[Selections by Humberto Barreto for SHOE list.]
nep-hpe <https://nep.repec.org/nep-hpe.html> New Economics Papers
<https://nep.repec.org/> on History and Philosophy of Economics
Issue of 2024‒03‒04
papers chosen by
Erik Thomson <http://econpapers.repec.org/RAS/pth72.htm>,
University of Manitoba <http://umanitoba.ca/>
------------------------------
1. History of Economic Thought’s Place in Macroeconomics Revisited
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p1> By Laidler,
David
<http://econpapers.repec.org/scripts/search.pf?aus=Laidler,%20David>
2. Review of “A History of Ecological Economic Thought” by Marco P.
Vianna Franco and Antoine Missemer
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p2> By DesRoches,
C. Tyler
<http://econpapers.repec.org/scripts/search.pf?aus=DesRoches,%20C.%20Tyler>
3. THE HISTORY OF ECONOMIC THOUGHT FROM THE VIEWPOINT OF HES
PRESIDENTIAL ADDRESSES
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p3> By Marcuzzo,
Maria Cristina
<http://econpapers.repec.org/scripts/search.pf?aus=Marcuzzo,%20Maria%20Cristina>
; Zacchia, Giulia
<http://econpapers.repec.org/scripts/search.pf?aus=Zacchia,%20Giulia>
4. Correa Moylan Walsh beyond index numbers: from the “battle of the
standards” to the science of money
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p4> By
Cruz-e-Silva,
Victor
<http://econpapers.repec.org/scripts/search.pf?aus=Cruz-e-Silva,%20Victor>
; Almeida, Felipe
<http://econpapers.repec.org/scripts/search.pf?aus=Almeida,%20Felipe>
5. FROM 'TIRED MUSCLES' TO 'MIGHT-HAVE-BEENS': A DEBATE ON THE NATURE OF
COSTS IN THE LATE 19TH CENTURY
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p5> By Barbieri,
Fabio
<http://econpapers.repec.org/scripts/search.pf?aus=Barbieri,%20Fabio>;
Filho,
Marcelo Lourenço
<http://econpapers.repec.org/scripts/search.pf?aus=Filho,%20Marcelo%20Louren%C3%A7o>
6. Between Sumner and Galton
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p6> By Fiorito,
Luca <http://econpapers.repec.org/scripts/search.pf?aus=Fiorito,%20Luca>
; Erasmo, Valentina
<http://econpapers.repec.org/scripts/search.pf?aus=Erasmo,%20Valentina>
7. TOOKE VERSUS RICARDO ON THE RESUMPTION OF CONVERTIBILITY IN 1819-1821
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p7> By Ghislain
Deleplace
<http://econpapers.repec.org/scripts/search.pf?aus=Ghislain%20Deleplace>
8. When Liberty Presupposes Order: F. A. Hayek’s Contextual
Ordoliberalism
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p8> By Kolev,
Stefan
<http://econpapers.repec.org/scripts/search.pf?aus=Kolev,%20Stefan>
9. Investigating the “Debt-Money-Prices” Triangle: Irving Fisher’s
Theoretical Journey Toward the 100% Money Proposal
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p9> By
Demeulemeester,
Samuel
<http://econpapers.repec.org/scripts/search.pf?aus=Demeulemeester,%20Samuel>
10. Identifying a "Chicago School" of Economics: On the Origins,
Diffusion, and Evolving Meanings of a Famous Brand Name
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p10> By Medema,
Steven G
<http://econpapers.repec.org/scripts/search.pf?aus=Medema,%20Steven%20G>
11. Émigré Economists in America: Their Impact and Their Experiences
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p11> By Hagemann,
Harald
<http://econpapers.repec.org/scripts/search.pf?aus=Hagemann,%20Harald>
12. Review of “Hayek: A Life, 1899–1950” by Bruce Caldwell and Hansjoerg
Klausinger <https://mail.google.com/mail/u/0/#m_6491894475444266653_p12>
By Grudev, Lachezar
<http://econpapers.repec.org/scripts/search.pf?aus=Grudev,%20Lachezar>
13. Probability, prudence, danger: Thomas Aquinas on the building of the
lexicon of risk
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p13> By Januard,
Pierre
<http://econpapers.repec.org/scripts/search.pf?aus=Januard,%20Pierre>
14. The HES at 50: Identity Crisis and the Need for Pluralistic
Historiographical Approaches
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p14> By Charles,
Loïc
<http://econpapers.repec.org/scripts/search.pf?aus=Charles,%20Lo%C3%AFc>
15. Agreement is money: Beyond the chartalist reading of Adam Smith
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p15> By Michele
Bee <http://econpapers.repec.org/scripts/search.pf?aus=Michele%20Bee>; Luiz
Felipe Bruzzi Curi
<http://econpapers.repec.org/scripts/search.pf?aus=Luiz%20Felipe%20Bruzzi%20Curi>
16. WHERE IS CREDIT IN THE PRICE SPECIE FLOW?
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p16> By Berdell,
John <http://econpapers.repec.org/scripts/search.pf?aus=Berdell,%20John>
; Menudo, José M.
<http://econpapers.repec.org/scripts/search.pf?aus=Menudo,%20Jos%C3%A9%20M.>
17. Sense and Sensibility: a History of the Early Brazilian
Cost-of-Living Indexes in Pursuit of a Minimum Wage, 1935–1939
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p17> By
Cruz-e-Silva,
Victor
<http://econpapers.repec.org/scripts/search.pf?aus=Cruz-e-Silva,%20Victor>
18. GRENVILLE'S WAR AND POST-WAR VIEWS ON MONEY IN EARLY 19 th -CENTURY
BRITAIN <https://mail.google.com/mail/u/0/#m_6491894475444266653_p18>
By Ghislain
Deleplace
<http://econpapers.repec.org/scripts/search.pf?aus=Ghislain%20Deleplace>
19. Why was Keynes keen to invest in American but not in British
Investment Trusts?
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p19> By Marcuzzo,
Maria Cristina
<http://econpapers.repec.org/scripts/search.pf?aus=Marcuzzo,%20Maria%20Cristina>
; Sanfilippo, Eleonora
<http://econpapers.repec.org/scripts/search.pf?aus=Sanfilippo,%20Eleonora>
20. Robert Triffin, Japan and the quest for Asian Monetary Union
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p20> By Maes,
Ivo <http://econpapers.repec.org/scripts/search.pf?aus=Maes,%20Ivo>;
Pasotti,
Ilaria
<http://econpapers.repec.org/scripts/search.pf?aus=Pasotti,%20Ilaria>
21. Review of “Debates in Macroeconomics from the Great Depression to
the Long Recession: Cycles, Crises and Policy Responses” by Arie Arnon
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p21> By Mehrling,
Perry
<http://econpapers.repec.org/scripts/search.pf?aus=Mehrling,%20Perry>
22. The Gini Coefficient: Its Origins
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p22> By Simone
Pellegrino
<http://econpapers.repec.org/scripts/search.pf?aus=Simone%20Pellegrino>
23. Monetary policy in Sweden after the end of Bretton Woods
<https://mail.google.com/mail/u/0/#m_6491894475444266653_p23> By Bylund,
Emma <http://econpapers.repec.org/scripts/search.pf?aus=Bylund,%20Emma>;
Iversen,
Jens <http://econpapers.repec.org/scripts/search.pf?aus=Iversen,%20Jens>
; Vredin, Anders
<http://econpapers.repec.org/scripts/search.pf?aus=Vredin,%20Anders>
------------------------------
1. History of Economic Thought’s Place in Macroeconomics Revisited
<http://econpapers.repec.org/RePEc:osf:socarx:zwh7t>
By: Laidler, David
<http://econpapers.repec.org/scripts/search.pf?aus=Laidler,%20David>
Abstract: The History of Economics Society was founded at a time when
the History of Economic Thought was being eliminated from the Economics
post-graduate curriculum in many universities, and was one of the key
institutions around which the sub-discipline successfully re-organised
itself and continued to develop. Laidler (2003), a paper presented at the
Society’s 2002 conference, argued that Economics itself, especially
Macroeconomics, was suffering serious damage from this expulsion. It has
continued to do so since, and the simple passage of time has now made it
appropriate for Historians of Economic Thought to study this question.
Date: 2024–02–02
URL: http://d.repec.org/n?u=RePEc:osf:socarx:zwh7t&r=hpe
2. Review of “A History of Ecological Economic Thought” by Marco P.
Vianna Franco and Antoine Missemer
<http://econpapers.repec.org/RePEc:osf:socarx:ruasz>
By: DesRoches, C. Tyler
<http://econpapers.repec.org/scripts/search.pf?aus=DesRoches,%20C.%20Tyler>
Abstract: Review of “A History of Ecological Economic Thought” by Marco
P. Vianna Franco and Antoine Missemer.
Date: 2024–01–26
URL: http://d.repec.org/n?u=RePEc:osf:socarx:ruasz&r=hpe
3. THE HISTORY OF ECONOMIC THOUGHT FROM THE VIEWPOINT OF HES
PRESIDENTIAL ADDRESSES
<http://econpapers.repec.org/RePEc:osf:socarx:wt9rp>
By: Marcuzzo, Maria Cristina
<http://econpapers.repec.org/scripts/search.pf?aus=Marcuzzo,%20Maria%20Cristina>
; Zacchia, Giulia
<http://econpapers.repec.org/scripts/search.pf?aus=Zacchia,%20Giulia>
Abstract: On the occasion of the 50th anniversary of the formal
establishment of the History of Economics Society (HES), we have analyzed
the published HES presidential addresses in order to describe what views of
the history of economic thought (HET) were provided, what strengths were
identified, and what possibilities for growth or limitations in its future
development. We propose a rereading of the published HES presidential
addresses as food for thought of scope, method, and future development of
HET.
Date: 2024–02–02
URL: http://d.repec.org/n?u=RePEc:osf:socarx:wt9rp&r=hpe
4. Correa Moylan Walsh beyond index numbers: from the “battle of the
standards” to the science of money
<http://econpapers.repec.org/RePEc:osf:socarx:4yxbp>
By: Cruz-e-Silva, Victor
<http://econpapers.repec.org/scripts/search.pf?aus=Cruz-e-Silva,%20Victor>
; Almeida, Felipe
<http://econpapers.repec.org/scripts/search.pf?aus=Almeida,%20Felipe>
Abstract: 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 intend to provide a wider
account of his incursion into monetary economics. Our argument is that the
cornerstone of Walsh’s approach to the science of money is not confined to
index numbers, but concerns his distinction between different kinds of
economic value and the discussion regarding the kind of value that money
should measure and store. As such, we identify Walsh’s 1903 book, The
Fundamental Problem in Monetary Science, as his archetypical work.
Date: 2024–01–26
URL: http://d.repec.org/n?u=RePEc:osf:socarx:4yxbp&r=hpe
5. FROM 'TIRED MUSCLES' TO 'MIGHT-HAVE-BEENS': A DEBATE ON THE NATURE OF
COSTS IN THE LATE 19TH CENTURY
<http://econpapers.repec.org/RePEc:osf:socarx:gshwz>
By: Barbieri, Fabio
<http://econpapers.repec.org/scripts/search.pf?aus=Barbieri,%20Fabio>;
Filho,
Marcelo Lourenço
<http://econpapers.repec.org/scripts/search.pf?aus=Filho,%20Marcelo%20Louren%C3%A7o>
Abstract: 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, ” while 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 cost, with implications that are relevant for
contemporary economists. By highlighting the incompatibility of the
objective and subjective conceptions of cost, this debate sheds light on
the evolution of economic theory. The contributions of relatively unknown
authors, such as MacVane and David Green, are also discussed. We interpret
the debate in terms of the contrast between research programs based on
wealth or exchange, and note that the gradual shift in the period regarding
the fundamental problem that informs economic theory is key to
understanding the modern concept of cost.
Date: 2024–01–26
URL: http://d.repec.org/n?u=RePEc:osf:socarx:gshwz&r=hpe
6. Between Sumner and Galton
<http://econpapers.repec.org/RePEc:osf:socarx:58qzy>
By: Fiorito, Luca
<http://econpapers.repec.org/scripts/search.pf?aus=Fiorito,%20Luca>; Erasmo,
Valentina
<http://econpapers.repec.org/scripts/search.pf?aus=Erasmo,%20Valentina>
Abstract: Largely forgotten today, Albert Galloway Keller was one of the
foremost sociologists of his time. A brilliant scholar and a staunch
disciple of William Graham Sumner, Keller spent his entire academic career
at Yale, first as a student and then as Professor of the Science of
Society, the chair formerly held by his mentor. The main coordinates of
Keller’s sociology are to be found in his major work, Societal Evolution
(1915), where he sought to apply Charles Darwin’s mechanism of variation,
selection, and transmission to Sumner’s general scheme. Although Keller
gave priority to social variables, his evolutionary sociology retained many
elements of the typically Progressive Era preoccupations with heredity and
the biological quality of individuals. The aim of this paper is to examine
in some detail Keller’s views on eugenics and related issues, and to assess
whether and to what extent these biologically deterministic elements played
a role in his Darwinian approach to institutional change.
Date: 2024–02–02
URL: http://d.repec.org/n?u=RePEc:osf:socarx:58qzy&r=hpe
7. TOOKE VERSUS RICARDO ON THE RESUMPTION OF CONVERTIBILITY IN 1819-1821
<http://econpapers.repec.org/RePEc:hal:journl:hal-04429520>
By: Ghislain Deleplace
<http://econpapers.repec.org/scripts/search.pf?aus=Ghislain%20Deleplace>
(LED
- Laboratoire d'Economie Dionysien - UP8 - Université Paris 8
Vincennes-Saint-Denis)
Abstract: The relationship between Tooke and Ricardo on money is not
obvious. The comfortable intuition is that, since Tooke opposed the
Currency School, and since the Currency School assumed Ricardo's heritage,
Tooke was anti-Ricardian. However, there are at least two reasons not to
follow this intuition. One is that the continuity between Ricardo's
monetary theory and the Currency School may be seriously questioned. The
second reason is that Tooke as the main figure of the Banking School in the
1840s was substantially different from the early Tooke who wrote in the
1820s. To avoid misapprehension of the relationship between Tooke and
Ricardo on money, it may thus be useful to compare their respective
positions on a subject on which both of them spoke and wrote: the
suspension and the resumption of convertibility. After having been
suspended since 1797, the convertibility of the Bank of England note was
resumed on 1st February 1820, following Peel's Bill adopted the preceding
year. A major change was introduced by comparison with the pre-1797 system:
convertibility was to be into bullion and not into coin. In his 1816
pamphlet Proposals for an Economical and Secure Currency this scheme had
been advocated by Ricardo as a permanent device, which amounted to
eliminate metallic currency. By contrast, Peel's Bill made it temporary,
for a period of three years. In the end, this experiment was discontinued
after a little more than one year: on 1st May 1821 the old system of cash
payments was resumed. Tooke had been examined on 22nd March 1819 by the
Lords' Committee on Resumption. He supported then Ricardo's plan but only
as a temporary measure, until it would be possible to return to cash
payments. In 1826 he published a pamphlet which contained a whole section
devoted to a critique of convertibility into bullion as a permanent system,
and in 1829 he published another pamphlet in which he showed that Peel's
Bill had had no effect on the deflation and the stagnation of trade which
had occurred in the subsequent years – a view consistent with Ricardo's one
– and that the Bank of England could not either be considered as
responsible for this situation – contrary to what Ricardo contended. It
thus makes sense to reconstruct a post mortem dialogue between Ricardo (who
had died in 1823) and Tooke on the effects of the suspension and the
resumption of convertibility.
Keywords: David Ricardo, Thomas Tooke, convertibility, monetary theory
Date: 2023–06–01
URL: http://d.repec.org/n?u=RePEc:hal:journl:hal-04429520&r=hpe
8. When Liberty Presupposes Order: F. A. Hayek’s Contextual
Ordoliberalism <http://econpapers.repec.org/RePEc:osf:socarx:8nhr5>
By: Kolev, Stefan
<http://econpapers.repec.org/scripts/search.pf?aus=Kolev,%20Stefan>
Abstract: This paper embeds the early political economy of F. A. 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 after a framework of general
and stable rules has been established. Hayek’s proximity to ordoliberalism
was most explicitly discernible in The Road to Serfdom and at the founding
meeting of the Mont Pèlerin Society in 1947, culminating in the shared
politico-economic vision of the competitive order. The contextual nature of
Hayek’s ordoliberalism surfaced in the years after The Constitution of
Liberty when his focus shifted, along with the postwar intellectual and
institutional stabilization of the West: from how stable orders enable
liberty to how liberty enables the evolution of orders.
Date: 2024–01–26
URL: http://d.repec.org/n?u=RePEc:osf:socarx:8nhr5&r=hpe
9. Investigating the “Debt-Money-Prices” Triangle: Irving Fisher’s
Theoretical Journey Toward the 100% Money Proposal
<http://econpapers.repec.org/RePEc:osf:socarx:tfm6v>
By: Demeulemeester, Samuel
<http://econpapers.repec.org/scripts/search.pf?aus=Demeulemeester,%20Samuel>
Abstract: 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 how Fisher’s
explanations evolved over time, and how his advocacy of 100% money came as
a logical conclusion.
Date: 2024–01–26
URL: http://d.repec.org/n?u=RePEc:osf:socarx:tfm6v&r=hpe
10. Identifying a "Chicago School" of Economics: On the Origins,
Diffusion, and Evolving Meanings of a Famous Brand Name
<http://econpapers.repec.org/RePEc:osf:socarx:cbq8a>
By: Medema, Steven G
<http://econpapers.repec.org/scripts/search.pf?aus=Medema,%20Steven%20G>
Abstract: 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 on both published and
archival resources. What emerges is a story of a label of uncertain origin
but wrapped up in competing agendas, the first stage in the history of
which culminates in 1962 with its rejection by two of the very people who
helped birth it.
Date: 2024–01–26
URL: http://d.repec.org/n?u=RePEc:osf:socarx:cbq8a&r=hpe
11. Émigré Economists in America: Their Impact and Their Experiences
<http://econpapers.repec.org/RePEc:osf:socarx:c5v97>
By: Hagemann, Harald
<http://econpapers.repec.org/scripts/search.pf?aus=Hagemann,%20Harald>
Abstract: The essay reflects the experience of the author in
participating in HES activities over 37 of its 50 years. The main focus is
on scholars who emigrated to the USA in the period of totalitarian regimes
in Europe and the influence they exerted in the USA. It is emphasized that
many émigrés developed “aerial roots” (Streeten), i.e., they became
citizens of the world and thereby carriers of the process of
internationalization after World War II. This cosmopolitan spirit also
permeated the HES from the beginning when many émigré scholars were still
active. It also contributed to the formation of an international network of
scholars and societies in the history of economic thought which is
flourishing today.
Date: 2024–02–02
URL: http://d.repec.org/n?u=RePEc:osf:socarx:c5v97&r=hpe
12. Review of “Hayek: A Life, 1899–1950” by Bruce Caldwell and Hansjoerg
Klausinger <http://econpapers.repec.org/RePEc:osf:socarx:2j3vg>
By: Grudev, Lachezar
<http://econpapers.repec.org/scripts/search.pf?aus=Grudev,%20Lachezar>
Abstract: Review of “Hayek: A Life, 1899–1950” by Bruce Caldwell and
Hansjoerg Klausinger.
Date: 2024–01–26
URL: http://d.repec.org/n?u=RePEc:osf:socarx:2j3vg&r=hpe
13. Probability, prudence, danger: Thomas Aquinas on the building of the
lexicon of risk <http://econpapers.repec.org/RePEc:osf:socarx:n7j9t>
By: Januard, Pierre
<http://econpapers.repec.org/scripts/search.pf?aus=Januard,%20Pierre>
Abstract: 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 universalisation of risk: first, a universalisation through
activity, including the activity of analysis considered as part of economic
activity; second, a universalisation through the agents, since everyone –
the observer, the co-contractors, the prince and the population – is
affected by the risk; and, finally, a partial universalisation of its
definition, since the lexicon indicates a risk which is not yet restricted
by calculation, as the modern notion is, although some distinctions are
already made by Aquinas. However, the lexicon only describes a risk of loss
and does not take into account chance of gain.
Date: 2024–01–26
URL: http://d.repec.org/n?u=RePEc:osf:socarx:n7j9t&r=hpe
14. The HES at 50: Identity Crisis and the Need for Pluralistic
Historiographical Approaches
<http://econpapers.repec.org/RePEc:osf:socarx:782za>
By: Charles, Loïc
<http://econpapers.repec.org/scripts/search.pf?aus=Charles,%20Lo%C3%AFc>
Abstract: In the 1990s, history of economics was comprised of a number
of national communities. Among the latter the North American community held
a dominant position and was quite different from its continental European
counterparts. The HES had no counterpart in continental Europe, where
national societies were small and recent. While the History of economics
society was open to methodological pluralism, European societies were not.
Over the past two decades, the growing domination of the continental
European community has created a new context in which the identity of the
North American community in general and that of the HES in particular has
become uncertain. The consequence had been that methodological diversity
within the subdiscipline has diminished. We conclude by two suggestions to
counter this trend.
Date: 2024–02–02
URL: http://d.repec.org/n?u=RePEc:osf:socarx:782za&r=hpe
15. Agreement is money: Beyond the chartalist reading of Adam Smith
<http://econpapers.repec.org/RePEc:cdp:texdis:td666>
By: Michele Bee
<http://econpapers.repec.org/scripts/search.pf?aus=Michele%20Bee>
(Cedeplar/UFMG); Luiz Felipe Bruzzi Curi
<http://econpapers.repec.org/scripts/search.pf?aus=Luiz%20Felipe%20Bruzzi%20Curi>
(Cedeplar/UFMG)
Abstract: This article shows that Adam Smith is the precursor of neither
the orthodox nor the heterodox view of money, as has been doubly argued.
According to him, money arose neither as a medium of exchange introduced to
overcome the difficulties of barter, as in the orthodox view, nor as a unit
of account established by the state, as in the heterodox view. On the
contrary, as this article shows, for him money arises from that agreement
on the valuation of mutual services that originally takes place in
exchange. Money, thus, emerges spontaneously in exchange, but, contrary to
the orthodox view, it emerges primarily as a measure of value. At the same
time, if the state can intervene to guarantee the universality of a means
of payment to settle claims and debts, for Smith this is only the fruit of
the historical process and not its beginning, as in the heterodox view.
Keywords: Adam Smith; chartalism; money; agreement; self-esteem.
JEL: B10 B12 B31 D46 E40 Z13
<http://econpapers.repec.org/scripts/search.pf?jel=B10%20B12%20B31%20D46%20E40%20Z13>
Date: 2024–02
URL: http://d.repec.org/n?u=RePEc:cdp:texdis:td666&r=hpe
16. WHERE IS CREDIT IN THE PRICE SPECIE FLOW?
<http://econpapers.repec.org/RePEc:osf:socarx:apbkm>
By: Berdell, John
<http://econpapers.repec.org/scripts/search.pf?aus=Berdell,%20John>; Menudo,
José M.
<http://econpapers.repec.org/scripts/search.pf?aus=Menudo,%20Jos%C3%A9%20M.>
Abstract: Standard models of the price specie flow do not consider
credit. Yet Hume and preceding authors were reacting to the implosion of
Law’s financial bubble. We delineate the anti-credit thesis contained
within the evolution of eighteenth century balance of payments analyses. A
string of eighteenth century authors argued over whether the balance of
payments constituted a binding constraint on credit creation. As part of
their analysis they considered how changes in the money supply might alter
output, prices, employment, capital, and population. How new money entered
the economy was often critical. We start with Law and then consider Melon,
Gervaise, Vanderlint, Cantillon, Montesquieu, Hume, Steuart, Forbonnais,
and Smith. In closing we pay particular attention to the idea that Hume and
Smith effectively displaced preceding, often ‘mercantilist’, analyses of
credit and the balance of payments.
Date: 2024–02–02
URL: http://d.repec.org/n?u=RePEc:osf:socarx:apbkm&r=hpe
17. Sense and Sensibility: a History of the Early Brazilian
Cost-of-Living Indexes in Pursuit of a Minimum Wage, 1935–1939
<http://econpapers.repec.org/RePEc:osf:socarx:gz2wp>
By: Cruz-e-Silva, Victor
<http://econpapers.repec.org/scripts/search.pf?aus=Cruz-e-Silva,%20Victor>
Abstract: The early decades of the twentieth century witnessed a
far-reaching growth in empirical exercises designed to measure the cost of
living. Brazil was no exception to this movement, and the first studies of
this nature for that country surfaced between 1935 and 1939. Among these,
three deserve special attention for the soundness of their construction.
These are the exercises of Horace Davis, Samuel Lowrie, and Bruno Rudolfer,
professors of the Free School of Sociology and Politics of São Paulo, which
investigated the cost of living in connection with the pursuit of a proper
minimum wage in Brazil. The aim of this article is to revisit their
pioneering efforts to measure the cost of living and to indicate how these
studies touched upon the search for a minimum wage in Brazil.
Date: 2024–02–02
URL: http://d.repec.org/n?u=RePEc:osf:socarx:gz2wp&r=hpe
18. GRENVILLE'S WAR AND POST-WAR VIEWS ON MONEY IN EARLY 19 th -CENTURY
BRITAIN <http://econpapers.repec.org/RePEc:hal:journl:hal-04429551>
By: Ghislain Deleplace
<http://econpapers.repec.org/scripts/search.pf?aus=Ghislain%20Deleplace>
(LED
- Laboratoire d'Economie Dionysien - UP8 - Université Paris 8
Vincennes-Saint-Denis)
Abstract: The main monetary issue in Britain during the early
19th-century war with France was about prolonging the suspension of the
convertibility of the Bank of England note, which had been decided in 1797.
Amidst a difficult return to a peacetime economy it would also be the main
issue in the post-war period, since it would take six years after Waterloo
before the pre-war monetary situation was re-enacted. During more than two
decades, Lord Grenville's views on the monetary system did not change. They
were mostly centred on two aspects. First, the suspension of cash payments
of its notes by the Bank of England was a calamity: justified at the outset
as a temporary measure of necessity, it should not be prolonged year after
year, even in time of war. Second, the substitution of country banks' notes
for coins which had taken place all over England outside the London area
was a threat to economic and social stability. These unflagging views did
not prevent Grenville from advocating gradualism in what was to be
implemented in order to return to a sound monetary system – that is, one
endowed with a metallic standard thanks to the convertibility of the Bank
of England note into coin and to the pre-eminence of specie in the country
circulation. This mixture of monetary orthodoxy and gradualism led
Grenville in 1819 to support Ricardo's novel plan for convertibility into
bullion, provided it was understood as a temporary scheme aiming at
facilitating the resumption of convertibility into coin. It also led him in
the 1820s to resist the pressures in favour of the return to a double
standard (gold and silver). Based on Grenville's speeches in Parliament and
on private correspondence, the present paper is a contribution to the
special session "Money, Finance and Trade at War. The case of early
nineteenth-century Britain".
Keywords: Lord Grenville, Bank of England note, convertibility, monetary
system
Date: 2023–06–15
URL: http://d.repec.org/n?u=RePEc:hal:journl:hal-04429551&r=hpe
19. Why was Keynes keen to invest in American but not in British
Investment Trusts? <http://econpapers.repec.org/RePEc:osf:socarx:gtre7>
By: Marcuzzo, Maria Cristina
<http://econpapers.repec.org/scripts/search.pf?aus=Marcuzzo,%20Maria%20Cristina>
; Sanfilippo, Eleonora
<http://econpapers.repec.org/scripts/search.pf?aus=Sanfilippo,%20Eleonora>
Abstract: The literature on Keynes’s activity as an investor has
substantially grown in the last decade (e.g. Chambers and Dimson 2013;
Accominotti and Chambers 2016; Chambers and Kabiri 2016; Cristiano,
Marcuzzo and Sanfilippo 2018; Marcuzzo and Rosselli 2018; Marcuzzo and
Sanfilippo 2016; [2020]2022). The contribution of the present paper is to
investigate a specific feature of Keynes’s investment activity on his own
account: his preference for American rather than British Investment Trusts.
While this feature has also been observed in his investments on behalf of
King’s College (Chambers and Kabiri 2016), we focus here on his personal
portfolio, and we also provide a set of possible explanations for his
preference. We maintain that some reasons have to do with the different
structure and characteristics of the Investment Trusts in the two
countries. Others relate more closely to the kind of investment policy
typically adopted by the American Investment Trusts, which was much more in
line with Keynes’s own approach to investment - especially as far as the
stocks selection is concerned. Finally, we also attribute a role to his
epistemological approach, i.e. the view that, although a full and perfect
knowledge is not reachable by individuals due to the radical uncertainty
characterizing the environment (“we simply don’t know”, Keynes 1937) and to
the limitations of the human mind, reliable information remains, however, a
guide for rational decision-making, also in financial markets. Following
this approach, as we will show, Keynes preferred to delegate his investment
choices in the US stock market to those professionals - the managers of the
Investment Trusts - who possessed, in his opinion, the wider set of
reliable information on that market, while keeping for himself the
investment choices in the UK stock market.
Date: 2024–02–02
URL: http://d.repec.org/n?u=RePEc:osf:socarx:gtre7&r=hpe
20. Robert Triffin, Japan and the quest for Asian Monetary Union
<http://econpapers.repec.org/RePEc:osf:socarx:8xgtv>
By: Maes, Ivo
<http://econpapers.repec.org/scripts/search.pf?aus=Maes,%20Ivo>; Pasotti,
Ilaria
<http://econpapers.repec.org/scripts/search.pf?aus=Pasotti,%20Ilaria>
Abstract: Especially with the Asian financial crisis of 1997-1998, 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 analyses of the
vulnerabilities of the international monetary system. Also now, the Triffin
dilemma is still present among international monetary policymakers, also in
Asia. Triffin put forward several proposals for reforming the global
monetary system, but he also developed proposals for regional monetary
integration. These were very much based on his experience with the European
Payments Union, and focused on the creation of a (European) Reserve Fund
and a (European) currency unit. In this paper we focus on Triffin’s
proposals for an Asian payments union in the late 1960s, giving special
attention to Japan (in Triffin’s time the biggest Asian economy, moreover
Triffin had an important Japanese network).
Date: 2024–01–26
URL: http://d.repec.org/n?u=RePEc:osf:socarx:8xgtv&r=hpe
21. Review of “Debates in Macroeconomics from the Great Depression to
the Long Recession: Cycles, Crises and Policy Responses” by Arie Arnon
<http://econpapers.repec.org/RePEc:osf:socarx:afp5j>
By: Mehrling, Perry
<http://econpapers.repec.org/scripts/search.pf?aus=Mehrling,%20Perry>
Abstract: Review of “Debates in Macroeconomics from the Great Depression
to the Long Recession: Cycles, Crises and Policy Responses” by Arie Arnon.
Date: 2024–01–26
URL: http://d.repec.org/n?u=RePEc:osf:socarx:afp5j&r=hpe
22. The Gini Coefficient: Its Origins
<http://econpapers.repec.org/RePEc:tur:wpapnw:086>
By: Simone Pellegrino
<http://econpapers.repec.org/scripts/search.pf?aus=Simone%20Pellegrino>
(Department
of Economics and Statistics (Dipartimento di Scienze Economico-Sociali e
Matematico-Statistiche), University of Torino, Italy)
Abstract: This essay retraces the historical steps and analyses the
theoretical motivation that influenced the definition of the Gini index G
and its application today. In particular, it tries to link together the
‘purely statistical’ approach and the ‘contextual’ approach,
related not only to the statistical methods discovered in the Gini’s
period but also to the succession of these discoveries. Having discussed
the ‘contextual’ approach of these events, the remainder of the essay
focuses on the ‘purely statistical’ approach, by presenting the
statistical methods discovered by Corrado Gini and Gaetano Pietra as they
chronologically appear in the years 1912, 1914 and 1915. The concept of
mean difference, proposed by Corrado Gini in 1912 for applications in
statistics and economics, is discussed. Then the difference between the
concentration ratio R Gini advanced in 1914 and the Gini index G, as it is
usually used today, is highlighted in light of its geometrical
interpretation with the Lorenz piecewise linear function proposed by
Gaetano Pietra in 1915.
Keywords: Gini Coefficient, Lorenz Curve
JEL: D63 <http://econpapers.repec.org/scripts/search.pf?jel=D63>
Date: 2024–02
URL: http://d.repec.org/n?u=RePEc:tur:wpapnw:086&r=hpe
23. Monetary policy in Sweden after the end of Bretton Woods
<http://econpapers.repec.org/RePEc:hhs:rbnkwp:0429>
By: Bylund, Emma
<http://econpapers.repec.org/scripts/search.pf?aus=Bylund,%20Emma> (Monetary
Policy Department, Central Bank of Sweden); Iversen, Jens
<http://econpapers.repec.org/scripts/search.pf?aus=Iversen,%20Jens>
(Monetary
Policy Department, Central Bank of Sweden); Vredin, Anders
<http://econpapers.repec.org/scripts/search.pf?aus=Vredin,%20Anders>
(Monetary
Policy Department, Central Bank of Sweden)
Abstract: This paper discusses how monetary policy in Sweden has evolved
since 1973. We provide a chronology of the different monetary policy
regimes in place during the past fifty years and identify two main regimes,
the pegged-but-adjustable exchange rate regime (1973 – 1992) and the
inflation targeting regime (1993 – 2022). Inflation in Sweden has been more
stable under the inflation targeting regime than under both the Bretton
Woods system, and the pegged-but-adjustable exchange rate regime. GDP
growth was higher and more stable during the Bretton Woods System. We argue
that inflation targeting was implemented according to the simple text book
version only during a short period, 1999-2007. We illustrate that economic
developments in Sweden have in many respects been similar to that of
Denmark. Lastly, we identify and discuss recurrent themes in the
discussions of monetary policy under inflation targeting.
Keywords: monetary policy; inflation targeting; exchange rate regimes
JEL: E42 E52 E58 E65
<http://econpapers.repec.org/scripts/search.pf?jel=E42%20E52%20E58%20E65>
Date: 2023–11–01
URL: http://d.repec.org/n?u=RePEc:hhs:rbnkwp:0429&r=hpe
------------------------------
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