To: carranza2 who wrote (189455 ) 7/2/2022 10:25:18 PM From: TobagoJack Read Replies (2) | Respond to Euro 9,000 +/-... the work’s chief argument is that ‘an expansion in the money supply would produce an expansion in output, which [Law] considered erroneously would lead to an export surplus’ (ODNB)... lyonandturnbull.com Law, John Money and Trade Considered Note: First edition of John Law’s seminal work on banking and monetary theory; rare, with only one copy traced at auction since 1975 (Sotheby's June 30, 1983, lot 604).the work’s chief argument is that ‘an expansion in the money supply would produce an expansion in output, which [Law] considered erroneously would lead to an export surplus’ (ODNB). Money and Trade Law unsuccessfully presented his idea of a land bank to the Scottish parliament; he eventually found approval for the idea in France, where a general bank was established at his prompting in 1716. The following year he oversaw the establishment of the Compagnie d’Occident, known to posterity as the Mississippi Company. The collapse of the resulting bubble in 1720 led to Law’s resignation and disgrace, and he died in poverty in Venice in 1729.‘Money and Trade is a majestic work towering over the contemporary writings of the early eighteenth century … Law … produced a highly innovating approach to macroeconomic theorizing embracing such new discoveries as:John Law: Economic Theorist and Policy-Maker , 1997, p. 77).
