By Chi-Yuen Wu
Chi-Yuen Wu from China used to be an Austrian expense theorist writing in the course of Mises's personal time. His nice contribution used to be this 1939 treatise written whereas learning on the London university of Economics, below the counsel of Lionel Robbins. even though the writer offers essentially with the historical past of notion, Murray Rothbard thought of it to be a seminal contribution to the idea of rate and overseas exchange.
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Extra resources for An Outline of International Price Theory
Macleod in 1858. It had, however, been formulated also by other writers. » Gerrard de Malynes (fl. 1586-1641), the son of an English Mint master, himself became an Assay Master of the Mint and in 1609 was appointed commissioner on Mint affairs. He had wide experience in trade and was frequently employed by Elizabeth and James I as an adviser on commercial questions. His writings, which bear on the present section, are : A Treatise of the Caker of England's Commonwealth (London, 1601) and England's View in Unmasking of two Paradoxes (by De Malestroit) with a Replication unto the answer of Jean Bodin (London, 1603).
The East India Company had naturally to defend itself, and it found two brilliant champions of its interests in its own ranks. 1 They were Edward Misselden 2 and Thomas Mun,3 who not only refuted the specific charge that the company was draining the country of treasure but also the theoretical foundations of the arguments of Milles and Malynes, especially their views on foreign exchange. 4 Mun spoke of a favourable 1 The following are the most important works in connection with that controversy :— (a) Malynes, Lex Mercatoria (London, 1622).
Letter to Queen Elizabeth on the Fall of the Exchanges," 1558—quoted from Tudor Economic Documents, ii, p. 148). Gresham, it may be noted, has been known for his excellent exposition of the doctrine that bad money drives out good. The doctrine was given the name " Gresham's Law " by H. D. Macleod in 1858. It had, however, been formulated also by other writers. » Gerrard de Malynes (fl. 1586-1641), the son of an English Mint master, himself became an Assay Master of the Mint and in 1609 was appointed commissioner on Mint affairs.