Category
Finance
William Stanley Jevons
Money and the Mechanism of Exchange
Jevons’s formative 1875 classic work came into print at the height of interest in gold, silver, and international monetary standards. Of particular interest are the clear discussions of Gresham's Law (Ch. VIII), competitively supplied money (Ch. VII), and fractional-reserve- and Free-banking (Ch. XVII-XVIII and XXIV). Jevons is best known for his work on marginal utility, which he describes with customary succinctness in the book.
Open the reader →Ludwig von Mises
"Finance and Banking in the Austrian Empire and the Republic of Austria"
The 11th edition of the <i>Encyclopedia Britannica</i> was the last edition which appeared before the First World War destroyed the old liberal order in Europe. The next edition, the 12th, reproduced the 11th edition with the addition of 4 supplementary volumes which covered the war and its immediate aftermath. This article is part of the supplementary volumes.
Open the reader →Walter Bagehot
Lombard Street: A Description of the Money Market
When Walter Bagehot wrote <em>Lombard Street: A Description of the Money Market,</em> in 1873, he did the unthinkable: In language as fresh and clear today as it was over 100 years ago, he respectfully dissected the Bank of England’s foundations, economic incentives, goals, and functions. In the process, he illuminated in a mere few hundred brilliant pages what distinguishes a Central Bank from a commercial bank, both on a daily basis and during crises such as bank panics and recessions.
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