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John Law (1671 - 1729)
John Law (baptised 21 April 1671 – 21 March 1729) was a Scottish economist who distinguished money, a means of exchange, from national wealth dependent on trade. He originated ideas such as the scarcity theory of value and the real bills doctrine. He held that money creation stimulated an economy, paper money was preferable to metal, and dividend-paying shares a superior form of money. The term "millionaire" was coined for beneficiaries of Law's scheme.
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