Karl Marx and the Making of the Modern World Looking at the Problem of Scientific Ib As from All Engels Auguste Baltrimaviciute College of Dupage
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Economic Thinking in an Age of Shared Prosperity
BOOKREVIEW Economic Thinking in an Age of Shared Prosperity GRAND PURSUIT: THE STORY OF ECONOMIC GENIUS workingman’s living standards signaled the demise of the BY SYLVIA NASAR iron law and forced economists to recognize and explain the NEW YORK: SIMON & SCHUSTER, 2011, 558 PAGES phenomenon. Britain’s Alfred Marshall, popularizer of the microeconomic demand and supply curves still used today, REVIEWED BY THOMAS M. HUMPHREY was among the first to do so. He argued that competition among firms, together with their need to match their rivals’ distinctive feature of the modern capitalist cost cuts to survive, incessantly drives them to improve economy is its capacity to deliver sustainable, ever- productivity and to bid for now more productive and A rising living standards to all social classes, not just efficient workers. Such bidding raises real wages, allowing to a fortunate few. How does it do it, especially in the face labor to share with management and capital in the produc- of occasional panics, bubbles, booms, busts, inflations, tivity gains. deflations, wars, and other shocks that threaten to derail Marshall interpreted productivity gains as the accumula- shared rising prosperity? What are the mechanisms tion over time of relentless and continuous innumerable involved? Can they be improved by policy intervention? small improvements to final products and production Has the process any limits? processes. Joseph Schumpeter, who never saw an economy The history of economic thought is replete with that couldn’t be energized through unregulated credit- attempts to answer these questions. First came the pes- financed entrepreneurship, saw productivity gains as simists Thomas Malthus, David Ricardo, James Mill, and his emanating from radical, dramatic, transformative, discon- son John Stuart Mill who, on grounds that for millennia tinuous innovations that precipitate business cycles and wages had flatlined at near-starvation levels, denied that destroy old technologies, firms, and markets even as they universally shared progress was possible. -
Rope Levrero Marx
Marx on Absolute and Relative Wages and the Modern Theory of Distribution ENRICO SERGIO LEVRERO ∗ Dipartimento di Economia, Università degli Studi Roma Tre, Italy ABSTRACT This paper aims at clarifying some aspects of Marx’s analysis of the determinants of wages and of the peculiarity of labour as a commodity, focusing on three related issues. The first is that of Marx’s notion of the subsistence (or natural) wage rate: the subsistence wage will be shown to stem, according to Marx, from socially determined conditions of reproduction of an efficient labouring class. The second issue refers to the distinction between the natural and the market wage rate that can be found in Marx, and his critique of Ricardo’s analysis of the determinants of the price of labour. Here the ‘law of population peculiar to the capitalist mode of production’ (that is, Marx’s industrial reserve army mechanism) will be considered both with respect to cyclical fluctuations of wages and to their trend over time. Moreover, a classification of the social and institutional factors affecting the average wage rate will be advanced. Finally, the last issue concerns Marx’s analysis of the effects of technical progress on both absolute and relative wages (that is, the wage share). It will also be discussed by relating it back to the longstanding debate on the Marxian law of the falling rate of profit, and addressing some possible scenarios of the trend of wages and distribution. 1. Introduction The revival of the surplus approach to value and distribution after the publication of Sraffa’s Production of Commodities by Means of Commodities (1960) has led to the rediscovery of the classical theory of wages and to the critique of its neoclassical interpretations put forth by Samuelson (1978), Hicks & Hollander (1977), Hollander (1979) and Casarosa (1985). -
Marx on Absolute and Relative Wages
Munich Personal RePEc Archive Marx on absolute and relative wages Levrero, Enrico Sergio Roma Tre University, Department of Economics September 2009 Online at https://mpra.ub.uni-muenchen.de/20976/ MPRA Paper No. 20976, posted 26 Feb 2010 06:51 UTC Marx on absolute and relative wages Enrico Sergio Levrero, Department of Economics, Roma Tre University∗ Introduction 1. The aim of this paper is to clarify some aspects of Marx’s analysis of the determinants of wages and of the peculiarity of labour as a commodity, concentrating upon three related issues. The first is that of Marx’s notion of the subsistence (or natural) wage rate: subsistence wage will be shown to stem, according to Marx, from socially determined conditions of reproduction of an efficient labouring class. The second issue refers to the distinction between the natural and the market wage rate that can be found in Marx, and his critique of Ricardo’s analysis of the determinants of the price of labour. Here the “law of population peculiar to capitalist mode of production” (that is, Marx’s industrial reserve army mechanism) will be considered, both with respect to cyclical fluctuations of wages and to their trend over time. Moreover, a classification of the social and institutional factors affecting the average wage rate will be advanced. Finally, Marx’s analysis of the effects of technical progress on both absolute and relative wages will be considered, also relating it back to the long-standing debate on the Marxian law of the falling rate of profit, and addressing some possible scenarios of the trend of wages and distribution. -
Scientific Racism and the Legal Prohibitions Against Miscegenation
Michigan Journal of Race and Law Volume 5 2000 Blood Will Tell: Scientific Racism and the Legal Prohibitions Against Miscegenation Keith E. Sealing John Marshall Law School Follow this and additional works at: https://repository.law.umich.edu/mjrl Part of the Civil Rights and Discrimination Commons, Law and Race Commons, Legal History Commons, and the Religion Law Commons Recommended Citation Keith E. Sealing, Blood Will Tell: Scientific Racism and the Legal Prohibitions Against Miscegenation, 5 MICH. J. RACE & L. 559 (2000). Available at: https://repository.law.umich.edu/mjrl/vol5/iss2/1 This Article is brought to you for free and open access by the Journals at University of Michigan Law School Scholarship Repository. It has been accepted for inclusion in Michigan Journal of Race and Law by an authorized editor of University of Michigan Law School Scholarship Repository. For more information, please contact [email protected]. BLOOD WILL TELL: SCIENTIFIC RACISM AND THE LEGAL PROHIBITIONS AGAINST MISCEGENATION Keith E. Sealing* INTRODUCTION .......................................................................... 560 I. THE PARADIGM ............................................................................ 565 A. The Conceptual Framework ................................ 565 B. The Legal Argument ........................................................... 569 C. Because The Bible Tells Me So .............................................. 571 D. The Concept of "Race". ...................................................... 574 II. -
Wages and Purchasing Theories
Wages and Purchasing Theories Source: http://www.britannica.com/EBchecked/topic/633855/wage-and-salary (Jan 2014) Income derived from human labour. Technically, wages and salaries cover all compensation made to employees for either physical or mental work, but they do not represent the income of the self-employed. Labour costs are not identical to wage and salary costs, because total labour costs may include such items as cafeterias or meeting rooms maintained for the convenience of employees. Wages and salaries usually include remuneration such as paid vacations, holidays, and sick leave, as well as fringe benefits and supplements in the form of pensions or health insurance sponsored by the employer. Additional compensation can be paid in the form of bonuses or stock, many of which are linked to individual or group performance. Wage theory Theories of wage determination and speculations on what share the labour force contributes to the gross domestic product have varied from time to time, changing as the economic environment itself has changed. Contemporary wage theory could not have developed until the feudal system had been replaced by the modern economy with its modern institutions (such as corporations). Classical theories The Scottish economist and philosopher Adam Smith, in The Wealth of Nations (1776), failed to propose a definitive theory of wages, but he anticipated several theories that were developed by others. Smith thought that wages were determined in the marketplace through the law of supply and demand. Workers and employers would naturally follow their own self-interest; labour would be attracted to the jobs where labour was needed most, and the resulting employment conditions would ultimately benefit the whole of society. -
Nineteenth-Century French Liberal Economists' Reading of Ricardo
Université Paris I Panthéon-Sorbonne Pôle d’histoire de l’analyse et des représentations Economiques. (EA 3934) 518297-LLP-2011-IT-ERASMUS-FEXI Logo of the institution NINETEENTH-CENTURY FRENCH LIBERAL ECONOMISTS’ READING OF RICARDO THROUGH THE LENSES OF THEIR FEAR OF SOCIALISM Nathalie Sigot PHARE, Université Paris I Panthéon-Sorbonne Maison des Sciences Economiques 106-112 Boulevard de l’Hôpital 75647 Paris Cedex 13 E-mail : [email protected] Second draft – Do not quote. “[…] les socialistes aussi s’appuient sur Ricardo, non sans perfidie, il est vrai »1 In the beginning of the 19th century, Ricardo’s writings met in France at best with indifference, at worst with criticism. At that time, there was a constant reference to Adam Smith, who was considered to be closer to the “economic system” of the Physiocrats that most of the French economists admired2. The publication of Ricardo’s Principles hardly changed this course of things: now, it is true that Ricardo’s Essay on the high price of bullion had been translated in French the year of its publication (1810), in the Moniteur Universel (cf. Béraud, Gislain and Steiner, p. 20), helping Ricardo to acquire a name as a monetary economist; but the French translation of his Principles in 1817 received little attention, except for Say’s notes which were added to this edition (ibid.). If the poor quality of this translation may partly explain this lack of interest, the reasons were probably more fundamental. Thereafter, the references to Ricardo by P. Rossi, appointed to the Jean-Baptiste Say Chair at the College de France, did not gain greater acceptance: Ricardo’s theory remained highly criticized. -
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. -
K I R T LAN D I A, the Cleveland Museum of Natural History
K I R T LAN D I A, The Cleveland Museum of Natural History September 2006 Number 55: J -42 T. WINGATE TODD: PIO~EER OF MODERN AMERICAN PHYSICAL ANTHROPOLOGY KEVI~ F. KER~ Department of History The University of Akron. Akron. Ohio 44325-1902 kkern@ uakron.edu ABSTRACT T. Wingate Todd's role in the development of modern American physical anthropology \\as considerably more complex and profound than historians have previously recognized. A factor of the idiosyncrasies of his life and research. this relative neglect of Todd is symptomatic of a larger underappreciation of the field' s professional and intellectual development in the early twentieth century. A complete examination of Todd's life reveals that he played a crucial role in the discipline's evolution. On a scholarly le\·el. his peers recognized him as one of the most important men in the field and rarely challenged his yoluminous \Yj'itten output. which comprised a significant portion of the period's literature. On a theoretical leveL Todd led nearly all of his contemporaries in the eventual turn the field made away from the ethnic focus of its racialist roots and the biological determinism of the eugenics movement. Furthermore. he anticipated the profound theoretical and methodological changes that eventually put physical anthropology on its present scientific footing. His research collections are the largest of their kind in the world, and still quite actiYely used by contemporary researchers. Many of Todd' s publications from as early as the 1920s (especially those concerning age changes. grO\\th. and development) are still considered standard works in a field that changed dramatically after his death. -
Why Be Against Darwin? Creationism, Racism, and the Roots of Anthropology
YEARBOOK OF PHYSICAL ANTHROPOLOGY 55:95–104 (2012) Why Be Against Darwin? Creationism, Racism, and the Roots of Anthropology Jonathan Marks* Department of Anthropology, University of North Carolina at Charlotte, Charlotte, NC 28223 KEY WORDS History; Anthropology; Scientific racism; Eugenics; Creationism ABSTRACT In this work, I review recent works in G. Simpson and Morris Goodman a century later. This science studies and the history of science of relevance to will expose some previously concealed elements of the biological anthropology. I will look at two rhetorical prac- tangled histories of anthropology, genetics, and evolu- tices in human evolution—overstating our relationship tion—particularly in relation to the general roles of race with the apes and privileging ancestry over emergence— and heredity in conceptualizing human origins. I argue and their effects upon how human evolution and human that scientific racism and unscientific creationism are diversity have been understood scientifically. I examine both threats to the scholarly enterprise, but that scien- specifically the intellectual conflicts between Rudolf tific racism is worse. Yrbk Phys Anthropol 55:95–104, Virchow and Ernst Haeckel in the 19th century and G. 2012. VC 2012 Wiley Periodicals, Inc. Because the methods of science are so diverse It is actually no great scandal to reject science. In the (including observation, experimental manipulation, quali- first place, nobody rejects all science; that person exists tative data collection, quantitative data analysis, empiri- only in the imagination of a paranoiac. In the second cal, and hermeneutic research; and ranging from the syn- place, we all have criteria for deciding what science to chronic and mechanistic to the diachronic and historical), reject—at very least, we might generally agree to reject it has proven to be difficult to delimit science as practice. -
Veblen's Institutionalist Elaboration of Rent Theory
Working Paper No. 729 Veblen’s Institutionalist Elaboration of Rent Theory by Michael Hudson Levy Economics Institute of Bard College August 2012 The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. Levy Economics Institute P.O. Box 5000 Annandale-on-Hudson, NY 12504-5000 http://www.levyinstitute.org Copyright © Levy Economics Institute 2012 All rights reserved ISSN 1547-366X ABSTRACT As the heirs to classical political economy and the German historical school, the American institutionalists retained rent theory and its corollary idea of unearned income. More than any other institutionalist, Thorstein Veblen emphasized the dynamics of banks financing real estate speculation and Wall Street maneuvering to organize monopolies and trusts. Yet despite the popularity of his writings with the reading public, his contribution has remained isolated from the academic mainstream, and he did not leave behind a “school.” Veblen criticized academic economists for having fallen subject to “trained incapacity” as a result of being turned into factotums to defend rentier interests. Business schools were painting an unrealistic happy-face picture of the economy, teaching financial techniques but leaving out of account the need to reform the economy’s practices and institutions. -
Genetics, IQ, Determinism, and Torts: the Example of Discovery in Lead Exposure Litigation Jennifer Wriggins University of Maine School of Law, [email protected]
University of Maine School of Law University of Maine School of Law Digital Commons Faculty Publications Faculty Scholarship 1997 Genetics, IQ, Determinism, and Torts: The Example of Discovery in Lead Exposure Litigation Jennifer Wriggins University of Maine School of Law, [email protected] Follow this and additional works at: http://digitalcommons.mainelaw.maine.edu/faculty- publications Part of the Law Commons Suggested Bluebook Citation Jennifer Wriggins, Genetics, IQ, Determinism, and Torts: The Example of Discovery in Lead Exposure Litigation, 75 B.U. L. Rev. 1025 (1997). Available at: http://digitalcommons.mainelaw.maine.edu/faculty-publications/41 This Article is brought to you for free and open access by the Faculty Scholarship at University of Maine School of Law Digital Commons. It has been accepted for inclusion in Faculty Publications by an authorized administrator of University of Maine School of Law Digital Commons. For more information, please contact [email protected]. GENETICS, IQ, DETERMINISM, AND TORTS: THE EXAMPLE OF DISCOVERY IN LEAD EXPOSURE LffiGATION JENNIFER WRIGGINS" INTRODUCTION ....................................................................... 1026 I. EFFECTS OF LEAD EXPOSURE ............................................. 1031 II. GENETIC EsSENTIAliSM AND MATERNAL DETERMINISM ............ 1034 A. Genetic Research, Genetic Essentialism, and their Implica tions ................................................................. ..... 1034 1. Introduction........................................................ -
The Origins and Evolution of Progressive Economics Part Seven of the Progressive Tradition Series
AP PHOTO/FILE AP This January 1935 photo shows a mural depicting phases of the New Deal The Origins and Evolution of Progressive Economics Part Seven of the Progressive Tradition Series Ruy Teixeira and John Halpin March 2011 WWW.AMERICANPROGRESS.ORG The Origins and Evolution of Progressive Economics Part Seven of the Progressive Tradition Series Ruy Teixeira and John Halpin March 2011 With the rise of the contemporary progressive movement and the election of President Barack Obama in 2008, there is extensive public interest in better understanding the ori- gins, values, and intellectual strands of progressivism. Who were the original progressive thinkers and activists? Where did their ideas come from and what motivated their beliefs and actions? What were their main goals for society and government? How did their ideas influence or diverge from alternative social doctrines? How do their ideas and beliefs relate to contemporary progressivism? The Progressive Tradition Series from the Center for American Progress traces the devel- opment of progressivism as a social and political tradition stretching from the late 19th century reform efforts to the current day. The series is designed primarily for educational and leadership development purposes to help students and activists better understand the foundations of progressive thought and its relationship to politics and social movements. Although the Progressive Studies Program has its own views about the relative merit of the various values, ideas, and actors discussed within the progressive tradition, the essays included in the series are descriptive and analytical rather than opinion based. We envision the essays serving as primers for exploring progressivism and liberalism in more depth through core texts—and in contrast to the conservative intellectual tradition and canon.