The paper reviews links between Bernard Lonergan's theory of innovative economic growth and cycles, and the ideas of Friedrich Hayek, John Maynard Keynes, and Joseph Schumpeter. They were contemporary economists, who remain influential today. For Lonergan, although markets define what is bought and sold in an exchange economy, production decisions are more fundamental. These decisions are choices about the direction of development, the standard of living, and variations in the distribution of wealth in (...) a modern society. The paper shows how Lonergan's pure cycle theory extends mainstream theory to include a broader view of human behaviour and choice. (shrink)

From unemployment to Brexit to climate change, capitalism is in trouble and ill-prepared to cope with the challenges of the coming decades. How did we get here? While contemporary economists and policymakers tend to ignore the political and social dimensions of capitalism, some of the great economists of the past - Adam Smith, Friedrich List, John Maynard Keynes, Joseph Schumpeter, Karl Polanyi and Albert Hirschman - did not make the same mistake. Leveraging their insights, sociologists (...) class='Hi'>John L. Campbell and John A. Hall trace the historical development of capitalism as a social, political, and economic system throughout the twentieth and early twenty-first centuries. They draw comparisons across eras and around the globe to show that there is no inevitable logic of capitalism. Rather, capitalism's performance depends on the strength of nation-states, the social cohesion of capitalist societies, and the stability of the international system - three things that are in short supply today. (shrink)

Hayek's reputation has gone through a remarkable cycle. An eminent exponent of the Austrian theory of business cycles in the 1930s, he was worsted in the controversy over Keynes' _Treatise on Money_. Following this defeat, Hayek retreated into capital theory, an esoteric branch of economics in which few economists then took an active interest. He gave up economics altogether after the war and turned to psychology, political philosophy, philosophy of law and the history of ideas. However, in 1974 he (...) won the Nobel Prize and returned to mainstream economics as a leading critic of Keynesianism and an advocate of free banking as the answer to inflation. Today Hayek reigns supreme as the kind of moral philosopher and political economist that economics has not seen since Adam Smith. Also forthcoming in this series is _Paul A. Samuelson, 2nd Series_. (shrink)

Bruce Caldwell has disputed a number of points in my earlier account of the development of the Austrian school of economics from Carl Menger to Ludwig von Mises and F.A. Hayek. The issues in contention regard Friedrich von Wieser’s intellectual affiliation with Hayek and his influence on the formation of Hayek’s economic thought; Wieser’s status as a general equilibrium theorist; and the reason for Hayek’s early flirtation with general equilibrium theory. In this article I argue that Hayek was (...) a self-conscious adherent of the Wieserian tradition and remained so even after he received the Nobel Prize in 1974 and that he distinguished between this tradition and the Böhm-Bawerkian tradition followed by Ludwig von Mises. I also contend that Wieser used the construction of a general equilibrium economy subject to a single will as both a normative benchmark by which to appraise the performance of the real-world market economy and as an analytical tool to explain the formation of market prices. Finally, I argue that Hayek concerned himself with the problems of the Wieser-type general equilibrium economy beginning with his earliest writings as a professional economist, years before he began to focus on the theoretical problems of money and the business cycle.Bruce Caldwell a discuté un certain nombre de points de mon article récent sur le développement de l’école autrichienne d’économie de Carl Menger en passant par Ludwig von Mises et F.A. Hayek. Les controverses concernant l’affiliation intellectuelle de Hayek vis-à-vis de Friedrich von Wieser et l’influence de ce dernier sur la pensée économique de Hayek, le statut de Wieser en tant que théoricien de l’équilibre général, et les raisons pour lesquelles le jeune Hayek flirta avec la théorie de l’équilibre général.Dans cet article je défends la thèse selon laquelle Hayek était conscient du fait qu’il s’inscrivait dans la tradition Wieserienne et qu’il l’était toujours même après sa réception du prix Nobel en 1974 et quand il fît la distinction entre cette tradition et la tradition inaugurée par Böhm-Bawerk et poursuivie par Mises. L’article affirme aussi que Wieser utilisa la construction d’une économie en équilibre général sujette à une volonté unique à la fois comme standard normatif pour évaluer les performances des marchés dans le monde réel et comme outil analytique pour expliquer la formation des prix marchands. Enfin, l’article argumente que Hayek s’intéressa aux problèmes relevant d’une économie en équilibre général à la Wieser dans ses premiers écrits en tant qu’économiste et cela bien avant qu’il ne se concentrât sur les problèmes théoriques de la monnaie et du cycle des affaires. (shrink)

Against the turbulent backdrop of Enlightenment Scotland, Adam Smith lays out a succinct and highly engaging account of Smith's life and times, reviews his work as a whole and traces his influence over the past two centuries. Dispelling myths and debunking caricatures, this book explores his ideas in detail, from ethics to law to economics and government and the impact of those ideas on thinkers as diverse as Karl Marx, Charles Darwin, John Maynard Keynes and Friedrich Hayek. (...) Adam Smith emerges as one of the founders of modern social psychology and behavioural theory, offering a strikingly modern evolutionary theory of political economy, which recognises the often complementary roles of markets and the state. (shrink)

The present essay addresses the epistemic difficulties involved in achieving consensus with respect to the Hayek–Keynes debate. It is argued that the empirical implications of the relevant theories are such that, regardless of what is observed, both theories can be interpreted as true, or at least, as not falsified. The essay explicates the respects in which the empirical evidence underdetermines the choice between the relevant theories. In particular, it is argued both that there are convenient responses that protect each theory (...) from what appears to be threatening evidence and that, for particular kinds of evidence, the two theories are empirically equivalent. Larry Laudan's suggestion that ampliative methodological criteria can resolve an underdetermined choice between multiple scientific theories is considered and rejected as a possible means to rational consensus. (shrink)

Why does trust collapse in times of crisis? And when, instead, does it become a driver of growth, generating value? This book offers an analysis of the dynamics of trust through a sociological interpretation of the thought of John Maynard Keynes, the first economist to understand the full extent of the confidence-lever. In the context of the 2007 crisis and following recession, the innovative concept of Economy of Trust explains how trust spontaneously replaces the weakened institutional system of (...) quality assurance and control and generates value. Indeed, the deficiency of such a system has become the ideal breeding ground for the growth of the Nominal Economy: the economy that distorts the perception of reality as it widens economic and social disparities, unbalances relationships between risk and wealth in the global society and dissolves the bonds of responsibility. In this way, trust is channeled towards strong "new powers", such as hedge funds companies, rating agencies and investment banks. Within this context, only targeted policies of Economy of Trust can funnel the 'store of value' effect generated by trust towards positive intents of building social capital. (shrink)

ABSTRACTThis paper examines John M. Keynes’s relationship with Gustav Cassel and Eli Hecksher and puts together the events related to his being awarded the 1939 Söderström Gold Medal by The Royal Swedish Academy of Sciences. The correspondence between these economists during the interwar years is detailed, with emphasis on their personal approaches to economic theory and history. Cassel’s and Heckscher’s critical reviews of Keynes’s General Theory are outlined as well. Lastly, an account is provided of the grounds for (...) conferring the award on Keynes while also drawing attention to the conflict-laden proceedings within the Academy when the issue was under consideration by the institution. The final remarks ponder why Keynes received the prize despite the controversy among Swedish economists over the General Theory at the time. (shrink)

The Wealth of Ideas, first published in 2005, traces the history of economic thought, from its prehistory to the present day. In this eloquently written, scientifically rigorous and well documented book, chapters on William Petty, Adam Smith, David Ricardo, Karl Marx, William Stanley Jevons, Carl Menger, Léon Walras, Alfred Marshall, John Maynard Keynes, Joseph Schumpeter and Piero Sraffa alternate with chapters on other important figures and on debates of the period. Economic thought is seen as (...) developing between two opposite poles: a subjective one, based on the ideas of scarcity and utility, and an objective one based on the notions of physical costs and surplus. Professor Roncaglia focuses on the different views of the economy and society and on their evolution over time and critically evaluates the foundations of the scarcity-utility approach in comparison with the Classical/Keynesian approach. (shrink)

John Maynard Keynes, heralded in his own time by the press as "our greatest living economist", is acknowledged as one of the most influential thinkers of the 20th Century. This set presents contemporary responses to Keynes and provides a range of reviews, academic assessments and scholarly essays on Keynes' published works. This important collection draws upon an enormous range of sources, from the popular press to academic journals, and includes responses from Germany, Italy, and France as well as (...) the UK and North America. * Volume One contains reviews of _Indian Currency and Finance_, _The Economic Consequences of Peace_, _The Revision of the Treaty_, _A Treatise on Probability_, _A Tract on Monetary Reform_, _The End of Laissez-Faire_ and _Laissez-Faire and Communism_ * Volume Two contains reviews of _A Treatise on Money_, _Unemployment as a World Problem_, _Essays in Persuasion_, _Essays in Biography_ and _The Means of Prosperity_ * Volume Three contains reviews of _The General Theory of Unemployment, Interest and Money_ and _How to Pay for the War_ * Volume Four includes obituaries and final assessments. (shrink)

Distinguished British economist John Maynard Keynes set off a series of movements that drastically altered the ways in which economists view the world. In his most important work, The General Theory of Employment, Interest, and Money, Keynes critiqued the laissez-faire policies of his day, particularly the proposition that a normally functioning market economy would bring full employment. Keynes's forward-looking work transformed economics from merely a descriptive and analytic discipline into one that is policy oriented. For Keynes, enlightened government (...) intervention in a nation's economic life was essential to curbing what he saw as the inherent inequalities and instabilities of unregulated capitalism. (shrink)

F.A. Hayek studied at the University of Vienna, where he became both a Doctor of Law and a Doctor of Political Science. After several years in the Austrian civil service, he was made the first diector of the Austrian Institute for Business Cycle Research. In 1931 he was appointed Tooke Professor of Economics and Statistics at the London School of Economics, and in 1950 he went to the University of Chicago as Professor of Social and Moral Sciences. He returned to (...) Europe in 1962, to the chair of Economics at the University of Freiburg, where he became Professor Emeritus in 1967. The holder of numerous honorary doctorates, and a member of the British Academy, Hayek was awarded the Nobel Memorial Prize in Economics in 1974. He was created Companion of Honour in 1984. He is the author of some fifteen books, including _Prices and Production, The Pure Theory of Capital, The Road to Serfdom, The Counter-Revolution of Science, The Sensory Order, The Constitution of Liberty, _ _Law, Legislation and Liberty_, and _The Fatal Conceit_. (shrink)

John Maynard Keynes was without doubt one of the most influential thinkers of the twentieth century. His work revolutionised the theory and practice of modern economics. It has had a profound impact on the way economics is taught and written, and on economic policy, around the world. The Collected Writings of John Maynard Keynes, published in full in electronic and paperback format for the first time, makes available in thirty volumes all of Keynes's published books (...) and articles. This includes writings from his time in the India Office and Treasury, correspondence in which he developed his ideas in discussion with fellow economists, and correspondence relating to public affairs. Arguments about Keynes's work have continued long beyond his lifetime, but his ideas remain central to any understanding of modern economics, and a point of departure from which each new generation of economists draws inspiration. (shrink)

This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and (...) made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant. (shrink)

The paper challenges Joseph Salerno’s recent revisionist account in “The Place of Human Action in the Development of Economic Thought” of the relationship between Friedrich von Wieser and F.A. Hayek and of their views on equilibrium theory. The paper argues, contra Salerno, that Wieser was not a proponent of general equilibrium theory, so could not have influenced Hayek in the manner Salerno suggests; that there was not a concerted effort by Schumpeter, Wieser, Mayer, and Hayek to advocate (...) general equilibrium theory in the prewar and inter-war years among the Austrians; and finally, that Hayek’s early attraction to what he called “equilibrium analysis” had causes independent of those alleged by Salerno.Cet article récuse l’interprétation révisionniste récente de Joseph Salerno dans son article “The Place of Human Action in the Development of Economic Thought” à propos des relations entre Friedrich von Wieser et Friedrich Hayek, et de leurs visions au sujet de l’équilibre. S’inscrivant en cela en opposition avec ce qu’avance Salerno, cet article suggère que Wieser n’était pas un partisan de la théorie de l’équilibre général et, en conséquence, ne peut avoir influencé Hayek comme le suggère Salerno ; qu’il n’y a eu aucun effort concerté entre Schumpeter, Wieser, Mayer et Hayek pour promouvoir la théorie de l’équilibre général parmi les autrichiens durant les années d’avant-guerre et celles de l’entre-deux guerres ; et enfin, que l’intérêt du jeune Hayek dans ce qu’il appelait “l’analyse de l’équilibre” avait des causes autres que celles évoquées par Salerno. (shrink)

It is widely believed that John Maynard Keynes wrote The Economic Consequences of the Peace to protest the reparations imposed on Germany after the First World War. The central thesis of this paper is that Britain’s war debt problem, not German reparations, led Keynes to write The Economic Consequences of the Peace. His main goal at the Paris Peace Conference was to restore Britain’s economic hegemony by solving the war debt problem he helped to create. (...) We show that Keynes was responsible for many of the most notorious aspects of the reparations section of the Treaty, and he crafted his proposals in light of mercantilist theories designed to keep Germany relatively poor after the war. His desperate desire to solve Britain’s war debt problem, mixed with his mercantilist ideas, inspired him to write The Economic Consequences of the Peace. (shrink)

Joseph Alois Schumpeter (1883-1950) stands among the intellectual giants of the twentieth century, especially in the field of economics; in his long and varied impact on the profession, he is second only to Maynard Keynes. He was a pragmatist in his economic philosophy, an “objective scientific investigator with no particular axe to grind” (Newman, et al., 746). His encyclopedic History of Economic Analysis, edited after his death by his wife and published in 1954, is a monument (...) to his gigantic and versatile achievements; and it remains the locus classicus of almost all works in this area. (shrink)

Economists associated with the Austrian School of Economics are known to deny the value of macroeconomics as descended from the work of John Maynard Keynes and, especially, his followers. Yet, Austrian economists regularly engage in a related scientific activity: theorizing about the causes and consequences of economic fluctuations, i.e., the business cycle. What explains the Austrians’ willingness to engage in theorizing about the business cycle while denying the scientific import of macroeconomics? The present paper argues that the (...) methodological precepts of the School, which have remained largely in place since Carl Menger first pronounced them at the start of the Methodenstreit, justify the kind of business-cycle theorizing that Austrians do and imply the limited scientific value of macroeconomics as descended from Keynes. (shrink)

Shigeto Tsuru is one of Japan's most respected senior economists. In these lectures, he provides a reappraisal of institutionalism as a school of thought and discusses its relevance for the issues which the economic profession today must tackle. Tsuru reconsiders Marxian political economy as an 'institutionalist school', which provides a context for the following discussion of J. M. Keynes, Joseph Schumpeter and Thorstein Veblen. He goes on to present the four key elements of modern institutionalism - i.e., the (...) open-system character of the economy; the problem of planning; the evolutionary process of modern economics; and the normative character of economics - by way of an examination of three present-day institutionalists, Gunnar Myrdal, John K. Galbraith, and K. William Kapp. Tsuru concludes with an evaluation of modern institutionalism and the future of institutional economics. (shrink)

John F. Henry is an eminent economist who has made important contributions to heterodox economics drawing on Adam Smith, Karl Marx, Thorstein Veblen, and John Maynard Keynes. His historical approach offers radical insights into the evolution of ideas (ideologies and theories) giving rise to and/or induced by the changes in capitalist society. Essays collected in this festschrift not only evaluate John Henry's contributions in connection to Marx's and Veblen's theories, but also apply them to the socio- (...) class='Hi'>economic issues in the 21st century. In Part I leading heterodox economists in the traditions of Marxism, Post Keynesianism, and Institutionalism critically examine Marx's and Veblen's theoretical frameworks (and their connections to each other) that have become the foundations of heterodox economics. Chapters in Part II showcase alternative theoretical explanations inspired by Marx, Veblen, and Henry. Topics in this Part include financial crisis, financialization, capital accumulation, economics teaching, and the historical relationship between money and class society. Part III is devoted to John Henry's heterodox economics encapsulated in his "farewell" lecture, interview, and bibliography. Essays in this book, individually and collectively, make an important point that the history of economic thought (or historical analysis of economic theory and policy) is an integral part of developing heterodox economics as an alternative theoretical framework. Anyone who is troubled by the recurring failure of capitalism as well as mainstream economics will find this book well worth reading. (shrink)

This volume presents the proceedings of the major conference held to celebrate the centenary of the birth of John Maynard Keynes at King's College, Cambridge. It brings together major international figures in economics and looks at Keynesian economics and the relevance of Keyne's ideas today. In addition to the main speakers and discussants, summaries of the discussions on each paper and memoirs of Maynard Keynes from Sir Austin Robinson, Richard Braithwaite and James Meade are also included.

Bernard Mandeville argued that traits that have traditionally been seen as detrimental or reprehensible, such as greed, ambition, vanity, and the willingness to deceive, can produce significant social goods. He went so far as to suggest that a society composed of individuals who embody these vices would, under certain constraints, be better off than one composed only of those who embody the virtues of self-restraint. In the twentieth century, Mandeville’s insights were taken up in economics by John (...) class='Hi'>Maynard Keynes, among others. More recently, philosophers have drawn analogies to Mandeville’s ideas in the domains of epistemology and morality, arguing that traits that are typically understood as epistemic or moral vices (e.g. closed-mindedness, vindictiveness) can lead to beneficial outcomes for the groups in which individuals cooperate, deliberate, and decide, for instance by propitiously dividing the cognitive labor involved in critical inquiry and introducing transient diversity. We argue that mandevillian virtues have a negative counterpart, mandevillian vices, which are traits that are beneficial to or admirable in their individual possessor, but are or can be systematically detrimental to the group to which that individual belongs. Whilst virtue ethics and epistemology prescribe character traits that are good for every moral and epistemic agent, and ideally across all situations, mandevillian virtues show that group dynamics can complicate this picture. In this paper, we provide a unifying explanation of the main mechanism responsible for mandevillian traits in general and motivate the case for the opposite of mandevillian virtues, namely mandevillian vices. (shrink)

These documents, published here for the first time, present the Treasury's counter-arguments during the period when Keynes was developing the ideas that led to the Keynesian revolution in economic policy. Keynes spent much effort trying to persuade the Treasury to adopt policies designed to raise employment and stabilise prices, and to create an international monetary system that would favour these objectives. His arguments are set out fully in the Royal Economic Society's 30-volume set of The Collected Writings of (...) John Maynard Keynes. In contrast, the views of his Treasury critics have hitherto been much less accessible.Economists and historians have tended to assume that Keynes was right and the Treasury was wrong; this volume shows that the Treasury anticipated the political problems that would be encountered in putting Keynes's ideas into practice. Much of what Keynes published was deliberately polemical: he believed that words should be 'a little wild', for they were 'the assault of thought on the unthinking'. Treasury officials were by no means as unthinking as Keynes tended to portray them, and they had a coherent and intellectually respectable understanding of public finance. Ministers in the inter-war period and early in the Second World War were sensitive to the use that political opponents might make of Keynes's arguments; officials had to provide counter-arguments, and in doing so they revealed much about their views on economics and public finance. Once Keynes became an adviser to the Chancellor of the Exchequer in 1940, the debate became internal to the Treasury, but officials continued to subject Keynes's ideas to critical analysis.The documents in this volume show Treasury responses to Keynes on a range of issues crucial to understanding the period and the context of the Keynesian revolution in public policy. The topics covered include: the return to the gold standard; the use of public expenditure to cure unemployment in the inter-war period; how to avoid inflation in the war; planning for the post-war international economy; and the 1944 white paper on employment policy. This edition is an essential tool for the study of a formative period of British history and a great intellectual debate. (shrink)

John Maynard Keynes’s A Treatise on Probability is the seminal text for the logical interpretation of probability. According to his analysis, probabilities are evidential relations between a hypothesis and some evidence, just like the relations of deductive logic. While some philosophers had suggested similar ideas prior to Keynes, it was not until his Treatise that the logical interpretation of probability was advocated in a clear, systematic and rigorous way. I trace Keynes’s influence in the philosophy of probability through (...) a heterogeneous sample of thinkers who adopted his interpretation. This sample consists of Frederick C. Benenson, Roy Harrod, Donald C. Williams, Henry E. Kyburg and David Stove. The ideas of Keynes prove to be adaptable to their diverse theories of probability. My discussion indicates both the robustness of Keynes’s probability theory and the importance of its influence on the philosophers whom I describe. I also discuss the Problem of the Priors. I argue that none of those I discuss have obviously improved on Keynes’s theory with respect to this issue. (shrink)

BERTRAND RUSSELL ON MODALITY AND LOGICAL RELEVANCE - SECOND EDITION of 2015. Praise for the first edition of 1999: "In the twenty-nine years since Russell's death, much of the major scholarship has drawn heavily on his manuscripts and unpublished correspondence. The author shows that the published Russell is capable of new interpretations; in particular, that modal notions such as possibility have a greater place in various aspects of his logical and philosophical thought than has been previously imagined." -Ivor Grattan-Guinness, Foreword (...) to the first edition. EXCERPT FROM PUBLISHED REVIEW: "Dejnožka's book is the first full-length study of modality in Russell. It is useful for its very full survey of passages in which Russell makes use of or alludes to modal notions. Dejnožka's command of Russell's huge output is indeed impressive and his utilization of it thorough...." - Nicholas Griffin, Studia Logica. EXCERPT FROM PUBLISHED REVIEW: "Dejnožka's book raises a very important point in the history of formal logic. Until now the major studies on this topic have drawn heavily on the development of classical logic as standardized by Gottlob Frege and Bertrand Russell. Dejnožka challenges the reader to open his mind for a new interpretation of Russell's work, in particular that modal and relevance notions have a greater place in his philosophy of logic than has been stressed before.... "Dejnožka rightly observes that many of Russell's insights on modality are a result of his discussions with Hugh MacColl, who was indeed the first to seriously attempt to develop formal modal logic. This particularly applies to Russell's conception of a modal logic without modal operators....That is, classical logic can be used to simulate modal expressions. Thus, the notions of (logical) necessity and possibility are not 'fundamental notions'....On this basis, Dejnožka develops a higher level of modality, where the quantification scope extends to the predicates yielding what Russell calls 'fully general propositions'.... "The best studied translation method is known as the standard translation, and it is quite compatible with Dejnožka's suggestions.... "Dejnožka's book is full of material which stimulates [one] to rethink Russell's philosophy of logic and...it is greatly to the author's credit that he brings to light such a wealth of crucial issues in the history and philosophy of logic. - Shahid Rahman, History and Philosophy of Logic. BOOK DESCRIPTION: This book is the only exhaustive study of Russell on modality and logical relevance ever written. This is the second edition, revised over a period of over sixteen years, and over twice as long. Russell initially rejects the possibility of a modal logic in an unpublished paper written ca. 1903-05 and read to an audience in 1905. But the very next year, he adopts the theory of modality he had rejected, and he repeats that theory in published works for many years to come. That theory, together with other texts scattered among Russell's writings, implies eight modal logics which Russell himself never expressly accepted. And Russell's express acceptance of the early Wittgenstein's theory of entailment ("following from") as truth-ground containment implies a deductive relevance logic in Russell's writings which Russell himself never expressly accepted. The book ends with a look at John Maynard Keynes and Anglo-American evidence law as the origins of Russell's theory of probability as degree of logical relevance. Thus the book is written toward the reunion of modern classical logicians with modal logicians and relevantists. On the reunion of modern classical logicians with relevantists, please see also The Concept of Relevance and the Logic Diagram Tradition (2012). Thus I hope to have created two new fields of Russell studies. I may have created a new legal field as well: the history of logical relevance in evidence law: 132 pages (368-500) in chapter 10. (shrink)

In a world of partially overlapping and partially conflicting interests there is good reason to doubt that self-seeking behaviour at the micro-level will spontaneously lead to desirable social outcomes at the macro-level. Nevertheless, some sophisticated economic writers advocating a laissez-faire policy prescription have proposed various 'invisible hand' mechanisms which can supposedly be relied upon to 'educe good from ill'. Smith defended the 'simple system of natural liberty' as giving the greatest scope to the unfolding of God's will and the (...) working out of 'natural' providential processes free of interference by 'artificial' state intervention - the expression not of divine order but of fallible human reason. Hayek, adopting a similar policy stance, based it in an evolutionary process in which those institutional forms best adapted to reconciling individual interests would, he believed, spontaneously be selected for in the inter-group struggle for survival. Keynes shares the holistic approach of Smith and Hayek, but without their reliance on invisible hand mechanisms. If spontaneous processes cannot be relied upon to generate desirable social outcomes then we have to take responsibility for achieving this ourselves by establishing the appropriate institutional framework. Keynes takes a historical view of the role of capitalism and analyses its pathology as rooted in what we would now refer to as a multi-player prisoners' dilemma. The paper draws out the significance of his methodological standpoint here. Keynes's policy standpoint assigns a critical role to his own class, the 'educated bourgeoisie' in the reform process he maps out. A distinction, but also an intimate connection, is highlighted between, on the one hand, micro-level individualism (the 'Manchester System, and, on the other, the macro-level collective action ('planning') required to preserve it. Finally Keynes is considered in relation to the themes of laissez-faire, holism, reductionism, providentialism and the invisible hand. (shrink)

Am Leitfaden des Begriffs Malum oeconomicum fuhrt das Buch seine Leser in einen Dialog mit klassischen und zeitgenossischen Denkern uber die abgrundigen Seiten der Wirtschaft und ihre Spiegelungen in der Seele. In der Wirtschaft erscheinen Menschen tendenziell fureinander als blosse Werkzeuge ihrer Bedurfnisbefriedigung, andererseits wird wirtschaftliche Leistung mit Bedeutungen aufgeladen, die an das Heil in der religiosen Sphare gemahnen. Im Kapitalismus der Moderne entfaltet sich aus der Wechselwirkung zwischen einer entfesselten Produktion und den Antrieben des Innenlebens eine zuvor unbekannte Dynamik. (...) Ist diese in liberalen Theorien ein Anlass, das Malum oeconomicum fur verschwunden zu erklaren, so machen Fundamentalkritiker des globalen Kapitalismus geltend, dass dieser illusionare Bedurfnisse weckt und unversohnliche Gegensatze zwischen Arm und Reich hervorruft, deren Sprengkraft jeden sozialen Zusammenhalt gefahrdet. Aus der Lekture von Platon, Aristoteles, Thomas Hobbes, Bernard Mandeville, Adam Smith, Thomas Robert Malthus, Karl Marx, Max Weber, Georg Simmel, John Maynard Keynes, Martin Heidegger, Herbert Marcuse, John Rawls und Amartya Sen ergeben sich Aussichten auf das Wirtschaftsgeschehen, die uber die Engfuhrungen heutiger Debatten weit hinausweisen. (shrink)

The great philosopher and theologian Bernard Lonergan is best known for his transcendental method, but he considered his most important work to be in macroeconomics. The authors lift up his innovative theory as a model of his method, and they propose developments in both fields.

This collection of twelve original essays commissioned by Britain's Royal Economic Society commemorates the 1990 centennial of the first publication of Alfred Marshall's Principles of Economics, one of the truly seminal works in the history of the subject. Marshall, who lived from 1842 to 1924, was the founder of the Cambridge school of economics and the teacher of John Maynard Keynes. Each of the twelve essays in this volume focuses on some aspect or aspects of Marshall's work, (...) life, or legacy. His magnum opus, the Principles, receives considerable attention, but the discussion is not narrowly restricted to that work - which was in any case only a portion of a larger project, never completed. John Whitaker's essay sets out the detailed history of Marshall's failure to complete the projected second volume of the Principles, and describes the thorny path leading to the publication of Industry and Trade in 1919 and Money Credit and Commerce in 1923. (shrink)

Education is increasingly vocational and structured to serve the ongoing exponential increase in economic growth. Climate change is an outcome of these same economic values and praxes. Attempts to shift these values and our approach to technology are continually absorbed and overcome by the pressing motif of economic growth. In this article, Ruth Irwin uses Martin Heidegger's concept of the technological enframing of modernity to view economic growth. John Maynard Keynes's notion of economic (...) growth has impacted the pace of consumerism that now permeates every aspect of knowing about the world we live in. Irwin asks us to think through technological enframing anew by looking to an early mechanical Greek artifact, the Antikythera mechanism, which depicts a cyclical notion of time used by ancient cultures to define the rhythm of economic productivity. The earth-centric cosmos embodied by this mechanism helped the Mesopotamian economy stay within the parameters of the local ecology and demonstrates that cyclical economic growth may enable a civilization to maintain a steady state over time and survive for millennia. An earth-centric cosmology creates a different set of values, one that emphasizes the need to regulate the pace of consumerism rather than allowing it free rein “as by an Invisible Hand.” The role of education in this exploration is twofold: first, it is a pivotal site for cultural exploration and transformation; and second, the expectations of the state strictly limit the forms education can take, so that as long as promoting economic growth defines state expectations, education will remain subservient to these values. If we aim to overcome climate change, Irwin concludes, we need to transform the expectations for education from society as well as from teachers. (shrink)

1. The Real Claim of the Chicago School If anything dramatic has happened in economic theory over the last one hundred years – namely, since the advent of marginalism – then, everyone agrees, it was not the rise of the Chicago neo -classical school which, after all, only synthesized the various versions of marginalism, but the Keynesian Revolution. Assessments of this revolution were repeatedly invited, particularly by opponent, chiefly from Chicago. F. A. von Hayek has explicitly and bitterly blames (...) Keynes for all our economic troubles; Harry Johnson has repeatedly declared the most revolutionary work of Keynes, his General Theory of 1936, so poor that but for its author's name on its title page it would have totally flopped. Can such a flop cause so much damage? Are these two assessments – of Hayek and of Johnson – in conflict or no t? Don Patinkin has raised a different question: how different is Keynes from his Chicago opponents, say, Milton Friedman? How many heads need roll, to use his metaphor, before a revolution may be declared? Patinkin sees Keynes as slightly deviant but stil l a member of the mainstream – the mainstream of the mainstream being Friedman and his Chicago followers, of course. Now, can a minor deviant be a flop? Can minor deviations from the true blue doctrine be to blame for all of our economic woes? I do not kno w. Joan Robinson sees in Keynes a minor deviation from classical theory because he said once his correction of classical theory is implemented, that theory takes over once again. Moreover, Samuelson and Friedman have endorsed a (poor) version of Keynes' theory of shortterm relative price and ignored his general theory of price and money. (shrink)

1. The Real Claim of the Chicago School If anything dramatic has happened in economic theory over the last one hundred years – namely, since the advent of marginalism – then, everyone agrees, it was not the rise of the Chicago neo -classical school which, after all, only synthesized the various versions of marginalism, but the Keynesian Revolution. Assessments of this revolution were repeatedly invited, particularly by opponent, chiefly from Chicago. F. A. von Hayek has explicitly and bitterly blames (...) Keynes for all our economic troubles; Harry Johnson has repeatedly declared the most revolutionary work of Keynes, his General Theory of 1936, so poor that but for its author's name on its title page it would have totally flopped. Can such a flop cause so much damage? Are these two assessments – of Hayek and of Johnson – in conflict or no t? Don Patinkin has raised a different question: how different is Keynes from his Chicago opponents, say, Milton Friedman? How many heads need roll, to use his metaphor, before a revolution may be declared? Patinkin sees Keynes as slightly deviant but stil l a member of the mainstream – the mainstream of the mainstream being Friedman and his Chicago followers, of course. Now, can a minor deviant be a flop? Can minor deviations from the true blue doctrine be to blame for all of our economic woes? I do not kno w. Joan Robinson sees in Keynes a minor deviation from classical theory because he said once his correction of classical theory is implemented, that theory takes over once again. Moreover, Samuelson and Friedman have endorsed a (poor) version of Keynes' theory of shortterm relative price and ignored his general theory of price and money. (shrink)

SummaryA recent discovery of an exchange of letters between John Maynard Keynes and the Reverend Kenneth Rawlings from 1936 to 1944 shows the way in which Keynes assisted Rawlings in the establishment of permanent amateur theatre premises in the County Town of Lewes. The timing coincided with the onset of World War II, and additional letters from Rawlings to others including the town clerk, Lord Gage, Margeret Masterman and Major G. H. Powell-Edwards reveal the tensions between the ardent (...) pacifist Rawlings and establishment figures as war approached. Steadied by Keynes and like-minded influential figures, Rawlings wins through triumphantly, the theatre effort viewed as an essential cultural asset during the dark war years. It is noted in the present article that Keynes could observe Rawlings enact what became an aim of the Council for the Encouragement of Music with the Arts, of which he became president soon after its conception in 1940—that of providing a theatre for every town in England. (shrink)

Interest in John Maynard Keynes has increased significantly over the past decade with the publication of his collected writings, increased access to his unpublished papers, and the resulting explosion of secondary literature. Responding to this renewed attention, this collection brings together economists and historians of economics with scholars from philosophy and other related fields to reconsider Keynes’s work and its legacy. Several of these essays look at Keynes not simply as an economist, but more broadly as a philosopher. (...) Special attention is directed to his views on aesthetics and moral philosophy, as well as his contributions as a probability theorist. The development of the Keynesian heritage is also considered: How did Keynesian ideas become assimilated and domesticated into the mainstream of economic thought—to the point of becoming dominant as the orthodoxy of the economics profession? What was the relationship between postwar British conservatives, Keynes’s work, and Britain’s relative economic decline? The archivist in charge of Keynes’s papers provides an additional vantage point on Keynes’s working methods and the broad range of scholars interested in his writings. Finally, all of the essays are followed by a responder’s comments, thus providing an exchange of viewpoints. _Contributors. _A. W. Coats, Allin F. Cottrell, Jacqueline Cox, William Darity, John Davis, Robert Dimand, Peter Groenewegen, Kevin Hoover, Henry E. Kyburg Jr., David Laidler, Michael S. Lawlor, Greg Lilly, D. E. Moggridge, R. M. O’Donnell, Kerry Pearce, Jochen Runde, Teddy Seidenfeld, J. D. Tomlinson. (shrink)

This volume, together with volumes 13 and 29, provides an insight into the development of Keynes's thinking in the monetary field from the time of the Tract in 1923 to the Treatise in 1930, onward to The General Theory in 1936, and after its publication.

Over the past 70 years, the sociological and economic study of economic abundance has been side-lined in comparison to the study of economic scarcity. This article calls for a revitalization of the study of abundance through a focus on the writing of Georges Bataille. I point out a number of parallels between Bataille and the work of two economists who are rarely associated with Bataille: John Maynard Keynes and Yanis Varoufakis. My argument is two-fold. Firstly, (...) I argue that Bataille, Keynes and Varoufakis make remarkably similar and under-examined points about the need for sovereign nations to deliberately restrict their own trade surpluses. Secondly, drawing on the anthropologist Marcel Mauss’s writing on sovereign debt forgiveness, I raise new insights about the compatibility of Keynes, Bataille and Mauss’s work. In conclusion, I argue that rejuvenating the study of economic abundance will help to better theorize the limits of mainstream economic thought and the political structures it supports. (shrink)

John Maynard Keynes was the most important economist of the twentieth century. He was also a philosopher who wrote on ethics and the theory of probability and was a central figure in the Bloomsbury Group of writers and artists. In this volume contributors from a wide range of disciplines offer new interpretations of Keynes's thought, explain the links between Keynes's philosophy and his economics, and place his work and Keynesianism - the economic theory, the principles of (...) class='Hi'>economic policy, and the political philosophy - in their historical context. Chapter topics include Keynes's philosophical engagement with G. E. Moore and Franz Brentano, his correspondence, the role of his General Theory in the creation of modern macroeconomics, and the many meanings of Keynesianism. New readers will find this the most convenient, accessible guide to Keynes currently available. Advanced students and specialists will find a conspectus of recent developments in the interpretation of Keynes. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:Catholic Social Teaching in Global PerspectiveRon MercierCatholic Social Teaching in Global Perspective Edited by Daniel Mcdonald, SJ Maryknoll, N.Y.: Orbis, 2010. 218 pp. $26.00The collection of essays in Catholic Social Teaching in Global Perspective, the second in a Gregorian University series, responds to a question posed to its authors: “How can you reflect on your particular continent and its ‘culture’ in order to best apply... CST [Catholic social (...) teaching] in your area of the world?” (x). Although the responses of the various authors to that challenge are uneven, the deliberate emphasis on a cultural-critical approach makes this [End Page 211] volume noteworthy and a significant contribution to the discussions in the field.Thomas Hughson’s introductory essay frames the task provocatively. Exploring the work of Bernard Lonergan and Robert Doran on culture, he takes aim at the ways in which “common good” and “Catholic social teaching” too often serve as categorical realities, as if they had a universal and absolute meaning applicable to any concrete situation. He recasts CST by placing it in dialogue with contemporary currents in philosophy and social science and notes both the broader meaning and the fluidity of social justice within CST. He develops what he calls a “modified eudemonistic perspective... to highlight incompleteness in social justice and a common good taken by themselves” (25). This calls for a “reflexive culture,” along the lines of the “transcendental humanism” in Benedict XVI’s Caritas in veritate. While the emphasis on “human flourishing” certainly has a long history in the tradition, Hughson’s approach empowers local communities to make CST their own as a mode of discerning what fosters or undermines human flourishing. For too long CST “has ignored how movement toward just social practice depends on two factors, reflexive culture ‘from above’ and popular culture ‘from within’ practicality” (22). This perspective links well with the insights and concerns of liberation theology, notably its ecclesiology, and helps clarify the meaning and potential of CST.Several essays in the volume pick up this theme even as they explore the many prisms through which one can understand “culture.” David Kaulemu reflects on the African situation in ways similar to Paulinus Odozor and Agbonkhianmeghe Orobator, calling for “moral/cultural/spiritual efforts to accompany our political and economic reforms” (37). He explores cultural resources for and barriers to human flourishing in an African context. Agnes Brazal (East Asia) and Joseph Jadhav (India) write in a similar vein: Brazal on the relationship between the role of “harmony” in an East Asian world view and the fragmentation and hybridity engendered by globalization; Jadhav on the interplay between CST and local culture in an arid rural part of India, which has created possibilities for culturally transformative action. John Coleman’s rich and nuanced reflection on North American (especially US) culture underlines the challenges CST faces.Sandie Cornish and David Freeman (Australia) and Johan Verstraeten (EU) explore ecclesiological perspectives: how episcopal, religious, and lay groups have read “the signs of the times” in their area, though largely without a cultural-critical frame. Curiously, the volume avoids any cultural critique of the Church; the dialectic “from above” and “from below” remains ad extra, although Coleman does note how US bishops have frequently undercut their ability to engage culture by focusing narrowly on the institutional interests of the Church. [End Page 212]In sum, the volume advances the work of CST by reframing key concepts within a broader perspective, in particular one that invites voices “from below.” It exposes the reader, especially those familiar with CST, to contemporary dialogues on the ethical significance of “culture” while deepening the value of CST for contemporary reflection. Contributions from Latin America and Eastern Europe, though, would have strengthened the volume.Ron MercierSt. Louis UniversityCopyright © 2012 The Society of Christian Ethics... (shrink)

Previously published as special issues of _The European Journal of the History of Economic Thought_ and _The Review of Political Economy_, this volume contains the papers devoted to the life and work of Piero Sraffa. Sraffa was a leading intellectual of the twentieth century. He was brought to Cambridge by John Maynard Keynes and had an important impact on the philosopher Ludwig Wittgenstein. He received the golden medal Söderström of the Swedish Academy of Sciences for his edition (...) of David Ricardo's _Works and Correspondence_ and he is the author of _Production of Commodities by Means of Commodities_, one of the most often cited book in economics. Using hitherto unpublished material from Sraffa's literary heritage kept at Trinity College, Cambridge, the papers throw new light on the intellectual development of the young Sraffa and correct several of the received views on him and his contribution. Themes covered concern his: objectivism rediscovery and reformulation of the classical theory of value and distribution criticism of Alfred Marshall's analysis relationship with his Cambridge colleagues and friends biography around the time when he left Italy for the UK friendship with Wittgenstein and his impact on the latter's thinking. (shrink)

What capitalist economics call business or trade cycles with their recessions and depressions, and Marxists, in terms of surplus value and exploitation, call crises are fundamental misunderstandings of what Bernard Lonergan conceives as the true intelligibility of the rhythms of production and monetary circulation of the advanced exchange economy. In his circulation analysis he expresses the intelligibility of macroeconomic dynamics in terms of a pure cycle that involves the anti-egalitarian flows proper to new surplus or productive goods expansion (...) and the egalitarian flows proper to basic or consumer goods expansion, which Marxists correctly complain are not fully carried out. Crucial to the smooth expansion are (1) the crossover payments between surplus and basic monetary circuits in harmony with the phases of economic development, (2) the re-understanding of profit not as a criterion of economic activity but as involving a group interest that does not strictly 'belong' to capitalist entrepreneurs, and yet cannot be negotiated by a socialist bureaucracy. The issue is not greed on the part of either capitalists or workers but ignorance, which this analysis tries to correct. /// O presente artigo mostra de que modo aquilo que na economia capitalista é considerado como um ciclo de negócio ou de comércio com as suas respectivas reces-sões e depressões, e os Marxistas, interpretando o fenómeno em termos de mais-valia e de exploração, chamam de crises, é concebido por Bernard Lonergan nos termos de uma verdadeira inteligibilidade dos ritmos de produção e da circulação monetária próprios à economia de mercado avançada. Lonergan exprime na sua análise da circulação económica a inteligibilidade da dinâmica macroeconómica em termos de um puro ciclo que envolve as cadências anti-igualitárias próprias a novos excedentes comerciais ou expansão dos bens produtivos e as cadências igualitárias próprias à expansão dos bens básicos ou de consumo, o qual os Marxistas, com justiça, consideram que no capitalismo não são completamente cumpridas. Lonergan mostra, assim, que crucial para uma expansão equilibrada é necessário (1) o cruzamento de pagamentos entre excedentes e circuitos monetários básicos em harmonia com as fases do desenvolvimento económico, (2) uma nova compreensão do lucro não como critério da actividade económica, mas como envolvente do interesse grupal que não pertence estritamente a empresários capitalistas, e contudo não pode ser negociada por uma burocracia socialista. Deste modo, mostra-se que o problema fundamental da economia não é o egoísmo da parte dos capitalistas ou dos trabalhadores, mas sim a ignorância, problema este que Lonergan, mediante a sua análise, tenta corrigir. (shrink)

These volumes of Mill's letters have been awaited eagerly by all scholars in the field of nineteenth-century studies. They inaugurate most auspiciously the edition of the Collected Works of John Stuart Mill planned and directed by an editorial committee appointed from the Faculty of Arts and Science of the University of Toronto and from the University of Toronto Press. In this collection of 537 letters and excerpts of letters are included all the personal letters available. It contains 238 hitherto (...) unpublished letters and 72 letters with previously unpublished passages. Letters previously published have been recollated whenever possible. All are meticulously edited and annotated. (shrink)

The book relies on Bernard Lonergan’s method. It addresses today’s religious conflicts in the Middle East which have led to migrations of millions of persons. It systematically explores possible breakthroughs that might help people open their hearts to one another.

This anthology of selections from the works of noted philosophers affords the student an immediate contact with the unique historical background of the philosophy of science. The selections, many of which have not been readily accessible, follow the development of the philosophy of science from 1786 to 1927. Each selection is preceded by a brief introduction by the editor designed to familiarize the reader with a particular philosopher and provide insights into his work. Joseph J. Kockelmans divides the selections (...) into several sections. Part 1, from 17861850, includes chapters by Immanuel Kant, on the metaphysical foundations of natural science, John Frederick William Herschel, on experience and the analysis of phenomena, William Whewell, on the nature and conditions of inductive science, and John Stuart Mill, on induction and the law of universal causation; part 2, from 18701899, includes chapters by Hermann Von Helmholtz, on the origin and significance of geometrical axioms, William Stanley Jevons, on the philosophy of inductive inference, John Bernard Stallo, on the kinetic theory of gasses and the conditions of the validity of scientific hypotheses, Ernst Mach, on the economical nature of physical inquiry, Karl Pearson, on perceptual and conceptual space, Emile Boutroux, on mechanical laws, Heinrich Hertz, on the appropriateness, correctness, and permissibility of scientific theories, and Ludwig Boltzmann, on the fundamental principles and basic equations of mechanics. The third part, covering the first decade of the twentieth century, includes chapters by Henri Jules Poincare, on science and reality, Charles Peirce, on Induction, Pierre Marie Duhem, on the laws of physics, William Ostwald, on energetism and mechanics, Emile Meyerson, on identity of thought and nature as the final goal of science, Ernst Cassirer, on functional concepts of natural science; part 4, from 19101927, includes chapters by Charles Dunbar Broad, on phenomenalism, Alfred North Whitehead, on time, space, and material, Bertrand Russell, on the world of physics and the world of sense, Norman Robert Cambbell, on the meaning of science, Moritz Schlick, on basic issues of the philosophy of natural science, and Percy Williams Bridgman, on the concepts of space, time, and causality. Philosophy of Science provides a concise single volume text to the discipline and enables students to understand and evaluate the various trends in our contemporary philosophy of science. Joseph J. Kockelmans is professor emeritus of philosophy at the Pennsylvania State Univers. (shrink)

Why pursue economic growth? For poor countries this is an easy question to answer, but it is more difficult for rich ones. Some of the world's greatest philosophers and economists – such as John Stuart Mill, John Maynard Keynes, and John Rawls – thought that, once a certain material standard of well-being has been achieved, economic growth should stop. I argue the opposite in this article. We always have reason to pursue economic growth. (...) My argument is indirect. I shall not argue that economic growthitselfis always better. Rather, I shall argue thatstoppinggrowth requires morally objectionable actions. Economic growth tends to occur naturally if certain underlying conditions are in place. We have moral reasons to insist on these conditions independent their effect on growth, however. Halting growth requires that we alter these conditions, but we ought not do this. (shrink)