Statistics and the Wealth of Nations

The relationship of statistics and national prosperity is not a simple causal one, but some historical examples suggest a persistent association. A number of examples are considered, from the political arithmetic of the seventeenth century to the quality assurance methods of the 1950s, and a few speculative conclusions are offered.     

The Role of the Proximate Principle in the Emergence of Urban Parks in the United Kingdom and in the United States

Abstract

Residences located close to urban parks frequently sell at a premium. The increased home values represent a ‘capitalization’ of a park’s value to proximate homeowners and this phenomenon has been termed ‘the proximate principle’. The evolution of the principle from squares and gardens in small private estates to large park areas occurred with the development of Regent’s Park in London. The proximate principle’s dissemination into the new industrial cities of the UK first emerged at Prince’s Park in Liverpool, but it was still confined to private developments. Its transition into the public sector occurred with the development of Birkenhead Park. The data showing that Birkenhead Park was potentially a self‐financing venture funded by the enhanced value of proximate profits were widely disseminated and provided the financial rationale for many subsequent urban parks in other UK cities. This principle was absorbed by Frederick Law Olmsted on two early visits to Birkenhead Park and incorporated into the design of Central Park in New York City, the first large urban park in the US. Olmsted meticulously documented the impact of Central Park on adjacent property values and demonstrated that the park made a ‘profit’. These data were crucial in verifying the legitimacy of the proximate principle and in providing the justification for large urban parks in a host of other US cities. Although these data are naïve when viewed through the lens of modern social science, recent studies using sophisticated techniques have confirmed the fundamental legitimacy of the proximate principle.     

Vicarelli’s Keynes (and today’s international disorder)

The article speculates about the legacy of Fausto Vicarelli’s interpretation of John Maynard Keynes’s work in the times of a major global crisis. In particular, it puts an emphasis on those aspects of Keynes’s “method” that Vicarelli rightly considered as revolutionary in his Keynes, of 1977, as well as in other writings. The article then turns to Vicarelli’s reconstruction of Keynes’s early work in international economics (Indian Currency and Finance, Economic Consequences of the Peace) and reflects upon the continuing relevance of the philosophy inspiring Keynes’s plans of global reform in the Forties, also in the light of Vicarelli’s (Keynes-inspired) vision of the problem of policy space at the international level.     

Vicarelli,Keynes, and the unstable nexus between investment,liquidity, and finance

The goal of this article is to reconstruct Keynes’s vision of the unstable nexus between investment, liquidity and finance, as set out by the Italian economist Fausto Vicarelli (1936–1986). As argued in the article, one of Vicarelli’s main contributions consists of explaining the inherent instability of financially sophisticated capitalist economies in terms of the interaction (and double dissociation) between investment, saving, and stock-holding decisions, within a Keynesian framework characterized by the presence of fundamental uncertainty. While Vicarelli’s interpretation of Keynes is best understood in the context of the post-Keynesian literature, its relevance goes beyond that, as its sheds light on current issues related to the post-2008 financial crisis and its policy implications.     

Public sector use of the Delphi technique

The Delphi Technique is gaining extensive use as a multipurpose tool by government planners and policy makers. This paper begins by briefly discussing the historical development of Delphi and some of its advantages and disadvantages. A considerable number of Delphis conducted in the public sector for the purposes of forecasting, communication, budgeting, and goal setting are then reviewed. Additionally, three prior reviews of Delphi use in the field of education are discussed. In reviewing these studies every attempt was made to detail the research intentions, special features and modifications, cautions, and benefits of each study. These characteristics are provided in tabular form in the summary section as a ready reference for the potential Delphi user. It is recommended that one should take full advantage of what has been learned from earlier research before undertaking a new Delphi.     

当代英国园林的促进者——英国园艺家 约翰·C·洛顿的研究

18—19世纪是英国园艺发展的重要时期，一方面是“大发现”带来园艺物种的剧增，另一方面是民主化进程的启动。洛顿首先推动园艺界对时代的适应，大量编纂百科全书式园艺书籍和专业期刊。其次，由于专业书籍与期刊的发行，推动了民众环境意识的发展，开启了英国园艺平民化的运动，使得园艺成为日常生活中的重要组成部分。同时借助公众的园艺热情，洛顿顺势推动了现代公园的发展，间接促进了现代风景园林专业诞生。试图通过从理论、实践与工艺改造等层面勾勒出洛顿对英国园艺事业发展的巨大历史功绩。     

The Culture of (Dis)Contentment

John Kenneth Galbraith’s 1992 The Culture of Contentment was written to assess the long-term impact of the Reagan/Bush era on American culture and politics. In light of recent electoral politics and outcomes, this article revisits Galbraith’s central argument to consider how the culture of contentment influences our discontented politics today. To do so, the author briefly examines the recent findings of sociologists and political scientists to examine the culture and politics of discontent in the United States at present. The article concludes with a brief examination of Veblen’s views of democracy as a lens through which to examine the foregoing.     

Institutional Economics and Chock-Full Employment: Reclaiming the “Right to Work” as a Cornerstone of Progressive Capitalism

In the United States, the “right to work” originally referred to a progressive call for the right to employment. For example, from the perspective of John R. Commons, the right to work included “the right of the unemployed to have work furnished by the government.” For Commons, that right was a logical outgrowth of Americans’ constitutional rights to life and liberty, “the next great human right.” This article reviews Commons’s right-to-work stance, the history of federal efforts to establish government as employer of last resort, and some key postwar institutionalist contributions to the literature on achieving jobs for all. Then it presents the case for reclaiming the right to work as a cornerstone of progressive capitalism.     

Revisiting the Relevance of International Trade Theory

Probably one of the most controversial contributions to the literature of international trade theory was offered by the late social economist John Culbertson. In his view, low wage competition among corporations in a world characterized by capital mobility and massive trade deficits undermines the foundation trade theory based on David Ricardo’s celebrated notion of comparative advantage. Instead, there are several good reasons to believe that international trade with China, India, Vietnam, etc. will be governed by absolute advantage. The current essay is dedicated to the virtually ignored work of Culbertson, and it is meant as an invitation for social economists to critically evaluate the argument and in the process make an attempt to point out where it goes wrong.     

A History of the Founding and Early Years of AFEE

During the late 1950s, institutionalists started organizing themselves amid the decline of institutional economics, leading to the 1965 founding of the Association for Evolutionary Economics (AFEE). We analyze the history of the movement to found AFEE and its early years. We use archival evidence, much of it previously unpublished, to provide a detailed history of these early years. We also present an account of AFEE that highlights the role of different interpretations of institutional economics in building the association. In addition, we provide a brief history of the early years of the Journal of Economic Issues (JEI).