Rice Vaughan: Difference between revisions
ColonelHenry (talk | contribs) mNo edit summary |
ColonelHenry (talk | contribs) |
||
| Line 8: | Line 8: | ||
==References== |
==References== |
||
{{reflist}} |
{{reflist}} |
||
==External links== |
|||
* [http://socserv.mcmaster.ca/econ/ugcm/3ll3/vaughan/coin ''A Discourse of Coin and Coinage'' in plain text] |
|||
* [http://www.feedbooks.com/userbook/18406/a-discourse-of-coin-and-coinage ''A Discourse of Coin and Coinage'' in EPUB/Kindle/PDF formats] |
|||
[[Category:English economists]] |
|||
[[Category:17th century English economists]] |
|||
{{stub}} |
{{stub}} |
||
Revision as of 15:42, 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.