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Complementarity and Demand Theory: from the 1920S to the 1940S Jean-Sébastien Lenfant
Complementarity and Demand Theory: From the 1920s to the 1940s Jean-Sébastien Lenfant To cite this version: Jean-Sébastien Lenfant. Complementarity and Demand Theory: From the 1920s to the 1940s. History of Political Economy, Duke University Press, 2006, 38 (Suppl 1), pp.48 - 85. 10.1215/00182702-2005- 017. hal-01771852 HAL Id: hal-01771852 https://hal.archives-ouvertes.fr/hal-01771852 Submitted on 19 Apr 2018 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. Complementarity and Demand Theory: From the 1920s to the 1940s Jean-Sébastien Lenfant The history of consumer demand is often presented as the history of the transformation of the simple Marshallian device into a powerful Hick- sian representation of demand. Once upon a time, it is said, the Marshal- lian “law of demand” encountered the principle of ordinalism and was progressively transformed by it into a beautiful theory of demand with all the attributes of modern science. The story may be recounted in many different ways, introducing small variants and a comparative complex- ity. And in a sense that story would certainly capture much of what hap- pened. But a scholar may also have legitimate reservations about it, because it takes for granted that all the protagonists agreed on the mean- ing of such a thing as ordinalism—and accordingly that they shared the same view as to what demand theory should be. -
The Recurrence of Long Cycles: Theories, Stylized Facts and Figures
Munich Personal RePEc Archive The Recurrence of Long Cycles: Theories, Stylized Facts and Figures Tsoulfidis, Lefteris and Papageorgiou, Aris University of Macedonia, University of Macedonia 10 June 2017 Online at https://mpra.ub.uni-muenchen.de/82853/ MPRA Paper No. 82853, posted 23 Nov 2017 06:39 UTC The Recurrence of Long Cycles: Theories, Stylized Facts and Figures Lefteris Tsoulfidis* and Aris Papageorgiou* Corresponding Author Professor Lefteris Tsoulfidis Department of Economics, University of Macedonia, Thessaloniki Greece Tel.: 30 2310 891788 Email: [email protected] ABSTRACT Basic innovations and their diffusion, the expansion or contraction of the level of economic activity and the volume of international trade, rising sovereign debts and their defaults, conflicts and the outbreak of wars, are some of the major phenomena appearing during the downswing or upswing phases of long cycles. In this article, we examine the extent to which these phenomena constitute stylized facts of the different phases of long cycles which recur quite regularly in the turbulent economic history of capitalism. The main argument of this paper is that the evolution of long cycles is a result of the long-run movement of profitability. During the downswing of a long cycle, falling profitability induces innovation investment and the associated with it 'creative destruction' of the capital stock that eventually set the stage for the upswing phase of a new long cycle. JEL classifications: B14, B24, E11, E32 Key Words: Long Cycles, Innovations, Profit rate * Department of Economics University of Macedonia. Versions of the paper were presented at the 5th Conference of Evolutionary Economics, Volos-Greece May 2017 and the 19th conference of the Greek Historians of Economic Thought, Thessaloniki, Greece June 2017. -
Correspondence Slutskii-Frisch, 1925-1936 Transcribed by Mag
Correspondence Slutskii-Frisch, 1925-1936 Transcribed by Mag. Guido Rauscher (Vienna), May 2005 The (incomplete) collection of the correspondence between Ragnar Frisch (1895-1973) and Evgenii Evgenievich Slutskii (1880-1948) consists of 24 items, 11 letters from Slutskii, including the copy of a letter to George Udny Yule (1871-1951) and 13 letters from Frisch. It is deposited at the Department of Manuscripts (Håndskriftsamlingen) of The National Library of Norway (Nasjonalbiblioteket), Oslo. The help of Prof. Olav Bjerkholt, Oslo, in getting access to these materials is gratefully acknowledged. Insertions of the transcriber are enclosed in square brackets. Letter No.1 EES-RF [handwritten] 25.II.1925 Kiev, Nesterovskaja 17/8 Högädle herre! Edert särtryck ur Skandinavisk Aktuarietidskrift (Solution d'un problème du calcul des probabilités) har jag haft nöjet att emottaga vek är jag mycket tacksam för det sändningen. Högaktningsfullt E. Slutski [EES acknowledges receipt of the off-print of the paper Solution d'un problème du calcul des probabilités from Skandinavisk Aktuarietidskrift, Vol 7, 1924., pp.153 - 174 and thanks RF for the consignment.] Letter No.2 EES-RF [handwritten] 26.VI.1926 Sehr geehrter Herr Kollege! Wegen meiner Uebersiedelung aus Kiew nach Moskau ist ihr freundlicher Brief vom 24. April nur heute zu mir angekommen. Für Ihr liebenswürdiges Anerbieten mir ein Exemplar Ihrer Arbeit „Sur un problème d'économie pure“ zugehen zu lassen danke ich Ihnen bestens und sehe dieser Zusendung mit hochgespannten Interesse entgegen. Im Jahre 1915 ist in Giornale degle Economisti meine Arbeit “Sulla teoria del bilancio del consumatore” erschienen, wo ein Versuch gemacht wurde die Gleichgewichtsbedingungen der einzelnen Wirtschaft mit grösserer Strenge, als es bisher geschah, zu ergründen. -
Laws of Wages
LAWS OF WAGES AN ESSAY IN STATISTICAL ECONONICS By Henry Ludwell Moore Economic Cycles Their Law & Cause [1914] Forecasting The Yield & The Price Of Cotton [1917] Generating Economic Cycles [1923] HENRY LUDWELL MOORE Synthetic Economics [I9291 PROFESSOR OF POLITICAL ECONOMY IN COLUMBIA UNIVERSITY 6c I1 progress0 dell' Economia politica dipenderh pel futuro in gran parte dalla ricerca di leggi em- piriche, ricavate dalla statistica, e che si parago- neranno poi colle leggi teoriche note, o che ne faranno conoscere di nuove." PARETO. New Pork: The Mecmillan Company, 1911 TO JOHN BATES CLARK IN ADMIRATION AND AFFECTION I DEDICATE THIS ESSAY CONTENTS PAGE Introduction . 1 CHAPTER I STATISTICAL LAWS A Scatter Diagram . 11 Definition of Terms . 15 Characteristics of Statistical Laws . , . 21 CHAPTER I1 WAGES, MEANS OF SUBSISTENCE, AND THE STANDARD OF LIFE Description of Data . 26 Wages and the Means of Subsistence . 29 Wages and the Standard of Life . 33 Wages of Skilled and of Unskilled Laborers . 39 CHAPTER I11 WAGES AND THE PRODUCTIVITY OF LABOR Description of Data . 45 Fluctuations in the Rate of Wages and in the Value of the Product . , . 46 Fluctuations in the Laborer's Relative Share of the Product and in the Ratio of Capital to Labor . 55 The General Trend of Wages . 61 vii Contents CHAPTER IV WAGES AND ABILITY PAGE An Hypothesis as to the Distribution of Ability. 74 Grounds for the Hypothesis . 76 The Expression of the Gaussian Law in a Form that will facili- tate the Testing of the Differential Theory of Wages . 78 The Standard Population . , . 82 The Application of the Theory of the Standard Population . -
From Grossman Translations Template
go to editpoint editpoint go to editpoint editpoint Introduction to Henryk Grossman ‘The value-price transformation in Marx and the problem of crisis’ Rick Kuhn The transformation of values into prices of production, in volume 3 of Capital, was a vital step in Marx‘s exposure of the anatomy of capitalism and the laws of capital accumulation. In ‗The value- price transformation in Marx and the problem of crisis‘, Henryk Grossman dealt with the fundamental context and significance of the transformation and its implications for theories of economic crisis. While the issue at stake has been the coherence of Marx‘s entire analysis of capitalism, almost all of the controversy over the transformation has been preoccupied with the narrower questio of the theoretical adequacy of his mathematics. This was the case both before Grossman‘s essay, as he pointed out, and over the subsequent eighty years.1 The starting point in Grossman‘s discussion was the method that underpinned the structure of Capital and the procedure of successive approximation [Annäherungsverfahren]. After dealing with capitalism‘s most basic features at a very abstract level, achieved by means of a series of simplifying assumptions, Marx progressively lifted them to explain further aspects of concrete reality. Grossman had dealt with this procedure in a series of earlier works, paying particular attention to its implications for Marx‘s account of how crises, arising from the growing organic composition of capital were intrinsic to capitalism production, and the division of surplus value into its phenomenal forms.2 In this essay, he focussed on the place of the reproduction schemas in 1 Kliman 2007 provides a valuable account of the debate and a persuasive response to the ‗transformation problem‘. -
“RUSSIAN ECONOMICS” OR ECONOMICS in RUSSIA: WHAT WAS BUILT on the RUINS of the SOVIET UNION? (First Draft)
Vsevolod Ostapenko* “RUSSIAN ECONOMICS” OR ECONOMICS IN RUSSIA: WHAT WAS BUILT ON THE RUINS OF THE SOVIET UNION? (first draft) Abstract To be added… JEL: A11, A14, B29 * St. Petersburg State University, Faculty of Economics, associate professor, [email protected] 1. Introduction. Dismantling of the Soviet political system and transition to the market economy in Russia were inevitably accompanied by fundamental changes in spheres of science and education. The long- lasting existence of two key branches in the field of economic thought, namely political economy of capitalism and political economy of socialism, broke off. Russian economists started to rethink their research strategies and paradigms within which they had been operating. This process has not been completed yet. Economics profession in the country remains in the situation of blurring scientific standards and substantial fragmentation of the research area. As it is stated by Joachim Zweynert, sphere of economic science in Russia has evolved into something so heterogenous and manifold that one should even use term “economics” with caution. We will thus exploit different paraphrases like “Russian economic thought”. The initial problem arising is whether it’s reasonable to describe economics in national context. Of course, the history of economic thought is rich in examples of using national signs in defining various scientific schools: for example, British political economy or German historical school. More often the title of the school contains also the name of the university (research center), which gave work to its most prominent representatives (like Chicago or Stockholm schools). In 2015 a great volume on national and geographical features of economic science was published under the editorship of Vincent Barnett (Barnett, 2015). -
Evidence and Ideology in Macroeconomics: the Case
EVIDENCE AND IDEOLOGY IN MACROECONOMICS: THE CASE OF INVESTMENT CYCLES The indubitable and public symptom of ineffectiveness of a field is the absence of facts.1 1. INTRODUCTION This paper summarizes research on investment cycles, conducted intermittently by the author and associates since the 1960s. The view of economic fluctuations as being predominantly investment cycles was widely held and attracted the attention of prominent economists and econometricians. The work on investment cycles came to a halt around 1960. The reason, as I shall argue below, where shifts in dominant ideologies, not a refutation of the assumed facts. The pursuit of a line of research that is being abandoned by the mainstream may seem quaint and paradoxical to members of a profession that places the highest value on novelty. My decision to d embark on this path was motivated by deeply felt convictions regarding the scientific method and in particular the need to ascertain and quantify relevant facts and to use them in testing theoretical explanations. I am aware of the fact that discussions of methodology are held in low esteem by economists working in substantive fields and much of this distain is justified. The only way to advance science is by doing it, not by uttering pronouncements regarding the methods that others ought to follow. This has been the style of much of the literature on methodology of the past quarter century that has taking its starting point from the philosophy of natural science. In contrast to this, the methodological discussion of the present paper is concrete and intended to justify a particular path taken that was not traveled by the mainstream. -
Issn 2318-2377
ISSN 2318-2377 TEXTO PARA DISCUSSÃO N 610 UNEVEN AND COMBINED DEVELOPMENT AS A METHODOLOGICAL TOOL: a dynamic approach after a dialogue between Kondratiev and Trotsky Eduardo da Motta e Albuquerque Setembro de 2019 Universidade Federal de Minas Gerais Textos para Discussão Jaime Arturo Ramírez (Reitor) A série de Textos para Discussão divulga resultados Sandra Regina Goulart Almeida (Vice-reitora) preliminares de estudos desenvolvidos no âmbito Faculdade de Ciências Econômicas do Cedeplar, com o objetivo de compartilhar ideias e obter comentários e críticas da comunidade Hugo Eduardo Araujo da Gama Cerqueira (Diretor) científica antes de seu envio para publicação final. Kely César Martins de Paiva (Vice-Diretora) Os Textos para Discussão do Cedeplar começaram a ser publicados em 1974 e têm se destacado pela Centro de Desenvolvimento e Planejamento diversidade de temas e áreas de pesquisa. Regional (Cedeplar) Ficha catalográfica Frederico Gonzaga Jayme Jr (Diretor) A345u Albuquerque, Eduardo da Motta e. Gustavo de Britto Rocha (Vice-Diretor) 2019 Uneven and combined development as a methodological tool: a dynamic approach after Laura Rodríguez Wong (Coordenadora do a dialogue between Kondratiev and Trotsky/ Eduardo da Motta e Albuquerque. - Belo Programa de Pós-graduação em Demografia) Horizonte: UFMG / CEDEPLAR, 2019. Gilberto de Assis L.ibânio (Coordenador do 26 p. - (Texto para discussão, 610) Programa de Pós-graduação em Economia) Inclui bibliografia (p. 22 - 26) ISSN 2318-2377 Adriana de Miranda-Ribeiro (Chefe do Departamento de Demografia) 1. Capitalismo. 2. Efeito de inovações tecnológicas. I. Universidade Federal de Minas Gerais. Centro de Desenvolvimento e Bernardo Palhares Campolina Diniz (Chefe do Planejamento Regional. II. Título. -
The Use of Analogies in Economic Modelling: Vladimir Bazarov's
The use of analogies in economic modelling: Vladimir Bazarov’s restauration process model Authors: Elizaveta Burina, Annie L. Cot Univeristy of Paris 1 – Panthéon-Sorbonne 2018-2019 Table of contents Acknowledgements ......................................................................................................................... 3 Preface ............................................................................................................................................. 4 Section 1. The framework that determined Bazarov’s work ........................................................... 8 1.1. Russian economic science in 1920s ...................................................................................... 8 1.2. Intellectual biography ........................................................................................................... 9 1.2.1. Before the October Revolution of 1917 ......................................................................... 9 1.2.2. After the October Revolution of 1917.......................................................................... 12 1.3. Bazarov’s work in Gosplan ................................................................................................. 15 1.3.1. Early years’ work ......................................................................................................... 15 1.3.2. Money emission theory ................................................................................................ 16 1.3.3. Planification theory ..................................................................................................... -
Coversheet for Thesis in Sussex Research Online
A University of Sussex DPhil thesis Available online via Sussex Research Online: http://sro.sussex.ac.uk/ This thesis is protected by copyright which belongs to the author. This thesis cannot be reproduced or quoted extensively from without first obtaining permission in writing from the Author The content must not be changed in any way or sold commercially in any format or medium without the formal permission of the Author When referring to this work, full bibliographic details including the author, title, awarding institution and date of the thesis must be given Please visit Sussex Research Online for more information and further details Explaining the paradox of market reform in communist China: the uneven and combined development of the Chinese Revolution and the search for ‘national salvation’ Luke Cooper University of Sussex July 2013 Thesis submitted for the fulfilment of the degree of Doctor of Philosophy in International Relations at the University of Sussex. 2 Abstract This thesis addresses the paradox of capitalist market reform being introduced by a politically undefeated communist state in China. It does so by developing an historical account of the Chinese polity’s relationship with the modern world. Chapter one offers a critique of existing explanations; these tend to focus narrowly on the immediate circumstances surrounding the decision to reform and thereby eschew analysis of the specific dynamics of the Chinese Revolution. In so doing, they also ignore its origins within the welter of contradictions arising from the process of capitalist internationalization, giving no causal efficacy to ‘the international’ in explaining this dramatic social transformation. -
Why Didn't Economists Predict the Great Depression?
Why Didn’t Economists Predict the Great Depression? Leon Taylor KIMEP Social Research Working Paper No. 6 February 2011 © Copyright 2011 Leon Taylor KIMEP Social Research Working Papers ISSN 1996 -7020 2 Why didn’t economists predict the Great Depression? Leon Taylor 1 The Department of Economics and the Office of the President Kazakhstan Institute of Management, Economics and Strategic Research (KIMEP) Almaty, Kazakhstan Draft: January 2011 Version for researchers Abstract Economists failed to forecast the Great Depression, perhaps largely because they had lacked reason to theorize about business cycles. This paper tries to explain the lack of incentives. Since theory is a public good, the market produces too little of it. One non-market incentive, ex post fame, may be proportional to the value of the theory -- and thus induce more theory as its value grows. But fame comes from explaining famous events. A theory may explain a potential disaster so well as to enable policymakers to avert it. Since the event does not occur, its explainer cannot become famous. Theorists who anticipate this paradox will avoid work on the potential event; theorists who work nonetheless on events never to occur will become obscure. Another factor retarding business-cycle theory is scale economies. Learning-by-doing can induce theory by cutting its cost. Scale economies favor the first theories to be well-developed. These dealt with markets – not with business cycles – in the decades before the Depression which redirected attention to macroeconomics. ( JEL classifications: B10, E32) I. Introduction The Great Depression bemused economists of the day. “The slump in trade and employment and the business losses which are being incurred,” Keynes (1963: 148) said in 1931, “are as bad as the worst which have ever occurred in the modern history of the world.” Economists were caught off-guard. -
University of Birmingham Revisiting Samuelson's Foundations of Economic Analysis
University of Birmingham Revisiting Samuelson's Foundations of Economic Analysis Backhouse, Roger DOI: 10.1257/jel.53.2.326 License: None: All rights reserved Document Version Publisher's PDF, also known as Version of record Citation for published version (Harvard): Backhouse, R 2015, 'Revisiting Samuelson's Foundations of Economic Analysis' Journal of Economic Literature, vol 53, no. 2, pp. 326-350. DOI: 10.1257/jel.53.2.326 Link to publication on Research at Birmingham portal General rights When referring to this publication, please cite the published version. Copyright and associated moral rights for publications accessible in the public portal are retained by the authors and/or other copyright owners. It is a condition of accessing this publication that users abide by the legal requirements associated with these rights. • You may freely distribute the URL that is used to identify this publication. • Users may download and print one copy of the publication from the public portal for the purpose of private study or non-commercial research. • If a Creative Commons licence is associated with this publication, please consult the terms and conditions cited therein. • Unless otherwise stated, you may not further distribute the material nor use it for the purposes of commercial gain. Take down policy If you believe that this document infringes copyright please contact [email protected] providing details and we will remove access to the work immediately and investigate. Download date: 16. May. 2017 Journal of Economic Literature 2015, 53(2), 326–350 http://dx.doi.org/10.1257/jel.53.2.326 Revisiting Samuelson’s Foundations of Economic Analysis† Roger E.