In addition to his political activities, Attwood laid claim to competence as an economist, based on his experience in banking and his observation of industrial practices in Birmingham. He focused most of his attention on the gold standard and its inhibitory effect on the growth of the economy. Long before the development of modern schools of economic theory, Attwood sought the regulation of business through control of the money supply. He was unsuccessful in his challenge to the Ricardian school, which promised stability through a gold based economy, and died disillusioned. Birmingham became identified with his brand of economic theory and a succession of economists followed his lead into the national arena.