on economic matters, including overhauling the monetary system of Santo Domingo. He prepared an abridgment of John Stuart Mill's Political Economy (1884) and wrote many important books on macroeconomics and monetary policy. He died at his home in Jaffrey, New Hampshire on November 28, 1933. Reception One of Laughlin's students at the University of Chicago was the American economist Wesley Clair Mitchell (1874–1948), who recalled: Professor Laughlin's indubitable success as a teacher puzzled many who did not pass through his classroom. He was not an original thinker of great power. He did not enrich economics. He did not even keep abreast of current developments in economic theory. He had a prim and tidy mind, which he kept in perfect order by admitting nothing that did not harmonize with the furnishings installed in the 1880s. Yet he held that a teacher's aim should be "the acquisition of independent power and methods of work, rather than specific beliefs. According to Milton Friedman (1987) Laughlin's scholarly work "was almost entirely in the field of money and banking." Friedman summarized: Much of it, notably his History of Bimetallism in the United States (1885), consisted of a thorough and extremely careful presentation of historical evidence on the development of money and monetary institutions. But Laughlin also wrote extensively on monetary and banking theory, and on proposals for monetary reform. His work on these topics was marred by a dogmatic and rigid opposition to the quantity theory of money, an opposition that developed out of his public activities opposing the free silver movement. The proponents of free silver used a crude form of the quantity theory to support their position, which sufficed to render the theory anathema to Laughlin. And furthermore: Laughlin's attack on the quantity theory had much in common with recent cost-push or structural or supply-shock theories of inflation, in emphasizing the role of factors affecting specific goods and services rather than general monetary influences. Then, as now, such theories ran against the major stream of monetary analysis as exemplified in Laughlin's time by the work of Irving Fisher. As a result, his writings on theory have had no lasting influence on economic thought. Selected publication The Study of Political Economy (1885) History of Bimetallism in the United States (1886) Elements of Political Economy (1887; revised edition, 1902, 1915) Facts about Money (1895) Credit (1902) Principles of Money (1903) Reciprocity (1903), with H. P.