Pub Date : 2022-12-02DOI: 10.1215/00182702-10327280
{"title":"Three Hundred Years of Adam Smith","authors":"","doi":"10.1215/00182702-10327280","DOIUrl":"https://doi.org/10.1215/00182702-10327280","url":null,"abstract":"","PeriodicalId":47043,"journal":{"name":"History of Political Economy","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42235152","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-02DOI: 10.1215/00182702-10327421
D. Andrews
{"title":"Keynes on Uncertainty and Tragic Happiness: Complexity and Expectations","authors":"D. Andrews","doi":"10.1215/00182702-10327421","DOIUrl":"https://doi.org/10.1215/00182702-10327421","url":null,"abstract":"","PeriodicalId":47043,"journal":{"name":"History of Political Economy","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41763628","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-02DOI: 10.1215/00182702-10327393
Yue Xiao
{"title":"European and Chinese Histories of Economic Thought: Theories and Images of Good Governance","authors":"Yue Xiao","doi":"10.1215/00182702-10327393","DOIUrl":"https://doi.org/10.1215/00182702-10327393","url":null,"abstract":"","PeriodicalId":47043,"journal":{"name":"History of Political Economy","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43560370","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-02DOI: 10.1215/00182702-10327364
M. C. Coutinho
{"title":"Adam Smith and the Wealth of Nations: The Discovery of Capitalism and Its Limits","authors":"M. C. Coutinho","doi":"10.1215/00182702-10327364","DOIUrl":"https://doi.org/10.1215/00182702-10327364","url":null,"abstract":"","PeriodicalId":47043,"journal":{"name":"History of Political Economy","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48104994","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-02DOI: 10.1215/00182702-10327336
Matthias Störring
Given the growing call for the restoration of the place of entrepreneurship in economic theory, familiarity with the works of Gustav Schmoller would be a great asset for a better understanding of the nature of the enterprise and the role of entrepreneurs. This article examines Schmoller's still-underutilized research, which makes him one of the founding fathers of research in entrepreneurship. It illustrates Schmoller's distinct contextual perspective on entrepreneurship. The most compelling notion is the emphasis on and accentuation of the modern enterprise as a special form of institution that can be characterized by three dimensions: (1) the macroscopic dimension refers to the enterprise as a unitary corporate actor, (2) the microscopic dimension encompasses the organizational structure of the enterprise, and (3) the metascopic dimension describes the institutional link between the organization and society. These three dimensions also shape Schmoller's “psychological-ethical” idea of the entrepreneur as an economic and social actor.
{"title":"Gustav Schmoller and the Institutional Context of Entrepreneurship","authors":"Matthias Störring","doi":"10.1215/00182702-10327336","DOIUrl":"https://doi.org/10.1215/00182702-10327336","url":null,"abstract":"Given the growing call for the restoration of the place of entrepreneurship in economic theory, familiarity with the works of Gustav Schmoller would be a great asset for a better understanding of the nature of the enterprise and the role of entrepreneurs. This article examines Schmoller's still-underutilized research, which makes him one of the founding fathers of research in entrepreneurship. It illustrates Schmoller's distinct contextual perspective on entrepreneurship. The most compelling notion is the emphasis on and accentuation of the modern enterprise as a special form of institution that can be characterized by three dimensions: (1) the macroscopic dimension refers to the enterprise as a unitary corporate actor, (2) the microscopic dimension encompasses the organizational structure of the enterprise, and (3) the metascopic dimension describes the institutional link between the organization and society. These three dimensions also shape Schmoller's “psychological-ethical” idea of the entrepreneur as an economic and social actor.","PeriodicalId":47043,"journal":{"name":"History of Political Economy","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46030339","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-02DOI: 10.1215/00182702-10327308
Brian Smith
This article argues that Hobbes was actively engaged in the debates about population size as a component of his broader approach to political economy. By the seventeenth century, beliefs about economic well-being routinely turned back onto the question of population size. This article situates Hobbes's arguments about populations in and among the common arguments for the movement of people in the seventeenth century. Hobbes rejected the natural law tradition of hospitality, which required that states take care of foreigners, and populationist arguments, which assumed that economic progress was predicated on rapid population growth. Specifically, this article will show that Hobbes held a view common to the late Tudor period; namely, a wise sovereign should be actively engaged in regulating population inflows and outflows. Not only did this require careful management of domestic procreative policies, but it also had implications for colonization and war-making.
{"title":"Hobbes and the Political Economy of Population","authors":"Brian Smith","doi":"10.1215/00182702-10327308","DOIUrl":"https://doi.org/10.1215/00182702-10327308","url":null,"abstract":"\u0000 This article argues that Hobbes was actively engaged in the debates about population size as a component of his broader approach to political economy. By the seventeenth century, beliefs about economic well-being routinely turned back onto the question of population size. This article situates Hobbes's arguments about populations in and among the common arguments for the movement of people in the seventeenth century. Hobbes rejected the natural law tradition of hospitality, which required that states take care of foreigners, and populationist arguments, which assumed that economic progress was predicated on rapid population growth. Specifically, this article will show that Hobbes held a view common to the late Tudor period; namely, a wise sovereign should be actively engaged in regulating population inflows and outflows. Not only did this require careful management of domestic procreative policies, but it also had implications for colonization and war-making.","PeriodicalId":47043,"journal":{"name":"History of Political Economy","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41421302","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-02DOI: 10.1215/00182702-10327294
C. Cristiano
As shown in a 2018 article by Cristiano and Paesani, the element of Phillips's 1958 article that immediately obtained attention in the policy debate was the estimate of the unemployment rate compatible with price stability. Building on this previous work and based on the unpublished papers of the Council on Prices, Productivity, and Incomes and other published sources, the present article throws fresh light on why the curve paper failed to influence policymaking. At least two reasons may account for this. First, by the late 1950s and early 1960s, works based on inferential statistics still failed to obtain widespread attention among professional economists in the United Kingdom. Second, Phillips's 1958 article came at the beginning of a process that led to the abandonment, for some time at least, of the idea of buying price stability at the cost of increasing the unemployment rate.
{"title":"The Early Reception of the Phillips Curve in the United Kingdom: New Evidence from the Papers of the Council on Prices, Productivity, and Incomes","authors":"C. Cristiano","doi":"10.1215/00182702-10327294","DOIUrl":"https://doi.org/10.1215/00182702-10327294","url":null,"abstract":"\u0000 As shown in a 2018 article by Cristiano and Paesani, the element of Phillips's 1958 article that immediately obtained attention in the policy debate was the estimate of the unemployment rate compatible with price stability. Building on this previous work and based on the unpublished papers of the Council on Prices, Productivity, and Incomes and other published sources, the present article throws fresh light on why the curve paper failed to influence policymaking. At least two reasons may account for this. First, by the late 1950s and early 1960s, works based on inferential statistics still failed to obtain widespread attention among professional economists in the United Kingdom. Second, Phillips's 1958 article came at the beginning of a process that led to the abandonment, for some time at least, of the idea of buying price stability at the cost of increasing the unemployment rate.","PeriodicalId":47043,"journal":{"name":"History of Political Economy","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44080380","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-02DOI: 10.1215/00182702-10327322
Michael T. Belongia, P. Ireland
“The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1897–1958,” by Milton Friedman and David Meiselman (1963), typically is recognized as the original study that used a reduced-form equation to evaluate whether autonomous expenditures or the quantity of money was the dominant influence on aggregate spending. It also provided the foundation for the better-known St. Louis equation that followed. Missing from this evolution, however, are important precedents by Karl Brunner and Anatol Balbach that also employed a reduced-form framework to offer evidence on the same debate between the Keynesian expenditure theory and the quantity theory of money. Moreover, these authors also investigated whether the demand-for-money function was stable and inversely related to an interest rate, properties necessary in their reasoning before any more general model of national income determination could be developed. With this foundation, Balbach, in his 1963 PhD dissertation, then derived a reduced-form expression for personal income from an explicit theoretical model and, in its estimation, anticipated and addressed some of the empirical criticisms later directed at the work by Friedman and Meiselman and the early versions of the St. Louis equation. Taken together, the theoretical and empirical work reported in Balbach's dissertation and in a 1959 article by Brunner and Balbach suggest these papers are clear antecedents of later reduced-form expressions and should be recognized as such.
米尔顿·弗里德曼(Milton Friedman)和大卫·梅塞尔曼(David Meiselman)(1963)的《美国货币流通速度和投资乘数的相对稳定性》(The Relative Stability of Monetary Velocity and Investment Multiplier in The United States, 1897-1958)通常被认为是使用简化形式方程来评估自主支出还是货币数量对总支出的主导影响的原创研究。它也为后来更为人所知的圣路易斯方程奠定了基础。然而，卡尔·布鲁纳和阿纳托尔·巴尔巴赫在这一演变中缺失了重要的先例，他们也采用了一种简化形式的框架，为凯恩斯主义支出理论和货币数量理论之间的同样辩论提供了证据。此外，这些作者还研究了货币需求函数是否稳定，是否与利率成反比，这是他们在制定任何更一般的国民收入决定模型之前的推理所必需的性质。在此基础上，巴尔巴赫在1963年的博士论文中，从一个明确的理论模型中推导出了个人收入的简化形式表达式，并在其估计中预测并解决了后来针对弗里德曼和梅塞尔曼的工作以及早期版本的圣路易斯方程的一些经验主义批评。总的说来，巴尔巴赫的论文以及布鲁纳和巴尔巴赫在1959年发表的一篇文章中所报道的理论和实证工作表明，这些论文显然是后来简化形式表达式的前身，应该得到承认。
{"title":"Balbach and Brunner: A Missing Stop on the Road from Warburton to Friedman-Meiselman and St. Louis","authors":"Michael T. Belongia, P. Ireland","doi":"10.1215/00182702-10327322","DOIUrl":"https://doi.org/10.1215/00182702-10327322","url":null,"abstract":"\u0000 “The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1897–1958,” by Milton Friedman and David Meiselman (1963), typically is recognized as the original study that used a reduced-form equation to evaluate whether autonomous expenditures or the quantity of money was the dominant influence on aggregate spending. It also provided the foundation for the better-known St. Louis equation that followed. Missing from this evolution, however, are important precedents by Karl Brunner and Anatol Balbach that also employed a reduced-form framework to offer evidence on the same debate between the Keynesian expenditure theory and the quantity theory of money. Moreover, these authors also investigated whether the demand-for-money function was stable and inversely related to an interest rate, properties necessary in their reasoning before any more general model of national income determination could be developed. With this foundation, Balbach, in his 1963 PhD dissertation, then derived a reduced-form expression for personal income from an explicit theoretical model and, in its estimation, anticipated and addressed some of the empirical criticisms later directed at the work by Friedman and Meiselman and the early versions of the St. Louis equation. Taken together, the theoretical and empirical work reported in Balbach's dissertation and in a 1959 article by Brunner and Balbach suggest these papers are clear antecedents of later reduced-form expressions and should be recognized as such.","PeriodicalId":47043,"journal":{"name":"History of Political Economy","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48735389","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-07DOI: 10.1215/00182702-10213653
C. García, Daniel Otero, Boris Salazar
Hall's 1978 article titled “Stochastic Implications of the Life Cycle–Permanent Income Hypothesis” was meant to revolutionize consumption modeling. It indeed delivered, but not by becoming the dominant modeling strategy, but by unleashing a complex process of interaction between researchers in consumption and interconnected fields that transformed Hall's original object, from a local theory of consumption into a growing research area spanning the fields of consumption, finance, monetary policy and econometric modeling, and becoming, at the turn of the century, a building block of the DSGE modeling framework. Researchers reacting to innovative work produced new models that acted modified the context of research inducing a feedback system responsible for a connected set of innovations in the fields mentioned above. Along that process the practice of consumption modeling drifted away from Hall's original proposal, suggesting the necessity of a more nuanced view of the notion of influence in contemporary macroeconomics. In this particular case, we found that drifting occurred within the bounds set by the Euler equation and the assumptions of intertemporal optimization and rational expectations.
{"title":"The Drifting Influence of Hall's Random-Walk Hypothesis on Consumption Modeling","authors":"C. García, Daniel Otero, Boris Salazar","doi":"10.1215/00182702-10213653","DOIUrl":"https://doi.org/10.1215/00182702-10213653","url":null,"abstract":"\u0000 Hall's 1978 article titled “Stochastic Implications of the Life Cycle–Permanent Income Hypothesis” was meant to revolutionize consumption modeling. It indeed delivered, but not by becoming the dominant modeling strategy, but by unleashing a complex process of interaction between researchers in consumption and interconnected fields that transformed Hall's original object, from a local theory of consumption into a growing research area spanning the fields of consumption, finance, monetary policy and econometric modeling, and becoming, at the turn of the century, a building block of the DSGE modeling framework. Researchers reacting to innovative work produced new models that acted modified the context of research inducing a feedback system responsible for a connected set of innovations in the fields mentioned above. Along that process the practice of consumption modeling drifted away from Hall's original proposal, suggesting the necessity of a more nuanced view of the notion of influence in contemporary macroeconomics. In this particular case, we found that drifting occurred within the bounds set by the Euler equation and the assumptions of intertemporal optimization and rational expectations.","PeriodicalId":47043,"journal":{"name":"History of Political Economy","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44198887","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-07DOI: 10.1215/00182702-10213695
F. Söllner
{"title":"Humanity and Nature in Economic Thought: Searching for the Organic Origins of the Economy","authors":"F. Söllner","doi":"10.1215/00182702-10213695","DOIUrl":"https://doi.org/10.1215/00182702-10213695","url":null,"abstract":"","PeriodicalId":47043,"journal":{"name":"History of Political Economy","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48030455","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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