Tooke Thomas 1774 1858

Tooke Thomas 1774 1858

Tooke, Thomas (1774-1858), English economist. He entered business at a very early age and acquired practical experience. Later he became an authority on finance and banking. His first contribution to economics was made in 18ig when he wrote the Merchant's Petition protesting against protective tariffs. The rest of his We was devoted mainly to monetary and statistical problems, giving evidence on several parliamentary committees, and writing pamphlets. His researches were embodied in the six-volume History of Prices and of the State of Circulation during the Years 1793-1856 (the last two volumes were written in collaboration with W. Newmarch). Tooke maintained that price fluctuations were caused by changes in general conditions of supply and demand for commodities rather than by changes in the supply of money alone. 2

Torrens, Robert (178o-1864), English economist. He spent his early career as an officer of Marines and saw active service during the Napoleonic wars. After a short period as a novelist he became interested in political economy. For some time he was the Member of Parliament for Ipswich and Bolton. His first contribution to economics was The Economist Refuted (,8o8), followed by an antibullionist tract entitled Essay on Moneyand Paper Currency (1812). His Essay on the External Corn Trade (iSis) established him as a leading political economist. It was followed by Essay on the Production of Wealth (1821) and Letter to Lord Melbourne (1837), which contained the first published suggestion that the Bank of England should be separated into two departments. Torrens was a leading exponent of the 'currency principle' which led to the Bank Act of 1844; and as a founder of the Political Economy Club he was, with Malthus and Ricardo, the originator of some of the more characteristic doctrines of classical political economy.

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