Jan Tinbergen was the first Nobel Prize winner in Economics and one of the most influential economists of the 20th century. This book argues that his crucial contribution is the theory of economic policy and the legitimation of economic expertise in service of the state. It traces his youthful socialist ideals which found political direction in the Plan-socialist movement of the 1930s for which he developed new economic models to combat the Great Depression. After World War II he was able to synthesize that work into a theory of economic policy which not only provided a lasting framework for economic policy around the world, but also secured a permanent place for economic experts close to government. The book then turns to an examination of his attempt to repeat this achievement in the development projects in the Global South and at the international level for the United Nations.
"Economists are, in our day and age, best known as policy experts. This book is about one of them, Jan Tinbergen. He paved the way for this new type of economist. The economic expert is a government functionary, who works in service of the economic and social goals of government. The rise of the economic expert was intimately connected with a change in what was considered the most valuable sort of economic knowledge. For the expert an economy is not a natural system he studies like a physicist would, but a system which he can steer. and improve. The rise of expertise also gave birth to new types of institutions: business-cycle institutes, planning offices, forecasting bureaus, and international organizations of economic expertise.. Economists have, of course, always been concerned with policy. From (free) trade regimes, the best way to manage the currency, and the role of the state in the provision of public goods, policy questions have never been far from the mind of economists. But they typically did so in their role as professor and public intellectual. Economists since Adam Smith., and undoubtedly before him, have played an important role in shaping the thought of both politicians and the public about markets and trade, and the proper functions of the state. They often also had the ear of those in charge. The most famous economist of the past century, John Maynard Keynes., had the ear of the politicians in Britain of his age, and his ideas had influence across the world"--
This book provides a comprehensive survey of the major developments in monetary theory and policy from David Hume and Adam Smith to Walter Bagehot and Knut Wicksell. In particular, it seeks to explain why it took so long for a theory of central banking to penetrate mainstream thought. The book investigates how major monetary theorists understood the roles of the invisible and visible hands in money, credit and banking; what they thought about rules and discretion and the role played by commodity-money in their conceptualizations; whether or not they distinguished between the two different roles carried out via the financial system - making payments efficiently within the exchange process and facilitating intermediation in the capital market; how they perceived the influence of the monetary system on macroeconomic aggregates such as the price level, output and accumulation of wealth; and finally, what they thought about monetary policy.
In modern society, economic growth is considered to be the primary goal pursued through policymaking. But when and how did this perception become widely adopted among social scientists, politicians and the general public? Focusing on the OECD, one of the least understood international organisations, Schmelzer offers the first transnational study to chart the history of growth discourses. He reveals how the pursuit of GDP growth emerged as a societal goal and the ways in which the methods employed to measure, model and prescribe growth resulted in statistical standards, international policy frameworks and widely accepted norms. Setting his analysis within the context of capitalist development, post-war reconstruction, the Cold War, decolonization, and industrial crisis, The Hegemony of Growth sheds new light on the continuous reshaping of the growth paradigm up to the neoliberal age and adds historical depth to current debates on climate change, inequality and the limits to growth.
This volume brings together an exciting range of new studies of top incomes in a wide range of countries from around the world. The studies use data from income tax records to cast light on the dramatic changes that have taken place at the top of the income distribution. The results cover 22 countries and have a long time span, going back to 1875.