Skip to main content


  • Rosario Patalano (a1)

In the current recession, the proposal of negative nominal interest has received widespread attention, not only in the academic world. The negative interest rate issue was originally developed by Silvio Gesell (1862–1930), a German merchant, self-taught economist, and social reformer. In his main work, The Natural Economic Order, Gesell offered a theoretical basis for the practical implementation of the negative interest rate. This proposal, generally known as the “stamped money plan,” was favorably commented upon by two outstanding twentieth-century economists, Irving Fisher and John Maynard Keynes, and put into practice during the Great Depression. In this paper I propose a reading of Gesell’s theory of money from the point of view of quantity theory, giving prominence to elements of affinity with Fisher’s monetary theory. This re-examination entails revision of the opinion on the analytical contribution made by Gesell, who was generally tagged as a typical monetary crank, and proves that his place in the history of economic thought is less marginal than previously thought, reinforcing critical appreciation of him.

Hide All
Abdullah Adam. 2013. “The Gibson Paradox: Real Gold, Interest Rates and Prices.” International Business Research 6 (4): 3244.
Allais Maurice. 1945. Economie et Intérêt. Présentation nouvelle des problèmes fondamentaux relatifs au rôle économique du taux de intérêt et de leur solutions. Paris: Imprimerie Nationale.
Allais Maurice. 1968. “Irving Fisher.” In Sills David L., ed., International Encyclopedia of the Social Sciences. Volume 5. London and New York: The Macmillan Company and The Free Press, pp. 475485.
Allais Maurice. 1977. L’impôt sur le capital et la réforme monétaire. Paris: Hermann.
Allen William R. 1977. “Irving Fisher, F. D. R., and the Great Depression.” History of Political Economy 9 (Winter): 560587.
Allsbrook Ogden O. Jr. 1986. “N. A. L. J. Johannsen: An Early Monetarist.” Journal of Institutional and Theoretical Economics / Zeitschrift für die gesamte Staatswissenschaft 142, 2 (June): 431437.
Assous Michael. 2013. “Irving Fisher’s Debt Deflation Analysis: From the Purchasing Power of Money (1911) to the Debt-Deflation Theory of the Great Depression (1933).” Special issue on Irving Fisher, European Journal of the History of Economic Thought 20 (2): 305322.
Barber William J. 1985. From New Era to New Deal. Herbert Hoover, the Economists and American Economic Policy. 1921–1933. Cambridge: Cambridge University Press.
Bartsch Günter. 1994. Die NWO-Bewegung Silvio Gesells, Geschichtlicher Grundriß 1891–1992/93. Lütjenburg: Gauke.
Bech Morten L. and Malkhozov Aytek. 2016. “How Have Central Banks Implemented Negative Policy Rate?” BIS Quarterly Review (March). Accessed 8 April 2017.
Bernanke Ben S. 1983. “Nonmonetary Effects of the Financial Crisis in Propagation of the Great Depression.” American Economic Review 73, 3 (June): 257276.
Bernanke Ben S. 2002. “Deflation: Making Sure ‘It’ Doesn’t Happen Here.’’ Remarks by Governor Ben S. Bernanke, November 21, 2002. Accessed 8 April 2017.
Blanc Jérôm. 1998. “Free Money for Social Progress: Theory and Practice of Gesell’s Accelerated Money.” American Journal of Economics and Sociology 57, 4 (October): 469483.
Blanc Jérôm. 2002. “Silvio Gesell socialiste proudhonien et réformateur monétaire.” Document de Travail n. 253. Centre Auguste et Léon Walras, Lyon.
Bordo Michael, and Filardo Andrew. 2005. “Deflation and Monetary Policy in a Historical Perspective: Remembering the Past or Being Condemned to Repeat It?” Economic Policy 20, 44 (October): 801836.
Brown Vernon L. 1941. “Scrip and Other Forms of Emergency Currency Issued in the United States During the Great Depression.” Two volumes. Master’s thesis. Graduate School of Business Administration, New York University, New York.
Buiter Willem H. 2009. “Negative Nominal Interest Rates: Three Ways to Overcome the Zero Lower Bound.” The North American Journal of Economics and Finance 20, 3 (December): 213238.
Buiter Willem H. and Panigirtzoglou Nikolaos. 2003. “Overcoming the Zero Bound on Nominal Interest Rates with Negative Interest on Currency: Gesell’s Solution.” The Economic Journal 113, 490 (October): 723746.
Cahiers de Decta . 1987. Séminaire Silvio Gesell. Faculté Des Sciences Économiques, Université De Bordeaux I.
Chick Victoria, 1987. “Silvio Gesell.” In Eatwell John, Milgate Murray, and Newman Peter, eds., The New Palgrave: A Dictionary of Economics. Volume II. London: Macmillan, p. 520.
Cohrssen Hans R. L. 1932. “Wara.” The New Republic, (August 10): 338339.
Cohrssen Hans R. L. 1933. “Stamp Scrip Adapted to an Emergency Situation in Reading, Pennsylvania.” In Fisher Irving, Stamp scrip. Assisted by Cohrssen Hans R. L. and Fisher H. W.. New York: Adelphi, appendix IV.
Cohrssen Hans R. L. 1989. “The Stamp Scrip Movement in the USA.” In Suhr Dieter, The Capitalistic Cost-Benefit Structure of Money—An Analysis of Money’s Structural Nonneutrality and its Effects on the Economy. Berlin and New York: Springer Verlag, pp. 116119. Accessed 8 April 2017.
Cohrssen Hans R. L. 1991. “Working for Irving Fisher.” Cato Journal 10 (3): 825833.
Comelli Martino. 2012. “The Surprising Origins and Legacy of Irving Fisher’s Crankish Ideas.” Working paper. Available on-line: Accessed 8 April 2017.
Cot Annie L. 2013. “The Debt-Deflation Theory of Great Depressions: On Irving Fisher’s Use of Medical Metaphors.” Oeconomia 32: 263286.
Daly Herman E. 1980. “The Economic Thought of Frederick Soddy.” History of Political Economy 2, 4 (Winter): 469488.
Darity William Jr. 1995. “Keynes’ Political Philosophy: The Gesell Connection.” Eastern Economic Journal 21 (Winter): 2741.
della Paolera Gerardo, and Taylor Alan M.. 2001. Straining at the Anchor: The Argentine Currency Board and the Search for Macroeconomic Stability, 1880–1935. Chicago: University of Chicago Press.
Dillard Dudley D. 1940. “Proudhon, Gesell and Keynes. An Investigation of Some ‘Anti-Marxian Socialists’ Antécédents of Keynes’ General Theory of Employment, Interest and Money.” PhD dissertation. University of California, Berkeley.
Dillard Dudley D. 1942a. “Silvio Gesell’s Monetary Theory of Social Reform.” The American Economic Review 32, 2 (Part 1): 348352.
Dillard Dudley D. 1942b. “Keynes and Proudhon.” The Journal of Economic History 2, 1 (May): 6376.
Dimand Robert W. 1991. “Cranks, Heretics and Macroeconomics in the 1930s.” History of Economic Review 16: 1130.
Dimand Robert W. 1994. “Irving Fisher’s Debt-Deflation Theory of Great Depressions.” Review of Social Economy 52 (1): 92107.
Douglas Clifford Hugh. 1924. Social Credit. Edinburgh: Cecil Palmer.
Dow Sheila. 2016. “The Political Economy of Monetary Reform.” Cambridge Journal of Economics 40: 13631376.
Draghi Mario. 2016. “Introductory statement to the press conference.” 10 March 2016. Accessed 8 April 2017.
Echevers Peter H. 2014. J. Silvio Gesell—Die Revolution des Geldsystems. Verlag: LULU Press Entreprise.
Elliott John E., and Preparata Guido Giacomo. 2004. “Free Economics: The Vision of Reformer Silvio Gesell.” Festschrift in honor of John O’Brien, International Journal of Social Economics 31, 10 (September): 923954.
Ellis Howard S. 1934. German Monetary Theory, 1905–1933. Cambridge, MA: Harvard University Press.
Elvins Sarah. 2005. “Scrip Money and Slump Cures: Iowa’s Experiments with Alternative Currency During the Great Depression.” The Annals of Iowa 64, 3 (Summer): 221245.
Elvins Sarah. 2012. “Selling Scrip to America: Ideology, Self-help and the Experiments of the Great Depression.” In Blanc Jèrome, ed., “Thirty Years of Community and Complementary Currencies: A Review of Impacts, Potential and Challenges.” Special issue, International Journal of Community Currency Research 16: 1421.
Ferreira Nathalie. 2010. “De la réforme du système monétaire à la monnaie sociale: l’apport théorique de P. J. Proudhon (1809–1865).” L’Actualité économique 86 (2): 205225.
Fischer Stanley. 2016. “Monetary Policy, Financial Stability, and the Zero Lower Bound.” Remarks by Stanley Fischer, Vice-Chairman, Board of Governors of the Federal Reserve System, at the Annual Meeting of the American Economic Association, San Francisco, California, January 3, 2016. Accessed 8 April 2017.
Fisher Irving. 1911. The Purchasing Power of Money: Its Determination and Relation to Credit Interest and Crises. New York: The Macmillan Company.
Fisher Irving. 1920. Stabilizing the Dollar. New York: The Macmillan Company.
Fisher Irving. 1930. The Theory of Interest. New York: The Macmillan Company.
Fisher Irving. 1932. Booms and Depressions. Some First Principles. New York: Adelphi.
Fisher Irving. 1933a. “The Debt-Deflation Theory of Great Depressions.” Econometrica 1: 337357. Also published in Revue de l’Institut International de Statistique 1934 (1): 48–65.
Fisher Irving. 1933b. Stamp scrip. Assisted by Cohrssen Hans R. L. and Fisher H. W.. New York: Adelphi.
Fisher Irving. 1934a. Mastering the Crisis, with Additional Chapters on Stamp Scrip. London: Allen & Unwin.
Fisher Irving. 1934b. After Reflation, What? Herbert Wescott, contributor. Second edition. New York: Adelphi.
Fisher Irving. 1934c. “Reflation and Stabilization.” In “Banking and Transportation Problems,” Annals of the American Academy of Political and Social Science 171 (January 1934): 127131.
Fisher Irving. 1935. Stabilized Money. A History of the Movement. London: Allen & Unwin.
Fisher Irving. 1997. Correspondence and Other Commentary on Economic Policy 1930–1947 . In Barber William J., ed., The Works of Irving Fisher. Volume XIV. London: Pickering and Chatto.
Forbonnais François Véron Duverger de. 1755. Élémens du Commerce. Amsterdam: chez François Changuion.
Friedman Milton, and Schwartz Anna J.. 1976. “From Gibson to Fisher.” Explorations in Economic Research 3 (2): 288291.
Gaitskell Hugh T. N. 1933. “Four Monetary Heretics.” In Cole George D. H., ed., What Everybody Wants to Know About Money. London: Gollancz, pp. 280335.
Galbraith , Kenneth John. 1977. The Age of Uncertainty. Boston: Houghton Mifflin.
Garvy George. 1975. “Keynes and the Economic Activists of Pre-Hitler Germany.” The Journal of Political Economy 83 (2): 391405.
Gatch Loren. 2004. “This Is Not United States Currency: Oklahoma’s Emergency Scrip Issues During the Banking Crisis of 1933.” Chronicles of Oklahoma 82: 168199.
Gatch Loren. 2006. “Local Scrip in the USA During the 1930s: Lessons for Today?” Paper presented at the Conference on Monetary Regionalization: Local Currencies as Catalysts for Endogenous Regional Development. Bauhaus-University Weimar, Germany, September 28–29, 2006. Accessed 9 April 2017.
Gatch Loren. 2008. “Local Money in the United States during the Great Depression.” Essays in Economic & Business History XXVI: 4762.
Gatch Loren. 2009. “The Professor and a Paper Panacea: Irving Fisher and the Stamp Scrip Movement of 1932–1934.” Paper Money XLVIII, 260 (March–April): 125142.
Gatch Loren. 2012. “Tax Anticipation Scrip as a Form of Local Currency in the USA during the 1930s.” In Blanc Jèrom, ed., “Thirty Years of Community and Complementary Currencies: A Review of Impacts, Potential and Challenges.” Special issue, International Journal of Community Currency Research 16: 2235.
Gesell Silvio. 1891a. Die Reformation im Münzwesen als Brücke zum sozialen Staat. Buenos Aires: Selbstverlag.
Gesell Silvio. 1891b. Nervus rerum—Fortsetzung zur Reformation im Münzwesen. Buenos Aires: Selbstverlag.
Gesell Silvio. 1906. Die Verwirklichung des Rechts auf den vollen Arbeitsertrag durch die Geld- und Bodenreform. Les Hauts Geneveys, Leipzig: Selbstverlag.
Gesell Silvio. 1909. La plétora monetaria de 1909 y la anemia monetaria de 1898. Buones Aires: n.p.
Gesell Silvio. 1916. Die natürliche Wirtschaftsordnung durch Freiland und Freigeld. Les Hauts Geneveys, Leipzig: Selbstverlag.
Gesell Silvio. 1958. The Natural Economic Order. Translated by P. Pye. Revised edition. London: Peter Owen Ltd. Original publication in 1916; revision of the first English translation based on the sixth German edition, 1929. Accessed 9 April 2017.
Gibson Alfred Herbert. 1923. “The Future of High Class Investment Values.” Bankers,’ Insurance Managers’ and Agents’ Magazine (January): 1523.
Gibson Alfred Herbert. 1926. “The Road to Economic Recovery: Some Reflections.” Bankers,’ Insurance Managers’ and Agents’ Magazine (November): 595612.
Godschalk Hugo. 2012. “Does Demurrage Matter for Complementary Currencies?” International Journal of Community Currency Research 16 (Section D): 5869.
Goetz von Peter. 2005. “Debt-Deflation: Concepts and a Stylized Model.” Bank for International Settlements Working Papers, No. 176, April.
Goodfriend Marvin. 2000. “Overcoming the Zero Bound on Interest Rate Policy.” Journal of Money, Credit, and Banking 32, 4, part 2 (November): 10071035.
Graham Frank D. 1932. The Abolition of Unemployment. Princeton, NJ: Kennikat Press.
Greco Thomas H. Jr. 2001. Money. Understanding and Creating Alternatives to Legal Tender. White River Junction, VT: Chelsea Green Publishing.
Hagemann Harald. 2013. “The Impact of Fisher’s Purchasing Power of Money in the German Language Area.” The European Journal of the History of Economic Thought 20 (2): 323348.
Hagemann Harald, and Rühl Christof. 1990. “Nicholas Johannsen and Keynes’s Finance Motive.” Journal of Institutional and Theoretical Economics / Zeitschrift für die gesamte Staatswissenschaft 146, 3 (September): 445469.
Hawtrey Ralph George. 1919. Currency and Credit. London: Longman, Green and Co.
Herland Michel. 1987. “L’utopie monétaire de S. Gesell: un cas d’hétérodoxie entre Wicksell et Keynes.” Séminaire Silvio Gesell, Les Cahiers de Decta III 1: 99120.
Herland Michel. 1992. “L’utopie monétaire de S. Gesell: un cas d’hétérodoxie entre Wicksell et Keynes.” In Arena Richard and Torre Dominique, eds., Keynes et les nouveaux keynésiens. Paris: PUF et CNRS, pp. 293306.
Hubert Eva-Maria. 2004. Tauschringe und Marktwirtschaft: Eine ökonomische Analyse lokaler Komplementärökonomien. Berlin: Duncker & Humblot.
Humphrey Thomas M. 2004. “Classical Deflation Theory.” Federal Reserve Bank of Richmond Economic Quarterly 90–91 (Winter): 1132.
Ilgmann Cordelius. 2009. “Silvio Gesell: ‘A Strange, Unduly Neglected Prophet’? A Reappraisal of a Forgotten Pioneer of Monetary Theory.” CAWM Discussion Paper No 23. Centre for Applied Economic Research, Münster, Germany.
Ilgmann Cordelius, and Menner Martin. 2011. “Negative Nominal Interest Rates: History and Current Proposals.” CAWM Discussion Paper No. 43. Centre for Applied Economic Research, Münster, Germany.
Jevons William Stanley. 1875. Money and the Mechanism of Exchange. Twenty-second edition. London: Kegan-Trench-Trübner.
Jobst Andreas, and Lin Huidan. 2016. “Negative Interest Rate Policy (NIRP): Implications for Monetary Transmission and Bank Profitability in the Euro Area.” IMF Working Paper, WP/16/172.
Johannsen Nicholas. 1908. A Neglected Point in Connection with Crises. New York: The Bankers Publishing Co.
Johannsen Nicholas. 1913. Die Steuer der zukunft und ihre Einwirkung auf geschäftliche Depressionen und volkwirtschaftliche Verhältnisse. Berlin: Puttkammer & Mühlbrecht.
Joyce Michael, Miles David, Scott Andrew, and Vayanos Dimitri. “Quantitative Easing and Unconventional Monetary Policy—An Introduction.” The Economic Journal 122 (564): 271288.
Kalecki Michael. 1944. “Professor Pigou on the ‘Classical Stationary State’: A Comment.” The Economic Journal 54: 131132.
Keynes John Maynard. [1930] 1971. A Treatise on Money. In Keynes John Maynard, Collected Writings. Volumes V and VI. London: Macmillan.
Keynes John Maynard. 1936. The General Theory of Employment, Interest and Money. London: Macmillan.
Keynes John Maynard. 1937. “The General Theory of Employment.” The Quarterly Journal of Economics 51, 2 (February): 209233.
Kindleberger Charles. 1978. Manias, Panics, and Crashes. A History of Financial Crises. New York: Basic Books.
Klein Lawrence R. 1947. The Keynesian Revolution. London: Macmillan.
Knapp Georg Friedrich. 1905. Die Staatliche Theorie des Geldes. München-Leipzig: Duncker und Humblot. English translation, The State Theory of Money. London: Macmillan, 1924.
Lahn J. J. O. [Pen-name of Johannsen, Nicolas August Ludwig Jacob.] 1903a. Depressions-Perioden und ihre einheitliche Ursache. Brooklyn, NY: n.p.
Lahn J. J. O. [Pen-name of Johannsen, Nicolas August Ludwig Jacob.]. 1903b. Der Kreislauf des Geldes und Mechanismus des Sozial-Lebens. Berlin: Puttkammer & Mühlbrecht.
Laidler David E. D. 1991. The Golden Age of the Quantity Theory. New York and London: Philip Allan.
Lanteri Alessandro. 2010. “The Economic Ethics of Ezra Pound.” Working Paper No. 25/2010 International Centre for Economic Research Working Paper Series. Torino, Italy.
Lanteri Alessandro. 2011. “Douglas, Gesell, and the Economic Ethics of Ezra Pound.” History of Economic Ideas XIX: 147168.
Lederer Emil. 1931. Wege aus der Krise. Ein Vortrag von E. Lederer. Tübingen: Mohr.
Lederer Emil. 1932. Planwirtschaft. Tübingen: Mohr.
Lietaer Bernard A. 1999. The Future of Money: Creating New Wealth, Work and a Wiser World. Post Falls: Century Publishing.
Lietaer Bernard A. 2001. Community Currencies: A New Tool for the 21st Century. Accessed 11 April 2017.
Löhr Dirk. 2010. “Zero Growth and Zero Interest Rate: The Revival of an Old Idea.” Proceedings of the 2nd International Conference on Economic Degrowth for Ecological Sustainability and Social Equity, Barcelona, 26–29 March 2010.
Löhr Dirk. 2012. “The Euthanasia of the Rentiers. A Way Toward a Steady-State Economy.” Ecological Economics 84 (December): 232239.
Löhr Dirk. 2014. “The Hidden Rent-Seeking Capacity of Corporations.” International Journal of Social Economics 41 (9): 820836.
Locke John. 1696. Several Papers Relating to Money. London: A. and J. Churchill.
Lucarelli Stefano, and Gobbi Lucio. 2013. “Local Clearing Unions as Stabilizers of Local Economic Systems: A Stock Flow Consistent Perspective.” Cambridge Journal of Economics 40: 13971420.
Mankiw Gregory N. 2009. “It May Be Time for the Fed to Go Negative.” New York Times, April 19, 2009.
Mankiw , Gregory N. 2015. “Contribution to the Session on Secular Stagnation.” Conference of the Allied Social Science Association, Boston, 3 January 2015.
McAndrews James. 2015. “Negative Nominal Central Bank Policy Rates—Where Is the Lower Bound?” Speech delivered at the University of Wisconsin, Madison, 8 May 2015. Accessed 4 May 2017.
McGrattan Ellen R., and Prescott Edward C.. 2004. “The 1929 Stock Market: Irving Fisher Was Right.” International Economic Review 45, 4 (November): 9911009.
Menger Carl. [1871] 2007. Grundsätze der Volkswirtschaftslehre. Wien: Braunmüller. English translation, Principles of Economics. Auburn: Ludwig von Mises Institute, 2007.
Menger Carl. [1871] 1883. Untersuchungen über die Methode der Sozialwissenschaften, und der der politischen Ökonomie insbesondere. Leipzig: Dunker und Humblot.
Mill John Stuart. 1871. Principles of Political Economy, with Some of Their Applications to Social Philosophy. Seventh edition. London: Parker.
Minozzi Pietro, and Parisi Umberto. 2012. “The Integration of the Stamped Money Issue into the General Equilibrium Models.” Accessed 4 May 2017.
Minsky Hyman. 1982. “Debt-Deflation Processes in Today’s Institutional Environment.” Banca Nazionale del Lavoro Quarterly Review 143: 375393.
Mises Ludwig von. [1924] 1980. Theorie des Geldes und der Umlaufmittel. München und Leipzig: Duncker & Humblot. English translation, The Theory of Money and Credit. Indianapolis: Liberty, 1980.
Mitchell Ralph A. and Shafer Neil. 1984. Standard Catalog of Depression Scrip in the United States. Quarto: Krause Publications, Inc.
Mitchener Kris James, and Weidenmier Marc D.. 2006. “The Baring Crisis and the Great Latin American Meltdown of the 1890s.” NBER Working Papers 13403. National Bureau of Economic Research, Inc., Cambridge, MA. Accessed 11 April 2017.
Onken Werner. 1982. “Ein vergessenes Kapitel der Wirtschaftsgeschichte. Schwanenkirchen,Wörgl und andere Freigeldexperimente.” Zeitschrift für Sozialökonomie 58–59: 320.
Onken Werner. 2000. “A Market Economy without Capitalism.” American Journal of Economics and Sociology 59, 4 (October): 609622.
Palley Thomas I. 2016. “Why Negative Interest Rate Policy (NIRP) Is Ineffective and Dangerous.” Real-World Economics Review 76: 515.
Parker Andrew. 1982. “Ezra Pound and the ‘Economy’ of Anti-Semitism.” In “Engagements: Postmodernism, Marxism, Politics,” Boundary 2, 11 (1–2): 103128.
Patalano Rosario, and Pavanelli Giovanni. 2013. “A Neglected Quantitativist: Silvio Gesell’s Theory of Money and Interest.” Paper presented at XII Aispe Conference, Florence, 21–23 February 2013.
Patinkin Don. 1948. “Price Flexibility and Full Employment.” The American Economic Review 38 (4 September): 543564.
Patinkin Don. 1993. “Irving Fisher and His Compensated Dollar Plan.” Federal Reserve Bank of Richmond Economic Quarterly 79, 3 (Summer): 134.
Pavanelli Giovanni. [2001] 2004. “The Great Depression in Irving Fisher’s Thought.” Quaderni del Dipartimento di Scienze Economiche e Finanziarie. Università degli Studi di Torino, Torino. Reprinted in Garens Ingo, Caspari Volker, and Schefold Bertram, eds., Political Events and Economic Ideas. Cheltenham: Eward Elgar Publishing, pp. 289305.
Pavanelli Giovanni. 2002. “Gesell, Fisher, Keynes and the Stamped Money Plan during the Thirties.” Paper presented at Eshet Conference, Rethymno, Greece, 14–17 March 2002.
Pigou Arthur Cecil. 1943. “The Classical Stationary State.” The Economic Journal 53 (212): 343351.
Preparata Guido Giacomo. 2002. “On the Art of Innuendo: J. M. Keynes’ Plagiarism of Silvio Gesell’s Monetary Economics.” In Zarembka Paul, ed., “Confronting 9–11, Ideologies of Race, and Eminent Economists” Special issue, Research in Political Economy 20: 217253.
Proudhon Pierre-Joseph. 1840. Qu’est-ce que la propriété ? ou Recherches sur le principe du droit et du gouvernement. Paris: Brocard.
Reeve Joseph E. 1943. Monetary Reform Movements—A Survey of Recent Plans and Panaceas. Introduction by Thorp Willard L.. Washington: American Council on Public Affairs.
Rist Charles. 1955. “La pensée économique de Proudhon.” Revue d’histoire économique et sociale 33 (2): 129165.
Rothbard William Newton. 1972. America’s Great Depression. Auburn, AL: Ludwig von Mises Institute.
Rühl Christof. 2000. “Nicholas August Ludwig Jacob Johannsen.” In Arestis Philip and Sawyer Malcolm, eds., A Biographical Dictionary of Dissenting Economists. Second edition. Cheltenham and Northampton: Edward Elgar Publishing, pp. 327335.
Sargent Thomas J. 1973. “Interest Rates and Prices in the Long Run: A Study of the Gibson Paradox.” Journal of Money, Credit and Banking 5 (1): 385449.
Schmid Werner. 1954. Silvio Gesell: Die Lebensgeschichte eines Pioniers. Bern: Verl, Freiwirtschaftl, Schriften.
Schumpeter Joseph Alois. [1954] 2006. History of Economic Analysis. London: Routledge.
Seccareccia Mario. 1987. “La notion gésellienne de préférence pour la liquidité et sa généralisation dans les travaux de Keynes, Soddy et Johannsen.” Séminaire Silvio Gesell, Les Cahiers de Decta III 1: 7896.
Seccareccia Mario. 1988. “Systeme monetaire et loi d’entropie: la notion gesellienne de preference pour la liquidite.” Economies et societies 22: 5771.
Seccareccia Mario. 1997. “Early Twentieth-Century Heterodox Monetary Thought, on Money.” In Cohen Avi J., Hagemann Harald, and Smithin John, eds., Financial Institutions and Macroeconomics. New York: Springer Science Business Media, pp. 125139.
Shackle George L. S. 1971. Discussion Paper in Monetary Theory and Monetary Policy in the 1970s. Oxford: Oxford University Press.
Soddy Frederick. 1931. Money versus Man, A Statement of the World Problem from the Standpoint of the New Economics. London: Elkin Mathews & Marrot.
Sonnenfels Joseph F. von. 1769. Handlungswissenschaft. Wien: V. Trattnern.
Suhr Dieter. 1989. The Capitalistic Cost-Benefit Structure of Money—An Analysis of Money’s Structural Nonneutrality and its Effects on the Economy. Berlin and New York: Springer Verlag. Accessed 11 April 2017.
Tobin James. 1975. “Keynesian Models of Recession and Depression.” American Economic Review 65 (2): 195202.
Tobin James. 1980. “Real Balance Effects Reconsidered.” In Tobin James, Asset Accumulation and Economic Activity. Oxford: Basil Blackwell, pp. 119.
Tobin James. 1983. “Okun on Macroeconomic Policy: A Final Comment.” In Tobin James, ed., Macroeconomics, Prices, and Quantities. Washington: Brookings Institution, pp. 297300.
Walras Léon. 1874. Éléments d’Économie Politique Pure. Lausanne: L. Corbaz & cie.
Walras Léon. 1898. Théorie de la monnaie . In Walras Léon, Etudes d’Economie Politique appliquée. Paris: chez Pichon, pp. 65192.
Warner Jonathan. 2005. “Charles Zylstra and Stamped Scrip. How a Dutch Immigrant Sought a Solution to the Great Depression.” Paper given at conference, Dutch Immigrants on the Plains, Dordt College, Sioux Center Iowa, 2005. Accessed 11 April 2017.
Warner Jonathan. 2008. “The Anaheim Scrip Plan.” Southern California Quarterly 90 (3): 307325.
Warner Jonathan. 2010. “Stamp Scrip in the Great Depression—Lessons for Community Currency for Today?” International Journal of Community Currency Research. Accessed 4 May 2017.
Warner Jonathan. 2012. “Iowa Stamp Scrip: Economic Experimentation in Iowa Communities during the Great Depression.” The Annals of Iowa 71, 1 (Winter): 138.
Wicksell Johan Gustaf Knut. [1898] 1977. Geldzins und Güterpreise. Jena: Verlag von Gustav Fischer.
Wicksell Johan Gustaf Knut. 1907. “The Influence of the Rate of Interest on Prices.” The Economic Journal 17: 213220.
Wicksell Johan Gustaf Knut. [1934] 1950. Lectures on Political Economy. London: Routledge.
Widdig Bernd. 2001. Culture and Inflation in Weimar Germany. Berkeley and Los Angeles: University of California Press.
Wise Leonard. 1945. Silvio Gesell: An Introduction to Gesellian Economics. Holborn: Publishing & Distg. Company.
Wray Randall L. 2006. “Keynes’s Approach To Money: An Assessment After 70 Years.” Working Paper No. 438, The Levy Economics Institute of Bard College, Annandale-on-Hudson, New York.
Recommend this journal

Email your librarian or administrator to recommend adding this journal to your organisation's collection.

Journal of the History of Economic Thought
  • ISSN: 1053-8372
  • EISSN: 1469-9656
  • URL: /core/journals/journal-of-the-history-of-economic-thought
Please enter your name
Please enter a valid email address
Who would you like to send this to? *


Altmetric attention score

Full text views

Total number of HTML views: 4
Total number of PDF views: 41 *
Loading metrics...

Abstract views

Total abstract views: 221 *
Loading metrics...

* Views captured on Cambridge Core between 20th June 2017 - 18th December 2017. This data will be updated every 24 hours.