François Quesnay’s Tableau Economique

ONE HUNDRED AND SIXTY-FIVE YEARS after its ratification, the Constitution of the United States has become the subject of a great book. The reference applies to the recently published two-volume work entitled Politics and the Constitution in the History of the United States, by William Winslow Crosskey, a member of the law faculty at the University of Chicago. Some people will call Crosskey's book vicious, because it proposes a construction of the Constitution which they fear; others will call it an irreverent work, for by implication it criticises those they revere; still others will damn it as a corrupting influence, for it challenges many of the orthodoxies of our legal and political system. Unquestionably it is the most revolutionary commentary ever published on the Constitution. Yet these very controversies are bound to contribute to the acceptance of the construction these volumes expound. When examined, the legal structure which unfolds not only is convincing, but in addition is most compatible with the present political economy of the United States. Logic, evidence, methodology and economic interest are combined so effectively that a break with currently accepted concepts about the Constitution seems almost assured within a few years.

The transition from Keynesianism to neoliberalism1 is a significant concern in neo-Gramscian scholarship at two closely related levels. First, this historical process is associated with the profound transformation of key features of the contemporary political economy. For example, the transition is associated with the transnationalization of production, the rise of finance, the end of the cold war, the renewal of U.S. imperialism, and other political economy shifts that must be accounted for by any aspiring school of thought in the field of international relations. The importance and intellectual complexity of these historical processes help to explain why the transition to neoliberalism is central to neo-Gramscian literature.2 Relatedly, analyses of this transition offer important ground for examining the explanatory adequacy of much neo-Gramscian literature through the methodology and key assumptions within such accounts, for example, concerning the internal relationship and relative importance of classes, states, and nations in social theory; the nature and role of empire and imperialism in contemporary political economy; the relationship between changes in the labor process and broader sociohistorical transformations, and so on.

The 1920–21 academic year still found Oxford without a ‘School’ of Economics in the Oxford sense, and yet the number of lectures offered in economics was significantly greater than at any time in the previous two decades. Moreover, the core of economists stood at five — Edgeworth, Penson, H. Clay, J.A. Todd, and F.W. Ogilvie — a number higher than during the years prior to the First World War, while the core of economic historians stood at two — Price and Lennard. In addition, C.V. Butler, who was a tutor at St Anne’s College since 1914, now became active and began giving lectures. Finally, the distribution of lecture topics still favoured history and application while the involvement of historians and philosophers in the teaching of economics and economic history remained strong. Thus the prewar tradition of Oxford political economy seemed alive, well, and getting stronger at the dawn of the interwar period. However, the creation of the Final Honour School of Philosophy, Politics, and Economics (PPE) set forces into motion that would result in a complete turnover in the makeup of the core economists at Oxford and thereby in the decline of the pre First World War Oxford approach to political economy.1

Introduction Jose Luis Cardoso, Maria Cristina Marcuzzo and Maria Eugenia Romero Sotelo Part I: Insights from the History of Economic Thought 1. Economic Development: Past and present Cosimo Perrotta 2. Jeremy Bentham's Spanish American Utopia Annie L. Cot 3. Reconsidering Protectionism in Friedrich List's Economic Theory Juan Fernando Palacio 4. Some Lessons for Monetary Policy Based on Interest Rates Rules from Myrdal's Monetary Equilibrium: Why should we read Myrdal as a complement of Wicksell? Adrian De Leon-Arias 5. Recollecting Kalecki's Studies of the US Economy Julio Lopez G Part II: Latin American Development Theory and Experience Re-Visited 6. Raul Prebisch and the Keynesian Theory in Latin America Claudia Sunna 7. CEPAL on Investment Criteria and the Planning of Import-Substituting Industrialization Mauro Boianovsky 8. High Development Theory: CEPAL and beyond Davide Gualerzi and Alan Cibils 9. The Concept of Marginality in Latin American Thought: Perspectives and approaches for understanding history Veronica Villarespe and Hilda Caballero 10. The Dependency Theory and Development: A historical review Erasmo Saenz Carrete 11. The New-Style of Developmentalism in Latin America: Kubitschek and Frondizi Pedro Cezar Dutra Fonseca and Maria Heloisa Lenz 12. Brief Review of Mexico's Foreign Debt 1824-2010 Juan Carlos Tellez Mosqueda 13. The Crises in Peripheral Countries 1994-2002 and the Balance of Payments Theory: A Historical Approach Noemi Brenta

The very name of my subject, economics, suggests economizing or maxi mizing. But Political Economy has gone a long way beyond home econo mics. Indeed, it is only in the last third of the century, within my own life time as a scholar, that economic theory has had many pretensions to being itself useful to the practical businessman or bureaucrat. I seem to recall that a great economist of the last generation, A. C. Pigou of Cam bridge University, once asked the rhetorical question, 'Who would ever think of employing an economist to run a brewery?' Well, today, under the guise of operational research and managerial economics, the fanciest of our economic tools are being utilized in enterprises both public and private. So at the very foundations of our subject maximization is involved. My old teacher, Joseph Schumpeter, went much farther. Instead of being content to say economics must borrow from logic and rational empirical enquiry, Schumpeter made the remarkable claim that man's ability to operate as a logical animal capable of systematic empirical induction was itself the direct outcome of the Darwinian struggle for survival. Just as man's thumb evolved in the struggle to make a living to meet his econo mic problem so did man's brain evolve in response to the economic problem. Coming forty years before the latest findings in ethology by Konrad Lorenz and Nikolaas Tinbergen, this is a rather remarkable insight. It would take me away from my present subject to more than mention the further view enunciated by Schumpeter [43] in launching the new subject of econometrics. Quantity, he said, is studied by the physicist or other natural scientist at a fairly late and sophisticated stage of the subject. Since a quantitative approach is, so to speak, at the discretion of the investigator, all the more credit to the followers of Galileo and Newton for taking the mathematical approach. But in economics, said Schumpeter, the very subject matter presents itself in quantitative form : take away the numerical magnitude of price or barter exchange-ratio and you have nothing left. Accounting does not benefit from arithmetic;

Wassily Leontief and the Discovery of the Input-Output Approach

Racial Discrimination and Trade Unionism

Travelers' Tales: Their Values and Virtues

The contribution of manufacturing to the economic development of Queensland has been much more significant than has generally been acknowledged in the state's historiography. Manufacturing has been fundamentally important to the growth of the Queensland economy by allowing the conversion of many primary industry commodities into products valued in overseas and interstate markets and providing an industrial capacity to support infrastructure development and many of the everyday goods consumed by the people of Queensland. Manufacturing has also provided avenues of employment and commercial activity in the urban centres across Queensland and, in particular, in the south-eastern region. Queensland's secondary industries managed to expand and diversify despite many economic difficulties and the apathy of successive Queensland governments from the nineteenth century and well into the first half of the twentieth century. This thesis examines the central features of economic development in Queensland and the relationship between industrial development, particularly the manufacturing industries, and the political economy from the earliest years of European settlement to the early decades of the twentieth century. This study provides a general assessment of economic development in the nineteenth century and a comprehensive empirically based economic history of all industry sectors in Queensland, with an emphasis on the manufacturing sector, for the period 1900 to 1930. Using the fullest body of statistical and qualitative sources possible, this thesis analyses the various economic, social, political, ideological, geographical, and sociological factors that have influenced the form and character of economic and industrial development and manufacturing in Queensland. The manufacturing sector has been much maligned and marginalised in Queensland; the populist anti-urban, anti-industrial and anti-centralist attitudes of successive Queensland governments have been powerful deterrents to urban and industrial progress. In Queensland the agrarian dream held steadfast and governments continually implemented rural development schemes intended to populate the interior through the promotion of closer settlement. With the political process infused by a significant rural bias very little assistance was directed towards the state's manufacturing sector which managed, nevertheless, to expand to be, in terms of its value of production, Queensland's most valuable industry sector by the mid-1920s. This thesis by addressing the paucity of economic history specific to Queensland; its comprehensive quantitative empirical foundation; its focus on the development of Queensland's secondary industries; and for its use of an extensive body of archival sources to present a comprehensive analysis of the economic development of Queensland, makes a significant contribution towards broadening an understanding of Queensland's economic and political history. From another perspective, the significance of this research lies with the implications associated with an examination of the lack of social identification in Queensland with industrialism and ideals that were generally unsympathetic towards an industrial society. A consideration of this anti-industrial hegemony is crucial to any analysis of the social, political, economic, and cultural development of Queensland.

Lionel Robbins's now famous lectures on the history of economic thought comprise one of the greatest accounts since World War II of the evolution of economic ideas. This volume represents the first time those lectures have been published. Lord Robbins (1898-1984) was a remarkably accomplished thinker, writer, and public figure. He made important contributions to economic theory, methodology, and policy analysis, directed the economic section of Winston Churchill's War Cabinet, and served as chairman of the Financial Times . As a historian of economic ideas, he ranks with Joseph Schumpeter and Jacob Viner as one of the foremost scholars of the century. These lectures, delivered at the London School of Economics between 1979 and 1981 and tape-recorded by Robbins's grandson, display his mastery of the intellectual history of economics, his infectious enthusiasm for the subject, and his eloquence and incisive wit. They cover a broad chronological range, beginning with Plato, Aristotle, and Aquinas, focusing extensively on Adam Smith, Thomas Malthus and the classicals, and finishing with a discussion of moderns and marginalists from Marx to Alfred Marshall. Robbins takes a varied and inclusive approach to intellectual history. As he says in his first lecture: "I shall go my own sweet way--sometimes talk about doctrine, sometimes talk about persons, sometimes talk about periods." The lectures are united by Robbins's conviction that it is impossible to understand adequately contemporary institutions and social sciences without understanding the ideas behind their development. Authoritative yet accessible, combining the immediacy of the spoken word with Robbins's exceptional talent for clear, well-organized exposition, this volume will be welcomed by anyone interested in the intellectual origins of the modern world.

[eng] Political economy of international financial architecture The objective of the new architecture of the international financial system is to master the international financial instability by improving the transparency and the supervision of markets, and by arousing a greatest sense of responsibility in the prevention and management of crises, of both private and public actors. But it is very improbable for the new architecture to take the form of rules of law whose combination would open on a new system forced upon the international community, to the image of the creation of the IMF in 1944. It is likely to be a pragmatic reply to the international financial instability rather than an institutional evolution of the modes of international monetary and financial governance. The ambition to consolidate the international financial architecture marks already a real change of doctrine, close to a new neoliberal compromise and partially nearing the postwar embedded liberalism recommended by Keynes. But this compromise appears all both ambiguous and unfinished, as much in its foundations that in its functioning. The object of this analysis is precisely to surround the political economy of this architecture. One examines first the official contours of the new architecture, by showing that this program is first a political reply, managed by the American diplomacy and piloted by the G 7, to the systemic contagion of the 90's. One shows then how the project of architecture, considering the theoretical underlying foundations as well as the adopted method, can be analyzed as a pragmatic compromise whose application remains at present unfulfilled, and which cannot be considered as a full reply to the challenges of systemic risk. embedded liberalism recommended by Keynes. But this compromise appears all both ambiguous and unfinished, as much in its foundations that in its functioning. The object of this analysis is precisely to surround the political economy of this architecture. One examines first the official contours of the new architecture, by showing that this program is first a political reply, managed by the American diplomacy and piloted by the G 7, to the systemic contagion of the 90's. One shows then how the project of architecture, considering the theoretical underlying foundations as well as the adopted method, can be analyzed as a pragmatic compromise whose application remains at present unfulfilled, and which cannot be considered as a full reply to the challenges of systemic risk. [fre] L'objectif de la nouvelle architecture du système financier international est de maîtriser l'instabilité financière internationale en améliorant la transparence et la surveillance des marchés, et en suscitant une plus grande responsabilité des acteurs, tant privés que publics, dans la prévention et la gestion des crises. Mais il est très improbable que la nouvelle architecture prenne la forme d'un ensemble de règles de droit dont la combinaison déboucherait sur un nouveau système s'imposant à la communauté internationale, à l'image de la création du FMI en 1944. Il s'agit d'une réponse pragmatique à l'instabilité financière internationale et non pas d'une avancée institutionnelle quant aux modes de gouvernance monétaire et financière à l'échelle internationale. Si l'ambition de consolider l'architecture financière internationale marque d'ores et déjà un infléchissement très net de doctrine, qui s'apparente à un nouveau compromis néo-libéral et se rapproche partiellement du libéralisme enchâssé de l'après-guerre, prôné par J. M. Keynes, ce compromis paraît tout à la fois ambigu et inachevé, autant dans ses fondements que dans sa mise en œuvre. Tel est l'objet de cette analyse que de cerner l'économie politique de cette architecture. On examine d'abord les contours officiels de la nouvelle architecture en montrant que ce programme est d'abord une réponse politique, impulsée par la diplomatie américaine et pilotée par le G 7, aux contagions systémiques des années 1990. On montre ensuite en quoi le projet d'architecture, compte tenu des fondements théoriques qui le sous-tendent et de la méthode mise en œuvre, peut être analysé comme un compromis pragmatique dont l'application reste encore inachevée et qui ne saurait pleinement répondre aux défis du risque systémique.

As one of the most famous economists of the twentieth century, Paul Anthony Samuelson revolutionized many branches of economic theory. As a diligent student of his predecessors, he reconstructed their economic analyses in the mathematical idiom he pioneered. Out of Samuelson's more than eighty articles, essays, and memoirs, the editors of this collection have selected seventeen. Twelve are mathematical reconstructions of some of the most famous work in the history of economic thought - work by David Hume, François Quesnay, Adam Smith, Karl Marx, and others. One is a methodological essay defending the Whig history that he was sometimes accused of promulgating; two deal with the achievements of Joseph Schumpeter and Denis Robertson; and two review theoretical developments of his own time: Keynesian economics and monopolistic competition. The collection provides readers with a sense of the depth and breadth of Samuelson's contributions to the study of the history of economics.

On New Year's Day, 1935, Keynes wrote a letter to George Bernard Shaw. In this letter he stated: To understand my new state of mind, however, you have to know that I believe myself to be writing a book on economic theory which will largely revolutionize not I suppose at once but in the course of the next ten years the way the world thinks about economic problems. When my new theory has been duly assimilated and mixed with politics and feelings and passions, I cannot predict what the final upshot will be in its effect on actions and affairs, but there will be a great change and in particular the Ricardian Foundations of Marxism will be knocked away. I can't expect you or anyone else to believe this at the present stage, but for myself I don't merely hope what I say. In my own mind I am quite sure.

This chapter studies the intersection of health and political economy in history, with a focus on the United States during the epidemiological transition. Few of the major factors that drove mortality reduction and health improvements would have been possible without the state. And where there is the state, there are questions of political economy. The chapter asks two related questions: What was the political economy behind the transition and what were the political economic effects of the transition? It is divided into three substantive sections. The first section focuses on the public health measures and investments in the era of the epidemiological transition. The second section considers the political economy of epidemics and pandemics and the political economy left in their wake. The third section traces the development of American health care as both a profession and an industry.

From the ancients to the moderns, questions of economic theory and policy have been an important part of intellectual and public debate, engaging the attention of some of history’s greatest minds. This book brings together readings from more than two thousand years of writings on economic subjects. Through these selections, the reader can see first-hand how the great minds of past grappled with some of the central social and economic issues of their times and, in the process, enhanced our understanding of how economic systems function. This collection of readings covers the major themes that have preoccupied economic thinkers throughout the ages, including price determination and the underpinnings of the market system, monetary theory and policy, international trade and finance, income distribution, and the appropriate role for government within the economic system. These ideas unfold, develop, and change course over time at the hands of scholars such as Aristotle, St. Thomas Aquinas, John Locke, Francois Quesnay, David Hume, Adam Smith, Thomas Robert Malthus, David Ricardo, John Stuart Mill, Karl Marx, William Stanley Jevons, Alfred Marshall, Irving Fisher, Thorstein Veblen, John Maynard Keynes, Milton Friedman, and Paul Samuelson. Each reading has been selected with a view to both enlightening the reader as to the major contributions of the author in question and to giving the reader a broad view of the development of economic thought and analysis over time. This book will be useful for students, scholars, and lay people with an interest in the history of economic thought and the history of ideas generally.