Thomas Tooke (1774-1858) is the economist whom we might want to call the father of
the income theory of money. The reason is that he was the first to consistently link nominal
prices to nominal incomes. It is with him, too, that we first find, side by side, both
the idea of prices formed by nominal streams meeting the real supplies of goods, and the
concept of endogenous money. It is by right that Tooke’s monetary theory received
some fresh attention from economists recently