The History of Economic Thought (Especially Adam Smith)

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The Relationship between Psychology and Economics: Insights from the History of Economic Thought

The Relationship between Psychology and Economics: Insights from the History of Economic Thought

The issue of the relationship between economics and psychology effectively contains two central points which are the following: 1) To what extent do economic assumptions need to be based on sound psychology, and 2) the possibility of independence of economics from psychology (Lewin, 1996; Camerer and Loewenstein, 2004, Frey and Benz, 2004 ). It is clear that these two points also exhibit a strong historical and methodological bend. Thus and in order to get further insights to the above, a substantial part of the relevant literature is focused on the history of the relationship between economics and psychology. The bulk of this literature deals with the relation between economics and psychology after the marginalist revolution. In particular, the strive of late marginalist/neoclassical economics to expel psychology from economic theory (Pareto, Slutsky, Hicks, Allen, Samuelson) is a well-researched topic (e.g. Hands, 2010). Given the recent discussion of re-introducing psychological elements in economics mainly in the context of behavioral economics, other papers focus on the history of behavioral economics since WWII. In general, most of the research concentrates to the period that followed the marginalist revolution and only mentions briefly the historical developments before that period (see for instance, Angner and Loewenstein, 2012; Nagatsu, 2015; Earl, 2016). Thus, there is a considerable gap which lies on the earlier ideas on the role of psychology in economics. In fact, for many pre-marginalist major authors, the issue of incorporating psychological elements in economic discourse was also an important theme. There are many such examples in the works of Whately, Banfield, Lloyd, and Gossen. More detailed discussion and arguments can also be found in the economic thought of Senior and Jennings.
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Fluency in English; good knowledge of French and Portuguese. Full Professor of Economics and History of Economic Thought

Fluency in English; good knowledge of French and Portuguese. Full Professor of Economics and History of Economic Thought

Annual meeting of the European Society for the History of Economic Thought Annual Conference (Lisbon 1996; Marseille 1997; Darmstadt 2001; Creta 2002; Paris 2003; Treviso 2004: Stirling 2005; Porto 2006; Strasbourg 2007; Prague 2008; Thessaloniki 2009; Amsterdam 2010; Istanbul 2011; St.Petersburg 2012). History of economics society annual meeting (Vancouver, USA, 1996; Charleston, USA, 1997; Kansas City, USA, 2009).

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The inheritance of heterodox economic thought: An examination of history of economic thought textbooks

The inheritance of heterodox economic thought: An examination of history of economic thought textbooks

Any presentation method or description ultimately serves to distinguish the conventional approach from dissent and at least hints to students that orthodox thought has not evolved linearly nor followed an inevitable path to its current incarnation. The manner and detail in which discordant thought is presented, however, communicates a perceived significance of heterodox thought in the discipline which varies amongst authors. While important, semantics takes a backseat to the depth of discussion. The objective of a history of economic thought class is to explain the evolution of economic thought and philosophy, but as well to discuss in a consistent manner, the existence and more importantly, the possibility of economic thought that departs from the conventional. Without the empowerment to question the legitimacy of ideas and precepts of the mainstream, the future history of the discipline faces stagnation, staleness, and anachronism of thought. The inheritance, heritage, and future vitality of heterodox economic thought weigh in the balance. .
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Schumpeter and the History of Economic Thought

Schumpeter and the History of Economic Thought

Economic theory does business differently. Just as in theoretical physics, the economy cannot move forward without resorting to models to reproduce certain aspects of reality and takes as given certain assumptions to reach conclusions according to shared procedures. In this case it common ground if we refer to conjectures, postulates, axioms or theorems, that which allows us to assume certain principles. A statement may appear in economy -depending on the problem in question- as principle, axiom or theorem. However, although the hypotheses of this kind are suggested by the facts, strictly speaking, are creations of scientific rationality to explain certain phenomena. Differ from the assumptions of the first class that do not contain the final results pose interesting research themselves; in economy these hypotheses are mere instruments or tools built with aim of achieving interesting results. Moreover, the construction of such assumptions do not work conforms theoretical economist, just as the development of statistical hypothesis does not exhaust the theoretical work in statistics. No less important is to hire other records where you can have the results of the hypotheses, and conceptual grounds (eg "marginal rate of production," "marginal productivity", "value", "multiplier" or "accelerator") relations concepts and methods to manipulate these relationships, none of which is hypothetical. The sum total of those records, without forgetting the recursive assumptions, actual is the task of the economist.
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Dividends Of Disquiet: Popular Politics And Economic Thought In The History Of Government Medical Services In Nyasaland/malawi, 1914-1983

Dividends Of Disquiet: Popular Politics And Economic Thought In The History Of Government Medical Services In Nyasaland/malawi, 1914-1983

This chapter explores the role of political unrest in colonial medical spending. During the mid- and late-1930s, Nyasaland’s Medical Department annual expenditures barely budged, even as revenues continued to rise. This was a product, in part, of the perception in Whitehall that Nyasaland was a placid backwater, and therefore did not need the political palliative of health spending. This perception, and the resulting retrenchment in health spending, continued after the mchape anti-witchcraft movement swept across the countryside, and even after the return of the millenarian preacher Elliot Kamwana from forced exile in 1937. Looking elsewhere in the British Empire, though, officials saw far graver threats to economic and political stability. Between 1935 and 1940, waves of riots and strikes roiled the oil fields and ports of the British West Indies, the mines of Northern Rhodesia’s Copperbelt, and the cocoa farms of West Africa. This unrest proved capable of stirring the Colonial Office and even the UK Treasury to call for greater health spending as a demonstration of beneficence. The Colonial Office’s connection between unrest and social services spending was forged deliberately. Malcolm MacDonald, the son of the first Labour Prime Minister, became Colonial Secretary in 1938. He played on British anxieties about the future of the Empire to drum up support for the 1940 Colonial Development and Welfare Act. Most of the Act’s initial funding went to perceived centers of unrest, especially the West Indies. Medical administrators in Nyasaland complained bitterly to their superiors, but to no avail; few development funds went to colonies that did not provoke metropolitan anxieties.
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Contributions of Muslim Scholars to the History of Economic Thought and Analysis upto 15th Century

Contributions of Muslim Scholars to the History of Economic Thought and Analysis upto 15th Century

During those days economic discussions formed the part of ethical and philosophical discourses, so the Muslim scholars’ economic ideas were also translated and transmitted along with their philosophical works and translations. For example, most of Aristotle’s views of economic interest are found in Politics and in the Nicomachean Ethics. Translation of Ibn Rushd’s commentary on these two works became very popular in the West. To quote Grice-Hutchinson (1978, p. 73) again, “Harman’s translation of Averroes’s commentary on the Nicomachean Ethics enjoyed great success and was never superseded. It has been used in all the editions of Aristotle that are accompanied by Averroes’s commentaries, and has remained, almost into modern times one of the main sources of Aristotelian economics”. Charles Burnett (1994, p. 1050) considers it a mark of Ibn Rushd’s success that “a far greater number of his commentaries survived in Latin than in the original Arabic”. It may be noted that the transmission of Muslim scholars’ thought was not confined to translation work. A number of European students traveled to the Islamic seats of learning in Iraq, Syria, Egypt and Andalusia where they learnt various sciences from their Muslim teachers and on return to their countries they spread their ideas through their own writings or teaching work. (Sezgin, 1984, p. 128).
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Collective and Individual Rationality: Some Episodes in the History of Economic Thought

Collective and Individual Rationality: Some Episodes in the History of Economic Thought

modern in its temper .... And yet I think the Philosophes were nearer the Middle Ages, less emancipated from the preconceptions of medieval Christian thought, than they quite realized or we have commonly supposed .... [T]hey speak a familiar language .... But I think our appreciation is of the surface more than of the fundamentals .... [I]f we examine the foundations of their faith, we find that at every turn the Philosophes betray their debt to medieval thought without being aware of it .... They had put off the fear of God, but maintained a respectful attitude towards the Deity. They ridiculed the idea that the universe had been created in six days, but still believed it to be a beautifully articulated machine designed by the Supreme Being according to a rational plan as an abiding place for mankind .... they renounced the authority of church and Bible, but exhibited a naïve faith in the authority of nature and reason .... [T]he underlying preconceptions of eighteenth century thought were
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Segregation or homologation? Gender differences in recent Italian economic thought

Segregation or homologation? Gender differences in recent Italian economic thought

First, we found an increase of visibility of Italian economists, in particular since 2006, when the first debates about bibliometrics had been introduced thanks to first national three-year research evaluation exercise (VTR 2001-2003) introduced in Italy by Decree N. 2206 of 16 December 2003. In the VTR 2001- 2003, it was explicit that ‘quality’, ‘relevance’, ‘originality’ and ‘internationalization’ of the products of research are central to the allocation of public funds. In this scenery, women academic economists seem to quickly transpose the rules of the game: to be more productive and visible in their scientific communities. From a gender perspective, we found a substantial change in the number of women in the different research fields. In particular, in 2011-2012, women began to write more about research field where they were previously under-represented, such as economic history (N), business administration (M), and general economics and teaching (A) and health, education and welfare (I). Only in public economics (H), women reduced their visibility as compared to the 1991-1992 figures. In order to trace some tendencies in research preferences of Italian economists, we calculate the JEL codes’ mean frequencies of three periods: the 90s, 2000s and 2010-2012 (tab. 1). We detected some common trends:
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Book Review: The Mediterranean tradition in economic thought by Louis Baeck

Book Review: The Mediterranean tradition in economic thought by Louis Baeck

It is strange that the author mentions al-Dimashqi under the Persian Tradition. (pp. 107-08). The very attribute of al-Dimashqi should have been enough to be cautious. Exact details about the life and time of Abu’l Fadl Ja`far bin Ali al-Dimashqi are still unknown. It is said that his work Kitab al-Isharah ila Mahasin al-Tijarah bears the colour of Neo-Phythagorean economics and contains passages of the lost text of the Greek philosopher Pythagorus (c.f. Essid, Yassine, .Greek Economic Thought in the Islamic Milieu: Bryson and Dimashqi. in S. Todd Lowry (ed.), Perspectives on the History of Economic Thought, Edward Elgar (U.K.) 1992, pp. 31-38). That he represented the Persian tradition also is first time heard. Again, it is a gross error to call author of Kitab al-Kasb al-Shaybani. (Muhammad bin Hasan al Shaybani (d. 189 AH) a student of Imam Abu Hanifa (d. 150 AH) and an original thinker in his own right) as Persian. (p. 108). Translation of the title Kitab al-Kasb as the Book of Merits is also not correct. Perhaps he mixed it up with al-Dimashqi’s work cited earlier and sometimes briefly called as Kitab Mahasin al-Tijarah (mahasin means merits). To represent the Persian Tradition, some other scholars might have been chosen, such as Ibn Sina (d. 1037), Kai Kaus (d. 1082), Nizam al-mulk Tusi (d. 1092), Nasiruddin Tusi (d. 1274), etc.
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An Economic History of Modern Sweden

An Economic History of Modern Sweden

international in scope, are central to dislodging the old and ushering in the new. The end result is one of structural change during a period of transformation and renewal of institutional arrangements, thereafter followed by a phase of stability during which improvements in efficiency are key. The Schumpeterian element in Schön’s approach is evident here alongside the influence of Erik Dahmén’s work on development blocks, some of which is available in English.(2) Innovation, and especially technical innovation, is clearly fundamental to such an analysis, but that is not to say that Schön sees history as the progressive march of invention. Instead it is the way in which innovation is adopted throughout society that is truly important, a process that is dependent on cyclical structural crises to realise its full potential. My strongest reservation with regard to this aspect of Schön’s approach is that he does not, in my opinion, give over enough space to developments in economic thought that must surely form part of this cycle of creative destruction.
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How Doctrinal are the Doctrines of Economic Thought? A Critical Evaluation

How Doctrinal are the Doctrines of Economic Thought? A Critical Evaluation

Physiocracy further refuted mercantilist’s belief that a sound economy consists of the quantity of money a nation possesses. Instead they believed that wealth consisted in the quantity of raw materials available for the purpose of man or to put it differently, the increase in wealth of a community consist in the surplus of agricultural and mineral products over their cost of production. To Quesnay, according to McCallum(1980), commerce merely transfers wealth from person to person. What the traders gain is acquired at the cost of the nation and should be as small as possible hence commenting on the work of the physiocrats believe that they are to be commended because they constituted the earliest school of thought, which based their arguments on insights, concepts, and analysis of ideas. To them, “the entrance of this small group men into the arena of history is a most-touching and significant spectacle; so complete was the unanimity of doctrine among them that their very name and even their personal characteristics are for ever enshrouded by the anonymity of a collective name”.
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Principles of sustainable development in Ibn Khaldun’s economic thought

Principles of sustainable development in Ibn Khaldun’s economic thought

Divide of equating progress and development with greedy capitalism unrestrained by law, culture, and ethics, the writer of this article believes that Islamic model of economic growth has proved its success during history as has been asserted by Chapra (2006). Pryor (2007), against his agreement with Kuran (2004a; 2004b) has found that „currently there is no special Muslim economic system; moreover, few economic institutions are uniquely Muslim, and religion does not appear to be a useful explanatory variable‟ for the lack of development. Yet, Islamic financing which is yet to become truly Islamic did not follow the western banks in the recent crisis. The Vatican has rightly admitted that West can learn from Islamic Financial system (Totaro, 2009) to restore trust between clients and banks and more so due to its ethical and prudent principles for economic growth. Have the process of development in Islamic countries, if any, was carried out by their governments and foreign actors, in a manner not hostile to Islamic culture, the results would have been different. Iran and Malaysia provides some examples of such progress. This being said, a model of economic growth, by Ibn Khaldun, compatible with sustainable development is examined below.
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The myth of Bryson and economic thought in Islam

The myth of Bryson and economic thought in Islam

resemblance between the ideas of two persons, does not necessarily mean that one has borrowed or copied from the other unless enough documentary evidence is available to that effect. History of economic thought has numerous instances when an idea mentioned by some writer in the past re-emerged later with more details and clarity. Moreover, certain ideas were developed simultaneously by different authors at different places without being aware of each other. The idea that ‘the bad money drives out good money’ known as Gresham’s law is a case in point which was mentioned by many scholars like Ibn Taymiyah (d. 1328) Nicole Oresme (d. 1382), etc., much before Thomas Gresham (1519-79) (Islahi 1988, pp. 139, 143). The idea of division of labour is another case which was explained by al-Ghazali (n.d. Vol. 4, p. 119) citing the example of a needle, analogous to Adam Smith’s famous pin-factory example seven centuries later. Another example is the theory of rent which was ‘developed separately by four writers ….. all published during Feb. 1815, Malthus, Edward West, Ricardo and Robert Torrens. This coincidence is an interesting example of how a pressing contemporary issue can call forth a theory developed independently by different people’ (Oser and Blanchfield 1975, pp. 93-94). Again, ‘marginalist school developed in several countries and through the efforts of different people working independently by each other at first …, another interesting case of new ideas arising almost simultaneously in different places and from different people” (ibid. p. 220).
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Ibn Khaldun's Economic Thought

Ibn Khaldun's Economic Thought

In the trajectory of Islamic history, there are many figures who discuss economic issues that sociologically helped build the theories / economic concepts one of which is the most prominent is Ibn Khaldun. Ibn Khaldun is often referred to as the most distinguished intellectual giant in the world. Ibn Khaldun is called the Father of Economics because many of his economic theories are far ahead of Adam Smith and Ricardo. That is, he is more than three centuries ahead of these modern Western thinkers. In simple terms, Ibn Khaldun proposed several economic theories such as buying and selling theory, production theory, a theory about value, money, and price, the theory of distribution consisting of salary, profit and tax, and cycle theory that is population cycle and public finance cycle.
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History in the Discursive Condition: Reconsidering the Tools of Thought

History in the Discursive Condition: Reconsidering the Tools of Thought

To illustrate the potential of the discursive condition for the arts, Ermarth cites a number of what she considers to be exemplary cases of artists who succeeded in using or shaping that condition, including the novels of Virginia Woolf, Jorge Luis Borges, Julio Cortázar and Vladimir Nabokov (extended discussions of which appear in Sequel to History), the paintings of Pablo Picasso and René Magritte, and the films of George Clooney and Alexander Payne. Though surprisingly (or maybe not) she includes few if any works of ‘postmodern’ history in her citations, mainly perhaps because they are as yet so few and far between – a fact that should give even the most enthusiastic advocate of the discursive condition some pause for thought. Ermarth clearly expects that, in the near or distant future, modernist historians will respond positively to the discursive condition, and adapt their histories to its exigencies – this despite the fact that she fully recognises the deep-seated conservatism of the historical profession. That, in other words, we historians, as she puts it, will ‘get over it’ (it being presumably the paradigm shift she identifies); (the phrase ‘get over it’ is
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Context and social criticism: The problem of context in the history of political thought and political theory

Context and social criticism: The problem of context in the history of political thought and political theory

11 Marx summarises his conception of history as follows: 'This conception of history thus relies on expounding the real process of production - starting from the material production of life itself - and comprehending the form of intercourse connected with and created by this mode of production, i.e., civil society in its various stages, as the basis of all history; describing it in its action as the state, and also explaining how all the different theoretical products and forms of consciousness, religion, philosophy, morality, etc., etc., arise from it and tracing the process of their formation from that basis; thus the whole thing can, of course be depicted in its totality (and therefore, too, the reciprocal action of these various sides on one another). It has not, like the idealist view of history, to look for a category in every period, but remains constantly on the real ground of history ; it does not explain practice from the idea but explains the formation of idea from material practice, and accordingly it comes to the conclusion that all forms and products of consciousness cannot be dissolved by mental criticism, by resolution into 'self-consciousness' or transformation into 'apparitions', 'spectres', 'whimsies', etc. but only by the practical overthrow of the actual social relations which give rise to this idealistic humbug; that not criticism but revolution is the driving force of history, also of religion, of philosophy and all other kinds of theory.' Marx, German Ideology. Collected Works Vol. 5 (London: Lawrence and Wishart, 1976), p.53-4.
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Global economic history: a survey

Global economic history: a survey

negative role of various religions. Until Confucianism was regarded as one of the underlying causes of the ‘Asian miracle’ in the last decades of the twentieth century, its economic impact had been mostly regarded as negative: it inspired people to adapt to the world instead of changing it. Hinduism and Buddhism basically were regarded as systems of thought that are too ‘other-worldly’ and Islam as a religion that over the centuries developed into a conservative if not fundamentalist force. In many publications, moreover, civilizations in other parts of the world appeared as less ‘open’ than Western societies. In East Asia e.g. countries like China, Korea, and Japan for a long time made it all but impossible for foreigners to get in and for their own people to get out. Just like the big ‘Islamic’ empires of the Mughals, the Safavids and the Ottomans, they had no overseas empires. Not only, so it reads, did these countries often close their frontiers: they also closed their minds. This would in particular apply to China and many Islamic regions. Again, these comments were not just ‘Western prejudices’: by and large they were endorsed by many ‘non-West- ern’ modernizers, whether they were liberal, socialist or nationalist. It is only fairly recently that Landes claimed that culture can make all the difference. 40
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Economic History of Russia & Eurasia

Economic History of Russia & Eurasia

This is a course on the economic history of Russia and Eurasia. The first part of the course will focus on the economic system of the Russian Empire. The second part of the course will concentrate in the analytical and structural determinants of communist economic organization with reference to the Soviet Union. The third part of the course will deal with the political economics of post-Soviet transition. Seminars will cover both rigorous economic concepts and historical debates. Lectures will offer training in formal methods in economic history. Students are expected to become conversant with the analytical tools and theoretical discussions presented in the literature. Slides, which have been graciously provided by Gérard Roland, will be used to facilitate the learning process. Attendance in all sessions is required. East European Studies Students are expected to make a 20-minute presentation in a week of their choice in weeks 2-10. Economics and Public Economics students are expected to make a 20-minute presentation in weeks 11-16. The course grade is defined by a final exam/research paper (depending on degree program pursued) in the end of the semester.
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Economic History of Pinellas County

Economic History of Pinellas County

Pinellas County was officially established on January 1, 1912. Previously, the area had been part of Hillsborough County and was called West Hillsborough by Tampa Bay residents. The County seceded from Hillsborough because poor transportation infrastructure between Pinellas and the City of Tampa made representation at government meetings extremely challenging. In addition, many residents and politicians in “West Hillsborough” felt that they were paying an unfair proportion of taxes versus services received. The following discussion will highlight Pinellas County’s Economic History. For a more complete picture of Pinellas County’s overall history, please see the publication titled ‘Pinellas County Historical Background’, available at the Pinellas County Planning Department.
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Economic Thought of al Ghazali

Economic Thought of al Ghazali

and others. He mentions that in order to promote economic prosperity, the state must establish justice and provide conditions of peace and security so that healthy economic development could take place. According to al-Ghazali, “God on High sent the Prophet to transform the Abode of Unbelief into the Abode of Islam through His benediction and to bring development and prosperity to the world through justice and equitable (rule).” 125 After citing the examples of old Persian rulers, al-Ghazali says, “The efforts of these kings to develop the world were (made) because they knew that the greater the prosperity, the longer would be their rule and the more numerous would be their subjects. They also knew.... that the religion depends on the authority, the authority on the army, and the army on supplies, supplies on prosperity, and prosperity on justice.” 126 And, further, emphasizing the role and functions of the state, he states, “where injustice and oppression are present, the people have no foothold, the cities and territories, the cultivated lands are abandoned, the kingdom falls into decay, the revenue diminishes, the treasury becomes empty, and happiness fades among the people. The subjects do not love the unjust king, but always pray that evil may befall him.” 127
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