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Books > Business & Economics > Economics > Economic theory & philosophy
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Pre-Classical Economists Volume III: John Law (1671-1729) and Bernard Mandeville (1660-1733) (Hardcover)
Loot Price: R5,083
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Pre-Classical Economists Volume III: John Law (1671-1729) and Bernard Mandeville (1660-1733) (Hardcover)
Series: Pioneers in Economics series
Expected to ship within 12 - 19 working days
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John Law was one of those extraordinary personalities in which the
18th century seemed to abound. He held a demand-and-supply theory
of value and treated the value of money or the determination of the
average level of prices as only a special case of a general theory
of value. Law eventually became Minister of Finance in France and
was responsible for the greatest speculative frenzy in her history
known as the Mississippi Bubble. When the boom collapsed in the
closing months of 1720, Law was forced to flee France, permanently
discredited, and spent his declining years as a professional
gambler in Venice.In The Fable of the Bees: Private Vices, Public
Benefits Bernard Mandeville argued that self-interest was a moral
vice. Mandeville's satire was deliberately designed to give offence
as if to encourage the re-examination of traditional beliefs :
conspicuous consumption of luxury goods, the fashionable display of
foreign imports, crime, and even natural disasters like the Fire of
London all promote the 'division of labour' (Mandeville's term) and
contribute to a brisk trade and fall in unemployment, whereas such
supposed virtues as thrift and charity contribute to poverty and
stagnation. The Fable of the Bees was widely read in the 18th
century and criticized by all the leading thinkers of the day.
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