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The New School in New York City describes John Law as an “economist, gambler, banker, murderer, royal advisor, exile, rake, and adventurer.” The great economist Alfred Marshall also said he was “reckless, and unbalanced, but most fascinating genius.”

John Law’s Early Life

John Law was born in 1671. He came from a family of Scottish bankers that owned Lauriston Castle and its considerable estate in Aberdeenshire. His was a privileged background growing up in a house that overlooked the Firth of Forth.

At the age of 14 he was already working in the family business but left to gain an education in political economy, economics, and banking in London.

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