{"title":"Towards a History of European Economic Thought: an Introductory Note","authors":"A. Magliulo","doi":"10.3280/SPE2019-001001","DOIUrl":"https://doi.org/10.3280/SPE2019-001001","url":null,"abstract":"","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49443812","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 Role of the State in the Economic Policy and Thought of Bulgaria and Turkey during the Interwar Period","authors":"Pencho D. Penchev, M. Özgür","doi":"10.3280/SPE2019-001004","DOIUrl":"https://doi.org/10.3280/SPE2019-001004","url":null,"abstract":"","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42399821","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}
Many associate Judith Tendler to her more famous teacher and mentor Albert Hirschman. This article contrasts her intellectual figure against the background of Hirschman’s world famous ideas and methods, describing her main contributions to this tradition. For more than 40 years Tendler has worked in development economics first as a research analyst and advisor to international development agencies; subsequently as a university professor at the MIT department of planning. Her academic and professional production prove in real world situations the usefulness of Hirschman’s main economic constructs - linkages, inducement mechanisms, and latitude in performance - as tools for policy evaluation, analysis and design. The very personal methods she employed in research and professional work testify how this approach re-interprets the figure of the policy maker, requiring from her higher competence, creativity, and sophistication.
{"title":"In good intellectual company: how Judith Tendler interpreted and extended Albert Hirschman's tradition","authors":"T. Bianchi","doi":"10.3280/SPE2018-002005","DOIUrl":"https://doi.org/10.3280/SPE2018-002005","url":null,"abstract":"Many associate Judith Tendler to her more famous teacher and mentor Albert Hirschman. This article contrasts her intellectual figure against the background of Hirschman’s world famous ideas and methods, describing her main contributions to this tradition. For more than 40 years Tendler has worked in development economics first as a research analyst and advisor to international development agencies; subsequently as a university professor at the MIT department of planning. Her academic and professional production prove in real world situations the usefulness of Hirschman’s main economic constructs - linkages, inducement mechanisms, and latitude in performance - as tools for policy evaluation, analysis and design. The very personal methods she employed in research and professional work testify how this approach re-interprets the figure of the policy maker, requiring from her higher competence, creativity, and sophistication.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44428968","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}
We analyze the content of four articles by John Bates Clark published between 1878 and 1887, during his Christian Socialist period in order to show that next to the marginalist Clark and beyond the neoclassical principles outlined in The Distribution of Wealth, the whole Clark’s work is a strongly coherent body, deeply rooted in positions less extreme than the ones held by more reformer-minded economists like Richard T. Ely or John R. Commons containing an array of different contributions to political economy displaying a certain originality and coherence, and enrolling in a thematic environment that today would be broadly defined as social economy. In particular, the main ideas emerging from this selection of papers are his organismic idea of society, the role of moral forces in shaping economic activity, and his promotion of profit sharing and cooperation as better regimes for production and distribution with respect to competition.
{"title":"John Bates Clark: the first American marginalist as a social economist","authors":"Luciano Messori, Raimondello Orsini","doi":"10.3280/SPE2018-002002","DOIUrl":"https://doi.org/10.3280/SPE2018-002002","url":null,"abstract":"We analyze the content of four articles by John Bates Clark published between 1878 and 1887, during his Christian Socialist period in order to show that next to the marginalist Clark and beyond the neoclassical principles outlined in The Distribution of Wealth, the whole Clark’s work is a strongly coherent body, deeply rooted in positions less extreme than the ones held by more reformer-minded economists like Richard T. Ely or John R. Commons containing an array of different contributions to political economy displaying a certain originality and coherence, and enrolling in a thematic environment that today would be broadly defined as social economy. In particular, the main ideas emerging from this selection of papers are his organismic idea of society, the role of moral forces in shaping economic activity, and his promotion of profit sharing and cooperation as better regimes for production and distribution with respect to competition.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41774161","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}
Contrary to what is accepted in many quarters, John M. Keynes actually rejected Frank Ramsey’s subjective theory of probability, in general. He did accept, though, Ramsey’s betting quotient approach, but only in the special case where the weight of the evidence w equaled 1, so that all the probabilities were linear, additive, single number answers. In general, however, Keynes’s probabilities were indeterminate, that is, interval valued with the characteristic of being non-additive and nonlinear because the weight of evidence w was generally less than 1. The Boolean roots of Keynes’s approach to probability and his often-neglected exchanges with Hugh Townshend in 1937-38 provide strong evidence that Keynes never changed his mind on the subjective approach to probability. It is shown that, for Ramsey, the degree of belief is the confidence a decision maker has in the betting odds while, for Keynes, it is the degree of ‘rational’ or logical belief based on George Boole’s logic of propositions.
{"title":"Boole, Ramsey and the Keynes-Townshend exchanges on subjective probability","authors":"Rogério Arthmar, M. E. Brady","doi":"10.3280/SPE2018-002003","DOIUrl":"https://doi.org/10.3280/SPE2018-002003","url":null,"abstract":"Contrary to what is accepted in many quarters, John M. Keynes actually rejected Frank Ramsey’s subjective theory of probability, in general. He did accept, though, Ramsey’s betting quotient approach, but only in the special case where the weight of the evidence w equaled 1, so that all the probabilities were linear, additive, single number answers. In general, however, Keynes’s probabilities were indeterminate, that is, interval valued with the characteristic of being non-additive and nonlinear because the weight of evidence w was generally less than 1. The Boolean roots of Keynes’s approach to probability and his often-neglected exchanges with Hugh Townshend in 1937-38 provide strong evidence that Keynes never changed his mind on the subjective approach to probability. It is shown that, for Ramsey, the degree of belief is the confidence a decision maker has in the betting odds while, for Keynes, it is the degree of ‘rational’ or logical belief based on George Boole’s logic of propositions.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46016382","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}
Corporate Finance is a fashionable field in schools of Economics throughout the World. Although the main epistemological break to identify its scientific character may be established in the decade of the 1950s, this paper demonstrates how much developed financial thought there was in Europe before the First World War. Thanks to considerable growth of international trade, corporations, and multinationals (i.e. rising globalization) during this phase of European civilization, Stock Exchanges flourished in all European countries. Philosophers, businessmen, professors, and lawyers disseminated their burgeoning erudition in financial knowledge, and several authors made large contributions in books devoted to legal features of human economic actions, and in textbooks devoted to political economy.
{"title":"Finance, a New Old Science","authors":"M. E. Mata, J. Costa, D. Justino","doi":"10.3280/SPE2018-002004","DOIUrl":"https://doi.org/10.3280/SPE2018-002004","url":null,"abstract":"Corporate Finance is a fashionable field in schools of Economics throughout the World. Although the main epistemological break to identify its scientific character may be established in the decade of the 1950s, this paper demonstrates how much developed financial thought there was in Europe before the First World War. Thanks to considerable growth of international trade, corporations, and multinationals (i.e. rising globalization) during this phase of European civilization, Stock Exchanges flourished in all European countries. Philosophers, businessmen, professors, and lawyers disseminated their burgeoning erudition in financial knowledge, and several authors made large contributions in books devoted to legal features of human economic actions, and in textbooks devoted to political economy.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"23 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70146589","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 controversy between Keynes and Hayek is one of the most renown in economics. Although it is now almost a century old, it does gather momentum from time to time, especially during periods of crisis when decision-makers are looking for policy solutions. However, in academic writings the actual debate did not and cannot find a common ground. I aim to show in the present article that at the center of the controversy is not a logical fallacy in the theoretical apparatus of either of the two economists, but the empirical premises which they took for granted. While Hayek believed that the market will tend towards equilibrium, and that real life conditions actually approximate this, Keynes considered that the market can be stuck in a partial equilibrium compatible with unemployment. I will further argue that subsequent developments attempt to move the debate in a whole new direction rather than solve this central issue.
{"title":"Why the Keynes-Hayek Macro Debate Cannot be won by either Side","authors":"Alexandru Pătruți","doi":"10.3280/SPE2018-002006","DOIUrl":"https://doi.org/10.3280/SPE2018-002006","url":null,"abstract":"The controversy between Keynes and Hayek is one of the most renown in economics. Although it is now almost a century old, it does gather momentum from time to time, especially during periods of crisis when decision-makers are looking for policy solutions. However, in academic writings the actual debate did not and cannot find a common ground. I aim to show in the present article that at the center of the controversy is not a logical fallacy in the theoretical apparatus of either of the two economists, but the empirical premises which they took for granted. While Hayek believed that the market will tend towards equilibrium, and that real life conditions actually approximate this, Keynes considered that the market can be stuck in a partial equilibrium compatible with unemployment. I will further argue that subsequent developments attempt to move the debate in a whole new direction rather than solve this central issue.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42139818","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}
Since the start of the Euro crisis there has been an abundance of literature that identifies an ordoliberal Europe with the politics of austerity. This literature is confronted by the paradox that the Euro is a stateless currency. Ordoliberalism holds that economic orders are politically constituted and sustained. The article contends that the exploration of ordoliberal principles of economic constitution and Ordnungspolitik uncovers the crucial role of the member states in monetary union. What monetary union integrates is the role of the state in establishing and sustaining a framework for the domestic conduct of economic activity. In detail, in monetary union the democratically constituted member states assume the role of federated executive states of European money, which governs the decentralised relations of competitive adjustment in territorialised labour markets. The European economic order depends on the commitment and capacity of the member states to make it work within their jurisdictions.
{"title":"Stateless Money and State Power: Europe as ordoliberal Ordnungsgefüge","authors":"W. Bonefeld","doi":"10.3280/SPE2018-001001.","DOIUrl":"https://doi.org/10.3280/SPE2018-001001.","url":null,"abstract":"Since the start of the Euro crisis there has been an abundance of literature that identifies an ordoliberal Europe with the politics of austerity. This literature is confronted by the paradox that the Euro is a stateless currency. Ordoliberalism holds that economic orders are politically constituted and sustained. The article contends that the exploration of ordoliberal principles of economic constitution and Ordnungspolitik uncovers the crucial role of the member states in monetary union. What monetary union integrates is the role of the state in establishing and sustaining a framework for the domestic conduct of economic activity. In detail, in monetary union the democratically constituted member states assume the role of federated executive states of European money, which governs the decentralised relations of competitive adjustment in territorialised labour markets. The European economic order depends on the commitment and capacity of the member states to make it work within their jurisdictions.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"5-26"},"PeriodicalIF":0.0,"publicationDate":"2018-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44463213","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}
Productivity has long been an important concept in economics. Despite this long history, the full quantification of productivity dates back largely to work undertaken by economists in the middle part of the twentieth century. The purpose of the paper, therefore, is to describe the origins of the concept in general and in particular the efforts to develop the means to quantify it. To a significant degree, the economic issues that have arisen, as well as general developments in economic theory have influenced the development of productivity quantification efforts.
{"title":"Productivity: a history of its measurement","authors":"M. Abbott","doi":"10.3280/SPE2018-001003","DOIUrl":"https://doi.org/10.3280/SPE2018-001003","url":null,"abstract":"Productivity has long been an important concept in economics. Despite this long history, the full quantification of productivity dates back largely to work undertaken by economists in the middle part of the twentieth century. The purpose of the paper, therefore, is to describe the origins of the concept in general and in particular the efforts to develop the means to quantify it. To a significant degree, the economic issues that have arisen, as well as general developments in economic theory have influenced the development of productivity quantification efforts.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"57-80"},"PeriodicalIF":0.0,"publicationDate":"2018-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45886371","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}
In this article, we present the discussions of Bulgarian economists as regards the strategic development opportunities of the Balkans and Bulgaria in particular within Europe. We focus on the integration efforts of Bulgaria within an economic unit larger than national market during the decades of the so-called first Bulgarian capitalism. Those are the years since the Liberation of Bulgaria from the Ottoman rule in 1878 to the forced imposition of the Communist regime in 1944. The public expenditures on bureaucracy, army, foreign policy etc. increased after Bulgaria’s Liberation. The integration efforts on Bulgarian side were an attempt to ameliorate some negative consequences of the lost "public goods" of being part of the Ottoman Empire. This was the main source of the Bulgarian economists’ pro-European enthusiasm. However, the enthusiasm was combined with skepticism. The main fuel of skepticism came from the fear that industrially developed countries of Central and Western Europe would not allow the industrialization or modernization of the Bulgarian economy. The presentation follows the historical stages of development of the Bulgarian economy and society. It starts from the late pre-liberation era goes through the late 19th and early 20th-century ideas for Balkan economic integration, the World War I, and the Great Depression effects, and finishes with the Second World War.
{"title":"Between Enthusiasm and Skepticism: Bulgarian Economists and Europe (1878-1944)","authors":"N. Nenovsky, Pencho D. Penchev","doi":"10.3280/spe2018-001002","DOIUrl":"https://doi.org/10.3280/spe2018-001002","url":null,"abstract":"In this article, we present the discussions of Bulgarian economists as regards the strategic development opportunities of the Balkans and Bulgaria in particular within Europe. We focus on the integration efforts of Bulgaria within an economic unit larger than national market during the decades of the so-called first Bulgarian capitalism. Those are the years since the Liberation of Bulgaria from the Ottoman rule in 1878 to the forced imposition of the Communist regime in 1944. The public expenditures on bureaucracy, army, foreign policy etc. increased after Bulgaria’s Liberation. The integration efforts on Bulgarian side were an attempt to ameliorate some negative consequences of the lost \"public goods\" of being part of the Ottoman Empire. This was the main source of the Bulgarian economists’ pro-European enthusiasm. However, the enthusiasm was combined with skepticism. The main fuel of skepticism came from the fear that industrially developed countries of Central and Western Europe would not allow the industrialization or modernization of the Bulgarian economy. The presentation follows the historical stages of development of the Bulgarian economy and society. It starts from the late pre-liberation era goes through the late 19th and early 20th-century ideas for Balkan economic integration, the World War I, and the Great Depression effects, and finishes with the Second World War.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"27-55"},"PeriodicalIF":0.0,"publicationDate":"2018-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42982236","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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