History of Economic Analysis part 129

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History of Economic Analysis part 129. At the time of his death in 1950, Joseph Schumpeter-one of the major figures in economics during the first half of the 20th century-was working on his monumental History of Economic Analysis. A complete history of humankind's theoretical efforts to understand economic phenomena from ancient Greece to the present, this book is an important contribution to the history of ideas as well as to economics.

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Nội dung Text: History of Economic Analysis part 129

Subject index 1242 Harmonism, Cantillon and, 234; Quesnay, 234; theory of classes, 440; Bastiat on, 500, 553–4; in Carey, 516, 553–4 Hedonism, Epicurus, 66; and utilitarianism, 66; and 18th-century English moralists, 129–31; in Beccaria, 180; in Quesnay, 233; in marginal utility theorists, 887–8, 1056. See also Utilitarianism Historical School of Economics, on natural-law economics, 111–13; criticism of classical English economists, 402; and Comte, 417–18; and historical school of jurisprudence, 423; older, 504, 507–8, 808–9; List and, 505; defined, 507; on Mill’s methodological position, 538n; alliance of economcis and historiography, 781–2; and decline of theory in Germany, 804; articles of faith, 807, 808; historical method, 807–8; younger, 809–14; Methodenstreit, see Methodology; youngest, 815–20; influence outside Germany, 819–20; opposition to marginalist revolution, 954 Historical School of Jurisprudence, 26n, 141n, 423–4, 426–7 Historiography, 424–6; Kulturgeschichte, 427; in neo-classical period, 781–6, 820 Historism, new interest in 1870, 753, 772–3; in philosophy, 775; in economics, 807–24 History, Philosophy of, 134–7, 785–6 Hoarding, in Boisguillebert, 216, 285–6, 317; in Quesnay, 235; in monetary analysis, 280; in Galiani, 317; Say’s failure to consider, 619, 620; Mill on, 620, 622, 705; Keynes and Mill contrasted, 622 In neo-classical analysis, 1087–8; Marshall’s law of, 1087; Mises on, 1087; Kemmerer on, 1087, 1098, 1100; Marshall and Fisher on, 1087–8; Hobson on, 1088.
Subject index 1243 See also Liquidity Preference; Money, Velocity of Humanists, see Scholasticism Hypotheses, 576–7 Ideal Types, see Methodology Idealogy, neutrality of in science, 10, 41–5; ‘philosophy’ in economics, 30–32; idealogical bias in economic analysis, 34–40, 657n, 675n, 895–6; Marx’s bias, 35–8, 385, 439, 440; special pleading and value judgments, 37–8, 154; of bureaucracies, 37n; in Smith, 38, 265n; in Aristotle, 59–60; in Quesnay, 232–3; in early wage analyses, 267n; and monetary analysis, 282n; crystallized, effects on analysis, 460n; and origins of Malthus’ population theory, 578–9; bias in biological schools of sociology, 788; bias in economists’ treatment of Nature vs. Nurture, 790 Imputation Theory, in Barbon, 330; and demand for labor, 644; Wieser’s term, 915; in Crusoe economy, 915; in Austrians, 915–17; of wages, 942 Income Analysis, in Petty, 213; in Cantillon, 221; in Quesnay, 213, 235, 240–43, 287–8; in Carey and others, 267; in real analysis, 277; and monetary analysis, 278–80, 280–82; in Becher, 283; in Boisguillebert, 284–5; Briscoe and equation of exchange, 314; in mercantilists, 348, 349; in Gervaise, 366; in Malthus and Marshall, 483; Lauderdale on debt redemption, 487–8; Sismondi’s dynamics, 495; Storch’s venture into, 502; Baxter’s estimates, 522; Wells’ estimates, 524n; Say’s analysis, 615–21; in Mill, 621–2, 704–5, 711; in classical writers, 627; Tooke’s analysis, 709–10; Thorn ton’s analysis, 723–4; in Ricardo, 724; variations of, classical theory of international finance, 733, 734;
Subject index 1244 Fisher’s accounting, 872; Keynes’ analysis, Cournot’s anticipation of, 960; Walrasian system as, 999; in neo-classical period, 1117; reasons for, 1143; dynamic, Hansen-Samuelson equation, 1161. See also Keynesian System Income Concepts, Graslin, 175; Petty’s failure to define, 213; in Quesnay, 241; real income, 277n; beginnings of discussion, 627; ‘wealth’ as income in classical writers, 627–8; gross national product and Smith, 628; national income and Smith, 628; Ricardo, 628n; Hermann-Schmoller definition, 628; productive vs. unproductive labor controversy, 192n, 628–31; controversy over, 898n Increasing Costs, Hadley’s definition, 866; and decreasing returns, 1045n Increasing Returns, and populationist theories, 258; Serra’s definition for manufacturing, 258–9; in agriculture, 259; Smith on, 259; historical, 262–3; Carey on United States conditions, 517–18; Senior on, in manufactures, 585; Edgeworth’s work, 585, 1037–8; in Böhm-Bawerk, 587n, 588n, 905; and decreasing costs, 1045n; and equilibrium, 1045–8; Sraffa’s work, 1047–8. See also Decreasing Costs Index Numbers, in classical economics, 526, 701; Newmarch’s failure to use, 520n; Edgeworth’s work on, 831, 961n, 1092, 1093; Fisher’s work on, 871, 1092, 1093; measure of value of money, 1089; Austrians’ distrust of, 1089 Approach to value of money, 1091–5: developments in neo-classical period, 1091; Walsh’s work, 1092; Mitchell’s work, 1092; Jevons’ work, 1093; Laspeyres, 1093; Marshall and chain system, 1093; Haberler, Divisia, Keynes, 1094–5. See also General Price Level Indifference Curve Analysis, Beccaria and, 179; Edgeworth’s contributions, 831, 1064–5; Cheysson’s analysis, 842n;
Subject index 1245 Pareto and, 859, 860; Fisher’s development of, 872, 1065–6; use of to analyze bilateral monopoly, 984; development of, 1064–6; collective, 1066 Individualism, 85–6, 92, 429, 888–9 Industrial Revolution, 150, 252–3, 693, 712–13 Infant-Industry Argument, see Protectionism Input-Output Analysis, 1021n Institutionalism, and historical school, 431n, 507, 820; Sombart and, 818; Hobson’s link with, 823n; and social science movement, 864; compatability of theory of epoch with, 875; opposition to marginalist revolution, 954 Intensive Margin, see Diminishing Returns Interdependence, General, see Equilibrium, General Economic; Walrasian System Interest, Rate of, in macroeconomic systems, 278n; in Cantillon, 319; desire for lower in 18th century, 328; low rate and prosperity, 328; in Ricardo, 653–4; stabilization of, 1077 Behavior through time, theories of: reasons for historical fall, 651; Marx’s theory, 652–4; West-Ricardo theory, 476, 553–4, 570–72, 652–4; Mill, 654, 662; productivity theorists on, 658; Smith’s theory, 658; abstinence theory on, 662 Interest, Theories of, in Aristotle, 64–5, 105n; in Aquinas, 93–4, 105n; in Cantillon, 319, 720n; beginnings in later scholasticism, 101–6, 328–9, 646, 648, 720; in Smith, 193, 331, 333–4, 647, 648–9, 654, 658, 660, 720; in Petty, 215; in Quesnay, 234; interest and profits, 327–8, 330–32, 645–7, 893, 896, 924, 925; in 17th and 18th centuries, 329; Barbon’s theory, 329–32, 647, 648, 720, 924–5; in Turgot, 332–4, 648; Ricardo’s, 332, 647–9, 652, 653n, 660, 1118; Senior as improver of, 484, 659; Say’s, 654; Fisher’s, 647, 721n, 847, 927, 930–31, 932; Thornton’s introduction of into monetary process, 706–7, 720–24; money and real rates, 329, 709n, 719, 1083, 1118; Wicksell’s work in, 331, 649n, 709n, 720, 863, 929n, 930, 1099, 1118, 1119n; marginal utility theory, and, 920; Pareto’s neglect of reasons for existence, 925;
Subject index 1246 Walras’ theory, see Walrasian System; Keynes’s theory, see Keynesian System; Liquidity Preference Abstinence theory: in Ricardo, 649n, 660; in Mill, 654n, 660; defined, 659; and productivity theory, 659; Marx on, 660–62; Böhm-Bawerk’s analysis of, 659, 926–7; Marshall and, 659, 926; as explanation of net return, 926; in Carver, 926; and time-preference, 926n. See also Capital, Theories of Advance theory, see Capital, Theories of Bargaining-power theories, 926–7 Böhm-Bawerk’s premium theory, 901n, 927–32, see also Capital, Theories of: and profits, 331, 647; Rae and, 469, 846; one element in contribution, 846; Menger on future pleasures, 846; abstinence and time preference, 926n; a real analysis, 928; interest as an agio, 928; three reasons for interest, 928–30; failure of economists to accept, 930; simplified version of, 930–31; not a productivity theory, 931–2 Exploitation theory: Smith’s lead, 648–9; Ricardo and, 649, 653n; Ricardian socialists, 649; Marx’s theory outlined, 649–50, see also Marxist System; and residual theory of interest, 653n; antipodal to productivity theories, 655n; and Böhm-Bawerk, 925–6 Fructification theory, 332n; impatience theory, 872, 930–32; loanable funds theory, 329, 641n, 721; marginal product theory, 467, 656n, 658n, see also Distribution, Theories of; mark-up theory, 657n Productivity theories: in Ricardo, 649n; inability to explain interest, 648; restriction to technological capital, 655; antipodal to exploitation theory, 655n; and permanent net return to owners, 655–6; Lauderdale’s first explicit, 656; Malthus’, 656;
Subject index 1247 James Mill and McCulloch on, 657; Smith’s lack of, 658; and abstinence theory, 659; Böhm-Bawerk on, 655–6, 925; Marshall’s revival, 659, 926; and Böhm-Bawerk’s premium theory, 931–2 Residual theory, in Ricardo, 649n, 652–3 Use theory, 656, 925–6 International Monetary Fund, 1077 International Trade Analysis, in later mercantilists, 367–76; on protectionism, 367–8; commodities seek best market, 368–9; Barbon on equilibrium, 369; tendency toward freer trade, 370–72; territorial division of labor, 373–6; in Smith, 367, 374, 376, 607, 733; Edgeworth’s work, 504, 609 In classical economics, non-monetary aspects, 605–15, 733: novelties, 605; theory of international values, 605–7; comparative costs, 373–4, 490, 607–8, 612; theorem of reciprocal demand, 608–9, 612; welfare aspects of, 609–11; primitiveness of, 613–14; failure to ‘prove’ free trade, 615; Mill’s capital limit proposition, 640n Monetary aspects of, 731–8: Mill’s achievement, 710, 731–2; gold standard, 732; commodity-trade theory of international finance, see Gold Mechanism; Cournot’s algebra of exchanges, 959; Marshall on, 351, 374, 609, 1106; mechanism of international payments, controversy on, 1107. See also Foreign Exchange; Free Trade; Gold Mechanism; Gold Standard Interpersonal Comparisons, 40, 1071 Investment, in Smith, 191–3, 324–5; in Turgot, 325–6; in Mill, 325, 572, 573, 620–21, 641, 642, 643, 659, 724–5, 747; lagless conversion of savings to, 325–6, 641–2; public debt and, 327; in Malthus, 482, 641n; in Keynes, see Keynesian System; in Marx, see Marxist System; in Walras, see Walrasian System. See also Savings Iso-Quants, 917n, 1043–4 Joint-Stock Companies, 400
Subject index 1248 Jurisprudence, 26n, 67–8, 202. See also Historical School of Jurisprudence; Roman Law Kameralism, see Consultant Administrators Keynesian System (General Theory), role of vision in, 41–2; equilibrium of aggregates, 243; short-run nature of, 280n; Storch as forerunner, 502; Say’s Law, 615–16, 619, 622, 624; changes in money wage rates, 671; and Tooke, 710; underconsumption thesis, 750n; attempts to Marxify, 885; elimination of labor disutility, 923, 1057; as partial and income analysis, 960, 997, 1143; classical frictional unemployment, 974n; and Walrasian equilibrium, 1012n; identity of savings and investment, 1016–17; social production functions, 1030; as special case of Walrasian system, 1082; Swedish anticipations of, 1085; lack of index numbers in, 1094n; cash-balance approach and, 1109; Hobson and, 1130; elimination of price level, 1144; theory of saving, 1144, 1176; reasons for success of, 1144; Kahn’s role, 1172 Analytic apparatus of General Theory, 278n, 1174–9: as essentially static, 1174; short-run nature of, 280n, 1174; constancy of plant and equipment, 1144, 1174–5; real values in wage units, 1175; rigid money wages, 1144, 1175; five endogeneous variables, 1144, 1175–6; elements of quantity theory in, 1175n; aggregate demand and supply curves, 623–4, 1176n; effective demand, 1176n; investment function, 278n, 1017–18, 1049, 1144, 1177; liquidity preference, 278n, 331, 372n, 720, 931n, 1023n, 1088, 1119, 1178–9; consumption function, 278n, 1059n, 1117, 1176–7, 1182; problem of equilibrium in, 1180n; impact of, 1180–84; dynamization of, 1144, 1183–4. See also Hoarding; Income Analysis; Liquidity Preference; Marginal Efficiency of Capital; Multiplier; Secular Stagnation Thesis
Subject index 1249 Labor Economics, in neo-classical period, 946–8 Labor Legislation, 401–2, 494, 768 Labor, Productive vs. Unproductive, 192n, 628–31 Laical Intellectuals, 79–82, 116–22 Laicist Radicals, 528, 772–80 Laissez-Faire, in scholastics, 99; Smith and, 172; Justi on, 171–2; Beccaria on, 180; in Quesnay and Physiocrats, 230–31; Gournay’s phrase, 244n; Becher and, 284n; Boisguillebert and, 284; and free trade, 371–2; in 19th-century England, 395; Gladstonian finance and, 403; gold standard and, 405–6; Sismondi and, 493–4; Bastiat, 500; classical economists on, 531, 544, 548; Say on, 618; currency and banking schools as adherents, 727 In neo-classical period, 761–73: socialism as a product of, 763; hostile political forces, 761–5; attacks of economists on, 765–6; outlook for in 1870, 766–7; regulatory acts occur, 767–8; labor reforms, 768; fiscal policy, 769–71; violation of principles, 769–70; monetary policy, 770–71; Spencer and, 773; and economics of period, 801; Paris group, 765, 841–3; Pareto, Newcomb, Sumner, 860, 866; and political individualism, 888. See also Liberalism, Economic; Liberalism, Political; Manchesterism Land Banks, 294–6, 321–2 Large Scale Enterprise, 150, 761 Law of Cost, 93 Liberalism, Economic, meaning of, 8, 394; and Quesnay, 232; in autocratic states, 394n; and development of 19th century, 396; free trade in England, 397–9; nationalism as ally of, 399; an agrarian reform, 399–400;
Subject index 1250 labor legislation and, 401; Gladstone, 403; gold standard and, 405–6; materialistic rationalism in, 408; Say and, 492; Ferrara, 513 Defeat of, in neo-classical period, 761–6: attitude of bureaucracy to, 763–4; failure of ‘new middle class’ to embrace, 763–4; allocation of control to state, 763–4, 767–8; attacks of economists on, 765–6; Paris group, 765, 841–3; outlook for in 1870, 766–7; anti-Gladstonian liberalism, 767–8; fiscal policy, 769–71; monetary policy, 770–71; and laicist liberalism in philosophy, 772–80; Spencer, 773; Pareto’s variety of, 860. See also Laissez-Faire; Liberalism, Political Liberalism, Political, defined, 8, 394; philosophical radicals and, 395; nationalism as ally, 399; Ferrara, 513 Defeat of, in neo-classical period, 761–6: loss of hold on electorate, 761; decline in England, 761; orthodox socialism, 761; bourgeois radicalism, see Radicalism, Bourgeois; ‘new middle class’ and, 763–4; Christian socialism, 764–5; economists’ attacks on, 765–6; Paris group, 765, 841–3; outlook for in 1870, 766–7; laicist, in philosophy, 772–80; political democracy, 772; Spencer on, 773; Pareto on, 860; and marginal utility theory, 888. See also Laissez-Faire; Liberalism, Economic Liquidity Preference, in aggregative analysis, 278n; Thornton’s statement of, 720; Böhm-Bawerk’s interest theory and, 931n; treatment of in neo-classical period, 1087–8; feature constituting theory of, 1088; introduction due to Keynes, 1088; novelty in Keynes’s, 1144; as a determinant of income, 1176, 1178–9; elements of real interest theory in, 1178–9. See also Hoarding
Subject index 1251 Location Theory, in Petty, 214n; in Cantillon, 219; in Smith, 264; Thünen’s Isolierte Staat, 466; West and extensive margin, 586; distance in classical international trade theory, 606n; location as differential advantage of land, 674–5; Ricardo, Mill, Edgeworth on urban rent, 675n, 935n; Cheysson’s work, 842n; and oligopoly theory, 981–2 Logic, 27, 448–54 Luxury, 324n Macroanalysis, and monetary analysis, 278–80; and microanalysis, 279; aggregates and supply-and-demand analysis, 617–18, 623–4; wage-fund theory and modem aggregative analysis, 662; Cournot’s advocacy of, 960; income elasticity in, 993; Marshall and, 997; in Quesnay, Ricardo, Böhm-Bawerk, Wicksell, 997–8; equation of exchange and quantity theory as, 1095–6; reasons for, 1143 Macrodynamics, 1161–8; reasons for success of, 1161; Hansen-Samuelson equation, 1161; Frisch’s schema, 1162; Hayek’s non-mathematical work, 1162; and statistics, 1162; econometric use of, 1162; and business cycle research, 1163–9; Keynes system as a molder of, 1183–4; Keynes and, see Keynesian System. See also Tableau économique Malthusian Theory of Population, Ortes and, 178; Beccaria’s theory of population, 180; in Smith, 191; in Cantillon, 219; in Quesnay, 234; ‘positive checks’ in mercantilism, 251n; reasons for emergence, 252; emergence of, 254–8; as theory of poverty, 257; optimum population, 258, 582, 890n; increasing returns and, 258–9; and minimum-of-existence theory of wages, 266; as beginning of new economics period, 379; effect on Darwin, 445–6; Carey on, 517; adoption of by Ricardo, 569, 653; Mill on, 571