The Experts below are selected from a list of 360 Experts worldwide ranked by ideXlab platform
Matthieu Renault - One of the best experts on this subject based on the ideXlab platform.
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edmond malinvaud s criticisms of the new Classical Economics restoring the nature and the rationale of the old keynesians opposition
Journal of The History of Economic Thought, 2020Co-Authors: Matthieu RenaultAbstract:Unlike standard accounts, recent research in the history of macroEconomics has given increasing attention to the Old Keynesians’ criticisms of the New Classical Economics. In this paper, I address the case of Edmond Malinvaud, who began opposing the New Classical Economics from the early 1980s and did so throughout the following thirty years. This study shows that his opposition was radical, i.e., multi-dimensional and systematic, and owes to the methodology and the practice of macroeconometric modeling. In turn, this twofold result sheds light on the nature and the rationale of the Old Keynesians’ opposition to the New Classical Economics from the 1970s onwards, which can be interpreted along the same lines.
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edmond malinvaud s criticisms of the new Classical Economics restoring the nature and the rationale of the old keynesians opposition
Social Science Research Network, 2020Co-Authors: Matthieu RenaultAbstract:Unlike standard accounts, recent research in the history of macroEconomics has given increasing attention to the Old Keynesians’ criticisms of the New Classical Economics. In this paper, I address the case of Edmond Malinvaud, who began opposing the latter from the early 1980s and did so throughout the following thirty years. This study shows that his opposition was radical, i.e., multidimensional and systematic, and owes to the methodology and the practice of macroeconometric modeling. In turn, this twofold result sheds light on the nature and the rationale of the Old Keynesians’ opposition to the New Classical Economics from the 1970s onwards, which can be interpreted along the same lines.
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journal of the history of economic thought preprints edmond malinvaud s criticisms of the new Classical Economics restoring the nature and the rationale of the old keynesians opposition
OSF Preprints, 2019Co-Authors: Matthieu RenaultAbstract:Unlike standard accounts, recent research in the history of macroEconomics has given increasing attention to the Old Keynesians’ criticisms of the New Classical Economics. In this paper, I address the case of Edmond Malinvaud, who began opposing the latter from the early 1980s and did so throughout the following thirty years. This study shows that his opposition was radical, i.e., multidimensional and systematic, and owes to the methodology and the practice of macroeconometric modeling. In turn, this twofold result sheds light on the nature and the rationale of the Old Keynesians’ opposition to the New Classical Economics from the 1970s onwards, which can be interpreted along the same lines.
Peter J Boettke - One of the best experts on this subject based on the ideXlab platform.
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book review economic thought before adam smith an austrian perspective on the history of economic thought vol i and Classical Economics an austrian perspective on the history of economic thought vol i by murray n rothbard
Social Science Research Network, 1995Co-Authors: Peter J BoettkeAbstract:The author reviews Murray Rothbard's "Economic Thought Before Adam Smith: An Austrian Perspective on the History of Economic Thought", Vol. I, and "Classical Economics: An Austrian Perspective on the History of Economic Thought, Vol. I."
Heinz D. Kurz - One of the best experts on this subject based on the ideXlab platform.
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revisiting Classical Economics studies in long period analysis
2014Co-Authors: Heinz D. Kurz, Neri SalvadoriAbstract:1. Classical Economics and Modern Theory 2. On Sraffa's contribution 3. Production of commodities by means of commodities in its making 4. Growth and Distribution 4. Exhaustible Resources
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technical progress capital accumulation and income distribution in Classical Economics adam smith david ricardo and karl marx
European Journal of The History of Economic Thought, 2010Co-Authors: Heinz D. KurzAbstract:The paper discusses the analyses of technical progress, capital accumulation and income distribution elaborated by three major Classical economists: Adam Smith, David Ricardo and Karl Marx. The interpretation given is partly inspired by Piero Sraffa's studies in his hitherto unpublished papers. It will be argued that in the Classical authors we encounter a sophisticated typology of different forms of technical change and an analysis of the different effects these have. These forms can be analysed in terms of shifts of the inverse relationship between the general rate of profits and wages, or wage frontier. The emphasis will be on Adam Smith's concept of the division of labour, Ricardo's analysis of the substitution of machine power for labour power, and Marx's adaptation of Ricardo's argument to his own analytical framework in terms of a rising organic composition of capital.
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innovations and profits schumpeter and the Classical heritage
Journal of Economic Behavior and Organization, 2008Co-Authors: Heinz D. KurzAbstract:Abstract The paper discusses the problem of innovations and profits from a Schumpeterian perspective using the analytical tools of modern Classical Economics. The concept of “circular flow” is formalised and Schumpeter's zero-profits assumption investigated. Next a typology of process innovations is discussed using a simple two-sector framework. In Schumpeter profits are transitional phenomena. In the conditions contemplated, increases in labor productivity will lead to rising real wages. The argument is generalized to product-cum-process innovations in systems with joint production where a bad that is costly to dispose of is transformed into a good that can be marketed profitably.
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Classical Economics AND THE PROBLEM OF EXHAUSTIBLE RESOURCES
Metroeconomica, 2001Co-Authors: Heinz D. Kurz, Neri SalvadoriAbstract:In this paper we discuss in terms of the simple model of exhaustible resources proposed by Bidard and Erreygers some of their propositions. The concept of 'real rate of profit' introduced by them is shown to be of no analytical use. It is stressed that the mathematical properties of the economic system under consideration are independent of the numeraire adopted. The Classical treatment of exhaustible resources in terms of differential rent is shown to be correct under well- defined conditions. It is argued that it is complementary to, rather than incompatible with, the approach which emphasizes that in conditions of free competition the rate of profit obtained by conserving the resource equals that in production processes. In section 1 we shall discuss the mathematical properties of the simple model proposed by Bidard and Erreygers (2001). We shall solve the model for a given real wage rate paid at the beginning of the uniform production period. In section 2 we shall question the usefulness of the concept of a 'real profit rate' suggested by Bidard and Erreygers and their view that the choice of numeraire can have an impact on the mathematical properties of the system under consideration. In sections 3 and 4 we assess some of the propositions put forward by Bidard and Erreygers. Section 3 deals with the fact that any economic model is bound to distort reality in some way and therefore can never be more than an attempt to 'approximate' important features of the latter. This is exemplified by means of the labour theory of value in Classical Economics, on the one hand, and by Ricardo's assimilation of the case of exhaustible resources to that of scarce land and thus its subsumption under the theory of differential rent, on the other. In certain well-specified circumstances royalties are replaced by rents, while in other circumstances neither rents nor royalties play any role. In section 4 we turn to the so-called Hotelling rule. It is stressed that in order for this rule to apply there must be no obstacles whatsoever to the
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understanding Classical Economics studies in long period theory
1998Co-Authors: Heinz D. Kurz, Neri SalvadoriAbstract:The 'Classical' approach to economic problems, which can be traced back to Adam Smith and David Ricardo, has seen a remarkable revival in recent years. The essays in this collection argue that this approach holds the key to an explanation of important present day economic phenomena. Focusing on the analytical potentialities of Classical Economics, the contributors illustrate how an important element of understanding its approach consists of developing and using its explanatory power.
Carlos Montes - One of the best experts on this subject based on the ideXlab platform.
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the history of ecosystem services in economic theory and practice from early notions to markets and payment schemes
Ecological Economics, 2010Co-Authors: Erik Gomezbaggethun, Rudolf De Groot, Pedro L Lomas, Carlos MontesAbstract:article i nfo This paper reviews the historic development of the conceptualization of ecosystem services and examines critical landmarks in economic theory and practice with regard to the incorporation of ecosystem services into markets and payment schemes. The review presented here suggests that the trend towards monetization and commodification of ecosystem services is partly the result of a slow move from the original economic conception of nature's benefits as use values in Classical Economics to their conceptualization in terms of exchange values in NeoClassical Economics. The theory and practice of current ecosystem services science are examined inthelight ofthis historicaldevelopment.From thisreview,we conclude thatthefocus onmonetary valuation and payment schemes has contributed to attract political support for conservation, but also to commodify a growing number of ecosystem services and to reproduce the NeoClassical Economics paradigm and the market logic to tackle environmental problems.
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the history of ecosystem services in economic theory and practice from early notions to markets and payment schemes
Ecological Economics, 2010Co-Authors: Erik Gomezbaggethun, Rudolf De Groot, Pedro L Lomas, Carlos MontesAbstract:This paper reviews the historic development of the conceptualization of ecosystem services and examines critical landmarks in economic theory and practice with regard to the incorporation of ecosystem services into markets and payment schemes. The review presented here suggests that the trend towards monetization and commodification of ecosystem services is partly the result of a slow move from the original economic conception of nature's benefits as use values in Classical Economics to their conceptualization in terms of exchange values in NeoClassical Economics. The theory and practice of current ecosystem services science are examined in the light of this historical development. From this review, we conclude that the focus on monetary valuation and payment schemes has contributed to attract political support for conservation, but also to commodify a growing number of ecosystem services and to reproduce the NeoClassical Economics paradigm and the market logic to tackle environmental problems.
Christos N Pitelis - One of the best experts on this subject based on the ideXlab platform.
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learning innovation increasing returns and resource creation luigi pasinetti s original sin of and call for a post Classical Economics
Cambridge Journal of Economics, 2016Co-Authors: Christos N PitelisAbstract:We draw on the seminal contribution to Economics by Luigi Pasinetti, respond to his call to reverse what he saw as the ‘original sin’ of Classical economists exacerbated by neoClassical economists, namely the assumption of non-increasing returns to scale, and move towards building a post-Classical Economics. We outline the contours of a post-Classical framework that draws on key themes and contributions from Pasinetti on learning, technical progress, increasing returns, resource creation, trade and catching up, and contributions from within and without Economics that are in line with, lend support to and challenge it. We advocate the pressing need and opportune timing for a concerted effort to revitalise ideas from the once vibrant ‘Cambridge School’ of Economics and help develop a fresh, more pluralist and inclusive post-Classical Economics that cuts across divides and opens up opportunities for a less ‘dismal science’.
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learning innovation increasing returns and resource creation luigi pasinetti s original sin of and clarion call for a post Classical Economics
Social Science Research Network, 2015Co-Authors: Christos N PitelisAbstract:We draw on the seminal contribution to Economics by Luigi Pasinetti. We respond to his clarion call to reverse what he called the “original sin” of Classical economists, (the assumption of non-increasing returns to scale) exacerbated later by neo-Classical economists and move towards developing a post-Classical Economics. We outline the contours of a post-Classical framework that draws on key themes and contributions from Pasinetti on learning, technical progress, increasing returns, resource creation, trade and catching up, and contributions from within and without Economics that are in line with, lend support to, and challenge it. We advocate the pressing need and opportune timing for a concerted effort to revitalize ideas from the once vibrant “Cambridge School” of Economics, and help develop a fresh, more pluralist and inclusive post-Classical Economics that cuts across divides and opens up new research avenues.