From Threadneedle Street, Alan Taylor emails that he believes that Thomas Attwood in 1817 has priority over John Stuart Mill in 1829 in figuring out the importance of financial market mechanisms in causing a "general glut":
FYI: Thomas Attwood in 1817: http://books.google.com/books?id=IcFHAAAAIAAJ&printsec=frontcover&dq=thomas+attwood&hl=en&ei=DGVFTOLMEoS0lQeNq-XEBA&sa=X&oi=book_result&ct=result&resnum=5&ved=0CEEQ6AEwBA#v=onepage&q&f=false See pages 28-42 ish -- especially 34-35...
Published on July 20, 2010 16:44