Dear friends and colleagues: this is to inform you that the second issue 2005 of Storia
del Pensiero Economico just appeared in print. Please see below for the table of content
and abstracts of the articles.
Best
Luca Fiorito
Storia del Pensiero Economico
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Abstracts � 2005/2
Frank Hahn
GENERAL EQUILIBRIUM FOR INTELLECTUAL HISTORIANS
Pages: 5-12
The paper discusses the sense in which Adam Smith's vision of the market encompasses
general equilibrium theory. Increasing abstraction, and increasing neglect of
Marshallian qualifications, made general equilibrium the core of Neo-classical theory.
The paper argues that Neo-classical theory has been enormously fruitful because it
contained within it the seeds of further advance in our understanding. Through the lens
of general equilibrium even Keynes's analysis of unemployment can be usefully
interpreted as a case of market failure. But Neo-classical theory in general, and
general equilibrium in particular, has been given more empirical weight than it can
support.
JEL Classification: B120, B200, D500
Key-words: General equilibrium theory; Neo-classical theory
Marcello Basili and Carlo Zappia
AN INTERVIEW WITH FRANK HAHN ON THE OCCASION OF HIS 80TH BIRTHDAY
Pages: 13-18
This interview, conducted in Cambridge in January 2005, mostly deals with Frank Hahn's
view of economics. Hahn kindly accepted to discuss both the theoretical aspects
concerning his contribution to the development of general equilibrium theory and the
methodological issues inherent in his viewpoint that theoretical models can prove
useful in the study actual economic phenomena. A few notes related to his period at the
Economics Department in Siena close the interview.
JEL Classification: A110, B410, D520
Key-words: Economic theory; General equilibrium; Methodology
Warren J. Samuels, Kirk D. Johnson and Marianne Johnson
EDWIN L. GODKIN AS PRECURSOR TO HAYEK ON THE RELATION OF IGNORANCE TO POLICY
Pages: 19-38
This paper is the fourth and final part of a long essay examining the ideas of the 8th
Duke of Argyll and Edwin L. Godkin that anticipate Hayek on the principle of unintended
and unforeseen consequences. In this part, the authors provide a synthesis of the
ideas of Argyll, Godkin, and Hayek on unforeseen and unintended consequences and
structure a general model of ignorance which analyses key questions around: i. the
source of ignorance; ii. the structure of ignorance and the forms which ignorance
takes; iii. the consequences of ignorance.
JEL Classification: B130, B310
Key Words: Argyll, Godkin, Hayek, unforeseen and unintended consequences
Stefano Figuera
THE BANK DEPOSIT MULTIPLIER AND THE MONEY SUPPLY: A CRITICAL APPRAISAL
Pages: 29-80
Theoretical considerations by economists of the neoclassical school regarding the
process of multiplying deposits reveal a growing interest in problems concerning the
nature of money supply and the role of the banking system in a capitalist economy.
These reflections have proved unsatisfactory under some profiles. The Keynesian theory,
underlining the importance of the credit side of money, offers instruments for a
correct approach to these theoretical aspects. Keynes' analysis remains essential to
define the nature of money supply and the various functions of the banking system and
offers the basis for subsequent theoretical developments which have proved decisive for
understanding the monetary nature of the capitalist economy.
JEL Classification: E120, E510, G210.
Keywords: Bank deposit multiplier, money supply, neoclassical theory of money,
Keynesian theory of money, monetary theory of production.
Piero Barucci
ON THE CIRCULAR PROCESS OF THE EVOLUTION OF ECONOMIC THEORY
Pages: 81-97
This paper presents an interpretative model for the evolution of economic knowledge.
The central theme is that in the history of economic thought we can discern a
continuous interdependence between the environment and the evolution of economic
theory. This interdependence may be divided into three distinct phases each discussed
in the paper. The first has to do with the theorizing; the second with the spreading of
theoretical results; the third with the influence that political economy has managed to
obtain in shaping economic policy decisions. As far as the actors of this process are
concerned, we can distinguish between those who produce the analytical advancement,
those who make it circulate, those who utilize it and endeavour to have some of its
results to be eventually applied by Parliaments, governments, industries, banks and
independent Authorities. The process is of a circular/cumulative kind, in the sense
that the third phase (policy decisions) has in its turn a feedback on the environment,
stimulating new theoretical responses from the economic profession, therefore starting
a new "cycle".
JEL Classification: B0; B4.
Keywords: Economic knowledge; evolution of economic thought; historical reconstruction;
rational reconstruction.
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