A history of irish economic thought

A History of Irish Economic Thought For a country that can boast a distinguished tradition of political economy from Sir William Petty through Swift, Berkeley, Hutcheson, Burke and Cantillon through to that of Longfield, Cairnes, Bastable, Edgeworth, Geary and Gorman, it is surprising that no systematic study of Irish political economy has been undertaken In this book the contributors redress this glaring omission in the history of political economy, for the first time providing an overview of developments in Irish political economy from the seventeenth to the twentieth century Logistically this is achieved through the provision of individual contributions from a group of recognised experts, both Irish and international, who address the contribution of major historical figures in Irish political economy along the analysis of major thematic issues, schools of thought and major policy debates within the Irish context over this extended period This volume goes beyond a discussion of Irish economists in relation to Ireland-­specific economic issues to recognise the contribution of Irish economists to economic thought more generally It is a comprehensive overview that will be of interest to researchers and students of economic thought and Irish history alike Thomas Boylan is Professor of Economics at the University of Galway, Ireland Renee Prendergast is Reader in Economics at Queens University, Belfast, UK John D Turner is Professor of Finance at Queens University, Belfast, UK Routledge history of economic thought Edited by Mark Blaug Co-­Director Erasmus Center for History in Management and Economics, Erasmus University, the Netherlands   History of Japanese Economic Thought Tessa Morris Suzuki   History of Australian Economic Thought Peter Groenewegen   History of Indian Economic Thought Ajit K Dasgupta   History of Canadian Economic Thought Robin Neill   History of Swedish Economic Thought Bo Sandelin   History of Portuguese Economic Thought Jose Luis Cardoso and Antonio Almodovar   History of Latin American Economic Thought Oreste Popescu   History of Norwegian Economic Thought Olov Bjerkholt and Pal Lykkja   History of Russian Economic Thought Vincent Barnett 10 History of Scottish Economic Thought Edited by Alistair Dow and Sheila Dow 11 A History of Irish Economic Thought Edited by Thomas Boylan, Renee Prendergast and John D Turner A History of Irish Economic Thought Edited by Thomas Boylan, Renee Prendergast and John D Turner First published 2011 by Routledge Park Square, Milton Park, Abingdon, Oxon OX14 4RN Simultaneously published in the USA and Canada by Routledge 270 Madison Avenue, New York, NY 10016 Routledge is an imprint of the Taylor & Francis Group, an informa business This edition published in the Taylor & Francis e-Library, 2010 To purchase your own copy of this or any of Taylor & Francis or Routledge’s collection of thousands of eBooks please go to www.eBookstore.tandf.co.uk © 2011 selection and editorial matter; Tom Boylan, Renee Prendergast and John D Turner, individual chapters; the contributors All rights reserved No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging in Publication Data A catalog record for this book has been requested ISBN 0-203-84632-X Master e-book ISBN ISBN 978-0-415-42340-3 (hbk) ISBN 978-0-203-84632-2 (ebk) Contents List of illustrations List of contributors Acknowledgements Introduction vii viii xii TOM BOYLAN, RENEE PRENDERGAST AND JOHN D TURNER PART I Ireland and the birth of political economy 15   The Irish connection and the birth of political economy: Petty and Cantillon 17 ANTHONY BREWER   Swift and Berkeley on economic development 32 E D W A R D M c P H A I L and S A L I M R ashid   The contested origins of ‘economic man’: Hutcheson, Berkeley and Swift’s engagement with Bernard Mandeville 56 RENEE PRENDERGAST   Economic thought in Arthur O Connor’s The State of Ireland: reducing politics to science 82 DANIEL BLACKSHIELDS AND JOHN CONSIDINE PART II The classical era: the rise and fall of laissez-­faire 107   Value and distribution theory at Trinity College Dublin, 1831–1844 109 LAuRENCE MOSS vi   Contents   The classical economist perspective on landed-­property reform 139 CHARLES HICKSON   John Elliot Cairnes: land, laissez-­faire and Ireland 156 TOM BOYLAN AND TADHG FOLEY   Charles Francis Bastable on trade and public finance 179 TOM BOYLAN AND JOHN MALONEY   The peculiarities of place: the Irish historical economists 200 ROGER E BACKHOUSE 10 Irish contributions to nineteenth-­century monetary and banking debates 215 JOHN D TURNER PART III Into the twentieth century – Irish contributions to economic theory 231 11 Francis Ysidro Edgeworth on the regularity of law and the impartiality of chance 233 ALBERTO BACCINI 12 Roy Geary 249 JOHN E SPENCER 13 W.M Gorman 268 PATRICK HONOHAN AND PETER NEARY PART IV Policy and economic development – shifting economic paradigms 281 14 Political economy – from nation building to stagnation 283 GRAHAM BROWNLOW 15 Learning lessons from Ireland’s economic development 310 FRANK BARRY Index 331 Illustrations Figures 10.1 15.1 15.2 Bank of Ireland stock price, 1798–1804 Irish GNP per head (PPS) Gap between Irish and EU15 unemployment rates 223 311 313 Tables 10.1 15.1 15.2 Bank of Ireland note issue and exchange rates, 1798–1804 Percentage of population classified by educational attainment, 2004 Comparative FDI-­intensity of the Irish economy 219 312 321 Contributors Alberto Baccini is a full Professor of Economics at the Facoltà di Giurisprudenza Dipartimento di Economia Politica, University of Siena, Italy He is an expert of Francis Ysidro Edgeworth’s work, and has published several articles for leading international journals on Edgeworth, the history of probability theory and John Maynard Keynes Recently he has been working on the application of network analysis techniques to the study of economic and statistical thought Roger E Backhouse is Professor of the History and Philosophy of Economics at the Department of Economics, University of Birmingham, Edgbaston, Birmingham, UK Publications include The Penguin History of Economics/ The Ordinary Business of Life (2002), The Cambridge Companion to Keynes (2006, co-­edited with Bradley W Bateman), and No Wealth but Life: Welfare Economics and the Welfare State in Britain, 1880–1950 (forthcoming, co-­edited with Tamotsu Nishizawa) He is currently working, with Philippe Fontaine, on the history of the social sciences since the Second World War He teaches the history of economics at Birmingham, Erasmus University Rotterdam and the University of Oporto Frank Barry is Professor of International Business and Development at the School of Business, Trinity College Dublin, Ireland He holds a Ph.D in Economics from Queen’s University, Ontario, and has previously held positions at the Universities of California, Stockholm and New South Wales, and with the Harvard Institute for International Development He is a specialist in the areas of international trade, foreign direct investment and economic development Amongst his publications are an edited volume on Understanding Ireland’s Economic Growth (Macmillan Press, 1999) and a co-­authored book on Multinational Firms in the World Economy (Princeton University Press, 2004) Daniel Blackshields is a Lecturer in Economics at the Department of Economics, College of Business and Law, University College, Cork, Ireland He has been a member of the Department of Economics since 1997 Currently he is a participant in the Irish Integrative Learning Project His research interests include Linking Research and Teaching, Sherlock Holmes’ Problem-­solving Pedagogies for Economics, Austrian Economics and the Economics of the Entertainment Industry and the History of Economic Thought Contributors   ix Tom Boylan is Personal Professor of Economics at the Department of Economics, National University of Ireland, Galway, Ireland His principal areas of research include growth and development, history of economic thought, post-­Keynesian economics, and the philosophy of economics He has published in a wide array of international journals and has co-­authored a number of works which include Political Economy and Colonial Ireland (Routledge, 1992, with T Foley) and Beyond Rhetoric and Realism: Towards a Reformulation of Economic Methodology (Routledge, 1995, with P.F O’Gorman), and co-­edited a number of major projects, including both the four-­volume anthology, Irish Political Economy (Routledge, 2003, with T Foley), and the six-­volume collection, John Elliot Cairnes: the Complete Works (Routledge, 2004, with T Foley) His most recent works include Popper and Economic Methodology: Contemporary Challenges (Routledge, 2008, co-­edited with P.F O’Gorman) and Economics, Rational Choice and Normative Philosophy (Routledge, 2009, co-­edited with R Gekker) Anthony Brewer is Emeritus Professor of the History of Economics at the School of Economics, Finance and Management, The University of Bristol, UK He has worked on various aspects of economic theory, but has in recent years focused mainly on the history of economic thought in the eighteenth and nineteenth centuries He is the author of Richard Cantillon: Pioneer of Economic Theory and of other books and articles in the field, and is currently Vice-­President of the European Society for the History of Economic Thought Graham Brownlow is a Lecturer in Economics at the Queen’s University Management School, Queen’s University Belfast, Northern Ireland His research, which has been published recently in a variety of outlets including the Cambridge Journal of Economics and the Economic History Review, is focused on institutional and evolutionary economics and economic history He is a member of QUB’s Economic & Financial Institutions Research Group (EFIRG) John Considine is a Lecturer in Economics at the Department of Economics, College of Business and Law, University College, Cork, Ireland He has written about the economic thought of Edmund Burke and James M Buchanan in the Journal of History of Economic Thought and in the European Journal of History of Economic Thought He has also published in the Journal of Economic Education explaining how the TV show The Simpsons follows the satirical tradition of Jonathan Swift John acted as research assistant to ­Terence Gorman during the summer of 1990 Tadhg Foley is a Professor of English at the Department of English, National University of Ireland, Galway, Ireland He was educated at NUI, Galway and the University of Oxford With Tom Boylan he is the author of Political Economy and Colonial Ireland: The Propagation and Ideological Function of Economic Discourse in the Nineteenth Century (Routledge, 1992) He is also the joint editor, with Professor Boylan, of both the four-­volume anthology, Irish Political Economy (Routledge, 2003) and John Elliot Cairnes: The Complete Works in six volumes (Routledge, 2004) 326   F Barry Given the fairly widespread international consensus on long-­term growth-­ enhancing policies, however, the question remains as to why it proves so difficult to have such policies adopted Here our discussion has revolved around several issues What are the sources of economy-­specific policy innovations? How can growth-­enhancing policies be adopted in the face of interest-­group and other pressures? And how can such policies be implemented efficiently? The advantage of occasional changes in government springs immediately to mind The success of the policies adopted by a short-­lived non-­Fianna Fáil coalition government to attract export-­oriented foreign businesses in the 1950s facilitated Fianna Fáil in dropping its ideological objections to foreign direct investment Something similar can be seen in the legacy bequeathed to subsequent UK Labour governments by the administration of Mrs Thatcher The policy learning process may take much longer in non-­democratic or effectively single-­party systems, as evidenced by the prolonged economic failures of the Soviet system and of China under Mao, or the long stagnation of Northern Ireland under single-­party domination More effective policies can also emerge through external influences, as illustrated by the galvanising 1965 OECD-­sponsored report on education A more recent example of how changes in the global economic zeitgeist can impact on Irish policymaking is provided by the growing recognition of the importance of competition policy Organisational and institutional learning are also clearly of importance Openness to external review has been critical to the IDA’s development as a learning organisation, and its ‘transnational strategic network’ has been crucial in helping the agency keep abreast of relevant global developments In fact the entire Irish public service scores well on indicators of institutional capacity, though several recent failures in the public-­administration arena suggest that a Whistleblower’s Charter could be of benefit if due accountability is to be enforced.22 In the managerial literature, ‘institutional learning’ is used to refer to improvements in the quality of interactions between organisations that relate to each other in a given context The comments made earlier about how social partnership may have promoted a shared understanding of the functioning of the economy are apposite here It is one component of the extensive consultation process undertaken – as frequently remarked upon by foreign observers – before many key decisions are made in the Irish system Consensus is rarely reached in the political sphere however Hence the availability of ‘political cover’ can be hugely beneficial when major reform programmes are being implemented We saw how the Fianna Fáil government of the late 1950s used a document written by the head of the civil service as political cover in moving away from protectionism EU fiscal commitments and WTO agreements – examples of what New York Times columnist Thomas Friedman (2000) terms ‘the golden straightjacket’ – can also be used in this way The availability of political cover is of value however only if elected governments actually desire to withstand detrimental interest-­group or populist pressures Learning from Ireland’s economic development   327 Notes   GNP is the preferred measure of Irish income per head (and is adjusted in Figure 15.1 for purchasing power differences) GDP figures overstate Ireland’s achievements as they include the massive profits recorded by foreign multinational corporations operating in Ireland Irish GDP exceeds GNP by more than 20 per cent, a difference not reflected in the data for any other EU country   It took time for policymakers everywhere to realise that the oil price increases represented supply shocks which required a different response from the demand shocks with which they were more familiar Excessive wage increases would further worsen the supply potential of the economy   A later Finance Minister, Ray MacSharry, astutely critiqued his own party colleague’s policy, writing that ‘. .  all the benefits were front-­loaded, and the payback never came Tax cuts were delivered in anticipation of pay moderation rather than in response to it’ (MacSharry and White 2000)   Manipulation of transfer prices in order to shift profits to low-­tax locations is easiest in R&D and advertising-­intensive sectors as these factors obfuscate the exact source of value added   One of MacSharry and White’s anecdotes, concerning the battle to attract Intel to Ireland, is illustrative in this regard At the final stage of the decision-­making process the company remained fearful that engineers with the requisite experience might be difficult to find The Industrial Development Agency (IDA) commissioned interviews with over 300 appropriately experienced Irish engineers, working mainly in the US, and was able to report to Intel that over 80 per cent of them expressed a willingness to return to Ireland if offered a good career opportunity with a quality company   The prisoner’s dilemma, a familiar concept in game theory, refers to a situation in which a group whose members pursue rational self-­interest may end up worse off than a group whose members act contrary to rational self-­interest   As Bew and Patterson (1982: 70) point out, for nationalist ideologues ‘foreign capital was a far more explosive issue than protection After all, protection was only a means to an end – the building up of a native Irish industry.’ The psychological impact of the shift in policy on foreign ownership, when it finally occurred, is apparent from the reaction of one leading Fianna Fáil deputy, who recalls that: ‘I was bewildered and shocked to find that the principle of Irish ownership of industry, which was central to the Republican policy as I had always understood it, was gone . . .’ (quoted by Bew and Patterson 1982: 121)   The initial Act gave 50 per cent tax remission on profits derived from increased manufactured exports The political acceptability of the measure was greatly enhanced by the fact that it did not undermine protected industry Nor did it impact on the existing tax base The relief was increased to 100 per cent by the new Fianna Fáil government two years later   An important feature of the report, according to one observer, was that ‘technocratic expertise was being given unprecedented attention and might now be heard alongside the party political and denominational interests which had previously dominated ministerial councils’ 10 Wickham and Boucher (2004) criticise Ireland’s ‘inexpensive “volume production of technical graduates”, undertaken without incurring the “costs” of tackling educational disadvantage or developing a research-­based innovation system’ Such a system may be appropriate however for a country at a lower stage of economic development, as Ireland has been until recently 11 Gunnigle and McGuire (2001), in a survey of executives of ten major US MNCs, find that education and skill levels rank second in importance to the corporation-­tax regime in drawing these firms to Ireland 328   F Barry 12 The introduction of Social Fund aid to the RTCs entailed an element of subterfuge on the part of the Irish authorities since EU regulations at the time permitted the funding of training only, rather than education White (2001) recounts how civil servants quickly reined in a newly appointed Minister of Education who inadvertently almost revealed the subterfuge to Brussels 13 The Irish system offers a finite number of places in most third-­level courses, and though these numbers are decided within the universities they are subject to government influence given that the latter provides the bulk of funding 14 Tax cuts are estimated to have accounted for up to one-­third of the rise in real take-­ home pay between the late 1980s and the early 2000s 15 Even the political party that won the election of 1987 and implemented far sharper spending cuts than proposed by the previous government had campaigned on the slogan that ‘health cuts hurt the old, the poor and the handicapped’ 16 NESC – the National Economic and Social Council – can be loosely described as the social-­partnership secretariat Fine Gael is the country’s second largest political party and has led all non-­Fianna Fáil coalition governments 17 Luxembourg records a higher FDI stock per head of population than Ireland but this is largely concentrated in financial services and is much less employment-­intensive 18 It is important to note that though the Irish corporation tax rate is low by EU standards, this does not translate into low corporation tax revenues as a share of GDP (European Commission 2006: Table A.2.2.G) 19 Eurostat’s refusal to allow Kerry and Clare to be included in the (Objective 1) Border, Midlands and West region when the country was subdivided into two NUTS II EU regions for the 2000–06 planning period provides an example of how localist-­driven policies have been thwarted by the EU in the past 20 Thus Koedijk and Kremers (1996) find that Ireland comes out best of all EU15 countries in terms of product-­market freedom from regulation, and that it also scores well in terms of a freely functioning labour market A broadly similar picture emerges from the World Bank’s ‘Doing Business’ indicators (www.doingbusiness.org/EconomyRankings/) 21 This takes institutional factors such as property-­rights protection and the rule of law as given The strong emphasis here on institutional capacity goes beyond the ‘Washington Consensus’ range of policies however, though most of the features that Stiglitz (2002) identifies as lacking within that paradigm – such as the need for land reform, adequate social security nets and appropriate sequencing of reforms – relate more to developing than to developed countries 22 Evans and Rauch (1999) show that characteristics such as the degree to which core state agencies employ meritocratic recruitment and offer predictable rewarding long-­ term careers significantly enhance a country’s prospects for economic growth, even when initial levels of GDP per capita and human capital are controlled for Ó Riain (2004) has recently evaluated the Irish civil service and industrial development bodies on the fourteen-­point scale established by these authors Ireland emerges with a score of 12.5, which compares favourably to the highest scoring of the thirty-­five ‘developing countries’ to which Evans and Rauch confine their analysis – Singapore at 13.5, Korea at 13 and Taiwan at 12 References Baccaro, L and Simoni, M (2007) ‘Centralized Wage Bargaining and the “Celtic Tiger” Phenomenon’, Industrial Relations 46(3): 426–455 Barry, F (2003) ‘Economic Integration and Convergence Processes in the EU Cohesion Countries’, Journal of Common Market Studies 41(5): 897–921 Bew, P and Patterson, H (1982) Seán Lemass and the Making of Modern Ireland 1945–66, Dublin: Gill and Macmillan Learning from Ireland’s economic development   329 Calmfors, L and Driffill, J (1988) ‘Bargaining Structure, Corporatism and Macroeconomic Performance’, Economic Policy 3(6): 13–61 Fanning, R (1978) The Irish Department of Finance 1922–58, Dublin: Institute of Public Administration Ecofin (2001) 2329th Council Meeting, Brussels, 12 February Online Available at http:// europa.eu/rapid/pressReleasesAction.do?reference=PRES/01/35 European Commission 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discouragement of 94–5; exports 186–7; reform of 99–100; subsidies 90–1 air transport 323–4; see also landed-property reform Alciphron, or the Minute Philosopher (Berkeley) 60, 67, 68–71 Aldrich, J 261 alienable/inalienable property rights 142–5 Almodovar, A 295 Ami des Hommes (Mirabeau) 26 Ancient Law (Maine) 181–2 Angell, J.W 184, 185 Anglo-French Treaty (1860) 183 Anglo-Irish Free Trade Agreement (1965) 316 Anscombe, G.E.M 75 Anti-Corn Law League 98 applied economics 202–5 Arbuckle, James 63 Aristotle 146 Arnold, Matthew 210–11 Arnon, A 215, 226, 227 Arthur, Brian 13 Ashburn Act (1891) 152 Atiyah, P.S 141–2 Aventures de Telemaque (Fenelon) 57 Axe Laid at the Root of Irish Oppression (Conner) 99 Baccaro, L 319 Baccini, Alberto 10, 233–46 Backhouse, Roger E 8, 200–12, 299, 300, 301 Bacon, Francis 19 Bagehot, W 216 balance of payments 218, 220, 224 Bank of England 9, 215–17, 218, 219, 220–2, 224, 225–6 Bank of Ireland 9, 215, 217–20, 222–4, 226, 228 Banking and Currency (Longfield) 114–15 Banking Commission 285–6, 296 banking debates: bullionist controversy 215–23; Parnell’s views and contributions 223–8 Barbé, L 234 Barbon, N 57 Barrat, Alfred 236–7 Barrett, A 301 Barry, Frank 3, 4–5, 12, 310–26 Barten, A.P 276 Bastable, Charles Francis 9; on trade and public finance 179–97 Baumol, William J 122, 290, 299 Benthamism 141–2, 158, 194 Beresford, John 85 Berg, Maxine 110 Berkeley, George 2, 3, 5–6, 32–3, 50–2, 60, 63–4, 75–7, 110; critique of Mandeville 68–9; critique of Shaftesbury 69–71; on human sociality 40–3; and Hutcheson 72–4; Querist 43–8; rule versus act utilitarianism 71–3; views on money 48–50 Berman, D 68, 72 Berman, H.J 142 Berry, B.J.L 262 Beshers, J.M 262 Bew, P 99, 325 Bishop, J.D 66, 67 Black, F 275 Black, R.D.C 1, 2, 3, 4, 7, 11, 97, 115, 119, 133, 142, 145, 158–9, 161, 171, 173, 180, 184, 202, 203, 250, 284–5, 286, 287, 291, 293, 296, 298, 302 Blackorby, C.B 269 332  Index Blackshields, Daniel 82–102 Blaug, Mark 48–9, 269, 290, 292, 293 Boase, G.C 135 Boase, Henry 218 Bond of Society (Berkeley) 67–8, 70 Bowen, W.G 290 Bowley, Arthur L 244 Bowley, Marian 112, 234 Bowman, K.D 261 Boyd, W 216 Boylan, Tom 1–13, 114, 156–76, 179–97, 208, 209 Bracken, H.M 75, 76 Brady, G.L 300 Brewer, Anthony 1, 5, 17–29 Bright, John 160–1, 163, 171, 202 Bristow, J.A 180 British economics 208–9 Brown, M 63 Brownlow, Graham A 11, 283–303 Buckle, Henry 211 budgets 189–91, 193–4; deficits 313 Bull, Philip 114 bullionist debate: bullionist and anti-bullionist positions 215–17; currency report (1804) 9, 218–22; depreciation of Irish paper pound 217–18; Parnell’s views and contributions 223–8; polemic against Bank of Ireland 222–3 Burke, Edmund 2, 8, 85; and O’Connor/Smith 95–7 Butler, H.E and H.V 234 Butt, Isaac 115, 119, 128–30, 134–6, 169 Cairnes, John Elliot 8, 9, 114, 135, 142, 143–4, 145, 182, 184, 200–1, 203, 208–9; on property right 148–52; on land, laissez-faire and Ireland 156–76 calculation debate 289–90 Calmfors, L 313, 318–19 Campbell, George 174–5 Campbell, J.Y 275 Canard, M 191 Canavan, F 96 Cannan, E 219, 221 Canning, David 13 Cantillon, Richard 1–2, 5, 17, 43–8; Essay on the Nature of Commerce in General 26–9; Irish roots 24–6; and Petty 29 capabilities approach to human development 43–8 capital flows 87–8, 100–1, 256–7 Carson, C 258 Cartwell Act 144 Catholic church, relationship with academia 284, 295–6 Catholic emancipation 85, 96, 98, 210–11 Census statistics 252, 253 Chalmers, Thomas 190 Chancery Court 142 Chapman, John 165 Character and Methodological Method of Political Economy (Cairnes) 156–7 Characteristics (Shaftesbury) 62–3, 69–71 characteristics model 274–5 Chartists 99 Chatterjee, S.K 242 Chesterton, G.K 39–40 Christian morality: Berkeley/Swift on 32–7 40–3, 70–1, 72; Hutcheson on 60 Cibber, T 39 Clapham, J.H 182 Clarendon, Lord 163 classical economist perspective, landed-property reform 139–53 classical era 7–9 Cliff, A.D 262 Cliffe Leslie, T.E 2–3, 8–9, 164, 180, 182, 196, 200, 201–5, 206, 211–12; and British economics 208–9; and nationality and identity 210–11 Coase, Ronald 233 Coats, A.W.B 12, 299, 300 Cobden, Richard 98 Cobden–Chevalier treaty 183 cobweb theory 186 Cohen, Jonathan 242 Colbert, John P 57, 291 Colley, L 210 Commerce of nations (Bastable) 184, 185, 187, 188 Common Law Court 142–3 comparative advantage 184, 186 Comparison between the Position of Economic Science in 1860 and 1894 (Mill) 180–1 competition in services 323–4 competition theory 239–42 Comte, Auguste 205, 206, 207–8, 209 Conner, William 2, 6–7, 83, 98, 99–100 Conniffe, D 259 Connolly, S.J 85 consequentialism 56, 57 Considine, John 82–102 Constant, Benjamin 83 Constitution of Liberty (Hayek) 290 consumption theory 56–77 contiguity coefficient 261–2 contract theory 239–42 Conway, Arthur 249 Conway, B 283 Cook, H.J 56 corn duty 189 Corn Laws 91, 96, 98, 141, 149, 183 corn model 116, 121–2 corruption 322 cost of production theory 119–20 Coupé, T 302 Courtney, Leonard 165 Cowen, T 227 Coyne, E.J 286 Index  333 Creedy, J 234, 236 Cromwell, Oliver 17, 18 CSO 250–1, 252, 263 Culture and Anarchy (Arnold) 210–11 currency principle of banking reform 114–15 currency report (1804) 218–22 currency: Bastable on 197; depreciation of 217–26; Parnell on 225–8; see also exchange rates Curtin, N.J 84, 85 cycles 114, 205, 290–2 D’Agostino, R.B 260 Dale, A.I 243 Daly, M.E 1, 180, 284, 301 Darwall, S 71 Darwin, Charles 181 Davie, George 75 Davis, Thomas de Vivo, Giancarlo 122 Deasy Act 140–1 Deaton, A.S 271 Debreu, G 276 deductive theory 204–5 deflation 257–8 Delaney, L 285 demand management 291–2 demand theory 118–20, 125 democracy 91–2, 94, 101 demographic policy 252–3 DeSoto, H 101 development agencies 322 Devon Report 146 Dewey, Clive 145 distribution theory 109–36, 237–8 division of labour 58–9, 76, 112, 117, 123, 131 Dobb, Maurice 115 Doing Good (Swift) 33–7 Dow, S.C 227 Dowling, J.A 114 Down survey 5, 18, 19, 24 Driffill, J 313, 318–19 duality model 275–6 Dublin Journal letters, Hutcheson 61–4 Dublin School of development economics 110–11 Dudley Edwards, R 98 Duffy, Gavan Duncan, George A, 11, 179, 283, 284, 286, 291, 293, 294 Duncan, O.D 262 Economic and Social Research Institute (ESRI) 11, 300–1 Economic and Social Review 284 economic backwardness/development 3–5 economic conditions, O’Connor on 86–95 Economic Development Report (Whitaker) 297–8, 315, 316 economic development: Berkeley on 40–50; Geary on 253–4; learning lessons from 310–26; overview 11–12; post-war economic history overview 311–14; problems and opportunities 314–24 economic growth and governance 100–1 economic history, post-war 311–14 economic man: Berkeley and Hutcheson on 72–4; Berkeley on 67–73; Dublin Journal letters 61–4; Hutcheson on 60–1; Hutcheson’s Inquiry 64–7; from Irish to Scottish Enlightenment 75–7; Mandeville on 56–60; O’Connor on 93; Swift’s critique of utilitarian evaluation 74–5 economic planning 288; rise and fall of 296–8 Economic Research Institute (ERI) 258, 262–3, 300–1 economic theory, Irish contributions to 9–11 Economic Thought and the Irish Question (Black) economic thought: early twentieth century 285–92; late eighteenth century 86–95; in State of Ireland 94–102 Edgeworth, Francis Ysidoro 2, 9–10, 185–7, 188; biographical sketch 234–5; on foundations of probabilities 242–4; on the law of one price and the law of error 239–42; and pleasure machines 235–9; and theory of statistics 244–5 education: attainment levels 312–13; development of 317–18; public expenditure on 88–90; state involvement in 164–5 Ekelund, Robert B Jr 110–11 Elementary Treatise on Series (Longfield) 114 Elements of Logic (Whately) 112, 130 Elements of Statistics (Bowley) 244 emigration 22–3, 145, 252 employment, Petty on 21 Encumbered Estates Court 159, 169–70 Encumbrances Acts 139–40, 144, 149, 153 endogenous preferences 43–8 England and Ireland (Mill) 150, 164, 173 England’s Wealth Ireland’s Poverty (Bastable) 195 England, approach to property rights 156–76 English Civil War 17–18 English Historical School 8, 183, 200, 210 Englishness 210–11 Enlightenment 75–7 Enquiry into the Origin of Honour (Mandeville) 60 Epicurus 58 error, law of 239–42, 245 Essay on Population (Malthus) 224 Essay on the External Corn Trade (Torrens) 122 Essay on the Nature and the Conduct of the Passions (Hutcheson) 61, 66 Essay on the Nature of Commerce in General (Cantillon) 5, 17, 25–9 Essay Towards Preventing the Ruin of Great Britain (Berkeley) 68, 70 334  Index Essays in Political and Moral Philosophy (Leslie) 206 Essays on England, Ireland and the Empire (Mill) 143 Estates Court 144 Europe, economic development 311–12 European Free Trade Association 316 European Social Fund 318 European Union (EU): economic development 311–13; Maastricht Treaty 11, 12, 320; regional aid 314, 318, 322–3; Single European Market 314; Stability and Growth Pact 320 evolutionary thinking 181–2 exchange rates 133, 216–26, 256–7 exchange ratio 128–9 Export Profits Tax Relief 315, 321 exports 127–8, 186–7, 315 Fable of the Bees: or, Private Vices, Public Benefits (Mandeville) 6, 57, 58–60, 61, 63, 68, 69, 77 Facing and Uncertain Future (Gorman) 273 Fanning, Bryan 283–4, 288, 296, 297–8 Fanning, Ronan 251, 283, 286, 290, 291, 293, 294, 315 Farrer, J.A 174 Fauske, J 32 Fechner, Gustav 238 fedeicommissum 143 Fetter, F.W 216, 217, 220, 221, 222 Fianna Fáil 315, 326 Fingleton, J 323 Finlason, W.F 158 Fiscal Inquiry Committee fiscal stability, overcoming 320–1, 325 FitzGerald, Garret 293, 294–5, 296, 297, 298, 316, 323 Fitzpatrick, W.J 113 Fitzwilliam, Lord 83, 85 Five Lectures on Political Economy (Lawson) 131–3 fixed-term leases 147–8, 149–52 flexible modelling 269–76 Foley, Tadhg P 1, 8, 114, 156–76, 180, 208, 209 food prices 120–1, 122–3, 131 Ford Foundation 11, 262–3, 300–1 foreign direct investment (FDI) 314, 315–16, 321–2, 325, 326 foreign remittances 216–17, 218, 252, 254 foreign trade: and balance of payments 218, 220, 224; Bastable on 179–88; Berkeley on 46–7; Cantillon on 26–9; Lawson on 132; Longfield on 127–8; Petty on 20–1 formalism: and stagnation 293–7; toolkits 292–3 Foster, J.L 218 Foster, R 22 Foundations (Samuelson) 269, 275 Four Lectures on Poor Laws (Longfield) 114 Fourcade, M 283, 284, 285, 286, 287, 292, 294, 299, 302, 304 Foxwell, Herbert Somerton 201, 208 France, Law’s system in 25 Frankena, W 65 Free Banking School 226–8 free trade 132, 182–3, 187–8, 202, 287–8, 316 freedom of contract 174–5 French Revolution 83–4, 96, 97 Friedman, T 326 Galavotti, M.C 242 Garvin, T 283, 286, 295, 300 Gastwirth, J.L 260 Gay, Sir John 161 GDP deflation 258 Geary, Roy 2, 9–10, 271, 283, 293, 294, 301, 302; early days as official statistician 250–1; and national income and accounts 254–8; and population forecasting 251–4; and statistical theory 258–62 Geary–Khamis method 256–7 General Theory (O’Brien) 291–2 George, Henry 126 German Historical School 9, 182, 206 Giavazzi, F 325 Gillies, D 242 Gintis, H 44 Gladstone, William 158, 159, 162, 163 Glasgow, E 98, 99 Goddard, J 262 Gomes, L 182, 188 Goodwin, C.D 300 Gorman, William Moore (Terence) 2, 9–10, 11, 302; on aggregation 269–71; biography 268–9; on characteristics 274–5; on duality 275–6; on separability 271–4 governance and growth 100–1 governance based on self-interest 92–3 governance problem 91–2 Graham, G 75 Grampp, William D 173 Grayling, A.C 71 Great Depression 251, 286 Great Economists: a History of Economic Thought (Marshall) 173 Great Irish Famine 7, 13, 158, 200, 203, 254 Green, R 217 Grice-Hutchinson, Marjorie 110 Grumbling Hive: or Knaves Turn’d Honest (Mandeville) 57 Gutman, P 258 Habakkuk, John, 142–3, 144 Hahn, Frank 268 Hall, F.G 217, 218, 219, 220 Hands, D.W 157 Hardiman, N 312 Harrison, Frederic 205 Hartington, Lord 163 Index  335 Hartley, H.O 260 Hawkesworth, John 39 Hayek, F.A 222, 286, 288, 290 Hayter Hames, J 83 Hebert, Robert F 111 Hedonical Calculus (Edgeworth) 238 Hepple, L.W 262 Hicks, John R 269, 275 Hickson, Charles 7–8, 139–53, 217, 220, 226, 227 historical economists: and British economics 208–9; Ingram 205–8; Leslie 201–5; national identity 210–11 historical specificity 289 History of Civilization in England (Buckle) 211 History of Political Economy (Ingram) 206–7 Hobbes, Thomas 17, 63, 141 Hoche, General 83 Holland, Bernard 175–6 Hollander, Samuel 116, 122 Hollis, A 38 Homan, P.T 173 Home Rule 196 Honohan, Patrick 11, 12, 268–77, 320, 325 Hont, Istvan 57 House of Lords 143 Howey, R.S 236 Hull, C 19 human capital development 317–18, 322–3 human development capabilities approach 43–8 human sociality 40–3, 44, 59–60, 62–4, 67, 70–1, 73 Hundert, E.G 59–60, 76 Hutcheson, Francis 2, 3, 6, 50, 60–1, 75–7; and Berkeley 72–4; Dublin Journal letters 61–4; Inquiry 64–7 Hutchison, T.W 201 IARIW 255–6 identity and nationality 210–11 Illustrations Upon the Moral Sense (Hutcheson) 61, 66–7 imports 127–8 indirect taxation 192, 194–5 individual preferences and market behaviour 269–76 individualism 143 inductive theory 204–5 Industrial Development Authority (IDA) 315, 318, 322, 326 industrial relations 312–13 industrious poor, Swift on 37–40 infant-industry argument 187–8 infrastructure provision 324 Ingram, John Kells 8–9, 180, 182, 200, 201, 205–8, 212; and British economics 208–9; and nationality and identity 210–11 inheritance laws 140–53 Input–Output decision model 263 Inquiry into the Original of our Ideas on Duty and Virtue (Hutcheson) 60, 61, 64–7, 72, 74 Institutes of Technology 317–18 institutional imitation 285–90 institutional learning 326 intellectual traditions 284–5 intensity of demand theory 125 internationalisation: as concept 298–9; ERI/ ESRI and the Ford Foundation 300–1; placing Ireland within 299–300; and Ireland’s publication culture 301–2 interventionism 132, 164–76 Introductory Lecture (Butt) 128–30 inverse wage–profit theorem 122–3 Investment in Education Report (OECD) 317 Irish economists, definition of 1–2 Jacobsen, J.K 286 Jeffers, J.N.R 262 Jefferson, Thomas 143 Jensen, H 66 Jevons, William Stanley 203, 207, 209, 239 Johnson, D.S 287, 288 Johnson, Harry 12, 299, 302 Johnson, Samuel 38, 287 Johnston, Joseph 1, 43, 284, 286, 291 Journal of the Statistical and Social Inquiry Society of Ireland 11, 283, 284 journals 283–4 Keating, J.P 261 Kelly, Morgan 12 Kelly, P 68, 73 Kemp, M.C 187 Kendrick, J.W 258 Kennedy, F 255 Kennedy, K.A 262, 300, 301, 315 Kennedy, L 287, 288 Keynes/Keynesianism 20, 157, 173, 176, 185, 233, 288, 292, 297–8 Keynes, Neville 235 Khamis, S 256–7 King, Lord 218 Kinley, David 191 Kinser, Bruce 145, 149 Kinzer, B.L 162 Kirzner, Israel 134 Kroszner, R 227 labour market, resolving malfunctioning of 318–19 labour mobility 186 labour productiveness 120–1 labour theory of value 113 labour wage 118–20, 131 Laidler, D 216, 290–1 Laing, S 175 laissez-faire: and land 145, 147, 156–76; rise and fall of 7–9 Lamprecht, S.P 68 Land Acts (1870/1881) 151–2, 159, 163–4, 169, 170, 172, 174–5 336  Index Land and Labour League 164 land and laissez faire 156–76 Land Commission 140 Land Tenure Reform Association 164 land re-zoning 324 land values 144–5, 150 land, subdivision of 146, 149 Landed Estates Court 114, 126, 144 landed-property reform: alienable/inalienable rights 142–5; Bastable on 196; Cairnes/Mill on 148–52; freedom of property v feuding over property 145–52; laissez-faire approach to 156–76; Leslie on 203; Longfield on 114; McCulloch on 147–8; O’Connor on 99–100; Senior on 145–6 Landlord and Tenant (Ireland) Act (1860) 160, 174 landlord–tenant property relationships 147–8 landlords, Senior on 145–6 Lane, Philip 12, 320 Lauderdale, Earl of 222, 223 law and order, public expenditure on 90 Law, John 5, 25, 48–9 Lawlor, William Lawson, James Anthony 119, 130–3, 134–6 Leary, D.E 41, 67, 70–1 leases 147–8, 149–52, 225 Lecky, W.E.H 83 Lectures on Commerce and One on Absenteeism (Longfield) 113, 131, 132 Lectures on Political Economy (Longfield) 77, 113, 116–17, 119–27, 130, 131 Lee, Joe 283, 286, 297, 302 legal system, cost of administering 90 Lerner, Abba 127 Leser, C.E.V 301 Letter to a Nobel Lord (Burke) 96 Letter to Dion, A (Mandeville) 60, 69 Letter to the Right Honourable the Earl of Devon on the Rackrent System (Connor) 99 Levy, D 211 Levy, S Leon 112 Lindley, D.N 156 linear expenditure system 271 Linehan, T 250, 251, 255, 257 List, Friedrich 207 Lloyd George, David 190, 193, 194 Loan Fund Board 38 loans, 37–40 Logic of Chance (Venn) 242–3 Longfield, Mountifort 7, 113–15, 130, 131, 134–6, 228; letters on commerce 127–8; and market mechanism 117; and natural theology 116–17; non-Ricardian credentials 115–16; and price theory/labour wage 118–20; and productiveness of labour 120–1; and profit deduction 121–3; and profit rate 123–5; and rent theory 125–7; rediscovery of 115 Loria, Achille 187 Low, Sidney 175 Lowe, Robert 158, 161–3, 204 Luce, A.A 71 Lucey, B 285, 301 Lynch, Paddy 255, 292, 294, 296, 297, 298 Lyon, Stanley 250, 257 Lyons, F.S.L 98 McCarthy, Donal 250, 253 McCloskey, Deirdre 56 McCormick, B.J 288 McCreevy, Charlie 321 McCulloch, John R 3, 7–8, 142; on property rights 147–8 MacDermot, F 83 MacDonagh, Oliver 2, 159–60 McDowell, R.B 113 MacFie, A.L 76 McKerrow, Ray E 112 Mackintosh, J & R.J 39 MacMahon, B 111 McManus, Maurice 268 MacNeely, Bishop 296 McPhail, Edward 6, 32–52 MacSharry, R 314, 320 Maine, Henry 8, 141–2, 171, 174, 181–2, 201–2, 208 Malmquist, S 276 Maloney, John 9, 179–97 Malthus, Thomas R 3, 111, 116, 118, 119, 121, 122, 126, 131, 132, 141, 224 Mandeville, Bernard 6, 20, 56–60, 62, 65, 72–3, 74–7; Berkeley’s critique of 68–9; Hutcheson’s critique of 61–4 Manpower Consultative Committee 318 market behaviour and individual preferences 269–76 market mechanism 117 market prices, Cantillon on 27–9 Markowitz, H 275 Markusen, J 325 Marshall Plan 315 Marshall, Alfred 183, 184, 201, 245, 288 Marshall, A and M.P 208 Marshall, H.D 173 Marshall, Robert 220 Martin, Henry 58 Mason, R.L 261 Mathematical Physics: an Essay on the Application of Mathematics to the Moral Sciences (Edgeworth) 233, 235, 239–42, 243–4 mathematical statistics 250–1 Meenan, J 287, 288, 289, 290, 295, 296, 300 Merton, R 11, 275 Metretike (Edgeworth 244 microeconomic reform 323–4 microfinance, Swift on 37–40 military power 21–2 military systems 202 Mill, John Stuart 2, 8, 9, 83, 113, 114, 126, 135, Index  337 139, 142, 143, 145, 156, 157, 158–9, 161–2, 164, 165, 166–8, 173, 180–1, 182, 184–5, 187, 190, 200–1, 207, 208, 209; on property rights 148–52 Milner, Alfred 195 Mineka, F.E 156 Mirabeau, Marquis of 26 Mirowski, P 234, 292, 293, 294 misanthropy 37–40 Mises, Ludwig von 111, 134, 286 Mississippi scheme 5, 25 model building: rise and fall of economic planning 297–8; stagnation in the formalist ‘revolution’ 293–7; toolkits and formalism 292–3 Modest Defence of Public Stews (Mandeville) 58, 74–5 Modest Proposal for Preventing the Children of Poor People in Ireland from Being a Burthen to their Parents or Country, and for Making Them Beneficial to the Public (Swift) 74–5 Molesworth, Robert 62–3, 72 monetary debates: bullionist controversy 215–23; Parnell’s views and contributions 223–8 money: Berkeley on 48–50; circulation of 28–9; economic thought (1922–1945) 290–2; Leslie on 203 monopoly power 99 Monopoly: The Cause of All Evil (O’Connor) 84 Monteagle, Lord 174 Moore, J 67 moral standards critique 57–60; Hutcheson’s response to 61–7 Morgan, M.S 292–3, 294 Morley, John 170 Moss, Laurence 1, 7, 109–36 Muellbauer, J 271 Müller, Adam 207 Murphy, A 26, 28, 286 Murphy, A.E 1, 50, 109, 113 Murphy, W 287–8 mutual benevolence 40–3 Mutual Subjection (Swift) 33–7 Myrdal, Gunnar 158 nation building (1922–1945) 285–92 national income accounting 10, 254–8, 284 National Institute for Economic and Social Research (NIESR) 300–1 nationality and identity 210–11 natural theology 112, 116–17, 130, 131, 133 Navigation Laws 185 Neary, J Peter 11, 12, 256, 268–77, 302 Neate, Charles 162 Nesbitt, William 165–6 New and Old Methods of Ethics (Edgeworth) 235–8, 244 “New Light” thinkers 60–1 Newdegate, C.N 163 Newman, P 234, 236, 238, 240 Nicholson, J Shield 158, 186 Noel, G.S 163 normality testing, statistics 259–61 North, N 57, 101 Northern Star 83–4, 85, 98, 99, 100 Notes on Ireland (Cairnes) 166–8 Ó Gráda, Cormac 13, 218, 222, 225, 293, 297, 311, 315 Ó Nualláin, L 293, 296, 300 O’Brien, D.P.O 115 O’Brien, George 11, 99, 100, 250, 252, 284, 291–2, 294, 296, 298, 300, 302; on nation building 285–90 O’Connell, Daniel 98, 99–100 O’Connor, Arthur 1–2, 4, 6; biographical details 82–4; influence of Smith 86–95; radical reform legacy 97–100; and Smith/Burke 95–7; State of Ireland 84–95, 100–1 O’Connor, Fergus 6, 98–9, 100 O’Donnell, R 319 O’Rahilly, Alfred 296 O’Rourke, Kevin 12, 293, 311 Oates, W.E 323 Observations on Paper Money, Banking and Overtrading (Parnell) 225 Observations on the Dublin Bills of Mortality (Petty) 19 OEEC Standardised System of National Accounts 255 Offer, Avner 145 Oldham, C.H 250–1 one price, law of 239–42 Ord, K 262 Organisation for Economic Co-operation and Development (OECD) 312, 316, 317–18, 326 Overstone, Lord 114 Owens, M.E.B 260 pacification of Ireland 160, 163 Pagano, M 325 Parnell, Charles Stuart 310 Parnell, Henry 9, 215, 218; and bullionist debate 223–5; on paper money and banking 225–8 Passive obedience (Berkeley) 67, 71–2 Patterson, H 325 Peacock, A 290 Pearson, E.S 260, 261 Peart, S 211 pensions 189 Petty, William 1, 3–4, 5, 58; and Cantillon 29; in Ireland 17–18; political arithmetic 19–24 Phantom of Plenty (O’Brien) 290 phenomena 206–7 Physical Basis of Probability (Edgeworth) 241 Pitman, E.J.G 259 Please, N.W 261 pleasure, law of 235–9 338  Index policy development 11–12 Political Anatomy of Ireland (Petty) 4, 19, 20 political arithmetic 19–24 Political Economy and Laissez-Faire (Cairnes) 171–2 Political Economy and Land (Cairnes) 170 Political Economy of Adam Smith (Leslie) 201–2 political economy, birth of: Cantillon’s Irish roots 24–6; Essay on the Nature of Commerce in General 26–9; overview 5–7; Petty and Cantillon 29; Petty in Ireland 17–18; political arithmetic 19–24 Political Essays (Cairnes) 157, 169–70 political power: distribution of 101; evolution of 93–5 political science 82–102 political thought, late eighteenth century 84–6 Poor Law (1834) 109 poor relief 188–9, 203 population: Berkeley on 47; Cantillon on 26; forecasting 251–4; growth and transplantation 22–3; Lawson on 131–2; Leslie on 203; Longfield on 121; Senior on 146 Possible Procedure for Analysing Quality Differentials in the Egg Market (Gorman) 274–5 poverty: Bastable on 195–6; Berkeley on 41–2; and emigration 145; Swift on 37–40 Pratschke, J.L 256, 257, 258 Prendergast, Canice 13, 302 Prendergast, Renee 1–13, 27, 56–77, 96 Press, The 84, 85 price deflation 257–8 price levels, Leslie on 203 price theory 118–20 Price, L.L 188 primogeniture 86, 93–5, 96, 97, 143 Principles (Marshall) 180 Principles (Ricardo) 116, 118, 122–3, 126 Principles of Political Economy (Malthus) 118, 121, 126 Principles of Political Economy (Mill) 114, 162, 166–7, 187 Principles of Political Economy (Nicholson) 186 probability theory 238–45 productive labour 87–8, 129–30 productiveness of labor 120–1 profit deduction 121–3 profit rate theory 123–5, 130 profit theory 112 Programmes for Economic Expansion (white papers) 297–8, 315, 316 proprietary farming 150–1, 152 Protection to Home Industry: Some Cases of its Advantages Considered (Butt) 128 protectionism 128, 132, 183, 185–8, 197, 287–8, 315–16 Protestantism, stigma of 286 Protestants, religious instruction 88–90 public benefits and private vices 57–77 public borrowing 190 public expenditure 96, 97; agricultural subsidies 90–1; education/religious instruction 88–90; law and order 90 Public Finance (Bastable) 188–9, 190, 191, 192–3, 194 public finance, Bastable on 188–97 public works 189 publication culture 301–2 Querist, The (Berkeley) 6, 40–50, 68, 73 Quest for Modern Ireland (Fanning) 283–4 rackrenting 149 radical reform, O’Connor’s legacy of 97–100 Raphael, D.D 66, 76 Rashid, Salim 3, 6, 32–52, 110, 111 Rational Fools (Sen) 40 Rationale of Exchange (Edgeworth) 241 Read, D 98, 99 real cost theory 182 real incomes 256 Redmond, John 196 Reeves, Henry 165–6 Reflections on the Revolution in France (Burke) 95–6 regional aid, EU 314, 318, 322–3 Regional Technical Colleges (RTCs) 317–18 religion, Burke and Smith on 96, 97 religious instruction, public expenditure on 88–90 rent theory 125–7, 130 Rent, Profits, and Labour (Butt) 128–30 rents: Cantillon on 26–8; Petty on 23–4; see also landed property reform Report on the Council of Trade in Ireland (Petty) 20 republicanism 85 revolutionary change 93–6, 97–100 Ricardo, David 3, 111, 113, 118, 119–20, 122–3, 126, 141, 143, 157, 200, 201, 203, 216; and Longfield 115–16 Richey, Alexander George 175 Robbins, Lionel 132 Robinson, J.A 101 robustness testing, statistics 259–61 Rogers, Thorold 208, 210 Romer, D 100–1 Rosman, B 260 Ross, I.C 72 Rubinstein, Ariel 56 rule utilitarianism 71–2, 76–7 Ruskin, John 201 Russell, P 76 Rutherford, M 292–3, 294 Samuels, Warren J 143 Samuelson, Paul 116, 269, 273, 275 Sanger, C.P 233 Index  339 Sargent, T.J 50–1 Say, J.B 113 Scarf, H.E 233 Scholes, M 11, 275 Schumpeter, Joseph A 115, 157, 290 scientific tools, formalism 292–3 Scott, W.R 63, 67 Scottish banking system 226–8 Search into the Nature of Society (Hutcheson) 60, 63 Sechrest, L.J 227 Select Committee on the High Price of Bullion (1810) 216–17, 221 self-interest principle 92–3 self-interest, governance based on 92–3 self-regarding preferences 35–7, 41, 42–3; unintended consequences 131 Seligman, Edwin R.A 115, 120, 141, 192 Sen, Amartya 5–6, 40, 43, 46, 56, 77 Senior, Nassau W 4, 8, 111–12, 132, 142, 144; on property rights 145–6 separability model 271–4 series 114 Settled Estates Act (1856) 144 Settled Land Act (1882) 144 Shaftesbury, Lord 33, 59, 60, 62–3, 64, 65–6; Berkeley’s critique of 69–71 Sheridan, Thomas 37, 39 Shiells, Robert 39 Shorrocks, A.F 269 Short Introduction to Moral Philosophy (Hutcheson) 67 short-term leases 147–8, 149 Shubik, M 233 Sidgwick, Henry 185, 186, 201, 207, 236–7 Silberling, N.J 220, 225 Simoni, M 319 Skidelsky, R 288 Slave Power (Cairnes) 156, 157 Small, S 85 Smith, Adam 3, 6, 18, 32, 51, 57, 58, 74, 75–6, 77, 82, 84, 116–17, 118, 129, 141, 143, 185, 188, 201–2, 204, 205, 206–7, 211, 228; influence on O’Connor 86–95; and O’Connor/Burke 95–7 Smith, J.G 179–80 Smith, Vera 226, 227 Smithin, J 227 social infrastructure, O’Connor on 100–1 social instability 109–10 social partnership process 320 socialist economics 288–90 Solow, Barbara L 101, 140, 152, 159 Some Ambiguous Terms used in Political Economy (Senior) 112 Some Leading Principles of Political Economy Newly Expounded (Cairnes) 156–7 South Sea Company 5, 25 specialization 46 Speech of William Connor Esq Against Rackrents etc 99 Spencer, Herbert 237 Spencer, John E 10, 249–63, 294 Sraffa, Piero 115, 116 stagnation 293–7 Stansfeld, James 162 State of Ireland (O’Connor) 4, 82; context of 84–6; economic thought in 86–95; and O’Connor’s legacy of radical reform 97–100; relevance of 100–1; and Smith/Burke 95–7 States of Mind (MacDonagh) 159–60 Statistical and Social Enquiry Society of Ireland (SSISI) 115, 180, 250, 251, 252, 254–5, 263 statistical theory 249–63; Edgeworth on 242–5; Geary’s contribution to 258–62 Statistics Act (1926) 250 Steele, E.D 162–4, 171 Stigler, George J 115, 118 Stigler, S.M 233, 234, 244–5 stochastic ratios 259 Stone, J.R.N 255 Straus, E 18 strict-settlement system 140, 142–5 Strotz, R.H 272 Studies 11, 284 Stuvel, G 258 subsidies 90–1 subsistence wage theory 121–2 supply-and-demand model 113, 118–20, 127 surplus, Petty on 23–4 Sutton, John 13, 302 Sweetman, A 38 Swift, Johnathan 2, 5–6, 32–7, 50–2; as compassionate misanthrope 37–40; critique of utilitarian evaluation 74–5; Mutual Subjection/Doing Good 33–7 Synge, Edward 63 System of Moral Philosophy (Hutcheson) 67, 73, 74 taxation: Bastable on 189, 190, 191–5; O’Connor on 93; Lawson on 131 Taylor, P.J 262 technical education system 317–18 Teixeira, P 295 telecommunications sector 323 tenant improvement compensation 114, 148, 151–2 tenant rights legislation 114, 139–53 Tenure of Land in Ireland (Longfield) 114 theological peacemakers 111–13 Theory of International Trade (Bastable) 183–5, 187, 188 Theory of Moral Sentiments (Smith) 6, 57, 74, 76, 77 Theory of Political Economy (Jevons) 209 Thode, H.C 261 Thomas, R.P 101 Thompson, E.A 217, 220 340  Index Thompson, R.E 158 Thornton, Henry 216, 217, 218, 222 Thornton, W.T 161 Thoughts and Details on Scarcity (Burke) 96 Thucydides 146 Tintner, G 294 Torrens, Robert 115, 122, 131, 132–3, 141 Toynbee, Arnold 208, 210, 212 trade liberalisation 311–16 trade: Bastable on 179–88; Berkeley on 46–7; Cantillon on 26–9; Lawson on 132; Longfield on 127–8; Petty on 20–1 trading gains 256 “tragedy of the commons” 146 Trinity College Dublin: Butt at 128–30; Lawson at 130–3; Longfield at 113–28; Whately at 111–13 Turner, John D 1–13, 215–28 two-stage budgeting 272 Tyrell, R.Y 234–5 uncertainty 273 unemployment 290–2, 312, 313 unions 319 United Irishmen 84, 85, 86, 95, 97 United Nations (UN): Economic Research Institute (ERI/ESRI) 262–3, 300–1; System of International Accounts 10, 255–6, 257 unproductive labour 87–8, 129–30 Unwin, D.J 262 Uthoff, V.A 260 utilitarianism 71–2, 76–7, 141–2, 235–9; Swift’s critique of 74–5 utility 113, 119, 128–9, 133, 194–5, 238, 239–42 Value and Capital (Hicks) 269, 275 value theory 109–36, 182 Vance, Robert 122 Velde, F.R 50–1 Venn, J 238, 242–4, 245, 289 Vickrey, William S 125 Viner, Jacob 127, 216, 217 virtuous action 33–7, 57–60 von Neumann, J 259 w-test 260 wage determination 319 wage of labor 118–20 Walker, F.A 205 Walsh, B 263, 302 war finance 188, 189, 190, 220, 222 war, and free trade 202 Waterman, A.M.C 110, 111 wealth accumulation, sources of 87–8 Wealth of Nations (Smith) 3, 6, 58, 76, 77, 82, 83, 87–8, 89–90, 91, 94–5, 97, 100, 116–17 wealth, nature of 204 wealthy, preferences of 45–6 Webb, D.A 113 Weintraub, E.R 292, 293 welfare maximization 236–8 West, Sir Edward 119, 122, 126 Whately, Richard 7, 76, 77, 109–10, 111–13, 115, 116–17, 118, 121, 129, 130, 131–2, 135, 156, 181 Whitaker, J.K 235, 245 Whitaker, T.K 255, 297–8, 300, 315 White, L.H 226, 227 White, P 314, 320 White, T 318 Winch, D 95 working class unrest 109–10 World Competitiveness Yearbook 317–18, 324 World War II 292, 293 Wundt, William 238 Wyndham Act (1903) 152 Young Irelanders 99 Young, Arthur 191 z-test 260–1 ... Cardoso and Antonio Almodovar   History of Latin American Economic Thought Oreste Popescu   History of Norwegian Economic Thought Olov Bjerkholt and Pal Lykkja   History of Russian Economic Thought. .. He has written about the economic thought of Edmund Burke and James M Buchanan in the Journal of History of Economic Thought and in the European Journal of History of Economic Thought He has also... 1980s he was Economic Advisor to the Taoiseach and spent several years at the Economic and Social Research Institute, Dublin, and at the Central Bank of Ireland A graduate of UCD and of the London