By Chi-Yuen Wu
Chi-Yuen Wu from China was once an Austrian rate theorist writing in the course of Mises's personal time. His nice contribution was once this 1939 treatise written whereas learning on the London tuition of Economics, less than the information of Lionel Robbins. even though the writer offers essentially with the historical past of concept, Murray Rothbard thought of it to be a seminal contribution to the speculation of expense and foreign exchange.
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An Introduction to the Study of Political Economy (London, 1893), p. 180. * A Brief Treatise on the Causes which can make Gold and Silver Plentiful in Kingdoms where there are no mines (1613. Naples). We have used the English translation in A. E. Monroe, op. , pp. 143-167. , p. 154. " 1 In other words, the rates of exchange themselves were governed by independent factors and could not be the initial cause of international specie movements. The causes of those movements had, therefore, to be looked for elsewhere.
3 Like other mercantilists, they based their contention upon the conception of the state as an economic entity and stood for a definite national economic policy for the benefit of the state, but they differed from the 1 See P. J. Thomas, Mercantilism and the East India Trade (London, 1926), especially chaps. 1 and 4. -c. 1720) was a prominent Bristol merchant. He was engaged in the West Indian sugar trade and took a political interest in commercial matters. The most important ot his economic writings is An Essay on the State of England in relation to its Trade, its Poor, and its Taxes, for carrying on the Present War against France, 1695.
P. 6). 1 " The Advancement of Trade, consisteth chiefly in the great and quick Revolution of Commodity from Sea or Land, through the hands of Tradesmen, to each particular person for his private life. This Revolution of Commodity, is proportionable to the Revolution of Money, or that which goeth for such. Such Revolution of Money is according to the plenty thereof not hoarded up " (The Tradesmen's Jewel, London, 1650, p. 5). , p. 7. » See The Key, p. 13. , p. 14. 40 AN OUTLINE OF INTERNATIONAL PRICE THEORIES controversy and the controversy between John Locke and Nicholas Barbon.
An Outline of International Price Theory by Chi-Yuen Wu