John Law (economist)

John Law (1671 April 21 - 1729 March 21) was a Scottish economist who believed that money was only a means of exchange that did not constitute wealth in itself, and that national wealth depended on trade. He is said to be the father of finance, responsible for the adoptation or use of paper money or bills in the world today.

Related Topics:
1671 - April 21 - 1729 - March 21 - Scottish - Economist - Money - Wealth - Trade

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Law was a gambler and a brilliant mental calculator, and was known to win card games by mentally calculating the odds. An expert in statistics, he was the originator of economic theories, including two major ideas: 'The Scarcity Theory of Value' and 'The Real Bills Doctrine of Money'.

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