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The Development of the Theory of Money from Adam Smith to David Ricardo Jacob H
The Development of the Theory of Money from Adam Smith to David Ricardo Jacob H. Hollander Quarterly Journal of Economics, volume 25, (1910-11) pp. 429-470 More than a generation separated the appearance of Adam Smith's "Wealth of Nations" in 1776 from the publication of David Ricardo's "High Price of Bullion" in 1810. Memorable as these years were with events in the industrial life of England, they witnessed but little change in the prevailing body of economic thought. The "Wealth of Nations," despite Hume's lament that the two stately quartos required too much thought and reflection to be popular, reached a tenth edition in 1799.(1) In the political world, Grenville in 1800 could remind Pitt of their common conviction as to "the soundness of Adam Smith's principles of political economy.''(2) In academic circles, Dugald Stewart was Adam Smith's successor in office and in spirit in the University of Edinburgh, attracting from 1800 on a notable group of gifted students to his eloquent exposition of the "Wealth of Nations.''(3) In the intellectual field, young men like Francis Horner, Lord Webb, James Mill, and Thomas Chalmers were supplementing legal and theological studies by critical reading of Adam Smith's text. There was some minor dissent from certain of Adam Smith's conclusions:(4) Dugald Stewart seems to have been less of the docile expositor and more of the independent critic than he would have us believe. James Anderson stood out vigorously for the utility of corn law bounties. Jeremy Bentham filed a cogent brief against the impolicy of usury laws. -
The Physiocrats Six Lectures on the French Économistes of the 18Th Century
The Physiocrats Six Lectures on the French Économistes of the 18th Century Henry Higgs Batoche Books Kitchener 2001 First Edition: The Macmillan Company, 1897 This Edition: Batoche Books Limited 52 Eby Street South Kitchener, Ontario N2G 3L1 Canada email: [email protected] ISBN: 1-55273-064-6 Contents Preface ............................................................................................... 5 I: Rise of the School. .......................................................................... 6 II: The School and Its Doctrines. ..................................................... 17 III: The School and Its Doctrines (contd.) ....................................... 29 IV: Activities of the School. ............................................................. 43 V: Opponents of the School. ............................................................ 55 VI: Influence of the School. ............................................................. 66 Appendix .......................................................................................... 77 Authorities ....................................................................................... 80 Notes ................................................................................................ 82 Preface This little volume consists of lectures delivered before the London School of Economics in May and June of the present year. Impossible though it was found to give a truly adequate account of the Physiocrats in these six lectures, it has been thought that they may perhaps furnish -
JOHN RAE on ECONOMIC DEVELOPMENT: a NOTE Downloaded from by Guest on 27 September 2021 by JOSEPH J
JOHN RAE ON ECONOMIC DEVELOPMENT: A NOTE Downloaded from https://academic.oup.com/qje/article/73/3/393/1873379 by guest on 27 September 2021 By JOSEPH J. SPENGLER Introduction, 393. — I. Rae's theory, 395. — II. Application of Rae's theory, 402. — III. Conclusion, 405. "He formulated the economic theory of new countries. ." —R. Warren James' What the historian of thought discovers in a work is determined largely by the questions he brings to its study. Similarly, what the analyst of a treatise notices is governed principally by his interests of the moment. It is not surprising, therefore, that assessments and interpretations of the writings of economists of an earlier era undergo modification as the Weltanschauung and the concerns of economists change with the ascent of new problems and the recession of old ones. A case in point is the work of that remarkable Scotch-Canadian, John Rae. Possibly as brilliant an economist as nineteenth century North America was to produce, his ideas, conceived and formulated in "the solitude . of the Canadian backwoods" and supported by homely illustrations drawn from the frontier, have continued to influence economists for more than a century.' Thus Nassau Senior, impressed by Rae's account of "the accumulation of capital," recom- mended his book to Mill who, greatly influenced by it, cited it in his discussions of the division of labor, the disposition to save, indirect taxation, and protectionism.' American commentators drew on 1. See R. Warren James, "The Life and Work of John Rae," Canadian Journal of Economics and Political Science, XVII (1951), 142. -
GEORGE J. STIGLER Graduate School of Business, University of Chicago, 1101 East 58Th Street, Chicago, Ill
THE PROCESS AND PROGRESS OF ECONOMICS Nobel Memorial Lecture, 8 December, 1982 by GEORGE J. STIGLER Graduate School of Business, University of Chicago, 1101 East 58th Street, Chicago, Ill. 60637, USA In the work on the economics of information which I began twenty some years ago, I started with an example: how does one find the seller of automobiles who is offering a given model at the lowest price? Does it pay to search more, the more frequently one purchases an automobile, and does it ever pay to search out a large number of potential sellers? The study of the search for trading partners and prices and qualities has now been deepened and widened by the work of scores of skilled economic theorists. I propose on this occasion to address the same kinds of questions to an entirely different market: the market for new ideas in economic science. Most economists enter this market in new ideas, let me emphasize, in order to obtain ideas and methods for the applications they are making of economics to the thousand problems with which they are occupied: these economists are not the suppliers of new ideas but only demanders. Their problem is comparable to that of the automobile buyer: to find a reliable vehicle. Indeed, they usually end up by buying a used, and therefore tested, idea. Those economists who seek to engage in research on the new ideas of the science - to refute or confirm or develop or displace them - are in a sense both buyers and sellers of new ideas. They seek to develop new ideas and persuade the science to accept them, but they also are following clues and promises and explorations in the current or preceding ideas of the science. -
The Development of the Theory of Money from Adam Smith to David Ricardo Jacob H
The Development of the Theory of Money from Adam Smith to David Ricardo Jacob H. Hollander Quarterly Journal of Economics, volume 25, (1910-11) pp. 429-470 More than a generation separated the appearance of Adam Smith's "Wealth of Nations" in 1776 from the publication of David Ricardo's "High Price of Bullion" in 1810. Memorable as these years were with events in the industrial life of England, they witnessed but little change in the prevailing body of economic thought. The "Wealth of Nations," despite Hume's lament that the two stately quartos required too much thought and reflection to be popular, reached a tenth edition in 1799.(1) In the political world, Grenville in 1800 could remind Pitt of their common conviction as to "the soundness of Adam Smith's principles of political economy.''(2) In academic circles, Dugald Stewart was Adam Smith's successor in office and in spirit in the University of Edinburgh, attracting from 1800 on a notable group of gifted students to his eloquent exposition of the "Wealth of Nations.''(3) In the intellectual field, young men like Francis Horner, Lord Webb, James Mill, and Thomas Chalmers were supplementing legal and theological studies by critical reading of Adam Smith's text. There was some minor dissent from certain of Adam Smith's conclusions:(4) Dugald Stewart seems to have been less of the docile expositor and more of the independent critic than he would have us believe. James Anderson stood out vigorously for the utility of corn law bounties. Jeremy Bentham filed a cogent brief against the impolicy of usury laws. -
Introduction
Notes Introduction 1.Peter Mandler, Aristocratic Government in the Age of Reform: Whigs and Liberals, 1830–1852 (Oxford: Clarendon Press, 1990), 14. 2.Roy Porter, English Society in the Eighteenth Century (Harmondsworth, England: Penguin Books, 1990), 112. 3. Byron, ‘Don Juan’, Canto 11; John Cannon, ‘New Lamps for Old: the End of Hanoverian England’ in The Whig Ascendancy: Colloquies on Hanoverian England, Cannon, ed. (London: Edward Arnold, 1988), 115. 4.Robert Stewart, Henry Brougham, 1778–1868: His Public Career (London: Bodley Head, 1985), 43–4, 120. 5.Donald Read, The English Provinces c. 1760–1960: A Study in Influence (London: Edward Arnold, 1964). 6.Brougham, ‘Rights and Duties of the People’, Edinburgh Review (November 1812):424, Dror Wahrman, Imagining the Middle Class: The Political Representation of Class in Britain c. 1780–1840 (Cambridge: Cambridge University Press, 1995), 255. 7. J.C.D. Clark, English Society, 1660–1832: Religion, Ideology and Politics During the Ancien Regime (Cambridge: Cambridge University Press, 2000), 513. 8. T.A. Jenkins, The Liberal Ascendancy, 1830–86 (New York: St Martin’s Press, 1994), 19. 9. Jonathan Parry, The Rise and Fall of Liberal Government in Victorian Britain (New Haven: Yale University Press, 1993), 3–4. 10.Walter Bagehot, The English Constitution (Ithaca, NY: Cornell University Press, 1966), 152. 11. Ibid., 28. 12.Richard Brent, Liberal Anglican Politics: Whiggery Religion and Reform, 1830–1 (Oxford: Clarendon Press, 1990), 28, 37, 39. 13. James Abercrombie to George Tierney, 1818, Tierney MSS. 14. Horner to Francis Jeffrey, 15 September 1806, Horner Papers 427. 15. Chester H. New, The Life of Henry Brougham to 1830 (Oxford: Clarendon Press, 1961), 2–3; David Hackett Fisher, Albion’s Seed: Four British Folkways in America (Oxford: Oxford University Press, 1989), 647–8. -
Durham E-Theses
Durham E-Theses The work of Lord Brougham for English education McManners, T. How to cite: McManners, T. (1952) The work of Lord Brougham for English education, Durham theses, Durham University. Available at Durham E-Theses Online: http://etheses.dur.ac.uk/9971/ Use policy The full-text may be used and/or reproduced, and given to third parties in any format or medium, without prior permission or charge, for personal research or study, educational, or not-for-prot purposes provided that: • a full bibliographic reference is made to the original source • a link is made to the metadata record in Durham E-Theses • the full-text is not changed in any way The full-text must not be sold in any format or medium without the formal permission of the copyright holders. Please consult the full Durham E-Theses policy for further details. Academic Support Oce, Durham University, University Oce, Old Elvet, Durham DH1 3HP e-mail: [email protected] Tel: +44 0191 334 6107 http://etheses.dur.ac.uk ABSTRACT. THE Ti?ORK 0$ LORD BROUGHAM JOR ENGLISH EDUCATION. Various influences impelled Henry 3rougham (I778-I86S) along the path of educational reform. His? own early life and careful schooling in Scotland, his sensitivity to conditions, contactwith Continental reformers and the influence of the Utilitarian philos• ophy, all helped to mould his ideas. Brougham's ambition however gave the driving force to belief and educational reform was but one means of achieving greatness. The ambitious young 'lawyer came to London and politics in 1305, entering Parliament in 1610. -
Regarding the Past
Regarding the Past Proceedings of the 20th Conference of the History of Economic Thought Society of Australia University of Queensland 11-13 July 2007 Edited by Peter E. Earl and Bruce Littleboy This book comprises complete texts and/or abstracts of refereed papers presented at the 20th Conference of the History of Economic Thought Society of Australia held at The Women’s College, University of Queensland, 11-13 July 2007. © Selection and editorial material Peter E. Earl and Bruce Littleboy; individual chapters, the respective contributors Published by The School of Economics University of Queensland St Lucia, Brisbane QLD 4072 Australia ISBN: 9781 8649 98 979 (pbk); 9781 8649 98 955 (CD-ROM) All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise, without the prior permission of the publisher. Printed in Australia by the University of Queensland Printery Contents List of Contributors v Introduction Peter E. Earl and Bruce Littleboy vii 1 History for Economics: Learning from the Past 1 Alexander Dow and Sheila Dow 2 Theories of Economic Development in the Scottish Enlightenment 9 Alexander Dow and Sheila Dow 3 Ethical Foundations of Adam Smith’s Political Economy 25 James E. Alvey 4 Smith and the Materialist Theory of History 44 Jeremy Shearmur 5 Post-Keynesianism and the Possibility of a Post-Keynesian Politics 62 Geoff Dow 6 George Stigler’s Rhetoric – Dreams of Martin Luther 78 Craig Freedman 7 Why is the Austrian School’s Methodology Problematical? 103 Troy P. -
Leonard Horner: a Portrait of an Inspector of Factories
BERNICE MARTIN LEONARD HORNER: A PORTRAIT OF AN INSPECTOR OF FACTORIES Leonard Horner was the most impressive and influential of the first English factory inspectors. For 26 years from 1833 to 1859 he adminis- tered the Factory Act mainly in the textile district of Lancashire. His work and that of his colleagues in the Factory Department made a success of this major experiment in legislative intervention in industry and despite the gloomy predictions of their early opponents they did not ruin the British economy in the process. The first generation of Inspectors laid the foundation for successive extensions of the Factory Act so that by the end of the 19th century working conditions and hours of labour for women and children were under legal regulation in all the major branches of manufacturing industry. Horner was ac- knowledged by his contemporaries to be the major figure among the early Inspectors; he even had the singular honour of being praised by Marx in Capital. This short biography will concentrate on Horner's work as Inspector of Factories since this is undoubtedly his major achievement. However it will also be concerned with other aspects of his life and interests, both because these have some importance in their own right and also in order to examine the extent to which Horner's life and thought form a coherent whole. Finally, an assessment will be made of Horner's place in social reform and in the development of English economic and social policy in the 19th century. I HORNER'S EARLY LIFE AND CAREER1 Leonard Horner was born in Edinburgh in 1785. -
The Use of Land Value Taxation in New Zealand (1891 – 1991)
THE USE OF LAND VALUE TAXATION IN NEW ZEALAND (1891 – 1991) By Dylan Hobbs A thesis submitted to the Victoria University of Wellington in fulfilment of the requirements for the degree of Doctor of Philosophy School of Accounting and Commercial Law, Victoria University of Wellington 2019 Contents List of Tables ................................................................................................................................. v Abstract ........................................................................................................................................ vii List of Acronyms .......................................................................................................................... ix Acknowledgments ......................................................................................................................... xi Chapter 1: Introduction ................................................................................................................. 1 1.1 Research Design .................................................................................................................. 3 1.2 Research Questions ............................................................................................................. 3 1.3 Research Justification.......................................................................................................... 5 1.4 Thesis Structure .................................................................................................................. -
Working Paper 5 Marshall Format
Working Papers ifg Humangeographie Christoph Scheuplein Increasing Returns and Industrial Clustering: From Daniel Defoe to Alfred Marshall Institut für Geographie Westfälische Wilhelms-Universität Münster Heft 05 Working Papers Humangeographie Heft 5 Increasing Returns and Industrial Clustering: from Daniel Defoe to Alfred Marshall Dr. Christoph Scheuplein Institut für Geographie Westfälische Wilhelms-Universität Münster Schlossplatz 7 48149 Münster [email protected] Zusammenfassung Räumliche Konzentrationen in einer bestimmten Region, oder wirtschaftliche Cluster, wurden von zahlreichen Ökonomen im 18. und 19. Jahrhundert beschrieben. Beginnend mit frühklassischen Ökonomen wie William Petty und Daniel Defoe wurden verschiedene Versuche unternommen, die Vorteile der Lokalisation mit der Wachstumstheorie zu verbinden. Charles Babbage und Andrew Ure betonten die Bedeutung der Clusterung innerhalb des neu entstehenden Fabriksystems, was einen Einfluss auf das Werk von John S. Mill, J. Ramsay McCulloch und Karl Marx und ebenso auf das Werk von spät-klassischen Ökonomen wie Henry George und Henry Sidgwick ausübte. Diese Beiträge wurden von Alfred Marshall aufgegriffen, der die industrielle Clusterung als bestimmendes Element in seiner Preis- und Gleichgewichtstheorie platzierte. Schlagworte: Industrial Clustering, Increasing Returns, Cournot-Problem, Spatial Economics, Alfred Marshall Herausgeber: Prof. Dr. Ulrike Grabski-Kieron, Prof. Dr. Paul Reuber, Prof. Dr. Gerald Wood Im Selbstverlag des Instituts für Geographie Westfälische -
Dugald Stewart on Education in His Political Economy
Dugald Stewart on Education in His Political Economy TOMOYUKI ARAI Chuo University [email protected] 1. Introduction Dugald Stewart lectured in political economy at Edinburgh University from 1800 to 1810, not only on theoretical economics and its abstract principles but also on the application of political economy to real-world problems. Stewart’s desire to provide education in political economy arose from a genuine interest in the improvement of the British education system. In his view, education was an important field, as shown in Outlines of Moral Philosophy (1793), which summarized his lectures on moral philosophy given at Edinburgh since 1785. There was titled ‘Of the Education of the Lower Orders; and of the Prevention and Punishment of Crimes’ under the heading of ‘political economy’ (Works Ⅷ, 5). This shows that Stewart had intended to lecture on political economy even before he began his series of lectures devoted to it in 1800. Additional evidence in this regard is provided by Stewart’s ‘Plan of Lectures on Political Economy, For Winter 1800–1801’, composed of six sections―‘Population’, ‘National Wealth’, ‘The Poor’, ‘Collective Police’, ‘Preventive Police’, and ‘Education’. Although these topics were reduced to four (‘Population’, ‘Wealth’, ‘Poor Relief’, and ‘Education’) in Stewart’s Lectures on Political Economy, education remained an important topic in his mind at the outset of his lectures on political economy in 1800. Stewart’s lectures on education at Edinburgh University in that period influenced many students, especially the so-called Edinburgh Reviewers (Henry Broughm, Francis Jeffrey, Francis Horner, and Sidney Smith). In this paper, I look mainly at Book 4 of Lectures on Political Economy, ‘Of the Education of the Lower Orders’, in order to bring to light the important fact that Stewart proposed various education and education policy reforms and to look at the details of these proposals.