John Law
Money and trade considered : $b With a proposal for supplying the nation with money
"Money and Trade Considered: With a Proposal for Supplying the Nation with Money" by John Law of Lauriston is an economics text published in 1705. Law proposes replacing Scotland's silver currency with paper money backed by land values, arguing that metal currency has become unstable due to New World silver flooding Europe. The work introduces groundbreaking economic concepts that would later influence Adam Smith and John Maynard Keynes. Though Scotland rejected his proposal, Law implemented his ideas in France, creating a spectacular financial bubble that ultimately collapsed.