valuable Tracts on Money''<ref name="OnlineLibraryOfLiberty3">{{cite web |url=http://oll.libertyfund.org/?option=com_staticxt&staticfile=show.php%3Ftitle=2060&chapter=155417&layout=html&Itemid=27 |title=John Ramsay McCulloch, A Select Collection of Scarce and Valuable Tracts on Money [1856] |publisher=Online Library of Liberty |accessdate=2012-07-13}}</ref> (1856). |
|||
Economist [[Murray N. Rothbard]] has said that Vaughan was "perhaps the best economic analyst" of his period.<ref name="MisesInstitute">{{cite web |url=http://mises.org/daily/4680/ |title=The East India Company and Its 17th-Century Defenders |author=[[Murray N. Rothbard]] |publisher=[[Ludwig von Mises Institute]] |accessdate=2012-07-13 |quote=Perhaps the best economic analyst of all in this period was Rice Vaughn, whose A Discourse of Coin and Coinage, though published in 1675, was written in the mid-1620s.}}</ref> Rothbard has praised Vaughan for recognizing that whilst the value of a good is dependent on [[demand|consumer demand]], a good's price results from the interaction of its subjective [[utility]] and relative [[scarcity]]. |
|||
==References== |
|||
{{reflist}} |
|||
{{stub}} |
|||
Revision as of 15:40, 21 January 2013
Rice Vaughan was a seventeenth century English economist known for writing a seminal work on economics and currencies entitled A Discourse on Coins and Coinage.
A Discourse of Coin and Coinage
Vaughan wrote an early work on currency, A Discourse of Coin and Coinage[1] (1675). He argued that it was a mass voluntary consensus, the "concurrence of mankind", that gave currency its value as a medium of exchange, not the laws which enforce the usage of currency or the inherent worth of a currency's material composition (such as gold or silver).[2] This work also contained the earliest known research on price level changes and price indices. John Ramsay McCulloch included A Discourse... in his A Select Collection of Scarce and Valuable Tracts on Money[3] (1856).
Economist Murray N. Rothbard has said that Vaughan was "perhaps the best economic analyst" of his period.[4] Rothbard has praised Vaughan for recognizing that whilst the value of a good is dependent on consumer demand, a good's price results from the interaction of its subjective utility and relative scarcity.
References
- ^ "Vaughan, A Discourse of Coin and Coinage - John Ramsay McCulloch, A Select Collection of Scarce and Valuable Tracts on Money [1856]". Online Library of Liberty. Retrieved 2012-07-13.
- ^ "Quotations about Liberty and Power: 21 January, 2008". Online Library of Liberty. Retrieved 2012-07-13.
But you will say, that gold coins, excepting the difference of colour, and of some other properties of the metals, have as much the appearance of money as silver coins: Granted; and so have copper coins too; and so might pewter ones, &c., but this is nothing to the purpose; it is not the mint, but the laws, and the universal concurrence of mankind, that make money.
- ^ "John Ramsay McCulloch, A Select Collection of Scarce and Valuable Tracts on Money [1856]". Online Library of Liberty. Retrieved 2012-07-13.
- ^ Murray N. Rothbard. "The East India Company and Its 17th-Century Defenders". Ludwig von Mises Institute. Retrieved 2012-07-13.
Perhaps the best economic analyst of all in this period was Rice Vaughn, whose A Discourse of Coin and Coinage, though published in 1675, was written in the mid-1620s.