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The main purpose of this paper is to argue that Adam Smith was a much better monetary economist than he is usually given credit for. It is argued that he believed the general price level to be determined by the cost of production of gold relative to that of goods, and that so long as bank money was convertible into specie, the general price level would therefore not vary; that his analysis of the influence of the creation of bank money on the balance of payments must be seen against the background of this theory of the general price level, as must his adherence to the Real Bills Doctrine; and that his analysis of the replacement of specie with paper money makes his banking theory an integral part of his theory of economic growth. /// Adam Smith, économiste de la monnaie. L'objectif de cet article est de démontrer qu'Adam Smith est un bien meilleur économiste de la monnaie qu'on le croit généralement. L'auteur suggère que Smith croyait que le niveau général des prix est déterminé $$Word$$ coût de production de l'or relatif aux coûts de production des autres biens, et que, aussi longtemps que la monnaie fiduciaire des banques demeure convertible en espèces sonnantes, le niveau général des prix ne varie donc pas; il suggère aussi que l'analyse que Smith a faite de l'influence de la création de monnaie fiduciaire sur la balance des paiements et son support pour la doctrine des `Real Bills' doivent être interprétés en prenant comme arrière-plan sa théorie du niveau général des prix; enfin l'auteur suggère que l'analyse que propose Smith du remplacement des espèces sonnantes par le papier monnaie est telle que sa théorie du système bancaire devient partie intégrale de sa théorie de la croissance économique.
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The Canadian Journal of Economics / Revue canadienne d'Economique
© 1981 Canadian Economics Association