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Review Author(S): Henry Higgs Review By: Henry Higgs Source: the Economic Journal, Vol
Review Author(s): Henry Higgs Review by: Henry Higgs Source: The Economic Journal, Vol. 6, No. 24 (Dec., 1896), pp. 608-612 Published by: Wiley on behalf of the Royal Economic Society Stable URL: http://www.jstor.org/stable/2957203 Accessed: 27-06-2016 10:30 UTC Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at http://about.jstor.org/terms JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email protected]. Wiley, Royal Economic Society are collaborating with JSTOR to digitize, preserve and extend access to The Economic Journal This content downloaded from 137.99.31.134 on Mon, 27 Jun 2016 10:30:22 UTC All use subject to http://about.jstor.org/terms 608 THE ECONOMIC JOURNAL had come to me, and I thenl determined to devote myself to the construction of a real science of Economics, on the model of the already established physical sciences. Even then, from the study of these works, I could discern from Adam Smith, Ricardo, and especially Whately,-that Economics is in reality the Science of Exchanges or of Commerce, or the Theory of Value.' In short, Air. MacLeod plunged into the middle of the subject, as an almost middle-aged lawyer consulted on a question of banking. Misled by the somewhat egotistical vein which may be traced in all his works, he immediately concluded that those parts of political economy in which he was not interested ought not to be included therein, and consequently proceeded to reject the whole of what is commonly called -production, distribution, and consumption. -
Henry Higgs Review By: Henry Higgs Source: the Economic Journal, Vol
Review Author(s): Henry Higgs Review by: Henry Higgs Source: The Economic Journal, Vol. 6, No. 23 (Sep., 1896), pp. 452-454 Published by: Wiley on behalf of the Royal Economic Society Stable URL: http://www.jstor.org/stable/2957395 Accessed: 21-06-2016 17:56 UTC Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at http://about.jstor.org/terms JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email protected]. Royal Economic Society, Wiley are collaborating with JSTOR to digitize, preserve and extend access to The Economic Journal This content downloaded from 128.223.86.31 on Tue, 21 Jun 2016 17:56:49 UTC All use subject to http://about.jstor.org/terms 452 THE ECQNOMIC JOURNAL The Science of Finance. By GUSTAV COHN. Tranislated by T. B. Veblen. (Chicago: the University of Chicago Press, 1895.) 800 pp. 8vo. No. I of the Economic Studies of the Un-iversity of Chicago. PROF. COHN bids- fair to become well known to a wider circle of English readers than any German economist has hitherto been. Articles from his pen are familiar to readers of the ECONOMIC JOURNAL and of the leading American reviews, and his History of Political Econaomy, translated by the American Academy of Political Science, is now followed by a translation of his Science of Finance, under the auspices of Chicago University. -
Werner Sombart's ʻovercomingʼ of Marxism
CHAPTER 27 Werner Sombart’s ʻOvercomingʼ of Marxism 27.1 The Historical School as ʻDigestive Scienceʼ (Rosa Luxemburg) The ʻolder historical schoolʼ of political economy, whose members included Wilhelm Roscher (1817–94), Bruno Hildebrandt (1812–78) and Karl Knies (1821– 98), emerged in the 1840s. It was a specifically ʻGermanʼ reaction both to the French Revolution and to the ʻWesternʼ cosmopolitanism of classical political economy from Smith to Ricardo.1 It was ostensibly concerned with opposing the ʻsurgical extractionʼ of the economy from the ʻliving bodyʼ of popular life and the life of the state, and in particular the ʻnarrow egotistic psychologyʼ according to which social actors are guided, in their economic behaviour, only by economic considerations, as opposed to ethical motives.2 If Machiavelli banished ethics from politics, Adam Smith performed the same operation for political economy, criticises Knies, who emphasises the significance of the ʻethico-political momentʼ for political economy and speaks of the discipline being ʻelevatedʼ to the status of a ʻmoral and political science’.3 At first glance, this seems to represent an integral approach to studying social practices. But behind this pathos of wholeness, there lies the definition of political economy as a ʻstate economyʼ concerned with ʻjudging men and ruling them’.4 The historical school developed from cameralism, which became the discipline of state science due to the Prussian path of capitalist develop- ment.5 Marx describes cameralism as ʻa medley of smatterings, through -
Former Fellows Biographical Index Part
Former Fellows of The Royal Society of Edinburgh 1783 – 2002 Biographical Index Part Two ISBN 0 902198 84 X Published July 2006 © The Royal Society of Edinburgh 22-26 George Street, Edinburgh, EH2 2PQ BIOGRAPHICAL INDEX OF FORMER FELLOWS OF THE ROYAL SOCIETY OF EDINBURGH 1783 – 2002 PART II K-Z C D Waterston and A Macmillan Shearer This is a print-out of the biographical index of over 4000 former Fellows of the Royal Society of Edinburgh as held on the Society’s computer system in October 2005. It lists former Fellows from the foundation of the Society in 1783 to October 2002. Most are deceased Fellows up to and including the list given in the RSE Directory 2003 (Session 2002-3) but some former Fellows who left the Society by resignation or were removed from the roll are still living. HISTORY OF THE PROJECT Information on the Fellowship has been kept by the Society in many ways – unpublished sources include Council and Committee Minutes, Card Indices, and correspondence; published sources such as Transactions, Proceedings, Year Books, Billets, Candidates Lists, etc. All have been examined by the compilers, who have found the Minutes, particularly Committee Minutes, to be of variable quality, and it is to be regretted that the Society’s holdings of published billets and candidates lists are incomplete. The late Professor Neil Campbell prepared from these sources a loose-leaf list of some 1500 Ordinary Fellows elected during the Society’s first hundred years. He listed name and forenames, title where applicable and national honours, profession or discipline, position held, some information on membership of the other societies, dates of birth, election to the Society and death or resignation from the Society and reference to a printed biography. -
Modern Monetary Theory: a Marxist Critique
Class, Race and Corporate Power Volume 7 Issue 1 Article 1 2019 Modern Monetary Theory: A Marxist Critique Michael Roberts [email protected] Follow this and additional works at: https://digitalcommons.fiu.edu/classracecorporatepower Part of the Economics Commons Recommended Citation Roberts, Michael (2019) "Modern Monetary Theory: A Marxist Critique," Class, Race and Corporate Power: Vol. 7 : Iss. 1 , Article 1. DOI: 10.25148/CRCP.7.1.008316 Available at: https://digitalcommons.fiu.edu/classracecorporatepower/vol7/iss1/1 This work is brought to you for free and open access by the College of Arts, Sciences & Education at FIU Digital Commons. It has been accepted for inclusion in Class, Race and Corporate Power by an authorized administrator of FIU Digital Commons. For more information, please contact [email protected]. Modern Monetary Theory: A Marxist Critique Abstract Compiled from a series of blog posts which can be found at "The Next Recession." Modern monetary theory (MMT) has become flavor of the time among many leftist economic views in recent years. MMT has some traction in the left as it appears to offer theoretical support for policies of fiscal spending funded yb central bank money and running up budget deficits and public debt without earf of crises – and thus backing policies of government spending on infrastructure projects, job creation and industry in direct contrast to neoliberal mainstream policies of austerity and minimal government intervention. Here I will offer my view on the worth of MMT and its policy implications for the labor movement. First, I’ll try and give broad outline to bring out the similarities and difference with Marx’s monetary theory. -
1. the Damnation of Economics
Notes 1. The Damnation of Economics 1. One example of vice-regal patronage of anti-economics is Canada’s ‘Governor General’s Award for Non-Fiction’. In 1995 this honour was bestowed upon John Raulston Saul’s anti-economic polemic The Unconscious Civilization (published in 1996). A taste of Saul’s wisdom: ‘Over the last quarter-century economics has raised itself to the level of a scientific profession and more or less foisted a Nobel Prize in its own honour onto the Nobel committee thanks to annual financing from a bank. Yet over the same 25 years, economics has been spectacularly unsuc- cessful in its attempts to apply its models and theories to the reality of our civili- sation’ (Saul 1996, p. 4). See Pusey (1991) and Cox (1995) for examples of patronage of anti-economics by Research Councils and Broadcasting Corporations. 2. Another example of economists’ ‘stillness’: the economists of 1860 did not join the numerous editorial rebukes of Ruskin’s anti-economics tracts (Anthony, 1983). 3. The anti-economist is not to be contrasted with the economist. An economist (that is, a person with a specialist knowledge of economics) may be an anti- economist. The true obverse of anti-economist is ‘philo-economist’: someone who holds that economics is a boon. 4. One may think of economics as a disease (as the anti-economist does), or one may think of economics as diseased. Mark Blaug: ‘Modern economics is “sick” . To para- phrase the title of a popular British musical: “No Reality, Please. We’re Economists”’ (Blaug 1998, p. -
Karl Helfferich and Rudolf Hilferding on Georg Friedrich Knapp's State
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Greitens, Jan Conference Paper — Manuscript Version (Preprint) Karl Helfferich and Rudolf Hilferding on Georg Friedrich Knapp’s State Theory of Money: Monetary Theories during the Hyperinflation of 1923 Suggested Citation: Greitens, Jan (2020) : Karl Helfferich and Rudolf Hilferding on Georg Friedrich Knapp’s State Theory of Money: Monetary Theories during the Hyperinflation of 1923, Annual Conference of the European Society for the History of Economic Thought (ESHET) 2020, Sofia., ZBW - Leibniz Information Centre for Economics, Kiel, Hamburg This Version is available at: http://hdl.handle.net/10419/216102 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 -
Weimar Republic Hyperinflation Through a Modern Monetary Theory Lens Phil Armstrong and Warren Mosler 2020 Abstract
Weimar Republic Hyperinflation through a Modern Monetary Theory Lens Phil Armstrong and Warren Mosler 2020 Abstract The hyperinflation in Weimar Germany in 1922-23 has become the poster child of mainstream economists - and especially the monetarists- when presenting the benefits of constraining governments by the rules of ‘sound finance’. Their narrative presumes that governments are naturally inclined to spend beyond their means and that, if left to their profligate ways, inflation ‘gets out of hand’ and leads to hyperinflation in a continuous, accelerating, unstoppable catastrophic collapse of the value of the money. In contrast to this ubiquitous mainstream analysis, we recognize a fundamentally different origin of inflation, and argue that inflation requires sustained, proactive policy support. And, in the absence of such policies, inflation will rapidly subside. We replace the erroneous mainstream theory with the knowledge of Modern Monetary Theory (MMT) identifying both the source of the price level and what makes it change. We are not Weimar scholars, and our aim is not to present a comprehensive historical analysis. We examine the traditionally reported causal forces behind the Weimar hyperinflation, along with the factors that contributed to the hyperinflation and to its abrupt end. The purpose of this paper is to present our view of the reported information from an MMT perspective. In that regard, we identify the cause of the inflation as the German government paying continuously higher prices for its purchases, particularly those of the foreign currencies the Allies demanded for the payment of reparations, and we identify the rise in the quantity of money and the printing of increasing quantities of banknotes as a consequence of the hyperinflation, rather than its cause. -
Economists' Papers 1750-2000
ECONOMISTS’PAPERS 1750 - 2000 A Guide to Archive and other Manuscript Sources for the History of British and Irish Economic Thought. ELECTRONIC EDITION ….the ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the“ world is ruled by little else. “Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist.’ John Maynard Keynes’s General Theory of Employment, Interest and Money (1936) ECONOMISTS’ PAPERS 1750-2000 THE COMMITTEE OF THE GUIDE TO ARCHIVE SOURCES IN THE HISTORY OF ECONOMIC THOUGHT IN 1975 R.D. COLLISON BLACK Professor of Economics The Queen’s University of Belfast A.W. COATS Professor of Economic and Social History University of Nottingham B.A. CORRY Professor of Economics Queen Mary College, London (now deceased) R.H. ELLIS formerly Secretary of the Royal Commission on Historical Manuscripts LORD ROBBINS formerly Professor of Economics University of London (now deceased) D.N. WINCH Professor of Economics University of Sussex ECONOMISTS' PAPERS 1750-2000 A Guide to Archive and other Manuscript Sources for the History of British and Irish Economic Thought Originally compiled by R. P. STURGES for the Committee of the Guide to Archive Sources in the History of Economic Thought, and now revised and expanded by SUSAN K. HOWSON, DONALD E. MOGGRIDGE, AND DONALD WINCH with the assistance of AZHAR HUSSAIN and the support of the ROYAL ECONOMIC SOCIETY © Royal Economic Society 1975 All rights reserved. No part of this publication may be reproduced or transmitted, in any form or by any means, without permission. -
Ladislaus Von Bortkiewicz Statistician, Economist, and a European Intellectual
statistician, economist, economist, statistician, Forschungsgemei SFB * * Max Planck Institut and a European a European and Wolfgang Karl Hä Karl Wolfgang 649 This wasresearch supported the by Deutsche Ladislaus von Ladislaus * Bortkiewicz SFB 649, Humboldt Annette B. Vogt B. Annette Humboldt Spandauer Straße 1, D intellectual Discussion Paper 20 http://sfb649.wiwi.hu nschaft through theSFB 649 "EconomicRisk". - ISSN 1860 Universitä for t he - Universität zu Berlin History of Sciences, Germany t zu Berlin,Germany - 5664 - 10178 Berlin - berlin.de rdle * * - 14 * - 015 SFB 6 4 9 E C O N O M I C R I S K B E R L I N S F B XXX E C O N O M I C R I S K B E R L I N Ladislaus von Bortkiewicz statistician, economist, and a European intellectual Wolfgang Karl H¨ardle Ladislaus von Bortkiewicz Chair of Statistics, C.A.S.E. - Center for Applied Statistics and Economics, Humboldt-Universit¨atzu Berlin, Unter den Linden 6, 10099 Berlin, Germany Lee Kong Chian School of Business, Singapore Management University Annette B. Vogt Max Planck Institute for the History of Science, Boltzmannstraße 22, 14195 Berlin, Germany Abstract Ladislaus von Bortkiewicz (1868 - 1931) was a European statistician. His scientific work covered theoretical economics, stochastics, mathematical statistics and radiology, today we would call him a cross disciplinary scientist. With his clear views on mathema- tical principles with their applications in these fields he stood in conflict with the mainstream economic schools in Germany at the dawn of the 20th century. He had many prominent students (Gumbel, Leontief, Freudenberg among them) and he carved out the path of modern statistical thinking. -
A Farewell Letter from America Sir Angus Deaton Writes to Us One Last Time CONTENTS
The RES is a learned society and membership organization founded in 1890 to promote economics. We publish two major journals and organise events including an annual conference. We encourage excellence, diversity and inclusion in all activities. Issue no. 193 April 2021 www.res.org.uk | @RoyalEconSoc A Farewell Letter from America Sir Angus Deaton writes to us one last time CONTENTS Inside this issue… APRIL 2021 | ISSUE NO. 193 major shocks to economic activity leave long shadows see page 12 01 THE EDITORIAL 12 THE COVID-19 RECESSION 20 THE WOMEN’S COMMITTEE AND HEALTH Endings and new beginnings: a brief How concrete steps on recruitment introduction to the redesigned April James Banks, Heidi Karjalainen, and could improve the representation of 2021 issue, from the new editor Dame Carol Propper consider how women in economics the Covid-19 recession will influence future health 02 LETTER FROM… 21 THE ECONOMIC JOURNAL The farewell Letter from America by An update on a year in the life of 15 AN UPDATE FROM THE Sir Angus Deaton, reflecting on past the Economic Journal, based on the ECONOMICS NETWORK Letters, and his life and times detailed report for 2020 Alvin Birdi and Caroline Elliott take stock on the pivot to 07 LETTER FROM… HIGHLIGHTS 22 OBITUARIES teaching online, and describe the Highlights from the Letters from ongoing response of the An obituary for Domenico Mario America, chosen by the editor, and Economics Network Nuti, prepared by Joseph Halevi an appreciation from Peter Howells and Peter Kriesler 18 COMMENT 10 PROFILE 23 NEWS -
The Monetary and Fiscal Nexus of Neo-Chartalism: a Friendly Critique
JOURNAL OF ECONOMIC ISSUES Vol. XLVII No. 1 March 2013 DOI 10.2753/JEI0021-3624470101 The Monetary and Fiscal Nexus of Neo-Chartalism: A Friendly Critique Marc Lavoie Abstract: A number of post-Keynesian authors, called the neo-chartalists, have argued that the government does not face a budget constraint similar to that of households and that government with sovereign currencies run no risk of default, even with high debt-to-GDP ratio. This stands in contrast to countries in the eurozone, where the central bank does not normally purchase sovereign debt. While these claims now seem to be accepted by some economists, neo-chartalists have also made a number of controversial claims, including that the government spends simply by crediting a private-sector-bank account at the central bank; that the government does need to borrow to deficit-spend; and that taxes do not finance government expenditures. This paper shows that these surprising statements do have some logic, once one assumes the consolidation of the government sector and the central bank into a unique entity, the state. The paper further argues, however, that these paradoxical claims end up being counter-productive since consolidation is counter-factual. Keywords: central bank, clearing and settlement system, eurozone, neo-chartalism JEL Classification Codes: B5, E5, E63 The global financial crisis has exposed the weaknesses of mainstream economics and it has given a boost to heterodox theories, in particular, Keynesian theories. The mainstream view about the irrelevance of fiscal activism has been strongly criticized by the active use of fiscal policy in the midst of the global financial crisis.