Money and the Mechanism of Exchange
W. Stanley JevonsISBN: 1410201198;
William Stanley Jevons (1835-1882) was Fellow of the Royal Society and Professor of Political Economy at University College London (UCL). His fertile academic writings include books on many fields like logic, the method of science, social philosophy, public policy, business cycles and economic theory. The impact of Jevons on economics can hardly be exaggerated. As the father of Neoclassical economics, his legacy is secure; simultaneously with Carl Menger and Leon Walras he launched the Marginalist Revolution, which brought new tools to analyze and to understand human economic behavior. In Money and The Mechanism of Exchange, Jevons discusses the metallic currency, paper currency and the system of commercial exchange. The author lays great stress upon the law first discovered by Sir Thomas Gresham, that poor money drives away good. On this ground Professor Jevons rejects the suggestion of Spencer and others who would have the coinage made a matter of public privilege....
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