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Book part
Publication date: 19 February 2020

Christina Laskaridis

After the end of the Napoleonic War, few issues of public policy dominated discussions in England as fervently as the issue of currency and the national debt. A time of civil…

Abstract

After the end of the Napoleonic War, few issues of public policy dominated discussions in England as fervently as the issue of currency and the national debt. A time of civil unrest and social radicalisation, the circulation of ideas and pamphlets was prolific. The difficulties of post-war reconstruction sparked a long debate on issues of monetary reform and repayment of the national debt. The growth of national debt increased the size of the financial market and had important consequences for a changing class dynamic in domestic political affairs. The distributional aspects of the conflict were present, as was the satirical mockery of mishandling of public affairs. In much of the subsequent scholarship the organisation of taxation and expenditure, and the financial system and the issue of currency have been analysed as separate. This chapter brings them together. In particular, it focuses on Ricardo’s monetary thought and his views on public finance and contextualises them in light of his contemporaries.

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Research in the History of Economic Thought and Methodology: Including a Symposium on Public Finance in the History of Economic Thought
Type: Book
ISBN: 978-1-83867-699-5

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Book part
Publication date: 18 February 2004

Denis P. O’Brien

A review essay on Nancy Churchman’s, David Ricardo on Public Debt. London: Palgrave, 2001.This is a fair minded, temperate and well-written essay on Ricardo’s treatment of the…

Abstract

A review essay on Nancy Churchman’s, David Ricardo on Public Debt. London: Palgrave, 2001. This is a fair minded, temperate and well-written essay on Ricardo’s treatment of the “National Debt” as it is known in the British literature. It hangs together, despite prior publication of the majority of the chapters, very well – only Chap. 5 (dealing with Ricardo’s motives, and the imputation of personal financial interest) is unmistakably a journal article.

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A Research Annual
Type: Book
ISBN: 978-0-76231-089-0

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Histories of Economic Thought
Type: Book
ISBN: 978-0-76230-997-9

Book part
Publication date: 11 July 2007

Samezō

This paper is a translation of the third and most important chapter of Keizaigaku shi (History of Political Economy) by the Japanese Marxist economist Samezō Kuruma (1893–1982)…

Abstract

This paper is a translation of the third and most important chapter of Keizaigaku shi (History of Political Economy) by the Japanese Marxist economist Samezō Kuruma (1893–1982), first published in 1948. Kuruma discusses in detail the achievements and limitations of the Classical school of political economy. He examines the fundamental ideas of Adam Smith and David Ricardo regarding the determination of commodity value and the source of surplus-value, and then looks at how these ideas are connected to production price and profit. Kuruma notes that Smith and Ricardo managed to arrive at the essential labor theory of value, but that neither could correctly apply this theory to adequately explain phenomena in the realm of competition – either abandoning the labor theory of value altogether to embrace a composition theory of value (Smith) or directly applying the theory to explain phenomena without grasping the intermediary processes of development (Ricardo). Kuruma's critique of Smith and Ricardo highlights the achievement of Marx in overcoming the limitations that ultimately led to the breakdown of the Classical school of political economy.

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Transitions in Latin America and in Poland and Syria
Type: Book
ISBN: 978-1-84950-469-0

Book part
Publication date: 16 December 2017

Riccardo Bellofiore and Scott Carter

Resurgent interest in the life and work of the Italian Cambridge economist Piero Sraffa is leading to New Directions in Sraffa Scholarship. This chapter introduces readers to some…

Abstract

Resurgent interest in the life and work of the Italian Cambridge economist Piero Sraffa is leading to New Directions in Sraffa Scholarship. This chapter introduces readers to some of these developments. First and perhaps foremost is the fact that as of September 2016 Sraffa’s archival material has been uploaded onto the website of the Wren Library, Trinity College, Cambridge University, as digital colour images; this chapter introduces readers to the history of these events. This history provides sharp relief on the extant debates over the role of the archival material in leading to the final publication of Production of Commodities by Means of Commodities, and readers are provided a brief sketch of these matters. The varied nature of Sraffa scholarship is demonstrated by the different aspects of Sraffa’s intellectual legacy which are developed and discussed in the various entries of our Symposium. The conclusion is reached that we are on the cusp of an exciting phase change of tremendous potential in Sraffa scholarship.

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Including a Symposium on New Directions in Sraffa Scholarship
Type: Book
ISBN: 978-1-78714-539-9

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Documents on and from the History of Economic Thought and Methodology
Type: Book
ISBN: 978-1-84663-909-8

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Documents on and from the History of Economic Thought and Methodology
Type: Book
ISBN: 978-1-84663-909-8

Book part
Publication date: 23 December 2010

James P. Henderson

Seligman noted four topics that Rogers investigated in this pamphlet: the principles that regulate the exchange value of commodities; the wage theory; the incidence of taxes on…

Abstract

Seligman noted four topics that Rogers investigated in this pamphlet: the principles that regulate the exchange value of commodities; the wage theory; the incidence of taxes on agricultural products and an analysis of the economic consequences of a commutation of the tithe. This last topic Rogers treated mathematically. Seligman asserted that the appearance of Malthus's Principles of Political Economy in 1820…[gave] rise to an active discussion on some of the fundamental topics in dispute between Ricardo, Say and Malthus…. Most of the essays of the time, however, were concerned with the discussion of the nature and measure of value, and of these the majority based themselves on the theory advocated by Ricardo and McCulloch. (1903, pp. 351–352)

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English, Irish and Subversives among the Dismal Scientists
Type: Book
ISBN: 978-0-85724-061-3

Book part
Publication date: 23 December 2010

Nigel F.B. Allington

One of the several claims that Seligman makes for Rooke is that he should be accorded priority in the discovery of the correct, that is Ricardian, doctrine of rent:there seems…

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One of the several claims that Seligman makes for Rooke is that he should be accorded priority in the discovery of the correct, that is Ricardian, doctrine of rent:there seems little doubt that the doctrine of rent was developed practically simultaneously by Malthus, West, Torrens and Rooke in 1814, but so far as the priority of actual publication is concerned, the above list should be reversed. And in the interests of historical accuracy, Rooke and Torrens must hereafter be accorded the position which they deserve. (Seligman, 1903, p. 512)1

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English, Irish and Subversives among the Dismal Scientists
Type: Book
ISBN: 978-0-85724-061-3

Book part
Publication date: 8 September 2022

Anna Noci

This paper reconstructs the clash between William Baumol’s and Paul Samuelson’s different approaches to the history of economic thought, disguised as a debate on the Marxian…

Abstract

This paper reconstructs the clash between William Baumol’s and Paul Samuelson’s different approaches to the history of economic thought, disguised as a debate on the Marxian transformation problem on the pages of the Journal of Economic Literature in 1974. The published papers were the result of an intense exchange of letters that shows how the debate on the transformation problem is just the surface: the debate originated from the authors’ different approaches to the history of economic thought. Samuelson applied his famous “Whig” history of economics to suggest that Marx had little to nothing to offer to modern theorists, while Baumol was interested in the past authors’ theoretical and moral intentions. Baumol and Samuelson’s Methodenstreit resulted in two different visions of Marx, and there is evidence that they kept their different approaches for their entire career.

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Research in the History of Economic Thought and Methodology: Including a Symposium on the Work of William J. Baumol: Heterodox Inspirations and Neoclassical Models
Type: Book
ISBN: 978-1-80382-708-7

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