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Ricardo on Money : Ahead of His Time or Unorthodox? (Hardcover) (Ghislain Deleplace)
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Despite his achievements, David Ricardo’s views on money have often been misunderstood and underappreciated. His unorthodox ideas had to wait until the 20th century to be applied, and most historians of economic thought continue to consider him as an obsolete orthodox.
This volume offers a highly original reappraisal of Ricardo’s views on money, assessing them in their historical context and presenting textual discussion of Ricardo’s monetary writings and theoretical conceptualization, as well as perspectives on monetary analysis since Ricardo. The last book devoted to Ricardo as a monetary economist and paying a tribute to him was published more than 25 years ago. In addition to updating the literature during the past three decades, the present book shifts the emphasis onto his Proposals for an Economical and Secure Currency: the link between a positive theory of the value of and a normative conception of a perfect monetary system. This focus not only highlights the unity and permanence of Ricardo’s views on money, but also allows us to raise questions about the modern approach to money, such as the integration of money in the theory of value, the role of money in macroeconomic equilibrium, or the conditions for an international currency. Far from being an obsolete orthodox, Ricardo on money emerges as a monetary economist ahead of his time.
Published to coincide with the 200th anniversary of the publication ofProposals for an Economical and Secure Currency, this book will be of great interest to all historians of economic thought and scholars of monetary economics.