An Outline of the history of economic thought - Chapter 3 pdf
An Outline of the history of economic thought - Chapter 3 pdf
... the vaults of the Bank of England. Furthermore, the difficulties of the war and the Continentalblockade made the export channels increasingly arduous and the supply of raw materials and wage goods ... important for the explanation of profit and of the role played bycapital in the production process. From the point of view of the history of economic thought, this aspect of M ill’s theoretical ... aspects of Mill’s thought, we need to enter the heart of his political economy and, in particular, his theories of profit and wages. 3. 3 .3. Wages and the wages fundThere were traces of the wages-fund...
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An Outline of the history of economic thought - Introduction pps
... 40910 .3. The Controversy on Marginalism in the Theory of the Firm and Markets4 13 10 .3. 1. Critiques of the neoclassical theory of the firm 4 13 10 .3. 2. Post-Keynesian theories of the firm 41510 .3. 3. Managerial ... Romantics and the German Historical School 109 3. 3. The Theories of Economic Harmony and Mill’s Synthesis 111 3. 3.1. The ‘Age of Capital’ and the theories of economic harmony 111 3. 3.2. John ... 1 13 3 .3. 3. Wages and the wages fund 115 3. 3.4. Capital and the wages fund 118 3. 4. English Monetary Theories and Debates in the Age of Classical Economics121 3. 4.1. The Restriction Act 121 3. 4.2....
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An Outline of the history of economic thought - Chapter 1 pdf
... From the theoretical point of view,they seemed to ignore the quantity theory of money. The adjustment mechanism of the balance of payments theorized byHume, and known as the price–specie-flow ... pre-Malthusian: the con-vergence of the two types of wage would go hand in hand with the conver-gence of the working population towards the demand for labour. Besidesthis, Cantillon also offered ... forces of supply and demand. Hisexplanation of the adjustment of the latter to the former was extremely clearand modern: an explanation based on the hypothesis that the market price isfixed by the...
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An Outline of the history of economic thought - Chapter 2 ppsx
... which the control of the means of production, and therefore the production, is no longer in the worke rs’hands. When capitalists and landlords take part in the division of the product, the exchange ... two56laissez-faireand smithian economics2 The Laissez-Faire Revolution andSmithian Economics2.1. The Laissez-Faire Revolution2.1.1. The preconditions of the Industrial Revolution The 35 -year period ... from the beginning of the Austrian War of Succe ssion in1741 to the American Declaration of Independence in 1776 was of criticalimportance for the history of Europe as well as for the history of...
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An Outline of the history of economic thought - Chapter 4 pot
... with that of ‘Ricardian economics’: a theoreticalsystem based on the theory of surplus, the labour theory of value, the methodology of aggregates, and the analysis of the behaviour of the socialclasses ... development of the Ricardiantheses about the occupational effects of the introduction of machines). The increase in the ‘reserve army’ will then slow the growth in wages. On the other hand, the use of ... of the depth of Marxian critique of the metaphysics of Homooeconomicus. Marx developed an ontology of the social being as an altern-ative to the one on which the liberal political economy of...
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An Outline of the history of economic thought - Chapter 5 pot
... administration of the household, but that of the State; no longer the study of the causes of the enrichment of the individuals, but that of the nation, the people, and the merchant class. It is significant ... centrality of the theory of marginal utility in MengerTo understand the terms of Menger’s theoretical battle on the other front,i.e. the critique of classical economics, the intricacies of the theory ... the hypotheses of complete information and perfect foresight. The validity of the classical arguments with regard to the uniformity of the rates of wages andprofits, and therefore the validity of their theory...
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An Outline of the history of economic thought - Chapter 6 potx
... the tradition of Marshallian thought: The Essay is a scanty and worthy account of the main assertions of the Austrian School; it is the creed of Prof. Robbins,as a supporter of that school’ (p. 37 7). The ... M0 the current-account bank deposits, V0 the rate of turnover of the deposits, and T the transactions. No other mathematical formula in the whol e of economics,nor, perhaps, in any other discipline, ... important work on monetary theory. He was one of the firstto use the aggregate supply-and-demand approach to explain variations in the value of money. In most versions of the quantity theory of...
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An Outline of the history of economic thought - Chapter 7 pps
... circulation, P the level of prices, and T the level of transactions, becomes an explanation of the value of money once V, T, and M have been fixed exogenously. The dif-ficulties and the interesting ... way of thinking.7.1.5. The multiplier and the accelerator The fourth great stream of thought in dynamic theory in the inter-war periodwas the study of the interaction between the multiplier and ... among the firms of the sector.Thus, given the degree of monopoly of the various firms, their cost curves,and their relative contributions to the output of the industry, the averageprofit margin of...
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An Outline of the history of economic thought - Chapter 8 pdf
... labour, from the theory of publiceconomics to the theory of the conflict of interests. He be lieved that the study of ‘collective action’, i.e. of the activity (and the apparatus) of ‘control of individual ... privileged field of study in an area on the borderlinebetween economics and law and can be considered one of the founders of the new discipline of law and economics. He tackled the study of economic systems ... the members of an organ-ization, such as the collection of social contributions in a trade union, or the 30 6 the years of high theory: iidistribution of the tax load by the government, or the...
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An Outline of the history of economic thought - Chapter 9 ppt
... that the new Keynesians have gone even further than the post-Keynesians in studying the microeconomic conditions of real and nominal rigidity and in analysing the macroeconomic effects of the ... them into groups of affinity. And the simplest classi-fication distinguishes the European from the American post-Keynesians. The birthplace of the first group was the University of Cambridge, where ... Pasinetti. The second group gathered around the Journal of Post-Keynesian Economics.Its most important members are Hyman Minsky and Sidney Weintraub.A distant ancestor of all post-Keynesian economists...
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