{"title":"On neoinstitutional theory and preclassical economies: mercantilism revisited","authors":"R. Ekelund, R. Tollison","doi":"10.1080/10427719700000058","DOIUrl":"https://doi.org/10.1080/10427719700000058","url":null,"abstract":"How and why do economies grow? This paper surveys recent research into preclassical economies, with particular emphasis on the mercantile period as to the adequacy of an answer of this critical question. Historical, 'ideational' and neoinstitutionalist approaches are analyzed as independent explanations for institutional change. While all of these approaches are found to have value, this survey argues that an unabashedly modern version of Marshallian economics has the greatest explanatory power.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"4 1","pages":"375-399"},"PeriodicalIF":0.7,"publicationDate":"1997-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719700000058","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610284","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":"Early Smithian economics in the Spanish empire: J. H. Vieytes and colonial policy *","authors":"Carlos Rodríguez Braun","doi":"10.1080/10427719700000061","DOIUrl":"https://doi.org/10.1080/10427719700000061","url":null,"abstract":"Juan Hipolito Vieytes (1762-1815)was a hero of the May 1810 Revolution in Buenos Aires and one of the early economists in the River Plate area. Although Robert Sidney Smith dismissed Vieytes as a very minor figure in Spanish economic thought, this article attempts to show that Vieytes, an entrepreneur and journalist and only self-taught in political economy, was an early and able follower and divulgator of Smithian economics. He advocated free trade and liberal economic reforms, pointing at the competitiveness of the domestic workshops or 'popular industry' in a country with scanty population and extensive and cheap land.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"4 1","pages":"444-454"},"PeriodicalIF":0.7,"publicationDate":"1997-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719700000061","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610392","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 social construction of value: value theories and John Locke's framework of qualities","authors":"W. Dolfsma","doi":"10.1080/10427719700000059","DOIUrl":"https://doi.org/10.1080/10427719700000059","url":null,"abstract":"Value theory is central to economics. Whenever new economic theories appear on stage, their theory of value is different. I classify value theories along Locke's lines of primary and secondary qualities. When value is thought to inhere in objects, value is a primary quality. The marginalists perceive value as given to objects by autonomous individuals independent of their environment (much like monads) with given preferences. Value here is a secondary quality. Both are unsatisfactory; value is a social construct. The question arises why social value theory, which Clark and Anderson worked on around the turn of the nineteenth century, did not take root.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"4 1","pages":"400-416"},"PeriodicalIF":0.7,"publicationDate":"1997-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719700000059","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610336","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":"William Huskisson and the bullion controversy, 1810","authors":"N. Sussman","doi":"10.1080/10427719700000038","DOIUrl":"https://doi.org/10.1080/10427719700000038","url":null,"abstract":"The debate concerning the return to the gold standard in England during and in the aftermath of the Napoleonic Wars, and the subsequent resumption of convertibility in 1819, played a significant role in British monetary orthodoxy. Its impact culminated in the 1925 decision to return to gold at prewar parity. Examining the contribution of William Huskisson - one of the authors of the Bullion Report - to the bullion controversy I argue that he played a major role in shaping British monetary policy of the nineteenth century.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"4 1","pages":"237-257"},"PeriodicalIF":0.7,"publicationDate":"1997-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719700000038","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610187","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":"Internationalization or Americanization of Swedish economics","authors":"B. Sandelin, Sinimarria Ranki","doi":"10.1080/10427719700000040","DOIUrl":"https://doi.org/10.1080/10427719700000040","url":null,"abstract":"The Modern variant of internationalization of Swedish economics began at the end of the nineteenth century will Wicksell as the first clearly international economist. By that time foreign influences came especially from the German-language area. We concentrate, however, on the period after the Second World war. Our statistics is based oninter alia, the Scandinagian Journal of Economics. English has gradually become the most important language in citations and Swedish dissertations. American influences have become large, and the Swedish ideal of research is very similar to the American one. The evolution is, however, not unequivocal.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"4 1","pages":"284-298"},"PeriodicalIF":0.7,"publicationDate":"1997-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719700000040","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610236","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":"Value, sign, and social structure: the 'game' metaphor and modern social science","authors":"Robert Leonard","doi":"10.1080/10427719700000041","DOIUrl":"https://doi.org/10.1080/10427719700000041","url":null,"abstract":"This exploratory paper, part of continued work on the history of game theory, seeks to illustrate certain links between von Neumann's theory of games and contemporaneous ideas in other fields. In particular, we claim that the emergence of the analytical metaphor of the 'game' in economics can be viewed as part of a general reconceptualization of theory in a range of disciplines. That methodological reconstitution may be described as the emergence of a Structuralist view, an approach to theorizing which treated its object - be that a text, a kinship arrangement, or an economy - as a self-contained system, with its own internal logic, subject to its own 'laws'. In particular, individual texts, or observed social and economic arrangements, are now viewed as variations on an underlying logical theme, on a structural invariant. The latter is to be uncovered, in the case of linguistics, through the analysis of phonemes; in kinship analysis, through the rules governing the exchange of women because of the incest taboo; in von Neumann and Morgensterns game theory, through the possibilities for equilibrium coalition formation, based on the stable set. There thus emerged a tendency, across the intellectual spectrum, towards seeing things in combinatorialterms. Theoretical coherence was to be found in examining how objects 'held together' rather than analysing where they 'came from': nineteenth-century concerns with history, evolution and individual psychology give way to a distinctly modern emphasis on synchronic, formal structure, on analogical reasoning. Atomism gave way to holism, and formal elegance superceded immediate empirical content. Recourse to the metaphor of the 'game' was constitutive of this shift, which we examine by referring to Saussures General Course in Linguistics, to Formalism in mathematics and literary analysis, to Levi-Strauss's analysis of kinship and myth, and to von Neumann and Morgenstern's Theory of Games and Economic Behaviour.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"4 1","pages":"299-326"},"PeriodicalIF":0.7,"publicationDate":"1997-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719700000041","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610276","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 justice of the just price","authors":"O. Hamouda, B. B. Price","doi":"10.1080/10427719700000036","DOIUrl":"https://doi.org/10.1080/10427719700000036","url":null,"abstract":"The medieval notion of the just price was an outcome of neither an exclusively economic analysis nor a completely ethical argument, but an amalgam of some features of each. At issue is the significance the medievals attached to the concepts of price and justice and how an integrated economics and ethics made for a mode of reasoning about price different from the endogenousty focused price theory and limited boundaries of modern economics. It is argued in 'The Justice of the Just Price' that the treatment of price in medieval economic thought cannot be grasped without a comprehensive approach to its determination. The argument will first focus separately on the description of the medieval notions of price (cost of production, need, etc.) and of justice (virtue/vice) as features of the medieval concept of the just price. It proposes that, by virtue of the fact that the premises of the medieval system of analysis assumed greed as a nefarious part of human economic behaviour and presupposed the necessity of justice prior to exchange, medieval intellectuals justified on ethical grounds the interference of the just price in market activity and attempted to rectify the inequalities of exchange and distribution through the institutional regulations of Church and court.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"4 1","pages":"191-216"},"PeriodicalIF":0.7,"publicationDate":"1997-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719700000036","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610134","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 age of the universal consumer: a reconsideration of Ricardo's politics","authors":"Terry Peach","doi":"10.1080/10427719700000037","DOIUrl":"https://doi.org/10.1080/10427719700000037","url":null,"abstract":"This paper reconsiders Ricardo's political thought, its relationship with his political economy and, more generally, Ricardo's connection with the 'philosophical radicalism' of Bentham and James Mill. It is arguedinter alia, that Ricardo's politics were utilitarian and individualistic; that he developed a notion of a shared, homogeneous interest; that he believed that individuals should know their 'real' interests as a condition for their suffrage; and that he subscribed to a doctrine of virtual representation. It is also argued that Ricardo was considerably less 'radical' in his political views than some previous commentators have recognized.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"109 1","pages":"217-236"},"PeriodicalIF":0.7,"publicationDate":"1997-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719700000037","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610177","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":"Involuntary unemployment: the missing piece in Keynes's General Theory *","authors":"M. D. Vroey","doi":"10.1080/10427719700000039","DOIUrl":"https://doi.org/10.1080/10427719700000039","url":null,"abstract":"Using a retrospective methodology, my paper examines critically the insights on involuntary unemployment offered by Keynes in his General Theory. Keynes, it is argued, gave involuntary unemployment a modern micro-founded definition yet — quite opportunely, in view of the difficulty of the task—did not attempt to provide a direct microeconomic explanation of it Rather, his claim to the demonstration of its existence rests on an indirect argument, where involuntary unemployment emerges at the corollary of effective demand falling short of its full employment level. This justification is based on the more or less tacit assumption that involuntary unemployment and effective demand-deficiency are equivalent. This claim of equivalence, it will be argued, is wanting. Hence the view that involuntary unemployment may have been demonstrated through the proxy of demand-deficiency falls. My paper evaluates whether Keynes's other arguments in favour of involuntary unemployment are robust. Several alternative interpretations of his General TheoryChapter Two 'fundamental observation', focusing respectively on money illusion, adjustment flaws, and resistance to cuts in nominal wages, are discussed. Here also the verdict will be negative. The general conclusion then follows that no solid explanation for the existence of involuntary unemployment is to be found in theGeneral Theory.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"4 1","pages":"258-283"},"PeriodicalIF":0.7,"publicationDate":"1997-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719700000039","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610195","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":"Veblen's critique of Marx's philosophical preconceptions of political economy","authors":"P. O’Hara","doi":"10.1080/10427719700000020","DOIUrl":"https://doi.org/10.1080/10427719700000020","url":null,"abstract":"This paper explores some of the theoretical linkages between Thorstein Veblen and Karl Marx. Special reference is placed Veblen's criticisms of Marx and the Marxist tradition for adhering to the preconceptions of (a) the natural right of labour to the full product, and (b) the teleology of conscious agents directing action towards change. Veblen was incorrect to believe that Marx adhered to the natural right of labour thesis, but he was correct to assert that Marx utilized undesirable teleologies. Overall, however, Veblen was attempting to reformulate and modernise the materialistic conception of history through an evolutionary analysis of institutions. The two thinkers complement each other in important ways, although Veblen's analysis is more evolutionary, collectivist and holistic.","PeriodicalId":51791,"journal":{"name":"European Journal of the History of Economic Thought","volume":"4 1","pages":"65-91"},"PeriodicalIF":0.7,"publicationDate":"1997-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10427719700000020","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59610022","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}