By Chi-Yuen Wu
Chi-Yuen Wu from China used to be an Austrian rate 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, lower than the information of Lionel Robbins. although the writer offers essentially with the heritage of inspiration, Murray Rothbard thought of it to be a seminal contribution to the idea of expense and foreign alternate.
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Chi-Yuen Wu from China used to be an Austrian cost theorist writing in the course of Mises's personal time. His nice contribution was once this 1939 treatise written whereas learning on the London tuition of Economics, lower than the suggestions of Lionel Robbins. notwithstanding the writer offers essentially with the heritage of inspiration, Murray Rothbard thought of it to be a seminal contribution to the speculation of expense and overseas exchange.
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H. Tawney, Introduction to a new edition of Thomas Wilson's " Discourse upon Usury " (London, 1925). , p. 60. THE MERCANTILISTIC THEORIES 23 trade, was one of the best available means of evading the usury laws. As lending money at rates of interest was not in keeping with the ideas of the time, protests were naturally made against the financing of international trade. Protests against foreign exchange dealings were based on either or both of the following arguments : (a) the usury argument and (b) what we might call the bullionistic argument.
Like Hales, he was mercantilistic, and like Hales he did not recognize the liability of gold and silver to fluctuate in value. He attributed the " dearth " to the debasement of coins. He thus came to the same conclusion as Hales that " for buying of all things we do not give now more gold or silver than we did before " and then argued that the complaint of the " general dearth " of all things " is without cause ". 3 Unlike Hales, Malestroit said nothing about foreign trade and, as a whole, his work is much inferior to that of Hales.
40, see also pp. , 47 f. It should be noted that the domestic demand for imported goods could not be permanently inelastic. When the balance of payments of the country turns unfavourable and specie flows out, then, other things being equal, the total income of consumers falls. The fall in consumers' income will sooner or later lead to a reduction in the total value of its imports. THE MERCANTILISTIC THEORIES IÇ the same as those of Hales, that attracted the most general attention. That work was the Paradoxes that Malestroitx presented to the French king in 1566.
An Outline of International Price Theory by Chi-Yuen Wu