An Outline of the history of economic thought - Introduction pps

... Thu¨nen 107 3.2.5. The Romantics and the German Historical School 109 3.3. The Theories of Economic Harmony and Mill’s Synthesis 111 3.3.1. The ‘Age of Capital’ and the theories of economic harmony ... terms of the analytical rigour of the specific theories of which a system is formed and in terms of the relationships that link one theory to another. The lat...

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... From the theoretical point of view, they seemed to ignore the quantity theory of money. The adjustment mechanism of the balance of payments theorized by Hume, and known as the price–specie-flow ... pre-Malthusian: the con- vergence of the two types of wage would go hand in hand with the conver- gence of the working population towards the demand for labour. Be...

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... which the control of the means of production, and therefore the production, is no longer in the worke rs’ hands. When capitalists and landlords take part in the division of the product, the exchange ... two 56 laissez-faire and smithian economics 2 The Laissez-Faire Revolution and Smithian Economics 2.1. The Laissez-Faire Revolution 2.1.1. The preconditions of the...

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... the vaults of the Bank of England. Furthermore, the difficulties of the war and the Continental blockade made the export channels increasingly arduous and the supply of raw materials and wage goods ... important for the explanation of profit and of the role played by capital in the production process. From the point of view of the history of economic...

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... with that of ‘Ricardian economics’: a theoretical system based on the theory of surplus, the labour theory of value, the methodology of aggregates, and the analysis of the behaviour of the social classes ... development of the Ricardian theses about the occupational effects of the introduction of machines). The increase in the ‘reserve army’ will then...

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... administration of the household, but that of the State; no longer the study of the causes of the enrichment of the individuals, but that of the nation, the people, and the merchant class. It is significant ... Walras’s vision of the working of the economic system The major contribution of Le´on Walras to economic analysis was his theory of the...

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... important work on monetary theory. He was one of the first to use the aggregate supply-and-demand approach to explain variations in the value of money. In most versions of the quantity theory of ... M 0 the current- account bank deposits, V 0 the rate of turnover of the deposits, and T the transactions. No other mathematical formula in the whol e of economics, n...

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... circulation, P the level of prices, and T the level of transactions, becomes an explanation of the value of money once V, T, and M have been fixed exogenously. The dif- ficulties and the interesting ... way of thinking. 7.1.5. The multiplier and the accelerator The fourth great stream of thought in dynamic theory in the inter-war period was the study of th...

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... labour, from the theory of public economics to the theory of the conflict of interests. He be lieved that the study of ‘collective action’, i.e. of the activity (and the apparatus) of ‘control of individual ... privileged field of study in an area on the borderline between economics and law and can be considered one of the founders of the new discipline...

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... analytical attention to the rigidities from the supply side, rather than from that of demand; (3) the attempt to micro-found macroeconomics on the basis of an hypothesis of rational or quasi-rational ... the new Keynesians have gone even further than the post-Keynesians in studying the microeconomic conditions of real and nominal rigidity and in analysing the macroec...

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