Aristotle, Adam Smith, and Karl Marx: On Some Fundamental Issues in 21st Century Political Economy

2013 ◽  
Vol 45 (4) ◽  
pp. 757-759 ◽  
Author(s):  
G. Vivenza
Keyword(s):  
Political Economy ◽  
21St Century ◽  
Karl Marx ◽  
Adam Smith

scholarly journals Special Issue Foreword: On the Political Economy of Amateur Athletics

2016 ◽  
Vol 2 (1) ◽  
pp. 1
Author(s):  
Joshua I. Newman ◽  
Kyle S. Bunds
Keyword(s):  
Political Economy ◽  
Karl Marx ◽  
Adam Smith ◽  
Well Being ◽  
Economic Behavior ◽  
Political Systems ◽  
Thorstein Veblen ◽  
State Governance ◽  
David Ricardo ◽  
Field Of Inquiry

In its most artless definition, political economy refers to the study of inter- and intrastate transaction—concerned in large part with the dialectics of state governance and the production/consumption functions therein. Many of us, with varying degrees of deliberation, have read the works of forerunning political economists such as Adam Smith (c. 1723-1790), David Ricardo (c. 1772-1823), Thomas Malthus (c. 1766-1834), John Stuart Mill (c. 1806-1873), Karl Marx (c. 1818-1883), and Thorstein Veblen (c. 1857-1929). These classic political economists and their contemporaries shared a concern for the extent to which land, labor, income, capital, and the population derived value from, and maintained contingency with, state polity. While each diverged from the others in how to best organize the State in relation to markets and exchange activities (and vice versa) so as to optimize the citizenry’s well-being, these scholars and their contemporaries laid the foundations for the long-standing field of inquiry fixed on exploring how various national political systems (democracy, monarchy, aristocracy, oligarchy, etc.), markets, and political and economic behavior could bring about national prosperity, maximize individual freedom, or raise collective utility.

The Macroeconomic thought of Sir William Petty

2004 ◽  
Vol 26 (3) ◽  
pp. 401-413 ◽  
Author(s):  
James H. Ullmer
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Karl Marx ◽  
Adam Smith ◽  
Economic Thought ◽  
Total Employment ◽  
Classical Political Economy ◽  
Surplus Labour ◽  
P 16

Sir William Petty (1623–1687) is generally known to historians of economic thought as an early contributor to classical political economy. In fact, Karl Marx claimed—rightly, I believe—that Petty was the founder of that school of thought (Marx 1867, p. 81). Frank Amati and Tony Aspromourgos echo the sentiment that Petty, and not Adam Smith, was “the founder of classical political economy, that school which had its culmination in the Ricardian economic theory” (Amati and Aspromourgos 1985, p. 127). Aspromourgos has also observed that Petty wrote A Treatise of Taxes and Contributions, as well as other works, in order to provide “an answer to the questions of how to maximize total employment and surplus labour, and how to best utilize surplus labour” (Aspromourgos 1996, p. 16, emphasis added).

scholarly journals KRITIK TERHADAP SISTEM EKONOMISOSIALIS DAN KAPITALIS

2007 ◽  
Vol 2 (2) ◽  
pp. 193
Author(s):  
M. Sholahuddin
Keyword(s):  
Political Economy ◽  
Social Justice ◽  
Welfare State ◽  
Karl Marx ◽  
Adam Smith ◽  
Economic Perspective ◽  
New Synthesis ◽  
Economic Ideology ◽  
Islamic Economic ◽  
David Ricardo

The failure of economic capitalism system stated by Adam Smith (1723-1790) and David Ricardo (1772-1823) actually have been criticized by Karl Marx (1818-1883) in his book "A Contribution to the Critique of Political Economy" (1857) and "A Contribution to the Critique of Political Economy" (1859). Karl Marx and Engels compile a new synthesis of economic socialist system. Stranger enough, socialism particularly as economic ideology is destroyed earlier than Capitalism. Meanwhile, capitalism still survives by transforming performance. For examples, at the time of the glory of Socialism age, capitalism was transformed into socialism state with social justice and welfare state concepts, and when Islam began to rise, it was transformed into new performance as if it has characteristic of Islam, but in fact it is still capitalism. This writing tries to criticize both of them by Islamic economic perspective.

Classical Political Economy and the Evolution of Central Banks: Endogenous Money and the Fiscal-Military State

2018 ◽  
Vol 50 (4) ◽  
pp. 660-667
Author(s):  
Matías Vernengo
Keyword(s):  
Political Economy ◽  
Central Bank ◽  
Karl Marx ◽  
Adam Smith ◽  
Central Banking ◽  
Jel Classification ◽  
Alternative Theory ◽  
Endogenous Money ◽  
David Ricardo

The paper analyzes briefly the changing ideas on the role of money and banks from William Petty to Thomas Tooke, including the works of Adam Smith, David Ricardo, and Karl Marx. It analyzes the role of ideas in shaping the evolution of central bank regulation. Particular importance is given to the Bank of England’s inconvertibility period, from 1797 to 1821, and the ensuing debate in shaping Robert Peel’s Bank Act of 1844, which is often seen as the birth of modern central banking. The importance of the Say’s Law, and the inexistence of an alternative theory of the determination of output, is shown to play an essential role in the policy prescriptions of the so-called Bullionist authors, who won the debates that shaped central banking practices in the nineteenth century. The paper concludes with a brief analysis of what is a central bank according to the dominant (marginalist) mainstream of the profession, and what an alternative conception based on what may be termed classical-Keynesian political economy would be. JEL Classification: B10, N20, E58

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