scholarly journals Journal of the History of Economic Thought Preprints - Wicksell on Walras's early treatment of capital and interest

2017 ◽  
Author(s):  
Vincenzo Maffeo ◽  
Fabio Ravagnani ◽  
Andrea Imperia
Keyword(s):  
Nineteenth Century ◽  
Interest Rate ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
Social Production ◽  
Small Circle ◽  
The Social ◽  
History Of ◽  
The Interest Rate

In this paper we examine the criticism that Knut Wicksell advanced against Walras’s treatment of capital and interest at the end of the nineteenth century, as well as the views of two distinguished followers of Walras concerning the points raised by the Swedish economist. As regards the first aspect, it should be noted that the criticism put forward by Wicksell at that time refers to the earlier editions of the Éléments, in which circulating capital is excluded from the analysis. We thus endeavour to clarify Wicksell’s remarks on the consequences of that exclusion for both the representation of the social production process and the determination of the interest rate. As to the second aspect, our discussion indicates that the appropriate way of treating the capitalistic element of production was an unsettled issue within the small circle of Walras’s followers at the end of the nineteenth century.

WICKSELL ON WALRAS’S EARLY TREATMENT OF CAPITAL AND INTEREST

2018 ◽  
Vol 40 (1) ◽  
pp. 41-56 ◽  
Author(s):  
Andrea Imperia ◽  
Vincenzo Maffeo ◽  
Fabio Ravagnani
Keyword(s):  
Nineteenth Century ◽  
Interest Rate ◽  
Production Process ◽  
Early Treatment ◽  
Social Production ◽  
Small Circle ◽  
The Social ◽  
The Interest Rate

In this paper we examine the criticism that Knut Wicksell advanced against Léon Walras’s treatment of capital and interest at the end of the nineteenth century, as well as the views of two distinguished followers of Walras concerning the points raised by the Swedish economist. As regards the first aspect, it should be noted that the criticism put forward by Wicksell at that time refers to the earlier editions of the Éléments, in which circulating capital is excluded from the analysis. We thus endeavor to clarify Wicksell’s remarks on the consequences of that exclusion for both the representation of the social production process and the determination of the interest rate. As to the second aspect, our discussion indicates that the appropriate way of treating the capitalistic element of production was an unsettled issue within the small circle of Walras’s followers at the end of the nineteenth century.

The Creative Response in Economic History

1947 ◽  
Vol 7 (2) ◽  
pp. 149-159 ◽  
Author(s):  
Joseph A. Schumpeter
Keyword(s):  
Nineteenth Century ◽  
Economic History ◽  
Historical Development ◽  
Economic Change ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
Causal Factors ◽  
History Of

Economic historians and economic theorists can make an interesting and socially valuable journey together, if they will. It would be an investigation into the sadly neglected area of economic change.As anyone familiar with the history of economic thought will immediately recognize, practically all the economists of the nineteenth century and many of the twentieth have believed uncritically that all that is needed to explain a given historical development is to indicate conditioning or causal factors, such as an increase in population or the supply of capital. But this is sufficient only in the rarest of cases.

2. The Nineteenth-Century Roots of Theoretical Traditions in Global Political Economy

2020 ◽  
pp. 25-51
Author(s):  
Matthew Watson
Keyword(s):  
Nineteenth Century ◽  
Political Economy ◽  
Free Trade ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
Trade Policies ◽  
Friedrich List ◽  
Global Political Economy ◽  
History Of ◽  
Historical Origins

This chapter focuses on the historical origins and the subsequent intellectual lineage of the three core theoretical positions within contemporary global political economy (GPE): realism, liberalism, and Marxism. ‘Textbook GPE’ privileges nineteenth-century understandings of political economy when discussing the pre-history of its own field. This helps explains GPE's treatment of feminist scholarship within the textbooks; feminism remains largely marginalized from textbook GPE, presented as something of a postscript to avoid accusations of it having been omitted altogether rather than being placed centre stage in the discussion. The chapter then looks at how the nineteenth-century overlay operates in textbook GPE. To do so, it makes sense to concentrate in the first instance on the issue that did most to divide nineteenth-century economists: namely, the free trade policies resulting from the general ascendancy of laissez-faire ideology. The most celebrated of the critics, Friedrich List, is treated much more as a dependable authority figure in GPE than he is in the history of economic thought. Indeed, in textbook GPE, the disputes between realist and liberal positions is very often presented initially through an account of List's work, despite the pre-history of liberalism being much the longer of the two.

scholarly journals W. STARK, J. M. KEYNES, AND THE MERCANTILISTS

2021 ◽  
pp. 1-28
Author(s):  
Constantinos Repapis
Keyword(s):  
Economic Theory ◽  
General Theory ◽  
Sociology Of Knowledge ◽  
Economic Thought ◽  
Social Conditions ◽  
History Of Economic Thought ◽  
The Social ◽  
Intellectual Traditions ◽  
History Of

In this paper we investigate Werner Stark’s sociology of knowledge approach in the history of economic thought. This paper explores: 1) the strengths and weaknesses of Stark’s approach to historiography, 2) how this can frame an understanding of mercantilist writings, and 3) the development of a link between a pluralist understanding of economics and the sociology of knowledge approach. The reason for developing this link is to extend the sociology of knowledge approach to encompass a pluralist understanding of economic theorizing and, at the same time, clarify the link between context and economic theory. John Maynard Keynes’s practice of building narratives of intellectual traditions as evidenced in The General Theory is used to develop a position between an understanding of history of economic thought as the evolution of abstract and decontextualized economic theorizing and the view of economic theory as relevant only within the social conditions from which it arose.

Sull'inseparabilitŕ delle strutture sintattiche nell'analisi classica del valore e della distribuzione

2009 ◽  
pp. 5-46
Author(s):  
Duccio Cavalieri
Keyword(s):  
Economic Thought ◽  
History Of Economic Thought ◽  
Relative Prices ◽  
The Social ◽  
History Of ◽  
Theory Of Value ◽  
Analytical Separation ◽  
Present World ◽  
Theory Of Production ◽  
Distribution Of Income

The paper deals with a fundamental issue in the history of economic thought: the alleged separability in the classical analysis of distinct and sequential logical stages. It will be recalled that the contested idea of an analytical separation of the theory of value (relative prices), the theory of production (relative quantities) and the theory of the social distribution of income was initially advanced by Ricardo, in his lost Papers on the Profits of Capital and in his Essay on Profits, but later abandoned, in the third edition of the Principles. It was then reproposed by J.S. Mill, Jevons, Sraffa and Garegnani, and opposed by Malthus, Marshall and Walras. Today a separability thesis cannot be maintained, as it presupposes the existence of a given physical vector of the real wage, a circumstance which is not satisfied in the present world.

John Neville Keynes: The Social Philosophy of a Late Victorian Economist

1995 ◽  
Vol 17 (2) ◽  
pp. 266-284 ◽  
Author(s):  
Rick Tilman ◽  
Ruth Porter-Tilman
Keyword(s):  
Political Economy ◽  
Social Philosophy ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
John Maynard Keynes ◽  
The Social ◽  
History Of ◽  
A Minor ◽  
The Impact

John Neville Keynes (1852–1949) is best known for fathering one of the most influential economists of our time, John Maynard Keynes (1883–1946). Yet in his own day he was a formidable logician1 and economist himself. Although overshadowed by his colleague Alfred Marshall, his Scope and Method of Political Economy (1891) is still considered a minor classic and read by specialists in the history of economic thought. Maynard Keynes's biographers have portrayed Neville as having a powerful influence on him, even if they have failed to detail the impact of the father's logic and economics on his famous son.

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