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From 1782 to 1834, the English social legislation shifted from a safety net devised to deal with emergencies to a social security system implemented to cope with the threat of unemployment and poverty. In the attempt to explain this shift, this chapter concentrates on the changed attitudes toward poverty and power relationships in eighteenth-century British society. Especially, it looks at the role played by eighteenth-century British economic thinkers in elaborating arguments in favor of reducing the most evident asymmetries of power characterizing the period of transition from Mercantilism to the Classical era. To what extent did economic thinkers contribute to creating an environment within which a social legislation aimed at improving the living conditions of the poor as the one established in 1795 could be not only envisaged but also implemented? In doing so, this chapter deals with an aspect often undervalued and/or overlooked by historians of economic thought: namely, the relationship between economic theory and social legislation. If the latter is the institutional framework by which both individual and collective well-being can be achieved the former cannot but assume a fundamental role as a useful abstraction which sheds light on the multifaceted reality in which social policies are proposed, forged, and eventually implemented.

Though contemporaries, Adam Smith and Sir James Steuart are commonly portrayed as if they belonged to different eras. Whereas Smith went down in history as both founder of the science of political economy and patron saint of economic liberalism, Steuart became known as the last, outdated advocate for mercantilist policies in Britain. Smith himself was responsible for popularizing the notion of the “system of commerce” as an approach to political economy that dominated the early modern period. As a historiographical concept, the mercantile system became a misguided international trade theory grounded upon the Midas fallacy and the favorable balance of trade doctrine. Smith’s treatment of international trade in the Wealth of Nations, however, was criticized for its inconsistencies and lack of analytical clarity even by some among his own followers. Given Smith’s doubtful credentials as an international trade theorist, the chapter investigates the reasons that led him and Steuart to be placed on opposite sides of the mercantilist divide. The authors analyze the works of both authors in depth, showing that their disagreements had chiefly to do with different views on money and monetary policy. Additionally, the authors explore how early nineteenth-century writers such as Jean-Baptiste Say and J. R. McCulloch helped forge the intellectual profiles of both Steuart and Smith.

This article provides a detailed investigation of how Lewis revisited classical and Marxian concepts such as productive/unproductive labor, economic surplus, subsistence wages, reserve army, and capital accumulation in his investigation of economic development. The Lewis 1954 development model is compared to other models advanced at the time by Harrod, Domar, Swan, Kaldor, Solow, von Neumann, Nurkse, Rosenstein-Rodan, Myint, and others. Lewis applied the notion of economic duality to open and closed economies.

The digital technological revolution offers new ways for classrooms to operate and challenges the concept of whether brick and mortar schools should exist at all. At the same time, the changes to society as we move from a knowledge-based economy to an intelligent and innovation-based economy challenges us to reassess the purpose of education. This chapter investigates an overarching counterfactual question, “What if compulsory schooling was invented in the twenty-first century”? We used a foresight methodology, based on “anticipation,” to conceptualize possible models for a future system of compulsory schooling arising from an analysis of contemporary catalysts for remodeling. While anticipation does not predict the future, the concept is that when a current system and a model of a system interplay, they impact each other to change both the present as well as possible futures. The design principles of cities, such as Freiburg (Germany), Poundbury (England), and Christie Walk (Australia), which have been developed around the idea of ecologically sustainable and decentralized cities, are focused on approaches to living that can provide a springboard for exploring the impact of changing employment, economic, technological, and social change on future schooling models. Magnetic Resonance Imaging (MRI) has opened up a new field of study to investigate neuroscience, which can inform teaching practice. Postmodern and indigenous ways of thinking provide different insights about how schooling might be reconceptualized. Alternative models of future schooling are conceptualized about (i) the role of the learner and teacher, (ii) design of a school, and (iii) the purpose of compulsory schooling. For each area of remodeling, deviations to current practices as well as paradigm shifts are framed as part of scenario building. Related questions include: how schooling might be different if it had been created today for the first time? How might it better meet the needs of contemporary society? What aspects of schooling now might be lost if it was only invented in the twenty-first century? What are possible side effects from any change ideas as part of research practice? A vital aspect of this chapter is to explore the concept of learning as a general concept versus the more specific concept of schooling. We are at the precipice of a new vision of schooling based on a counterfactual way of thinking about the future of schooling as we have known it in the West.

Expectations play a crucial role in finance, macroeconomics, monetary economics, and fiscal policy. In the last decade a rapidly increasing number of laboratory experiments have been performed to study individual expectation formation, the interactions of individual forecasting rules, and the aggregate macro behavior they co-create. The aim of this article is to provide a comprehensive literature survey on laboratory experiments on expectations in macroeconomics and finance. In particular, we discuss the extent to which expectations are rational or may be described by simple forecasting heuristics, at the individual as well as the aggregate level.

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