The Beginnings of Scholarly Economic Journalism

The Austrian Economist and The German Economist

Author: Jürgen Backhaus

Publisher: Springer Science & Business Media

ISBN: 9781461400790

Category: Social Science

Page: 164

View: 5525

The twin journals, Der Österreichische Volkswirt (The Austrian Economist) and Der Deutsche Volkswirt (The German Economist) were created by Gustav Stolper, godfather of Joseph Schumpeter, first in Vienna and then after the First World War, in Berlin. Schumpeter was to become a frequent contributor of the Berlin-based journal, which combined a successful blend of economic analysis and political and business insider knowledge which Stolper gained with his famous and sought after parties at his Wannsee villa. The two publications offer a kaleidoscope of many different ideas and concepts, some of which are addressed in this book, including philosophy, demography, monetary aspects, foreign developments, employment policy, and politics. The personal and professional contributions of Gustav Stolper and his secretary, Lilo Linke, are also discussed. Very little has been published on these early ventures into economic journalism, and this book will appeal to anyone studying economic journalism or the economic history of early twentieth century Europe.
Posted in Social Science

War in the History of Economic Thought

Economists and the Question of War

Author: Yukihiro Ikeda,Annalisa Rosselli

Publisher: Routledge

ISBN: 1351997009

Category: Business & Economics

Page: 266

View: 2466

Even after the experience of WWII and despite the existence of various institutions such as United Nations to avoid conflict between nations, we have not succeeded in making a world free from war. The Cold War, the Vietnam War, the intervention of the superpowers in local conflicts and the spread of terrorism have made this all too clear. This volume brings together contributions by leading international scholars of various countries and reconstructs how economists have dealt with issues that have been puzzling them for nearly three centuries: Can a war be 'rational'? Does international commerce complement or substitute war? Who are the real winners and losers of wars? How are military expenses to be funded? The book offers a refreshing approach to the subject and how we think about the relations between economics and war.
Posted in Business & Economics

The Road to Serfdom

Author: Friedrich August Hayek

Publisher: Psychology Press

ISBN: 9780415253895

Category: Business & Economics

Page: 256

View: 9021

Hayek argues convincingly that, while socialist ideals may be tempting, they cannot be accomplished except by means that few would approve of.
Posted in Business & Economics

Economics as Social Science

Economics imperialism and the challenge of interdisciplinarity

Author: Roberto Marchionatti,Mario Cedrini

Publisher: Taylor & Francis

ISBN: 1317438345

Category: Business & Economics

Page: 220

View: 8710

There is a growing consensus in social sciences that there is a need for interdisciplinary research on the complexity of human behavior. At an age of crisis for both the economy and economic theory, economics is called upon to fruitfully cooperate with contiguous social disciplines. The term ‘economics imperialism’ refers to the expansion of economics to territories that lie outside the traditional domain of the discipline. Its critics argue that in starting with the assumption of maximizing behaviour, economics excludes the nuances of rival disciplines and has problems in interpreting real-world phenomena. This book focuses on a territory that persists to be largely intractable using the postulates of economics: that of primitive societies. In retracing the origins of economics imperialism back to the birth of the discipline, this volume argues that it offers a reductionist interpretation that is poor in interpretative power. By engaging with the neglected traditions of sociological and anthropological studies, the analysis offers suggestions for a more democratic cooperation between the social sciences. Economics as Social Science is of great interest to those who study history of economic thought, political economy and the history of economic anthropology, as well as history of social sciences and economic methodology.
Posted in Business & Economics

Gustav von Schmoller and Adolph Wagner

Legacy and Lessons for Civil Society and the State

Author: Jürgen Backhaus,Günther Chaloupek,Hans A. Frambach

Publisher: Springer

ISBN: 3319789937

Category: Business & Economics

Page: 191

View: 749

This book discusses the work of German economists Gustav von Schmoller and Adolph Wagner, its influence on the tradition of German and Austrian economic and social thought, and its implications for the discipline today. Schmoller and Wagner integrated philosophical, historical, sociological and political approaches into the science of economics, focusing specifically on economic development. Schmoller, who is considered the head of the second generation of the German Historical School, argued that general propositions of economic theory had to be based on historical-empirical studies. In contrast, Wagner was a systematologist who preferred to start his investigations into economic problems from abstract principles. Schmoller and Wagner share, however, a common focus on institutions and the role of the state; Wagner favored state policy initiatives, while Schmoller was concerned with the risks of state policy failure. One hundred years after their deaths, the contributions to this book look into their approach, trace the influence of their ideas, and explore the relevance of their thought in a global economy. This book will be useful for students and scholars interested in socio-economics, the history of economic thought, economic policy, and political science.
Posted in Business & Economics

Foundations of Marketing Thought

The Influence of the German Historical School

Author: D.G. Brian Jones,Mark Tadajewski

Publisher: Routledge

ISBN: 1317295951

Category: Business & Economics

Page: 214

View: 7723

The study and teaching of marketing as a university subject is generally understood to have originated in America during the early 20th century emerging as an applied branch of economics. This book tells a different story describing the influence of the German Historical School on institutional economists and economic historians who pioneered the study of marketing in America and Britain during the late 19th and early 20th centuries. Drawing from archival materials at the University of Wisconsin, Harvard Business School, and the University of Birmingham, this book documents the early intellectual genealogy of marketing science and traces the ideas that early American and British economists borrowed from German scholars to study and teach marketing. Early marketing scholars both in America and Britain openly credited the German School, and its ideology based on social welfare and distributive justice was a strong motivation for many institutional economists who studied marketing in America, predating the modern macro-marketing school by many decades. Challenging many traditional beliefs, this book provides an authoritative new narrative of the origins of marketing thought. It will be of great interest to educators, scholars and advanced students with an interest in marketing theory and history, and in the history of economic thought.
Posted in Business & Economics

Economists and War

A heterodox perspective

Author: Fabrizio Bientinesi,Rosario Patalano

Publisher: Taylor & Francis

ISBN: 1317243129

Category: Business & Economics

Page: 214

View: 5541

War and economic power have been interwoven in the thought of scholars since the beginnings of economic science, and views on the role of war in the economy have shifted dramatically as the world order has changed. The centenary of World War I has offered the opportunity for increased reflection on this topic, particularly as the war itself stimulated new directions for both research and the development of theory. Economists and War brings together expert contributors who are united in their commitment to exploring this classic subject from innovative and heterodox points of view. The chapters presented in the book delve into a wide range of perspectives from Japan in the Second World War and Italy in the First; the debate on State intervention among German-speaking authors to the debate on the economic bases of perpetual peace; and from Keynes, who wrote on the ‘irrationality of war’, to Sismondi, who saw war as an opportunity for economic development, and not only for nation-states. This volume is essential reading for scholars of the history of economic thought, international political economy and intellectual history. It is also of great interest to those studying military and naval history.
Posted in Business & Economics

Routledge Handbook of the History of Women’s Economic Thought

Author: Kirsten Madden,Robert W Dimand

Publisher: Routledge

ISBN: 1317528360

Category: Business & Economics

Page: 466

View: 7389

The marginalization of women in economics has a history as long as the discipline itself. Throughout the history of economics, women contributed substantial novel ideas, methods of inquiry, and analytical insights, with much of this discounted, ignored, or shifted into alternative disciplines and writing outlets. This handbook presents new and much-needed analytical research of women’s contributions in the history of economic thought, focusing primarily on the period from the 1770s into the beginning of the 21st century. Chapters address the institutional, sociological and historical factors that have influenced women economists’ thinking, and explore women’s contributions to economic analysis, method, policies and debates. Coverage is international, moving beyond Europe and the US into the Arab world, China, India, Japan, Latin America, Russia and the Soviet Union, and sub-Saharan Africa. This new global perspective adds depth as well as scope to our understanding of women’s contribution to the history of economic thought. The book offers crucial new insights into previously underexplored work by women in the history of economic thought, and will prove to be a seminal volume with relevance beyond that field, into women’s studies, sociology, and history.
Posted in Business & Economics

Studies in the History of Public Economics

Author: Gilbert Faccarello,Richard Sturn

Publisher: Routledge

ISBN: 1317978072

Category: Business & Economics

Page: 586

View: 8307

Many important economic and political debates today refer to the nature and the role of the State: should governments intervene in the economy and interfere with the operation of markets? In which occasions, and how? In order to better understand these questions and the controversies they have raised, this book re-considers the debates crucial for the issues at stake, the most important schools of thought, and the central concepts in an historical perspective. After a tribute to Sir Alan Peacock and the first publication of two hitherto unpublished papers written in the 1950s, the chapters focus on important developments that occurred in Europe during the 19th and early 20th centuries. The final part includes contributions on public economics after World War II, focusing on concepts such as merit goods, externalities and the “Coase theorem”. This book was originally published as a special issue of The European Journal of the History of Economic Thought.
Posted in Business & Economics

The Economic Theory of Costs

Foundations and New Directions

Author: Matthew McCaffrey

Publisher: Routledge

ISBN: 1317207637

Category: Business & Economics

Page: 270

View: 9142

The theory of costs is a cornerstone of economic thinking, and figures crucially in the study of human action and society. From the first day of a principles-level course to the most advanced academic literature, costs play a vital role in virtually all behaviors and economic outcomes. How we make choices, why we trade, and how we build institutions and social orders are all problems that can be explained in light of the costs we face. This volume explores, develops, and critiques the rich literature on costs, examining some of the many ways cost remains relevant in economic theory and practice. The book especially studies costs from the perspective of the Austrian or “causal-realist” approach to economics. The chapters integrate the history of economic thought with contemporary research, finding valuable crossroads between numerous traditions in economics. They examine the role of costs in theories of choice and opportunity costs; demand and income effects; production and distribution; risk and interest rates; uncertainty and production; monopsony; Post-Keynesianism; transaction costs; socialism and management; and social entrepreneurship. Together, these papers represent an update and restatement of a central element in the economic way of thinking. Each chapter reveals how the Austrian, causalrealist approach to costs can be used to solve an important problem or debate in economics. These chapters are not only useful for students learning these concepts for the first time: they are also valuable for researchers seeking to understand the unique Austrian perspective and those who want to apply it to new problems.
Posted in Business & Economics

Superheroes and Economics

The Shadowy World of Capes, Masks and Invisible Hands

Author: Brian O'Roark,Rob Salkowitz

Publisher: Routledge

ISBN: 1351258141

Category: Business & Economics

Page: 144

View: 1714

At first sight, superheroes and economics seem to occupy completely different dimensions – but a clash of dimensions is a classic comic book storyline! In this first-of-its kind book, an economist and a business writer assemble an A-team of academic talent to explore the intersection of superhero mythology and economic theory in ten accessible chapters. Superheroes and Economics uncovers basic economic truths that are integral to the comic stories from some of the genres most famous names. The authors of the chapters look at ways that economic principles can add authenticity to imagined universes, and how familiar superhero stories can demonstrate concepts used by economists to forecast the behavior of markets and individuals. If Spider-Man is so smart, why isn’t he rich? What are the economic implications of a tech entrepreneur like Tony Stark actually inventing Iron Man armor? What does the 80-year career of Wonder Woman tell us about the evolving role of women in the workplace? This unique book extends the scope of comics studies to encompass social sciences. It offers a great way to introduce both fans and students to topics like opportunity cost, growth, inflation, and cost benefit analysis, as well as more advanced concepts like moral hazard, utility functions and economic growth. This text can be used to supplement economics courses using colorful examples that any pop culture fan can relate to.
Posted in Business & Economics

Austrian Economics, Money and Finance

Author: Thomas Mayer

Publisher: Routledge

ISBN: 135168552X

Category: Business & Economics

Page: 204

View: 3467

The financial crisis has exposed severe shortcomings in mainstream monetary economics and modern finance. It is surprising that these shortcomings have not led to a wider debate about the need to overhaul these theories. Instead, mainstream economists have closed ranks to defend existing theories and public authorities have expanded their interference in markets. This book investigates the problems associated with mainstream monetary economics and finance, and proposes alternatives based on the Austrian school of economics. This school emanated from the work of the 19th century Austrian economist Carl Menger and was developed further by Eugen von Böhm-Bawerk, Ludwig von Mises, and Friedrich August von Hayek. In monetary economics, the Austrian school regards the creation of money by banks through credit extension as a key source of economic instability. From this follows the need for a comprehensive reform of our present monetary system. In a new monetary order, money could be issued by both public and private institutions, and there would be no need for fractional reserve banking. Instead of creating money, banks would intermediate it. In finance, the Austrian school rejects the notion of rational expectations and measurable risk. Individuals use their subjective knowledge to gather and evaluate information, and they act in a world of radical uncertainty. Hence, markets are not "efficient" nor can portfolios be built on the basis of known probability distributions of asset prices as described in the modern finance literature. From this follows the need to develop a new theoretical foundation for asset pricing and investment management that will give practitioners more useful orientation.
Posted in Business & Economics

The Origins of Neoliberalism

Insights from economics and philosophy

Author: Giandomenica Becchio,Giovanni Leghissa

Publisher: Taylor & Francis

ISBN: 1317909356

Category: Business & Economics

Page: 210

View: 2693

Neoliberalism is a doctrine that adopts a free market policy in a deregulated political framework. In recent years, neoliberalism has become increasingly prominent as a doctrine in Western society, and has been heavily discussed in both academia and the media. In The Origins of Neoliberalism, the joint effort of an economist and a philosopher offers a theoretical overview of both neoliberalism’s genesis within economic theory and social studies as well as its development outside academia. Tracing the sources of neoliberalism within the history of economic thought, the book explores the differences between neoliberalism and classical liberalism. This book’s aim is to make clear that neoliberalism is not a natural development of the old classical liberalism, but rather that it represents a dramatic alteration of its original nature and meaning. Also, it fights against the current idea according to which neoliberalism would coincide with the triumph of free market economy. In its use of both history of economics and philosophy, this book takes a highly original approach to the concept of neoliberalism. The analysis presented here will be of great interest to scholars and students of history of economics, political economy, and philosophy of social science.
Posted in Business & Economics

Ill Fares the Land

Author: Tony Judt

Publisher: Penguin

ISBN: 9781101223703

Category: History

Page: 256

View: 4986

Something is profoundly wrong with the way we think about how we should live today. In Ill Fares The Land, Tony Judt, one of our leading historians and thinkers, reveals how we have arrived at our present dangerously confused moment. Judt masterfully crystallizes what we've all been feeling into a way to think our way into, and thus out of, our great collective dis-ease about the current state of things. As the economic collapse of 2008 made clear, the social contract that defined postwar life in Europe and America - the guarantee of a basal level of security, stability and fairness -- is no longer guaranteed; in fact, it's no longer part of the common discourse. Judt offers the language we need to address our common needs, rejecting the nihilistic individualism of the far right and the debunked socialism of the past. To find a way forward, we must look to our not so distant past and to social democracy in action: to re-enshrining fairness over mere efficiency. Distinctly absent from our national dialogue, social democrats believe that the state can play an enhanced role in our lives without threatening our liberties. Instead of placing blind faith in the market-as we have to our detriment for the past thirty years-social democrats entrust their fellow citizens and the state itself. Ill Fares the Land challenges us to confront our societal ills and to shoulder responsibility for the world we live in. For hope remains. In reintroducing alternatives to the status quo, Judt reinvigorates our political conversation, providing the tools necessary to imagine a new form of governance, a new way of life.
Posted in History

Natural Law and the Origin of Political Economy

Samuel Pufendorf and the History of Economics

Author: Arild Saether

Publisher: Taylor & Francis

ISBN: 131720770X

Category: Business & Economics

Page: 296

View: 7460

Samuel Pufendorf’s work on natural law and political economy was extensive and has been cited by several important figures in the history of economic thought. Yet his name is rarely mentioned in textbooks on the history of economic thought, the history of political science or the history of philosophy. In this unprecedented study, Arild Sæther sheds new light both on Pufendorf’s own life and work, as well as his influence on his contemporaries and on later scholars. This book explores Pufendorf ’s doctrines of political economy and his work on natural law, which was translated into several major European languages. Natural Law and the Origin of Political Economy considers the influence he had on the writings on political economy of John Locke, Charles Montesquieu, Jean-Jacques Rousseau, Francis Hutcheson and Adam Smith, amongst others. If Smith can be called the father of modern economics, this book claims that Pufendorf can be called the grandfather. This volume is of great importance to those who study Pufendorf ’s extensive works, as well as those interested in history of economic thought, political economy and political philosophy.
Posted in Business & Economics

What is Neoclassical Economics?

Debating the origins, meaning and significance

Author: Jamie Morgan

Publisher: Routledge

ISBN: 1317334523

Category: Business & Economics

Page: 322

View: 3296

Despite some diversification modern economics still attracts a great deal of criticism. This is largely due to highly unrealistic assumptions underpinning economic theory, explanatory failure, poor policy framing, and a dubious focus on prediction. Many argue that flaws continue to owe much of their shortcomings to neoclassical economics. As a result, what we mean by neoclassical economics remains a significant issue. This collection addresses the issue from a new perspective, taking as its point of departure Tony Lawson’s essay ‘What is this ‘school’ called neoclassical economics?’. Few terms are as controversial for pluralist and heterodox economists as neoclassical economics. This controversy has many aspects because the term itself has different specifications and connotations. Within this multiplicity what we mean by neoclassical matters to pluralist and heterodox economists for two primary reasons. First, because it informs how we view and critique the mainstream; second, because the relationship between heterodox and mainstream economics influences how heterodox economists model, apply methods and construct theory. The chapters in this collection each have different things to say about these matters, with contributions ranging across the work of key thinkers, such as Thorstein Veblen and Kenneth Arrow, applied issues of non-linear modelling of dynamic systems, and key events in the history of economics. This book will be of use to those interested in methodology, political economy, heterodoxy, and the history of economic thought.
Posted in Business & Economics

Thorstein Veblen

Economist and Social Theorist

Author: Murray G. Murphey

Publisher: Routledge

ISBN: 135124437X

Category: Social Science

Page: 244

View: 9259

In his latest book, scholar-historian Murray G. Murphey exhaustively explores the life and theory of Thorstein Veblen (1857–1929), whom, many scholars agree, remains one of the leading social theorists of all time, if not also one of the more confounding. Murphey’s account begins with a brief economic history of nineteenth-century America, wherein he examines the conditions that formed Veblen’s ideology. With that understanding, the author studies Veblen’s personal history and brings to the fore his foundational ideas on human psychology, race, his theory of knowledge, and his analysis of social evolution. In the book’s later chapters, Murphey considers Veblen’s writing through the scope of his major volumes – The Theory of the Leisure Class, The Theory of Business Enterprise, and Imperial Germany and the Industrial Revolution, among others. Spanning the latter stages of the nineteenth century into the first several decades of the twentieth century, Murphey traces Veblen’s radical economics and thinking within the broader context of America’s economic theory. In so doing, he upholds Veblen’s influence on the canons of economics and social science, and importantly, he attempts to resolve the lingering mystery behind one of America’s more puzzling and influential theorists.
Posted in Social Science

Business Cycles in Economic Thought

A history

Author: Alain Alcouffe,Monika Poettinger,Bertram Schefold

Publisher: Routledge

ISBN: 1317207785

Category: Business & Economics

Page: 266

View: 9992

Business Cycles in Economic Thought underlines how, over the time span of two centuries, economic thought interacted with cycles in a continuous renewal of theories and rethinking of policies, whilst economic actions embedded themselves into past economic thought. This book argues that studying crises and periods of growth in different European countries will help to understand how different national, political and cultural traditions influenced the complex interaction of economic cycles and economic theorizing. The editors of this great volume bring together expert contributors consisting of economists, historians of economic thought and historians of economics, to analyse crises and theories of the nineteenth and the twentieth century. This is alongside a comprehensive outlook on the most relevant advances of economic theory in France, Germany and Italy, as well as coverage of non-European countries, such as the United States. Several of the highly prestigious Villa Vigoni Trilateral Conferences formed the background for the discussions in this book. This volume is of great interest to students and academics who study history of economic thought, political economy and macroeconomics.
Posted in Business & Economics

Austerity

The History of a Dangerous Idea

Author: Mark Blyth

Publisher: Oxford University Press

ISBN: 0199389446

Category: Business & Economics

Page: 322

View: 1641

Selected as a Financial Times Best Book of 2013 Governments today in both Europe and the United States have succeeded in casting government spending as reckless wastefulness that has made the economy worse. In contrast, they have advanced a policy of draconian budget cuts--austerity--to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of government spending, but as the direct result of bailing out, recapitalizing, and adding liquidity to the broken banking system. Through these actions private debt was rechristened as government debt while those responsible for generating it walked away scot free, placing the blame on the state, and the burden on the taxpayer. That burden now takes the form of a global turn to austerity, the policy of reducing domestic wages and prices to restore competitiveness and balance the budget. The problem, according to political economist Mark Blyth, is that austerity is a very dangerous idea. First of all, it doesn't work. As the past four years and countless historical examples from the last 100 years show, while it makes sense for any one state to try and cut its way to growth, it simply cannot work when all states try it simultaneously: all we do is shrink the economy. In the worst case, austerity policies worsened the Great Depression and created the conditions for seizures of power by the forces responsible for the Second World War: the Nazis and the Japanese military establishment. As Blyth amply demonstrates, the arguments for austerity are tenuous and the evidence thin. Rather than expanding growth and opportunity, the repeated revival of this dead economic idea has almost always led to low growth along with increases in wealth and income inequality. Austerity demolishes the conventional wisdom, marshaling an army of facts to demand that we austerity for what it is, and what it costs us.
Posted in Business & Economics

Economics

Author: Paul Krugman,Robin Wells

Publisher: Macmillan

ISBN: 0716771586

Category: Business & Economics

Page: 1200

View: 3518

Offering an accessible and thorough introduction to economics, this text offers real-world examples to bring theory to life. Students and lecturers will benefit from the vast array of supplements, including a companion website with extra material and resources
Posted in Business & Economics