World History

Charles, the third Viscount Townshend (1700–1764), has been shamefully neglected by virtually all historians of economic thought. He is virtually unknown and is often confused with his son of the same name.

The environment determines the situation but not the response. To the same situation different modes of reacting are thinkable and feasible.

The environment determines the situation but not the response. To the same situation different modes of reacting are thinkable and feasible. Which one the actors choose depends on their individuality.

Before the financial crisis, Portugal, Italy, Ireland, Greece, and Spain had been able to finance their deficits at artificially low interest rates. They all assumed that their governments would be bailed out by other countries of the eurozone in order to preserve the holy European Union.

The number of inhabitants in a state depends on their means of subsistence. The means of subsistence depend on the method of cultivating the soil, and this method depends chiefly on the taste, desires, and manner of living of the property owners.

Like today’s central bankers, John Law proposed to “supply the nation” with a sufficiency of money.

Like today's central bankers, John Law proposed to "supply the nation" with a sufficiency of money. The increased money was supposed to vivify trade and increase employment and production — the "employment" motif providing a nice proto-Keynesian touch.

A man who is obliged to justify his handling of a matter in the eyes of other people often resorts to a pretext. As the motive of his deviation from the most suitable way of procedure he ascribes another reason than that which actually prompted him.

Weighing in on the side of John Locke, not only on interest rates but also in a general and comprehensive vision of economic laissez-faire that eve

In 1824, the Spitalfields Act of wage control for silk weavers was repealed after being in force for 50 years. The act was essentially a disaster that devastated the industry and the workers.