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John Law Quotes

Browse 5 quotes about John Law.

John Law Quotes

“Every time you use a banknote; every time you use a modern coin; every time you use a credit card or debit card; every time you use internet banking; every time you use any modern crypto currency; every time you use a gift voucher; every time you use a poker chip; in fact, every time you enter into any form of transaction that does not rely on bartering, each such transaction has its ideological origins in John Law’s idea that money need have no intrinsic value.”

CoinsBankingPaper MoneyCredit CardsBarterFiat MoneyJohn LawMoney And Trade ConsideredMississippi CompanyMississippi Scheme
Book:John Law: The Lauriston Lecture and Collected Writings
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“John Law’s role in resolving the Water Diamond Paradox has been largely forgotten. The name now associated with it is another Scottish economist, Adam Smith. Writing over seventy years after the publication of 'Money and Trade Considered', Smith’s celebrated restatement of the paradox of value, in 'An Inquiry into the Nature and Causes of the Wealth of Nations' is astonishing not for its originality, but for its similarity with John Law’s resolution decades before.”

EconomicsWealth Of NationsAdam SmithJohn LawMoney And Trade ConsideredGavin John AdamsParadox Of ValueWater Diamond Paradox
Book:John Law: The Lauriston Lecture and Collected Writings
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“The famous Mr. John Law, then a youth, afterwards confessed, that the facility with which he saw the passion of speculation communicate itself from all to all, satisfied him of the possibility of producing the same effect from the same cause, but upon a larger scale, when the Duke of Orleans, in the year of the Missisippi, engaged him, against his will, to turn his bank into a bubble.”

SpeculationDarienJohn LawMississippi CompanyDuke Of Orleans
Book:Memoirs of Great Britain and Ireland, Volume II
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“Every time the politicians we elect attempt to increase our standard of living or employment prospects by increasing government spending to stimulate economic activity (‘Keynesian economics’ as it is called); and every time a national bank tries to increase our standard of living or employment prospects by stimulating economic activity by increasing the money supply (‘quantitative easing’ as it is called), each of those actions has its ideological origins in the ideas contained in John Law’s Money and Trade Considered, and the actions of John Law’s Mississippi Scheme.”

PoliticsEconomicsFinanceMonetary PolicyJohn LawEconomic StimulusMoney And Trade ConsideredMississippi SchemeMoney SupplyQuantitive Easing
Book:John Law: The Lauriston Lecture and Collected Writings
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