Washington University School of Medicine Bulletin, 1913
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BIS Working Papers No 136 the Price Level, Relative Prices and Economic Stability: Aspects of the Interwar Debate by David Laidler* Monetary and Economic Department
BIS Working Papers No 136 The price level, relative prices and economic stability: aspects of the interwar debate by David Laidler* Monetary and Economic Department September 2003 * University of Western Ontario Abstract Recent financial instability has called into question the sufficiency of low inflation as a goal for monetary policy. This paper discusses interwar literature bearing on this question. It begins with theories of the cycle based on the quantity theory, and their policy prescription of price stability supported by lender of last resort activities in the event of crises, arguing that their neglect of fluctuations in investment was a weakness. Other approaches are then taken up, particularly Austrian theory, which stressed the banking system’s capacity to generate relative price distortions and forced saving. This theory was discredited by its association with nihilistic policy prescriptions during the Great Depression. Nevertheless, its core insights were worthwhile, and also played an important part in Robertson’s more eclectic account of the cycle. The latter, however, yielded activist policy prescriptions of a sort that were discredited in the postwar period. Whether these now need re-examination, or whether a low-inflation regime, in which the authorities stand ready to resort to vigorous monetary expansion in the aftermath of asset market problems, is adequate to maintain economic stability is still an open question. BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The views expressed in them are those of their authors and not necessarily the views of the BIS. -
WINTER 2015 Journal of Austrian Economics
The VOL. 18 | NO . 4 QUARTERLY WINTER 2015 JOURNAL of AUSTRIAN ECONOMICS ARTICLES The Efficient Market Conjecture . 387 Ricardo E. Campos Dias de Sousa and David Howden The Austrian Business Cycle Theory: A Defense of Its General Validity . 409 Mihai Macovei Division of Labor and Society: The Social Rationalism of Mises and Destutt de Tracy . 436 Carmen Elena Dorobăţ From Marshallian Partial Equilibrium to Austrian General Equilibrium: The Evolution of Rothbard’s Production Theory . 456 Patrick Newman Man, Economy and State, Original Chapter 5: Producer’s Activity . 487 Murray N. Rothbard Book Review: Doing Bad by Doing Good: Why Humanitarian Action Fails By Chris Coyne . 562 Jason E. Jewell Book Review: Exploring Capitalist Fiction: Business through Literature and Film By Edward W. Younkins . 568 Shawn Ritenour Book Review: Contending Perspective in Economics: A Guide to Contemporary Schools of Thought By John T. Harvey . 572 Mark Thornton Book Review: Finance Behind the Veil of Money: An Essay on the Economics of Capital, Interest, and the Financial Market By Eduard Braun . 578 David Howden FOUNDING EDITOR (formerly The Review of Austrian Economics), Murray N. Rothbard (1926–1995) EDITOR, Joseph T. Salerno, Pace University BOOK REVIEW EDITOR, Mark Thornton, Ludwig von Mises Institute ASSISTANT EDITOR, Timothy D. Terrell, Wofford College EDITORIAL BOARD D.T. Armentano, Emeritus, University of Hartford Randall G. Holcombe, Florida State University James Barth, Auburn University Hans-Hermann Hoppe, Emeritus, UNLV Robert Batemarco, Pace University Jesús Huerta de Soto, Universidad Rey Juan Carlos Walter Block, Loyola University Jörg Guido Hülsmann, University of Angers Donald Bellante, University of South Florida Peter G. -
Four Master Teachers Who Fostered American Turn-Of-The-(20<Sup>TH
MYCOTAXON ISSN (print) 0093-4666 (online) 2154-8889 Mycotaxon, Ltd. ©2021 January–March 2021—Volume 136, pp. 1–58 https://doi.org/10.5248/136.1 Four master teachers who fostered American turn-of-the-(20TH)-century mycology and plant pathology Ronald H. Petersen Department of Ecology & Evolutionary Biology, University of Tennessee Knoxville, TN 37919-1100 Correspondence to: [email protected] Abstract—The Morrill Act of 1862 afforded the US states the opportunity to found state colleges with agriculture as part of their mission—the so-called “land-grant colleges.” The Hatch Act of 1887 gave the same opportunity for agricultural experiment stations as functions of the land-grant colleges, and the “third Morrill Act” (the Smith-Lever Act) of 1914 added an extension dimension to the experiment stations. Overall, the end of the 19th century and the first quarter of the 20th was a time for growing appreciation for, and growth of institutional education in the natural sciences, especially botany and its specialties, mycology, and phytopathology. This paper outlines a particular genealogy of mycologists and plant pathologists representative of this era. Professor Albert Nelson Prentiss, first of Michigan State then of Cornell, Professor William Russel Dudley of Cornell and Stanford, Professor Mason Blanchard Thomas of Wabash College, and Professor Herbert Hice Whetzel of Cornell Plant Pathology were major players in the scenario. The supporting cast, the students selected, trained, and guided by these men, was legion, a few of whom are briefly traced here. Key words—“New Botany,” European influence, agrarian roots Chapter 1. Introduction When Dr. Lexemual R. -
An Early Harvard Memorandum on Anti-Depression Policies.1
An Early Harvard Memorandum on anti-Depression Policies.1 Introductory Note by David Laidler (University of Western Ontario) and Roger Sandilands (University of Strathclyde) 1The typescript whose text is reproduced below is from Box 12, Folder 29, Harry Dexter White Papers, Seeley G. Mudd Manuscript Library, Princeton University Library. Published with permission of Princeton University Library. Its title, authorship and date are written at the top of its first page, in handwriting identified by Bruce Craig and Sandilands as that of White. 1 The Memorandum’s Authors and Their Message The Memorandum which this note introduces was completed by three young members of the Harvard economics department sometime in January 1932 Two of them, Lauchlin Currie and Harry Dexter White were soon to play key roles on the American, indeed the world-wide, policy scene. Both of them would go to Washington in 1934 as founding members of Jacob Viner’s “Freshman Brains Trust”. In due course, first at the Federal Reserve Board, and later at the Treasury and the White House, Currie would become a highly visible and leading advocate of expansionary fiscal policy, while White, at the Treasury, was to be a co-architect, with Keynes, of the Bretton Woods system. Both would fall victim to anti-communist witch-hunts in the late 1940s, in White’s case perhaps at the cost of his life, since he died of a heart attack in 1948 three days after a strenuous hearing before the House Committee on Unamerican Activities (HUAC). The third author, P. T. Ellsworth, later a Professor -
1 the MAKING of INDEX NUMBERS in the EARLY 1920S
THE MAKING OF INDEX NUMBERS IN THE EARLY 1920s: A CLOSER LOOK AT THE FISHER–MITCHELL DEBATE Felipe Almeida Victor Cruz e Silva Universidade Federal do Paraná Universidade Estadual de Ponta Grossa Área 1 - História do Pensamento Econômico e Metodologia RESUMO O surgimento sistemático da abordagem axiomática dos números de índice ocorreu no início dos anos 1920, um período marcado pelo pluralismo na academia econômic estadunidense. Promovida por Irving Fisher, a abordagem axiomática dos números de índice teve como objetivo selecionar uma fórmula ideal universalmente válida para números de índice, empregando uma série de testes estatísticos. No entanto, desde a primeira apresentação da abordagem de Fisher, no Encontro Anual da Associação Estadunidense de Estatística em 1920, até a publicação de seu livro “The Making of Index Numbers” em 1922, Fisher enfrentou uma série de críticas, não endereçadas à sua fórmula ideal propriamente dita, mas à própria idéia de uma fórmula universal para números de índice. Os principais indivíduos envolvidos nesse debate foram Wesley Mitchell, Warren Persons, Correa Walsh (que foi o único que apoiou a proposta de Fisher) e Allyn Young. Entre eles, o principal representante dos antagonistas de Fisher era Mitchell. Este estudo argumenta que as divergências entre Fisher e Mitchell resultam de seus distintos entendimentos da economia como uma "ciência". Portanto, o objetivo deste estudo é ilustrar como Fisher, como economista matemático, privilegiou a universalidade das teorias econômicas, enquanto Mitchell, como institucionalista, entendeu a economia como uma disciplina contextual e histórica e como essas preconcepções estão presentes no debate sobre números de índice. Para ilustrar suas posições, este estudo explora evidências baseadas em arquivo. -
PLANT SCIENCE Bulletin Fall 2014 Volume 60 Number 3
PLANT SCIENCE Bulletin Fall 2014 Volume 60 Number 3 Scientists proudly state their profession! In This Issue.............. Botany 2014 in Boise: a fantastic The season of awards......p. 119 Rutgers University. combating event......p.114 plant blindness.....p. 159 From the Editor Reclaim the name: #Iamabotanist is the latest PLANT SCIENCE sensation on the internet! Well, perhaps this is a bit of BULLETIN an overstatement, but for those of us in the discipline, Editorial Committee it is a real ego boost and a bit of ground truthing. We do identify with our specialties and subdisciplines, Volume 60 but the overarching truth that we have in common Christopher Martine is that we are botanists! It is especially timely that (2014) in this issue we publish two articles directly relevant Department of Biology to reclaiming the name. “Reclaim” suggests that Bucknell University there was something very special in the past that Lewisburg, PA 17837 perhaps has lost its luster and value. A century ago [email protected] botany was a premier scientific discipline in the life sciences. It was taught in all the high schools and most colleges and universities. Leaders of the BSA Carolyn M. Wetzel were national leaders in science and many of them (2015) had their botanical roots in Cornell University, as Biology Department well documented by Ed Cobb in his article “Cornell Division of Health and University Celebrates its Botanical Roots.” While Natural Sciences Cornell is exemplary, many institutions throughout Holyoke Community College the country, and especially in the Midwest, were 303 Homestead Ave leading botany to a position of distinction in the Holyoke, MA 01040 development of U.S. -
0X0a I Don't Know Gregor Weichbrodt FROHMANN
0x0a I Don’t Know Gregor Weichbrodt FROHMANN I Don’t Know Gregor Weichbrodt 0x0a Contents I Don’t Know .................................................................4 About This Book .......................................................353 Imprint ........................................................................354 I Don’t Know I’m not well-versed in Literature. Sensibility – what is that? What in God’s name is An Afterword? I haven’t the faintest idea. And concerning Book design, I am fully ignorant. What is ‘A Slipcase’ supposed to mean again, and what the heck is Boriswood? The Canons of page construction – I don’t know what that is. I haven’t got a clue. How am I supposed to make sense of Traditional Chinese bookbinding, and what the hell is an Initial? Containers are a mystery to me. And what about A Post box, and what on earth is The Hollow Nickel Case? An Ammunition box – dunno. Couldn’t tell you. I’m not well-versed in Postal systems. And I don’t know what Bulk mail is or what is supposed to be special about A Catcher pouch. I don’t know what people mean by ‘Bags’. What’s the deal with The Arhuaca mochila, and what is the mystery about A Bin bag? Am I supposed to be familiar with A Carpet bag? How should I know? Cradleboard? Come again? Never heard of it. I have no idea. A Changing bag – never heard of it. I’ve never heard of Carriages. A Dogcart – what does that mean? A Ralli car? Doesn’t ring a bell. I have absolutely no idea. And what the hell is Tandem, and what is the deal with the Mail coach? 4 I don’t know the first thing about Postal system of the United Kingdom. -
Allyn Abbott Young Ramesh Chandra Great Thinkers in Economics
GREAT THINKERS IN ECONOMICS SERIES EDITOR: A. P. THIRLWALL Allyn Abbott Young Ramesh Chandra Great Thinkers in Economics Series Editor A. P. Thirlwall School of Economics University of Kent Canterbury, UK The famous historian, E.H. Carr once said that in order to understand history it is necessary to understand the historian writing it. The same could be said of economics. Famous economists often remark that spe- cific episodes in their lives, or particular events that took place in their formative years attracted them to economics. Great Thinkers in Economics is designed to illuminate the economics of some of the great historical and contemporary economists by exploring the interaction between their lives and work, and the events surrounding them. More information about this series at http://www.palgrave.com/gp/series/15026 Ramesh Chandra Allyn Abbott Young Ramesh Chandra Glasgow, UK ISSN 2662-6276 ISSN 2662-6284 (electronic) Great Thinkers in Economics ISBN 978-3-030-31980-9 ISBN 978-3-030-31981-6 (eBook) https://doi.org/10.1007/978-3-030-31981-6 © The Editor(s) (if applicable) and The Author(s) 2020 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and trans- mission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. -
An Early Harvard 'Memorandum' on Anti-Depression Policies
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Laidler, David; Sandilands, Roger; Currie, L. B.; Ellsworth, E. T.; White, H. D. Working Paper An early Harvard 'Memorandum' on anti-depression policies Research Report, No. 2000-4 Provided in Cooperation with: Department of Economics, University of Western Ontario Suggested Citation: Laidler, David; Sandilands, Roger; Currie, L. B.; Ellsworth, E. T.; White, H. D. (2000) : An early Harvard 'Memorandum' on anti-depression policies, Research Report, No. 2000-4, The University of Western Ontario, Department of Economics, London (Ontario) This Version is available at: http://hdl.handle.net/10419/70400 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 -
Classical Macroeconomics
Classical Macroeconomics Macroeconomics is easily the most unsettled area of modern economics. Conflicting explanations abound over why interest rates or prices on average rise or fall. Dispute continues over whether government tax policies should encourage consumer spending or saving. Similarly, it is unsettled whether government spending should be a principal instrument of economic growth promotion or rather be limited to the minimal role of national defence, the administration of justice, including the protection of private property and enforcement of contracts, and the enactment of laws to facilitate commercial enterprise. The classical economists, especially Adam Smith, David Ricardo, J.-B.Say, and J.S.Mill, provided clarifications as well as answers to the above questions, which Alfred Marshall carried into the twentieth century. However, failing to interpret correctly economic concepts as employed by the classical economists, John Maynard Keynes dismissed the classical explanations and conclusions as being irrelevant to the world in which we live. The trauma of the Great Depression and Keynes’s changed definition of economic concepts, aided by the work of Eugen Böhm-Bawerk, have made it difficult for modern economists to fully appreciate the classical insights. This book clarifies the classical explanations to help resolve the continuing theoretical and policy disputes. Key chapters include: • On the definition of money • Keynes’s misinterpretation of the classical theory of interest • The classical theory of growth and Keynes’s paradox of thrift • The mythology of the Keynesian multiplier. Professor James C.W.Ahiakpor teaches economics at the California State University, Hayward, and was Department Chair, 1994–2000. His restatements of classical macroeconomics have appeared in the History of Political Economy, Southern Economic Journal, Journal of the History of Economic Thought, American Journal of Economics and Sociology and Independent Review. -
Encyclopedia > Allyn Young
Taken from the Biographical Dictionary of American Economists, general editor, Ross B Emmett, Thoemmes Continuum, 2006. Encyclopedia > Allyn Young Allyn Abbott Young (1876—1929), celebrated American economist, was born into a middle_class family in Kenton, Ohio on September 19, 1876 and died aged 52 in London on March 7, 1929, his life cut short by pneumonia during an influenza epidemic. He was then at the height of his intellectual powers and current president of Section F of the British Association. Uniquely, Young had also been president of the American Statistical Association (1917) and the American Economic Association (1925). As documented in a recent biography by Charles Blitch (1995), Young was a brilliant student, graduating from Hiram College in 1894 at the age of sixteen, the youngest graduate on record. After a few years in the printing trade he enrolled in 1898 in the graduate school of the University of Wisconsin where he studied economics under Richard T. Ely and William A. Scott, history under Charles H. Haskins and Frederick Jackson Turner, and statistics under Edward D. Jones. In 1900 he was engaged for a year as an assistant in the United States Bureau of the Census in Washington DC where he established lifelong friendships with Walter F. Willcox, Wesley C. Mitchell and Thomas S. Adams. He returned to Wisconsin as Instructor in Economics for the 1901-02 academic session. After graduating in 1902 with a doctoral dissertation on Age Statistics, he embarked on what Blitch has called a peripatetic academic career, beginning with posts at Western Reserve University, 1902-04; Dartmouth, 1904-05; and Wisconsin, 1905-06. -
Does Investment Cause Growth? a Test of an Endogenous Demand-Driven Theory of Growth Applied to India 1950-96
DOES INVESTMENT CAUSE GROWTH? A TEST OF AN ENDOGENOUS DEMAND-DRIVEN THEORY OF GROWTH APPLIED TO INDIA 1950-96 Ramesh Chandra and Roger J. Sandilands University of Strathclyde, UK 1. Introduction From the early development literature of the 1940s and 1950s, notably that of Paul Rosenstein-Rodan (1943), Ragnar Nurkse (1953) and Arthur Lewis (1954), a mainstream view emerged that capital accumulation was the key to growth. Capital was regarded as the "missing component" which if applied in adequate amounts could help break the vicious circle of poverty. The diagnosis of the problem of underdevelopment was in terms of acute shortage of material capital, and this was in turn directly responsible for the low level of productivity prevailing in such economies. So the key to enhanced productivity lay in increased use of physical capital in the production process. Rosenstein-Rodan, while emphasising indivisibilities and externalities in the production process, suggested that though small, isolated efforts at industrialisation may yield insignificant contributions to growth, a "big push" (the minimum quantum of investment needed "to jump over the obstacles to economic development") might launch an underdeveloped country into self-sustaining growth. For Nurkse (1953), the theme of capital accumulation lay at the very centre of the problem of development in economically backward countries. In his words: "The so- called underdeveloped areas, as compared with advanced, are underdeveloped with capital in relation to their population and natural resources" (p.1). Further, the emphasis was on accumulation of physical capital to the neglect of investment in education, health and skills (human capital) or technical progress.