Markets, Productivity, and Happiness in a Historical Perspective

On Two Myths About Ricardo's Theory of Money

Deleplace Ghislain, University Paris 8

Myths have been common for long in the literature on Ricardo’s theories, but nowhere are they more frequent than on money. Some of them obviously contradict Ricardo’s explicit and repeated statements, and others contradict one another.The purpose of the paper is to challenge the two myths from which all others derive, by showing that Ricardo’s monetary theory is neither a commodity-theory of money nor a Quantity Theory of Money.In conclusion the paper hints at an interpretation of Ricardo’s monetary theory which puts the market price of the standard of money centre-stage.


Keywords: Ricardo, monetary theory, standard of money

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