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Tag Archives: History of Economics

Gavin Kennedy — Lost Legacies Stance of the Invisible Hand Is Endorsed

Weekend reading. Michael Emmett Brady, California State University, published in the Social Science Research Network (SSRN) he takes giant steps to demolishing Samuelson’s myth. Michael Emmett Brady writes the most significant contribution to the invsisible-hand debate since 1948: “Who Taught Paul Samuelson the Myth of the “Invisible Hand” at the University of Chicago? The most likely answer is Jacob Viner or fellow student George Stigler” .  Its author takes the invisible-hand debate...

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Branko Milanovic — Adam Smith: is democracy always better for the poor?

Interesting article and a relatively short read. Here is the conclusion. Smith’s lesson here has broader applicability. An oligarchic democracy may be worse for the poor than an arbitrary government. A state, relatively autonomous from the elite, may care more about the “general interest” than an ostensibly democratic government that is in reality the government of the rich. Smith highlights, I think, in both his discussion of social cleavage in interests when it comes to colonies and in...

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Paul Schmelzing — Global real interest rates since 1311: Renaissance roots and rapid reversals

I take long-term historical studies like this is a large grain of salt, for lack of homogeneity and the difficulty in obtaining reliable data, for example, but it is interesting to look at anyway with caveats.What is probably most interesting about it now is that the Bank of England is apparently looking at this. Conclusion On aggregate, then, the past 30-odd years more than hold their own in the ranks of historically significant rate depressions. But the trend fall seen over this period...

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Edward Fullbrook — My evening with Joan Robinson and the Tractatus

Fun if you are interested in Joan Robinson, Ludwig Wittgenstein, Cambridge of the Twenties, and enjoy personal anecdotes. Incidentally, I am surprised and not surprised that Joan Robinson confessed to not understand the first propositions of Wittgenstein's Tractatus Logico-Philosophicus. I am not surprised in that they sound like metaphysical statements and many if not most readers are at least initially confused by this appearance.  I am surprised, however, than Robinson did not...

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Mike Berry — Morality and Power: On Ethics, Economics and Public Policy

Short summary of Mike Perry's new book, which itself is a wide-ranging summary of liberal social, political and economic history, a treatment of neoliberalism, and recommendations for getting out of the box that the ruling elite has constructed to contain alternatives to the power structure.Progress in Political EconomyMorality and Power: On Ethics, Economics and Public PolicyMike Berry

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