John Law (economist)

John Law was a Scottish economist who distinguished money, only a means of exchange, from national wealth that depended on trade. He served as Controller General of Finances of France under the Duke of Orleans, who was regent for the youthful king, Louis XV. Law is most associated with the collapse of the Mississippi Bubble, his inflationary stock scheme based on the supposed value of Louisiana lands that resulted in a severe economic downturn in France.