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The Genesis of Macroeconomics. New Ideas from Sir William Petty to Henry Thornton

with the real capital of the economy, thus introducing confusion in the analysis of the role of the banking system and in the theory of the interest rate and its relationship with the rate of profit (see Panico 1988: 30–45 and 70–81). Tooke’s theory of money, interest and profit, was thus left in an unsettled state, but it can be consistently presented today. In a convertible monetary regime, where the official gold parity must be used to normalise the price system, further work can be done to reproduce the economy and the events considered by Tooke. In an inconvertible monetary regime, his ‘adding up’ determination of commodity prices can be made compatible with Ricardo’s theory of distribution, if the money wage rate is used to normalise the price system and is taken as given, determining the real wage rate as a residual variable. Smith (2011: 31–4, 37–9, 122, 166–72 and 222–4) suggests that in Tooke’s writings there is evidence that he would not deny this possibility. Yet, he never clarified this point.