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Notes and References Note: The term 'loc. cit.' is used when a text has just been mentioned and the term 'op. cit.' is used when a text has been referenced some distance back. 1 The Classical Legacy 1. For a recent critical survey of classical trade theory, including the debate on the Corn Laws and the BuUionist and Banking/Currency school controversies, see Leonard Gomes, Foreign Trade and the National Economy: Mercantilist and Classical Perspectives (London: Macmillan, 1987) part II. Part I of the same book surveys the foreign trade doctrines of the mercantilists. 2. Joan Robinson, 'Reflections on the Theory of International Trade', in her Collected Economic Papers, vol. 5 (Oxford: Blackwell, 1979) p. 130. 2 Early Neoclassical Contributions 1. A. A. Cournot, Recherches sur les Principes Mathematiques de la Theorie des Richesses (Paris: Hachette, 1838). Translated by Nathaniel T. Bacon as Researches into the Mathematical Principles of the Theory of Wealth (London: Macmillan, 1897) p. 117. 2. Cournot's arithmetical example is in Principes, pp. 314-15. 3. See Edgeworth, 'The Theory of International Values', Economic Jour­ nal, 1894, p. 627. 4. Researches, p. 157. 5. Researches, p. 156. 6. Ibid. pp. 162-3. 7. The 1844 criticism was by Carl Heinrich Hagen, in his book, Die Nothwendigkeit der Handelsfreiheit fur das Nationaleinkommen, mathe- matisch nachgewiesen (Konigsberg, 1844) pp. 30-1. Samuelson praises Cournot's treatment of interspatial price equilibrium as being 'marvel­ lously modern and fruitful', but adds, 'his analysis of tariff protection appears to be ambiguous and of doubtful validity'. P. A. Samuelson, The Way of An Economist', in Paul Samuelson (ed.), International Economic Relations (London: Macmillan, 1969) p. 5. 8. See Edgeworth, 'The Theory of International Values', loc. cit. p. 628 and p. 630; A. Landry, Manuel d'Economie Politique (Paris: 1908) p. 839; J. Bertrand's review article, 'Recherches sur les Principes Mathema­ tiques de la Theorie des Richesses, par Augustin Cournot', Journal des Savants (1883) p. 504. 9. On these points of criticism, see the review by R. de Fontenay, 'Principes de la Theorie des Richesses', Journal des Economistes, vol. 43 (August 1864) p. 239; also Hagen, op. cit. p. 30, and C. F. Bastable, The Theory 206 Notes and References 207 of International Trade (Dublin, 1887) appendix C, pp. 172-4. Edgeworth thought that Bastable exaggerated the difficulties with Cournot's use of money prices, and claimed that such a procedure was acceptable since Cournot 'means to restrict his theory to small disturbances of trade, the effects of which on the level of money may be neglected'. See Edge- worth, op. cit. p. 629. 10. J. Viner, Studies in the Theory of International Trade (London: Allen & Unwin, 1955) p. 586. Reghinos Theocaris writes that Viner 'appears to have misunderstood Cournot's reasoning' in regard to income changes resulting from free trade in the importing country. See Reghinos D. Theocaris, Early Developments in Mathematical Economics, 2nd edn (London: Macmillan, 1983) p. 229. What most critics failed to realise was that Cournot used a 'first order approximation' rather than a full equilibrium system in his study of the benefits of the opening-up of trade. 11. Viner, op. cit. p. 589. 12. Viner, op. cit. p. 587, n. 7. 13. J. W. Angell, The Theory of International Prices: History, Criticism and Restatement, Harvard Economic Studies, vol. XXVIII (Cambridge, Mass.: Harvard Univ. Press, 1926) p. 244. 14. For Cournot's reply, see Principes, pp. 329-30. 15. Researches, p. 151. 16. Theocaris, op. cit. p. 198. 17. Theocaris, op. cit. p. 199. 18. Citing a passage from Cournot stressing the need for the development of productive powers, Theocaris notes: 'The influence of List is obvious.' Theocaris, op. cit. p. 234, n. 363. According to Cournot, an extensive industrial sector and a skilled labour force were the objectives of a programme geared to the development of 'productive powers'. A country so equipped would be an exporter of manufactured goods and an importer of agricultural products and raw materials. 19. Cournot, Principes de la theorie des richesses (Paris: Hachette, 1863) p. 456. 20. Ibid. p. 456. 21. Ibid. p. 493. 22. Ibid. p. 458. 23. Ibid. p. 461, p. 462. Cournot judged free trade a desirable objective in the long run when productive forces have been built up - again a position similar to that of List's. Thus 'new products can indefinitely be ex­ changed one against another, provided that a suitable direction is given to the various branches of production', Principes, p. 287. Towards the end of his life Cournot became conservative-minded on account of his fear of socialism. Thus in the book published in the year of his death, Revue sommaire des doctrines economiques (1877), Cournot departed from his early interventionist views and espoused the tenets of economic liberalism. 24. Ibid, book III, ch. 6, pp. 338 etseq. 25. Ibid. p. 341. 26. On this point, see the exchange between D. R. Appleyard, J. C. Ingram and J. Chipman in History of Political Economy, vol. 11, no. 4 (Winter 208 Notes and References 1979); also the summary in Gomes, op. cit. pp. 164-6. 27. Principes, p. 345. 28. Ibid. p. 346. 29. F. Y. Edgeworth, 'Antoine Augustin Cournot', in Palgrave's Dictionary of Political Economy (London: Macmillan, 1925) vol. I, p. 446. But Jevons also wrote that Cournot's treatise, 'apart from its economic importance . presents a beautiful example of mathematical reasoning, in which knowledge is apparently evolved out of ignorance'. W. S. Jevons, The Theory of Political Economy (1871) 2nd edn (London: Macmillan, 1879) p. xxxiii. 30. In the identity, Bt denotes the balance of international transactions of the /th country. The surpluses and deficits of all the individual countries will cancel out, leaving the algebraic sum, zero. 31. Theocaris, op. cit. p. 187. Theocaris continues, 'the Recherches was, as Walras says, one of the first books which he read as an undergraduate', quoting a passage from Walras's article on Cournot in the Gazette de Lausanne, 13 July 1905. Here, Walras writes: 'My father . was Cournot's friend at the ficole Normale de Paris . and had no doubt received a gift of this monograph [Recherches] which I found in his library and read in 1853-54 during my third year of mathematics.' See Theocaris, op. cit. p. 226. Cournot's analysis in mathematical form of various microeconomic problems led him to believe that 'for a complete and rigorous solution of the problems relative to some parts of the economic system, it is indispensable to take the entire system into consideration'. Cournot, Researches, p. 127. The first (1781) mathema­ tical formulation of a general-equilibrium system of exchange was, however, the work of Achille Nicolas Isnard. He expressed the inter­ dependence between equilibrium commodity prices by means of a system of simultaneous equations. See A. N. Isnard, Traite des richesses (London and Lausanne: F. Grasset, 1781). 32. Johann H. von Thunen, Der Isolierte Staat in Beziehung auf Landwirt- schaft und Nationalokonomie, 3rd edn, Heinrich Waentig (ed.) (Jena: Gustav Fischer, 1930). Abridged translations are Peter Hall (ed.), Von Thiinen's Isolated State (London: Pergamon Press, 1966); and Bernard W. Dempsey, The Frontier Wage: With the Text of the Second Part of the Isolated State (Chicago: Loyola Univ. Press, 1960). For a recent analysis of Thiinen's system, see Paul A. Samuelson, 'Thiinen at Two Hundred', in Kate Crowley (ed.), The Collected Scientific Papers of Paul A. Samuelson, vol. V (Cambridge, Mass.: The MIT Press, 1986) pp. 575-95. Samuelson noted that Thunen elaborated one of the first models of general equilibrium, and that Thiinen's system included among other things, elements of the Ricardian theory of comparative advantage and the 'Heckscher-Ohlin and Stolper-Samuelson theory of factors-and- goods pricing', p. 588. 33. For a biographical sketch of Mangoldt, see Mark Blaug, Great Econom­ ists Before Keynes (Brighton: Wheatsheaf Books, 1986) pp. 147-9. K. H. Hennings, 'The Transition from Classical to Neoclassical Economic Theory: Hans von Mangoldt', Kyklos, vol. 33, no. 4, 1980, considers Mangoldt's role in the development of neoclassical theory. Notes and References 209 34. Mangoldt's contribution to trade theory is contained in appendix II, entitled 'Von der Gleichung der internationalen Nachfrage' ('On the Equation of International Demand') of his major work, Grundriss der Volkswirtschaftslehre (Outline of Political Economy), (Stuttgart: Verlag von J. Engelhorn, 1863). Misleading statements by Schumpeter (unintentionally done, of course), concerning the contents of the second (posthumous) edition of the Grundriss edited by Friedrich Kleinwacher (1871), were corrected by John S. Chipman in 'A Survey of the Theory of International Trade: Part 1, The Classical Theory', Econometrica, vol. 33, no. 3 (July 1965) pp. 501-2, note 20. A translation of appendix II with an introductory note by Chipman appeared in Journal of International Economics, vol. 5 (1975) pp. 55-97. This is most welcome and meets a long-felt need, since English-language readers come to Mangoldt's trade analysis at second hand, mainly through the expositions of Edgeworth and Viner - F. Y. Edgeworth, Papers Relating to Political Economy, vol. II (London: Macmillan, 1925) pp. 52-8; J. Viner, Studies, op. cit. pp. 458-62. See also Gottfried von Haberler, The Theory of International Trade (Lon­ don: William Hodge & Co. Ltd., 1936) pp. 136-9. The issues raised by Mangoldt have been discussed and analysed by Chipman in his trade survey, op. cit. pp. 501-4. 35. Mangoldt, Grundriss, op. cit. p. 188. 36. Edgeworth, op. cit. pp. 52-8. Referring to his 1894 article on the pure theory of international values, Edgeworth wrote in 1925: 'Of all the writers, classical or mathematical, who are passed in review in the article of 1894, Mangoldt is the one who emerges unscathed from the critical examination.' Ibid.
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