The focal point of this paper is the notion of the dominant technique and its treatment in the theories of value and distribution. Our argument is that neither the average nor the minimum cost production are necessarily identified with the dominant technique in an industry. The dominant technique is in fact approximated with the types of capital, where expansion or contraction of accumulation actually takes place, and in this sense, the dominant is perceived as marginal technique used by firms entering (or leaving), and, therefore, expanding (or contracting) industry’s supply. Such a concept is absolutely consistent with the classical theory of value and is at odds with the neoclassical (not necessarily Marshall’s) theory despite of the adoption of marginal analysis.
{"title":"Classical Economists, Marx and Marshall on Dominant Technique","authors":"P. Tsaliki, Lefteris Tsoulfidis","doi":"10.3280/SPE2015-002002","DOIUrl":"https://doi.org/10.3280/SPE2015-002002","url":null,"abstract":"The focal point of this paper is the notion of the dominant technique and its treatment in the theories of value and distribution. Our argument is that neither the average nor the minimum cost production are necessarily identified with the dominant technique in an industry. The dominant technique is in fact approximated with the types of capital, where expansion or contraction of accumulation actually takes place, and in this sense, the dominant is perceived as marginal technique used by firms entering (or leaving), and, therefore, expanding (or contracting) industry’s supply. Such a concept is absolutely consistent with the classical theory of value and is at odds with the neoclassical (not necessarily Marshall’s) theory despite of the adoption of marginal analysis.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"19 1","pages":"21-36"},"PeriodicalIF":0.0,"publicationDate":"2015-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70146161","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}
The paper aims to understand if the First Oil Shock has produced long-term effects to the international economic system and its fundamentals. Herein a historical perspective will be used as an interpretative tool in order to discern the causes of the events of 1973 and its long-term consequences on the world economy during the four decades following the First Oil Shock. The circumstances and the causes that led to the shock, the events during the conflict, and the changes in the structure of the energy market, play a key role for the analysis and will be investigated according to the historical specificity. In the end, a statistical analysis is developed in order to shed light on the oil price GDP growth conundrum, to discover that for economic growth, volatility matters more than the average price of oil.
{"title":"Puzzling Out The First Oil Shock. History, Politics and the Macroeconomy in a Forty-Year Retrospective","authors":"Giovanni Covi","doi":"10.3280/SPE2015-002004","DOIUrl":"https://doi.org/10.3280/SPE2015-002004","url":null,"abstract":"The paper aims to understand if the First Oil Shock has produced long-term effects to the international economic system and its fundamentals. Herein a historical perspective will be used as an interpretative tool in order to discern the causes of the events of 1973 and its long-term consequences on the world economy during the four decades following the First Oil Shock. The circumstances and the causes that led to the shock, the events during the conflict, and the changes in the structure of the energy market, play a key role for the analysis and will be investigated according to the historical specificity. In the end, a statistical analysis is developed in order to shed light on the oil price GDP growth conundrum, to discover that for economic growth, volatility matters more than the average price of oil.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"57-91"},"PeriodicalIF":0.0,"publicationDate":"2015-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70146510","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":"Alexandre Lamfalussy (1929 - 2015)","authors":"I. Maes","doi":"10.3280/SPE2015-002007","DOIUrl":"https://doi.org/10.3280/SPE2015-002007","url":null,"abstract":"","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"153-158"},"PeriodicalIF":0.0,"publicationDate":"2015-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70146618","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":"Aurelio Macchioro (1915-2015)","authors":"C. Redazione","doi":"10.3280/spe2015-002008","DOIUrl":"https://doi.org/10.3280/spe2015-002008","url":null,"abstract":"","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"159-162"},"PeriodicalIF":0.0,"publicationDate":"2015-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70146705","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":"Knowledge, Markets and Governance: Adam Smith’s Project Reconsidered","authors":"Masazumi Wakatabe","doi":"10.3280/SPE2015-001001","DOIUrl":"https://doi.org/10.3280/SPE2015-001001","url":null,"abstract":"","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"5-20"},"PeriodicalIF":0.0,"publicationDate":"2015-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70145953","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 Scandalous Neglect of the Entrepreneur in Economic Theory : on the Role of Individual Entrepreneurial Action in Economics.","authors":"S. Kates","doi":"10.3280/SPE2015-001005","DOIUrl":"https://doi.org/10.3280/SPE2015-001005","url":null,"abstract":"","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"83-98"},"PeriodicalIF":0.0,"publicationDate":"2015-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70145988","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 Manpower Forecasting Approach. Notes in Retrospect","authors":"Stefano Spalletti","doi":"10.3280/SPE2015-001003","DOIUrl":"https://doi.org/10.3280/SPE2015-001003","url":null,"abstract":"","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"39-57"},"PeriodicalIF":0.0,"publicationDate":"2015-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70145975","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 Evolution of Banking and Central Banking in Modern Greece: A Historical Retrospect","authors":"S. Lazaretou","doi":"10.3280/SPE2015-001004","DOIUrl":"https://doi.org/10.3280/SPE2015-001004","url":null,"abstract":"","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"59-82"},"PeriodicalIF":0.0,"publicationDate":"2015-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70146378","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":"Glimpses of Henry Schultz in Mussolini's 1934 Italy","authors":"O. Bjerkholt, D. Parisi","doi":"10.3280/spe2015-002005","DOIUrl":"https://doi.org/10.3280/spe2015-002005","url":null,"abstract":"","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"4 1","pages":"93-113"},"PeriodicalIF":0.0,"publicationDate":"2015-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70146534","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}
Evidence of the evolution of ideas on central bank transparency can be found in the central bankersO speeches during the period 1997-2012. Exploratory analysis of the central bankersO speeches provides an overview of their use of language: speeches define the historical evolution of central banksO discourses, and thus suggest how the concept of transparency has evolved. The paper invites reconsideration of the role of central banksO transparency through analysis of central bankersO speeches and their use of language as a part of their communication framework. While literature on transparency indexes shows increasing central bank transparency, the semantic area of transparency in central bankersO speeches changed over the period 1997-2012. The paper investigates this evolution until recent shift towards new semantic areas pertaining more to the financial and real economy than to traditional inflation concerns.
{"title":"Central Banks’ Transparency: Words as Signals","authors":"Francesco Cendron, Gianfranco Tusset","doi":"10.3280/SPE2014-002003","DOIUrl":"https://doi.org/10.3280/SPE2014-002003","url":null,"abstract":"Evidence of the evolution of ideas on central bank transparency can be found in the central bankersO speeches during the period 1997-2012. Exploratory analysis of the central bankersO speeches provides an overview of their use of language: speeches define the historical evolution of central banksO discourses, and thus suggest how the concept of transparency has evolved. The paper invites reconsideration of the role of central banksO transparency through analysis of central bankersO speeches and their use of language as a part of their communication framework. While literature on transparency indexes shows increasing central bank transparency, the semantic area of transparency in central bankersO speeches changed over the period 1997-2012. The paper investigates this evolution until recent shift towards new semantic areas pertaining more to the financial and real economy than to traditional inflation concerns.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"49-76"},"PeriodicalIF":0.0,"publicationDate":"2014-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70145850","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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