scholarly journals Martín de Azpilcueta: The Spanish Scholastic on Usury and Time-Preference

Studia Humana ◽  
2020 ◽  
Vol 9 (2) ◽  
pp. 28-36
Author(s):  
Pedro J. Caranti
Keyword(s):  
Economic Theory ◽  
Golden Age ◽  
Time Preference ◽  
Economic Thought ◽  
Preference Theory ◽  
Modern Economic ◽  
The University

AbstractMartín de Azpilcueta and his fellow Spanish Scholastics writing and teaching at the University of Salamanca during Spain’s Golden Age are rightly pointed to by historians of economic thought as being major contributors toward, if not outright founders of modern economic theory. Among these is the theory of time-preference for which Azpilcueta has repeatedly been given the credit for discovering. However, this discovery is a curious one given how the same man, Azpilcueta, condemned usury in general during his whole life. If Azpilcueta did in fact discover this theory and fully understand its implications, we would reasonably expect him to have questioned his support for the ban on charging an interest on a loan. This paper, therefore, challenges the claim that Azpilcueta understood and revived time-preference theory and shows how his understanding was much more nuanced, and, at times, inconsistent.

Defense of an Open Economy Model for Post–Civil War Spain

2020 ◽  
Vol 52 (4) ◽  
pp. 741-772
Author(s):  
Alfonso Expósito ◽  
Rocío Sánchez-Lissen
Keyword(s):  
Economic Theory ◽  
Economic Policy ◽  
Civil War ◽  
Open Economy ◽  
Economic Thought ◽  
Spanish Economy ◽  
Economy Model ◽  
The University ◽  
Work Done

This paper analyzes the work done by the economist Manuel de Torres Martínez (1903–1960), chair of economic theory at the University of Madrid, in the defense of an open economy model for Spain, through his prologues to the translations of foreign economics texts, during his period as director in Madrid of the economics section of the Publishing Aguilar (1945–60). With his work, Torres provided a guide to those responsible for economic policy to introduce the urgent changes needed by the Spanish economy, due to its problems of external deficit, inflation, and general shortages of products. At the same time, they contributed significantly to the diffusion and updating in Spain of the economic thought of foreign authors. Many of the ideas proposed by Torres and included in these prologues became a reality with the Stabilization Plan in 1959, which meant the definitive abandonment of an economic policy characterized by autarky and intense interventionism.

scholarly journals Retrospectives: What Did the Ancient Greeks Mean by Oikonomia?

2016 ◽  
Vol 30 (1) ◽  
pp. 225-238 ◽  
Author(s):  
Dotan Leshem
Keyword(s):  
Economic Theory ◽  
Economic Thought ◽  
Short History ◽  
Ancient Greek ◽  
Active Participant ◽  
Economic Action ◽  
History Of ◽  
Modern Economic ◽  
City State ◽  
The City

Nearly every economist has at some point in the standard coursework been exposed to a brief explanation that the origin of the word “economy” can be traced back to the Greek word oikonomia, which in turn is composed of two words: oikos, which is usually translated as “household”; and nemein, which is best translated as “management and dispensation.” Thus, the cursory story usually goes, the term oikonomia referred to “household management” and while this was in some loose way linked to the idea of budgeting, it has little or no relevance to contemporary economics. This article introduces in more detail what the ancient Greek philosophers meant by “oikonomia.” It begins with a short history of the word. It then explores some of the key elements of oikonomia, while offering some comparisons and contrasts with modern economic thought. For example, both Ancient Greek oikonomia and contemporary economics study human behavior as a relationship between ends and means which have alternative uses. However, while both approaches hold that the rationality of any economic action is dependent on the frugal use of means, contemporary economics is largely neutral between ends, while in ancient economic theory, an action is considered economically rational only when taken towards a praiseworthy end. Moreover, the ancient philosophers had a distinct view of what constituted such an end—specifically, acting as a philosopher or as an active participant in the life of the city-state.

scholarly journals DEVELOPMENT OF MARGINALISM IDEAS AND THEIR REFLECTION IN DOMESTIC ECONOMIC THOUGHT

2021 ◽  
Author(s):  
Liudmyla Krot
Keyword(s):  
Economic Theory ◽  
Economic Thought ◽  
Economic Behavior ◽  
Economic Research ◽  
Wide Field ◽  
Labor Theory Of Value ◽  
Labor Theory ◽  
World Economic ◽  
Modern Economic ◽  
Theory Of Value

In the conditions of transformational shifts and construction of the national competitive economy of Ukraine, society is a particularly attractive object for socio-economic research. The necessity of deep theoretical comprehension of the processes that take place and determination of the directions of further development of the domestic economy through the reference to the historical experience of studying market transformations by domestic economists is substantiated. There is a tendency of revival of scientific interest in historical and economic research in modern economic theory, where Ukrainian economic thought opens a wide field for scientific research. The aim of the article is to study the development of the ideas of marginalism and their reflection in the domestic economic thought in the works of representatives of the Kyiv School of Economics. The article presents the evolution of the theoretical and methodological foundations of the stages of the marginal revolution. It is noted that in Ukraine there were also powerful scientific centers of marginal orientation. It is claimed that the Kyiv School of Economics, headed by M. H. Bunge and D. I. Pikhno, initiated the subjective-psychological direction of political economy in Ukraine. It is determined that the peculiarity of O. Bilimovich's scientific thought was the complete denial of the labor theory of value. The article states that MI Tugan-Baranovsky has the primacy in the deep substantiation and creation of the synthesis of the labor theory of value and theories of marginal utility. It is noted that the combination of objective and subjective approaches on a methodological basis allowed him to avoid one-sided economic research. It is emphasized that the views of M. Tugan-Baranovsky in this problem were characterized by both undeniably powerful and theoretically weak aspects. Based on the study, it was concluded that marginalism as a powerful direction in the development of world economic theory had its own peculiarities of perception and development in Ukrainian economic thought of the second half of the nineteenth - early twentieth century. Research has revealed a critical perception of methodological individualism as a characteristic feature of the scientific tools of marginalism. It is noted that the fundamental ideas of marginalism in the Ukrainian economic thought of the second half of the XIX - early XX centuries. combined with the methods of the new historical and social schools. The article notes that at that time Ukrainian scientists took into account the influence of non-economic factors on the economic behavior of economic entities,

scholarly journals As fontes da teoria quantitativa do dinheiro no Manual de Confessores de Frei Rodrigo do Porto (1549)

2021 ◽  
pp. 429-456
Author(s):  
Anton Alexandrovich Afanasyev
Keyword(s):  
Golden Age ◽  
Moral Theology ◽  
Economic Thought ◽  
Quantity Theory ◽  
Just Price ◽  
The University

In this historic essay we have investigated the origins of the Quantity Theory of Money in Portugal the middle of the Golden Age. We have found out the origins of this theory in the first Portuguese book of moral theology Manual de Confessores e Penitentes that was composed by the Franciscan Portuguese friar Rodrigo do Porto and was printed in the University of Coimbra in 1549. Also we have found out the inspiration from father Rodrigo do Porto for the formation of economic thought (the theories of just price and the quantity theory) of the great Spanish thinker and true discoverer of the Quantity Theory doctor Martinho de Azpilcueta Navarro. Resumo: Neste ensaio histórico investigamos as origens da Teoria Quantitativa do Dinheiro (Moeda) em Portugal do meio do Século d’Ouro. Temos encontra-do as fontes desta teoria na primeira suma portuguesa da teologia moral Manual de Confessores e Penitentes que foi composto pelo franciscano portu-guês frade Rodrigo do Porto e foi impressa na Universidade de Coimbra em 1549. Também temos encontrado a inspiração de frei Rodrigo do Porto para a formação do pensamento econômico (das teorias do preço justo e da teoria quantitativa) do grande pensador espanhol e verdadeiro descobridor da Teo-ria Quantitativa do Dinheiro doutor Martinho de Azpilcueta Navarro. Palavras-chave: Teoria Quantitativa do Dinheiro (Moeda), Século d’Ouro, Ma-nual de Confessores (1549), Rodrigo do Porto, Martim de Azpilcueta Navarro Keywords: Quantity Theory of Money, Golden Age, Manual de Confessores (1549), Rodrigo do Porto, Martinho de Azpilcueta Navarro

scholarly journals HISTORICAL-ECONOMIC KNOWLEDGE AS THE BASIS OF THE THEORETICAL LEVEL OF ECONOMIC THINKING

2019 ◽  
Vol 8 (4) ◽  
Author(s):  
Aidar M. Tufetulov ◽  
Gulnara N. Hadiullina ◽  
Rival R. Shakirov ◽  
Andrey S. Zayats
Keyword(s):  
Economic Theory ◽  
Spiritual Development ◽  
Economic Thought ◽  
Economic Knowledge ◽  
Historical Trends ◽  
Separate Branch ◽  
Modern Economic ◽  
Economic Thinking ◽  
Xix Century ◽  
Market Relations

Economic theory as an independent science arose in the period of the formation of modern market relations. The economic thought history as a separate branch in the system of economic sciences took shape in the first half of the XIX century. The tradition of Russian economic thought at all stages of its development was attention to historical trends and factors of socio-economic development. The reason for this is in the specifics of Russia's socioeconomic and spiritual development. ХIХ century is characterized by the struggle of old and new trends in the economic system of Russia. In these conditions, representatives of various branches of economic thought appealed to the historical experience of the country and humanity in order to prove the truth of their position. The paper presents an analysis the historical process of emergence, development, struggle, and the changing of economic ideas. The main attention is paid to the analysis of the main directions of modern economic theory underlying the decision-making at macro and microeconomic levels. The content of the historical and economic knowledge functions: worldview, practical, axiological, factual and methodological, is defined. The necessity of studying the provisions of alternative economic schools is substantiated, what is considered as a prerequisite for the formation of general cultural and professional competencies of specialists in the field of economics

An Introduction to Karl Mittermaier and His Philosophy of Economics

2019 ◽  
Vol 139 (1) ◽  
pp. 123-134
Author(s):  
Michael Stettler
Keyword(s):  
South Africa ◽  
Economic Theory ◽  
Economic Thought ◽  
Invisible Hand ◽  
Philosophy Of Economics ◽  
The University ◽  
The Invisible

Karl Mittermaier lectured in the Department of Economics at the University of the Witwatersrand, Johannesburg, South Africa, specialising in the history and the philosophy of economics, with some of his work being published posthumously, such as “The Invisible Hand and some Thoughts on the Non-Existent in What We Study” published in this journal. He analysed economic thought and methodology from the perspective of the nominalism and realism divide, identifying the nominalist attitude in economic theory as having a pernicious effect on the clarity of our understanding of economics and economic questions.

scholarly journals New studies on modern Economic Theory of the West

2019 ◽  
Vol 11 (2) ◽  
pp. 7-71
Author(s):  
A. G. Khudokormov ◽  
A. V. Bannikova ◽  
A. M. Litovchenko ◽  
A. A. Moskaleva ◽  
E. A. Danilenko
Keyword(s):  
Game Theory ◽  
Economic Theory ◽  
Behavioral Economics ◽  
Economic Thought ◽  
The West ◽  
Nobel Laureates ◽  
Modern Economic

The article presents the results of studies of modern economic theory. The views of the Nobel laureates are interpreted: D. MacFadden on the development of microeconomics, T. Schelling on economic conclusions from game theory, E. Prescott in the field of cycle theory, R. Thaler in the field of behavioral economics. The intention was expressed to turn the master's seminar into a platform for the study of the global economic thought of our time.

Methodological Principles of Keynes’ Theory and His «Strife over Method» with Tinbergen

2007 ◽  
pp. 25-36 ◽  
Author(s):  
I. Rozmainsky
Keyword(s):  
Economic Theory ◽  
Critical View ◽  
Modern Economic ◽  
Methodological Principles

The author analyzes Keynes-Tinbergen controversy in the context of Keynes’ methodological ideas, which he thinks are fully opposite to the methodology of modern economic theory. Using different Keynes’ papers the author considers this difference in detail and shows its links to the critical view held by Keynes towards econometrics

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