The Discovery of Comparative Advantage
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Redalyc.Theory of Money of David Ricardo
Lecturas de Economía ISSN: 0120-2596 [email protected] Universidad de Antioquia Colombia Takenaga, Susumu Theory of Money of David Ricardo: Quantity Theory and Theory of Value Lecturas de Economía, núm. 59, julio-diciembre, 2003, pp. 73-126 Universidad de Antioquia .png, Colombia Available in: http://www.redalyc.org/articulo.oa?id=155218004003 How to cite Complete issue Scientific Information System More information about this article Network of Scientific Journals from Latin America, the Caribbean, Spain and Portugal Journal's homepage in redalyc.org Non-profit academic project, developed under the open access initiative . El carro del heno, 1500 Hieronymus Bosch –El Bosco– Jerónimo, ¿vos cómo lo ves?, 2002 Theory of Money of David Ricardo: Quantity Theory and Theory of Value Susumu Takenaga Lecturas de Economía –Lect. Econ.– No. 59. Medellín, julio - diciembre 2003, pp. 73-126 Theory of Money of David Ricardo : Quantity Theory and Theory of Value Susumu Takenaga Lecturas de Economía, 59 (julio-diciembre, 2003), pp.73-126 Resumen: En lo que es necesario enfatizar, al caracterizar la teoría cuantitativa de David Ricardo, es en que ésta es una teoría de determinación del valor del dinero en una situación particular en la cual se impide que el dinero, sin importar cual sea su forma, entre y salga libremente de la circulación. Para Ricardo, la regulación del valor del dinero por su cantidad es un caso particular en el cual el ajuste del precio de mercado al precio natural requiere un largo periodo de tiempo. La determinación cuantitativa es completamente inadmisible, pero solo cuando el período de observación es más corto que el de ajuste. -
A Critique of John Stuart Mill Chris Daly
Southern Illinois University Carbondale OpenSIUC Honors Theses University Honors Program 5-2002 The Boundaries of Liberalism in a Global Era: A Critique of John Stuart Mill Chris Daly Follow this and additional works at: http://opensiuc.lib.siu.edu/uhp_theses Recommended Citation Daly, Chris, "The Boundaries of Liberalism in a Global Era: A Critique of John Stuart Mill" (2002). Honors Theses. Paper 131. This Dissertation/Thesis is brought to you for free and open access by the University Honors Program at OpenSIUC. It has been accepted for inclusion in Honors Theses by an authorized administrator of OpenSIUC. For more information, please contact [email protected]. r The Boundaries of Liberalism in a Global Era: A Critique of John Stuart Mill Chris Daly May 8, 2002 r ABSTRACT The following study exanunes three works of John Stuart Mill, On Liberty, Utilitarianism, and Three Essays on Religion, and their subsequent effects on liberalism. Comparing the notion on individual freedom espoused in On Liberty to the notion of the social welfare in Utilitarianism, this analysis posits that it is impossible for a political philosophy to have two ultimate ends. Thus, Mill's liberalism is inherently flawed. As this philosophy was the foundation of Mill's progressive vision for humanity that he discusses in his Three Essays on Religion, this vision becomes paradoxical as well. Contending that the neo-liberalist global economic order is the contemporary parallel for Mill's religion of humanity, this work further demonstrates how these philosophical flaws have spread to infect the core of globalization in the 21 st century as well as their implications for future international relations. -
The Economists' Quartet - a Game, Not a Theory
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Gruescu, Sandra; Thomas, Niels Peter Working Paper The Economists' Quartet - A Game, not a Theory Darmstadt Discussion Papers in Economics, No. 109 Provided in Cooperation with: Darmstadt University of Technology, Department of Law and Economics Suggested Citation: Gruescu, Sandra; Thomas, Niels Peter (2002) : The Economists' Quartet - A Game, not a Theory, Darmstadt Discussion Papers in Economics, No. 109, Technische Universität Darmstadt, Department of Law and Economics, Darmstadt This Version is available at: http://hdl.handle.net/10419/84840 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 Darmstadt Discussion Papers in Economics The Economists' Quartet A Game, not a Theory Sandra Gruescu and Niels Peter Thomas No. -
Three Dimensions of Classical Utilitarian Economic Thought ––Bentham, J.S
July 2012 Three Dimensions of Classical Utilitarian Economic Thought ––Bentham, J.S. Mill, and Sidgwick–– Daisuke Nakai∗ 1. Utilitarianism in the History of Economic Ideas Utilitarianism is a many-sided conception, in which we can discern various aspects: hedonistic, consequentialistic, aggregation or maximization-oriented, and so forth.1 While we see its impact in several academic fields, such as ethics, economics, and political philosophy, it is often dragged out as a problematic or negative idea. Aside from its essential and imperative nature, one reason might be in the fact that utilitarianism has been only vaguely understood, and has been given different roles, “on the one hand as a theory of personal morality, and on the other as a theory of public choice, or of the criteria applicable to public policy” (Sen and Williams 1982, 1-2). In this context, if we turn our eyes on economics, we can find intimate but subtle connections with utilitarian ideas. In 1938, Samuelson described the formulation of utility analysis in economic theory since Jevons, Menger, and Walras, and the controversies following upon it, as follows: First, there has been a steady tendency toward the removal of moral, utilitarian, welfare connotations from the concept. Secondly, there has been a progressive movement toward the rejection of hedonistic, introspective, psychological elements. These tendencies are evidenced by the names suggested to replace utility and satisfaction––ophélimité, desirability, wantability, etc. (Samuelson 1938) Thus, Samuelson felt the need of “squeezing out of the utility analysis its empirical implications”. In any case, it is somewhat unusual for economists to regard themselves as utilitarians, even if their theories are relying on utility analysis. -
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 -
Legitimacy, Globally: the Incoherence of Free Trade Practice, Global Economics and Their Governing Principles of Political Economy
Cleveland State University EngagedScholarship@CSU Law Faculty Articles and Essays Faculty Scholarship 2001 Legitimacy, Globally: The Incoherence of Free Trade Practice, Global Economics and their Governing Principles of Political Economy Michael Henry Davis Cleveland State University, [email protected] Dana Neacsu Follow this and additional works at: https://engagedscholarship.csuohio.edu/fac_articles Part of the International Law Commons, and the International Trade Law Commons How does access to this work benefit ou?y Let us know! Original Citation Michael Henry Davis, Legitimacy, Globally: The Incoherence of Free Trade Practice, Global Economics and their Governing Principles of Political Economy 69 University of Missouri at Kansas City Law Review 733 (2001) This Article is brought to you for free and open access by the Faculty Scholarship at EngagedScholarship@CSU. It has been accepted for inclusion in Law Faculty Articles and Essays by an authorized administrator of EngagedScholarship@CSU. For more information, please contact [email protected]. +(,121/,1( Citation: 69 UMKC L. Rev. 733 2000-2001 Content downloaded/printed from HeinOnline (http://heinonline.org) Thu Sep 27 14:40:03 2012 -- Your use of this HeinOnline PDF indicates your acceptance of HeinOnline's Terms and Conditions of the license agreement available at http://heinonline.org/HOL/License -- The search text of this PDF is generated from uncorrected OCR text. -- To obtain permission to use this article beyond the scope of your HeinOnline license, please use: https://www.copyright.com/ccc/basicSearch.do? &operation=go&searchType=0 &lastSearch=simple&all=on&titleOrStdNo=0047-7575 LEGITIMACY, GLOBALLY: THE INCOHERENCE OF FREE TRADE PRACTICE, GLOBAL ECONOMICS AND THEIR GOVERNING PRINCIPLES OF POLITICAL ECONOMY Michael H. -
Working Paper No. 40, the Rise and Fall of Georgist Economic Thinking
Portland State University PDXScholar Working Papers in Economics Economics 12-15-2019 Working Paper No. 40, The Rise and Fall of Georgist Economic Thinking Justin Pilarski Portland State University Follow this and additional works at: https://pdxscholar.library.pdx.edu/econ_workingpapers Part of the Economic History Commons, and the Economic Theory Commons Let us know how access to this document benefits ou.y Citation Details Pilarski, Justin "The Rise and Fall of Georgist Economic Thinking, Working Paper No. 40", Portland State University Economics Working Papers. 40. (15 December 2019) i + 16 pages. This Working Paper is brought to you for free and open access. It has been accepted for inclusion in Working Papers in Economics by an authorized administrator of PDXScholar. Please contact us if we can make this document more accessible: [email protected]. The Rise and Fall of Georgist Economic Thinking Working Paper No. 40 Authored by: Justin Pilarski A Contribution to the Working Papers of the Department of Economics, Portland State University Submitted for: EC456 “American Economic History” 15 December 2019; i + 16 pages Prepared for Professor John Hall Abstract: This inquiry seeks to establish that Henry George’s writings advanced a distinct theory of political economy that benefited from a meteoric rise in popularity followed by a fall to irrelevance with the turn of the 20th century. During the depression decade of the 1870s, the efficacy of the laissez-faire economic system came into question, during this same timeframe neoclassical economics supplanted classical political economy. This inquiry considers both of George’s key works: Progress and Poverty [1879] and The Science of Political Economy [1898], establishing the distinct components of Georgist economic thought. -
David Ricardo's Comparative Advantage and Developing Countries
David Ricardo’s Comparative Advantage and Developing Countries: Myth and Reality Kalim Siddiqui1 In International Critical Thought, Vol 8, issue 3. Abstract This article examines David Ricardo’s trade theory, which emphasises that if protection is removed, resources would be expected to move away from high cost to low cost products and as a result productivity would rise. His comparative advantage trade theory advocates in favour of a free trade, the argument implied generally to defend laissez faire. This study aims to critically analyse the theoretical and empirical basis for trade liberalisation. It also discusses the mainstream arguments relating to static and dynamic gains from trade liberalisation which seem to be based on weak theoretical and empirical grounds. The study analyses the phenomenon from a historical materialist perspective. It will also briefly discuss free trade and its impact on the industrial and agricultural sectors and how the performance of both sectors could have a long-term impact on local industrialisation, food security, employment and well-being of the people in developing countries. This article builds on this political economy and looks in particular at free trade policies and their impact on the economies of developing countries. Free trade theory, which has wide support among international financial institutions, namely the IMF, World Bank, WTO (World Trade Organisation) draws on David Ricardo’s theory. The study has argued that free trade policy will deepen further the process of uneven development and unequal exchange. The study concludes that free trade policy will deepen further the process of uneven development and unequal exchange. Keywords: Comparative Advantage, developing countries, capitalist expansion, WTO and free trade. -
Part II Core Theory: Classic International Trade Theories
Part II Core Theory: Classic International Trade Theories Table of Contents Part II Core Theory: Classic International Trade Theories.........................2 1. Mercantilism ...........................................................................................2 The Classical World of David Ricardo and Comparative (Chapter 3).......3 Advantage ...................................................................................................3 Absolute Advantage and Comparative Advantage .....................................5 Problems of Using Absolute Advantage to Guide Allocation of Tasks......8 Ricardian Comparative Advantage.............................................................9 Resource Constraints: ...............................................................................18 Complete Specialization: ..........................................................................20 Technological take over by less developed countries...............................21 Production Possibilities: ...........................................................................21 Complete versus Partial Specialization ....................................................23 The case of a small country ......................................................................24 Some concluding observations .................................................................25 2. Extensions and Tests of the Classical Model of Trade (chapter 4).......26 2.1 The classical model in money terms...................................................27 -
PROFESSIONALIZING ECONOMICS: the 'Marginalist Revolution' in Historical Context Michael A. Bernstein Department of History 0
PROFESSIONALIZING ECONOMICS: The ‘Marginalist Revolution’ in Historical Context Michael A. Bernstein Department of History 0104 University of California, San Diego 9500 Gilman Drive La Jolla, California 92093-0104 [USA] [Phone: 858-534-1070] [Fax: 858-534-7283] [[email protected]] 2 Economic analysis, serving for two centuries to win an understanding of the Nature and Causes of the Wealth of Nations, has been fobbed off with another bride -- a Theory of Value. There were no doubt deep-seated political reasons for the substitution but there was also a purely technical, intellectual reason. -- Joan Robinson [1956]i If the last years of the nineteenth century witnessed the first, genuine articulation of a professional self-consciousness among American economists, then they also demarcated the establishment of an altogether novel protocol for those experts. This new agenda, developed with increasing rigor and authority as the twentieth century beckoned, began a significant reorientation of the field's object of study while at the same time it reconfigured long-standing perceptions of the history of economic thought as a whole. Scientific sophistication necessarily involved a revision of practice, yet it also encouraged the articulation of new perceptions of its pedigree.ii Linking the object of study with particular and venerable authorities from the ages was of singular importance to the successful construction of a distinctly professional knowledge. Framing that understanding in a particular way was the result of both a social and an intellectual process. With their most apparent and seemingly immediate intellectual roots in the moral philosophy of the eighteenth and nineteenth centuries, modern economists were (and are) eager to invoke validation by impressive forebears and traditions. -
8. David Ricardo and Classical Economics Robert L
Section XIV: The ndusI trial Revolution, Classical Contemporary Civilization (Ideas and Institutions Economics, and Economic Liberalism of Western Man) 1958 8. David Ricardo and Classical Economics Robert L. Bloom Gettysburg College Basil L. Crapster Gettysburg College Harold L. Dunkelberger Gettysburg College See next page for additional authors Follow this and additional works at: https://cupola.gettysburg.edu/contemporary_sec14 Part of the Economic History Commons, Economic Theory Commons, and the Growth and Development Commons Share feedback about the accessibility of this item. Bloom, Robert L. et al. "8. David Ricardo and Classical Economics. Pt XIV: The ndusI trial Revolution, Classical Economics, and Economic Liberalism." Ideas and Institutions of Western Man (Gettysburg College, 1958), 37-49. This is the publisher's version of the work. This publication appears in Gettysburg College's institutional repository by permission of the copyright owner for personal use, not for redistribution. Cupola permanent link: https://cupola.gettysburg.edu/ contemporary_sec14/8 This open access book chapter is brought to you by The uC pola: Scholarship at Gettysburg College. It has been accepted for inclusion by an authorized administrator of The uC pola. For more information, please contact [email protected]. 8. David Ricardo and Classical Economics Abstract It is David Ricardo, (1772-1823) rather than Malthus who has long been regarded as the more outstanding of the classical economists after Adam Smith. His father was a Jewish immigrant to England who became a prosperous merchant and broker. Ricardo entered his father's business, but after marrying a Quakeress and embracing her faith was forced onto his own resources. -
Neoliberalism, Capital Accumulation, and Austerity in Academia, the Term
Neoliberalism, Capital Accumulation, and Austerity Mehdi S. Shariati, Ph.D. Professor, Economics, Sociology and Geography Kansas City Kansas City Community College Abstract Recent crisis in global capitalism has once again brought to the fore major structural contradictions and the consequences of these contradictions are reflected in the massive dislocation of the economy, growing number of (the) poor, concentration of wealth in the hands of a few around the globe, indebtedness, rampant speculation and an unprecedented concentration of financial capital at the expense of productive sector of the economy. The austerity program by which the global working class must endure has generated much social protests including "occupy Wall Street," but with very little discussion of an alternative to the current global system. In academia, the term descriptive of finance capital’s policy prescription is “neoliberalism.” Yet the term not only has created confusion since in the North American context, liberals and neoliberals have always been viewed as left leaning people and not the free marketers and market fundamentalists. Neoliberalism often refers to a set of economic policies designed for intense and accelerated capital accumulation. Rarely the discussion of the process of intense capital accumulation includes a restructuring of society and social institutions as a precondition for the successful implementation of the policies. This paper is an attempt to add to the discussion by pointing out the indispensability of the practice of social imperialism in the process of reproducing the hegemonic structure and effective implementation of the policy. Reaction to the evolving socio-economic and political events has been one of the greatest preoccupation in the social and political sciences as a habit and of necessity.