The legacy of Ricardo Giovanni A. Caravale,Ed. Oxford: Blackwell, 1985, 325 pp.

Conclusion The existence of competing interpretations of classics such as Ricardo, is one aspect of the continuation of distinct lines of inquiry in economic theorizing. This feature of economic knowledge may be related to the fact that theorizing in economics is often characterized by the specialized use of ordinary economic language, so that each theory generally derives its primitive terms from ordinary language through what one might call semantic specialization.Awareness of the history of economic concepts is essential to the interpretation of current economic controversies. Moreover, the history of economic thought should be based upon explicit recognition that alternative patterns of semantic specialization do exist in economic analysis and that distinct lines of inquiry are derived therefrom. Explicit recognition that disagreement is possible is an essential prerequisite for dialogues between distinct lines of research.The collection edited by Caravale is an important contribution which provides impressive evidence of the fundamental role that theoretical beliefs play in matters of textual interpretation. As such, the book is essential reading both to Ricardian scholars and to economists interested in the general issue of how analytical work and intellectual history interact upon each other in the formation of economic knowledge.This review article is part of the exchange of reviews between theAtlantic Economic Journal and theRivista Internatzionale Di Scienze Economiche E Commerciali (International Review of Economics and Business). L. E. Johnson is doing the reciprocal review of this book. The author acknowledges research support from the Italian National Research Council (CT 86.01257.10).     

The macrodynamics of business cycles: A comparative evaluation Mohammed H.I. Dore Oxford: Blackwell Publishers, 1993, 242 pp.

In his latest book, Mohammed Dore has provided a much needed exposition of macroeconomic and business cycle theory since the advent of Keynes' General Theory. The book provides under one cover extended derivations of the main models that must be mastered if one is to be proficient in macroeconomic theory. It is, however, much more than just an expository volume; it is also a work of highly structured evaluation and criticism. The theories considered fall into the broad classifications of New Classical, New Keynesian, and endogenous cycle theories. The theories are rated on how well they account for ten stylized facts describing business cycles. The winner of the Dore sweepstakes is Richard M. Goodwin's endogenous cycle theory. While heartily endorsing Dore's criticism of representative agent models, this review expresses reservations about abandoning micro foundations.     

Mr. J. A. Veeraart,Arbeidsloon

Utrecht, November 1911