Thomas Joplin and classical macroeconomics : a reappraisal of classical monetary thought
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Bibliographic Information
Thomas Joplin and classical macroeconomics : a reappraisal of classical monetary thought
E. Elgar Pub., 1993
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Note
Includes bibliographical references (p. 278-284) and index
Description and Table of Contents
Description
In this reassessment of the 19th century monetary theorist and banking reformer, Thomas Joplin, Professor O'Brien sets out to place his subject in a new perspective. He discusses Joplin's role as a reformer and his relationships with fellow economists and explores such issues as the problems of paper currency, the principle of metallic fluctuation, agricultural prices and the monetary system and the structure of banking. The book should be of interest to anyone interested in the development of monetary economics as well as to economic historians.
Table of Contents
- Part 1 Biographia: the banking reformer - the Newcastle background, from banking to macroeconomics, the struggle for recognition, country-wide joint-stock promotion, the Major schemes, the break with the National Provincial
- defence and disappointment - the joint stock defence campaign, other business affairs, monetary reform in the 1840s, a pioneer unrewarded, the mysterious adversary, final attempts to obtain coompensation, the last years
- Joplin and his fellow economists - Joplin and his predecessors, the physiocrats and Smith, undigested material, Joplin as a controversialist, bullionist precursors, Joplin and the Birmingham school, the banking school, Ricardo, the currency school and the Act of 1844. Part 2 The macroeconomic model: income, expenditure and aggregate monetary demand - national output and expenditure, the basic macro model
- problems of a paper currency - problems of note issue, the rate of interest, "abstract" and "consumptive" circulation, country banks and country bank notes
- monetary disequilibrium - the London Money Market, savings and investment, the role of government expenditure in aggregate demand, problems of monetary control in the Bank of England. Part 3 The banking system: the principle of metallic fluctuation - Joplin on convertibility, the "metallic" principle, a national money supply, Joplin's "metallic" plan - the "Outlines", evolution of the plan, modifications to the plan, proposed operation of the plan - the currency school disowned
- the structure of banking - the problem of partnerships, joint stock organization, a joint stock banking structure
- competition and regulation - no "free banking", banking regulation proposals, the Bank of England. Part 4 Trade and agriculture: agricultural prices and the monetary system - the agricultural sector, the corn laws, monetary forces and the price of corn, monetary reform priority
- reciprocal demand - barter equilibrium, relative international prices and reciprocal demand, protection and the terms of trade. Part 5 Models and data: methodology and the use of data - Joplin's methodology, Joplin's use of data, testing Joplin's hypotheses
- a former Joplin model - variable list, the goods market, the money market, the balance of payments, aggregate supply and the labour market, aggregate demand. Part 6 Conclusion: Joplin's achievement.
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