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 tuition of Economics, below the counsel of Lionel Robbins. even though the writer bargains essentially with the heritage of notion, Murray Rothbard thought of it to be a seminal contribution to the idea of expense and foreign alternate.
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Extra info for An Outline of International Price Theory
101. , p. 19 and passim. 36 AN OUTLINE OF INTERNATIONAL PRICE THEORIES must rise in Proportion, or else men shall be forced to defer Trade1 and Endeavours, and then scarcity will encrease the price. 2 He was, however, of the opinion that the problem of " too much money " had only philosophical significance and that the sole problem before the business world was the rarity of money. " * The proportion of money requisite to the trade of any nation was to be " taken from the frequency of commutations, and from the bigness of the payments ".
Xiii-xxxiii. A Treatise of Taxes and Contribution,6 1662 (Writings, p. 35). See also Writings, pp. 113, 446. Ibid. (Writings, p. 36). •7 Verbutn Saþienti, ca. 1664 (Writings, pp. 112-13). Two of the other earliest statements were found in the works of G. Montanari and Pierre de Boisguilbert. The contributions of Bois- THE MERCANTILISTIC THEORIES tf undoubtedly an important contribution to the theory of the value of money, Petty did not explicitly 1 or directly connect his discussion of the velocity of circulation with the problem of the value of money.
It was in the second foreign exchange controversy or the balance of trade controversy, which arose in England in the twenties of the seventeenth century, that mercantilism really reached a new phase and the balance of trade theory exerted a definite influence upon both thought and policy. The balance of trade controversy * differed from the foreign exchange controversy in that the latter was concerned only with foreign exchange, while the former included the consideration of the merits of the East India Trade.
An Outline of International Price Theory by Chi-Yuen Wu