Pub Date : 1998-09-01DOI: 10.1080/10427719800000043
P. Garegnani
Sraffa's mature work is seen here as a re-discovery and resumption of the 'submerged and forgotten' approach of the 'old classical economists from Adam Smith to Ricardo'. Wages determined by broad economic and social forces entail there product prices determined independently of demand and supply functions. Some main questions raised for the modern economists by this radical reorientation of economic theory are then considered in order to conclude that it is aginst that background that Sraffa's mature work should be set with its three main contributions, of a rediscovery of the approach, of a complete and transparent solution of the problems of price determination it raises, and of its application to the critique of neoclassical theory. Among several developments originating from Sraffa's seminal work, two are singled out for mention: (i) the possibility of deficiencies of aggregate demand in the long period no less than in the short one; this follows naturally from the abandonment of the neoclassical theory of distribution, of which the role of the interset rate in equilibrating savings and investment is a corollary; (ii) the question of the distribution of the surplus between wages and profits in a modern economy where wages are no longer confined to subsistence.
{"title":"Sraffa: the theoretical world of the 'old classical economists'","authors":"P. Garegnani","doi":"10.1080/10427719800000043","DOIUrl":"https://doi.org/10.1080/10427719800000043","url":null,"abstract":"Sraffa's mature work is seen here as a re-discovery and resumption of the 'submerged and forgotten' approach of the 'old classical economists from Adam Smith to Ricardo'. Wages determined by broad economic and social forces entail there product prices determined independently of demand and supply functions. Some main questions raised for the modern economists by this radical reorientation of economic theory are then considered in order to conclude that it is aginst that background that Sraffa's mature work should be set with its three main contributions, of a rediscovery of the approach, of a complete and transparent solution of the problems of price determination it raises, and of its application to the critique of neoclassical theory. Among several developments originating from Sraffa's seminal work, two are singled out for mention: (i) the possibility of deficiencies of aggregate demand in the long period no less than in the short one; this follows naturally from the abandonment of the neoclassical theory of distribution, of which the role of the interset rate in equilibrating savings and investment is a corollary; (ii) the question of the distribution of the surplus between wages and profits in a modern economy where wages are no longer confined to subsistence.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"5 1","pages":"415-429"},"PeriodicalIF":0.7,"publicationDate":"1998-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719800000043","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610800","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 : 1998-09-01DOI: 10.1080/10427719800000046
T. Negishi
After a brief survey of the Japanese literature on Sraffa, the author explains how his own theory of the microfoundations of Keynesian macro-economics was influenced by Sraff's view of competitive markets. This view can be interpreted that firms perceive kinked demand curves. It is emphasized that Azariadis's theory of implicit contracts can explain unemployment only if we take Sraffa's not Walras's, view of competitive market.
{"title":"Sraffa and the microfoundations of Keynes","authors":"T. Negishi","doi":"10.1080/10427719800000046","DOIUrl":"https://doi.org/10.1080/10427719800000046","url":null,"abstract":"After a brief survey of the Japanese literature on Sraffa, the author explains how his own theory of the microfoundations of Keynesian macro-economics was influenced by Sraff's view of competitive markets. This view can be interpreted that firms perceive kinked demand curves. It is emphasized that Azariadis's theory of implicit contracts can explain unemployment only if we take Sraffa's not Walras's, view of competitive market.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"5 1","pages":"452-457"},"PeriodicalIF":0.7,"publicationDate":"1998-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719800000046","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610860","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 : 1998-09-01DOI: 10.1080/10427719800000045
H. Kurz
The paper throws some new light on Sraffa's contribution, using material from his yet unpublished papers. Attention focuses on Sraffa's rediscovery of the distinct character of the classical theory of value and distribution and his refutation of the Marshallian interpretation that it is only a special case of demand and supply theory, his reformulation of the classical theory, and his criticism of the alternative neoclassical theory.
{"title":"Against the current: Sraffa's unpublished manuscripts and the history of economic thought","authors":"H. Kurz","doi":"10.1080/10427719800000045","DOIUrl":"https://doi.org/10.1080/10427719800000045","url":null,"abstract":"The paper throws some new light on Sraffa's contribution, using material from his yet unpublished papers. Attention focuses on Sraffa's rediscovery of the distinct character of the classical theory of value and distribution and his refutation of the Marshallian interpretation that it is only a special case of demand and supply theory, his reformulation of the classical theory, and his criticism of the alternative neoclassical theory.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"5 1","pages":"437-451"},"PeriodicalIF":0.7,"publicationDate":"1998-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719800000045","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610848","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 : 1998-09-01DOI: 10.1080/10427719800000048
B. Schefold
Piero Sraffa took thirteen years to publish the General Indexto The Works and Correspondence of David Ricardo.The Index is compared to others and is shown to be exceptional in that it leads the way to specific interpretations of Ricardo's life and theory. The choice of entries referring to theory is based on Ricardo's own concepts and carefully avoids neoricardian, Marxian and neoclassical terms. Examples discussed concern 'comparative advantage' and 'value' The entries referring to Ricardo's life are proof of Sraffa's broad historical interests and focus on certain characteristics of Ricardo.
{"title":"Reading Sraffa's Indices - a note","authors":"B. Schefold","doi":"10.1080/10427719800000048","DOIUrl":"https://doi.org/10.1080/10427719800000048","url":null,"abstract":"Piero Sraffa took thirteen years to publish the General Indexto The Works and Correspondence of David Ricardo.The Index is compared to others and is shown to be exceptional in that it leads the way to specific interpretations of Ricardo's life and theory. The choice of entries referring to theory is based on Ricardo's own concepts and carefully avoids neoricardian, Marxian and neoclassical terms. Examples discussed concern 'comparative advantage' and 'value' The entries referring to Ricardo's life are proof of Sraffa's broad historical interests and focus on certain characteristics of Ricardo.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"1 1","pages":"468-479"},"PeriodicalIF":0.7,"publicationDate":"1998-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719800000048","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610415","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 : 1998-09-01DOI: 10.1080/10427719800000049
M. Cassidy
This paper introduces a previously unpublished manuscript of the Banking School writer John Fullarton. Despite his importance as a monetary theorist nothing is known of the development of Fullarton's monetary thought. The manuscript published here was written by Fullarton in India in 1836 in response to a proposal for the establishment of a Bank of India. It is an important discovery, not only because it is the first known economic work of one of the nineteenth century's most important writers on money and banking but also because it shows that Fullarton had developed views consistent with his later Banking School theory much earlier than previously believed.
{"title":"John Fullarton's 'Response to a proposal for a Bank of India'","authors":"M. Cassidy","doi":"10.1080/10427719800000049","DOIUrl":"https://doi.org/10.1080/10427719800000049","url":null,"abstract":"This paper introduces a previously unpublished manuscript of the Banking School writer John Fullarton. Despite his importance as a monetary theorist nothing is known of the development of Fullarton's monetary thought. The manuscript published here was written by Fullarton in India in 1836 in response to a proposal for the establishment of a Bank of India. It is an important discovery, not only because it is the first known economic work of one of the nineteenth century's most important writers on money and banking but also because it shows that Fullarton had developed views consistent with his later Banking School theory much earlier than previously believed.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"5 1","pages":"480-508"},"PeriodicalIF":0.7,"publicationDate":"1998-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719800000049","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610433","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 : 1998-09-01DOI: 10.1080/10427719800000044
S. Hollander
Several features of Piero Sraffa' Production of Commodities are attributed to David Ricardo by Sraffa himself and by 'neo-Ricardians' generally. I have questioned elsewhere the Sraffian understanding of Ricardo. Assuming this challenge to be justified, the question arises how Sraffa may have erred. I approach the problem by asking: (i) whether his reading can only be rationalized in post-Marxian terms; and (ii) how he arrived at his reading. I conclude that Sraffa did read Ricardo in Marxian fashion; but that all the relevant Sraffian features are to be found in Ricardo though only within a narrowly restricted range of texts.
{"title":"Sraffa in historiographical perspective: a provisional statement","authors":"S. Hollander","doi":"10.1080/10427719800000044","DOIUrl":"https://doi.org/10.1080/10427719800000044","url":null,"abstract":"Several features of Piero Sraffa' Production of Commodities are attributed to David Ricardo by Sraffa himself and by 'neo-Ricardians' generally. I have questioned elsewhere the Sraffian understanding of Ricardo. Assuming this challenge to be justified, the question arises how Sraffa may have erred. I approach the problem by asking: (i) whether his reading can only be rationalized in post-Marxian terms; and (ii) how he arrived at his reading. I conclude that Sraffa did read Ricardo in Marxian fashion; but that all the relevant Sraffian features are to be found in Ricardo though only within a narrowly restricted range of texts.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"5 1","pages":"430-436"},"PeriodicalIF":0.7,"publicationDate":"1998-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719800000044","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610809","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 : 1998-06-01DOI: 10.1080/10427719800000019
P. Steiner
The present paper establishes a general picture of Say's economic thought. The first part provides a general view of Say's writings stressing his economic publications other than the Traite, and the non-economic publications covering two other realms of what was labelled the Sciences morales et politiques in France at that time. The second part is devoted to the Traite since this theoretical piece belonging to Classical political economy has a history throughout its various editions. Finally, the third part considers Say's second great book in economics, the Cours complet d'eeconomie politique pratique and explains the reasons why he wrote it.
{"title":"The structure of Say's economic writings","authors":"P. Steiner","doi":"10.1080/10427719800000019","DOIUrl":"https://doi.org/10.1080/10427719800000019","url":null,"abstract":"The present paper establishes a general picture of Say's economic thought. The first part provides a general view of Say's writings stressing his economic publications other than the Traite, and the non-economic publications covering two other realms of what was labelled the Sciences morales et politiques in France at that time. The second part is devoted to the Traite since this theoretical piece belonging to Classical political economy has a history throughout its various editions. Finally, the third part considers Say's second great book in economics, the Cours complet d'eeconomie politique pratique and explains the reasons why he wrote it.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"5 1","pages":"227-249"},"PeriodicalIF":0.7,"publicationDate":"1998-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719800000019","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610664","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 : 1998-06-01DOI: 10.1080/10427719800000020
A. Cohen
Contemporary scholars consider the banking legislation of the first half of the nineteenth century, to have inhibited the development of British industry, However, some doubts about this conception should have arisen due to Richard Cobden's stance on the currency question in general and on the Bank Charter Act of 1844 in particular. Cobden, who is usually viewed as a representative of industrial interests, was expected to oppose the Bank Act. However, he did not. This paper attempts to show how can Cobden's views regarding monetary policy be reconciled with his stand as one of the most prominent leaders of industry at the time.
{"title":"Cobden's stance on the currency and the political forces behind the approval of the Bank Charter Act of 1844","authors":"A. Cohen","doi":"10.1080/10427719800000020","DOIUrl":"https://doi.org/10.1080/10427719800000020","url":null,"abstract":"Contemporary scholars consider the banking legislation of the first half of the nineteenth century, to have inhibited the development of British industry, However, some doubts about this conception should have arisen due to Richard Cobden's stance on the currency question in general and on the Bank Charter Act of 1844 in particular. Cobden, who is usually viewed as a representative of industrial interests, was expected to oppose the Bank Act. However, he did not. This paper attempts to show how can Cobden's views regarding monetary policy be reconciled with his stand as one of the most prominent leaders of industry at the time.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"5 1","pages":"250-275"},"PeriodicalIF":0.7,"publicationDate":"1998-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719800000020","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610702","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 : 1998-06-01DOI: 10.1080/10427719800000021
E. Feess
Ricardo's theory of value and distribution is reconstructed by proceeding along the lines of Marx's critique of Ricardo. It is thus an anti-critique of Marx's reading of Ricardo. The chapter 'On Value' in Ricardo's Principles is shown to be a consistent and rigorous treatment of the determinants of prices of production. According to Ricardo labor-values merely serve to approximate more elaborate standards of value. Marx's criticism is shown to rest crucially on his own misinterpretation of Ricardo's definitions and presupposes his own - faulty - theory of surplus value. Therefore Ricardo's theory can - contrary to Marx's theory of surplus value - still be regarded as a fruitful complement to Sraffa's model.
{"title":"Marx on Ricardo: an explanation of some important misunderstandings","authors":"E. Feess","doi":"10.1080/10427719800000021","DOIUrl":"https://doi.org/10.1080/10427719800000021","url":null,"abstract":"Ricardo's theory of value and distribution is reconstructed by proceeding along the lines of Marx's critique of Ricardo. It is thus an anti-critique of Marx's reading of Ricardo. The chapter 'On Value' in Ricardo's Principles is shown to be a consistent and rigorous treatment of the determinants of prices of production. According to Ricardo labor-values merely serve to approximate more elaborate standards of value. Marx's criticism is shown to rest crucially on his own misinterpretation of Ricardo's definitions and presupposes his own - faulty - theory of surplus value. Therefore Ricardo's theory can - contrary to Marx's theory of surplus value - still be regarded as a fruitful complement to Sraffa's model.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"5 1","pages":"276-291"},"PeriodicalIF":0.7,"publicationDate":"1998-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719800000021","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610714","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 : 1998-06-01DOI: 10.1080/10427719800000023
Gilles Dostaler
Milton Friedman claims to have succeeded the Keynesian revolution with a counter-revolution which, incorporating certain features of Keynes's thought, triumphed at the end of the 1960s. This paper presents a general assessment of the relationship between these thinkers, in the domain of politics, methodology and economics, the emphasis being put on Friedman's reading of Keynes. In many places, Friedman stresses the convergences between his vision and Keynes's, as against the latter's Walrasian disciples. However, despite certain points of agreement at the methodological level, the two authors are radically opposed in terms of political vision and economic analysis.
{"title":"Friedman and Keynes: divergences and convergences *","authors":"Gilles Dostaler","doi":"10.1080/10427719800000023","DOIUrl":"https://doi.org/10.1080/10427719800000023","url":null,"abstract":"Milton Friedman claims to have succeeded the Keynesian revolution with a counter-revolution which, incorporating certain features of Keynes's thought, triumphed at the end of the 1960s. This paper presents a general assessment of the relationship between these thinkers, in the domain of politics, methodology and economics, the emphasis being put on Friedman's reading of Keynes. In many places, Friedman stresses the convergences between his vision and Keynes's, as against the latter's Walrasian disciples. However, despite certain points of agreement at the methodological level, the two authors are radically opposed in terms of political vision and economic analysis.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"5 1","pages":"317-347"},"PeriodicalIF":0.7,"publicationDate":"1998-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719800000023","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610762","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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