{"title":"THE ‘BELLIAL DES VERTUS’ ENIGMA AND THE BEGINNINGS OF PHYSIOCRACY","authors":"P. L. Masne, G. Sabbagh","doi":"10.1093/CPE/BZY006","DOIUrl":"https://doi.org/10.1093/CPE/BZY006","url":null,"abstract":"In an important work written in 1759, Quesnay quoted twice a book authored by a ‘Bellial des Vertus’ and published in 1759, Essai sur l’administration des terres (EAT). We prove that these quotations are of fundamental importance for the Physiocratic doctrine. We show that EAT was essentially written in 1754–1755, when Physiocracy did not yet exist. A detailed study of EAT and of the works of Quesnay and of Charles Richard de Butre, Quesnay’s disciple and collaborator, leads us to suggest that Quesnay was influenced by EAT before its publication, and to believe that Butre was the author of EAT. The attribution of EAT to Butre rests on a great variety of arguments and has allowed us to identify other texts by Butre, and to better grasp the publishing practices of the Physiocratic journals in the 1760s. The paper revisits the beginnings of Physiocracy and improves our knowledge of Butre.","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":"37 1","pages":"105-131"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/CPE/BZY006","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44282448","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":"‘PROFITS DEPEND ON WAGES’: RICARDO'S PRINCIPLE AND ITS EARLY DEMISE","authors":"G. D. Vivo","doi":"10.1093/CPE/BZY005","DOIUrl":"https://doi.org/10.1093/CPE/BZY005","url":null,"abstract":"The present paper deals with one of the most important principles of Ricardo's theory: namely, the idea that profits ‘depend on wages’ and only on wages, varying inversely with them. After an examination of the actual contents of this principle in Ricardo, and its relationship with his theory of value, we discuss first the dispute about the principle between Ricardo and Malthus, then its progressive abandonment by Ricardo's self-appointed ‘genuine disciples’, J.R. McCulloch and James Mill, under the influence of Torrens and of Bailey. We argue that de Quincey is the only Ricardian to steadfastly keep to Ricardo's principle.","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":"37 1","pages":"89-104"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/CPE/BZY005","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46342780","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":"A DECADE AFTER THE FINANCIAL CRISIS: A RETROSPECTIVE ON QUANTITATIVE EASING AND REGULATION","authors":"R. Ramaswamy","doi":"10.1093/CPE/BZY004","DOIUrl":"https://doi.org/10.1093/CPE/BZY004","url":null,"abstract":"The Lehman failure precipitated the Great Recession and forced economic policy into unchartered terrain. This paper provides a retrospective on the policy response and links to the underwhelming economic recovery. The exposition is kept non-technical to facilitate wider access. Contrary to perceptions that banks remain vulnerable, this paper argues that regulation strengthened US banks across a variety of dimensions. The deleveraging involved in the transition to stronger banks tightened financial conditions and offset the significant monetary stimulus. The failure to fully capture these offsetting policy forces explains the systematic forecasting errors—both markets and the Fed have consistently overestimated the strength of the economic cycle. Quantitative Easing resulted in a ballooning of excess reserves in the banking system, but payment of interest on excess reserves helped bank recapitalisation. The combination of stronger banks and excess reserves has the potential, unlike in previous cycles, to drive a late-cycle surge in growth.","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":"37 1","pages":"1-15"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/CPE/BZY004","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42941954","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 First Serious Optimist: A.C. Pigou and the Birth of Welfare Economics","authors":"R. Neild","doi":"10.1093/CPE/BZY003","DOIUrl":"https://doi.org/10.1093/CPE/BZY003","url":null,"abstract":"","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":"37 1","pages":"138-140"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/CPE/BZY003","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48769073","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":"ANTONIO SERRA AND THE ECONOMICS OF GOOD GOVERNMENT","authors":"F. Battista","doi":"10.1093/CPE/BZY012","DOIUrl":"https://doi.org/10.1093/CPE/BZY012","url":null,"abstract":"","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":"37 1","pages":"152-158"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/CPE/BZY012","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46730086","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":"CURBING THE MONEY MULTIPLIER: CAPITAL REQUIREMENTS VERSUS NARROW BANKING","authors":"Aldo Barba","doi":"10.1093/CPE/BZY008","DOIUrl":"https://doi.org/10.1093/CPE/BZY008","url":null,"abstract":"This article discusses financial regulation proposals based on capital and liquidity requirements and those that instead suggest a 100% reserve on bank deposits. The topic is developed by comparing the position of Alan Greenspan, a resolute supporter of capital requirements as the main regulator of the financial sector, with that of Mervyn King, who has recently proposed a sort of ‘moderate narrowness’ in banking as a solution.","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":"37 1","pages":"16-24"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/CPE/BZY008","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48027814","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":"NELLA BUFERA DEL NOVECENTO. ANTONIO GRAMSCI E PIERO SRAFFA TRA LOTTA POLITICA E TEORIA CRITICA","authors":"Bertram Schefold","doi":"10.1093/CPE/BZY007","DOIUrl":"https://doi.org/10.1093/CPE/BZY007","url":null,"abstract":"","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":"37 1","pages":"143-147"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/CPE/BZY007","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41875720","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 History of Economics: A Course for Students and Teachers","authors":"Murray Milgate","doi":"10.1093/CPE/BZY002","DOIUrl":"https://doi.org/10.1093/CPE/BZY002","url":null,"abstract":"","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":"37 1","pages":"147-152"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/CPE/BZY002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42087880","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":"ON SRAFFA’S LIBRARY","authors":"G. D. Vivo","doi":"10.1093/CPE/BZY001","DOIUrl":"https://doi.org/10.1093/CPE/BZY001","url":null,"abstract":"","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":"37 1","pages":"132-137"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/CPE/BZY001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48622462","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":"Less Is More: Capital Theory And Almost Irregular-Uncontrollable Actual Economies","authors":"Theodore Mariolis, Lefteris Tsoulfidis","doi":"10.1093/CPE/BZY010","DOIUrl":"https://doi.org/10.1093/CPE/BZY010","url":null,"abstract":"Capital theory and the associated with it price effects consequent upon changes in the distributive variables hold centre stage when it comes to the internal consistency of both classical and neoclassical theories of value. This paper briefly reviews the literature and then focuses on the detected skew eigenvalue distribution of the vertically integrated technical coefficients matrices of actual economies. The findings prompt the use of the Schur triangularization theorem for the construction even of a single industry from the input-output structure of the entire economy. Such a hyper-basic industry, in combination with hyper-non-basic industries, embodies properties that may capture the behaviour of the entire economic system. Thus, we can derive some meaningful results consistent with the available empirical evidence, which finally suggest that actual economies tend to respond as ‘irregular-uncontrollable’ systems.","PeriodicalId":38730,"journal":{"name":"Contributions to Political Economy","volume":"37 1","pages":"65-88"},"PeriodicalIF":0.0,"publicationDate":"2018-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/CPE/BZY010","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43587277","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}