John Law
Scottish economist
Years: 1671 - 1729
John Law (baptised 21 April 1671 – died 21 March 1729) is a Scottish economist who believes that money is only a means of exchange that does not constitute wealth in itself and that national wealth depends on trade.
He is appointed Controller General of Finances of France under King Louis XV.
In 1716, Law establishes the Banque Générale in France, a private bank, but three-quarters of the capital consists of government bills and government-accepted notes, effectively making it the first central bank of the nation.
He is responsible for the Mississippi Bubble and a chaotic economic collapse in France.
Law, a gambler and a brilliant mental calculator, is known to win card games by mentally calculating the odds.
He originates economic ideas such as "The Scarcity Theory of Value" and the "Real bills doctrine".
