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The sole reason that I can see why this name should still be familiar to every student preparing for a course examination in the history of economic thought is a certain reputation he made in his own time by his Universal Dictionary of Trade and Commerce which was largely a compilation from unacknowledged sources. of the brightest stars of economic...
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PLAN OF THE PART. Strictly speaking, no such system existed in the period covered by Part III. That is to say, the great majority of the people who, as we have put it, recognized one another as economists agreed sufficiently about the fundamentals of subject matter, method, and results to make it possible to systematize their contributions, although they disagreed—individually...
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The reader is requested to keep this definition in mind because the term has acquired a different—in fact almost the opposite—meaning since about 1900 and especially since about 1930: as a supreme, if unintended, compliment, the enemies of the system of private enterprise have thought it wise to appropriate its label.. By Political Liberalism, which must be distinguished from economic...
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After the monetary disturbances—the inflation—incident to the Napoleonic Wars, all countries struggled back to what was considered normalcy. On the Continent, normalcy meant silver or a bimetallic standard, but England, after having legalized the de facto gold standard established in the eighteenth century, resumed gold redemption of Bank of England notes within a few years of Waterloo, much as she...
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This positivism brought earlier tendencies to a head and anticipated, in some respects, the much more interesting empiriocriticism of the next period. It is a philo-sophical doctrine in the technical sense of the term—though a negative one—and as such did not exert, and was incapable of exerting, any influence upon research in any particular science.. The Cours starts with the...
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We find it even in the creators of the realistic novel, for example, the brothers Goncourt.. In the second place, historians developed a bent for sociological analysis that benefited from its proximity to facts. Niebuhr’s attention to institutions and to the question of the effects of policies and reforms and Thierry’s attention to racial factors may serve as examples. This...
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For clarification and illustration, it will be useful to distinguish five differ-ent—though often overlapping—types of evolutionist thought, all of which loom large in the intellectual scenery of this period and also in that of the subsequent one: what follows refers to both periods, though instances are taken only from the one under survey.. 2 Let us, at the same time...
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But for us the question arises: since this associationist orthodoxy was part of Benthamite orthodoxy, shall we not expect that it influenced the economics of the group that was another part of it? Of course, we shall—but we shall be disappointed. The case illustrates very well the nature of the relation of a comprehensive system to its parts. But if,...
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The Social Science Movement in the United States (1943).. ciationism of Lassalle—his scheme of productive associations that were to be subsidized by the state and, by virtue of this advantage, to compete private industry out of existence. but it was not nonsense to the Benthamite mind. In fact, a glance at the utilitarian views on the human mind and on...
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we must touch on another point, not because it is worth our while in itself, but because it has attracted attention beyond its deserts: Thünen’s famous formula for the ‘natural wage.’ He must have thought a lot of it, because he had it engraved upon his tombstone.. Call the dollar value of the national net product p, the total pay...
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Finally, he wrote the textbook that was the most successful general treatise England produced in the first four decades of the nineteenth century, and this, all the shortcomings notwithstanding, is not negligible either. 12 the book was more directly influential with the public than was Ricardo’s and really created what we might call lower-level Ricardianism. His delight in refined logic...
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Nevertheless, historians who to this day fail to give Bailey his due are only accepting the facts of the case as it presented itself at the time. Writing in 1845, McCulloch did not risk provoking laughter when he wrote in his Literature of Political Economy that Bailey had not properly appreciated the Ricardian theory and had not ‘succeeded in any...
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In the chair at the Collège de France, 14 Say was succeeded by the Italian Rossi, Rossi by Chevalier, 15 whose tenure extended to 1879, and Chevalier, in turn, by his son-in-law, Paul Leroy-Beaulieu, whose career covers practically the whole of the next period. In the high heavens, Say’s true successor was indeed the great Walras. But on a less...
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Therefore, and also because Marx’s theoretical developments seem to me to follow naturally from Ricardo’s formulations—given the direction in which those developments were to aim—I do not think that there is any cogent reason for challenging Engels’ repudiation of the idea that Marx had ‘borrowed’ from Rodbertus.. For his own convenience, the reader should keep in mind the following three...
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And, on the strength of this, they condemned his message without making it clear—and presumably without being aware of the fact—that the essentials of this message were beyond the range of theoretical analysis.. But the English free traders implemented their visions and their politics analytically and with success—the theorem of comparative costs was a major contribution to our analytic apparatus....
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MILL’S Principles was not only the most successful treatise of the period under survey but also qualifies well for the role of the period’s classic work in our sense. That is to say, he was one of the chief intellectual figures of the nineteenth century and is so familiar to every educated person that it might seem superfluous to add...
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Thus, most economists, J.B.Say and J.S.Mill in particular, thought altogether too much of the analogy with the physical sciences, which the latter declared to be the ‘proper models’ for economic theory (Autobiography, p. 7 J.B.Say, while correctly emphasizing that economics is an observational science, nevertheless called it ‘experimental.’ But this can be easily corrected into ‘empirical.’ Furthermore, practically all economists...
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belonged to the middle class and lived in the mid-Victorian era. 7 But there is, besides much pure ideology, also something behind those recommendations that is analytic in nature and admits of the application of a scientific method. Mill’s problem is not to explain, historically and sociologically, the origin and the various forms of the institution of inheritance. This, as...
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For reasons quite different from those that motivate the attitude of modern theorists, economists of the period under survey were reluctant to accept the triad, which accordingly conquered but slowly and incompletely—. a fact that, considering the obviousness of the schema, calls for explanation. Moreover, examination of these reasons will teach us an interesting lesson about the ‘ways of the...
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On the other hand, we have the type of analysis of which the Ricardian detour is the outstanding example. It would of course be an exaggeration to say that Ricardo was entirely blind to the aspect of the economic process described above. 28 But it is true that Ricardo failed to see the explanatory principle offered by the valuation aspect....