Sir William Petty,Ireland, and the making of a political economist, 1653–871

This paper offers a reassessment of the origins and derivation of many of Sir William Petty's economic ideas, based on an analysis of his unpublished papers. Petty's archive makes clear what a large part Ireland played in his writings, and it is suggested that this preoccupation is essential to an appreciation of him as an economist. It also demonstrates the point that Petty was not principally a theorist but rather a practical political economist whose schemes for the enrichment of the king's dominions were inspired by the underdevelopment which he experienced at first hand in Ireland.     

The economics of regulation: Principles and institutions Alfred E. Kahn Cambridge,MA: MIT Press, 1988, Vol. I, 199 pp., Vol. II, 360 pp.

Conclusion Although Kahn's theorizing may be criticized in various ways, there is no doubt that he succeeds in arriving at the correct conclusion. Significant social benefits were to be attained through increasing competition, i.e., through deregulation, in all of the industries that are considered in his analysis. As chairman of the Civil Aeronautics Board, Kahn courageously and effectively acted to bring about the benefits from deregulation that he predicted would be forthcoming, for which this nation, if not the world, should be grateful.In this book, Kahn argues persuasively for increasing thecompetitive component in regulated industries in order to achieve greater economic efficiency. The message of the book endures, as is befitting the book's stature as a classic.The author expresses his appreciation to the Book Review Editor of this journal, the two anonymous referees, Janice A. Sears, Khy and Anne Alexis Daniel, and Tonya Katsoulis for their tolerance, encouragement, and suggestions. The author alone is responsible for any errors.     

A pre-history of misesian calculation: The contribution of adolphe thiers

Conclusion Mises’s argument on the impossibility of economic calculation under socialism, first proposed in 1920, has forerunners. One of the early forerunners was Adolphe Thiers in his book De la propiété, which was published in 1848. Thiers understood that he was fighting for the case of the economists against socialists and communists. He wrote a popular book after the socialist revolution of 1848 putting forward an eloquent defense of property as the foundation of society. Although largely neglected, his work is interesting because he based economic argument on a property-rights framework and because he already hinted towards the problem of economic calculation under socialism. The particular force of his argument lies in the refutation of economic calculation under socialism not only on grounds of practicability, but of a theoretical reasoning about the role of property and thus the role of the market and prices for the allocation of goods. Being himself a politician he was compromising in the application of his own principles, which makes especially the last part of his book, On Taxation, contradictory in view of the preceding parts. Thiers’s argument can be interpreted as resulting from the tradition of the natural-law school of the Physiocrats, who could themselves draw on the Catholic tradition of natural law and the discussion of the “just price.” a libertarian think-tank to promote the Austrian School in Germany.     

A theorist on basic questions of economic history

Abstract

The author of this slim, essay-like book—now translated into Swedish¹—s-is a leading economic theoretician, noted for his contribution to the development of Keynesian theory and to the theory of the short-run dynamics of the trade cycle, as well as to modem theory of macro-economic growth. He is, however, known to a generation of modern economists above all as a ‘market’ theorist within the Walrasian tradition. In the present book he abandons his role as a strict market theorist, concerned with such things as the ‘existence’ and ‘stability’ of market equilibria, and attempts to explain the historical emergence and development of the market system or economy as an institution or set of institutions. He disarmingly forfeits any claims to expertise on this topic, and I think wisely so; but he is far from being altogether a layman or a newcomer to economic history. He professes an early love of the subject, and although it was a romance that never resulted in marriage, he has, through constant association with leading British economic historians and through his own writings in the history of economic thought, preserved and developed some of the faculties of a historian. Yet, this book-as its title indicates-is essentially theoretical. Hicks develops a set of interpretative hypotheses mainly by a priori reasoning. The empirical references must be looked upon more as illustrations of his theses than as evidence in support of their empirical validity.     

Jokowi's First Year: A Weak President Caught between Reform and Oligarchic Politics

When President Joko Widodo (Jokowi) took office in October 2014, he promised to usher in a new style of politics, generating optimism among many Indonesians that his government would enthusiastically promote reform. Yet Jokowi has since placed greater value on realpolitik than on reform, as evidenced by his choice of cabinet members, his response to the controversy surrounding senior police officer Budi Gunawan, and his handling of attempts by the police and others to weaken Indonesia's respected Corruption Eradication Commission (KPK). This article shows that Jokowi failed to deliver on his promises of reform largely owing to a combination of personal and external factors. He failed to show leadership on anticorruption and human-rights issues, for example—in part because he prefers economic development over democratic reform, but also because he is not immune to the oligarchic politics that dominate Indonesia's political life and promote the interests of Indonesia's elite.     

William graham sumner: Monetary theorist

Conclusion Sumner was the product of an indigenous American hard-money tradition that embraced free markets, free trade, and sound banking—a tradition that has much in common with the Austrian School in its theoretical and political orientation. His understanding of economic theory came from his reading of classical economists and the works of American theorist Condy Raguet, and his political convictions from his study of the American monetary experience, particularly the errors of the Hamiltonians. With these influences and his own hard-money views, Sumner arrived at positions on money, banking, and business cycles, economic policy that can be described as proto-Austrian in many ways. In particular, he saw credit-fueled booms as inherently unsustainable because they give rise to “fictitious capital” as versus real wealth.     

博士眼里25万吨重的“孩子”

李亚勇最近做了好几个相同的梦——在刚通车的礼嘉大桥上,他抱着7个月大的孩子在桥上拍照。今年30岁的李亚勇,从2011年到重庆大学攻读硕士、博士,2016年进入中建隧道工作,就一直没离开重庆。2017年开始,李亚勇在二横线指挥部任项目副总工,作为重庆二横线快速路重点工程的礼嘉嘉陵江大桥,就是他负责的项目之一。在他眼中,这座25万吨重的大桥从无到有,不仅是技术与美学的完美结合,更像是他创造的有生命的孩子。     

Reflections on Economic Policy Making: 1945–51

Editorial Note:Mohammad Saubari was Secretary-General of the Department of Finance in the early 1950s. After his suspension from the civil service during the Guided Democracy years, he worked for several United Nations agencies in Indonesia. The following note, is based on his comments on the Indonesian translation of the interview with Professor Sumitro (Sumitro 1986), which were published in Kompas earlier this year, on his contribution to a commemorative volume published to honour Sjafruddin Prawiranegara in 1986, and on an interview which he gave to Anne Booth and Thee Kian-Wie in Jakarta in May 1987.     

Black markets: Illegality, information, and rents

The analysis of black markets typically treats illegality only in reduced form as an additional cost per transaction. We argue that this misses the essential feature of black markets: that the risk of detection depends upon the dissemination of information. Because the cost of information is increased, traders will change marketing technology from advertising to sequential approaches to potential customers. The trader's decision problem is his offer price: as he raises it he must expect to make more approaches per sale and thereby increase detection risk. This behavior is important because of its implications at the market level. The optimal offer price will be set at a level at which excess demand persists: would-be consumers are not always able to bid themselves into supplies. Hence, black markets are not sufficient to eliminate the shortages which arise from price controls. In an earlier paper the authors established that peasant supply response to crop prices would be perverse in the presence of shortages: black markets therefore need not restore normal responses. The paper includes evidence from rural Tanzania.     

Reflections on Industrialisation and Industrial Policy in Indonesia

Abdoel Raoef Soehoed was born in Jakarta in 1920. After graduating from senior high school in Jakarta in 1939, he studied engineering in Bandung and subsequently graduated after the independence struggle. In 1956 Soehoed, who had become an officer of the Indonesian Air Force, resigned from military service and became an engineering consultant with a private firm. His career as a public servant started with his appointment as an Advisor to the Senior Minister for Development and Industries. He was then appointed a member of the Technical Committee for Capital Investment, which became the Coordinating Board for Capital Investment (BKPM). Soehoed was made Deputy Chairman of the Board, and head of BKPM's Division for Promotion of Foreign Capital Investment. In 1976 he was also appointed Chairman of the Asahan Development Authority, a position he still occupies In 1978, he became Minister of Industry in the Third Development Cabinet (1978–1983) and in May 1983 he was appointed Member of the Supreme Advisory Council.

As a forceful and articulate advocate of what has come to be called the structuralist approach to industrialisation, Soehoed can rightly be considered the prime architect of Indonesia's current industrial development. on 7 September 1987 he talked to Thee Kian Wie and Hal Hill about his views on the development of Indonesia's manufacturing sector.     

II. The farm territories

Abstract

The enquiries into the organization of farm territories in Norway must be based partly upon the study of old records, and partly upon field work. As long as the breach with the past is still a fairly recent occurrence, the field investigations will produce more than simply a record of the visible traces of the past. Of course, this record itself plays a very important part. Features such as characteristic boundary marks, various traces and relics found within the old multiple abode (tun), of holdings which have moved outside it, former balks that are still visible—these are all important pieces in the jigsaw puzzle which must be completed in order to obtain a picture of the ancient organization of the farm territory. But in addition to this, we can make use of the memories of those of the farming population who grew up in earlier times and took part in the daily work and who know of old traditions which were handed down to them by still earlier generations. The younger generations worked alongside the older and carried on the inheritance from them. This is clearly shown in the story about the man who took his young son along to show him the boundaries of the farm. Every time they reached an important marking on the boundary the father gave his son a box on the ear so that the spot should stand out in his memory. One of the Institute's most reliable informants, an old schoolmaster from Sunnmöre, can account for traditions as far back as to the middle of the eighteenth century; he usually confirms his tales with such expressions as: ‘The old man said so, and he got it from grandma’.     

人品修养是领导干部立业之基

领导要想清清白白做官 ,踏踏实实做事 ,必先堂堂正正做人 ,而且必须注重自身的人品修养和人格形象 ,要在实践中 ,锤炼正派高尚的人格品行 ,核准为“官”的人生坐标 ,树立高度自觉的修养风范     

The King’s currency: Gustav II Adolf and the copper standard (1619–1632)

King Gustav Adolf ruled Sweden from 1611, until his death on the battlefield in 1632. The king was at war in Russia, Poland, and Germany, throughout this period. Sweden was a poor and backward country; the crown struggled to pay and feed its armies. The Swedish crown did, however, operate the largest copper mine in Europe, and enjoyed a near monopoly on exports to the continent. In 1624 the crown began a bimetallic standard by minting copper coins alongside the existing silver standard. Eminent scholars from the last century, including Eli F. Heckscher, wrote that the crown’s intention was to manipulate the copper prices in Europe by restricting supply. The crown planned to consume substantial quantities of copper in the royal mints instead of exporting copper as ingot. I will seek to demonstrate that the king had another, parallel, purpose for establishing the copper standard. In addition to influencing the price of copper abroad, he also sought a rapid and simple means of turning copper into a fungible currency, which he could use to sustain his armies. Alongside manipulation, therefore, the king’s motive was to improve his liquidity and cash flow to fuel his military and political ambitions.     

Recollections of My Careerlections of My Career

Suhadi Mangkusuwondo, Professor Emeritus of the Faculty of Economics at the University of Indonesia (FEUI), was born in Solo, Central Java, in December 1927. After participating in the war of independence, he resumed his secondary education in Malang, completing it in 1949. He then studied economics at the University of Indonesia (UI) and later became a teaching assistant there. Suhadi spent two years doing postgraduate study at the Massachusetts Institute of Technology and later obtained a PhD in economics at the University of California at Berkeley. Returning to Indonesia and his teaching post at FEUI, he became editor of the journal Economics and Finance in Indonesia (EKI). He was Head of the R&D Agency in the Department of Trade from 1973 to 1975 and again in 1983-88, and Director General of Foreign Trade from 1975 to 1983. Professor Suhadi served as the Representative of the Government of Indonesia in the Uruguay Round when it was launched in 1986, and since 1992 has been a member of the Eminent Persons Group of the APEC (Asia–Pacific Economic Cooperation) forum. His other activities include membership of Indonesia's National Research Council (DRN), and of organisations such as the Regional Advisory Board of the ASEAN Economic Bulletin, the journal of the ASEAN Economic Research Unit of the Institute of Southeast Asian Studies in Singapore. He is now also Vice Chairman of the Jakarta-based Trade and Development Institute. On 8 July 1994, Professor Suhadi talked with H.W. Arndt, Hal Hill and Thee Kian Wie about his views on Indonesia's economic development under the New Order, and particularly about trade policy. On 19 September 1995, in a second interview with H.W. Arndt, Mari Pangestu and Thee Kian Wie, he elaborated further on his work at the Ministry of Trade and his participation in the Uruguay Round and the APEC Eminent Persons Group (EPG).     

Mr. Gripsrud and a theory of oligopoly

Conclusions May I sum up my reply to Mr. Gripsrud by noting: (1) I do not believe his critique of my position on differential payments for uncertainty is properly founded. But I readily recognize that a reading of only a single paper and/or even isolated parts of a book could easily cause the concern he had in this regard. I rather imagine, in fact, that had I been him, I too might have had the same concern. (2) As for his critique of my cost curve, here again I can only suggest my belief that what I set forth is appropriate. At the best, I would refer him to the original text for a more complete answer; at the least, the suggestions given above in this reply will hopefully resolve the matter under discussion. (3) As for his objection to my average revenue schedule, I can only propose that in theory we sometimes utilize conceptions which abstract sharply from the true world around us. But this does not make the theory wrong! (4) Possibly his most important critique really goes beyond the paper in question and was answered in the book. I would suggest, accordingly, that he misread my thesis that an unorganized (competitive) oligopoly market is isomorphic to the purely competitive market. What he is suggesting as helpful tools for analysis would be those that I could accept for short-run matters without loss of position. In other words, nothing in my theory of the spatial firm precludes his quest for new paradigms to shed light on selected problems uppermost in his mind.     

Cournot, bertrand, and modern game theory

Although it is not generally remembered or known, Cournot applied his equilibrium concept to both quantity rivalry and price rivalry. This makes some of the nomenclature in modern game theory seriously inappropriate. Several critics, past and present, have treated Cournot's quantity rivalry case as only conveniently veiled price rivalry. If Cournot's mathematics are pursued far enough, it is clear that he had a method that symmetrically applies to both quantity rivalry and price rivalry.     

潘登：与美爵一同攀登

前不久,一个悬挂着＂Planet 21＂大旗的自行车队浩浩荡荡前往济南千佛山大佛头景区。这个队伍由济南阳光壹佰雅高美爵酒店管理层与员工组成,领头的年轻人潘登笑容阳光,充满活力。他表示,希望通过绿色骑行,把一些现代人忽视的东西重新拾起来,同时也是响应法国雅高集团＂21世纪地球＂项目（Planet 21）所倡导的健康生活方式。     

Joseph Schumpeter in Sweden

Abstract

Different aspects of Schumpeter's relationship with Sweden are explored in this article. Schumpeter visited Sweden a few times in the inter-war period in his capacity of well-known economist. During World War I he also wished to go to Sweden to gather information that would be of assistance to the Austro-Hungarian Empire. Schumpeter refered occasionally to Sweden in his writings, usually as a symbol for socialism and as a threat to capitalism. However, he failed to recognise that Sweden also had a vigorous tradition of entrepreneurship, as exemplified by the Wallenberg family and the Rausings. Schumpeter's view of Swedish economists is also discussed, as is the extent to which Swedish economists have been influenced by Schumpeter.