John Stuart Mill (1806-1873) was the dominant figure of the latter English Classical
School of Political Economy. Though the school is known to be occupied predominantly
with the real rather than with the monetary phenomena, Mill’s monetary achievements
are far from negligible. In particular, Mill explains that it is credit that introduces
flexibility into the monetary system and enables the overall level of prices to shift.
These very important aspects of Mill's theory sadly seem to escape the attention of present
economists.