In this review essay, I explore the first two of a planned 10 volumes of Ben Fine’s selected journal publications. The two are broadly concerned with economics imperialism before and after a ‘watershed’ (before which it is recognised for what it is and after which it is less so). I first set out what Fine means by economics imperialism. I then discuss a few examples of what heterodox economists have been talking about insofar as they were not (quite) talking about economics imperialism. This provides a useful segue into the specifics of Fine’s writings across the two volumes, and in two subsections, I separately survey the volumes. Finally, I conclude with some comment on the sense of unfinished business that hangs over constructive change.
{"title":"Economics Imperialism then and now: Ben Fine on the Changing Relationship between Economics and the Other Social Sciences","authors":"Jamie Morgan","doi":"10.1093/cpe/bzae012","DOIUrl":"https://doi.org/10.1093/cpe/bzae012","url":null,"abstract":"\u0000 In this review essay, I explore the first two of a planned 10 volumes of Ben Fine’s selected journal publications. The two are broadly concerned with economics imperialism before and after a ‘watershed’ (before which it is recognised for what it is and after which it is less so). I first set out what Fine means by economics imperialism. I then discuss a few examples of what heterodox economists have been talking about insofar as they were not (quite) talking about economics imperialism. This provides a useful segue into the specifics of Fine’s writings across the two volumes, and in two subsections, I separately survey the volumes. Finally, I conclude with some comment on the sense of unfinished business that hangs over constructive change.","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141344719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A new and distinctive version of the credit theory of money is advanced by Samuel A. Chambers in his book Money Has No Value. The account of money sponsored by social positioning theory is an alternative perspective against which Chambers’ new credit theory can be productively compared. This review article draws out the differences between these competing theories of the nature of money. An examination of Chambers’ brief, largely dismissive, remarks on social positioning theory reveals a flawed conception of it. The social positioning theory of money is shown to be a coherent and explanatorily powerful account that is worthy of consideration alongside even the updated version of the credit theory supplied by Chambers.
塞缪尔-钱伯斯（Samuel A. Chambers）在其著作《金钱没有价值》（Money Has No Value）中提出了一种新的、独特的货币信用理论。钱伯斯的新信用理论可以与社会定位理论提出的货币理论进行有效比较。这篇评论文章指出了这些相互竞争的货币本质理论之间的差异。通过研究钱伯斯对社会定位理论的简短评论（主要是轻蔑性评论），我们可以发现钱伯斯对社会定位理论的概念存在缺陷。文章指出，货币的社会定位理论是一个连贯的、具有强大解释力的理论，甚至值得与钱伯斯提供的信用理论的最新版本并列考虑。
{"title":"Money and Its Body in the Social Positioning and Credit Perspectives: Review Article of Samuel A. Chambers’ Money has No Value","authors":"Stephen Pratten","doi":"10.1093/cpe/bzae010","DOIUrl":"https://doi.org/10.1093/cpe/bzae010","url":null,"abstract":"\u0000 A new and distinctive version of the credit theory of money is advanced by Samuel A. Chambers in his book Money Has No Value. The account of money sponsored by social positioning theory is an alternative perspective against which Chambers’ new credit theory can be productively compared. This review article draws out the differences between these competing theories of the nature of money. An examination of Chambers’ brief, largely dismissive, remarks on social positioning theory reveals a flawed conception of it. The social positioning theory of money is shown to be a coherent and explanatorily powerful account that is worthy of consideration alongside even the updated version of the credit theory supplied by Chambers.","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141355626","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Origins and Dynamics of Inequality: Sex, Politics, and Ideology","authors":"Robert H. Wade","doi":"10.1093/cpe/bzae001","DOIUrl":"https://doi.org/10.1093/cpe/bzae001","url":null,"abstract":"","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140659757","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article revisits J.R. Commons’ The Legal Foundations of Capitalism (LFC), published 100 years ago, from an interdisciplinary point of view. It explains and contextualizes Commons’ approach, introduces key concepts and core arguments of the book, and links these to contemporary scholarly work and debates. The aim is to make Commons’ ideas more accessible and to demonstrate their continued relevance for discussions on the role of law in political economy.
{"title":"The Place of Law In Political Economy. J.R.Commons’ Legal Foundations of Capitalism at 100: A Retrospective Article","authors":"Sabine Frerichs","doi":"10.1093/cpe/bzad023","DOIUrl":"https://doi.org/10.1093/cpe/bzad023","url":null,"abstract":"\u0000 This article revisits J.R. Commons’ The Legal Foundations of Capitalism (LFC), published 100 years ago, from an interdisciplinary point of view. It explains and contextualizes Commons’ approach, introduces key concepts and core arguments of the book, and links these to contemporary scholarly work and debates. The aim is to make Commons’ ideas more accessible and to demonstrate their continued relevance for discussions on the role of law in political economy.","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139623439","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This is a review article* of a book celebrating Pasinetti’s 90th birthday in 2020, Pasinetti and the Classical Keynesians: Nine Methodological Issues, edited by Enrico Bellino and Sebastiano Nerozzi. His demise in 2023 is, of course regrettable - but it is no excuse for giving a view of a book that was published in his lifetime. The view expressed in this Review Article considers Pasinetti as a vintage member of the Cambridge Keynesian Group, which encompasses, in addition to those near Keynes, those second-generation scholars who also made a contribution—sometimes decisive—to various aspects of Keynesian Economics.
{"title":"Pasinetti on The Cambridge Keynesians*","authors":"K. V. Velupillai","doi":"10.1093/cpe/bzad022","DOIUrl":"https://doi.org/10.1093/cpe/bzad022","url":null,"abstract":"\u0000 This is a review article* of a book celebrating Pasinetti’s 90th birthday in 2020, Pasinetti and the Classical Keynesians: Nine Methodological Issues, edited by Enrico Bellino and Sebastiano Nerozzi. His demise in 2023 is, of course regrettable - but it is no excuse for giving a view of a book that was published in his lifetime. The view expressed in this Review Article considers Pasinetti as a vintage member of the Cambridge Keynesian Group, which encompasses, in addition to those near Keynes, those second-generation scholars who also made a contribution—sometimes decisive—to various aspects of Keynesian Economics.","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139443635","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Kalecki’s ‘Political Aspects of Full Employment’ is a classic work of political economy, showing how full employment may be obtained by fiscal policy. However, full employment challenges key institution of capitalism, in the labour market evoking resistance from business and finance and the possibility of a political business cycle. The paper compares Kalecki’s vision of full employment with that of Keynes and the contribution of mass unemployment to fascism. The paper argues that Kalecki saw full employment as a transition to socialism.
{"title":"Political Aspects of Full Employment’ in Retrospect","authors":"J. Toporowski","doi":"10.1093/cpe/bzad021","DOIUrl":"https://doi.org/10.1093/cpe/bzad021","url":null,"abstract":"Kalecki’s ‘Political Aspects of Full Employment’ is a classic work of political economy, showing how full employment may be obtained by fiscal policy. However, full employment challenges key institution of capitalism, in the labour market evoking resistance from business and finance and the possibility of a political business cycle. The paper compares Kalecki’s vision of full employment with that of Keynes and the contribution of mass unemployment to fascism. The paper argues that Kalecki saw full employment as a transition to socialism.","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45042035","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article revisits the main themes and theories that Keynes presented in the Tract on Monetary Reform one hundred years ago. It argues that the Tract remains highly relevant today for mainly three reasons. First, the Tract remains relevant as one of the four major monetary works that represent the evolution of Keynes’ monetary thought. Second, the Tract contains theories that were and continue to be important in their own right, especially since they may not have received any attention in the General Theory. Third, the Tract developed policy ideas and proposals that describe common practices of central banks around the world today. In fact, one hundred years later, it is fair to say that modern civilization includes Keynes’ mantra of the Tract as one of its tenets: that a managed currency is inevitable.
{"title":"J.M. Keynes’ Tract on Monetary Reform (1923) After 100 Years—A Retrospective","authors":"Jörg Bibow","doi":"10.1093/cpe/bzad020","DOIUrl":"https://doi.org/10.1093/cpe/bzad020","url":null,"abstract":"\u0000 This article revisits the main themes and theories that Keynes presented in the Tract on Monetary Reform one hundred years ago. It argues that the Tract remains highly relevant today for mainly three reasons. First, the Tract remains relevant as one of the four major monetary works that represent the evolution of Keynes’ monetary thought. Second, the Tract contains theories that were and continue to be important in their own right, especially since they may not have received any attention in the General Theory. Third, the Tract developed policy ideas and proposals that describe common practices of central banks around the world today. In fact, one hundred years later, it is fair to say that modern civilization includes Keynes’ mantra of the Tract as one of its tenets: that a managed currency is inevitable.","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48064769","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Oscar Wilde suggests that a book on which critics are agreed must be a ‘very obvious and shallow production’. This review article on Anna Carabelli’s 2021 book (a volume which helpfully draws together the fruits of her more than forty years’ research into Keynes’s method and ways of thought) involves five books that seem to invite the critical dissent that Wilde would have applauded. In her book, Carabelli displays her customary scholarship in writing about Keynes himself but is briskly dismissive of almost all commentators on his treatment of uncertainty and method. In what may be termed a fourth degree of comment - commenting on her comments on others’ comments on Keynes - I take issue with some of her attacks, especially over the extent to which Keynes regarded convention as a stabilising factor and over whether Keynes is misinterpreted by ‘followers of Hume’. A puzzle Carabelli seems to miss concerns which Hume is leading these ‘followers’ – in terms of current controversy, the ‘old’, the ‘new’ or perhaps yet another Hume. The nature of Hume’s own response to his famous sceptical challenge to inductive reasoning is in dispute, and it is contentious which of his two major works better shows this. Also subject to fierce debate is the relation of the philosophy in Keynes’s 1921 Treatise on Probability to the economics in his 1936 General Theory. Carabelli’s detailed history of thought perspective on how Keynes’s ideas grew encounters both rival historical slants and comment from a more purely analytical angle.
{"title":"DEGREES OF COMMENT ON KEYNES ON UNCERTAINTY: REVIEW ARTICLE ON <i>KEYNES ON UNCERTAINTY AND TRAGIC HAPPINESS: COMPLEXITY AND EXPECTATIONS</i> BY ANNA M. CARABELLI","authors":"J Gay Meeks","doi":"10.1093/cpe/bzad019","DOIUrl":"https://doi.org/10.1093/cpe/bzad019","url":null,"abstract":"Abstract Oscar Wilde suggests that a book on which critics are agreed must be a ‘very obvious and shallow production’. This review article on Anna Carabelli’s 2021 book (a volume which helpfully draws together the fruits of her more than forty years’ research into Keynes’s method and ways of thought) involves five books that seem to invite the critical dissent that Wilde would have applauded. In her book, Carabelli displays her customary scholarship in writing about Keynes himself but is briskly dismissive of almost all commentators on his treatment of uncertainty and method. In what may be termed a fourth degree of comment - commenting on her comments on others’ comments on Keynes - I take issue with some of her attacks, especially over the extent to which Keynes regarded convention as a stabilising factor and over whether Keynes is misinterpreted by ‘followers of Hume’. A puzzle Carabelli seems to miss concerns which Hume is leading these ‘followers’ – in terms of current controversy, the ‘old’, the ‘new’ or perhaps yet another Hume. The nature of Hume’s own response to his famous sceptical challenge to inductive reasoning is in dispute, and it is contentious which of his two major works better shows this. Also subject to fierce debate is the relation of the philosophy in Keynes’s 1921 Treatise on Probability to the economics in his 1936 General Theory. Carabelli’s detailed history of thought perspective on how Keynes’s ideas grew encounters both rival historical slants and comment from a more purely analytical angle.","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134983662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Empirical work on stock market data, coupled with behavioural findings on corporate decision-making, have produced a set of challenges for orthodox macroeconomics. This paper critically considers the work of Andrew Smithers and related contributions, the insights from which have largely been ignored in consensus economics. Key features of this alternative framework are a rejection of efficient markets; a distinction between market and fundamental value of assets; the need to consider multiple financial assets; perverse effects of managerial compensation; the heterogeneity of economic actors; and behavioural theories of corporate decisions. The way that these facets are unified in a coherent critique marks Smithers out as an original thinker. But his work should also be seen in the context of past and contemporary authors who have attempted to incorporate firms and shareholders into economic theory. Despite the broad historical sweep of his work, Smithers has surprisingly little to say about political economy. Apart from references to executive compensation, his account does not differentiate much between the managerial capitalism and the era of shareholder value that has characterized major Anglophone countries since the 1980s. The result of this is that doubts remain over elements of his theory and that some policy implications are uncertain or unexplored.
{"title":"Macroeconomics with Firms and Stock Markets","authors":"C. Driver","doi":"10.1093/cpe/bzad018","DOIUrl":"https://doi.org/10.1093/cpe/bzad018","url":null,"abstract":"\u0000 Empirical work on stock market data, coupled with behavioural findings on corporate decision-making, have produced a set of challenges for orthodox macroeconomics. This paper critically considers the work of Andrew Smithers and related contributions, the insights from which have largely been ignored in consensus economics. Key features of this alternative framework are a rejection of efficient markets; a distinction between market and fundamental value of assets; the need to consider multiple financial assets; perverse effects of managerial compensation; the heterogeneity of economic actors; and behavioural theories of corporate decisions. The way that these facets are unified in a coherent critique marks Smithers out as an original thinker. But his work should also be seen in the context of past and contemporary authors who have attempted to incorporate firms and shareholders into economic theory. Despite the broad historical sweep of his work, Smithers has surprisingly little to say about political economy. Apart from references to executive compensation, his account does not differentiate much between the managerial capitalism and the era of shareholder value that has characterized major Anglophone countries since the 1980s. The result of this is that doubts remain over elements of his theory and that some policy implications are uncertain or unexplored.","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44391968","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Journal Article A Modern Guide to Post-Keynesian Institutional Economics Get access Charles J. Whalen (ed.), A Modern Guide to Post-Keynesian Institutional Economics, Edward Elgar, Cheltenham (UK), 2022 ISBN: 1800885741 PP Emilio Carnevali, Emilio Carnevali Room 201, CCE1 Building, Northumbria University, Newcastle Upon Tyne, NE1 8ST, UK Search for other works by this author on: Oxford Academic Google Scholar Giuseppe Fontana Giuseppe Fontana University of LeedsUniversity of Sannio Search for other works by this author on: Oxford Academic Google Scholar Contributions to Political Economy, bzad015, https://doi.org/10.1093/cpe/bzad015 Published: 15 June 2023 Article history Received: 16 May 2023 Accepted: 24 May 2023 Published: 15 June 2023
{"title":"A Modern Guide to Post-Keynesian Institutional Economics","authors":"Emilio Carnevali, Giuseppe Fontana","doi":"10.1093/cpe/bzad015","DOIUrl":"https://doi.org/10.1093/cpe/bzad015","url":null,"abstract":"Journal Article A Modern Guide to Post-Keynesian Institutional Economics Get access Charles J. Whalen (ed.), A Modern Guide to Post-Keynesian Institutional Economics, Edward Elgar, Cheltenham (UK), 2022 ISBN: 1800885741 PP Emilio Carnevali, Emilio Carnevali Room 201, CCE1 Building, Northumbria University, Newcastle Upon Tyne, NE1 8ST, UK Search for other works by this author on: Oxford Academic Google Scholar Giuseppe Fontana Giuseppe Fontana University of LeedsUniversity of Sannio Search for other works by this author on: Oxford Academic Google Scholar Contributions to Political Economy, bzad015, https://doi.org/10.1093/cpe/bzad015 Published: 15 June 2023 Article history Received: 16 May 2023 Accepted: 24 May 2023 Published: 15 June 2023","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134891943","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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