History of Political Economy current issue

Alfred Russel Wallace and the Political Economists

Collard, D. — Fri, 06 Nov 2009 10:55:09 PST

Alfred Russel Wallace is famous as the co-discoverer with Darwin of the mechanism of natural selection. He was also an enthusiastic economic and social reformer. This article considers the relationship of Wallace's work to that of a number of eminent economists, including Malthus, Mill, Marshall, and Fisher. Wallace's economics, which attempted to analyze practical socialism, protection of the environment, and monetary stability, was interesting and insightful. It was only loosely related to his evolutionary theory.

Keynes and Capitalism

Backhouse, R. E., Bateman, B. W. — Fri, 06 Nov 2009 10:55:09 PST

We analyze Keynes's thoughts on capitalism by focusing on what he wrote on the topic, using the Collected Writings, taken as a whole, together with some unpublished material to tackle three issues: what Keynes meant by capitalism; the fragility of capitalism; and the morality of capitalism. In doing this, we juxtapose materials written at different stages of his career. While the context and the theoretical framework within which Keynes developed his economic thinking changed substantially, our argument is that beneath these many changes in his circumstances and analytical frame lay a remarkably consistent attitude toward capitalism, an attitude in which morality was central. This view of capitalism is linked with the personal values that animated his life, especially the values that he shared with the other members of Bloomsbury.

AT&T's Antigovernment Lesson-Drawing in the Political Economy of Networks, 1905-20

Kielbowicz, R. B. — Fri, 06 Nov 2009 10:55:09 PST

Many Progressive Era reformers, lawmakers, and economists believed that free market competition failed to maximize the public benefits of telecommunication networks. When proposals to place the nation's telecommunication system under the post office gained currency, AT&T responded with its Brief of Arguments against Public Ownership (1913–17). Resembling a loose-leaf service for lawyers, the Brief furnished opinion leaders with more than three hundred items of evidence, some drawn from economists, about the failings of government-run enterprises. To impart lessons about the consequences of nationalizing telecommunication, AT&T assembled evidence from three domains, most notably foreign nations' experience with government ventures. Analyzing the Brief reveals how AT&T structured and popularized arguments that justified the anomalous place of telecommunication networks in American political economy.

A Marshall-Walras Divide? A Critical Review of the Prevailing Viewpoints

De Vroey, M. — Fri, 06 Nov 2009 10:55:09 PST

The aim of this essay is to examine economists' views about the relationship between Marshallian and Walrasian theory. Are they complementary, as is usually believed, or do they constitute alternative research programs? I compare two viewpoints on this matter, the conciliatory and the antagonistic. After describing these, I present my own standpoint: I believe that there is a Marshall–Walras divide, but I have serious objections to the way in which the argument for this divide is usually made. In the last part of the paper, I examine the view held by several authors that an embryonic general equilibrium model is to be found in Marshall's Principles.

On Kaldor's "Logical Slip": A Possible Explanation

O'Connell, J. — Fri, 06 Nov 2009 10:55:09 PST

In outlining his theory of economic growth and income distribution, Kaldor made a "logical slip": while in his model, workers might save, workers' assets were accounted for. Kaldor acknowledged the strong influence of Kalecki and Keynes on his work. What is suggested here is that Kaldor may have "slipped" because he applied comments by, in particular, Keynes to the context of his own model. In Kaldor's case, however, the use of Keynes's remarks was not coherent.

A History of Econometrics in France: From Nature to Models

Barreto, H. — Fri, 06 Nov 2009 10:55:09 PST

Dennis Robertson: Essays on His Life and Work

Dimand, R. — Fri, 06 Nov 2009 10:55:09 PST

Carl Menger: Entre Aristote et Hayek; Aux sources de l'economie moderne

Gloria-Palermo, S. — Fri, 06 Nov 2009 10:55:09 PST

Modern Macroeconomics: Its Origins, Development, and Current State

Hoover, K. D. — Fri, 06 Nov 2009 10:55:09 PST

Sourcebook in Late-Scholastic Monetary Theory: The Contributions of Martin de Azpilcueta, Luis de Molina, S.J., and Juan de Mariana, S.J.

Langholm, O. — Fri, 06 Nov 2009 10:55:09 PST

Augustin Cournot: Modelling Economics

Le Gall, P. — Fri, 06 Nov 2009 10:55:09 PST

Revisiting Keynes: Economic Possibilities for Our Grandchildren

Meltzer, A. — Fri, 06 Nov 2009 10:55:09 PST

Compass of Society: Commerce and Absolutism in Old-Regime France

Tribe, K. — Fri, 06 Nov 2009 10:55:09 PST