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by Richard Cantillon
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- Dec 31, 2014
1.1. Wealth
Cantillon defines wealth as the consumption goods produced by land and labor. This contrasted with the Mercantilists who thought money was wealth.From Part 1: "Production, Distribution, and Consumption". Narrated by Millian Quinteros.
- Dec 31, 2014
Introduction to An Essay on Economic Theory
Introduction to Richard Cantillon's An Essay on Economic Theory. Cantillon deals with a wide variety of fundamental and philosophical issues such as the nature of property, the distribution of income, the origin of money, and the role of government. Narrated by Millian Quinteros.
- Dec 31, 2014
Foreword to An Essay on Economic Theory
Foreword to Richard Cantillon's An Essay on Economic Theory. Mark Thornton and Chantal Saucier have accomplished the arduous task of bringing forth a new and improved translation of Cantillon’s famous work. Narrated by Millian Quinteros.
- Dec 1, 2014
3.5. The Augmentation and Diminution of the Denomination of Money
Raising and lowering the nominal value of money is shown not to undermine the theory of the value of money. In contrast, such measures are shown to be methods by which the prince acquires resources by deceiving individuals about the value of money. The process causes chaos in the market.From Part 3: International Trade and Business Cycles. Narrated by Millian Quinteros.
- Dec 1, 2014
3.4. The Variations in the Proportion of Values with Regard to the Metals Used as Money
The price of gold and silver and the ratio between them is determined by markets and is also based on their usefulness, cost of production, and transportation costs. When government mints establish a fixed ratio between gold and silver money that is not based on market prices, the overvalued metal will be driven from circulation. This is commonly referred to as “Gresham’s Law” where bad money drives out good money.From Part 3: International Trade and Business Cycles. Narrated by Millian Quinteros.
- Dec 1, 2014
2.8. Further Reflections on the Increase and Decrease of Money in a State
Increases in the supply of money from a balance of trade eventually causes prices to rise. This in turn puts pressure on domestic producers and increases imports. The result is that the balance of trade is reduced and eventually is negative. This is Cantillon’s price specie-flow mechanism which demonstrates the reasons for the tendency for equilibrium in international monetary flows. The balance of trade can result in economic power, but this also causes the economy to lapse into luxury and decline.From Part 2: Money and Interest. Narrated by Millian Quinteros.
- Dec 1, 2014
2.6. The Increase and Decrease of the Quantity of Money in a State
Here Cantillon uses his price-specie flow mechanism to analyze some of the effects of inflation. Increasing the supply of money by mining hurtssome people and benefits others because certain prices and incomes rise faster than others. However, if the new money is accumulated and saved by those who successfully export goods, either because of superior quality or more efficient transportation, it will lead to higher standards of living.From Part 2: Money and Interest. Narrated by Millian Quinteros.
- Dec 1, 2014
1.16. The more Labor there is in a State, the more the State is Judged Naturally Rich
The wealth of a nation depends on putting the labor force to work. Those who are unnecessary for farming can be employed in making higher quality products and manufactured goods, particularly durable goods made from metal. Saving is the key determinant of wealth and gold is a particularly useful form of savings because it can purchase all things, even in time of war. The prince and property owners determine how people will be employed by their consumption choices, while the Catholic Church reduces the resources available to materially sustain the people.From Part 1: Production, Distribution, and Consumption. Narrated by Millian Quinteros.
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About An Essay on Economic Theory
An English translation of Richard Cantillon’s Essai sur la Nature du Commerce en Général. Translated by Chantal Saucier. Edited by Mark Thornton.This audio book is made available through the generosity of Mr. Tyler Folger. It is narrated by Millian Quinteros.
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