Essays on the Gold Question

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July 16, 2026

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John Elliott Cairnes, an Irish economist, is known for his work in classical economics. His "Essays on the Gold Question," published in 1873, are significant contributions to 19th-century monetary theory. These essays explored the economic impacts of the gold discoveries in Australia and California, reviving support for the quantity theory of money. Cairnes restated key doctrines of the English classical school, emphasizing abstract deductive reasoning in political economy. He also developed the concept of noncompeting groups, particularly in the labor market, which anticipated modern theories of imperfect competition.12

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John Elliott Cairnes
His “Essays on the Gold Question” (published in Essays in Political Economy, 1873) are considered among the most important 19th-century works on monetary theory. His research into the effects of the discoveries of gold in Australia and California revived support for the quantity theory of money.…
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His “Essays on the Gold Question” (published in Essays in Political Economy, 1873) are considered among the most important 19th-century works on monetary theory. His research into the effects of the discoveries of gold in Australia and California revived support for the quantity theory of money.…
Read More