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on History and Philosophy of Economics |
| By: | Ghislain Deleplace (LED - Laboratoire d'Economie Dionysien - UP8 - Université Paris 8 Vincennes-Saint-Denis) |
| Abstract: | The purpose of the paper is to challenge two widely-held myths about Ricardo's theory of money and to suggest between the value and the quantity of money owes nothing to a commodity-theory of money (Section 2) or to the Quantity Theory of Money (Section 3) but puts the market price of the standard of money centre-stage (Section 4). Ricardo's applied pronouncements on money then appear as direct consequences of this theory (Section 5). Publication: Deleplace, G. (2023 b), "On Some Myths about Ricardo's Theory of Money, " in King, J. E. (ed.), The Anthem Companion to David Ricardo, London: Anthem Press: 9-28. hal-04257033 |
| Keywords: | Ricardo David Money Standard of money Quantity theory of money Monetary policy |
| Date: | 2022–06–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04429292&r=hpe |
| By: | Ghislain Deleplace (LED - Laboratoire d'Economie Dionysien - UP8 - Université Paris 8 Vincennes-Saint-Denis) |
| Abstract: | Part of the works of Richard Arena (Arena et Maricic, 1988; Arena and Schmidt, 1999; Arena, 2000) has been devoted to the reactions of French economists to the publication of General Theory. In fact the French translation of this book, completed in 1939 but only published in 1942, did not originate from an academic interest (although according to Keynes the book was "chiefly addressed to [his] fellow economists") but a political one: the translator, Jean de Largentaye, implemented it when, as a high-ranking public officer, he was confronted to issues related to the ruling monetary situation or a prospective plan of economic recovery. Using the private correspondence between Keynes and Largentaye and other sources of the same period, my contribution aims at clarifying the historical context in which the French translation of General Theory was prepared and published. As such it is complementing a study of the theoretical stakes of the translation that I recently published elsewhere (Deleplace 2021). Publication: Deleplace, G. (2024 b), "When General Theory met French Politics: the Historical Context of a Translation, " in Dal Pont Legrand, M. and Gloria, S. (eds.) Fifty Years of Economics through the Lenses of Historians of Economic Thought, New York: Springer, à paraître. |
| Keywords: | Keynes, General Theory, traduction française, Largentaye |
| Date: | 2022–05–19 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04429248&r=hpe |
| By: | Stefano Dughera (University of Piemonte Orientale); Alain Marciano (University of Torino) |
| Abstract: | James Buchanan advocated that societies should be based on a social contract. He rejected anarchy, seeing it as a “Hobbesian jungle” that calls for government intervention to maintain social order. He also opposed to theories of spontaneous order. These views led to debates about the compatibility of Buchanan’s works with classical liberalism, and even with democracy. This paper contributes to this discussion by exploring the development of Buchanan's views on anarchy from a historical viewpoint. We argue that Buchanan's earlier works contain a theory of spontaneous cooperation, and that Buchanan held to this theory until the 1970s. Then, the deteriorating conditions of American society got him convinced that albeit anarchy is theoretically desirable, cooperation requires individuals to enter a social contract and delegate enforcement authority to political institutions. Overall, the paper reconciles Buchanan's practical views with his philosophical inclinations, portraying him as a practical contractarian but a philosophical anarchist. |
| Keywords: | Buchanan; social contract; government intervention; anarchy; spontaneous order |
| JEL: | B53 H11 P26 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:afd:wpaper:2403&r=hpe |
| By: | Jakob Kapeller (Institute for Socio-Economics, University of Duisburg, Germany and Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria); Georg Hubmann (Institute for Socio-Economics, University of Duisburg, Germany) |
| Abstract: | Liberalism as a social philosophy aims to protect and expand individual liberty. Liberty is thereby understood in a twofold way encompassing both, political liberties, like human dignity or democratic inclusion, as well as economic liberties, like private property rights or free market access. In this article, we point to the fact that this dual notion is surrounded by some tensions that become increasingly visible when discussing the economic and political impacts of increasing international economic integration, i.e. globalization. Specifically, it is concerned with the fact that globalization as observed in the last decades was mainly driven by the principles of economic liberalism, which in some instances undermines the goals of political liberalism – e.g. due to rising inequality, increasing path-dependencies or by creating a race for the best location, that partially undermines the (democratic) sovereignty of nations. |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:ico:wpaper:151&r=hpe |
| By: | Flores Zendejas, Juan; Nodari, Gianandrea |
| Abstract: | The literature on interwar monetary history has argued that the lack of central bank cooperation contributed to the pervasive economic outcome of the 1930s. The reasons for this failure are still an object of debate. In this paper, we revisit the attitude of individual central banks to the attempts led by the Bank for International Settlements (BIS) to institutionalise central bank cooperation. We present original archival evidence to show that the 1931 crisis in central Europe emerged as an exogenous shock, prompting the BIS to become an international lender of last resort and increase the resources at its disposal. However, the BIS relied on member central banks' discretionary behaviour and did not impose a rules-based system. We observe a contrasting attitude towards international cooperation between central banks from creditor and borrowing countries. Some governments prevented their central banks from supporting the BIS' attempts to increase its financial resources. We conclude that this interference was a relevant means through which politics hindered a multilateral response to the crises of the 1930s. |
| Keywords: | Central banking, Great Depression, Financial crises, International monetary cooperation. |
| JEL: | N0 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:gnv:wpaper:unige:166877&r=hpe |
| By: | Eric Dacheux (UCA - Université Clermont Auvergne); Daniel Goujon (IERP (EA 3723) - Institut des Etudes Régionales et du patrimoine - UJM - Université Jean Monnet - Saint-Étienne) |
| Abstract: | Climate change is the symptom of an economy that has moved away from good household management (oikos, the common root of economy and ecology, means home). Today's productivist economy is more concerned with the short-term profitability of assets than with the long-term survival of the human race. Not only is it slow to take the necessary measures to limit greenhouse gas emissions, but its race for growth is destroying our environment. This lack of concern for the environment is compounded by unsustainable social inequality. This unsustainability is made all the more glaring by the fact that the poorest people are often the first victims of climate change. Against this backdrop of social and ecological deadlock, we urgently need to change our economic paradigm. To do this, we propose to draw on experiments in the Social and Solidarity Economy (SSE) that seek to reconcile the economy and the environment. This text, which is the result of longitudinal empirical research, has two objectives. The first is to show that the SSE is teeming with local initiatives that are often in line with the Sustainable Development Goals (SDGs). In this contribution, we will focus on four objectives. The first two are aimed at building an inclusive society: eradicating poverty and reducing inequality. The other two contribute to building a sustainable society: decent work and sustainable growth; responsible consumption and production. For each objective we will mention several SSE initiatives in order to give a general overview, but we will only detail one initiative that we feel is particularly representative of what we are talking about. the second objective of this paper is to show that these grassroots initiatives are social innovations which, through the principles they embody, call for a renewal of economic theory. Indeed, from a conceptual point of view, these SSE initiatives are based on principles of action (e.g. favouring use over ownership, deliberation over competition, etc.) which, once articulated, constitute an economic paradigm favourable to a more ecological and supportive humanity. |
| Abstract: | El cambio climático es el síntoma de una economía que se ha alejado de la buena gestión doméstica (oikos, raíz común de economía y ecología, significa hogar). La economía productivista actual está más preocupada por la rentabilidad a corto plazo de los activos que por la supervivencia a largo plazo de la especie humana. No sólo es lenta a la hora de tomar las medidas necesarias para limitar las emisiones de gases de efecto invernadero, sino que su carrera en pos del crecimiento está destruyendo nuestro medio ambiente. Esta falta de preocupación por el medio ambiente se ve agravada por una desigualdad social insostenible. La insostenibilidad es tanto más flagrante cuanto que los más pobres suelen ser las primeras víctimas del cambio climático. En este contexto de colapso social y ecológico, urge cambiar de paradigma económico. Para ello, proponemos inspirarnos en las experiencias de la Economía Social y Solidaria (ESS) que tratan de conciliar la economía y el medio ambiente. Este texto, fruto de una investigación empírica longitudinal, tiene dos objetivos. El primero es mostrar que la ESS está repleta de iniciativas locales que a menudo están en sintonía con los Objetivos de Desarrollo Sostenible (ODS). En esta contribución, nos centraremos en cuatro objetivos. Los dos primeros están dirigidos a construir una sociedad incluyente: erradicar la pobreza y reducir la desigualdad. Los otros dos contribuyen a construir una sociedad sostenible: trabajo digno y crecimiento sostenible; consumo y producción responsables. Para cada objetivo, mencionaremos varias iniciativas de ESS con el fin de dar una visión general, pero sólo entraremos en detalle en una de ellas que nos parece especialmente representativa de lo que estamos abordando. El segundo objetivo de este documento es mostrar que estas iniciativas de base son innovaciones sociales que, en virtud de los principios que se desprenden de ellas, requieren una renovación de la teoría económica. En efecto, desde un punto de vista conceptual, estas iniciativas de ESS se basan en principios de acción (por ejemplo, fomentando el uso en detrimento de la propiedad, la deliberación en oposición a la competencia, etc.) que, una vez articulados, constituyen un paradigma. |
| Abstract: | Le dérèglement climatique est le symptôme d'une économie qui s'est éloigné de la bonne gestion du foyer (oikos racine commune à économie et écologie signifie le foyer). L'économie productiviste actuelle se soucie plus de la rentabilisation de court terme des actifs que de la survie de l'espèce humaine à long terme. Non seulement elle tarde à prendre les mesures nécessaires pour limiter l'émission de gaz à effet de serre mais en plus sa course à la croissance la conduit à détruire notre environnement. Cette non prise en compte de l'environnement se double d'une inégalité sociale insoutenable. Insoutenabilité d'autant plus criante que les plus pauvres sont aussi, bien souvent, les première victimes du dérèglement climatique. Dans ce contexte d'impasse sociale et écologique, il est urgent de changer de paradigme économique. Pour ce faire nous nous proposons de nous appuyer sur des expérimentations relevant de l'Economie Sociale et Solidaire (ESS) qui cherchent concilier économie et environnement. Ainsi, ce texte, fruit d'une recherche empirique longitudinale, poursuit deux objectifs. Le premier est de montrer que l'ESS fourmille d'initiatives locales qui s'inscrivent souvent dans les objectifs du développement durable (ODD). Dans cette contribution nous nous centrerons sur quatre objectifs. Les deux premiers visent la construction d'une société inclusive : l'éradication de la pauvreté et la réduction des inégalités. Les deux autres participent à l'élaboration d'une société durable : travail décent et croissance durable ; consommation et production responsable. Pour chaque objectif nous évoquerons plusieurs initiatives d'ESS afin de donner un aperçu général mais nous détaillerons uniquement une initiative qui nous parait particulièrement représentative de nos propos. Le second objectif de ce papier est de montrer que ces initiatives de terrain sont des innovations sociales qui, par les principes qui s'en dégagent, invitent au renouveau de la théorie économique. En effet, d'un point de vue conceptuel, ces initiatives d'ESS reposent sur des principes d'actions (par exemple favoriser l'usage plutôt que la propriété, la délibération plutôt que la concurrence, etc.) qui, une fois articulés, constituent un paradigme économique favorable à une humanité plus écologique et plus solidaire. |
| Keywords: | social and solidarity economy, sustainable development, new paradigm, deliberalism, economía social y solidaria, desarrollo sostenible, nuevo paradigma, deliberalismo, économie sociale et solidaire, développement durable, nouveau paradigme, délibéralisme |
| Date: | 2022–10–26 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04451549&r=hpe |
| By: | Ghislain Deleplace (LED - Laboratoire d'Economie Dionysien - UP8 - Université Paris 8 Vincennes-Saint-Denis) |
| Abstract: | For de Cecco power relations are central in the working of the pre-WWI international gold standard. He gives an illustration of that in the chapter of Money and Empire devoted to the relationship between Britain and India, where the gold-exchange standard is presented as a way for Britain to get hold of India's trade surplus with the rest of the world in order to balance her own international accounts. On the contrary, Keynes praised the Indian gold-exchange standard as a system which not only allowed stabilising India's relations with the outside world but also pointed the way to a better-regulated monetary system for any country, in the line of Ricardo's Ingot Plan nearly one century older. The same notion may thus be seen alternatively as a powerful tool of domination or as a good practical idea. The paper describes how Lindsay adapted Ricardo's scheme to India and contrasts de Cecco's and Keynes's interpretations of the Indian gold-exchange standard, before suggesting that monetary ideas can prevail in their own right when they are theoretically well-founded and practically feasible, independently of the power relations they may reflect. Publication: Deleplace, G. (2023 a), "Power Relations and Monetary Ideas: The Case of the Gold-Exchange Standard in India, " Review of Political Economy, 35 (2): 394-406. hal-04253424 |
| Keywords: | Gold exchange Standard, India, De Cecco, Keynes, Lindsay, Ricardo |
| Date: | 2022–06–28 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04429446&r=hpe |
| By: | Nogues-Marco, Pilar |
| Abstract: | This paper focuses on the Money Doctor Raimundo Fernández Villaverde, a prominent politician during the Restoration of the Bourbon monarchy in Spain during the Classical Gold Standard period. He reformed the fiscal system and proposed monetary reforms to transition Spain to the Gold Standard after the 1898 Cuban War of Independence. <p>His monetary reform ultimately failed due to two primary reasons. Firstly, there was a lack of political consensus, as politicians were more inclined to prioritise the distribution of spoils to sustain unstable alliances forged by local political leaders and their clientelist networks, rather than focusing on the development of long-term policies aimed at achieving party political goals. Secondly, the resistance from the Bank of Spain to reduce the circulation of banknotes to deflate the economy, with the aim of preserving its profits as a private institution that distributed dividends to its shareholders, took precedence over its role as the guarantor of exchange rate stability. |
| Keywords: | Money Doctors, Gold Standard, Monetary Orthodoxy, Exchange Rate Stability, Monetary Reform. |
| JEL: | B31 E42 E58 N13 N0 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:gnv:wpaper:unige:172857&r=hpe |
| By: | Giorgos Galanis (School of Business and Management, Queen Mary University of London (UK).); Mauro Napoletano (GREDEG, CNRS, Université Côte d’Azur, Sciences Po, OFCE, SKEMA Business School.); Lilit Popoyan (School of Business and Management, Queen Mary University of London (UK).); Alessandro Sapio (University of Naples "Parthenope" (Italy)); Olivier Vardakoulias (Climate Action Network (CAN) Europe (Belgium)) |
| Abstract: | Climate change has sparked a vivid discussion on its socio-economic risks, capturing the attention of academic circles and policymakers. While it is widely argued that a low-carbon transition should be socially just, the precise criteria that policies must adhere to, in order to be universally accepted as `just', remain insufficiently defined. We draw on relevant theories of distributive justice to provide a formal definition of a just transition. According to our definition, just transition policies should minimise costs for the most vulnerable groups and also take into account the uneven responsibility for causing damages. |
| Keywords: | climate change; distributive justice; green policies; just transition; inequality |
| JEL: | O13 Q52 Q54 Q58 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:cgs:wpaper:114&r=hpe |
| By: | B. Douglas Bernheim; Kristy Kim; Dmitry Taubinsky |
| Abstract: | The standard revealed-preference approach to welfare economics encounters fundamental difficulties when the act of choosing directly affects welfare through emotions such as guilt, pride, and anxiety. We address this problem by developing an approach that redefines consumption bundles in terms of the sensations they produce, and measures welfare by blending choice-based methods with self-reported well-being techniques. In applications to classic social preferences paradigms, our approach shows that standard revealed-preference methods, including those that exploit choices over menus, mismeasure welfare because preferences depend on choice sets, while self-reported happiness and satisfaction are not sufficient statistics for welfare. |
| JEL: | D60 D91 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:32200&r=hpe |