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The Genesis of MacroeconomicsNew Ideas from Sir William Petty to Henry Thornton$
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Antoin E. Murphy

Print publication date: 2008

Print ISBN-13: 9780199543229

Published to Oxford Scholarship Online: May 2009

DOI: 10.1093/acprof:oso/9780199543229.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 13 April 2021

Anne Robert Jacques Turgot: The Importance of Capital

Anne Robert Jacques Turgot: The Importance of Capital

(p.133) 7 Anne Robert Jacques Turgot: The Importance of Capital
The Genesis of Macroeconomics

Antoin E. Murphy (Contributor Webpage)

Oxford University Press

This chapter discusses Anne Robert Jacques Turgot's background and contributions to macroeconomics. His introduction of capital was not a mere semantic addition to the economists' lexicon. He was able to describe in detail the link between savings and capital formation. Crucial to this process was the role of the rate of interest. He was not prepared to accept that the rate of interest was determined by the supply and demand for money. Instead he saw it as determined by the supply of and demand for loanable funds. This savings-capital formation analysis would prove to be one of his outstanding contributions and would provide the basis for the classical theory of savings and investment for most of the 19th century.

Keywords:   macroeconomic ideas, capital, savings, investment, interest rate

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