The period between 1767 and 1873 shaped public finance in Britain as we know it today, with the major economists of the time providing influential contributions. This book analyses the impact of Steuart, Smith, Malthus, Ricard, Mill and others.
The period between 1767 and 1873 shaped public finance in Britain (and, by extension, many other countries) as we know it today, with the major economists of the time providing influential contributions. Until now, no book has examined and compared the thought of these 'classical economists' from the perspective of public finance rather than that o
How have the most influential political economists of the past three centuries theorized about sovereign borrowing and shaped its now widespread use? That important question receives a comprehensive answer in this original work, featuring careful textual analysis and illuminating exhibits of public debt empirics since 1700. Beyond its value as a definitive, authoritative history of thought on public debt, this book rehabilitates and reintroduces a realist perspective into a contemporary debate now heavily dominated by pessimists and optimists alike.
This book aims at investigating from the perspective of the major economic dictionaries the notions of economic crisis and cycle. The project consists in giving an extensive summary of a number of significant entries on this subject, with an introductory essay to each entry placing them (and the dictionary to which they belong) in their context, giving some details on the author of the dictionary entry, and assessing the entry’s (and its author’s) contribution. The broad picture (including the history of these encyclopedic tools) will be examined in the introductory essays.
This book provides a reassessment of Keynes’ theory of liquidity preference. It argues that the failure of the Keynesian revolution to be made in either theory or practice owes importantly to the fact that the role of liquidity preference theory as a pivotal element in Keynes’ General Theory has remained underexplored and indeed widely misunderstood even among Keynes’ followers and until today. The book elaborates on and extends Keynes’ conceptual framework, moving it from the closed economy to the global economy context, and applies liquidity preference theory to current events and prominent hypotheses in global finance. Jörg Bibow presents Keynes’ liquidity preference theory as a distinctive and highly relevant approach to monetary theory offering a conceptual framework of general applicability for explaining the role and functioning of the financial system. He argues that, in a dynamic context, liquidity preference theory may best be understood as a theory of financial intermediation. Through applications to current events and prominent hypotheses in global finance, this book underlines the richness, continued relevance, and superiority of Keynes’ theory of liquidity preference; with Hyman Minsky standing out for developing Keynes’ vision of financial capitalism.
Volume I contains original biographical profiles of many of the most important and influential economists from the seventeenth century to the present day. These inform the reader about their lives, works and impact on the further development of the discipline. The emphasis is on their lasting contributions to our understanding of the complex system known as the economy. The entries also shed light on the means and ways in which the functioning of this system can be improved and its dysfunction reduced.
Fascinating and authoritative, this work, challenges the traditional view of the history of econometrics and offers a comprehensive overview of what went on to be one of the defining subsets within the economics profession.
Illuminates the relationship between Hume the political thinker, Hume the historian, and Hume the political economist and highlights the social, economic and institutional changes which he wove into an innovative theory of causation David Hume's six-volume History of England: From the Invasion of Julius Caesar to the Revolution in 1688 (1754-61) is probably his most important work as a constitutional historian and political theorist. Jia Wei's book shows that the History can be understood in two ways: firstly, as Hume's own narrative of England's state formation, and secondly, as his answer to the question of how eighteenth-century Britain could cope with the challengesof commercial revolution. It illuminates the relationship between Hume the political thinker, Hume the historian, and Hume the political economist and highlights the social, economic and institutional changes which he wove into aninnovative theory of causation. The first part of the book considers Hume's account of the fundamental rationale of maritime trade and England's unique approach to liberty in the modern era. The second part looks at his views concerning the profound impact of maritime trade on English politics. From his perspective, the problem of how to cope with the challenges posed by the commercial revolution in eighteenth-century Britain was closely linked tothe question of how transoceanic trade had fundamentally recast English politics from the sixteenth century onwards. This study shows how these two narratives were interwoven into Hume's History and will be of interest to scholars and students not only of David Hume and political theory but of historiography, eighteenth-century British history and Enlightenment studies. JIA WEI received her PhD from the University of Cambridge.
This book explores the perceived paradigmatic conflict within British classical economics between the so called 'Ricardo School' and the contemporary French Economics of Jean-Baptiste Say. Samuel Hollander provides the reader with extensive evidence, utilizing all editions of Say's main texts and his lesser-known writings in order to demonstrate his adherence to much of Ricardian theory. This intriguing book focuses on selected doctorinal issues and surrounding debates, and will interest all serious historians of economic thought, finding a place on the bookshelves of many economists across the world.