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The real “classical school” theory of the trade cycle

Colonel Robert Torrens (1780 --1864)

Colonel Robert Torrens (1780 –1864) demolished John Stuart Mill & Thomas Tooke on Trade Cycles in 1848.

“In 1848 Colonel Robert Torrens published a damning repudiation of the monetary views of John Stuart Mill and Thomas Tooke … Ten years later Torrens once again brought the subject into the public arena with a roaring defence of the monetary theory of the boom-bust cycle that was almost Austrian in its analysis.”