Henry Dunning Macleod

[2] In 1843 Macleod was entered as a student at Inner Temple, travelled in Europe, and in 1849 was called to the English bar.

[15] Macleod's principal contribution to the study of economics consists in his work on the theory of credit, to which he was the first to give due prominence.

[17] In his 1954 History of Economic Analysis, Joseph Schumpeter mentions Macleod:[18] The English leaders from Thornton to Mill did explore the credit structure, and in doing so made discoveries that constitute their chief contributions to monetary analysis but could not be adequately stated in terms of the monetary theory of credit.

But they remained so completely outside of the pale of recognized economics... Then, Schumpeter concludes:[19] Henry Dunning Macleod [...] was an economist of many merits who somehow failed to achieve recognition, or even to be taken quite seriously, owing to his inability to put his many good ideas in a professionally acceptable form.It was Macleod who coined in 1857 the term "Gresham's law".

[20][4] For a judicious discussion of the value of Macleod's writings, see an article on "The Revolt against Orthodox Economics" in the Quarterly Review for October 1901 (no.