The Elements of Political Economy

Though not as well remembered as other economists of the period, Scottish economist HENRY DUNNING MACLEOD (1821-1902) was the first to fully explore theories of credit, developing a theory of money that flowed from a theory of credit (the standard was to do the other way around), and is considered to have coined the term "Gresham's law" to describe the results of the under- and overvaluation of money.Here, in his 1858 classic, Macleod discusses everything from the nature and limits of political economy and the origin of the discipline to the best material for a currency, the distinction between wealth and resources, the true source of value, and much, much more.This is essential reading for anyone seeking a full understanding of the development of economic theories in the 19th century.