at the threshold of the millennium, modernand post-modern 461–6 atomism, economic agent’s preferences formed without others’ preferences 463 Austrian War of Succession 1741 54 avarice, i
Trang 1Adam Smith problem 81
additive theory of price 86
demand as fundamental determinants of
agency costs, new category that
differs from transaction
from Dmitriev to Leontief 308–13
institutional thought in the inter-war
American Economic Review (1950) 276
American Economic Review (1973) 422
American Federation of Labour (1881) 302American neo-institutionalism 476American post-Keynesians, investigatemonetary dynamics 352
An Inquiry into the Nature and Causes of theWealth of Nations (1776)
Wealth of Nations see Smithanalytical Marxism or rational choiceMarxism approach 503anthropological reductionism 513–14anti-bullionists 123–5, 160
anti-Ricardian branch, developed intoneoclassical economics 114
‘anti-Ricardian reaction’ 2, 102–4anti-Ricardians 101, 103, 168, 171apprentice, not paid on basis of hisproductivity 78
approaches to institutional analysis,contractarian neo-institutionalism 476–9evolutionary neo-institutionalism 489–91Hayek and the neo-Austrian school495–500
irreversibilities, increasing returns andcomplexity 491–5
the new ‘old’ institutionalism 484–9the ‘new political economy’ andsurroundings 475–6utilitarian neo-institutionalism 479–84arbitrage operations, gold and money 43Arkwright’s water-frame (1768) 54–5Arrow–Debreu,
model of intertemporal equilibrium 285works,
‘Existence of and Equilibrium for aCompetitive Economy’ (1954) 381first fundamental theorem of welfareeconomics (1951) articles and 397second fundamental theorem of welfareeconomics 397
Arrow–Debreu–McKenzie,general-equilibrium model 3, 394
‘On Equilibrium in Graham’s model ofWorld Trade and Other CompetitiveSystems’ 381
Association for Evolutionary Economics(AFEE) 487
Trang 2at the threshold of the millennium, modern
and post-modern 461–6
atomism, economic agent’s preferences formed
without others’ preferences 463
Austrian War of Succession (1741) 54
avarice, impulse to accumulate 78
average profit margin of industry, average
degree of monopoly and 260
Bank Charter Act (1844) ( also known as ‘Peel
Act’) 126
English economy able to expand without
problems of external equilibrium 127
suspended (1847), (1857) and partially
(1866) 127, 189
bank credit, reductions in cause decrease
in investment, production and
employment 141
Bank of England,
drastic cut in issues 124–5
excess of issues by 122
should maintain gold reserve (£15–18
million) for temporary drains 127
usury laws forced to expand credit when
profit above 5 per cent discount
money supply endogenous and Bank of
England incapable of controlling it 126
problems for gold reserves from exogenous
and commercial difficulties 127
bankruptcies, intertwining of credit and debt
may bring chain of 160
beyond homo oeconomicus 512–15
‘Big Seven’ industrialized countries,conferences 325
bill of exchange 23Bolshevik Revolution 232bourgeois class, general interest of the nationand 69
bourgeoisie, undermining old aristocracy 23Bowley’s Law 259
Bretton Woods (1944) 323–4, 458British East India Company (1600) 35Brouwer’s fixed-point theorem 282
‘Bullion Committee’ (1810) 122–3bullionism, characterized by conviction thatmoney or gold was the wealth 32bullionist economists 33–4, 123, 125currency school and (1825) crisis 125Restriction Act as illicit governmentinterference 123
Cambridge equation 235, 250, 255, 356Cambridge Pigouvian economics 275Cambridge post-Keynesian theories (1950sand 1960s), opposition to Solow-Swantype 353
Cambridge theory of distribution 351Cannan–Marshall–Pigou line of thought 291Canonists and preachers, raged againstspeculative practices 25capital,
‘concentration’ and ‘centralization’ 158great debate on theory of (1960s) 217marginal efficiency depends onpsychological factors 254marginal productivity of 178–9result of abstinence from consumption ofcapitalists 119
social relationship 145wages fund and 118–21capital movements, enormous speculativebubbles 458
capitalism 172competitive and trustified 264ensures productive and allocativeefficiency 203
historical nature of according to Marx 145instability of 253
real dynamics generated by ‘innovatorentrepreneur’ 263
theory of monetary circuit and analysis ofstructural change 500–1
unemployment is integral part of 262
524 index of subjects
Trang 3capitalist accumulation, role of housework
‘catastrophist’ view or ‘discontinuist’ 5
Catholic view of society, ‘mystic body’ 134
chair socialists 179, 190
Chartist movement 91, 133, 140
Chicago, Keynes and Harris Lectures 251
Chicago School 404, 420
choice basis of the actions 396
Christian to agrarian socialism 2
circulating capital, buys raw materials and
pays for labour and energy 68–9
classical economists and Marx, dynamic which
evolves through historical time 445
classical liberalism 44
classical macroeconomics, problems with
rationality of expectations 343
classical situation, new (1890s) 2
‘classical situations’, Schumpeterian notion 6
‘classical unemployment’, disequilibria when
real wages too high 350
Communes, as autonomous states
independent of imperial rule 23–4
communis aestimatio principle, wage adequate
to social status of worker 20
community, selling ‘concessions’ to
pollute 403
commutative justice 22
‘comparative value’, equivalent to Smith’s
‘exchange’ value 107compensation, considered to be interest notusury 21
‘compensation tests’, ‘potential welfare’and 293, 295
competition,diffusion of innovations and 263–5quickest road to efficiency 464competitive market, no better alternative 464
‘complexity, modern theory of systemsand 496
concept of locatio operarum, end of feudaldiscipleship 23
condemnation of usury, Aquinas andAristotle 21
conditions of competitive equilibrium 73Congress of Vienna (1815) to (1848)revolutions, Age of Restoration 90
‘consequentialism’ 396constitution of Corpus iuris civilis 23consumers 182–3, 185
contemporary economic theory, neoclassicalmainstream in defining ontologicalassumptions 513
contemporary Marxists, theory of labour ortheory of exploitation 452
contested exchange 507Continental classical tradition, taken toextreme conclusions 102Continental economists, felt no need to offerjustification of private property 49–50Continental middle class, the Enlightmentand 82
Continental socialists 2contractarian approach, deals with economicsubjects in explicit way 477–8contractarian neo-institutionalism, ‘processoriented’ and ‘end-state’ 477controversy on marginalism in theory of firmand markets,
critiques of neoclassical theory of thefirm 413–15
managerial and behavioural theories 418–20neocalssical reaction and new theories ofthe firm 420–3
post-Keynesian theories of the firm 415–17Corn Laws (1816–46) 91–2
‘Cournot and Walras Equilibrium’ (1978) 280credit, demand for, kept high by speculation
on goods 160
525
index of subjects
Trang 4‘Credit Anstalt’, collapse of (1931) 246
‘Crises and Cycles in the Development of
cultural revolution, revival of arts and 23
currency school, principle of ‘metallic
decreasing returns in agriculture 62
decreasing-cost sectors, firms never become
large scale 272
default interest, admitted 21
‘degree of monopoly’, measured by Lerner’s
index 416–17
demographic growth, partially explained by
demand for soldiers 36
depression, second half of seventeenth and
first of eighteenth century 38–9
‘deterministic chaos’ 494
deus ex machina 279, 395
development in new welfare economics and
economic theories of justice,
debate about market failures and Coase’s
theorem 400–4
economic theories of justice 409–13
Sen and the critique of utilitarianism 406–9
theory of social choice: Arrows
diseconomies of scale of managerial nature 279
disintegration of classical political economy in
age of Ricardo,
anti-Ricardian reaction 102
Cournot and Dupuit 104–7Gossen and Von Thu¨nen 107–9Ricardians–Ricardianism and classicaltradition 100–2
Romantics and German HistoricalSchool 109–11
‘disutility’ 108divine law 20division of labour 68, 300role in capital accumulation process 46double entry accounting 23
Dutch East India Company (1602) 35Eastern Europe, outside Marshall Plan 324Econometric Society, (1936) 325
(1952) 310, 381Econometrica,(1935), ‘A Macroeconomic Theory ofBusiness Cycle’ 258
(1953) 382(1954) 381(1961) 341economic agent, self-interested andcompetitive being 83economic facts, change through time andspace 8
economic historicism, silenced as
‘Manchestertum’ 191economic ideas of Aquinas and scholasticism,moral rather than scientific ideas 22economic interdependence, Bretton Woods(1944) to mid (1970s) 458
Economic Journal, The,(1926) 272
(1931) 242(1934) 277(1939) 243economic laws,objective characteristic of naturallaws 167
same properties as ‘natural laws’ 110economic problems, strictly linked 12economic propositions of scholasticism,positive law and 20
economic role of scarcity 384economic theories of justice, questions
of efficiency and justice 410–11Economica (1934) 286
economics,abandoned Aristotelian and Thomisticideas 30
as ‘catallactics’, science of exchange 103
526 index of subjects
Trang 5ceased to be ‘domestic economy and
not ‘Darwinian’ discipline 8
science of same type as natural sciences 110
self-evident truths and 45
‘economics’ (1879), rather than ‘political
economy’ 169
economics of information 345
economists,
classical political economy and 44
divided into three groups in (1920s) 233
European in America, general-equilibrium
neo-monetarist idea that stable
unemployment always voluntary
employed workers (insiders), more unionised
than unemployed (outsiders) 370
Encyclope´die, impact on culture (1751
and 1776) 55
end-state approach, explains institutional
set-up of society with model 477
endogenous growth theory 435–6
Ricardianism, version of classical system 168
spread of capitalism and enclosure 54
stagnation after Napoleonic era 124
ten-hour working day (1850) 112
Whig election victory (1830) 91English banking system, difficulty in keepingsituation under control 164
English Commonwealth (1649) 66English empiricism 31
English free-trade economics 63English monetary theories and debates in age
of classical economics,Bank Charter Act 124–7Restriction Act 121–4Thornton, Henry 127–9English Navigation Act (1651), prohibitedimportation of goods on non-Britishships 35
English tradition, political and socialimplications of value theoryand natural-law philosophy 47–8Enlightenment, The, ideas of ‘reason’,
‘experience’, and ‘science’ 55entrepreneurs,
choose activities with aim of minimizingcosts 439
decide on level and composition ofproduction and investment 182mere co-ordinators who organizeproductive activity 185environmental issues 325Epicurean philosophers, politike` oikonomia 30epochs of economic theory 1–4
equation of exchanges, scientific explanation
of price level 234equilibria, Keynesian unemployment’ and 350equilibrium situation, forces of demandprovide for distribution of capital 73estimative theory of value 58
Euler theorem 206European Association for EvolutionaryPolitical Economy (EAEPE) 489–90European Coal and Steel Community 323European countries, agricultural depressioncaused by American corn 164European Monetary System 325European post-Keynesians, investigategrowth and distribution 352European wars, wars among nation states 28–9evaluation of alternative situations 396evolutionary games 432–5, 498evolutionary neo-institutionalism, links back
to Veblen 490–1exchange, as exchange of propertyrights 482
exchange of equivalents 19–20
527
index of subjects
Trang 6exchange of securities on the market, venditio
fall in profits, increase in capitalist control
over production process 4
Fascism, bourgeois terror and 233
feminist thought, critique of modernist
economic science 511
financial crises, often assume characteristics
of chain bankruptcies 501
financial fragility, ratio between indebtedness
of income produced by firms 360
financial globalization, world’s overwhelming
phenomenon 458
firms,
act on basis of bounded rationality 419
basic objective is ‘survival’ 419
buy inputs when more convenient than
producing them themselves 481
faced with turnover costs 370
large as pool of resources organized by the
managers 418
large possess discretional market power 416
linear programming important for 438
main concern price and not quantity to
produce 416
as organizations 415
output sold gives rise to revenues 183
tend to leave wages unchanged and lay off
excess labour force 369
tend to reduce production to ward off
bankruptcy 370
traditional neoclassical view based on three
pillars 413–14
why do they exist? 480
First World War,
doubts about capitalist system 232
economic growth sustained till 196
fix-price approach, success in (1970and 1980s) 363–4
fixed capital, machinery, plant, buildingsand 68
flex-price hypothesis 345, 364–5Florence Commune 25Florentine Guilds (fourteenth and fifteenthcentury), operated authentic industrialsyndicate 27
flow of new money, elastic with respect toflow of income 124
‘Folk Theorem’ 431forerunners of classical political economy,Boisguillebert and Cantillon 49–51Locke, North and Mandeville 47–9premisses of a theoretical revolution 43–5William Petty and ‘political
arithmetick’ 45–7Fortnightly Review 118France 28, 42, 111
1848 revolution which became ablood-bath 91
conflict (1844–6 and 1848) 133evolution of political conflict 90explosion (1872–3) 172July Revolution (1830) 91physiocrats 55
radical egalitarian results in 67right to strike (1864) 112spread of capitalism and rise of fermier 54surplus on balance of payments after WorldWar One 245–6
theory of value and 85free competition, regulated by law ofsympathy 79
free trade 112free trade revolution 5free-riding 222, 402, 464–5, 505free-trade theories 64
freedom 23–4French ‘regulation’ school 490from disequilibrium to non-Walrasianequilibrium,
disequilibrium and the microfoundations
of macroeconomics 346–7non-Walrasian equilibrium models 347–51from the golden age to stagflation 323–5from utopia to socialism,
birth of the workers’ movement 133–4Saint-Simon and Fourier 135–8two faces of Utopia 134–5full employment 353, 355
528 index of subjects
Trang 7‘full-cost rule’ 414
‘fundamental equations’, only valid under
full employment 251
fundamental theorems 397, 400–1, 403
funeral and demand for black cloth 72–3
fungible goods, destroyed through use (wine
for example) 21
game theory,
conflict and co-operation betweem rational
decision-makers 428
replicator dynamics in evolutionary 434
game theory and non-uniqueness of general
equilibrium, economic agents 464
games, evolution and growth,
evolutionary games and institutions 432–5
game theory 428–32
theory of endogenous growth 435–7
general equilibrium of production and
exchange, three properties 397–8
General Theory (1936) 219, 242, 247, 251,
256, 332, 351
atttemps to normalize Keynesian heresy
after publication of 325
criticism of Say’s Law 251–2
effective demand and employment 251–4
social philosophy and 257
General Theory of Employment Interest and
Money (1936) see General
German Manchester School 168
German Social Democrats, Marxism as
Gold Exchange Standard (1970s),abandoned 324
gold reserves, oscillations in could not
be influenced by credit policies 126Gold Standard 196–7, 468
abandonment of 233, 246ideological nature of doctrine 127Keynes and 249
return to 245golden -age growth model, ‘closed’ 355golden age (1950s and 1960s),short-lived 324Gournay’s maxim, ‘laissez faire, laissezpasser les marchandises’ 57government vices 479
Great Britain, post-Keynesians 351Great Britain (1877), explosions 172Great Depression,
crisis in capitalist system (1870sand 1880s) 163–4, 196Fisher and 214–15
‘Gresham’s Law’ 32gross substitutability hypothesis, crucial
to obtain stability 385growth rate of wealth, equal to that ofthe capital stock 355–6Hargreaves’s spinning-Jenny (1764) 54Trade Cycle, The 243
Harrod-Domar model 243–4, 354capital-output ratio a constant 356possibility for capitalist economy togrow at ‘natural’ rate and 334Heisenberg’s principle of
indetermination 495Hicks-Modigliani macroeconomic-equilibrium model 3
‘high theory ’ years (1920s and1930s) 3Historical School 109, 110, 192history of economic thought 3–4Holland 196
529
index of subjects
Trang 8Holy Alliance, internal order in Central and
Eastern Europe 90
Holy Roman Empire, dissolution of and
national unification process 28
homo oeconomicus 465, 514
reductionism, overcoming a necessary step
in reconstruction of economics 514
honourable profit 26–7
human beings, self-interested 84
human intelligence, able to reach truth by
speculative method 20
humanism 23, 25, 29
Hungary 196
hypothesis of desirability 387
hypothesis of nominal rigidities, reduction
in production consequence of price
imperfect market, flow of sales inversely
related to price of product 278
implicit contracts, wages maintained
stable through time 368
import duties, had to be raised 35
‘impossibility of a Paretian liberal’ 407–8
improvement in terms of trade, reflect
positively on balance of payments 41
increase in industrial wages, no significant
increase in industrial-labour
supply 36–7
increase in quantity of money,
could increase trade surplus rather than
rebalance it 41
reduction in price of credit 39
increase in wages, rather than reduction in
profits 71
increasing returns of scale,
concept of long-run equilibrium and
individuals 80, 513industrial development, first phase in hands
of craftsman 41
‘industrial reserve army’,unemployment 156–7Industrial Revolution 54, 82inefficiencies, cure for by externalities,opportune corrective measures 401inflationary impulses, bad harvests andimports 124
Ingrao and Israel, ‘General EconomicEquilibrium: A History ofIneffectual Paradigmatic Shift’(1985) 392
innovations 264–5Inquiry into Those Principles Respecting theNature of Demand and the Necessity ofConsumption (1821) 141
institutionalism 2, 300–1, 307–8, 484
‘institutionalist approach’,school of thought by Veblen andCommons 305–6
survived and intellectualscontinued work 485insurance 23
intellectual migration, moved by push andpull forces 513
interest, remuneration, not of savings, but ofcapital 120
International Monetary Fund 323, 458international trade,
slow-down in growth 164theories appearing in (1920s and 1930s)and 492
intrinsic value (bonitas intrinseca), just priceand 20
‘invariable measure’ 100investment, increasing function of rate ofprofit 155
investments,decrease as entrepreneur’ confidencefalls 254
depend on profit expectations andthe interest rate 260invisible hand 7, 73–4, 79, 145–6, 257, 335,
391, 397, 499, 506long way from beneficial effect laissez-fairetheorists predicted 486
530 index of subjects
Trang 9is of history of institutions, ought to be of the
natural order 74
IS-LM analytical apparatus based on
hypothesis that price level datum 371
Italian republics, serfdom abolished at end of
Journal of Law and Economics (1958) 276
Journal of Post-Keynesian Economics 351
Juglar cycles (a decade) 266
‘just’ level for rate of interest, supply and
demand of money and 48
just price, Aristotle and 19–20
just price operated by Florence tended to be
Kakutani’s fixed-point theorem 381
Kałeckian conception of widow’s cruse,
developed by Robinson 354
‘Keynes effect’ or ‘windfall effect’ 327
Keynesian, indirect transmission
mechanism 255
Keynesian multiplier 240, 259, 359
Keynesian and neo-classical theory, basic
incompatibility between 351
Keynesian problems, necessary to study
disequilibrium to account for 346
Keynesian revolution 5, 287
arose from ‘Treasury view’ 247
began by claiming a general theory 12
influenced Gruchy and Foster 487
investments that generate necessary
saving for financing 253
Keynesian ‘special case’ 248Keynesian theory 10, 404, 409–10Keynesians, discussions betweenmonetarists and 121King’s Law 47
‘kinked-demand’ model 415Kitchin cycles of fluctuations (fortymonths) 266
Knowledge 436, 497knowledge of determinates of market prices,understanding origin and growth ofprofits and 41–2
Kolloquium 280–2, 380
‘new growth theory’ 435labour, real measure of exchangeable value ofall commodities 70
labour commanded, relative price 70–1labour market, problem of imperfectlycompetitive markets 37labour power 172
labour theory of value 46–7, 103, 170, 451Lady Chatterley’s Lover 408
Laissez-faire 114, 476argument 49, 359, 391policy 62, 233laissez-faire revolution (1751–76)Galiani and the Italians 58–63Hume and Steuart 63–5preconditions of IndustrialRevolution 54–5Quesnay and the physiocrats 55–8Lakatos’s, methodology of the scientificresearch programmes 5–6land and labour, transferred rather thanbought and sold 19
landowners,convinced Parliament to approve CornLaws 92
propensity to save is zero 69Lands of Cockaigne 135Lange-Lerner market socialism, Dobb a critic
‘laws of tendential movement’ 502
‘leakage 3 in multiplier, caused bysavings 242
legal rule, as important as moral rule 79
531
index of subjects
Trang 10Lerner’s index 417
lexicographic ordering 470
liberation of labour, abolition of social
relations between capital and
liquidity preference theory 128–9, 255
literature on ‘real business cycle’ 342
Lloyd George and Liberal Party, employment
programme 249, 307
Loans 21, 26
logical positivism, Anglo-American social
science and into LSE 292
London, Crystal palace exhibition (1851) 111
London School of Economics 217, 284
love of praise, ambiguous, egotistical and
macroeconomic, microeconomic and
institutional components, Smith’s
freed microeconomics 169neoclassical theoretical system 165–7preserved basic philosophy of classicalapproach laissez-faire 173reasons for success 170–3reformulation of terms of economicdiscourse 224
was it a real revolution? 167–70marginalist rule, lack of information and 416marginalist theory 2–3, 82
market,capable of complete self-regulation 73neither essentially anarchical nor essentiallyordered 509
set of institutions 77
‘market failure’, contractualists and 478market price, depends on forces of supply anddemand 72
market socialism model, ‘pieces’ that do notexist in capitalist market 297–8market wage 156
forces of supply and demand forlabour 96
Marshall Plan, industrial development ofEuropean countries 323
‘Marshallian cross’ 199Marxism 171–2, 179post-modern condition and 500Marxist critics, ideology and 390Marxist economic thought betweenorthodoxy and revision,Marxist heresies 449–51Marxist thought before (1968) 446–9towards a theory of value with feet onthe ground 451–2
Marxist metanarrative, theory of laws ofmovement of capital 464Marxist metaphysics, based on concept
of homo faber 463Marxist scholars 6, 452Marxist school 2Marxist thought,
1968 crucial year for evolution of 450exploitation of women function ofcapitalist relation 511Marxists,
inclined to snub formal virtuosities 503
‘monetary measure of labour’ 466
532 index of subjects
Trang 11Marx’s economic theory,
equilibrium, Say’s Law and crises 154–5
exploitation in the production
process 146–8
exploitation and value 148–51
Marx and the classical economists 142–6
monetary aspects of the cycle and the
crisis 159–61
transformation of values into prices 151–4
wages, the trade cycle and the ‘laws of
movement’ of capitalist economy
measure in labour commanded, does not
conflict with conception of profit
as a residue 100
mechanical clock, measured time accurately 23
medieval scholasticism, economic problems
dealt from moral point of view 43
monetary theories and policies 38–40
Steuart and justification for 65
Methodenstreit at the end of the century 111
methodological approach, long cycles and 502
methodological individualism, subject and
research method of economic
science 393
methodological rules 10–11
microeconomics, based on theory ofcompetitive equilibrium 74Middle Ages, social consensus maintained byauthority and faith 66
‘minimal State’ theorists 477model of economy producing only corn 93–4modern economies, inequality found in ability
of money to preserve value 47modern philosophy, born in new universities,and with it science 29
modern ‘scientism’ 461modernism,
based on belief in universal scope of humanreason 462
economic theory from Smith to Arrow 462monetarism, implications of ‘flex-price’hypothesis for predominance ofsupply 345
monetarist counter-revolution,Act I: money matters 335–7Act II: ‘you can’t fool all the people all thetime’ 337–40
Act III: the students go beyond themaster 340–3
IS-LM model fell into disuse 371was it real glory? 343–6monetarists, causal link from money toincome 358
monetary crises, various capitalist countries(1873, 1890 and 1893) 164
monetary cycle, turning-point triggered bychanged behaviour of speculators 160monetary stability, convertibility notsufficient to maintain 125monetary theory of production andinterest 39
monetary-institutional theory 40monetary-price-specie-flow mechanism,limited to manufacturingproduction 41
money,absolutely secure wealth according toMarx 159
conventional value (impositus) 20, 468derives value from social conventions 47essential role in process of capitalistproduction 501
means of exchange 395–6means of increasing wealth and power 32replaceable good which is consumed inuse 21
reserve-of-value function 395
533
index of subjects
Trang 12‘money stimulates trade’ widespread idea 39
moral hazard situations, defined 402
‘most unfavourable circumstances’of
production process, quantity
produced 120
mouths to feed, increase at expotential
rate if not curbed by scarcity 83
multiplier (1931) 242
multiplier and accelerator, interaction
between 241, 261–2
Naples University, chair of economics ‘Civil
and Mechanical Economy’ 59
Napoleonic wars, reduced imports of
food supplies and increased price
of cereals 92
Nash equilibrium 429, 432–4
Nash-Cournot equilibrium 106
nation, had to reinvest in form of stock in
order to produce new goods 35
nation-states, confrontation with of
international capital markets 459–60
national railway networks 112
natural ‘benevolence’ or ‘moral sentiment’ 67
natural law, ‘production in general’ 150
natural law ( jus naturalis) 20, 49, 67
natural order, equilibrium of
neo-Schumpeterian theory 422, 502neo-Walrasin approach to general Economicequilibrium 438, 445
conquest of existence theorem 380–4consumers and producers 390defeat on grounds of uniqueness andstability 384–8
Elster and 505end of a world? 388–94methodological individualism and 393temporary equilibrium and money ingeneral equilibrium theory 394–6neo-Wicksellian 219
neoclassic metaphysics, founded on notion ofHomo oeconomicus 463
neoclassical economists 84, 353, 391criticism of general-equilibriumtheory 391
exchange value determined by marginalutility 84
neoclassical orthodoxy, breakdown (1970s,1980s and 1990s) 3
neoclassical revision of Keynes’s theory ofdemand for money, three aims 331neoclassical synthesis,
after Second World War 325IS-LM model again 325–8Corrections: money and inflation330–3
refinements: the consumptionfunction 328–30
simplifications: growth anddistribution 333–5tried to improve Keynes theory ofinflation 332
years of high theory and 3neoclassical theory,
allocation of given resources amongalternative uses 165
capitalist world and 390dynamic macroeconomic modelsformulated (1890s) 234individualism entered economicscience 166
institutions, population and technologyand 300
marginalist revolution, continuity withclassical theory 167–8
post-Keynesian attacks on 3
534 index of subjects
Trang 13rigidity of nominal wages not cause of
new class of capitalist entrepreneurs, old
economic and administrative
obstacles and 44
‘new classical macroeconomics’ 3
New Deal 484
‘new economics’, after Neopolonic wars 1
‘new European Institutionalism’ 489
new industrial economics 422–3
new Keynesian macroeconomics,
comparison between some contemporary
schools of macroeconomics 371–4
distant Hicksian background 363–5
need to oppose neo-monetarism of new
new political economy,
resumption of old Smithian project 476
study of the properties of alternative
legal-institutional configurations 475
new Poor Laws 133, 140
new theory of market forms,
Robbins’ epistemological setting 291–2
Newtonian physics, Marshall and 199
nominalist philosophers, denied existence of
the universals 31
non-fungible goods, used without being
destroyed (‘durable goods) 21
non-price competition, depends on
characteristics and history of
‘Okun’s law’ 341
‘Old Historical School’ 110, 190
‘old’ institutionalism 484oligopolistic indetermination, close link withgame theory 431
oligopolistic markets, firms have bothcommon and conflicting interests 416one commodity model of economy 158opening of the modern world,communes, humanism and theRenaissance 22–7end of Middle Ages andscholasticism 19–22expansion of ‘Mercantile’ capitalism 27–9scientific revolution and birth of politicaleconomy 29–32
ophelimity 113, 224–5opportunity cost 21, 108, 178, 192ordinalism 225–6, 291, 396, 409
‘Oresme-Copernicus-Gresham Law’ 34orthodox economies, examine choice underpredeterminate constraints 475–6ostentatious spending, created more jobs thanparsimony 49
other incomes, spent on ‘necessaryconsumption’ essential toproduction 58
Owenist trade unions 133Oxford Economic Group 414–15Oxford Economic Papers (1954, 1955and 1956) 415
‘paradox of value’ utility gauged bytaking account of scarcity ofcommodity 43
Paraguay, Jesuit Republic in 134Pareto Law 228
Pareto optimality 209, 222, 227, 228(1930), ordinalist programme and 203
as competitive equilibrium 398letter to Pantaleoni (28 December1899) 225
state and 226–7
535
index of subjects
Trang 14Pareto principle, classes of social
decisions must be based on
period (1815 to 1845), history of economic
and socialist thought 2
permanent income, present value of future
philosophy of individualism, legitimation for
economic activity and 44
physiocrats 55, 61, 166
‘Pigou effect’ or ‘real-balance effect’ 326–7
planning,
efficient allocation of resources and 295–6
social struggles and group pressures,
capitalism and socialism 510
plurality of interpretations 4–8
point of view 8–14
‘policy evaluation proposition 345
‘political demand’ for economic ideas 7
political economy, concept of economic
science secularization process 31
positive sum game, globalization and 458
‘positive’ value, utility of goods and 107
post-Keynesian economists, scholars
with heterogeneous views 351
post-Keynesian models, fix-price and 364
post-Keynesian models of growth
356, 358
are they realistic? 389, 502
post-Keynesian and new Keynesian
post-Keynesian theories 3, 256alternative to neoclassical system 12factors as determinants of themark-up 417
strengthened by monetarist discovery 358
in unemployment inflation explained only
by impulses from costs 332post-Keynesians,
cure for inflation should not entailregulating agregate demand 363, 490innovative contributions to theory ofthe firm 360
prices determined by cost of productionand 417
reject both short-run and long-runPhillips curve 362
rejected monetarism and neo-monetarism
en bloc 364variable cost curve of business flat till allplants utilized 361
post-Marxist thought, rejects idea of
‘a subject history’ 509post-Marxists, developed in oppositedirection to analytical Marxists 508post-modern condition, man whoacknowledges his finiteness 461post-modern radical thought, overcomingorthodox Marxism 508
‘post-Smithian’ economics 83
‘post-Smithian’ revolution, beyondHomo oeconomicus and Homofaber 465–6
‘potential surplus’ 447poverty, notion of relates to averageincome 459
pre-industrial period, elasticity of exports notvery high 41
price of money, depends solely on forces ofsupply and demand 160–1
price stability, consequence of decisions toreduce production 374
price theory, Keynesian matters and (1930s)293
price Wicksell effect, real Wicksell effectand 219
price-specie-flow mechanism 40, 63–4, 122,128
prices 39, 45, 362
536 index of subjects
Trang 15prices of commodities, natural value by small
problems of economic dynamics,
economic hard times 232–4
the Harrod-Domar model 243–5
money in disequilibrium 234–6
the multiplier and the accelerator 241–3
production and expenditure 238–41
‘production in general’, definition 151
production process, primary requisite is
profits and losses from exchanges at
market prices, penalties for
efficiency 43
profits and over-production 96–7
profits and wages 95–6
property rights 44
property unevenly distributed, workers not
paid value of their labour 150
psychology of individuals, theories of value
and distribution and 75–6
‘public’, sum of private citizens 48
Public Choice School 478–9
public goods, characterized by absence of
‘putting-out system’, England and
France towards end of sixteenth
quantity theory of money 34, 38, 64Quarterly Journal of Economics (1872) 218Quarterly Journal of Economics (1966),issue on capital theory 441Rabelaisian Abbey of The´le`me 135Radcliffe Report of the Committee on theWorking of the Monetary System(1959) 358
radical political economy,analytical Marxism 503–8the feminist challenge 510–12monetary circuit and structural changetheories 500–3
post-Marxism 508–10Rambouillet (Paris) summit (1975) 458
‘rate of substitution’ 60rates of returns, level out among variouseconomic activities 45–6
rational expectations, ‘perfect foresight’ 237,341
rational-expectation models 344Reagan and Thatcher era, classicalmacroeconomics and 344
‘real bills’, trade bills issued againsttransactions of real goods 124
‘Real Business Cycles’ (1983), Longand Plosser 342
real goods, intrinsic value 20real macroeconomic disequilibrium, over-savings and over-capitalization 239real wages, subsistence levels 69
‘real-bills’ doctrine (renamed ‘doctrine ofreflux’) 126
realization crisis, monetary cycle 160Reformation, the, made each individual
a priest of himself 29
‘regulation’ theory 503
‘relativist’ 6, 8relevance of a theory 389–90Renaissance, the 24, 29, 134rent,
differential returns and 46intensive explained in terms of productivity
of labour 178source of income, productive activityand 50–1
537
index of subjects
Trang 16repeated games or supergames 430–1
Report of the Select Committee on the High
Price of Gold Bullion (1810) 122
Rethinking Marxism journal 509
Review of Economic Studies (1945–6) 282
Review of Economic Studies (1958) 331
Review of Economics and Statistics (1935) 314
revolutions (1848), defeat and violent
repression 111
Ricardian branch of Smithian economics,
developed into Marxist economics 114
Ricardian revolution 5
Ricardian socialists 2, 101, 140
demonstrate existence of exploitation
and 147
role of competition in lowering wages 141
Ricardian system, Clark described it as
rights of citizenship, rights of ownership 410
rigidity of real wages, persistence in
unemployment 370
Robinson Crusoe metaphor, consumer’s
rational behaviour and 108
‘Production Function and the Theory of
Capital (1953–4) 440
Roman Empire, slave economy 19
rules of economic and civil morality, based on
sale price, fixed by adding gross mark-up
giving ‘honourable profit’ 26
Santa Fe school 492
Sard’s theorem 387satisficing behaviour 419–20savings and investment models 240Say’s Law 98, 236, 239
classical economists applied to reproduciblegoods 97
impossibility of gluts 9, 49, 87Keynes and 251
loi des de´bouche´s (law of markets) 86–7rules in a reproductive equilibrium 155Sismondi thinks does not work becauseunequal distribution of income 138validity of needed to be questioned byMalthus 96–7, 138
Scholastic theories, moralistic tone of 22scholasticism, economics never treated assubject in itself 30
scholastics, believed just price must guaranteecommutative justice 20
science, not ‘value free’ as realistepistemologies claim 511science of human happiness 84scientific esearch, responsibilities that comeunder ethics and politics 514Scientific Revolution, expansion of Europeanuniversities 29
scope of investigation, definition 10Second International 172, 296, 313Second World War 325, 404, 437, 448secularization process, natural-lawphilosophy and 31securitazation of the public debt 23self-ownership axiom 504
Seven Years War (1756–63) 54Sherman Act (1890) (American anti-trust law)302
simple, relate to stationary economy 154simple reproduction schemes’ 154single tax, only productive factor land 58, 62single-agreed-price bargaining 185
in Europe 28Social Darwinism 203
538 index of subjects
Trang 17Socialist economic theories,
Godwin and Owen 139–40
Ricardian socialists and related
theorists 140–2
Sismondi, Proudhon and Rodbertus 138–9
socialist tradition, value and distribution 10
society, severe judge of scientific work not
south-east Asia, slump (1990s) 458
Soviet debates (1920s), crisis of capitalism and
problem of socialist accumulation 314
Spain 28, 196
influx of gold from America, research of
value of money and 43
Spanish bullionists, worked at treasury of
sovereign 33
Spanish mercantilists, increase in prices and
increase in amount of gold 38
Spencerian ideology 202
‘spontaneous order’ 496–9
’Sraffian Marxists, criticism of theory of
labour value 509
Sraffian theoretical approach 354, 503
stagflation, seemed to prove monetarists right
(1970s) 339
State,
economic conflict where coalitions pursue
interests 80
had to discourage ‘charity’ 65
issue of anti-combination laws 80
justification of intervention in production
and distribution of income 265
role in full employment 64
should encourage exports and discourage
subjective rationality, individualendowed with perfect knowledgeand 463
subjective theory of value 43, 45subsistence wages 65, 69, 80
‘substance of value’ 151substantive rationality, replaced byalgorithmic rationality 431
‘substitution’ 439–40Suez Canal 112Sugden and Loomes, regret theory 491
‘sum-ranking’ 396sumptuary laws, discouraged privateinitiative 48
supply curve, assumed to be almosthorizontal 39
surplus 46, 172surplus or deficit on balance of trade, makesrate of exchange vary 34
‘surplus value’ 146–7Sweden 111, 196Swedish (or Stockholm) School 221system of equations, may have no solution ormany 187
tacca (tag), set out cost of production26–7
takeovers, discipline managers 418–19taˆtonnement process 184, 208, 238, 297, 347,
381, 385, 391capable of generating smalloscillations 474technical progress, machines substituted forlabour 156
temporary equilibrium changes each timeagents check expectationsand 394–5
terms of trade 34textiles sector, wide loom introduced 23theory of labour value 465
theorem of equality of the marginalutilities 107–8
‘theorem of product exhaustion’ 193theoretical socialist, identified with Marxismfrom (1870) 171
theoretical system 10–14theories, impregnated with values 511–12theories of economic harmony, economistsand 112
539
index of subjects
Trang 18Theories of economy harmony and Mill’s
wages and wages fund 115–18
theories of imputation and opportunity
cost 192
theories of nominal rigidities, unemployment
and under-utilizationof resources as
theory of general economic equilibrium,
English reception of Walrasian
the IS-LM model 289–91
value and demand in Hicks 286–7
theory of labour commanded, Smith’s theory
of growth and 72theory of labour value, Marx analysedexploitation using 148theory of market forms,Chamberlin’theory of monopolisticcompetition 273–5
first signs of dissent 270–1Robinson’s theory of imperfectcompetition 275–8Sraffa’s criticism of Marshallian theoreticalsystem 271–3
theory of prices,measurement and comparison of utilitysuperfluous for 293
no need for cardinal measurement ofutility 225
theory of production as circular process,activity analysis and non-substitutiontheorem 437–40
debate on theory of capital 440–4production of commodities by means ofcommodities 444–6
theory of profit 74, 98theory of structural change, cyclical and longcycles 502
theory of surplus 74foundation for theory of capitalistexploitation 171
macroeconomic component in Smith 76,102
theory of underconsumption, unequaldistribution of income and 138theory of utility value 59–60theory of demand and 199theory of value 10, 62costs of production and 169Florentine wholesale trading andtagging 26
theory of profit and 71theory of wages, theory of incomedistribution and 171theory of wages-fund, developed by followers
of Ricardo 115, 171thesis of trade-off 410Thomism, man emancipated from atRenaissance 29, 31
threshold of the millennium,globalization 456–61thrift, paradox or dilemma of 239
‘Tobin tax’, 2 per cent gabell ontransactions 25
540 index of subjects