Pub Date : 2013-04-01DOI: 10.1080/09672567.2012.758755
Rebeca Gomez Betancourt, Jérôme de Boyer des Roches
Abstract In 1911, Fisher published The Purchasing Power of Money. In chapter 13 of the first edition and in an appendix in the second section of 1913, he introduced a rule to maintain the stability of the level of prices, known as the “compensated dollar”. According to this rule, the legal definition of money is changed. In other words, the weight in gold of the dollar is modified once a month in order to impede the frequency of price changes on a basket of goods. According to Fisher, this plan would offer stability for the purchasing power of money. He sought to find an alternative system to the fixed price of gold under the Gold Standard. He wanted to introduce a dollar fixed in terms of its purchasing power, but variable in terms of its metallic weight. In this paper, we will focus on Fisher's analysis of the stability of money value and his position in the debate on the compensated dollar from 1909 to 1922. We will study the anticipations of Fisher's compensated dollar, the critical reception of Fisher's project and the evolutions it gave rise to, the gold exchange standard and the algebraic evidence. We also examine the debate's connections to the question of whether or not the compensated dollar plan is compatible with the quantity theory of money. We end with the analysis of the gold price elasticity of the net supply of gold, with an explanation of the relationship between the Yellowbacks and the varying price of the gold reserve.
{"title":"Origins and developments of Irving Fisher's compensated dollar plan","authors":"Rebeca Gomez Betancourt, Jérôme de Boyer des Roches","doi":"10.1080/09672567.2012.758755","DOIUrl":"https://doi.org/10.1080/09672567.2012.758755","url":null,"abstract":"Abstract In 1911, Fisher published The Purchasing Power of Money. In chapter 13 of the first edition and in an appendix in the second section of 1913, he introduced a rule to maintain the stability of the level of prices, known as the “compensated dollar”. According to this rule, the legal definition of money is changed. In other words, the weight in gold of the dollar is modified once a month in order to impede the frequency of price changes on a basket of goods. According to Fisher, this plan would offer stability for the purchasing power of money. He sought to find an alternative system to the fixed price of gold under the Gold Standard. He wanted to introduce a dollar fixed in terms of its purchasing power, but variable in terms of its metallic weight. In this paper, we will focus on Fisher's analysis of the stability of money value and his position in the debate on the compensated dollar from 1909 to 1922. We will study the anticipations of Fisher's compensated dollar, the critical reception of Fisher's project and the evolutions it gave rise to, the gold exchange standard and the algebraic evidence. We also examine the debate's connections to the question of whether or not the compensated dollar plan is compatible with the quantity theory of money. We end with the analysis of the gold price elasticity of the net supply of gold, with an explanation of the relationship between the Yellowbacks and the varying price of the gold reserve.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"20 1","pages":"261 - 283"},"PeriodicalIF":0.7,"publicationDate":"2013-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/09672567.2012.758755","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59594215","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2012-12-01DOI: 10.1080/09672567.2012.735683
Richard van den Berg
Abstract Until at least the 1750s, a number of drafts survived of Richard Cantillon's Essay on the Nature of Trade in General, in different stages of completion. This is suggested by a paragraph-by-paragraph comparison between three versions of Cantillon's writings, namely the French Essai of 1755, fragments of Postlethwayt's Universal Dictionary (1752–1754) and Philip Cantillon's Analysis of Trade (1759). Whilst numerous variations between the texts may be attributed to free translation practice or to interventions by later editors, others cannot. A comparative study of variations may provide us with insights into the development of the ideas of this masterly economic theorist.
至少在18世纪50年代之前，理查德·坎蒂隆的《一般贸易性质论》(Essay on Nature of Trade in General)的一些草稿都处于不同的完成阶段。这一点可以通过对坎蒂永三个版本作品的逐段比较得出，即1755年的法语随笔，1752-1754年Postlethwayt的通用词典片段和菲利普·坎蒂永的《贸易分析》(1759)。虽然文本之间的许多差异可能归因于意译实践或后期编辑的干预，但其他文本则不能。对这些变化进行比较研究，或许能让我们深入了解这位杰出的经济理论家的思想发展。
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Pub Date : 2012-12-01DOI: 10.1080/09672567.2012.735685
Rodolphe Dos Santos Ferreira
Abstract On the basis of the 19th century mathematical economics literature initiated by Cournot, the paper shows the coexistence of two contrasting views of competition, which may be associated, as already suggested by Edgeworth, with the two themes of peace and war. According to the first view (Jevons, Walras, Marshall), competition is characterised, independently of market structure, by the peaceful price taking conduct of consumers and producers. Rivalry is not completely absent, but it concerns the interaction of mediating professional dealers. According to the second view (Bertrand, Launhardt), competition appears as an aggressive strategic interaction between producers.
{"title":"Two views of competition: “Is it peace or war?”","authors":"Rodolphe Dos Santos Ferreira","doi":"10.1080/09672567.2012.735685","DOIUrl":"https://doi.org/10.1080/09672567.2012.735685","url":null,"abstract":"Abstract On the basis of the 19th century mathematical economics literature initiated by Cournot, the paper shows the coexistence of two contrasting views of competition, which may be associated, as already suggested by Edgeworth, with the two themes of peace and war. According to the first view (Jevons, Walras, Marshall), competition is characterised, independently of market structure, by the peaceful price taking conduct of consumers and producers. Rivalry is not completely absent, but it concerns the interaction of mediating professional dealers. According to the second view (Bertrand, Launhardt), competition appears as an aggressive strategic interaction between producers.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"19 1","pages":"852 - 867"},"PeriodicalIF":0.7,"publicationDate":"2012-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/09672567.2012.735685","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59594166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2012-10-01DOI: 10.1080/09672567.2010.540345
M. de Vroey
Abstract The standard view about the relationship between the Marshallian and the Walrasian approaches is that they are complementary to each other. My aim in this paper is to show that, on the contrary, they constitute alternative sub-research programmes within the wider neoclassical paradigm. I make my point by contrasting the two approaches against the following benchmarks: the purpose of economic theory according to Marshall and Walras; their views as to the role of mathematics; their specific ways of tackling complexity; the conception of equilibrium underpinning their theories; and, finally, their trade organisation assumptions.
{"title":"Marshall and Walras: Incompatible bedfellows?","authors":"M. de Vroey","doi":"10.1080/09672567.2010.540345","DOIUrl":"https://doi.org/10.1080/09672567.2010.540345","url":null,"abstract":"Abstract The standard view about the relationship between the Marshallian and the Walrasian approaches is that they are complementary to each other. My aim in this paper is to show that, on the contrary, they constitute alternative sub-research programmes within the wider neoclassical paradigm. I make my point by contrasting the two approaches against the following benchmarks: the purpose of economic theory according to Marshall and Walras; their views as to the role of mathematics; their specific ways of tackling complexity; the conception of equilibrium underpinning their theories; and, finally, their trade organisation assumptions.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"19 1","pages":"765 - 783"},"PeriodicalIF":0.7,"publicationDate":"2012-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/09672567.2010.540345","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59594052","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2012-06-01DOI: 10.1080/09672567.2012.685229
T. Aspromourgos
{"title":"Theories of Value from Adam Smith to Piero Sraffa","authors":"T. Aspromourgos","doi":"10.1080/09672567.2012.685229","DOIUrl":"https://doi.org/10.1080/09672567.2012.685229","url":null,"abstract":"","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"19 1","pages":"490 - 495"},"PeriodicalIF":0.7,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/09672567.2012.685229","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59594108","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2010-08-01DOI: 10.1080/09672567.2010.496577
E. Helmstädter
{"title":"The Isolated State in Relation to Agriculture and Political Economy, Part III: Principles for the Determination of Rent, the Most Advantageous Rotation Period and the Value of Stands of Varying Age in Pinewoods","authors":"E. Helmstädter","doi":"10.1080/09672567.2010.496577","DOIUrl":"https://doi.org/10.1080/09672567.2010.496577","url":null,"abstract":"","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"17 1","pages":"525 - 527"},"PeriodicalIF":0.7,"publicationDate":"2010-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/09672567.2010.496577","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59594038","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2010-07-05DOI: 10.1080/09672567.2010.496572
M. Dardi
Simon J. Cook, The Intellectual Foundations of Alfred Marshall's Economic Science: A Rounded Globe of Knowledge, New York: Cambridge University Press, 2009. xviii + 332pp. £ 55.00 (US$90.00). ISBN:...
{"title":"The Intellectual Foundations of Alfred Marshall's Economic Science: A Rounded Globe of Knowledge","authors":"M. Dardi","doi":"10.1080/09672567.2010.496572","DOIUrl":"https://doi.org/10.1080/09672567.2010.496572","url":null,"abstract":"Simon J. Cook, The Intellectual Foundations of Alfred Marshall's Economic Science: A Rounded Globe of Knowledge, New York: Cambridge University Press, 2009. xviii + 332pp. £ 55.00 (US$90.00). ISBN:...","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"17 1","pages":"521 - 525"},"PeriodicalIF":0.7,"publicationDate":"2010-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/09672567.2010.496572","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59594032","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-09-01DOI: 10.1080/09672560903101252
Hans-Christoph Schmidt am Busch
Abstract Cameralism, one of the most important currents of economic thought in German-speaking countries in the seventeenth and eighteenth centuries, assumes a systematic and comprehensive form in the works of Johann Heinrich Gottlob von Justi (1717–1771). Justi tried to ground cameralism philosophically by way of what he termed ‘political metaphysics’. This theory essentially deals with the following topics: human nature, the state, and natural law. The aim of the present paper is to analyse the key concepts of Justi's political metaphysics as well as the line of reasoning adopted by him. It thereby sheds new light on cameralism as political metaphysics.
{"title":"Cameralism as ‘political metaphysics’: Human nature, the state, and natural law in the thought of Johann Heinrich Gottlob von Justi","authors":"Hans-Christoph Schmidt am Busch","doi":"10.1080/09672560903101252","DOIUrl":"https://doi.org/10.1080/09672560903101252","url":null,"abstract":"Abstract Cameralism, one of the most important currents of economic thought in German-speaking countries in the seventeenth and eighteenth centuries, assumes a systematic and comprehensive form in the works of Johann Heinrich Gottlob von Justi (1717–1771). Justi tried to ground cameralism philosophically by way of what he termed ‘political metaphysics’. This theory essentially deals with the following topics: human nature, the state, and natural law. The aim of the present paper is to analyse the key concepts of Justi's political metaphysics as well as the line of reasoning adopted by him. It thereby sheds new light on cameralism as political metaphysics.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"16 1","pages":"409 - 430"},"PeriodicalIF":0.7,"publicationDate":"2009-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/09672560903101252","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59593993","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-12-01DOI: 10.1080/09672560802480997
Karsten von Blumenthal
Abstract Modern theory of popularisation suggests that the production and the popularisation of scientific knowledge are interlinked and interactive processes. This perspective offers new insights into Joseph A. Schumpeter's main work in public finance, The Crisis of the Tax State, and into his later endeavours as Finance Minister and journalist to popularise two central economic ideas of this work, the once-and-for-all capital levy and the reform of the tax system. We demonstrate that Schumpeter's Crisis contains popularising features and was written with a popularising intention. Furthermore, we show that in his journalistic works popularisation went hand in hand with the development of innovative economic ideas.
{"title":"Economic theorist and ‘entrepreneur of popularisation’: Schumpeter as Finance Minister and journalist","authors":"Karsten von Blumenthal","doi":"10.1080/09672560802480997","DOIUrl":"https://doi.org/10.1080/09672560802480997","url":null,"abstract":"Abstract Modern theory of popularisation suggests that the production and the popularisation of scientific knowledge are interlinked and interactive processes. This perspective offers new insights into Joseph A. Schumpeter's main work in public finance, The Crisis of the Tax State, and into his later endeavours as Finance Minister and journalist to popularise two central economic ideas of this work, the once-and-for-all capital levy and the reform of the tax system. We demonstrate that Schumpeter's Crisis contains popularising features and was written with a popularising intention. Furthermore, we show that in his journalistic works popularisation went hand in hand with the development of innovative economic ideas.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"15 1","pages":"641 - 671"},"PeriodicalIF":0.7,"publicationDate":"2008-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/09672560802480997","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59593957","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2007-12-11DOI: 10.1080/09672560701695489
E. Ozveren
A re-reading of the Thousand and One Nights in light of economic thought is attempted here. These stories characterize a bazaar economy as the dark side of medieval economics. The process-view of the bazaar is discussed in relation to Smith, Walras and the Austrian School. The tacit notions of 'market price' and 'natural price' are touched upon. Auctions are then elaborated with reference to Bohm-Bawerk. Moreover, the role of asymmetric information as a recurrent theme is interpreted in relation with Akerlof's approach. Finally, the collective function of the tales in fostering confidence in a less-than-well instituted bazaar economy is emphasized.
{"title":"Bazaars of the Thousand and One Nights","authors":"E. Ozveren","doi":"10.1080/09672560701695489","DOIUrl":"https://doi.org/10.1080/09672560701695489","url":null,"abstract":"A re-reading of the Thousand and One Nights in light of economic thought is attempted here. These stories characterize a bazaar economy as the dark side of medieval economics. The process-view of the bazaar is discussed in relation to Smith, Walras and the Austrian School. The tacit notions of 'market price' and 'natural price' are touched upon. Auctions are then elaborated with reference to Bohm-Bawerk. Moreover, the role of asymmetric information as a recurrent theme is interpreted in relation with Akerlof's approach. Finally, the collective function of the tales in fostering confidence in a less-than-well instituted bazaar economy is emphasized.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"14 1","pages":"629-655"},"PeriodicalIF":0.7,"publicationDate":"2007-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/09672560701695489","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59593946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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