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THE HISTORY OF ECONOMIC THOUGHT FROM THE VIEWPOINT OF HES PRESIDENTIAL ADDRESSES Journal of the History of Economic Thought (IF 0.583) Pub Date : 2024-02-20 Maria Cristina Marcuzzo, Giulia Zacchia
The History of Economics Society (HES) has traveled a long way throughout its fifty conferences, from the first one organized by Warren Samuels and Vincent Tarascio on May 30 and 31, 1973, in Chicago, to the fiftieth annual meetings that took place on June 23 to 25, 2023, in Vancouver, Canada. This journey can be analyzed in different ways, and here we focus on the presidential addresses delivered
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HISTORY OF ECONOMIC THOUGHT’S PLACE IN MACROECONOMICS REVISITED Journal of the History of Economic Thought (IF 0.583) Pub Date : 2024-02-20 David Laidler
I attended the now famous conferences at Sussex in 1968 and Nottingham in 1969 that preceded the later founding of both the History of Economic Thought Society in the UK and the History of Economics Society (HES) in North America. In 1969, I also helped to found the UK Money Study Group at its first conference in Hove, while in 1970 I was at Karl Brunner’s first Konstanz Seminar. In both fields, these
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HES CONFERENCES: A LEARNING EXPERIENCE Journal of the History of Economic Thought (IF 0.583) Pub Date : 2024-02-13 José Luís Cardoso
Attending the annual HES conferences is a fantastic learning experience. In this personal testimony I try to explain the reasons for this enthusiasm, around three fundamental aspects: the innovations and changes in the historiographical field of the history of economics, the informal governance of a dynamic community, and the relevance of methodological pluralism as a guide for research development
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ÉMIGRÉ ECONOMISTS IN AMERICA: THEIR IMPACT AND THEIR EXPERIENCES Journal of the History of Economic Thought (IF 0.583) Pub Date : 2024-02-12 Harald Hagemann
I first visited the United States in September 1980 when I spent two weeks at the New School for Social Research in New York. The main reason was the first personal meeting with Adolph Lowe (1893–1995), with whom I had been in close contact since spring 1977 when I got my PhD in economics from the University of Kiel. Lowe had built up a new department for research on business cycles and international
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“I GET BY WITH A LITTLE HELP FROM MY FRIENDS … ”: AN EDITOR’S RETROSPECTIVE Journal of the History of Economic Thought (IF 0.583) Pub Date : 2024-02-12 Steven G. Medema
In this article, Steven Medema provides some reflections on his tenure as editor of the Journal of the History of Economic Thought (1999 – 2008). This was a time of significant transition in the life of the journal, and the successful navigation of this period provides an excellent illustration of how much an editor and a journal rely on the assistance and support of both key individuals and the broader
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REMEMBRANCES OF A TREASURER: 1999–2015 Journal of the History of Economic Thought (IF 0.583) Pub Date : 2024-02-12 Neil B. Niman
I began as the secretary/treasurer for the History of Economics Society (HES) in 1999. Prior to my appointment, I had attended one conference and really didn’t know much about the society. My colleague Jim Wible (who was an active member) asked me if I would be interested and essentially pushed my name forward (there probably were not any other takers at the time). I was handed a paper ledger, a notebook
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THOUGHTS ON MY HES LIFE Journal of the History of Economic Thought (IF 0.583) Pub Date : 2024-02-12 Malcolm Rutherford
This paper outlines my own career within the History of Economics Society, my contributions to the society, and its central importance to my research endeavours. It is impossible for me to imagine having the career I have had without the HES, and my own case highlights how the society functioned to mentor and develop my academic career. This mentoring function is, in my view, the society’s most important
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SMOKE ON THE WATER: HES AT 50 AND THE NON-NEUTRALITY OF HISTORY Journal of the History of Economic Thought (IF 0.583) Pub Date : 2024-02-06 Harro Maas
Recently, I participated in the thesis defense on an eminently local subject, political economic writing in the eighteenth century in the cantons of Vaud (where I live and teach) and Berne (which at the time had occupied the Canton of Vaud) in Switzerland. I will spare you the details of this 700-pages-thick thesis, with an appendix of another 200 pages, which was not even about political economic
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THE HES AT FIFTY: IDENTITY CRISIS AND THE NEED FOR PLURALISTIC HISTORIOGRAPHICAL APPROACHES Journal of the History of Economic Thought (IF 0.583) Pub Date : 2024-02-05 Loïc Charles
In what follows, I use stylized facts derived from my own professional career as a member of the History of Economics Society (HES) and the history of economics (HE) community to document and illustrate the changing context of the subdiscipline over the past three decades.1 In the 1990s, the subdiscipline was comprised of a number of national communities. Among the latter the North American community
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NEITHER ECONOMIST NOR HISTORIAN Journal of the History of Economic Thought (IF 0.583) Pub Date : 2024-02-05 E. Roy Weintraub
I defended my doctoral dissertation on stochastic stability of general equilibrium systems in Penn’s Applied Mathematics program in fall 1968. That year I began teaching math for economists, mathematical economics, microeconomics, and even econometrics at Rutgers College, where I remained for a couple of years before moving to Duke. At Rutgers I saw that graduate students took required courses in micro
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REFLECTIONS ON THE HISTORY OF ECONOMICS SOCIETY AT FIFTY: LOSING OUR WAY? Journal of the History of Economic Thought (IF 0.583) Pub Date : 2024-02-05 John B. Davis
The task given to me for this issue was to discuss the history, challenges, and accomplishments of the History of Economics Society (HES) as I see them from my vantage point as a past president. I frame my remarks in terms of changes I believe have occurred in how our field has been pursued in the society since I became involved.
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REFLECTIONS ON THE STATE OF THE HISTORY OF ECONOMICS Journal of the History of Economic Thought (IF 0.583) Pub Date : 2024-02-05 Margaret Schabas
The celebration of fifty years of the History of Economics Society (HES) is a wonderful achievement. It is a pity that the majority of the founding members are not alive to see this landmark. The initial seeds were planted in 1968, with a gathering run by Donald Winch at the University of Sussex, and watered the following year by A. W. “Bob” Coats at the University of Nottingham, who produced the first
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TIMES OF CHANGE Journal of the History of Economic Thought (IF 0.583) Pub Date : 2024-02-02 Marcel Boumans, Evelyn L Forget
A personal account of their experiences by Marcel Boumans and Evelyn Forget as JHET editors of issues 31 (1) to 35 (4).
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RECOLLECTIONS OF MY TIME AT THE HISTORY OF ECONOMICS SOCIETY Journal of the History of Economic Thought (IF 0.583) Pub Date : 2024-02-02 Mauro Boianovsky
The History of Economics Society (HES)—together with its Journal of the History of Economic Thought (JHET)—has played an important role in my activities as a historian of economic thought, from my early exciting days as a graduate student in 1994–95 to my term as HES president in 2016–17, and beyond. As I join the celebrations of the fiftieth anniversary of the HES, I would like to offer some historiographic
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HUME ON THE PROTESTANT ETHIC AND THE RISE OF ENGLISH COMMERCIAL SPIRIT Journal of the History of Economic Thought (IF 0.583) Pub Date : 2024-01-31 Erik W. Matson
This paper interprets the interaction between Protestantism and commercial spirit in David Hume’s account of English development, mostly drawing from The History of England. Hume saw Protestant theology—especially the more enthusiastic strains of English Puritanism—as having fortuitously shifted the landscape of political and economic sensibilities in England in the sixteenth and seventeenth centuries
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Barter, Money, and Commercial Arithmetic Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-12-21 Sasan Fayazmanesh
The manuscripts dealing with commercial practices in Europe from the thirteenth to early seventeenth centuries have been the subject of numerous studies by those interested in the history of mathematics and sociology of knowledge. Indeed, these manuscripts shed a great deal of light on how modern mathematics, as well as mechanistic naturalism of the Enlightenment, can be traced to commercial arithmetic
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THE LONG AND UNFINISHED ROAD TO FRIEDMAN AND MEISELMAN’S “THE RELATIVE STABILITY OF MONETARY VELOCITY AND THE INVESTMENT MULTIPLIER” Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-12-11 George S. Tavlas
Milton Friedman and David Meiselman’s 1963 article, “The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1897–1958,” was one of the most influential studies to come out of the Keynesian-monetarist debates of the 1960s and 1970s. The gestation of the article, however, is shrouded with considerable inaccuracy and ambiguity. I use archival materials to provide
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THE ORIGINS OF YIELD CURVE THEORY: IRVING FISHER AND JOHN MAYNARD KEYNES Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-12-11 Lucy Brillant
The purpose of the paper is to rescue Irving Fisher’s theorizing of the yield curve (1896, 1907, 1930) from relative obscurity and to contrast it with the better known and equally pioneering theory of John Maynard Keynes (1930, 1936). The paper also adduces evidence that Fed economists and the U.S. monetary experience in the 1920s greatly influenced these authors, both of whom were concerned with the
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EDGARD MILHAUD AND THE CASE FOR ESTABLISHING AN INTERNATIONAL CLEARING UNION IN THE 1930S: A FORGOTTEN FORERUNNER OF KEYNES? Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-11-07 Adrien Faudot, Nikolay Nenovsky
Edgard Milhaud (1873–1964), a professor at the University of Geneva, published a series of texts (from 1932 onwards) promoting the establishment of multilateral international compensation between nation-states, and actively campaigned for this project. His plan centered on a call for a “gold truce” as an alternative to the bilateral clearing agreements that proliferated at the time. The plan drew the
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THE RISE, FALL, AND LEGACY OF THE STRUCTURE-CONDUCT-PERFORMANCE PARADIGM Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-10-31 Matthew T. Panhans
The Structure-Conduct-Performance paradigm was the core framework of industrial organization for two decades, and had a significant impact on competition policy from the 1950s through the 1970s. This essay considers what made the SCP framework so influential in the United States, the shortcomings economists identified in the framework during the shift to the “new IO” in the late 1970s, and the lasting
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WHEN LIBERTY PRESUPPOSES ORDER: F. A. HAYEK’S CONTEXTUAL ORDOLIBERALISM Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-09-29 Stefan Kolev
This paper embeds the early political economy of Friedrich August von Hayek in the intellectual milieu of German ordoliberalism. The urgency during the 1930s and 1940s to stabilize the disintegrating societal orders is identified as a crucial driver behind the parallelisms between Hayek and the ordoliberals. Their shared theoretical position is that in such moments, liberty can thrive sustainably only
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ROBERT TRIFFIN, JAPAN, AND THE QUEST FOR ASIAN MONETARY UNION Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-09-11 Ivo Maes, Ilaria Pasotti
Especially with the Asian financial crisis of 1997–98, Asian countries have advocated a profound reform of the international financial architecture. Their proposals focused on two main axes: a reform of the global financial system, and stronger regional monetary integration in Asia. There are here significant parallels with the ideas of Robert Triffin (1911–1993). Triffin became famous with trenchant
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PROBABILITY, PRUDENCE, DANGER: THOMAS AQUINAS ON THE BUILDING OF THE LEXICON OF RISK Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-09-01 Pierre Januard
The Latin terms commonly used to signify “risk” are absent from Thomas Aquinas’s economic writings. Instead, Aquinas offers a lexicon of probability, prudence, and danger. This ternary lexicon brings with it a triple universalization of risk: first, a universalization through activity, including the activity of analysis considered as part of economic activity; second, a universalization through the
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“RISE AND FALL” OF THE WALRASIAN PROGRAM IN ECONOMICS: A SOCIAL AND INTELLECTUAL DYNAMICS OF THE GENERAL EQUILIBRIUM THEORY Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-08-25 Olessia Kirtchik, Ivan Boldyrev
This paper aims at understanding social practices and institutions that ensured the transnational diffusion, recognition, and renewal of the research program in the General Equilibrium Theory (GET), in spite of multiple critics and apparent theoretical dead ends. First, we trace the main conceptual developments of the Walrasian GET program since the 1950s and thus elaborate on its intellectual identity
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CORREA MOYLAN WALSH BEYOND INDEX NUMBERS: FROM THE “BATTLE OF THE STANDARDS” TO THE SCIENCE OF MONEY Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-08-23 Victor Cruz-e-Silva, Felipe Almeida
In 1901, Correa Moylan Walsh gained renown for writing a groundbreaking monograph on index numbers. His contributions to monetary economics, however, though neglected, transcend his work on index numbers, which was conceived to serve more foundational concerns of his. Therefore, our aim is twofold. First, we want to recover Walsh’s role as an important early twentieth-century economist. Second, we
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IDENTIFYING A “CHICAGO SCHOOL” OF ECONOMICS: ON THE ORIGINS, DIFFUSION, AND EVOLVING MEANINGS OF A FAMOUS NAME BRAND Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-08-16 Steven G. Medema
Though the Chicago school has been the subject of no small amount of research over the past several decades, that scholarship has focused largely on persons, ideas, and influence—in short, on the school itself. No attention has been paid to the origins of that label and the avenues via which the notion of a “Chicago school” of economics came to be. This paper attempts to address that lacuna, drawing
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BUILDING INTEGRATED MODELS IN ENVIRONMENTAL AND NATURAL RESOURCE ECONOMICS: THE CASE OF GORDON’S 1954 FISHERY MODEL Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-08-16 Baptiste Parent, Lauriane Mouysset, Antoine Missemer, Harold Levrel
Environmental and natural resource economics lies inherently at the interface between economic and natural dynamics (e.g., geological constraints, climate change, biodiversity evolution). Building models in that field often means building integrated models, calling on knowledge and methods from economics and physics, climatology, biology, or ecology. Howard Scott Gordon’s 1954 article on fishery economics
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FROM “TIRED MUSCLES” TO “MIGHT-HAVE-BEENS”: A DEBATE ON THE NATURE OF COSTS IN THE LATE NINETEENTH CENTURY Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-08-10 Fabio Barbieri, Marcelo Lourenço Filho
This article explores a debate on the theory of cost that occurred in the 1890s between economist Silas MacVane and Austrian economists. MacVane defended the idea of objective “real cost” and the Austrians argued for subjective opportunity cost. Although this debate is rarely mentioned, it represents a noteworthy episode of active contrast between ideas on value and on cost, with implications that
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INVESTIGATING THE “DEBT–MONEY–PRICES” TRIANGLE: IRVING FISHER’S THEORETICAL JOURNEY TOWARD THE 100% MONEY PROPOSAL Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-08-10 Samuel Demeulemeester
This paper aims to show how the 100% money proposal, which Irving Fisher came to support in 1935, connects to the rest of his work on monetary instability—in particular, to his credit cycle analysis of 1911 and his debt-deflation theory of 1932–33. Behind these respective analyses, we identify a common explanatory pattern of monetary fluctuations, the “debt–money–prices” triangle, which we use to show
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JHET INTERVIEWS: EVELYN FORGET Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-08-07 Virginie Gouverneur
Evelyn Forget is among the “women of value” working in the economics profession. Her work has always been on the interface between theory and policy. It focuses on how economic tools and language can be mobilized to ensure that all members of society have access to the resources and services that allow us to live with dignity. Her contributions on the issue fall into two areas: history of economics
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IRVING FISHER, RAGNAR FRISCH, AND THE ELUSIVE QUEST FOR MEASURABLE UTILITY Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-05-25 Robert W. Dimand
Commitment to the behaviorist approach to utility theory, to the usefulness of mathematics in economic analysis, and to equalization of the marginal utility of income as a principle of just taxation brought Irving Fisher and Ragnar Frisch to attempt to measure the marginal utility of income and led them to collaborate in forming the Econometric Society and sponsoring the establishment of the Cowles
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LETTER TO THE EDITORS: THE EMPEROR HAS NO CLOTHES: A REPLY TO GINOUX AND JOVANOVIC Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-05-22 Vincent Carret
In this letter to the editors of the Journal of the History of Economic Thought, I present my results on Ragnar Frisch’s rocking horse model, published in an earlier issue of the same journal, and detail why the comments by Jean-Marc Ginoux and Franck Jovanovic on my paper have no grounding. I explain the role of initial conditions on the amplitude of cycles and trend in Frisch’s solution, and emphasize
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LETTER TO THE EDITORS: SOLVING VINCENT CARRET’S PUZZLE: A REBUTTAL OF CARRET’S FALLACIES AND ERRORS Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-05-17 Jean-Marc Ginoux, Franck Jovanovic
In his article published in JHET in 2022, Vincent Carret (2022a) criticizes our work. In footnote 19, pages 630–631, he claims that our result “is based on a mistaken interpretation of the paragraph at the bottom of p. 191 of Frisch (1933).” He then states that we “take to mean that the coefficient of each cycle in the general sum of solutions is arbitrary, while … these coefficients [depended] on
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BEFORE BRAIN DRAIN: ITALIAN ECONOMISTS ON THE CALCULUS OF THE VALUE OF MEN Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-05-16 Claudia Sunna, Traci M. Ricciardo
This study deals with the debate that took place among Italian economists and statisticians at the turn of the twentieth century on the economic effects of mass emigration. In particular, it is focused on a controversy between Vilfredo Pareto and Alberto Beneduce on the one side, and Francesco Coletti on the other. It analyzes the way these scholars struggled with: (i) the problem of properly elaborating
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HOW INDUSTRIALIZATION BECAME THE CORE OF RAÚL PREBISCH’S THOUGHT Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-05-15 Adriana Calcagno
This paper focuses on the intellectual path through which Raúl Prebisch placed industrialization at the center of his economic thought and policy recommendations. It shows how the changing international context of the 1930s and 1940s made him depart from laissez-faire and adopt countercyclical policies, gradually abandoning the agrarian export-led growth model and finally embracing industrialization
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FRANKLIN H. GIDDINGS ON RACE AND EUGENICS Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-05-09 Luca Fiorito, Valentina Erasmo
Franklin H. Giddings can be considered one of the founding fathers of sociology in the United States. With many of his contemporaries, Giddings shared a firm commitment to eugenics, scientific racism, and race-conscious imperialism—a biologically rooted impetus that recent literature has placed at the core of the Progressive Era reform agenda, and which was particularly strong among the most sociologically
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ON HERBERT A. SIMON AND JORGE LUIS BORGES ABOUT FREE WILL Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-05-09 Ricardo F. Crespo
In 1970 Herbert Simon was invited by the Sociedad Argentina de Organización Industrial to deliver lectures on “Business Management in the Technological Era.” He asked for an audience with Jorge Luis Borges, the director of the Argentine National Library. Simon had read Borges’s stories and was particularly fascinated by “La Biblioteca de Babel” (The library of Babel), wherein he discovered that Borges
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SMITH AT 300: UNIVERSAL HUMAN NATURE, THE DIVISION OF LABOR, AND AFRICAN DEVELOPMENT Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-05-08 Jérôme Lange
“Since such, therefore, are the advantages of water-carriage, it is natural that the first improvements of art and industry should be made where this conveniency opens the whole world for a market to the produce of every sort of labour, and that they should always be much later in extending themselves into the inland parts of the country. … All the inland parts of Africa, and all that part of Asia
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RARENESS IN THE INTELLECTUAL ORIGINS OF WALRAS’S THEORY OF VALUE Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-04-13 Pablo Cervera-Ferri, Pau Insa-Sánchez
Historians of economic thought have carried out detailed studies of classical and marginalist approaches to value based on production cost and utility, respectively, not to mention about the fusion of both interpretations by the neoclassical school. This is not the case with rareness value, a theory commonly attributed to Léon Walras, although Aristotle surely had rareness in mind when he first attempted
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GOOD, ECONOMIC WELFARE, AND THE NATIONAL DIVIDEND—PIGOU’S WELFARE TRIAD Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-03-10 John Aldrich
Arthur Pigou’s welfare treatises are exercises in practical ethics. The exercises were founded on the ethical concepts of good and economic welfare with the economist’s national dividend providing the practical instrument for solving economic problems. This paper follows this triad from its origins in Pigou’s earliest writings on ethics and economic policy, into the welfare treatises, and onto his
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THE ECONOMISTS AND THE PRESS IN ITALY FROM THE END OF THE NINETEENTH CENTURY UNTIL FASCISM: THE CASE OF LUIGI EINAUDI Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-03-06 Giovanni Pavanelli
Luigi Einaudi was an authoritative Italian economist and a leading representative of economic and political liberalism in Europe. After the Second World War, he became governor of the Bank of Italy and president of the Italian Republic. This paper analyzes his role as opinion maker from the end of the nineteenth century until the 1920s, when he was a leading columnist at La Stampa and the Corriere
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“HOW CAN I LIBERATE THE SLAVES?” THE NEGLECTED TRADITION OF DEVELOPMENTAL ABOLITIONISM Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-03-03 Abel B. S. Gaiya
The abolition of slavery in the nineteenth and twentieth centuries was a long process. In terms of the economic views of abolitionists, there has been an excessive focus on the economic ideas of liberal abolitionists and their approach to “Civilization, Christianity, and Commerce.” However, there was a “developmental abolitionism” that has received little attention. Afro-American Martin R. Delany and
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SMITH AT 300: ADAM SMITH ON EQUITY, SOCIETY, AND STABILITY Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-03-03 Aida Ramos
In a discussion of wages and labor in the Wealth of Nations (WN), Adam Smith concludes: “No society can be flourishing and happy, of which the far greater part of the members are poor and miserable. It is but equity, besides, that they who feed, clothe, and lodge the whole body of the people, should have such a share of the produce of their own labour as to be themselves tolerably well fed, clothed
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WHAT’S NOT TO SEE? FOUCAULT ON INVISIBLE POLITICAL ECONOMY IN ADAM SMITH AND ADAM FERGUSON Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-03-03 Eugene Heath
In his lectures of 1978–79, published posthumously as The Birth of Biopolitics, Michel Foucault addressed versions of liberalism in which an invisible market appears immune to government intervention. Among the thinkers discussed were Adam Smith and Adam Ferguson. This essay offers critical reflections on Foucault’s description of Smith as emphasizing the invisibility of the economy, as well as on
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A. G. PAPANDREOU’S ACADEMIC ECONOMIC THOUGHT 1943–1963 Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-03-02 Michel S. Zouboulakis
The aim of this article is to make an overall assessment of Andreas George Papandreou’s theoretical contributions during his American academic career, from the perspective of the history of economic thought. Papandreou contributed to the postwar development of economic thought in competition theory and experimental testing of consumer theory. In developing competition theory, he introduced a new method
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KEYNES, RAMSEY, AND PRAGMATISM Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-03-02 Bill Gerrard
In his recent paper in this journal, Bradley Bateman (2021) breaks with the “standard view” of Frank Ramsey’s influence on Jahn Maynard Keynes and argues that Ramsey’s pragmatist philosophical thought underpinned both Keynes’s acceptance of Ramsey’s subjective theory of probability and Keynes’s adoption of a narrative theory of the role of confidence in economic fluctuations in the General Theory.
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KEYNES, RAMSEY, AND PRAGMATISM: A COMMENT Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-03-02 Bradley W. Bateman
This comment makes a response to one of several points made in Bill Gerrrard’s (2023) criticisms of Bateman (2021) in particular, this comment clarifies Keynes’s use of mathematical expectation in The General Theory (1936).
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NUDGING TO PROHIBITION? A REASSESSMENT OF IRVING FISHER’S ECONOMICS OF PROHIBITION IN LIGHT OF MODERN BEHAVIORAL ECONOMICS Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-03-01 Nicholas A. Curott, Nicholas A. Snow
In this paper we argue that Irving Fisher (1867–1947) is an unacknowledged pioneer of modern behavioral economics. Fisher’s behavioralist orientation is evident in his writings on alcohol prohibition. In these works, Fisher argued that behavioral anomalies prevent individuals from making rational choices regarding alcohol consumption. Fisher thought these anomalies arose from three sources: 1) incomplete
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SMITH AT 300: A VIOLENT FIT OF LAZINESS Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-03-01 Sarah Skwire
The works of Adam Smith are filled with quotable moments. The pin factory. The poor man’s son. The invisible hand. The butcher, the brewer, and the baker. The dog and the philosopher. The impartial spectator. The man of system and his chessboard. And our propensity to truck, barter, and exchange. All of these are so well known and so often quoted that I’ve had editors ask me just to refer to them in
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2022 HES PRESIDENTIAL ADDRESS: THE HISTORY OF ECONOMICS AS ECONOMIC SELF-PORTRAITURE Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-02-28 Marcel Boumans
I wrote this address during the first weeks of the murderous and devastating invasion of Russia in Ukraine, in a fluctuating mood of anger and sadness. My aim was addressing the issue of the use of history to legitimize ideology, and I was contemplating how I could convince you of the urgency of this issue, and then this war broke out.
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SMITH AT 300: NEGATIVE JUSTICE AND POLITICAL WISDOM Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-02-28 Maria Carrasco
Adam Smith is known as a liberal thinker. The political system that he promotes and describes as one of “perfect justice, perfect liberty, and perfect equality” (Wealth of Nations [1776] 1981; WN IV.ix.17:669) is characterized by the primacy of the rights of non-interference and the protection of a private sphere where every individual directs her life according to her own decisions. The moral justification
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SMITH AT 300: USELESS COMPANIES Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-02-28 Emma Rothschild
This observation is from an obscure backwater of the Wealth of Nations. It is about companies that were archaic even in 1776: the Russian Company, the Eastland Company, the Hamburgh Company, chartered in Britain in the sixteenth century, and trading mainly in the Baltic. But the comments on regulated companies are a revealing epitome of Adam Smith’s thought. There is the artful language, and one can
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THE DEMYSTIFICATION OF DAVID RICARDO’S FAMOUS FOUR NUMBERS Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-02-27 Jorge Morales Meoqui
The paper offers the first interpretation of David Ricardo’s famous numerical example fully compatible with the primary source. It claims that the sole purpose of the four numbers was to illustrate that the relative value of commodities made in different countries is not determined by the respective quantities of labor devoted to their production. This exception results from unequal ordinary profit
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SMITH AT 300: ADAM SMITH ON RHETORIC AND THE PHILOSOPHY OF SCIENCE Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-02-27 Sheila Dow
“We need not be surprised … that the Cartesian philosophy …, though it does not perhaps contain a word of truth, … should nevertheless have been so universally received by all the Learned in Europe at that time. … [They] greedily receive[d] a work which we justly esteem one of the most entertaining Romances that has ever been wrote.” LRBL ii.134
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SMITH AT 300: COMMERCIAL SOCIETY AND THE WOMEN’S QUESTION Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-02-27 Pavel Kuchař
Adam Smith’s views on inequality have recently been examined with some interest (Rasmussen 2016; Walraevens 2021). But was Smith really genuinely interested in addressing the shortcomings of the society built on the “liberal plan of equality, liberty and justice” (Smith 1975, Wealth of Nations; WN IV.ix)? While critical accounts of Smith’s thought may tend to zero in on his concerns with absolute poverty—or
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SMITH AT 300: MEN OF BLESSED AND BEGUILING INGENUITY Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-02-27 Scott Drylie
Adam Smith’s excellence in the art of belles lettres is well known and is on vivid display in his most memorable quotes, enriching his arguments and augmenting their impact. Sometimes, however, the effects of time obscure his artistry and purpose. The following passage from the Wealth of Nations ([1776] 1981; WN) is one such example. It contains an overlooked expression of Smith’s liberal vision and
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SMITH AT 300: READING AND REREADING “THE CORRUPTION OF MORAL SENTIMENTS” Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-02-27 Glory M. Liu
“This disposition to admire, and almost to worship, the rich and the powerful, and to despise, or, at least, to neglect persons of poor and mean condition, though necessary both to establish and to maintain the distinction of ranks and the order of society, is, at the same time, the great and most universal cause of the corruption of our moral sentiments.” TMS I.iii.3.1
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INTRODUCTION TO SYMPOSIUM: SMITH AT 300 Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-02-24 Pedro Garcia Duarte, Jimena Hurtado
“I have not the least doubt of it for you have made it of bread and butter instead of tea,” said Mr. Damer when Adam Smith, whom he was visiting that morning, declared “it was the worst tea he had ever met with” (Rae 1895, p. 238). The year 2023 marks the 300th anniversary of Smith, this absent-minded and introverted thinker, who enjoyed long solitary walks by the seaside more than anything else, was
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SMITH AT 300: ADAM SMITH ON EDINBURGH AND GLASGOW Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-02-22 Craig Smith
It is a difficult task to narrow down a favorite passage from a body of work as rich as that of Adam Smith. One of the things that has always amused me about Smith is his use of Scottish examples to make universal points. In one of these he launches himself into the long-running rivalry between Scotland’s two major cities: Edinburgh and Glasgow. Smith lived for a time in both cities and worked on what
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SMITH AT 300: THE DIGNITY OF TRADE Journal of the History of Economic Thought (IF 0.583) Pub Date : 2023-02-22 Maria Pia Paganelli
“It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our necessities but of their advantages.” WN I.ii.2