Much of it was plagiarized from William Petty & was written to get the contract for printing the money.
On Fri, Aug 13, 2010 at 01:12:23PM -0400, c b wrote: > I hereby found the American Franklin school of economics based on Ben > Franklin's economic thinking. The Miseans think he is all wet, so by > reverse logic he must be all good ( :>) , though we also learn from > one of them in the essay below that > "[Franklin's] essay has some remarkable similarities to the economic > doctrine propounded by Keynes in the General Theory." > > > Charles > > "I suspect that many of you will ask: Does then, indeed, there exist > such a vast or any difference whatever, between determining the values > of commodities by wages, and determining them by the relative > quantities of labour necessary for their production? You must, > however, be aware that the reward for labour, and quantity of labour, > are quite disparate things. Suppose, for example, equal quantities of > labour to be fixed in one quarter of wheat and one ounce of gold. I > resort to the example because it was used by Benjamin Franklin in his > first Essay published in 1721, and entitled A Modest Enquiry into the > Nature and Necessity of a Paper Currency, where he, one of the first, > hit upon the true nature of value." > > > >From _Value, Price and Profit_ > > http://www.marxists.org/archive/marx/works/1865/value-price-profit/ch02.htm > > Karl M also says this in _Capital_ > > > Benjamin Franklin Was All Wet on Economics > Mises Daily: Tuesday, August 01, 2006 by Alexander Villacampa > > > http://mises.org/daily/2251 > > Benjamin Franklin is regarded by many to be one of the most > influential of the founding fathers and a sort of "renaissance man"; > an individual who delved into all aspects of knowledge and science. He > is believed to have been the originator of such things as the > lightning rod and wrote extensively on the moral arguments in favor of > liberty. > > Franklin was also a diplomat and often represented that United States > republic internationally. Though Benjamin Franklin may have > contributed much to various fields of science and knowledge, one > branch he did lack in was economics. > > Murray Rothbard left in one of his banking volumes an interesting > footnote highlighting an essay written by Benjamin Franklin entitled A > Modest Enquiry Into The Nature and Necessity of a Paper-Currency where > Franklin offered interesting insights into the nature of money and > interest rates. This essay has some remarkable similarities to the > economic doctrine propounded by Keynes in the General Theory. > > Franklin held a firm belief that all economic output is valued > according to the amount of labor funneled into the production of that > good. He believed that "trade in general being nothing else but the > exchange of labour for labour, the value of all things is, as I have > said before, most justly measured by labour." > > Full at: http://mises.org/daily/2251 > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
