A.C. Pigou and the 'Marshallian' Thought Style
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F:\RSS\Me\Society's Mathemarica
School of Social Sciences Economics Division University of Southampton Southampton SO17 1BJ, UK Discussion Papers in Economics and Econometrics Mathematics in the Statistical Society 1883-1933 John Aldrich No. 0919 This paper is available on our website http://www.southampton.ac.uk/socsci/economics/research/papers ISSN 0966-4246 Mathematics in the Statistical Society 1883-1933* John Aldrich Economics Division School of Social Sciences University of Southampton Southampton SO17 1BJ UK e-mail: [email protected] Abstract This paper considers the place of mathematical methods based on probability in the work of the London (later Royal) Statistical Society in the half-century 1883-1933. The end-points are chosen because mathematical work started to appear regularly in 1883 and 1933 saw the formation of the Industrial and Agricultural Research Section– to promote these particular applications was to encourage mathematical methods. In the period three movements are distinguished, associated with major figures in the history of mathematical statistics–F. Y. Edgeworth, Karl Pearson and R. A. Fisher. The first two movements were based on the conviction that the use of mathematical methods could transform the way the Society did its traditional work in economic/social statistics while the third movement was associated with an enlargement in the scope of statistics. The study tries to synthesise research based on the Society’s archives with research on the wider history of statistics. Key names : Arthur Bowley, F. Y. Edgeworth, R. A. Fisher, Egon Pearson, Karl Pearson, Ernest Snow, John Wishart, G. Udny Yule. Keywords : History of Statistics, Royal Statistical Society, mathematical methods. -
“Bad” Greed from the Enlightenment to Thorstein Veblen (1857-1929)1 Erik S
real-world economics review, issue no. 63 subscribe for free Civilizing capitalism: “good” and “bad” greed from the enlightenment to Thorstein Veblen (1857-1929)1 Erik S. Reinert [Tallinn University of Technology, Estonia and Norway] Copyright: Erik S. Reinert, 2013 You may post comments on this paper at http://rwer.wordpress.com/2013/03/25/rwer-issue-63/ As we look over the country today we see two classes of people. The excessively rich and the abject poor, and between them is a gulf ever deepening, ever widening, and the ranks of the poor are continually being recruited from a third class, the well-to-do, which class is rapidly disappearing and being absorbed by the very poor. Milford Wriarson Howard (1862-1937), in The American Plutocracy, 1895. This paper argues for important similarities between today’s economic situation and the picture painted above by Milford Howard, a member of the US Senate at the time he wrote The American Plutocracy. This was the time, the 1880s and 1890s, when a combination of Manchester Liberalism – a logical extension of Ricardian economics – and Social Darwinism – promoted by the exceedingly influential UK philosopher Herbert Spencer – threatened completely to take over economic thought and policy on both sides of the Atlantic. At the same time, the latter half of the 19th century was marred by financial crises and social unrest. The national cycles of boom and bust were not as globally synchronized as they later became, but they were frequent both in Europe and in the United States. Activist reformer Ida Tarbell probably exaggerated when she recalled that in the US “the eighties dripped with blood”, but a growing gulf between a small and opulent group of bankers and industrialists produced social unrest and bloody labour struggles. -
New Working Papers Series, Entitled “Working Papers in Technology Governance and Economic Dynamics”
Working Papers in Technology Governance and Economic Dynamics no. 74 the other canon foundation, Norway Tallinn University of Technology, Tallinn Ragnar Nurkse Department of Innovation and Governance CONTACT: Rainer Kattel, [email protected]; Wolfgang Drechsler, [email protected]; Erik S. Reinert, [email protected] 80 Economic Bestsellers before 1850: A Fresh Look at the History of Economic Thought Erik S. Reinert, Kenneth Carpenter, Fernanda A. Reinert, Sophus A. Reinert* MAY 2017 * E. Reinert, Tallinn University of Technology & The Other Canon Foundation, Norway; K. Car- penter, former librarian, Harvard University; F. Reinert, The Other Canon Foundation, Norway; S. Reinert, Harvard Business School. The authors are grateful to Dr. Debra Wallace, Managing Director, Baker Library Services and, Laura Linard, Director of Baker Library Special Collections, at Harvard Business School, where the Historical Collection now houses what was once the Kress Library, for their cooperation in this venture. Above all our thanks go to Olga Mikheeva at Tallinn University of Technology for her very efficient research assistance. Antiquarian book dealers often have more information on economics books than do academics, and our thanks go to Wilhelm Hohmann in Stuttgart, Robert H. Rubin in Brookline MA, Elvira Tasbach in Berlin, and, above all, to Ian Smith in London. We are also grateful for advice from Richard van den Berg, Francesco Boldizzoni, Patrick O’Brien, Alexandre Mendes Cunha, Bertram Schefold and Arild Sæther. Corresponding author [email protected] The core and backbone of this publication consists of the meticulous work of Kenneth Carpenter, librarian of the Kress Library at Harvard Busi- ness School starting in 1968 and later Assistant Director for Research Resources in the Harvard University Library and the Harvard College 1 Library. -
Critical Realism 27 Wikipedia Articles
Critical Realism 27 Wikipedia Articles PDF generated using the open source mwlib toolkit. See http://code.pediapress.com/ for more information. PDF generated at: Wed, 07 Sep 2011 22:36:28 UTC Contents Articles Critical realism 1 Roy Bhaskar 5 Structure and agency 8 Roy Wood Sellars 12 George Santayana 13 Arthur Oncken Lovejoy 20 Bernard Lonergan 22 Samuel Alexander 25 John Cook Wilson 30 Harold Arthur Prichard 31 H. H. Price 32 C. D. Broad 34 David Graeber 37 Margaret Archer 41 Michael Polanyi 43 Thomas Torrance 49 John Polkinghorne 52 Ian Barbour 60 Arthur Peacocke 63 Alister McGrath 67 N. T. Wright 71 James Dunn (theologian) 77 Geoffrey Hodgson 79 Transcendental realism 81 Alex Callinicos 82 Göran Therborn 85 Transformative Studies Institute 86 References Article Sources and Contributors 91 Image Sources, Licenses and Contributors 92 Article Licenses License 93 Critical realism 1 Critical realism In the philosophy of perception, critical realism is the theory that some of our sense-data (for example, those of primary qualities) can and do accurately represent external objects, properties, and events, while other of our sense-data (for example, those of secondary qualities and perceptual illusions) do not accurately represent any external objects, properties, and events. Put simply, Critical Realism highlights a mind dependent aspect of the world, which reaches to understand (and comes to understanding of) the mind independent world. Contemporary critical realism most commonly refers to a philosophical approach associated with Roy Bhaskar. Bhaskar's thought combines a general philosophy of science (transcendental realism) with a philosophy of social science (critical naturalism) to describe an interface between the natural and social worlds. -
AC Pigou and the Birth of Welfare Economics
David Campbell, Lancaster University Law School Ian Kumekawa, The First Serious Optimist: AC Pigou and the Birth of Welfare Economics, Princeton NJ: Princeton University Press, 2017, pp x, 332, hbk, isbn 978-0-691-16348-2, £27.95 In 1920, the year in which his most important work, The Economics of Welfare, appeared, Arthur Cecil Pigou (1877-1959), Professor of Political Economy in the University of Cambridge (1908-43), arguably was the most influential economist in the world. Leaving aside his important service to the teaching of economics and his being what would now be called a public intellectual, Pigou made important theoretical contributions to a wide range of topics. But it is on his formulation of the economics of piecemeal intervention, and in particular of the concept of the externality as a rationale of such intervention, that his contemporary significance, and interest to the readers of this journal, rests. Economists had, of course, been concerned with social problems prior to Pigou – his predecessors in the ‘Cambridge School’ of economics, Henry Sidgwick (20) and Alfred Marshall (29), were prominent in this regard - and previously had reasoned on the basis of something like the externality – Adam Smith certainly did so. But it was Pigou who placed all this on a unified theoretical basis, which, in part because of the influence of his usage, is now known as welfare economics. The terms in which Pigou formulated the externality, of a divergence between the private and social net products of an investment, has fallen into desuetude, and not only is none of the modern terminology of welfare economics – social welfare function, social cost, market failure, public goods, indeed the externality itself – due to Pigou, but those economics were developed in ways which often treated his specific approach as obsolete (163-64, 199). -
Lodz Economics Working Papers
L odz E conomic s W orking P apers ALFRED MARSHALL’S PUZZLES. BETWEEN ECONOMICS AS A POSITIVE SCIENCE AND ECONOMIC CHIVALRY Joanna Dzionek-Kozłowska 5/2015 Joanna Dzionek-Kozłowska Faculty of Economics and Sociology, University of Lodz Institute of Economics, Department of History of Economic Thought and Economic History email: [email protected] Alfred Marshall’s Puzzles. Between Economics as a Positive Science and Economic Chivalry Abstract: Alfred Marshall’s approach to economics hides a paradox. On one hand, the ‘father’ of neoclassical economics strongly favoured conducting economics as a positive science. However, the fact that Marshall was such a consistent and determined advocate of this ideal of economic research is puzzling for at least two reasons. Firstly, even a quick glance at his publications allows to notice that his texts are sated with moral teachings. What is more, in referring to the problems of economic policy he not only took into account ethical aspects, but also frequently gave pre-eminence to ethical arguments over conclusions stemming from research grounded solely on the theory of economics. The paper aims to explain the paradox and argues that the complexity of Marshall’s approach arises from his attempts to combine two approaches pointed by Amartya Sen of binding economics and ethics over the centuries: ‘the ethics-related tradition’ with ‘the engineering approach’. JEL Codes: B31, M14 Keywords: Alfred Marshall, positive economics, normative economics, ethics and economics, economic chivalry 1 Introduction Marshall’s approach to economics hides a paradox. On one hand, the ‘father’ of neoclassical economics, who usually shunned explicit statements on the methodological issues, favoured in a straightforward way conducting economics as a positive science. -
Traineeship Brochure 2020
TRAINEESHIP BROCHURE 2020 Matrix is ‘the future of the Bar.’ Chambers and Partners TRAINEESHIP BROCHURE CONTENTS • Introduction to Matrix- page 2 • Why choose Matrix?- page 2 • Glossary - plain words- page 2 • Becoming a barrister - page 3 • Areas of work - page 3 • Training schedule - page 3 • Life as a trainee - page 4 • Application procedure- page 6 • Deferred applications- page 6 • Third six- page 6 • Training awards- page 6 • Visa requirements- page 6 • Information for applicants who have a disability- page 6 • Traineeship supervisors- page 7 • Matrix selection procedure - page 10 • Stage 1- page 9 • Stage 2- page 110 • Stage 3- page 11 • Notes regarding the application form- page 11 • Equal opportunities- page 11 • Useful contacts- page 11 • Matrix core values- page 12 • Members- page 13 1 INTRODUCTION TO MATRIX Matrix is a barristers’ chambers located in hierarchies and attitudes demonstrated by our London, Geneva and Brussels. We are a members – all these elements make Matrix a collection of lawyers specialising in a wide really great place to train and to work. range of practice areas throughout the UK and Matrix is committed to providing a stimulating, internationally. Described as “professional and balanced and comprehensive training forward thinking”, we are an approachable schedule. As a junior member of Matrix, the set that are proud of our record of innovation. expectation is that you will be in court regularly Our core values govern the way we work and on a wide range of cases and practice areas outline our commitment to operating within an as this is a very important part of continuing environment where diversity, accessibility and training to be a fully-rounded barrister. -
“Exceptional and Unimportant”? Externalities, Competitive Equilibrium, and the Myth of a Pigovian Tradition
“Exceptional and Unimportant”? Externalities, Competitive Equilibrium, and the Myth of a Pigovian Tradition Steven G. Medema* Version 2.3 January 2019 Forthcoming, History of Political Economy * University Distinguished Professor of Economics, University of Colorado Denver. Email: [email protected]. The author has benefitted greatly from comments on earlier drafts of this paper provided by Roger Backhouse, Nathalie Berta, Ross Emmett, Kenji Fujii, Kerry Krutilla, Alain Marciano, Norikazu Takami, participants in the CHOPE workshop at Duke University, the editor, and two anonymous referees. The financial support provided by the National Endowment for the Humanities, the Earhart Foundation, the Institute for New Economic Thinking, and the University of Colorado Denver is gratefully acknowledged. “Exceptional and Unimportant”? Externalities, Competitive Equilibrium, and the Myth of a Pigovian Tradition I. Introduction Economists typically locate the origins of the theory of externalities in A.C. Pigou’s The Economics of Welfare (1920), where Pigou suggested that activities which generate uncompensated benefits or costs—e.g., pollution, lighthouses, scientific research— represent instances of market failure requiring government corrective action.1 According to this history, Pigou’s effort gave rise to an unbroken Pigovian tradition in externality theory that continues to exert a substantial presence in the literature to this day, even with the stiff criticisms of it laid down by Ronald Coase (1960) and others beginning in the 1960s.2 This paper challenges that view. It demonstrates that, in the aftermath of the publication of The Economics of Welfare, economists paid almost no attention to externalities. On the rare occasions when externalities were mentioned, it was in the context of whether a competitive equilibrium could produce an efficient allocation of resources and to note that externalities were an impediment to the attainment of the optimum. -
Tesis 2015 Version 97 Vale
UNIVERSIDAD COMPLUTENSE DE MADRID FACULTAD DE CIENCIAS ECONOMICAS Y EMPRESARIALES Departamento de Historia e Instituciones Económicas I TESIS DOCTORAL Fundamentos teóricos de la controversia entre Hayek y Keynes. Dos visiones acerca del orden económico y la historia MEMORIA PARA OPTAR AL GRADO DE DOCTOR PRESENTADA POR Pablo Losoviz Adaui Director Fernando Méndez Ibisate Madrid, 2017 © Pablo Losoviz Adaui, 2015 UNIVERSIDAD COMPLUTENSE DE MADRID FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES DEPARTAMENTO DE HISTORIA E INSTITUCIONES ECONÓMICAS I FUNDAMENTOS TEÓRICOS DE LA CONTROVERSIA ENTRE HAYEK Y KEYNES. DOS VISIONES ACERCA DEL ORDEN ECONÓMICO Y LA HISTORIA. TESIS DOCTORAL DE: PABLO LOSOVIZ ADAUI DIRIGIDA POR: FERNANDO MÉNDEZ IBISATE MADRID, 2015 © Pablo Losoviz Adaui, 2015. Agradecimientos y dedicatorias. En primer lugar deseo agradecer a mi tutor de Tesis, D. Fernando Méndez Ibisate, el cual al plantearle que deseaba realizar una investigación sobre el ciclo económico me sugirió que profundizara sobre el debate sostenido entre F. A. Hayek y J. M. Keynes. Sin duda que el provecho que he obtenido a lo largo de estos años de investigación abarca mucho más que simplemente el fenómeno del ciclo y solo espero que, aunque sea en cierta medida, en este trabajo de investigación haya quedado reflejado. En varios de los puntos de esta tesis sin mencionar explícitamente el problema de las crisis y fluctuaciones económicas el lector podrá observar sugerencias sobre el mismo de suma importancia. Realmente lo que se ha intentado es situar el debate entre Hayek y Keynes dentro de la órbita de la historia del pensamiento económico y en particular sobre la percepción filosófica y metodológica que juega la concepción de la Historia en ambos. -
The Future of Economics in a Lakatos–Bourdieu Framework
Munich Personal RePEc Archive The Future of Economics in a Lakatos–Bourdieu Framework. Heise, Arne University of Hamburg 2014 Online at https://mpra.ub.uni-muenchen.de/80024/ MPRA Paper No. 80024, posted 05 Jul 2017 05:42 UTC The Future of Economics in a Lakatos-Bourdieu framework Prof. Arne Heise University of Hamburg Dep. of Socioeconomics VMP 9 D-20146 Hamburg [email protected] Abstract The global financial crisis has clearly been a matter of great consternation for the busi- ness-as-usual faction of mainstream economics. Will the World Financial Crisis turn out to be that ‘experimentum crucis’ which triggered a scientific revolution? In this paper, we seek to assess the likelihood of a paradigm shift towards heterodox approaches and a more pluralist setting in economics emerging from the academic establishment in the U.S. – that is, from the dominant center of knowledge production in the economic disci- pline. This will be done by building the analysis on a combined Lakatosian framework of ‘battle of research programmes’ and a Bourdieuian framework of ‘power struggle’ within the academic field and highlighting the likelihood of two main proponents of the mainstream elite to become the promulgator of change? Keywords: Paradigm, heterodox economics, scientific revolution JEL codes: A 11, E 11, E 12 1 1. The Keynesian Revolution and Pragmatic Pluralism – A Fruitful Competition Between Theories or a Crisis in Economics? John Maynard Keynes concludes ‘The General Theory of Employment, Interest, and Money’ (1936: 383-84) with the following, now-famous words: „At the present moment people are unusually expectant of a more funda- mental diagnosis; more particularly ready to receive it; eager to try it out, if it should be even possible. -
Francis Ysidro Edgeworth
Francis Ysidro Edgeworth Previous (Francis Xavier) (/entry/Francis_Xavier) Next (Francis of Assisi) (/entry/Francis_of_Assisi) Francis Ysidro Edgeworth (February 8, 1845 – February 13, 1926) was an Irish (/entry/Ireland) polymath, a highly influential figure in the development of neo classical economics, and contributor to the development of statistical theory. He was the first to apply certain formal mathematical techniques to individual decision making in economics. Edgeworth developed utility theory, introducing the indifference curve and the famous "Edgeworth box," which have become standards in economic theory. He is also known for the "Edgeworth conjecture" which states that the core of an economy shrinks to the set of competitive equilibria as the number of agents in the economy gets large. The high degree of originality demonstrated in his most important book on economics, Mathematical Psychics, was matched only by the difficulty in reading it. A deep thinker, his contributions were far ahead of his time and continue to inform the fields of (/entry/File:Edgeworth.jpeg) microeconomics (/entry/Microeconomics) and areas such as welfare economics. Francis Y. Edgeworth Thus, Edgeworth's work has advanced our understanding of economic relationships among traders, and thus contributes to the establishment of a better society for all. Life Contents Ysidro Francis Edgeworth (the order of his given names was later reversed) 1 Life was born on February 8, 1845 in Edgeworthstown, Ireland (/entry/Ireland), into 2 Work a large and wealthy landowning family. His aunt was the famous novelist Maria 2.1 Edgeworth conjecture Edgeworth, who wrote the Castle Rackrent. He was educated by private tutors 2.2 Edgeworth Box until 1862, when he went on to study classics and languages at Trinity College, 2.3 Edgeworth limit theorem Dublin. -
Statistics Making an Impact
John Pullinger J. R. Statist. Soc. A (2013) 176, Part 4, pp. 819–839 Statistics making an impact John Pullinger House of Commons Library, London, UK [The address of the President, delivered to The Royal Statistical Society on Wednesday, June 26th, 2013] Summary. Statistics provides a special kind of understanding that enables well-informed deci- sions. As citizens and consumers we are faced with an array of choices. Statistics can help us to choose well. Our statistical brains need to be nurtured: we can all learn and practise some simple rules of statistical thinking. To understand how statistics can play a bigger part in our lives today we can draw inspiration from the founders of the Royal Statistical Society. Although in today’s world the information landscape is confused, there is an opportunity for statistics that is there to be seized.This calls for us to celebrate the discipline of statistics, to show confidence in our profession, to use statistics in the public interest and to champion statistical education. The Royal Statistical Society has a vital role to play. Keywords: Chartered Statistician; Citizenship; Economic growth; Evidence; ‘getstats’; Justice; Open data; Public good; The state; Wise choices 1. Introduction Dictionaries trace the source of the word statistics from the Latin ‘status’, the state, to the Italian ‘statista’, one skilled in statecraft, and on to the German ‘Statistik’, the science dealing with data about the condition of a state or community. The Oxford English Dictionary brings ‘statistics’ into English in 1787. Florence Nightingale held that ‘the thoughts and purpose of the Deity are only to be discovered by the statistical study of natural phenomena:::the application of the results of such study [is] the religious duty of man’ (Pearson, 1924).