Questions tagged [history-economic-thought]

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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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19 views

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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94 views

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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2answers
544 views

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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1answer
62 views

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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2answers
116 views

Who said that growth would stop because of satiation?

I have a vague recollection I am unsuccessfully trying to find an exact reference for. I recall watching an interview of Jacques Attali about a new book of his (maybe 6 or 7 years ago) where he ...
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1k views

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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2answers
212 views

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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1answer
476 views

What was Milton Friedman's opinion of Supply-side economics?

I realize Friedman was a part of the Reagan Administration, so even if he disapproved of supply-side, he may have moderated his remarks, but what kind of things did he say about it, and what can be ...
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1answer
51 views

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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3answers
127 views

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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1answer
35 views

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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72 views

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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1answer
81 views

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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1answer
45 views

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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3answers
187 views

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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1answer
57 views

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 ...
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77 views

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 ...
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1answer
60 views

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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1answer
52 views

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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1answer
61 views

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 ...
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1answer
86 views

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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50 views

What was Paulus's "famous definition of price"?

Schumpeter (1912 [1954]) mentions the famous definition of price by Paulus. What does this refer to?
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1answer
33 views

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 ...
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1answer
46 views

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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44 views

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 ...
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53 views

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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71 views

(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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47 views

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 ...
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3answers
168 views

Whatever happened to Henry George's ideas?

I have heard that Henry George wrote one of the biggest selling economics books in history (Progress and Poverty) and was so famous that 100,000 people attended his funeral, and yet his ideas about ...
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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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137 views

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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959 views

Is money capital?

The Oxford English Dictionary defines "capital" as n. economic goods (e.g. railways, ships, machinery, buildings) destined for use in production (as opposed to consumers' goods). Historically, the ...
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Where to 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 ...
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104 views

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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219 views

How empirical was Adam Smith's The Wealth of Nations? What about some other "big books"?

How empirical was Adam Smith's The Wealth of Nations? What about some other "big books"? That is, how much empirical research does it contain? And thus, what kind of "epistemological accuracy" does ...
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363 views

What did Adam Smith mean by "putting [the pins] into the paper"?

In his famous description of the division of labour: One man draws out the wire, another straights it, a third cuts it, a fourth points it, a fifth grinds it at the top for receiving the head; to ...
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2answers
146 views

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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66 views

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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275 views

How to make sense of so many conflicting theories and ideas in the field with an open mind? Is every school of economic thought as valid as the rest?

'm a junior economics major and lately I've been in a sort of crisis because I feel like I'm not sure what economic ideas I believe in anymore. Don't get me wrong, I love reading anything that has to ...
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210 views

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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30 views

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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139 views

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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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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116 views

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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2k views

Is Marx considered an important classical economist?

In a post on the politics stack exchange, I came across the following description of how Marxism fits into the history of economic thought: Most professional economists consider Marx' work on ...
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4answers
3k views

How does the professional class fit into Marx and Engel's class struggle theory?

I know that in the first part of The Communist Manifesto, Marx and Engles discuss at length the relationship between the Bourgeois and the Proletarians. The former being the owners of the means of ...
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747 views

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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67 views

What are some great economic reforms from the Middle Ages / the Ancient History?

Is there any great economic structural reforms, which date back to the Middle Ages or to the Ancient times?
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68 views

How much of previous economics (historically) is still relevant today?

How much of previous economics (historically) is still relevant today? How is it determined? Is e.g. 18th century economics still relevant today? Is it accurate/useful to cite Adam Smith for example?...