Thomas Joplin and classical macroeconomics

by D. P. O'Brien

"'This marvellous book is more than a re-evaluation of the work of a highly colourful monetary theorist, reformer and energetic controversialist. Other major landmarks, such as Robbins' Torrens and O'Brien's own McCulloch, have produced significant changes in perceptions of their subjects. But this highly readable book places virtually the whole of classical monetary and macroeconomic thought in a new perspective. Not only is Joplin shown to have been highly original in his development of concepts - a multiplier and a reciprocal demand approach to trade are just two examples - but his ability to bring new concepts to bear on the most important practical issues of his time is nothing short of staggering. Joplin argued that the basis of nineteenth century monetary legislation (resulting in the 1844 Bank Act) was fundamentally flawed, largely because of its focus (along with later commentators) on the Bank of England note issue rather than money supply originating outside the Bank of Engl