Henry Dunning Macleod(31 March 1821 – 16 July 1902) was a Scottish economist and lawyer.
Henry Dunning Macleod | |
---|---|
Born | Edinburgh,Scotland | 31 March 1821
Died | 16 July 1902 Norwood, London | (aged 81)
Resting place | Norwood Cemetery |
Nationality | British |
Occupation(s) | Barrister(Inner Temple) Banker(Royal British Bank) |
Spouse |
Elizabeth Mackenzie (m.1853) |
Parent(s) | Roderick Macleod, 4th_of Cadboll(father) Isabella Cunninghame (mother) |
Academic career | |
Field | Commercial law Political Economy Economics |
Alma mater | Eton;Edinburgh University,andTrinity College, Cambridge |
Contributions | Coined the term "Gresham's law"[1] |
Life
editHenry Dunning Macleod was born inEdinburgh,and educated atEton,Edinburgh University,andTrinity College, Cambridge,where he graduated in 1843.[2]In 1843 Macleod was entered as a student atInner Temple,travelled in Europe, and in 1849 wascalledto theEnglish bar.[3]
Macleod was a director of theRoyal British Bank,after the failure of which he was one of those convicted of conspiracy to misrepresent the bank's financial position,[4]and was sentenced to 3 months imprisonment.[5]
He was employed in Scotland on the work of poor-law reform, and devoted himself to the study of economics. In 1856 he published hisTheory and Practice of Banking,[6][7]in 1858Elements of Political Economy,[8]and in 1859A Dictionary of Political Economy.[9]In 1873 hisPrinciples of Economical Philosophy[10][11]appeared, and in 1889 hisThe Theory of Credit.[12][13][14]Between 1868 and 1870 he was employed by the government in digesting and codifying the law ofbills of exchange.[3]In 1896, he publishedThe History of Economics.[15]
Contributions
editMacleod's principal contribution to the study of economics consists in his work on the theory ofcredit,to which he was the first to give due prominence.[3]A major feature of his work was to create a theory of money starting from a theory of credit instead of the usual reverse path. InThe Theory of Credithe says:[16]
Money and Credit are essentially of the same nature: Money being only the highest and most general form of Credit
Macleod's Credit Theory of Money influencedAlfred Mitchell-Innesand later work of the modernChartalists.John R. Commonsconsidered Macleod's work to be the foundation ofInstitutional economics.[17]
In his 1954History of Economic Analysis,Joseph Schumpetermentions Macleod:[18]
The English leaders from Thornton to Mill did explore the credit structure, and in doing so made discoveries that constitute their chief contributions to monetary analysis but could not be adequately stated in terms of the monetary theory of credit. But they failed to go through with the theoretical implications of these discoveries, that is, to build up a systematic credit theory of money...
Then, he adds a footnote:
We might see the outlines of such a theory in the works of Macleod. But they remained so completely outside of the pale of recognized economics...
Then, Schumpeter concludes:[19]
Henry Dunning Macleod [...] was an economist of many merits who somehow failed to achieve recognition, or even to be taken quite seriously, owing to his inability to put his many good ideas in a professionally acceptable form.
It was Macleod who coined in 1857 the term "Gresham's law".[20][4]
For a judicious discussion of the value of Macleod's writings, see an article on "The Revolt against Orthodox Economics" in theQuarterly Reviewfor October 1901 (no. 388).[3][21]
Bibliography
edit- Macleod, Henry Dunning (1855).The Theory and Practice of Banking.Longman, Brown, Green, and Longmans.
- Macleod, Henry Dunning. (1858).The Elements of Banking.Longmans.
- Macleod, Henry Dunning (1859).A Dictionary of Political Economy,Longman, Brown, Green, and Longmans
- Macleod, Henry Dunning (1873).Principles of Economical Philosophy, Longmans, Green, Reader, and Dyer
- Macleod, Henry Dunning (1889).Theory of Credit, Longmans, Green, and Company
- Macleod, Henry Dunning (1896).The History of Economics.London: Bliss, Sands and Co.
{{cite book}}
:CS1 maint: numeric names: authors list (link)[22]
See also
edit- List of multiple discoveries
- A History of Banking in all the Leading Nations(1896), to which Macleod contributed the chapters in vol. 2 on the history of banking in Great Britain.
- Catallactics
References
edit- ^Macleod, Henry Dunning (1896).The History of Economics.London: Bliss, Sands and Co. pp.38-39,146,448- – via Internet Archive.
- ^"Macleod, Henry Dunning (MLT838HD)".A Cambridge Alumni Database.University of Cambridge.
- ^abcdpublic domain:Chisholm, Hugh,ed. (1911). "Macleod, Henry Dunning".Encyclopædia Britannica.Vol. 17 (11th ed.). Cambridge University Press. p. 262. One or more of the preceding sentences incorporates text from a publication now in the
- ^abFryer, S E (2004)."Macleod, Henry Dunning".Oxford Dictionary of National Biography(online ed.). Oxford University Press.doi:10.1093/ref:odnb/34787.Retrieved21 April2022.(Subscription orUK public library membershiprequired.)
- ^Taylor, James (June 2007)."Company Fraud in Victorian Britain: The Royal British Bank Scandal of 1856".English Historical Review.122(497): 718.JSTOR4493899.Retrieved21 April2022– via JSTOR.
- ^Macleod, Henry Dunning (1855).The Theory and Practice of Banking: With the Elementary Principles of Currency; Prices; Credit; and Exchanges.Vol. 1. Longman, Brown, Green, and Longmans.
- ^Macleod, Henry Dunning (1866).The Theory and Practice of Banking.Vol. 2. Longmans, Green, Reader, & Dyer.
- ^Macleod, Henry Dunning (1858).The Elements of Political Economy.Longman, Brown, Green, Longmans, and Roberts.
- ^Macleod, Henry Dunning (1863).A Dictionary of Political Economy: Biographical, Bibliographical, Historical, and Practical.Longman, Green, Longman, Roberts, and Green.
- ^Macleod, Henry Dunning (1872).The Principles of Economical Philosophy.Vol. 1. Longmans, Green, Reader, and Dyer.
- ^Macleod, Henry Dunning (1879).The Principles of Economical Philosophy.Vol. 2. Longmans, Green.
- ^Macleod, Henry Dunning (1889).The Theory of Credit.Vol. 1. Longmans, Green, and Company.
- ^Macleod, Henry Dunning (1890).The Theory of Credit.Vol. 2, Part 1. Longmans, Green, and Company.
- ^Macleod, Henry Dunning (1891).The Theory of Credit.Vol. 2, Part 2. Longmans, Green, and Company.
- ^Macleod, Henry Dunning (1896).The History of Economics.London: Bliss, Sands and Co.Retrieved17 July2018– via Internet Archive.
- ^Macleod, Henry Dunning (1889).The Theory of Credit.Vol. 1. London: Longmans, Green, and Company. p. 82.
- ^Commons, John Rogers (1990).Institutional Economics: Its Place in Political Economy.New Brunswick, N.J., U.S.A: Transaction Publishers. p. 399.ISBN0-88738-797-7.
- ^Schumpeter, Joseph A.(1954).Elizabeth Boody Schumpeter(ed.).History of Economic Analysis.New York: Oxford University Press. p.718– viaInternet Archive.
- ^Schumpeter, Joseph A.(1954).Elizabeth Boody Schumpeter(ed.).History of Economic Analysis.New York: Oxford University Press. pp.1115– viaInternet Archive.
- ^Macleod, Henry Dunning (1858).The Elements of Political Economy.London: Longman, Brown, Green, Longmans, and Roberts. pp.476-477– viaInternet Archive.
- ^"The Revolt against Orthodox Economics".The Quarterly Review(388). New York and London: Leonard Scott Publication Company and John Murray: 345–371. October 1901.Retrieved17 July2018– via Internet Archive.
- ^Cannan, Edwin(December 1896). "The History of Economics. by Henry Dunning MacLeod MA (London: Bliss, Sands and Co., 1896) Review by: Edwin Cannan".Economic Journal.6(24): 606–608.JSTOR2957202.
Further reading
edit- "Obituary".The Times:8. 18 July 1902.
- "Obituary".Economic Journal.12(48): 583–584. December 1902.JSTOR2957330.
- Supplementary Statement and Testimonials of Henry Dunning Macleod, Esq., M.A. of the Trinity College, Cambridge; and The Inner Temple: Barrister-At-Law; Formerly Chairman of the Board of Management of the Easter Ross Union; Selected by the Royal Commissioners for the Digest of the Law to Prepare the Digest of the Law of Bills of Exchange, Bank Notes etc.; Lecturer of Political Economy of the University of Cambridge; A Candidate for the Chair of Commercial and Political Economy and Mercantile Law in the University of Edinburgh.London: Printed by A. P. Blundell & Co. 1880.Retrieved7 December2023– via Google Books.
- Allibone, S. Austin(1872).A Critical Dictionary of English Literature and British and American Authors Living and Deceased from the Earliest Accounts to the Latter Half of the Nineteenth Century Containing over Forty-Six Thousand Articles (Authors).Vol. II. Philadelphia: J.B. Lippincott& Co. p.1191– viaInternet Archive.
- Blaug, Mark,ed. (1986). "MACLEOD, Henry Dunning".Who's Who in Economics: A Biographical Dictionary of Major Economists 1700-1986(2nd ed.). Wheatsheaf Books Limited. p.552– viaInternet Archive.
- Burke, John (1937)."MACLEOD, of CADBOLL".A Genealogical and Heraldic History of the Landed Gentry; or, Commoners of Great Britain and Ireland, Enjoying Territorial Possessions or High Official Rank, But Uninvested with Heritable Honours.Vol. II. London: Henry Colburn, Publisher. p.175.Retrieved6 December2023– via Google Books.
- Foster, Joseph(1885).Men-At-The-Bar: A Biographical Hand-List of the Various Inns of Court Including Her Majesty's Judges(2nd ed.). London and Aylesbury: Printed for the Author by Hazell, Watson, and Viney, Limited. p.297– viaInternet Archive.
- Hayek, Friedrich A.(1933). "Macleod, Henry Dunning". InSeligman, Edwin R. A.(ed.).International Encyclopedia of the Social Sciences.Vol. 10. New York: The Macmillan Company. p.30– viaInternet Archive.
- Higgs, Henry,ed. (1928). "Macleod, Henry Dunning".Palgrave's Dictionary Political Economy.Vol. II. London: Macmillan and Co., Limited. p.941– viaInternet Archive.
- Maloney, John (1985). "Two economic outsiders: Macleod and Crozier".The Professionalization of Economics: Alfred Marshall and the Dominance of Orthodoxy.Cambridge: Cambridge University Press. pp.120-133 – viaInternet Archive.
- Marshall, Alfred(1948).Principle of Economics: An Introductory Volume(8th ed.). New York: Macmillan Company. p.821– viaInternet Archive.
- Milgate, M.; Levy, A. (2008). "Macleod, Henry Dunning (1821–1902)".The New Palgrave Dictionary of Economics.London: Palgrave Macmillan. pp. 1–2.doi:10.1057/978-1-349-95121-5_824-2.ISBN978-1-349-95121-5.
- Richelot, Henri (1863).Une révolution en économie politique: exposé des doctrines de M. Macleod.Paris: Capelle – viaInternet Archive.
- Rist, Charles(1940).History of Monetary and Credit Theory from John Law to the Present Day.Translated by Degras, Jane. New York: Macmillan Company. pp. 73, 102, 203, 205, 261 – viaInternet Archive.
- Rothbard, Murray N.(2008). "catallactics". InDurlauf, Steven N.;Blume, Lawrence E.(eds.).The New Palgrave Dictionary of Economics.Vol. 1 (2nd ed.). New York, NY: Palgrave Macmillan. pp.704-705– viaInternet Archive.
- Schumpeter, Joseph A.(1954).Elizabeth Boody Schumpeter(ed.).History of Economic Analysis.New York: Oxford University Press. pp.718,1115 – viaInternet Archive.
External links
edit- Media related toHenry Dunning Macleodat Wikimedia Commons
- Gresham's Lawby George Selgin.
- Neil T. Skaggs (Fall 2003)."H. D. Macleod and the Origins of the Theory of Finance in Economic Development".History of Political Economy.35(3): 361–384.doi:10.1215/00182702-35-3-361.S2CID154787630.
- "The Revolt against Orthodox Economics".The Quarterly Review.194(388): 345–371. October 1901 – viaInternet Archive.
- The Online Books pageon Henry Dunning Macleod
- Works by or about Henry Dunning MacleodatInternet Archive