History of economic thought until the 20th century. In 1516 English humanist Sir Thomas More (1478–1535) published "Utopia", which describes an ideal society where land is owned in common and there is universal education and religious tolerance, inspiring the English Poor Laws (1587) and the communism-socialism movement. In 1517 Polish astronomer Nicolaus Copernicus (1473–1543) published the first known argument for the quantity theory of money. In 1519 he also published the first known form of Gresham's Law: "Bad money drives out good". In 1568 Jean Bodin (1530–1596) of France published "Reply to Malestroit", containing the first known analysis of inflation, which he claimed was
Say's law real shocks cause recessions and that the market responds efficiently to these real economic shocks. Paul Krugman dismisses Say's law as, "at best, a useless tautology when individuals have the option of accumulating money rather than purchasing real goods and services". It is not easy to say what exactly Say's law says about the role of money apart from the claim that recession is not caused by lack of money. The phrase "products are paid for with products" is taken to mean that Say has a barter model of money; contrast with circuitist and post-Keynesian monetary theory. One can read