MACLEOD, Henry Dunning.
The Theory and Practice of Banking.
Second edition of this work by the Scottish economist Henry Dunning Macleod (1821–1902). “Macleod, who agreed in the main with Richard Whately’s views, regarded value as consisting in exchangeability, not as dependent on utility or cost of production. He quoted Whately’s dictum that the diver was employed because the pearl was desired and thus valuable: the pearl was not valuable on account of the cost of the diver. He was the first writer to give due stress to the power of interest rates to lure the world’s gold across national boundaries; and the first to give a detailed account of the process by which bank credit is created. His insistence that the quantity of credit, not the quantity of notes and coin, was the driving force in the economy was common enough for his time; but unlike most of those who held it, Macleod remained a stern opponent of inflationary finance” (ODNB).
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2 volumes, octavo (209 x 133 mm). Contemporary dark red-brown half calf, marbled sides, raised bands, dark green and tan morocco labels, compartments richly gilt, marbled edges and endpapers. Volume I with bookplate of Archibald Spens to front pastedown and a contemporary gift inscription to front flyleaf. Spines lightly sunned, extremities slightly rubbed and worn, inner hinges cracked but firm, light spotting to prelims and endmatter. A very good set.