Money and the Mechanism of Exchange

Title page

Jevons’s formative 1875 classic work came into print at the height of interest in gold, silver, and international monetary standards. Refreshingly written, widely quoted, and authoritatively researched, the book begins with the origins of money and works its way through to international banking and credit. Of particular interest are the clear discussions of Gresham’s Law (Ch. VIII), competitively supplied money (Ch. VII), and fractional-reserve- and Free-banking (Ch. XVII-XVIII and XXIV). Also: If you think the only reason to not use coins worth their weight in precious metal is their weight, I recommend Chapter X for an excellent reminder of additional drawbacks. Jevons is best known for his work on marginal utility, which he describes with customary succinctness in the book. His interest in the way the forces of the market evolve toward an equilibrium without (and often in opposition to) government influence runs throughout the book.

Money and the Mechanism of Exchange (New York: D. Appleton and Co. 1876).

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The text is in the public domain.

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