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ment monopoly on the issue of paper currency is a cheaper form of government borrowing than the issue of interest-bearing bills. Circulating Annuities (1800) also suggested a new type of paper currency, and in True Alarm (1801) he contributed to the raging BULLIONIST CONTROVERSY of the period by tracing the effects of excessive country bank issues on prices, as well as enunciating a theory of value based on utility. Of the Balance of Trade (1801) attacked MERCANTILISM, Defence of a Maximum (1801) advocated price controls for grain and Institute of Political Economy (1801-4) set out his views on the role and limits of government policy, as well as discussing whether political economy is an art or a science.<br /><em>Reference</em><br />Dinwoody, J. (1989) Bentham, Oxford: Oxford University Press.<br /> Stark, W (1955)Jeremy Bentham's Economic Writings, London: Allen & Unwin.
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geometric progression (C6)<br />A series of numbers which increases by a constant, or common, ratio, e.g. 2, 4, 8, 16, where 2 is the common ratio. MALTHus asserted that population grows according to this progression.<br /><em>See also:</em> arithmetic progression
<strong>Non-term-based institution</strong> – A school that measures its academic year in credit or clock hours rather than academic terms such as quarters or semesters.
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