1823 · London:
"Thomas Tooke is the founder of the contra-quantity theory of money - the view that monetary policy is powerless to influence prices because the supply of money depends on the flow of money expenditure and hence is the result and not the cause of price changes." [p. 250] – Blaug.
"The work of 1823, Thoughts and details on the high and low prices of the last thirty years, provided the basis for Tooke's monetary thought until and including the publication in 1838 of the first two volumes of his massive treatise The History of Prices. In this treatise, Tooke aimed to continue what he saw as his main challenge, the detailed collection and interpretation of price trends. While the 1823 work covered the years 1793-1822, the 1838 volumes extended the coverage through 1837." [page 58] "The data to be used appeared in the appendix to Tooke's 1823 book . . . This book analyses the years 1793-1822, but the appendix, compiled by Tooke's assistant A. Hinrichs, provides details on prices for 41 years, from 1782 to 1822. Prices are quoted for 41 commodities. The number of price quotations differs for each year. If the price of a commodity did not change in a particular year, Tooke quoted a single price. It the price of a commodity showed a certain trend (upward or downward) during the year and the two extreme prices were a and b, Tooke informed us of (a, b) for that commodity, i.e., one cannot tell whether the price rose or fell. If a commodity showed one maximum (or minimum) and two trends through the year (upward to downward or vice versa) Tooke quoted (a, b, c). Thus the number of price quotations for each commodity is not constant, but ranges from one to ten, if there were nine different successive trends for a particular commodity in a certain year, as, for example, in the case of coffee in 1819. In addition, Tooke sometimes reports separate data series according to the quality (high or low) or origin (e.g., Russia or Sweden) of the commodity. The first step of the present analysis was to compute an average price for each commodity for each year over the various quotations and series provided." [p. 150] – Arie Arnon, Thomas Tooke: Pioneer of Monetary Theory, (1991).
"The debate in Britain over the steep decline in prices that accompanied a general depression in economic activity in the period after the French Wars largely motivated Tooke to write his first book on political economy, Thoughts and details on the high and low prices of the last thirty years, published in 1823. The book was well received, confirming Tooke's rowing reputation as a political economist 'remarkable for his range of knowledge and sound judgement' (Higgs 1921: xiii)." [p. 17] – Matthew Smith, Thomas Tooke and the Monetary Thought of Classical Economics, (2011).
Einaudi 5659; Goldsmiths 23825; Kress C.1163. See: Mark Blaug, Great economists before Keynes, Humanities Press, (1986), p. 250. (Inventory #: BL4690a)