Questions tagged [history-economic-thought]
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Precious Metal Mining During Periods of Increasing Prices
I am trying to understand the following argument from Earl J. Hamilton's "The History of Prices Before 1750":
Obviously the "rise in prices" usually resulting from "economic ...
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Are there any economists in history that contributed to the language of mathematics?
As it is known that math as a branch that is disputed whether it is a science or a language, I am just curious whether there is an economist that contributed to mathematics as a branch (I am not ...
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Did Hume or Ricardo show trade deficits are self-correcting?
Economist Paul Krugman said this in a 1993 journal paper:
The last 15 years have been a golden age
of innovation in international economics. must somewhat depressingly conclude, however, that this ...
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Mutual gains from trade: did Smith come up with the idea or did Menger?
Here's the EconLib page for reference. In the third paragraph, it says
Menger used his “subjective theory of value” to arrive at one of the
most powerful insights in economics: both sides gain from ...
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What was the paper that discussed the unit-root/spurious regression in economics before cointegration?
I attended guest lecture where the speaker said that one way how to make a career in economics is to just point that some methods are bad or do not work as intended.
The speaker mentioned some paper, ...
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Who first promoted the idea that competition leads to a better economy?
Who first promoted the the idea that competition leads to a better economy?
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What would be some of the most basic and universal economic principles (independent of the school of economic thought)?
Comparing the principles of the neoclassical, Keynesian, neo-Keynesian, post-Keynesian and other schools, it is difficult to see a consensus on certain universal principles. There are ideas and ...
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What are the primary differences between the Chicago and Austrian school of economics?
I've been reading some thinkers like Mengel, Mises, and others, who are all Austrian School theorists. But I have also been reading Milton Friedman and Thomas Sowell works, who are proponents of the ...
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Most notable papers in Economics in 2021
This question is based on this one in Math Overflow
I understand that I can't simply 'translate' the question into the area of economics. Thus, I'm open to improvements on the question framework.
Here'...
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Is there any evidence that socialist systems are/ were constrained by capitalism and this is the main cause for its demise?
Following the definition of socialism by Oxford dictionary. Socialism
a set of political and economic theories based on the belief that everyone has an equal right to a share of a country’s wealth ...
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What's the origin of the naming of Euler equation in economics?
In Economics, Euler equation is:
$u'(c_{t})=\beta Ru'(c_{t+1})$
What is the origin of the name of 'Euler' in this equation?
I know that, in fluid dynamics, Euler equation is
\begin{aligned}{D\mathbf {...
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What were the historical theories of price formation before demand-supply relationship was well understood?
Markets have existed for thousands of years. People must had ideas about where prices came from.
Before the clear formulation of demand/supply-based theory of prices, what were the historical theories ...
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Who first described/coined “velocity” of money?
Restatement: Who is responsible for originating the term “velocity” to describe the rate of money circulation? Also, who is responsible for first discussing this rate, specifically?
Background: While ...
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Why did the Cambridge Capital Controversy have no impact on economic modelling?
Every now and again I find myself looking into the Cambridge Capital Controversy in terms of debate around general equilibrium modelling often walking out more confused than I have before doing such a ...
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What are some good Phd or research programs for Economic History / Economic Thought History?
Please correct me if I am wrong, but my impression is that most "mainstream" economics programs are now focusing less and less on economic thought history. So, in order to do research on ...
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What Was the Accuracy of Macro Model in the Phillips' Machine (MONIAC)?
One of the most interesting economic 'artefacts' featured on the campus of my alma mater is the Philips' machine or Monetary National Income Analogue Computer (MONIAC) pictured below.
MONIAC was a ...
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Applying modern economics to Edgeworth's Hedonical Calculus
Preface
The late 1800s was a genesis for many economic theories. As math spilled over into the social sciences, one of the more obscure applications of measurement was: Hedonical Calculus, developed ...
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Who were the first economists arguing that utility maximization is the core of rationality and economic behavior?
I am looking for the first economists arguing that maximizing utility function is the iff condition of rational behavior.
I've learned that neoclassical economics is founded on this argument. Is this ...
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How did Pareto came up with Pareto Distribution of wealth law?
I am not an economist but a mathematics student. I heard about the Pareto law - the mathematical modelling of the distribution of wealth, how did Pareto come up with this law? technically speaking ...
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What is the state of the art in capital theory?
In the first half of the 20th century a great deal was written about capital theory, including writers such as Hayek, Böhm-Bawerk, Sraffa, Knight, Robinson and Fisher. Many of these figures debated ...
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Were there any contemporary economists (or other observers) who considered the 1920s a "New Era" of greater growth and stability?
Eichengreen (2015, Hall of Mirrors):
In the 1920s it was said that the world had entered a “New Era” of economic stability with the establishment of the Federal Reserve System and independent central ...
user23101
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How was the year 1925 chosen as a dividing point in the history of economic thought?
The JEL codes divide "History of Economic Thought" into "through 1925" and "since 1925".
What is the significance of the year 1925 in the history of economic thought? Or ...
user23102
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Why is Keynes attacking the (neo)classical theory of interest rates on the grounds that it is indeterminate?
I do understand that he argues that in order to draw the loanable funds supply curve, you have to already know the volume of income, i.e. production, and therefore the interest rate in advance.
But ...
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What were M.F. Chamans's calculations about how much trade would gain by the burning of Paris?
In "That Which Is Seen, and That Which Is Not Seen", Bastiat (1850) writes:
What will you say, Moniteur Industriel? what will you say, disciples of good M.F. Chamans, who has calculated ...
user28052
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Best history of macro book?
I'd like to know if you know some book that summarize the history of macro ? I'm in Master (after undergrad) so I don't ask for beginner's book. I've begun to read "a history of macroeconomics ...
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How does John Stuart Mill distinguish between "wealth" and "riches"?
JS Mill in his Principles (1848):
But though air is not wealth, mankind are much richer by obtaining it gratis, since the time and labour which would otherwise be required for supplying the most ...
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What was Paulus's "famous definition of price"?
Schumpeter (1912 [1954]) mentions
the famous definition of price by Paulus.
What does this refer to?
user28052
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Understanding the arithmetic in this 1690 text
Nicholas Barbon (1690, A Discourse of Trade)
Another use of Interest, is, It is the measure of the Value of the Rent of Land; it sets the Price in Buying and Selling of Land: For, by adding three ...
user16353
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What was the "free Coynage" referred to in Dudley North's (1691) Discourses Upon Trade?
Dudley North (1691):
I call to witness the vast Sums that have been coyned in England, since the free Coynage was set up; What is become of it all? no body believes it to be in the Nation, and it ...
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The envelope theorem and Viner's draftsman
In 1931 Viner wrote the paper "Cost Curves and Supply Curves" that famously contained the following mistake: Viner had asked the draftsman to draw the long run average cost curve so that it was ...
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Meaning of "let him take Money at Interest, and not buy at Time"
Dudley North (1691):
let him take Money at Interest, and not buy at Time
What does the above statement mean? I think "take Money at Interest" simply means "borrow at some interest rate". But I ...
user16353
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Which classical liberal economists promoted the privacy and secrecy of businesses?
Quinn Slobodian (2018) writes:
the idea of businessmen opening their account books beyond the firm represented a revision of the classical liberal vision. The privacy of the businessman was no ...
user16353
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(Why) was von Neumann not a fan of the Nash equillibrium concept?
Charles A. Holt and Alvin E. Roth's The Nash equilibrium: A perspective notes:
"In a personal communication with one of the authors, Nash notes that von Neumann was a “European gentleman” but was not ...
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Who owns money?
Bishop Nicole Oresme (1320-1382), in the first monetary treatise, wrote:
CHAPTER VI: Who owns the Money? (Cuius sit ipsa moneta?)
Although it is the duty of the prince to put his stamp on the money ...
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Why does the Solow Model matter for undergraduate students?
I've been looking at the economics undergraduate curriculum and have been thinking and wondering as to what specific skillset we want to equip undergraduate students with in the working world.
One ...
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Who was the first to model sequential market equilibrium?
As a PhD student the standard macroecononomics education I have received (and continue to receive) revolves around the most realistic model of market structure ive seen to date, that being sequential ...
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Business climate data collection experiments
Hernando de Soto in his book "The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else" describes a series of experiments in different countries, illustrating ...
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Where would we find a Brazilian claim from German geologist Eschwege?
In Das Kapital, ch I.1, Marx says that German geologist Eschwege claims that
total product of the Brazilian diamond mines for the eighty years
ending in 1823 still did not amount to the price of 1 1/...
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Who is Jacob? And where did he say this?
In Karl Marx "Das Kapital", in Ch I.1 we find this quote
"Jacob questions whether gold has ever been paid for at its full
value."
Is Jacob Vanderlint? Where in his book “Money Answers all ...
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Who is the first one to equate "rational" with "complete and transitive preference"?
MWG taught that, suppose that the menu is finite, "rational" is the same as "complete and transitive". But it seems that it does not cite any sources. Who said this first?
vNM said ...
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Who is the first person/paper to introduce "mixed strategy"?
Who is the first person/paper to introduce "mixed strategy"? The PNAS by Nash used this notion without citing anyone.
Does the earlier book: Von Neumann, J., and Morgenstern, O., The Theory ...
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Who first used the term "externality" in economics?
Who first used the term externality in economics, as the term is currently used in its modern sense?
(I believe it was already used in philosophy to mean something else and the economics version of ...
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what are some unique features of heterodox economics?
I've been reading up a bit on heterodox economics as well as watched some of the lectures online and quite frankly, I'm having a hard time figuring out whats are the unique features of this school of ...
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How does the notion of utility differ from that of value?
Is utility merely the notion of value in the subjectivist/marginalist (aka neoclassical) school?
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Greek mathematics' application in the early economic theories
I am writing about the development of mathematics in the Ancient Greece as an assigment and I have to include its relation with economics. However, I lack of sources for this topic and I only found ...
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Is Hayek in pro or in con of Equilibrium? [closed]
I had read twice the paper Economics and Knowledge and it seems to me like he is arguing against equilibrium analysis, but I don't know if I'm misunderstanding his arguments.
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Key points for a speech on Capitalism [closed]
I was given an English task in which the teacher has asked us to do a presentation/speech on Capitalism. The thing is he didn't specify which aspects (historical, economical and the political) we ...
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Who was the inventor of Utility function?
To my knowledge, the idea of representing weak-order with a function dates back to Cantor. So my questions are:
1) Was Cantor the first person to rigorize these kinds of representation?
2) Were ...
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what is the most comprehensive History of Economic Thought book for an undergrad?
Which Book or books would you recommend for an undergrad to learn about the history and evolution of economic thought and theory, and why?
There Just so many of them out there and I just don't know ...
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Walras's Law V.S Say's Law- Is there a difference?
I've been going over the concept of Walras's Law and often references to Say's Law. I've heard and have seen online that they are really the same thing however by looking at the definitions I notice a ...
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