{"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}
{"title":"Mr Keynes and the Moderns","authors":"A. Leijonhufvud","doi":"10.1080/10427719800000007","DOIUrl":"https://doi.org/10.1080/10427719800000007","url":null,"abstract":"","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"5 1","pages":"169-188"},"PeriodicalIF":0.7,"publicationDate":"1998-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719800000007","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610651","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}
{"title":"Endogenous money and shareholders' funds in the classical theory of banking","authors":"J. Boyer","doi":"10.1080/10427719800000003","DOIUrl":"https://doi.org/10.1080/10427719800000003","url":null,"abstract":"By its nature, bank money is endogenous, but its issuing is risky and presupposes the presence of banks' shareholders' funds. Shareholders' funds give banks the means of dealing with the difficulties involved in the process of money creation and which are inherent to the banking activity: convertibility constraint, credit and liquidity risks. Unlike the Richardian paradigm, Smith's 'real bill theory' and Thornton's 'lender of last resort theory' point out the functions of shareholder's funds. Therefore their monetary-banking approachs seem more complementary than contradictory. In other respects, the theory of endogenous money and credit introduces risks and capital in the analysis of exchange and lead to questioning the classical market theory constructed on the model of bartering","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"5 1","pages":"60-84"},"PeriodicalIF":0.7,"publicationDate":"1998-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719800000003","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610551","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}
{"title":"The self and its interests in classical political economy","authors":"D. Levine","doi":"10.1080/10427719800000002","DOIUrl":"https://doi.org/10.1080/10427719800000002","url":null,"abstract":"Because economic affairs involve individual action, they must be understood on the basis of a theory which is both subjective, depending on a conception of individual decision-making and especially private interest, and objective, demonstrating how the objective forces of a system of interaction including a system of production and reproduction shape outcomes of individual action. Economic theory, then, requires a conception of the individual agent or subject of economic activity. In this essay, I explore this conception as it develops in the classical theory exemplified by the work of Adam Smith and Karl Marx.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"5 1","pages":"36-59"},"PeriodicalIF":0.7,"publicationDate":"1998-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719800000002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610486","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}
{"title":"Friedrich Benedikt Wilhelm Hermann on capital and profits","authors":"H. Kurz","doi":"10.1080/10427719800000004","DOIUrl":"https://doi.org/10.1080/10427719800000004","url":null,"abstract":"The paper recalls some of the achievements of Friedrich Benedikt Wilhelm Hermann, a remarkable German economist whose work, once praised by authors such as von Thunen, Menger, Marshall and Schumpeter, has largely fallen into oblivion. The emphasis is on Hermann's contributions to the theory of capital, profits and relative prices. It is argued that Hermann's writing reflect a period of upheaval, both theoretically and socio-economically - a period of transition from classical to marginalist economics and one in which the 'social question' became ever more pressing. On the one hand Hermann contributed to the development of the classical theory of value and distribution, and on the other he prepared the ground for the replacement of that theory by marginal productivity theory.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"5 1","pages":"85-119"},"PeriodicalIF":0.7,"publicationDate":"1998-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719800000004","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610566","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}
{"title":"Two early Swedish debates about Wicksell's cumulative process","authors":"C. Siven","doi":"10.1080/10427719800000005","DOIUrl":"https://doi.org/10.1080/10427719800000005","url":null,"abstract":"The paper contains a survey and analysis of two debates between Wicksell and a number of Swedish economists concerning the cumulative process. The debates illustrate various problems with the analytical formulation of the cumulative process and how these problems were dealt with by the participants. Inter alia the institutional framework (inside versus outside money), excess demand or interest gap as an engine of inflation, the natural and the normal rate of interest, the relationship between the real and the monetary parts of the economy and price expectations are discussed in the paper.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"111 1","pages":"120-139"},"PeriodicalIF":0.7,"publicationDate":"1998-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719800000005","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610604","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}
{"title":"Wicksell, Ramsey and the theory of interest","authors":"M. Boianovsky","doi":"10.1080/10427719800000006","DOIUrl":"https://doi.org/10.1080/10427719800000006","url":null,"abstract":"The article discusses Wicksell's assessment of the controversy between Bohm-Bawerk on one side, and Fisher and Bortkiewicz on the other, on the role of productivity (the 'third reason') in the determination of the rate of interest. It is shown that in the process of arguing out the third reason Wicksell came remarkably close to Frank Ramsey's view of the determinants of saving in economies with a positive subjective rate of discount. The similarities between Wicksell and Ramsey result from the fact that - in contrast with Fisher and Bohm-Bewerk - they assumed reinvestment, with the corollary that maximum permanent consumption will be reached at zero interest if the subjective rate discount of future utility is zero. Wicksell used his Ramsey-like saving rule to explain the interaction betwen Bohm-Bawerk's three reasons in either dynamic or stationary conditions, which enabled him to reformulate the third reason as the 'marginal productivity of waiting'. Finally, the relevance of Wicksell's savings rule for the perennial debate on 'Wicksell's missing equation' is considered in the last section of the article.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"5 1","pages":"140-168"},"PeriodicalIF":0.7,"publicationDate":"1998-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719800000006","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610614","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}
{"title":"'Lack of money': a reappraisal of Lessius' contribution to the scholastic analysis of money-lending and interest-taking","authors":"T. V. Houdt","doi":"10.1080/10427719800000001","DOIUrl":"https://doi.org/10.1080/10427719800000001","url":null,"abstract":"The Jesuit theologian Leonard Lessius contributed his own small part to the intellectual renewal of the so-called 'School of Salamanca' by introducing into the scholastic doctrine on lending a new extrinsic title, which he termed 'lack of money' (carentia pecuniae). In this article, I re-examine the genesis of the extrinsic title in light of new evidence that I have discovered. I continue with a thorough analysis of the title itself. I argue that the introduction of carentia pecuniaewas a highly significant contribution to late scholastic economic thought because of its insight that interest represented the time value of money which was to be determined by a common estimate on the loan market or Bourse. Finally, I try to explain why Lessius did not consider it completely inconceivable or at odds that it was morally acceptable for merchants to fix a market or Bourse price for money lent, while at the same time remaining faithful to the traditional ecclesiastical prohibition of usury.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"5 1","pages":"1-35"},"PeriodicalIF":0.7,"publicationDate":"1998-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719800000001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610477","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}
{"title":"Cantillon on real wages and employment: a rational reconstruction of the significance of land utilization","authors":"T. Aspromourgos","doi":"10.1080/10427719700000060","DOIUrl":"https://doi.org/10.1080/10427719700000060","url":null,"abstract":"It is quite a fundamental proposition of Richard Cantillon's Essai sur la Nature du Commerce en General (1755) that employment and population bear a negative relation to the level of real subsistence wages - a form of wages (or subsistence) fund doctrine. This paper presents a 'rational reconstruction' of Cantillon's system and the relation between real wages and employment within it. It seeks thereby to clarify the difficulties in the way of this doctrine operating in a market economy constructed along Cantillonian lines - as opposed to a Cantillonian command economy. These results are contrasted with a model of Cantillon by Hans Brems.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"4 1","pages":"417-443"},"PeriodicalIF":0.7,"publicationDate":"1997-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719700000060","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610357","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}
{"title":"The place of education in W. S. Jevons's political economy","authors":"R. S. Bowman","doi":"10.1080/10427719700000062","DOIUrl":"https://doi.org/10.1080/10427719700000062","url":null,"abstract":"The paper begins with the question of what became, in Jevons's new economics, of the imperative in classical political economy to educate the masses. Much of the core of classical thought, including the Malthusian principle and the wages-fund theory, together with Mill's new arguments about market failure, rationalized the need for state-supported general education as a benefit to both the labouring classes and society at large. Jevons's strong claim that Ricardo-Mill economics must be abandoned would seem to leave education policy without a strong mooring. However, he re-anchored it in his productivity approach to wage theory, his utility maximization approach to value theory and public works spending, and his empirical analyses of business cycles, the potential of long-term austerity, and poor consumption-saving behaviour of the working classes. The end result was similar to that of classical political economy, a multi-dimensional rationale for a policy of State-supported general education.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"10 1","pages":"455-477"},"PeriodicalIF":0.7,"publicationDate":"1997-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719700000062","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610408","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}