On Interest and Profit
Thomas Tooke's Major Legacy to Economics
Bibliographic Data
| ID | 11697472 |
|---|---|
| Authors | Matthew Smith (0000-0002-3430-2176, The University of Sydney, corresponding author) |
| Year | 2006 |
| Volume | 25 |
| Issue | 1 |
| Pages | 1-34 |
| Publication date | 2006-08-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Contributions to Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0277-5921 • E-ISSN: 1464-3588 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1093/cpe/bzl003 |
| OpenAlex | W2159307435 |
| Language | EN |
| Citations received | 3 |
| References cited | 2 |
This paper argues that Thomas Tooke's (1773–1858) most important legacy to economics is not his conception of “endogenous money”, however important, but is instead his original proposition that the long-run “average” rate of interest entered into the normal cost of production and, therefore, the normal prices of commodities, reflecting the notion that the interest rate systematically governs the normal rate of profit. The paper shows that this conception of an “autonomous” rate of interest advanced by Tooke contributes to overcoming the long-run neutrality of monetary forces which has traditionally characterized economic theory within the framework of “modern” classical analysis
Classical economics · Economics · Interest rate · Keynesian economics · Macroeconomics · Neoclassical economics · Neutrality · Political science · Profit (economics · Profit rate · Proposition · Rate of profit · Economic Theory and Institutions · Economic Theory and Policy · Political Economy and Marxism · Law · Philosophy
| Unique citing works | 3 |
|---|---|
| Citations per year | 0,18 |
| Citation span | 2009 - 2023 (15) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 3 |