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James Tobin on macroeconomic instability: an old Keynesian changes ground The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2024-02-23 Robert W. Dimand, Rebeca Gomez Betancourt
From 1975 onwards, the American Keynesian monetary economist James Tobin changed his interpretation of the Keynesian case that active stabilisation policy is sometimes needed to restore full employ...
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A micro foundational episode of the early history of macroeconomics: a 1932 debate on Walrasian economics and multiple equilibria The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2024-02-07 Michaël Assous, Vincent Carret
This paper documents an early fork in the development of macroeconomics, by examining a debate between the Dutch economists Jan Tinbergen and Johan Koopmans. In a 1932 paper, Tinbergen argued that ...
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Le Trosne’s Discours sur l’état actuel de la magistrature and Quesnay’s reaction to it The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2024-01-22 Gabriel Sabbagh
Le Trosne’s Discours sur l’état actuel de la magistrature was published in 1764. It is the first physiocratic book of Le Trosne, a major physiocrat. This paper records the reaction of Quesnay, the ...
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What are services? Misconceptions and neglected insights from the productivity controversy in the classical period The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2024-01-02 Hagen M. Krämer
This article aims to explore how the productivity controversy of the classical period, in which Adam Smith’s concept of productive and unproductive labor was debated, has influenced the general vie...
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A XIVth century approach to the points problem The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-12-23 Pavlo Blavatskyy
The application of expected value as the first decision-theoretical criterion for evaluating risky lotteries is traditionally attributed to the 1654 correspondence between Pierre de Fermat and Blai...
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Uncertainty goes mainstream: Savage, Koopmans and the measurability of uncertainty at the Cowles Commission The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-12-23 Carlo Zappia
This paper discusses the engagement of economists with the issue of the measurability of uncertainty. After a summary of the meaning attributed by authors such as Knight, Keynes, Shackle and Ellsbe...
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Relaxation oscillations in the history of business cycles from 1928 to 1941 The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-12-22 Jean-Marc Ginoux, Franck Jovanovic
To date no satisfactory reason has been given to explain why no economist succeeded in proposing a business cycle model with nonlinear oscillations before Richard Goodwin. This article investigates...
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Keynes on Uncertainty and Tragic Happiness The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-12-21 Richard Arena
Published in The European Journal of the History of Economic Thought (Ahead of Print, 2023)
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Capitalism: the story behind the word The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-12-14 Gregory Claeys
Published in The European Journal of the History of Economic Thought (Ahead of Print, 2023)
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Land and liberty: Henry George and the crafting of modern liberalism The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-12-11 Carlos Horniak
Published in The European Journal of the History of Economic Thought (Ahead of Print, 2023)
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Adam Smith’s America: How a Scottish Philosopher Became an Icon of American Capitalism The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-12-08 Sam Fleischacker
Published in The European Journal of the History of Economic Thought (Ahead of Print, 2023)
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Methodology and History of economics: reflections with and without rules The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-12-01 Dorian Jullien
Published in The European Journal of the History of Economic Thought (Ahead of Print, 2023)
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Applications of lessons from the history of economic thought to actual policy problems The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-11-26 Mauro Boianovsky, Germán Feldman, Ivo Maes, Bertram Schefold (Chair), Carl Christian von Weizsäcker
The roundtable, convened to celebrate the 25th ESHET conference, asked how the history of economic thought can become relevant for actual economic policy. Schefold begins with methodological remark...
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European Journal of the History of Economic Thought vol. 30, issue 6 (December 2023) The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-10-19 Katia Caldari, Gianfranco Tusset, Hans-Michael Trautwein
Published in The European Journal of the History of Economic Thought (Ahead of Print, 2023)
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Wartime in the history of economic thought: episodes in European history The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-10-13 Emma Rothschild
The paper is concerned with war in the history of economic thought. It looks at disputes about abstraction versus historicism over the long 19th century, in relation to war and the state. It then l...
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Peter Howitt – a Keynesian still in Recovery* The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-09-07 David Laidler
Abstract Peter Howitt is best known for his contributions to growth theory, but his work in short-run economics, which began with his Ph.D thesis and still continues, is important and deserves attention. It lies firmly in the Keynesian macro-disequilibrium tradition of Robert Clower and Axel Leijonhufvud, and for a long time has been overshadowed by New-classical and New-Keynesian orthodoxy. However
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Mapping the history of public economics in the twentieth century: an introduction to the special issue The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-09-08 Maxime Desmarais-Tremblay, Marianne Johnson, Richard Sturn
The papers in this issue deal with the transformation from public finance to public economics at a theoretical and philosophical level in the mid-twentieth century. Our introduction situates these ...
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From public finance to public economics The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-09-07 Maxime Desmarais-Tremblay, Marianne Johnson, Richard Sturn
The emergence of the expression of ‘public economics’ marked an epistemological rupture in the economic discourse about the state. The local problems and national intellectual traditions that had s...
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Rawls’s maximin and optimal taxation theory The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-09-04 Benoît Walraevens
The paper analyses the import and appropriation of Rawls’s theory of justice into the emerging field of optimal taxation theory in the 1970s. It focuses first on the pioneer contributions of Atkins...
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Malinvaud’s and Keynes’s unemployment typologies: do they coincide? The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-08-29 Rodolphe Dos Santos Ferreira
Abstract Malinvaud’s reconsideration of the theory of unemployment emphasises the distinction between classical and Keynesian unemployment equilibria, associating the former with excessive real wages and the latter with deficient effective demand. This distinction suggests a close proximity with the one established by Keynes between voluntary and involuntary unemployment. However, Malinvaud’s typology
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Luigi Einaudi’s ‘Scienza delle Finanze’ or the science of good government The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-09-01 Paolo Silvestri
This paper rediscovers the meaning and relevance of Luigi Einaudi’s Scienza delle Finanze, which still aspired to a reflection on man and good polity. It reconstructs some key moments in Einaudi’s ...
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Economics with(out) ethics? An interdisciplinary encounter between public economists and John Rawls in the 1970s The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-08-31 Danielle Guizzo, Carles Paré-Ogg
This article analyses selected interdisciplinary exchanges between analytical political philosophy and public economics in the United States during the 1970s. It focuses on three core themes in whi...
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The emerging discipline of public economics in postwar France The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-08-31 Raphaël Fèvre, Thomas M. Mueller
After the Second World War, optimal pricing in the public sector became an important topic internationally. The welfare enhancing properties of marginal pricing were a key concern, yet, the technic...
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Samuelson against “Rawls’s gratuitism”: some lessons on the misunderstandings between Rawls and the economists The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-08-29 Herrade Igersheim
Soon after the publication of A Theory of Justice, Rawls found himself swept up in the huge wave of enthusiasm his work had elicited from economists, while also having to respond to major critiques...
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Theorising public expenditures: welfare theorems, market failures, and the turn from “public finance” to “public economics” The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-08-29 Steven G. Medema
Public expenditure theory is a late-comer to the field of public finance, despite laments over the lack of such a theory dating to the late 1800s. This paper documents and attempts to explain this ...
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Samuelson’s social welfare function and Buchanan’s critique: the struggle with normative science The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-08-28 David C. Coker, Alain Marciano
A history of the transformation of public finance into public economics necessarily involves an understanding of the tension between positive and normative statements, that is a history of how publ...
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Welfare, state, and values: the winding road of the normative approach to inequality measurement (1912–1970) The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-08-28 Ignacio Hauser
Embedded in the general history of income inequality measures, this paper seeks to understand the evolution of the normative approach to inequality measurement. To this end, it undertakes a joint c...
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The emergence of social choice at the Cowles Commission, 1948–1952: Arrow’s Social Choice and Individual Values in context The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-08-24 Robert W. Dimand
Kenneth Arrow’s Social Choice and Individual Values (Cowles Monograph No. 12, 1951), a work that established the field of social choice and set the limits for what public economic theory could hope...
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François Perroux on European integration: “L’application aveugle d’une ‘orthodoxie” The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-08-17 Katia Caldari
Abstract In the debate for and against European integration economists had an important part in so far as from the beginning European integration took on an essentially economic connotation. Among them Francois Perroux had a rather original position: he based his critique of European economic integration on a series of analytical tools that he developed in his critical reflection on the limits of a
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Jessica Peixotto, a home economist not thrilled by the thrift culture The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-08-04 Juliette Blayac
Abstract The values of thrift have shaped the cultural and economic history of the United States. This morality advocates the practice of industry, frugality, self-sacrifice, and the accumulation of savings as a means of enriching the individual and society. From the 19th century to the early 20th century, American political economists preached these virtues. Jessica Peixotto (1864-1941), the first
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Hidden female figures in the organisation for European economic co-operation, and the reconstruction of Europe after WWII The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-07-28 Rebeca Gomez Betancourt, Giulia Zacchia
Abstract The study of female economists during the post-World War II reconstruction of Western Europe is as yet unresearched. A small but substantial collection of publications discusses the role of male economists within the European institutions created after World War II. However, none of them analyzes contributions made by female economists. This paper aims to shed some light on female economists
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At the origins of the life cycle hypothesis of Franco Modigliani and Richard Brumberg: an attempt at analysis The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-07-27 Alice Martini, Luca Spataro
Abstract This paper re-examines the origins of the Life-Cycle Hypothesis (LCH) originally formulated by Modigliani and Brumberg seventy years ago, using a combination of historical and archival analysis. The study compares Modigliani’s own account of the LCH with a range of other sources, including papers presented at the Conference on Savings in 1952, contemporary literature, and PhD dissertations
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John Stuart Mill and the art of consumption The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-07-25 Louise Villeneuve
Abstract This article investigates the exclusion of “consumption” from John Stuart Mill’s definition of political economy (1836). Unlike production and distribution, consumption is not an economic activity that Mill included in the theoretical framework of the science of political economy. Consumption could not be subject to a law of political economy and could only be a law of human enjoyment. This
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Today’s economics: one, no one and one hundred thousand The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-07-25 Angela Ambrosino, Mario Cedrini, John B. Davis
Abstract The paper employs the sense and structure of a famous novel by the Italian writer Luigi Pirandello, One, No One and One Hundred Thousand (Uno, nessuno e centomila), of 1926, to reflect upon the recent past, current status, and possible future appearance of economics. From an open/closed system perspective, the paper explores economics in relation to other social science disciplines in the
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Georges d’Avenel. An economic historian ahead of his time The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-07-10 Alain Alcouffe, David Le Bris
Abstract Unsatisfied with the traditional history, d’Avenel focused on quantitative data to understand the past. He built series of prices of multiple goods and services from 1200 onwards to document long-term changes in incomes and prices as a result of the technical progress and in inequalities as captured by the top 1%. Criticised by some contemporary historians, his data were used by Vilfredo Pareto
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Bent Hansen’s theory of fiscal policy The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-07-05 Claes-Henric Siven
Abstract Bent Hansen’s The Economic Theory of Fiscal Policy contains a macroeconomic model, based on optimising agents, to analyse how fiscal policy can be used to secure full employment and a constant value of money. Focus is on the coordination of economic policy. In addition to giving an account of Hansen’s analysis, the choice of model (equilibrium model, inflation model or a Keynesian unemployment
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“Non-competing social groups”? The long debate on social mobility in Italy (c. 1890–1960) The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-06-29 Giacomo Gabbuti
Abstract In the light of the recent literature on the intellectual history of inequality, this paper offers the first survey and a tentative classification of the Italian literature addressing issues related to social mobility, from the late 19th century to the “Economic Miracle” of the 1950s. During these decades, the foremost Italian economists and statisticians (among others, Pareto, Gini, Einaudi
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Turgot’s missing manuscripts – partially recovered The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-06-28 Richard van den Berg
Abstract Since 2015 it has become clear that various manuscripts that once belonged to the Turgot family archive are missing. This paper reports on the recent recovery in Japan of photographs of some of these manuscripts and presents a case study of the images of the famous draft known as Valeurs et monnaies. It allows one to appreciate the practices of previous editors of Turgot’s writings as well
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Hugo Grotius on usury: acknowledging the end of the Scholastic argument The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-06-27 André Lapidus
Abstract This paper explores the way the Scholastic argument against usury, which culminated in the 13th century with Thomas Aquinas’s question on interest loans in the Summa Theologiae, found an end with Hugo Grotius’s introduction of economic issues, in De Jure Belli ac Pacis (1625). Whereas Grotius inherited at least part of his predecessors’ repugnance of interest lending, he found in his questioning
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The Palgrave companion to Oxford economics, The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-06-28 Constantinos Repapis
Published in The European Journal of the History of Economic Thought (Vol. 30, No. 4, 2023)
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A Herstory of Economics, The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-06-27 Joanna Rostek
Published in The European Journal of the History of Economic Thought (Vol. 30, No. 4, 2023)
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A history of Brazilian economic thought: From colonial times through the early 21st century, The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-06-27 Carlos Eduardo Suprinyak
Published in The European Journal of the History of Economic Thought (Vol. 30, No. 4, 2023)
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New light on Adam Smith’s view of taxation via the concept of equity The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-06-24 Kwangsu Kim
Abstract This paper aims to defend Adam Smith’s ideas of taxation via moral philosophical approaches. In the conventional interpretation such a view is assumed to be inconsistent particularly due to the shortcomings of his economic theory. We suggest that via his notions of justice and equity, and of surplus income counted on an equilibrium basis in his natural price system, his argument for proportional
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Pawel Ciompa and the meaning of econometrics: a comparison of two concepts The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-06-23 Karl-Friedrich Israel
Abstract Pawel Ciompa’s original and forgotten conception of econometrics is compared with Ragnar Frisch’s interpretation of the term. Ciompa conceived of econometrics as being entirely descriptive, facilitating the conveyance of information in the field of accounting. In contrast, Frisch regarded it as a quantitative and empirical approach to economic theorising. Arguments against Frisch’s conception
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No need for society: Adam Smith’s critique of Pufendorf’s summa imbecillitas The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-06-23 Michele Bee, Ivan Sternick
Abstract Adam Smith saw in Pufendorf the idea of a sociability prior to government, arising from a perception of the advantages of cooperation in overcoming the alleged natural inability of human beings to provide for their needs. The idea of a principle of sociability independent of government was crucial to Smith, who also addressed since the beginning of the Wealth of Nations the advantages of cooperation
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The theological stems of modern economic ideas: John Duns Scotus The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-06-22 Luigino Bruni, Paolo Santori
Abstract Voluntarism is a medieval theological doctrine that argues that God’s will takes precedence over God’s intellect and explores the consequences on the relation between Creation and the Creator. We show that Duns Scotus’s theological voluntarism had an important impact on his economic teachings. Moreover, we suggest that it opened an ontological path that fostered the theorisation of modern
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Backward induction and expected value calculations in an anonymous XVth century Italian manuscript The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-06-21 Pavlo Blavatskyy
Abstract Blaise Pascal famously calculated the expected value of a risky lottery in the 1654 correspondence with Pierre de Fermat in the context of the so-called points problem. Pascal solved this problem by backward induction, whereas Fermat—by counting combinations. This paper analyzes a more complex version of the points problem from an anonymous XVth century Italian manuscript stored in the Vatican
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Gesell’s half a theory of the rate of interest The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-05-12 Aldo Barba
Abstract This article discusses previously unpublished correspondence between Keynes and the German economist Franz Hochstetter, a strong supporter of Silvio Gesell. The correspondence debates the reasons why Keynes deemed Gesell’s theory of the rate of interest as incomplete, and his plan of stamped money as impractical. The issue is analysed by referring to the more general theme of the inconsistencies
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Geography and the critique of mainstream economic theory: the legacy of J.A. Hobson The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-05-11 Eleni Drakaki
Abstract This paper aims to explore the work of John Atkinson Hobson (1858–1940) in political economy, emphasising his geographical perspective. Hobson, known mainly for his theory of imperialism and as a heretic in economics, was one of the first to discern the uneven geographical dynamics of capitalism and the socio-economic implications of accumulation, considering all the interrelated spatial scales
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Business cycle theory: Where Minsky and Hayek agreed The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-05-08 Juan Ramón Rallo
Abstract Hyman Minsky’s and Friedrich Hayek’s theories on the business cycle are often regarded as fundamentally divergent even when they share certain points in common: while Minsky attributes the cause of economic fluctuations to the inherently speculative tendencies of financial markets, Hayek blames central banks for credit manipulation. This paper aims to demonstrate that the similarities between
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Sismondi on money, banking, credit and public debt: an exploratory essay The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-04-26 Pascal Bridel
Abstract This contribution examines Sismondi’s money, banking and credit theories and explores his public debt analysis (1803–1838) to connect the instability of market economy with his vision of the social contract. A detailed analysis is offered of the evolution in Sismondi’s opinion on the nature of money and the banking system, and the part it plays in his trade cycle theory. Sismondi’s monetary
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Commerce as cooperation with the deity: Self-love, the common good, and the coherence of Francis Hutcheson The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-04-26 Erik W. Matson
Abstract There has been debate over the coherence of Hutcheson’s writings. Hutcheson’s writings on ethics have been taken as inconsistent with his work on jurisprudence and economics. This article argues that Hutcheson’s works are coherent when situated in theological context. We find across Hutcheson’s works a belief that God has benevolently designed the natural order. Hutcheson’s later works outline
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David Hume on history, development and happiness: interconnections The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-04-20 Sheila Dow
Abstract The purpose of this paper is to explore the interconnections between Hume’s thought as a philosopher, a historian and an economist, illustrated with respect to his thought on history, development and happiness. It is argued that differences in the interpretation of Hume have an epistemological origin, reflecting either a closed-system approach or some kind of open-system approach. These differences
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Victoria Chick 1936–2023 The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-04-13 Sheila Dow
Published in The European Journal of the History of Economic Thought (Vol. 30, No. 3, 2023)
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Frank Knight and behavioral economics The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-04-10 D. Wade Hands
Abstract Frank Knight was an enigmatic thinker: about economics, individual behavior more generally, ethics, epistemology, and a number of other subjects. However, his views on some topics often created tensions with his views on other topics. This paper will examine two of these Knightian tensions: his views on the relationship between homo economicus the actual human behavior and his views on the
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Liberty, political economy and good government in Adam Smith The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-04-06 Paolo Silvestri, Benoît Walraevens
Abstract What does Adam Smith mean by “good government”? How is it related to his political economy and system of natural liberty? No extensive or specific treatment of these hermeneutical issues has been given in Smith’s scholarship. Answering these questions is fundamental to having a new interpretation of the various links between the legal, political, ethical and economic aspects of Smith’s view
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The role of information in the Rice Exchange: YAMAGATA Bantō’s Great Knowledge (1806) The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-03-29 Yasuo Takatsuki, Taro Hisamatsu
Abstract The nineteenth-century French economist Jules Regnault has been reassessed as a pioneer of financial economics by Jovanovic and others. Although not as elaborate as Regnault’s model for the random nature of stock prices, there was a Japanese philosopher in the same century whose ideas resembled Fama’s hypothesis that all available information is reflected in market prices. His name was YAMAGATA
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Beyond trust: why American classical jurists and economists could not love the corporation The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-03-21 Nicola Giocoli
Abstract Given the unconditional favour that scholars imbued with classical ideas should bestow on any manifestation of business freedom and entrepreneurial spirit, it was not a given that classical jurists and economists would join the ranks of those who in the late 19th century complained about the corporatisation of the American economy. The usual explanation is that they did so out of doctrinal
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International clearing system as alternative monetary order The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-02-25 Rosario Patalano
Abstract The purpose of this paper is to reconstruct the debate on the international clearing mechanism from the pioneering proposals of the nineteenth century to the years of high theory, at the beginning of the 1940s, when several plans were defined to establish international clearing mechanisms, and the well-known John Maynard Keynes’s International Clearing Union Plan was joined by other projects
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Money and empire. Charles P. Kindleberger and the dollar system The European Journal of the History of Economic Thought (IF 0.514) Pub Date : 2023-02-24 Ivo Maes
Published in The European Journal of the History of Economic Thought (Vol. 30, No. 4, 2023)