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Money, Finance and Crisis. Marx Within the Monetary Circuit
Munich Personal RePEc Archive Money, finance and crisis. Marx within the monetary circuit Veronese Passarella, Marco LUBS, University of Leeds 2013 Online at https://mpra.ub.uni-muenchen.de/68507/ MPRA Paper No. 68507, posted 23 Dec 2015 20:39 UTC Moneta, finanza e crisi. Marx nel circuito monetario Marco Veronese Passarella* Versione 5.0 - Ultima modifica 30 Luglio 2014 1. Introduzione: l’altro Marx Fin dalla pubblicazione postuma del Terzo Libro de Il Capitale, il dibattito “economi- co” attorno alla grande opera incompiuta di Karl Marx si è concentrato prevalentemente sul cosiddetto problema della trasformazione (dei valori-lavoro in prezzi di produzione), nonché sulla legge della caduta tendenziale del saggio del profitto. In altri termini, è so- prattutto sulla possibile frizione tra Primo Libro e (prima e terza sezione del) Terzo Li- bro che si è storicamente focalizzata l’attenzione dei più, dentro e fuori le mura acca- demiche. Per contro, ad eccezione dei capitoli finali dedicati agli schemi di riproduzio- ne,1 il Secondo Libro de Il Capitale è stato a lungo trascurato. Peggior sorte è toccata alla quinta sezione del Terzo Libro, dedicata al credito, al capitale fittizio ed al sistema bancario. In effetti, se l’analisi delle due forme – mercantile e capitalistica – della circo- lazione è stata solitamente sminuita a sorta di breve introduzione al problema dell’individuazione dell’origine del plusvalore (problema affrontato compiutamente da Marx nel Primo Libro), il ruolo della moneta, del credito e della finanza nell’ambito del- la teoria marxiana, laddove contemplato, è stato quasi sempre ridotto a quello di ampli- ficatori del ciclo economico.2 Lungi dall’essere considerati elementi costitutivi del mo- do di produzione capitalistico, e dunque di ogni modello analitico che aspiri ad indagar- * Ricercatore presso la Leeds University Business School, Economics Division. -
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i i i i Bibliography Adrian, T. and Shin, H. S. (2010), ‘The changing nature of financial intermedi- ation and the financial crisis of 2007–2009,’ Annual Review of Economics, 2010 (2), 603–618. Adrian, T. and Shin, H. S. (2011), ‘Financial intermediaries and monetary economics,’ in B. M. Friedman and M. Woodford (eds.), Handbook of Monetary Economics, Amsterdam: North Holland, vol. 3A, pp. 601–650. Akerlof, G. A. (2002), ‘Behavioral macroeconomics and macroeconomic behavior,’ American Economic Review, 92 (3), 411–433. Akerlof, G. A. and Shiller, R. J. (2015), Phishing for Fools, Princeton: Princeton University Press. Arrow, K. J. (1967), ‘Samuelson Collected,’ Journal of Political Economy, 75 (5), 730–737. Arrow, K. J. (1974), ‘Limited knowledge and economic analysis,’ American Economic Review, 64 (1), 1–10. Arrow, K. J. (2009), ‘Some developments in economic theory since 1940: An eyewitness account,’ Review of Economics, 1 (1), 1–16. Arrow, K. J. and Hahn, F. H. (1971), General Competitive Analysis,San Francisco: Holden-Day Inc. Backhouse, R. E. and Boianovsky, M. (2013), Transforming Modern Macro- economics, Cambridge: Cambridge University Press. Baranzini, M. (2005), Léon Walras e la moneta senza velo, Torino: UTET. Barro, R. J. and Grossman, H. I. (1971), ‘A general disequilibrium model of income and employment,’ American Economic Review, 61 (1), 82–93. Benhabib, J. and Spiegel, M. (2000), ‘The role of financial development in growth and investment,’ Journal of Economic Growth, 5 (4), 341–360. Bernanke, B. S. (1983), ‘Nonmonetary effects of the financial crisis in the propagation of the Great Depression,’ American Economic Review, 73 (3), 257–276. -
David Hume on Public Credit Maria Pia Paganelli Trinity University, [email protected]
Trinity University Digital Commons @ Trinity Economics Faculty Research Economics Department 2012 David Hume on Public Credit Maria Pia Paganelli Trinity University, [email protected] Follow this and additional works at: https://digitalcommons.trinity.edu/econ_faculty Part of the Economics Commons Repository Citation Paganelli, M.P. (2012). David Hume on public credit. History of Economic Ideas, 20(1), 31-43. This Article is brought to you for free and open access by the Economics Department at Digital Commons @ Trinity. It has been accepted for inclusion in Economics Faculty Research by an authorized administrator of Digital Commons @ Trinity. For more information, please contact [email protected]. electronic issnelectronic 17 issn X · OF ECONOMICS IDEAS HISTORY 1122-8792 HISTORY OF 24-2169 ECONOMIC IDEAS X/2012/1 HEI offprint XX/2012/1 Fabrizio Serra editore Pisa · Roma Electronic copy available at: http://ssrn.com/abstract=2142520 HISTORY OF ECONOMIC IDEAS History of Economic Ideas Online www.historyofeconomicideas.com Editors: Riccardo Faucci (University of Pisa) Roberto Marchionatti (University of Turin) Book Review Editor: Nicola Giocoli (University of Pisa) Editorial Board: Richard Arena (University of Nice), Duccio Cavalieri (University of Florence), Marco Dardi(University of Florence), Peter D. Groenewegen (University of Sydney), Hansjörg Klausinger (University of Vienna), Christian Seidl (University of Kiel) Advisory Board: M. M. Augello (University of Pisa),G. Becattini (University of Florence), A. A. Brewer (University of Bristol), B. J. Caldwell (Duke University), A. L. Cot (University of Paris i), R. W. Dimand (Brock University), S. Fiori (University of Turin), G. C. Harcourt (University of Cambridge, uk), A. Karayiannis† (University of Piraeus), B. -
The Neapolitan Banks in the Context of Early Modern Public Banks;
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Velde, François R. Working Paper The Neapolitan banks in the context of early modern public banks Working Paper, No. 2018-05 Provided in Cooperation with: Federal Reserve Bank of Chicago Suggested Citation: Velde, François R. (2018) : The Neapolitan banks in the context of early modern public banks, Working Paper, No. 2018-05, Federal Reserve Bank of Chicago, Chicago, IL, http://dx.doi.org/10.21033/wp-2018-05 This Version is available at: http://hdl.handle.net/10419/200575 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu The Neapolitan Banks in the Context of Early Modern Public Banks François R. Velde March 11, 2018 WP 2018-05 ral Reserve Bank of Chicago Reserve ral https://doi.org/10.21033/wp-2018-05 *Working papers are not edited, and all opinions and errors are the responsibility of the author(s). -
Friedrich Benedikt Wilhelm Hermann on Capital and Profits∗
4 Friedrich Benedikt Wilhelm Hermann on capital and profits∗ Heinz D. Kurz 1. Introduction In the second part of Der isolierte Staat Johann Heinrich von Thünen called our author’s treatment of profits ‘the most profound and valuable disquisition on the issue I ever encountered’ (Thünen, [1850] 1990, p. 334 n).1 Julius Kautz, who in 1860 published one of the first histories of German economic thought, saw in him ‘one of the greatest and most important thinkers’ whose work started ‘the golden age of German economic literature’; Kautz added that ‘among all the continen- tal experts he comes closest to the great authorities of the new-English school’ and praised his ‘mathematical sharpness and the decidedness of his method which is informed by the natural sciences’ (Kautz, 1860, pp. 633–4, 637–8). Albert Schäffle considered him ‘the sharpest of the German economists, their first math- ematical thinker’ (Schäffle, 1870, p. 122; similarly Helferich, 1878, pp. 640–1). Carl Menger credited him with avoiding ‘the most frequent mistake that is made not only in the classification but also in the definition of capital’, which is said to con- sist ‘in the stress laid on the technical instead of the economic standpoint’ (Menger, [1871] 1981, p. 303). In Wilhelm Roscher’s view our author was ‘doubtless one of the most excellent economists of the 19th century’ (Roscher, 1874, p. 861). John Kells Ingram spoke of his ‘rare technological knowledge’, which ‘gave him a great advantage in dealing with some economic questions’, and pointed out that for his ‘keen analytical power’ his fellow countrymen compared him with Ricardo; our economist is, however, said to avoid ‘several one-sided views of the English economist’ (Ingram, [1888] 1967, pp. -
Marginal Revolution
MARGINAL REVOLUTION It took place in the later half of the 19th century Stanley Jevons in England, Carl Menger in Austria and Leon walras at Lausanne, are generally regarded as the founders of marginalist school Hermann Heinrich Gossen of Germany is considered to be the anticipator of the marginalist school The term ‘Marginal Revolution’ is applied to the writings of the above economists because they made fundamental changes in the apparatus of economic analysis They started looking at some of the important economic problems from an altogether new angle different from that of classical economists Marginal economists has been used to analyse the single firm and its behavior, the market for a single product and the formation of individual prices Marginalism dominated Western economic thought for nearly a century until it was challenged by Keynesian attack in 1936 (keynesian economics shifted the sphere of enquiry from micro economics to macro economics where the problems of the economy as a whole are analysed) The provocation for the emergence of marginalist school was provided by the interpretation of classical doctrines especially the labour theory of value and ricardian theory of rent by the socialists Socialists made use of classical theories to say things which were not the intention of the creators of those theories So the leading early marginalists felt the need for thoroughly revising the classical doctrines especially the theory of value They thought by rejecting the labour theory of value and by advocating the marginal utility theory of value, they could strike at the theoretical basis of socialism Economic Ideas of Marginalist School This school concentrated on the ‘margin’ to explain economic phenomena. -
Vanity and the Daedalian Wings of Paper Money in Adam Smith
Trinity University Digital Commons @ Trinity Economics Faculty Research Economics Department 2006 Vanity and the Daedalian Wings of Paper Money in Adam Smith Maria Pia Paganelli Trinity University, [email protected] Follow this and additional works at: https://digitalcommons.trinity.edu/econ_faculty Part of the Economics Commons Repository Citation Paganelli, M.P. (2006). Vanity and the Daedalian wings of paper money in Adam Smith. In L. Montes & E. Schliesser (Eds.), New voices on Adam Smith (pp. 271-289). Routledge. This Contribution to Book is brought to you for free and open access by the Economics Department at Digital Commons @ Trinity. It has been accepted for inclusion in Economics Faculty Research by an authorized administrator of Digital Commons @ Trinity. For more information, please contact [email protected]. 12_Adam Smith518 15/12/05 1:56 pm Page 271 12_Adam Smith518.pdf 12 Vanity and the Daedalian wings of paper money in Adam Smith Maria Pia Paganelli George Stigler (1971) claimed that: ‘it is uncomfortable to explain Smith’s failure by the failure of everyone else, for he is a better man than everyone else’ (214). Diverging from Stigler, the problem presented in this chapter is: how can we explain Smith’s failure when others did not fail, for Smith is a better man than everyone else? The failure by Smith diagnosed in this chapter is his lack of vision for the potential uses and/or misuses as policy instruments of paper money in general and of public credit in particular – vision that Smith’s contempor- aries did not lack. Paper money could be used not only as a cheaper sub- stitute of metallic money, as Smith well realized, but also as a relatively cheaper policy tool to create more money and try to gain control over the economy. -
Imputation and Value in the Works of Menger, Böhm-Bawerk and Wieser
E-LOGOS/2005 ISSN 1121-0442 _____________________________________________ Imputation and Value in the works of Menger, Böhm-Bawerk and Wieser Šimon Bi ľo University of Economics, Prague [email protected] Alford Fellow, The Ludwig von Mises Institute, July 21, 2004 Version January 10, 2005 1 Abstract: Analysis of the discussions within the first two generations of the Austrian school of economics constitutes an inevitable cornerstone of every further inquiry on the fields of the theory of value and imputation theory. Only with knowledge of Menger’s, Wieser’s and Böhm-Bawerk’s understanding of cardinalism and problems related with utility, value and their interdependence, we are apt to understand correctness or incorrectness of their positions and also positions of their followers. Thus, we could trace back cardinalist notions of utility seeded by Menger and understand later Mises’- Čuhel reformulation of the whole value theory into an ordinalistic one. Mises fully escaped the Mengerian tradition in this point and also transformed the whole theory of imputation into the theory of pricing of the factors of production. The only exception, from the point of view of imputation theory of highest importance, is his insistence on the value equation of means and ends that confused his successors and was investigated only recently. Within the context of present state of value and imputation theories, two related problems arise: “What constitutes theory of imputation, theory of value and valuation of the factors of production, today?” and “Is Menger-Böhm-Bawerkian solution of imputation theory really suitable for the explanation of the pricing process and isn’t Wieser’s objection of circularity of the imputation theory applied in price-creation justified?” These are the questions that are badly needed to be answered in order to clarify the theory in the field. -
A Cultural Approach to Economics
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Goldschmidt, Nils Article — Published Version A cultural approach to economics Intereconomics Suggested Citation: Goldschmidt, Nils (2006) : A cultural approach to economics, Intereconomics, ISSN 0020-5346, Springer, Heidelberg, Vol. 41, Iss. 4, pp. 176-182, http://dx.doi.org/10.1007/s10272-006-0188-1 This Version is available at: http://hdl.handle.net/10419/41914 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu DOI: 10.1007/s10272-006-0188-1 FORUM Culture and Economics The question of how far it is necessary to include cultural factors in the analysis of economic processes has become topical again in recent years. The fi rst contribution to this Forum introduces a cultural approach to economics. -
Friedrich List: Nacionalismo E Cosmopolitismo Na Integração Dos Estados Alemães
UNIVERSIDADE FEDERAL DO ESPÍRITO SANTO CENTRO DE CIÊNCIAS HUMANAS E NATURAIS PROGRAMA DE PÓS-GRADUAÇÃO EM HISTÓRIA FLÁVIO DOS SANTOS OLIVEIRA FRIEDRICH LIST: NACIONALISMO E COSMOPOLITISMO NA INTEGRAÇÃO DOS ESTADOS ALEMÃES VITÓRIA 2017 FLAVIO DOS SANTOS OLIVEIRA FRIEDRICH LIST: NACIONALISMO E COSMOPOLITISMO NA INTEGRAÇÃO DOS ESTADOS ALEMÃES Tese apresentada ao Programa de Pós- Graduação em História do Centro de Ciências Humanas e Naturais da Universidade Federal do Espírito Santo, como requisito para obtenção do título de Doutor em História, na área de concentração História Social das Relações Políticas. Orientador: Dr. Rogério Arthmar VITÓRIA 2017 Dados Internacionais de Catalogação-na-publicação (CIP) (Biblioteca Central da Universidade Federal do Espírito Santo, ES, Brasil) Oliveira, Flávio dos Santos, 1981- O48f Friedrich List : nacionalismo e cosmopolitismo na integração dos estados alemães / Flávio dos Santos Oliveira. – 2017. 294 f. Orientador: Rogério Arthmar. Tese (Doutorado em História) – Universidade Federal do Espírito Santo, Centro de Ciências Humanas e Naturais. 1. Estado Nacional. 2. Cosmopolitismo. 3. Economia política. 4. Protecionismo e livre câmbio. 5. Nacionalismo. 6. Zollverein. I. Arthmar, Rogério. II. Universidade Federal do Espírito Santo. Centro de Ciências Humanas e Naturais. III. Título. CDU: 93/99 FLÁVIO DOS SANTOS OLIVEIRA FRIEDRICH LIST: NACIONALISMO E COSMOPOLITISMO NA INTEGRAÇÃO DOS ESTADOS ALEMÃES Tese apresentada ao Programa de Pós-Graduação em História em História Social das Relações Políticas do Centro de Ciências Humanas e Naturais da Universidade Federal do Espírito Santo, como requisito parcial para obtenção do título de Doutor em História, na área de concentração História Social das Relações Políticas. Aprovada em ____ de________________ 2017. COMISSÃO EXAMINADORA ____________________________________________ Professor Doutor. -
Political Philosophy Now
POLITICAL PHILOSOPHY NOW 99781783160662pre_pi-xvi.indd781783160662pre_pi-xvi.indd i 112/16/20132/16/2013 22:17:14:17:14 PPMM Chief Editor of the Series: Howard Williams , Aberystwyth University, Wales Associate Editors: Wolfgang Kersting , University of Kiel, Germany Steven B. Smith , Yale University, USA Peter Nicholson , University of York, England Renato Cristi , Wilfrid Laurier University, Waterloo, Canada Political Philosophy Now is a series which deals with authors, topics and periods in political philosophy from the perspective of their relevance to current debates. The series presents a spread of subjects and points of view from various traditions which include European and New World debates in political philosophy. For other titles in this series, please see the University of Wales Press website: www.uwp.co.uk 99781783160662pre_pi-xvi.indd781783160662pre_pi-xvi.indd iiii 112/16/20132/16/2013 22:17:14:17:14 PPMM POLITICAL PHILOSOPHY NOW Politics and Teleology in Kant Edited by Paul Formosa , Avery Goldman and Tatiana Patrone UNIVERSITY OF WALES PRESS • CARDIFF • 2014 99781783160662pre_pi-xvi.indd781783160662pre_pi-xvi.indd iiiiii 112/16/20132/16/2013 22:17:14:17:14 PPMM © The Contributors, 2014 All rights reserved. No part of this book may be reproduced in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this publication) without the written permission of the copyright owner except in accordance with the provisions of the Copyright, Designs and Patents Act 1988. Applications for the copyright owner’s written permission to reproduce any part of this publication should be addressed to The University of Wales Press, 10 Columbus Walk, Brigantine Place, Cardiff CF10 4UP. -
From Smith to Menger to Hayek Liberalism in the Spontaneous-Order Tradition
SUBSCRIBE NOW AND RECEIVE CRISIS AND LEVIATHAN* FREE! “The Independent Review does not accept “The Independent Review is pronouncements of government officials nor the excellent.” conventional wisdom at face value.” —GARY BECKER, Noble Laureate —JOHN R. MACARTHUR, Publisher, Harper’s in Economic Sciences Subscribe to The Independent Review and receive a free book of your choice* such as the 25th Anniversary Edition of Crisis and Leviathan: Critical Episodes in the Growth of American Government, by Founding Editor Robert Higgs. This quarterly journal, guided by co-editors Christopher J. Coyne, and Michael C. Munger, and Robert M. Whaples offers leading-edge insights on today’s most critical issues in economics, healthcare, education, law, history, political science, philosophy, and sociology. Thought-provoking and educational, The Independent Review is blazing the way toward informed debate! Student? Educator? Journalist? Business or civic leader? Engaged citizen? This journal is for YOU! *Order today for more FREE book options Perfect for students or anyone on the go! The Independent Review is available on mobile devices or tablets: iOS devices, Amazon Kindle Fire, or Android through Magzter. INDEPENDENT INSTITUTE, 100 SWAN WAY, OAKLAND, CA 94621 • 800-927-8733 • [email protected] PROMO CODE IRA1703 From Smith to Menger to Hayek Liberalism in the Spontaneous-Order Tradition —————— ✦ —————— STEVEN HORWITZ ately, thinkers from both the political left and the political right have increas- ingly been making critical comments about the Enlightenment and the politi- Lcal liberalism normally associated with it. Many of these criticisms center around the concern that the tradition of Enlightenment liberalism portrays human beings as hyperrational or extremely atomized.