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In Monetary Theory and Policy from Hume and Smith to Wicksell, Arie Arnon explains the history of monetary theory and policy from the 18th century to the early 20th. Starting with Hume and his Price-Specie Flow Mechanism and by explaining each time the montary and financial context, Arnon depicts the different schools of monetary tought : the Real Bills Doctrine, the Quantity Theory, the Banking School, the Currency School, the Free Banking school etc. For each school or author, he explains how they integrated money in their theory, what they wanted to implement as policy and why and also how they explain and include credit and the role of the rate of interest. The main narrative of his book is the central banking theory, its theorization to its implementation.