An Outline of the history of economic thought - Chapter 6 potx

... hand, the neo-Bo¨hm-Bawerkians of the 1 960 s and 1970s, led by P. Bernholz and M. Faber, tried to go beyond the limits set by the analysis of their master. On the other, economists like 215 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 e of economics,...

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... 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 latter concerns the ability of the theoretical ... left blank An Outline of the History of Economic Thought Second Edition Revised and Expanded ERNESTO SCREPANTI and STEFANO ZAMAGNI Translated by David F...

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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 ... from the beginning of the Austrian War of Succe ssion in 1741 to the American Declaration of Independence in 17 76 was of critical importance for the hist...

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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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... Non-Monetary Cause of Fluctuations in Employment’, The Economic Journal, 1914. 266 the years of high theory: i the interest rate, i, which is taken as an indicator of the cost of finance. The problem ... 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 exogeno...

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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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