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That Coase's political convictions changed from an early socialismto a later neo-liberalism stands in apparent contrast to thetheoretical consistency of his early (The Nature of theFirm) and later (The Problem of Social Cost)contributions to economics. Offering further evidence abouthis early views in particular, this paper takes a fresh lookat Coase's views on competition and antitrust to show that heconsistently stressed the role of what we shall call the principleof institutional direction, and that this principleinvolves an important criticism of both neo-liberal and socialistviews on regulation and state intervention. 相似文献
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A disequilibrium between saving and investmentdecisions determines a maladjustment in production, the disruptionof capital, and a downturn in economic activity, according tothe Austrian approach. By contrast, the Dynamistsargue that it may lead to economic growth, as disequilibriummay well be instrumental to capital accumulation. What explainsthese different predictions in otherwise similar models? Thekey is in the interplay between the analytical features andthe ideological options underlying each of these approaches:alternative lines of thought, entirely compatible with theiranalytical models, were abandoned by some of these authors whenthey conflicted with their pre-analytical views. This paperillustrates the argument by exploring the models of two fathers,von Mises and Robertson. 相似文献
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The necessity of expressing the relative price of a commodityin terms of another commodity makes it impossible to distinguishthat part of any change that can be ascribed to the characteristicsof the commodity itself from the part of that change that isto be ascribed to the characteristics of the commodity of reference,i.e., the numéraire. Ricardo (1817) was the first topoint out this problem and the need to find an invariablemeasure of value, but he was not able to solve the problem.In 1960, Sraffa suggested using a bundle of commodities, thathe called Standard commodity, to accomplish thisfunction, claiming that it was a standard of value invariantwith respect to changes in the distribution of income. But inSraffa's book there is no explicit proof of this claim. Thisgave rise to many misunderstandings about the Standard commodityand its role as invariable measure of value. This paper proposesa proper definition of an invariable measure of value,and then proves that the Sraffa Standard commoditydoes fulfil the requirements of this definition. 相似文献
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Translator's note: In this article Robert Bayer introduces thenotion regulation as a key concept in analysesof the labour market. The term refers to the balance of social,institutional and economic forces which characte rise at a particulartime the economic system as a whole or particular parts of it.I considered translating regulation as order,regime, system or formation;but these terms are either too static or already bear inappropriateconnotations. It was therefore decided to retain the Frenchexpression in the English text. 相似文献
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This paper examines three approaches to the process of accumulationwhich are based on the Keynesian premise: theneo-Keynesian, the Kaleckian andthe Sraffian. Making some criticisms of the firsttwo from the viewpoint of the third and from a certain formal/conceptualperspective, we propose a synthetic model which is free fromthese criticisms and in which the adjustment of savings to investmentin the long period is achieved through all the three routesemphasised separately by these approaches: changes in the long-perioddegree of utilisation; changes in the normal distributionof income; and variations in the size of productive capacity.The key to the synthesis is the hypothesis that, in the longperiod, the normal degree of utilisation is endogenouslydetermined to coincide with the average level through mutualinfluence effected by investment in the short period. Our syntheticmodel, like the first two approaches, is in the line of steady-stateanalysis, but in a way compatible with the Keynesianpremise. 相似文献
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This article tests the view (derived from Hicks and Patinkin)that non-market clearance may be caused by slow adjustment (processrigidity). There are models where market-rationing ispresent and derives from some form of rigidity, but this rigiditycannot be considered as process rigidity. It is similarly possibleto accommodate the idea of process rigidity within the Marshallianresearch programme. What is missing is that market-rationingmight be its corollary. The reason such a causal link is oftenbelieved to exist lies in a generic use of the concept of rigidity,used to designate alternative and incompatible phenomena: exogenousend-state rigidity and equilibrium end-state rigidity,as well as process rigidity. It is true that these first twoforms of rigidity create market rationing. The belief that slowadjustment also generates market rationing results from theunwarranted extension to process rigidity of conclusions whichare only valid for the first two. 相似文献
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Alan Greenspan claims that modern financial innovations, especiallyfinancial derivatives, were major contributors to a Schumpeterianprocess of creative destruction which produceda high-growth New Economy and opposes their regulation.A different perspective emerges when it is recognised that theNew Economy followed the general contours of aSchumpeterian business cycle, and the role of modern financialinnovations is examined in that context. The authors argue thatthe primary role of financial derivatives has been in contributingto reckless finance and speculative excesses inthe second phase of that cycle, and that Schumpeter would favoursubjecting the use of derivatives to more regulation. 相似文献
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In The Lighthouse in Economics (Coase, R. H. Journalof Law and Economics, vol. 17, no. 2, 35776, 1974), Coasereached the conclusion that in England there existed a relativelyefficient privately financed lighthouse system, which wouldrefute economists' traditional statements concerning the productionof public goods. The purpose of this paper is to challenge hisconclusion. We first show that, from a methodological and theoreticalperspective, The Lighthouse is consistent withThe Problem of Social Cost (Coase, R. H. Journalof Law and Economics, vol. 3, 144, 1960). Then, applyingCoase's own method (historical case studies), we attempt tore-examine the respective roles and efficiencies of privateinitiative and government. 相似文献
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The latter half of the 1990s saw a new international agendadevelop: the strengthening of the international financialsystem through the globalisation of standards and codesof best practice. The author calls for criticalreflection on this normalisation of free marketcapitalism and its global enforcement through a comprehensivesystem of economic standardisation and surveillance. To thisend, Michel Foucault's analysis of liberalism is shown to behighly relevant. 相似文献
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This paper presents a Keynesian model which describes threecountries trading merchandise and financial assets with oneanother. It is initially assumed that all three countries haveindependent fiscal policies but that two of the countries sharea currency, hence the model can be used to make a preliminaryanalysis of the conduct of economic policy in the eurozonevis-à-vis the rest of the worldthe USA.The main conclusion will be that, if all three countries doindeed operate independent fiscal policies, the system willwork under a floating currency regime, but only so long as theEuropean central bank is prepared to modify the structure ofits assets by accumulating an ever rising proportion of billsissued by any weak euro country. 相似文献
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Monoculture versus diversity in competition economics 总被引:1,自引:0,他引:1
Economics rightfully represents the major basis for competitionpolicy. Next to generating knowledge about competition and itswelfare effects, the currently popular more-economicapproach is charged with a number of additional hopesand expectations. While this article highlights the benefitsof economics-based competition policy, it takes a cautious stancetowards excessive expectations, in particular regarding theidea that a monocultural, unified competitiontheory as an exact, objective and unerring scientific approachto antitrust could make normative assessment and generalisationssuperfluous. Diversity in competition economics is advocatedin two ways. First, competition economics is empirically characterisedby a considerable pluralism of theories and policy paradigms.Second, it is demonstrated that this diversity of theories istheoretically beneficial for future scientific progress. Asno ultimate competition theory can ever be expected., the more-economicapproach must be extended in order to embrace diversity. 相似文献
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Uncertainty: individuals, institutions and technology 总被引:3,自引:0,他引:3
In an attempt to refine the concept of uncertainty, this paperelaborates an ontology of the social world concentrating onindividuals, institutions and technology. It shows the strongentwinement of the ontological aspects of the conceptualisationof uncertainty and epistemological ones. It highlights the ontologicaland epistemological dimensions of different concepts of uncertainty,such as fundamental uncertainty, procedural uncertainty, ambiguityand weak uncertainty (or risk). It also comments on a few writingsthat distinguish varieties of uncertainty with adjectives suchas ontological and epistemologicalor epistemic. 相似文献
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This paper argues that the stock-flow consistent approach tomacroeconomic modelling (SFCA) is a natural outcome of the pathtaken by Keynesian macroeconomic thought in the 1960s and 1970s,a theoretical frontier that remained largely unexploredwith the end of Keynesian academic hegemony. It does so in twosteps. First, it phrases the representative views of Davidson,Godley, Minsky and Tobin as different closuresof the same (SFC) accounting framework, calling attention totheir similarities and logical implications. Second, it discussesunresolved issues within this approach and how it differs frommodern theorising. 相似文献
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This paper provides a short account of Stephen Hymer's lifeand (its link to) his contribution to the theory of the multinationalenterprise (MNE), but mainly the political economy of multinationalcorporate capital. It suggests that as concerns the theory ofthe MNE, Hymer's contribution has in effect predated most currentextant theory. His contribution to the political economy ofmultinational capital, the focus here, is less known, yet ofextraordinary insight and foresight. Hymer predates most importantdebates on what today is called globalisationand came up with analysis of the highest quality and predictionswhich in the main have stood the test of time. The chief limitationin Hymer's work stems from a tendency to emphasise the monopolyattributes of large MNEs, and the inefficiency and inequityof multinational corporate capital. In part becauseof this tendency, some of his later work involved predictionsthat did not necessarily and/or fully follow from his analyticalframework, were shaped by ideology and were ofvarying agrees of accuracy. Despite limitations, Hymer's overallcontribution and impact fully deserves the almost cultstatus he has acquired in the history of economic thought andinternational business scholarship. 相似文献