scholarly journals Journal of the History of Economic Thought Preprints - Monetary Theory and Cameralist Economic Management, c. 1500-1900 A.D.

2017 ◽  
Author(s):  
Philipp Rössner
Keyword(s):  
Economic Development ◽  
Middle Ages ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
Future Research ◽  
Monetary Theory ◽  
Clear Understanding ◽  
Economic Management ◽  
History Of ◽  
The Common

More than England and other states the German principalities were, in the preindustrial period, hampered by silver outflow and persistent pressures on the balance of payments which led to idiosyncratic models and strategies of economic development usually but not entirely helpfully called “Cameralism”. It is less well understood how Cameralism as a policy of order and development and monetary theory went together. The present paper will attempt a sketch of these working mechanisms as well as provide a few angles for new perspectives and future research. A first section after the brief introduction studies general issues of development in relation to balance of payment constraints (II), followed by the discourses on whether the domestic currency ought to remain stable in terms of intrinsic (silver) value (III), or whether it may be debased so as to raise domestic exports and competitiveness (IV). Both options were considered, at times and by varying actors, as valid strategies of promoting economic development, especially export-led growth, although most contemporaries viewed coin debasement as harmful to the economy. A fifth section discusses an alternative to the aforementioned strategies, by raising effective monetary mass through increasing velocity. Since the middle ages and into the nineteenth century the German economic tradition had a clear understanding of how velocity could be managed and the common weal stimulated by an increase in “vivacity” of circulation (V). Upon hindsight it appears that we find here a powerful programme towards promoting economic development and Europe’s rise towards capitalism. A conclusion will offer some thoughts for further research (VI).

scholarly journals MONETARY THEORY AND CAMERALIST ECONOMIC MANAGEMENT, C. 1500–1900 A.D.

2018 ◽  
Vol 40 (1) ◽  
pp. 99-134 ◽  
Author(s):  
Philipp Robinson Rössner
Keyword(s):  
Economic Development ◽  
Middle Ages ◽  
Balance Of Payments ◽  
Future Research ◽  
Monetary Theory ◽  
Clear Understanding ◽  
Domestic Currency ◽  
Economic Management ◽  
The Common ◽  
Working Mechanisms

More than England and other states, the German principalities were, in the pre-industrial period, hampered by silver outflow and persistent pressures on the balance of payments, which led to idiosyncratic models and strategies of economic development usually but not entirely helpfully called “Cameralism.” It is less well understood how Cameralism, as a policy of order and development, and monetary theory went together. The present paper will sketch these working mechanisms as well as provide a few angles for new perspectives and future research. A first section after the brief introduction studies general issues of development in relation to balance-of-payment constraints (II), followed by the discourses on whether the domestic currency ought to remain stable in terms of intrinsic (silver) value (III), or whether it may be debased so as to raise domestic exports and competitiveness (IV). Both options were considered, at times and by varying actors, as valid strategies of promoting economic development, especially export-led growth, although most contemporaries viewed coin debasement as harmful to the economy. A fifth section discusses an alternative to the aforementioned strategies, that of raising effective monetary mass through increasing velocity. Since the Middle Ages and into the nineteenth century, the German economic tradition had a clear understanding of how velocity could be managed and the common weal stimulated by an increase in “vivacity” of circulation (V). In hindsight, it appears that we find here a powerful program towards promoting economic development and Europe’s rise towards capitalism. A conclusion will offer some thoughts for further research (VI).

scholarly journals Geldtheorie und -politik in Preußen Mitte des 18. Jahrhunderts

2020 ◽  
Vol 61 (1) ◽  
pp. 217-257
Author(s):  
Jan Greitens
Keyword(s):  
18Th Century ◽  
Economic Thought ◽  
Monetary Theory ◽  
Clear Understanding ◽  
Monetary System ◽  
Monetary Approach ◽  
History Of ◽  
Early Modern Era ◽  
Value Of Money ◽  
Modern Era

AbstractIn the history of economic thought, monetary theories in the Germanspeaking world of the early modern era are considered backward compared to the approaches in other European countries. This backwardness can be illustrated by two authors from the mid-18th century who were not only contemporaries but also successively in the service of Frederick II (“the Great”) of Prussia. The first is Johann Philipp Graumann, one of the 'projectors' of the 18th century. As master of the mints in Prussia, he developed a coin project, where he tried to implement a new monetary standard to promote trade, generate seigniorage income and implement the Prussian coins as a kind of a reserve currency. In his writings, he developed a typical mercantilistic monetary theory with a clear understanding of the mechanism in the balance of payments. But even when he tried to include credit instruments, he did not take banks or broader financial markets into account. The second thinker is Johann Heinrich Gottlob Justi, who took the opposite position concerning the coin project as well as in his theory. He defended a strictly metalistic monetary approach where the value of money is only based on the metal's value. While Graumann rejected the English coin system, Justi recommended its laws for countries without their own mines, because the sovereign should not misuse his right of coinage. For him, the monetary system had tobe reliable and stable to serve trade and economic development.

scholarly journals Journal of the History of Economic Thought Preprints - Beyond Say’s Law: The Significance of J.-B. Say’s Monetary Views

2017 ◽  
Author(s):  
Guy Numa ◽  
Alain Béraud
Keyword(s):  
Political Economy ◽  
Economic Thought ◽  
Complete Picture ◽  
History Of Economic Thought ◽  
Monetary Theory ◽  
Economic Crises ◽  
History Of ◽  
The Subject ◽  
The Many ◽  
Proper Context

Say’s notion of débouchés has not been correctly understood, for lack of proper context within the framework of his broader political economy. We revisit Say’s writings on this topic, retrace the concept’s evolution, and lay out a framework that better illustrates the essence of Say’s thinking. We argue that Say’s theories on money and economic crises are much richer and more sophisticated than the traditional interpretation of Say’s law would suggest. Say himself acknowledged that his monetary theory contradicted his initial articulations of the law, a point often missed by contemporary observers. This essay paints a more complete picture of Say’s work, showing how monetary changes could, under his framework, affect real variables. In so doing, it cuts against the many simplistic interpretations that pervade the existing literature on the subject.

scholarly journals ЕКОНОМІЧНІ ІДЕЇ ДАВНЬОЄГИПЕТСЬКОГО ТВОРУ «ПОВЧАННЯ АХТОЯ, СИНА ДУАУФА, СВОЄМУ СИНОВІ ПІОПІ»

2014 ◽  
pp. 132-134
Author(s):  
О. Ю. Литвин ◽  
О. П. Панченко
Keyword(s):  
Economic Development ◽  
Economic History ◽  
Ancient Egypt ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
Focus Attention ◽  
Ancient Egyptian ◽  
Level Of Economic Development ◽  
History Of ◽  
High Level

Розглянуто основні економічні ідеї давньоєгипет-ського твору «Повчання Ахтоя, сина Дуауфа, своємусинові Піопі». Аналізуються публікації українських іросійських дослідників, істориків і публіцистів, при-свячені дослідженню цієї проблеми. Доводиться ак-туальність і значимість економічних ідей давньоєги-петського твору, фокусується увага на їх впливі насучасну економіку. Наводяться факти, що підтвер-джують висновок про високий рівень економічногорозвитку Стародавнього Єгипту. Акцентовано увагучитачів на тому, що економічні ідеї зазначеного дав-ньоєгипетського твору доцільно розглядати не лишев контексті розвитку економічної історії та історіїекономічної думки, але й використовувати їх. The basic economic ideas of ancient Egyptian work "Ahtoy’s precept, Duauf’s son, to his son Piopy" were considered. Publications of ukrainian and russian researchers, historians and journalists devoted to the study of this problem were analyzed. We prove relevance and significance of economic ideas of ancient Egyptian work, we focus attention on their impact on the contemporary economy. We give the facts, which support the eduction of a high level of economic development of ancient Egypt. The attention of readers we draw on the economic ideas of this ancient Egyptian works should be considered not only in the context of economic history and the history of economic thought, but also to use them.

scholarly journals Journal of the History of Economic Thought Preprints - Antonio De Viti De Marco, the principle of minimum means, and political competition

2018 ◽  
Author(s):  
Amedeo Fossati ◽  
Marcello Montefiori
Keyword(s):  
Public Debt ◽  
Economic Activity ◽  
Political Competition ◽  
Theoretical Framework ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
Tax Incidence ◽  
History Of ◽  
The Common ◽  
State Factor

In contrast to the common maxims for good taxation, De Viti de Marco revolutionized public finance studies by placing collective economic activity within a theoretical framework, and trying to explain concrete fiscal phenomena, such as tax incidence or public debt. The polar cases of cooperative and monopolistic states and the state-factor of production are usually considered a characteristic of such a framework. Here, we remark that De Viti’s theory of the cooperative state appears grounded only on the principles of minimum means and of political competition, and on the assumption that individual income is a proxy of individual consumption of general public services. Thus, it appears that the characteristics might be unessential to the real core of his theoretical framework. Moreover, we claim that his theoretical framework was not actually applied in his explanation of concrete fiscal phenomena. Finally, we remark that he seldom employed marginal tools in his Principî.

scholarly journals THE LIFE AND TIMES OF NICOLAS DUTOT

2012 ◽  
Vol 34 (1) ◽  
pp. 67-107 ◽  
Author(s):  
FRANÇOIS R. VELDE
Keyword(s):  
Economic History ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
Monetary Theory ◽  
History Of ◽  
Formative Years

Nicolas Dutot (1684–1741) is an important figure for the history of economic thought, as a pioneer in monetary theory and price statistics, and for economic history, as a chronicler of John Law’s System. Yet, until recently, very little information about him was known, some of it incorrect. I present extensive research that reveals a remarkable career rising from humble origins and full of surprises. He spent his formative years in the ranks of the “ancienne finance” he was thought to despise, and then worked for the Chamber of Justice that he so decried in his writings, only to be sent to the Bastille for corruption. After working for Law’s Bank and then retiring quite comfortably, he continued to socialize with his pre-System financier and banker friends, at least for a while. He also joined a short-lived learned society and accumulated a substantial library that reveals much about his tastes and affinities. The portrait that emerges is at odds with the image of an honest accountant he tried to project, but also richer and more engaging.

History of economic thought

2020 ◽  
Author(s):  
Yakov Yadgarov
Keyword(s):  
Middle Ages ◽  
Imperfect Competition ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
Federal State ◽  
General Plan ◽  
Classical Political Economy ◽  
History Of ◽  
State Educational ◽  
Market Relations

The textbook presents the course of history of economic doctrines in accordance with the General plan of previous editions. Discusses the economic doctrine of the era of pre-market economy (including the economic thought of the Ancient world and middle Ages), mercantilism, classical political economy, socio-economic reform projects of economic romanticism, utopian socialism, German historical school, marginalism. To the era of regulated market relations are covered in the textbook socio-institutional direction, the theory of market with imperfect competition, Keynesian Economics, neoliberalism, the concept of the neoclassical synthesis, neo-institutionalism, the phenomenon of the Russian school of economic thought. Special attention is given to synthesis as the basis of modern theories of value. Meets the requirements of Federal state educational standards of higher education of the last generation. For students enrolled in the specialty 38.03.01 "Economics", graduate students, researchers and anyone interested in the history of world and domestic economic thought.

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