Rice Vaughan (d. circa 1672)
[Jones, J. Gwynfor]
"Vaughan, Rice (d. c.1672)"
in ''Oxford Dictionary of National Biography'' (Oxford: Oxford University Press, 2004; online edition: Sept 2010). Retrieved 21 January 2013. was a seventeenth-century Anglo-Welsh lawyer and
economist
An economist is a professional and practitioner in the social sciences, social science discipline of economics.
The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this ...
known for writing a seminal work on
economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services.
Economics focuses on the behaviour and intera ...
and
currencies
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins.
A more general def ...
entitled ''A Discourse on Coins and Coinage''.
Biography
Rice Vaughan was the "second son of Henry Vaughan of Gelli-goch, Machynlleth, and Mary, daughter of Maurice Wynn of Glyn, near Harlech."
He graduated from the
Shrewsbury School
Shrewsbury School is a public school (English independent boarding school for pupils aged 13 –18) in Shrewsbury.
Founded in 1552 by Edward VI by Royal Charter, it was originally a boarding school for boys; girls have been admitted into the ...
in 1615 and later in life entered
Gray's Inn
The Honourable Society of Gray's Inn, commonly known as Gray's Inn, is one of the four Inns of Court (professional associations for barristers and judges) in London. To be called to the bar in order to practise as a barrister in England and Wale ...
for a career in the law before being admitted to the bar in 1648.
During the English Civil War, he sided with parliament against King Charles I. He is thought to have died before the publication of his works, the earliest in 1672.
Works
* 1651: ''A Plea for the Common Laws of England'' (a reply to Hugh Peter's ''A Good Work for a Good Magistrate; Practica Walliae, or, The Proceedings in the Great Sessions of Wales'' (published posthumously, in 1672)
* 1675: ''A Discourse of Coin and Coinage'' (published posthumously and edited by poet,
Henry Vaughan
Henry Vaughan (17 April 1621 – 23 April 1695) was a Welsh metaphysical poet, author and translator writing in English, and a medical physician. His religious poetry appeared in ''Silex Scintillans'' in 1650, with a second part in 1655.''Oxfo ...
)
''A Discourse of Coin and Coinage''
Vaughan wrote an early work on
currency
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins.
A more general def ...
, ''A Discourse of Coin and Coinage''
(1675). He argued that it was a mass voluntary consensus, the "concurrence of mankind", that gave currency its value as a medium of exchange, not the laws which enforce the usage of currency or the inherent worth of a currency's material composition (such as gold or silver).
This work also contained the earliest known research on price level changes and
price indices.
John Ramsay McCulloch
John Ramsay McCulloch (1 March 1789 – 11 November 1864) was a Scottish economist, author and editor, widely regarded as the leader of the Ricardian school of economists after the death of David Ricardo in 1823. He was appointed the first pr ...
included ''A Discourse...'' in his ''A Select Collection of Scarce and Valuable Tracts on Money''
(1856).
References
External links
''A Discourse of Coin and Coinage'' in plain text''A Discourse of Coin and Coinage'' in EPUB/Kindle/PDF formats
English economists
17th-century English writers
17th-century English male writers
Welsh economists
17th-century economic history
1670s deaths
Year of birth unknown
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