An Outline of the history of economic thought - Chapter 2 ppsx

... 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 Industrial Revolution The 35-year period ... 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...

Ngày tải lên: 06/07/2014, 04:20

... evolution of the Indian Ocean and the breakup of Gondwanaland. Journal of Geophysical Research 84:6803–6830. Pankhurst, R. J. and C. W. Rapela. 1998. The Proto-Andean margin of Gondwana. Geo- logical ... by the fact that the base of the Tom- motian was taken as the base of the Cambrian at 570 Ma in Harland et al. 1990. Since then, the Nemakit-Daldynian has been p...

Ngày tải lên: 06/07/2014, 21:20

... 69 2. 2.4. Market and competition 72 2 .2. 5. Smith’s three souls 73 2. 2.6. Smith as an institutionalist 77 2. 3. The Smithian Orthodoxy 82 2.3.1. An era of optimism 82 2.3 .2. Bentham and utilitarianism ... Renaissance 22 1.1.3. The expansion of ‘Mercantile’ capitalism 27 1.1.4. The Scientific Revolution and the birth of political economy 29 1 .2. Mercantilism 3...

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... overturned the theories of Malynes: it is the surplus or the deficit on the balance of trade which makes the rate of exchange vary, and not the other way round. Rather than worry about the exchange ... short-lived. In the long run they would have been useless. From the theoretical point of view, they seemed to ignore the quantity theory of money. The adjustment...

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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 s...

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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 ... elasticity of the credit supply and high flexibility of prices and wages. 7 .2. 2. How Keynes became Keynesian In regard to the two fundamental problems of English...

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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...

Ngày tải lên: 06/07/2014, 04:20