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In 1988, German‐speaking economists plan to celebrate the 150th anniversary of Gustav von Schmoller. Yet, in contemporary America, Schmoller is hardly known. His work is…
In 1988, German‐speaking economists plan to celebrate the 150th anniversary of Gustav von Schmoller. Yet, in contemporary America, Schmoller is hardly known. His work is almost completely locked up in the German language, save for his The Mercantile System and its Historical Significance, published in 1888 and his essay on “The Idea of Justice in Political Economy”. Furthermore, because he was not an econometrician or a mathematical economist, nobody has much use for Schmoller today anyway.
The purpose of this paper is to focus on links between former “Heilbronn Symposia” on social, economic and political changes, and evolutionary concepts of the nineteenth…
The purpose of this paper is to focus on links between former “Heilbronn Symposia” on social, economic and political changes, and evolutionary concepts of the nineteenth and early twentieth century to solve the “Social Question” (“S. Qu.”) in Germany.
The approach is based on references to authors of German historical schools, social policy, labor economics and liberal economic policy. The paper supplies a literature review in the area of social policy. It starts from different earlier definitions of the S. Qu. An overview is provided of selected studies of formerly leading German authors, who basically investigated economic and social policies conditioned by the existing economic system. The contents demonstrate different perspectives of the considered authors: Wilhelm Roscher's long‐term, even “modern” view of the development of property and wealth; Gustav Schmoller's broad view of economic and social development, demanding a strong state, efficient organizations of entrepreneurs and trade unions; Lujo Brentano's demand of basic institutional changes concerning labor markets and social security by trade unions; authors of different social‐economic studies written at the twentieth century, like Leopold von Wiese, Walter Eucken, Gerhard Weisser and Hans Peter Widmaier.
The findings point out: not all of the considered authors applied the same long‐term view; all of the authors demonstrated negative social effects of industrialization; authors of the twentieth century pointed out a broader concern of S. Qu. and social policy than former authors.
Areas of future research include: a broadening perspective of long‐term studies, and an increasing demand for analyses of social disturbances and of effects of social policy on the distribution of life conditions.
The comparison of selected authors focusing on their views of the S. Qu. in Germany during the nineteenth and twentieth centuries allows for special conclusions related to the causes, performance and measures to solve or at least reduce the burden of the S. Qu. in the considered economy.
In 1911 Sombart published Die Juden und das Wirtschaftsleben (Jews and Economic Life). As is well known Sombart conceived his essay – a response to Max Weber’s Die…
In 1911 Sombart published Die Juden und das Wirtschaftsleben (Jews and Economic Life). As is well known Sombart conceived his essay – a response to Max Weber’s Die protestantische Ethik und der Geist des Kapitalismus (Protestant Ethics and the Spirit of Capitalism) – as an attempt ‘to study more carefully’ the influence of religion on economic life, to focus on the relationship between religion and the spread of the ‘spirit of capitalism’ and to explain the historical evolution of modern capitalism (from early to late capitalism).
This analytical work has partially been overshadowed by Sombart’s endorsement of Nazism (1934), especially with reference to the suspicion that he was anti-Semitic. In this chapter we deal (Parts 2 and 3) with the ‘ambiguous relationship’ between Sombart and Nazism, and Sombart’s reflections on the scientific irrelevance of racist theories. Then (Parts 4 and 5), we focus on the limits of Sombart’s methodological approach to the analysis of modern capitalism. The erroneous conclusions of his inquiry emerge if we compare them with those of scholars like Simmel, Schumpeter and Max Weber.
THE annual meeting of the Institute of the Aeronautical Sciences was, as usual, widely attended by representative members of government departments, the aviation industry…
THE annual meeting of the Institute of the Aeronautical Sciences was, as usual, widely attended by representative members of government departments, the aviation industry and the Universities.
Investigates the doctrine of Relative Purchasing Power Parity.Mixed evidence is found supporting the concept when using a methodanalogous to that used by Lucas in testing…
Investigates the doctrine of Relative Purchasing Power Parity. Mixed evidence is found supporting the concept when using a method analogous to that used by Lucas in testing the quantity theory of money. Relative Purchasing Power Parity is not consistently rejected in the long run between Canada and the United States and between Japan and the United States using quarterly data covering two separate periods: 1957 QI‐1973 QII, and 1973 QIII‐1989 QIV. Given the inconclusive results associated with relying on the methodology of Lucas, considers two alternatives: first, where the requisite smoothed time series are obtained via appropriate autoregressive integrated moving average filters and, second, where cointegration techniques are employed. In these instances, the results are unequivocal. Relative Purchasing Power Parity does not hold.
The notes reproduced here were taken by Glenn Johnson in Lloyd Mints’ course on Money and Banking at the University of Chicago in the fall of 1946. Several additional sets…
The notes reproduced here were taken by Glenn Johnson in Lloyd Mints’ course on Money and Banking at the University of Chicago in the fall of 1946. Several additional sets of course notes taken by Glenn Johnson have been published in the archival volumes of Research in the History of Economic Thought and Methodology. These included notes from Frank Knight's course on economic theory (Volume 24C) and Albert L. Meyer's course entitled elements of modern economics (appearing in this volume). A brief biography of Glenn Johnson is provided in Volume 24C, along with notes from his course on Agricultural Economics Methodology taught at Michigan State University.
East Asian industrializations and the crisis of Latin American developmentalism in the 1970s and 1980s have been at the center of disputes over the conditions leading to a…
East Asian industrializations and the crisis of Latin American developmentalism in the 1970s and 1980s have been at the center of disputes over the conditions leading to a socially optimal extension and intensification of capitalist production relations in the periphery. The contrast in regional styles and outcomes of development is deemed to be the key to a final adjudication between the competing analytical claims of neoclassical economists and statist currents within political economy. Neoclassical critiques of excessive Latin American tampering with markets find confirmation for neoliberal prescriptions in the open, export‐oriented East Asian regimes. That East Asian development is not a paragon of neoliberal virtue, and that relatively freer markets might not be the most important part of the story, is the crux of the enduring statist critique. Over a decade of contestation has given way to significant refinements, among them, a recognition of the importance of sequencing import‐and export‐substitution. The modicum of foresight and discipline that seems to be implied in proper sequencing has weighed in favor of the statist emphasis on the role of ‘developmental states.’ Even researchers disposed to enshrine the virtues of markets in the process of modernization, find it difficult not to concede that the East Asian record rests on more than macroeconomic stability; although they remain skeptical about the cruder claims of states successfully ‘picking winners and losers’ (Dollar and Sokoloff 1994). Perhaps the most enduring legacy of this controversy—only extreme zealots could deny this—is the mounting empirical evidence supporting the argument that economic development is an inherently discontinuous process, and reliance on the market institution leaves societies woefully unprepared to ‘negotiate’ through an unstable and asymmetrical international political economy.
This chapter explores the origins of the theme of competitive advantage in 19th and early 20th century economics. This theme, which forms the core of modern Strategic…
This chapter explores the origins of the theme of competitive advantage in 19th and early 20th century economics. This theme, which forms the core of modern Strategic Management, was a battleground for debates about the value of abstract theory versus observations about real-life events. Intellectual genealogies, citations, and other sources show the central roles played by the University of Vienna and Harvard University. These two institutions strongly influenced the theory of monopolistic competition as well as all three modern views of competitive advantage – the industrial as expressed by Porter, the resource-based as expressed by Penrose, and the evolutionary as expressed by Schumpeter.
Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and…
Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and, conversely, innovative thought structures and attitudes have almost always forced economic institutions and modes of behaviour to adjust. We learn from the history of economic doctrines how a particular theory emerged and whether, and in which environment, it could take root. We can see how a school evolves out of a common methodological perception and similar techniques of analysis, and how it has to establish itself. The interaction between unresolved problems on the one hand, and the search for better solutions or explanations on the other, leads to a change in paradigma and to the formation of new lines of reasoning. As long as the real world is subject to progress and change scientific search for explanation must out of necessity continue.
Regional disparities in China have recently attracted the attention of economists both inside and outside China. In particular, researchers and policy makers are concerned…
Regional disparities in China have recently attracted the attention of economists both inside and outside China. In particular, researchers and policy makers are concerned with how economic reforms have affected regional disparities in China. As a result, there has been a boom in the literature. However, the exploding literature has so far presented conflicting results. The aim of this paper is to review the literature in this field and to present new evidence on income disparities in China’s regional economies. This study is based on the application of regional GDP figures covering the period of 1953‐1997. It attempts to assess and consolidate the findings from previous studies and hence contributes to the current debate.