Henry Thornton: The Lender of Last Resort

This chapter discusses Henry Thornton's background and contributions to macroeconomics. Topics covered include his writing of Paper Credit, his criticisms of Adam Smith's monetary economics, and Thornton as an anti-deflationist and anti-inflationist. The chapter also discusses his description of the different types of media of exchange that could be used as substitutes for metallic money, the differing velocities of these media of exchange, and his criticisms of Montesquieu, Hume, and Smith in the final chapter of Paper Credit.

This chapter discusses Henry Thornton's background and contributions to macroeconomics. Topics covered include his writing of Paper Credit, his criticisms of Adam Smith's monetary economics, and Thornton as an anti-deflationist and anti-inflationist. The chapter also discusses his description of the different types of media of exchange that could be used as substitutes for metallic money, the differing velocities of these media of exchange, and his criticisms of Montesquieu, Hume, and Smith in the final chapter of Paper Credit.