Ignorant speculation and immoral risks: Macheaths, Turpins and the commercial classes in nineteenth-century theories of economic fluctuations
Article Abstract:
Nineteenth-century business cycle theorists blamed speculations and risks for the fluctuations in the money market. John Mills emphasized mistaken expectations of the market operators, such as merchants, agents and bankers, as the cause of money market failures at regular intervals. Lack of proper knowledge about the functioning of business cycle and short-term profit motive stalled long-term sound investments. Mills' arguments support the 20th century analysis of cyclical fluctuations, suggesting that business cycle mechanisms are consistent, irrespective of time period and place.
Publication Name: The Manchester School of Economic and Social Studies
Subject: Social sciences
ISSN: 0025-2034
Year: 1996
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John Maynard Keynes and the French connection
Article Abstract:
Marcel Labordere was a French economist who was in touch with John Maynard Keynes between 1911 and 1945. The impact of his views on those of Keynes cannot be assessed with certainty, but it is likely that Labordere helped Keynes develop his initial views on trade cycles. He also provided Keynes with monetary statistics and helped Keynes develop ideas on speculation. His impact on Keynes was strongest between 1911 and 1920, and was modest, but deserves more of a mention that it has had in biographies of Keynes.
Publication Name: The Manchester School of Economic and Social Studies
Subject: Social sciences
ISSN: 0025-2034
Year: 1997
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Idiosyncratic features of Kalecki's pricing models
Article Abstract:
An analysis of Polish economist Michal Kaleck's 'degree of monopoly' pricing models indicate that they have a number of eccentric characteristics, of which most but not all are related to the economist's use of an industry average price as a stand-in for the prices of each company's competitors. The industry average price is calculated using shares of industry production as weights. The idiosyncratic properties appear to have been unintended and unrecognized by Kalecki.
Publication Name: The Manchester School of Economic and Social Studies
Subject: Social sciences
ISSN: 0025-2034
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
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