An Outline of the history of economic thought - Chapter 3 pdf

... 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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... 409 10 .3. The Controversy on Marginalism in the Theory of the Firm and Markets 4 13 10 .3. 1. Critiques of the neoclassical theory of the firm 4 13 10 .3. 2. Post-Keynesian theories of the firm 415 10 .3. 3. Managerial ... 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 Capita...

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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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... 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 ... centrality of the theory of marginal utility in Menger To understand the terms of Menger’s theoretical battle on the other front, i.e. the cri...

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... the tradition of Marshallian thought: The Essay is a scanty and worthy account of the main assertions of the Austrian School; it is the creed of Prof. Robbins, as a supporter of that school’ (p. 37 7). The ... 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...

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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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... that 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 macroeconomic effects of the ... them into groups of affinity. And the simplest classi- fication distinguishes the European from the American post-Keynesians. The birthplace of the first group was the Univ...

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