An Outline of the history of economic thought - Chapter 9 ppt

... 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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... Gordon, The Role of the History of Economic Thought in the Understanding of Modern Economic Theory’, American Economic Review, Papers and Proceedings ( 196 5); F. H. Knight, On the History and Method of ... Thu¨nen 107 3.2.5. The Romantics and the German Historical School 1 09 3.3. The Theories of Economic Harmony and Mill’s Synthesis 111 3.3.1. The ‘A...

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... of Economics (1 892 ); H. Landreth, The Economic Thought of Bernard de Mandeville’, History of Political Economy ( 197 5); A. H. Leigh, ‘John Locke and the Quantity Theory of Money’, History of ... 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, a...

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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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... Property of Wealth, 18 29. Ricardo D. The Price of Gold, 18 09. —— The High Price of Bullion, a Proof of the Depreciation of Bank Notes, 1810. —— An Essay on the Influence of a Low Price of Corn on the ... the vaults of the Bank of England. Furthermore, the difficulties of the war and the Continental blockade made the export channels increasingly ar...

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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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... hand, the neo-Bo¨hm-Bawerkians of the 196 0s and 197 0s, 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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... years of high theory: i after the 192 9 crash. American loans dried up, while the Bank of France decided to convert its sterling reserves into gold. Then, in 193 1, a wave of panic, caused by the ... 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 di...

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... opened the way to the multi-sectorial and normative theories of growth of the 195 0s and 196 0s; for example, the famous ‘turnpike theorem’ is a direct application of von Neumann’s model. In the theory ... 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 ac...

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