Search

This paper offers a historical review of the evolution of mathematical methods in economics, tracing their development from the earliest attempts in the 18th century to the sophisticated models of the late 20th century. The study begins by examining the initial integration of mathematical techniques into economic thought, highlighting key milestones that shaped the field. Symmetry concepts are naturally embedded in many of these mathematical frameworks, particularly in the balance and equilibrium found in economic models. Symmetry in economics often reflects proportional relationships and equilibrium conditions that are central to both micro- and macroeconomic analyses. Then, the paper elaborates on the progression of economic growth models, including the foundational Solow–Swan model, which introduced the concept of technological progress (knowledge) as a key factor influencing growth. The review also encompasses the Lucas growth model and the Mankiw–Romer–Weil model, both of which incorporate human capital into the growth equation, highlighting its importance in driving economic development. Finally, the paper addresses the Nonneman–Vanhoudt model, which extends the analysis of growth by integrating multiple types of capital, providing a more comprehensive framework for understanding economic dynamics. By documenting these developments, the paper demonstrates the significant role that mathematical modeling has played in advancing economic theory, providing tools to quantitatively analyze complex economic phenomena and driving the discipline towards greater analytical precision and rigor. This analysis emphasizes how symmetry principles, such as balance between inputs and outputs, equilibrium in supply and demand, and proportionality in growth models, underpin many economic theories. [ABSTRACT FROM AUTHOR]

During the commercial revolution of the Middle Ages, the monetisation of economy gave rise to a series of cultural, legal and social challenges to the commonly accepted Aristotelian background. In this dynamic context, new forms of trade and contracts emerged, affecting not only commercial doctrines but also financial theories. In this framework, Franciscan economic speculation played a major role by analysing social realities with an entirely original pragmatism. Through his monetary reflection, Alexander Bonini not only gave a surprising explanation of the 'forms of money' but also praised the activity of the money-changers, considering their service (and related costs) fundamental to the realisation of a common benefit. His thought-provoking synthesis introduced many themes of the modern monetary doctrines. The article contains the first English translation of some crucial passages of the Bonini's treatise On Usury (De Usuris). [ABSTRACT FROM AUTHOR]

This paper examines the causes and effects of the routine error of inserting the words "as if" into Adam Smith's comments about the invisible hand, rendering his observation that "led by an invisible hand to promote an end which was no part of [our] intention" into the very different assertion that we are led "as if by an invisible hand." Through a consideration of Smith's grammar and style and, most importantly, Smith's comments on rhetorical figures in his Lectures on Rhetoric and Belles Lettres, this paper demonstrates the ways in which this common error betrays Smith's strong opinions about linguistic precision and imports a potentially biased reading of Smith into discussions of these key moments in his texts. [ABSTRACT FROM AUTHOR]

The Austrian school of economics was well within the mainstream of economic thought into the 1930s. By mid-twentieth century the Austrian school had established a distinct identity, partly because of methodological developments in mainstream economics, but moreso because of its policy conclusions. Austrian school was best known for its claim that rational economic calculation was not possible without markets and market prices, challenging the mainstream view that looked favorably on central economic planning. In addition, the Austrian business cycle theory challenged the Keynesian macroeconomics that dominated macroeconomic thought up through the mid-1970s. While there were methological differences between the Austrian school and the mainstream, these policy differences defined the Austrian episode. By the end of the twentieth century, the Austrian school had won the economic calculation debate, Keynesian macroeconomics had been displaced, and the methodological differences between the Austrian school and the mainstream had narrowed. The Austrian episode had passed. In the twenty-first century, the Austrian school's ideas, still relevant, have been combined with complementary ideas from other heterodox traditions, diminishing the distinctive identity the Austrian school had in the second half of the twentieth century. [ABSTRACT FROM AUTHOR]

Economic history and history of economic thought have had to contend with a crisis of a didactic and scientific nature since the beginning of the shift from a command economy to a free-market system in Poland, and the accompanying legal and constitutional changes have compounded these difficulties. The Law on Higher Education and Science reclassified academic fields and disciplines, with the result that history was placed in the humanities and economics and finance were placed in the social sciences. This paper aims to show the contribution of these two subdisciplines to the development of economics in Poland over the last 30 years. The present authors contend that the waning didactic significance of these two sub-disciplines at economics and history faculties, and the subsequent liquidation or absorption of many university departments devoted to them, has not impeded valuable research in these fields in Poland. The article not only presents the teaching, research and publishing activities of the existing academic institutions and faculties, but also shows the international influence of academicians and their teaching work, and examines the market for textbooks and synthetic works.

Is everything good in political economy incorporated into modern graduate education in economics? With the transition of the art of political economy into the science of economics, there was a significant narrowing of graduate education curriculum. The prevailing technique in economics, a neoclassical framework focusing on formal empirics, gradually compressed artistic components of economics, including philosophical underpinnings, democratic justifiability, theoretical intuition, comparative institutional analysis, and political economy. Courses on the history of economic thought, which historically played a role in introducing graduate students to the complexities of the art of political economy, are now only offered as an elective. This paper argues, however, that there are still insights to be gleaned from studying the classics of political economy in graduate education. We highlight the tradeoff between theoretical cumulativeness and knowledge, arguing that significant insights from historical works of political economy are often absent in contemporary technical expositions of economics. We explore examples of useful knowledge in political economy that was lost in the transition away from the art of political economy. To remain an operationally valid social science, economists should reintroduce the artistic elements of political economy into the graduate training of economists. [ABSTRACT FROM AUTHOR]

The paper explores the historical and philosophical roots of economic thought, drawing connections between the entrepreneurial mindset and the scholastic traditions that have shaped the conceptual landscape of free markets. Through a multidisciplinary approach, the paper examines how religious and scholastic influences have contributed to the development of economic ideas, providing a nuanced understanding of the ethical dimensions inherent in entrepreneurial endeavors. By unraveling the threads that connect entrepreneurship, prayer, and scholasticism, this paper also seeks to illuminate the symbiotic relationship between faith, intellectual heritage, and the principles that underpin free-market economies. [ABSTRACT FROM AUTHOR]

Copyright of Ekonomista is the property of Polskie Towarzystwo Ekonomiczne & Institute of Economic Sciences of the Polish Academy of Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

There is no Milton Friedman today. There is unlikely to be another Milton Friedman tomorrow. And that is OK. Indeed, it is a product of the progress Friedman and others have made to advance the cause of limited government and free exchange. [ABSTRACT FROM AUTHOR]

This article analyses late 1960s' and early 1970s' policy debate on issues concerning balance of payments in Sweden. Part of this debate was the question of fiscal austerity as a tool to achieve external balance, and if it could be used without risking economic and social unrest. The aim is twofold: first to empirically shine new light on modern Swedish economic policy in a historic context. Second to theoretically explore new ways of interpreting the relationship between political thinking and economic ideas. Special focus within the second aim are the consequences of political thinking on Keynesian economic ideas as a framework of economic understanding at the time. The study is qualitative in its methods and pays attention to limits within the relationship between economic policymaking and economic expertise. The article highlights conflicting perspectives on Keynesian ideas and the heterogeneity of these perspectives among economic experts. A heterogeneity of this kind is also shown to complicate the assumed close relationship between Social Democracy and Keynesianism in a historic context. In essence, the article shows that studying policy debates in close historic detail makes for new conclusions on the development of modern economic ideas and the part political thinking plays in it. [ABSTRACT FROM AUTHOR]

Hungarian A hazai és a nemzetközi tudományos közéletben is megkerülhetetlen Adam Smith munkássága. Leszámítva néhány szakértőt az írástudó közönség is csak egyet, jobb esetben kettőt ismer: A nemzetek gazdagságát és Az erkölcsi érzelmek elméletét. Smith munkássága ennél azonban sokkal szélesebb volt, közöttük is fontos szerepet töltött be a levelezés. Jelen tanulmány egy sorozat első része, amiben Smith érdekes leveleit, egyéb írásait mutatjuk be. English Adam Smith's contributions are indispensable to both the domestic and international scholarly communities. However, beyond a limited number of specialists, the educated public is generally familiar with only one or, at most, two of his works: The Wealth of Nations and The Theory of Moral Sentiments. Nevertheless, Smith's oeuvre extends significantly beyond these seminal texts, with his correspondence occupying a particularly important role. This paper marks the beginning of a series dedicated to the examination of Smith's intriguing letters and other lesser-known writings.

The paper presents the author’s scientific views on the current state of the world economy, its either Western or Eastern self-determination in the process of economic history. The relevance of the research is determined by the transformation of relations between states, their strategic management and the development or stagnation of the business environment. The current situation poses the question of a civilizational choice for many countries: to join the BRICS, to declare their power in the G7, to determine their own independence or to be an observer. The author, through the genesis of the “Eastern” economy, the “Russian Idea” and the development of the Chinese and Middle Eastern economies, makes conclusions on the further path of the Russian economy. Definitely, due to the limited volume of the material, the author considers the branches that refer to his scientific research interests and concepts. The history of managerial and economic thought, as well as the genesis of public administration, allows to determine the prerequisites for a modern economy shaping. The drivers of the economy, to which the author refers China and the Persian Gulf countries, are transforming the business environment today. China is striving for a multi-polarity of the world, and the Arab Emirates are trying to ensure the future of generations through petrodollars, investing in trending industries and thereby forming a positive image of their actions, including mega-events. For Russia, on the one hand, new opportunities are opening for the entrepreneurial environment development, its own entrepreneurial culture shaping, new areas of entrepreneurial activity, import substitution. On the other hand, in modern conditions it is impossible to do without programs and projects to support the business environment, and, at the same time, strengthen control over the production and sale of goods and services. The article is rather conceptual, since it represents the author’s view of the current situation. Taking into consideration that the planning horizon today is limited to a mega-short-term period, the relevance of many scientific publications, in particular, J. Byrnes, [1], A. N. Shokhin [2], I. V. Guskova [3], A. L. Kudrin [4], M. Mazzucatto [5], may change with regular frequency.

This essay traces a thread between the Novak’s philosophical and theological contribution and the economic and ethical reflection on the commons. Although present embryonically, these interconnections have not been taken into consideration so far. This convergence will be presented through three interrelated stages: a sound theological background, Scholastic reasoning and the evolution of the idea of common goods. From these points some interesting insights will emerge.

This paper offers a historical review of the evolution of mathematical methods in economics, tracing their development from the earliest attempts in the 18th century to the sophisticated models of the late 20th century. The study begins by examining the initial integration of mathematical techniques into economic thought, highlighting key milestones that shaped the field. Symmetry concepts are naturally embedded in many of these mathematical frameworks, particularly in the balance and equilibrium found in economic models. Symmetry in economics often reflects proportional relationships and equilibrium conditions that are central to both micro- and macroeconomic analyses. Then, the paper elaborates on the progression of economic growth models, including the foundational Solow–Swan model, which introduced the concept of technological progress (knowledge) as a key factor influencing growth. The review also encompasses the Lucas growth model and the Mankiw–Romer–Weil model, both of which incorporate human capital into the growth equation, highlighting its importance in driving economic development. Finally, the paper addresses the Nonneman–Vanhoudt model, which extends the analysis of growth by integrating multiple types of capital, providing a more comprehensive framework for understanding economic dynamics. By documenting these developments, the paper demonstrates the significant role that mathematical modeling has played in advancing economic theory, providing tools to quantitatively analyze complex economic phenomena and driving the discipline towards greater analytical precision and rigor. This analysis emphasizes how symmetry principles, such as balance between inputs and outputs, equilibrium in supply and demand, and proportionality in growth models, underpin many economic theories.

This paper re-examines the origins of the Life-Cycle Hypothesis (LCH) originally formulated by Modigliani and Brumberg seventy years ago, using a combination of historical and archival analysis. The study compares Modigliani's own account of the LCH with a range of other sources, including papers presented at the Conference on Savings in 1952, contemporary literature, and PhD dissertations of Hamburger and Brumberg. The analysis reveals that the idea of the LCH was somehow "in the air" in the early 1950s, although Modigliani-Brumberg's formulation represents an ingenious theoretically-founded and empirically-testable formalisation of such a framework. [ABSTRACT FROM AUTHOR]

Throughout history, schools of economic thought have defined political economy—or economics—and its object of study in multiple ways. This paper reflects on the definitions of economics by schools of economic thought and also proposes the concepts of value and scarcity as key concepts to explain the differences between them. The most important findings of the paper are: (a) the ontological and epistemological characteristics of the concept of value and scarcity have shaped the definitions of economics; (b) the boundaries of the study object of economics have been expanded since today's mainstream economics deals with multiple topics as diverse as crime, education, development, health, etc. However, the methodological tools used in mainstream economics have been narrowed since approaches such as the philosophical, ethical, historical, and institutional approaches have been left behind; (c) the part of reality that mainstream economics can grasp have left behind important issues of the contemporary world, such as gender, social, and environmental issues. A clear understanding of the scope and boundaries of economics could help to define more realistic research questions for economic science, and it would help to define new economic paradigms that address the contemporary issues. [ABSTRACT FROM AUTHOR]

Francis Ysidro Edgeworth's unduly neglected monograph New and Old Methods of Ethics (1877) advances a highly sophisticated and mathematized account of social well-being in the utilitarian tradition of his 19th-century contemporaries. This article illustrates how his usage of the 'calculus of variations' was combined with findings from empirical psychology and economic theory to construct a consequentialist axiological framework. A conclusion is drawn that Edgeworth is a methodological predecessor to several important methods, ideas, and issues that continue to be discussed in contemporary social well-being studies. • Provides an account of Francis Ysidro Edgeworth's psychological and economic views, and how his interlocutors influenced him. • Discusses his methodology in the monograph New and Old Methods of Ethics. • Illustrates his usage of mathematical methods in physics for the application of social well-being research. • Contributes to the history of well-being research by way of 1870's economic thinking. • Present methods and issues in social well-being methodology have precedent in the 1870's. [ABSTRACT FROM AUTHOR]

In the early 20th century, municipal housekeeping became popular as a natural science-based endeavour focused on the improvement of living conditions in urban areas, especially in terms of public sanitation, water quality, satisfaction of basic needs, and access to natural amenities. It has been well documented in social history as a movement led by middle-class women advocating for higher standards of public health and social order in American cities. This article explores another dimension of municipal housekeeping: its contributions to economic thought and how it amounted to an early economics of the urban environment. It analyses the relationship between municipal housekeeping and other important economic currents, such as home economics and conservation economics, before shedding light on the economic content of its proposals regarding sanitation, community welfare, and public utility regulations. It concludes that municipal housekeeping, rather than a merely derivative intellectual current, constitutes an original source of inspiration for public and particularly environmental economists interested in intersections with the tenets of the natural sciences, from chemistry to ecology. [ABSTRACT FROM AUTHOR]

Copyright of Lumina (0123-4072) is the property of Universidad de Manizales and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Cuadernos del CEMYR is the property of Cuadernos del CEMYR (Servicio de Publicaciones de la Universidad de La Laguna) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The roundtable, convened to celebrate the 25th ESHET conference, asked how the history of economic thought can become relevant for actual economic policy. Schefold begins with methodological remarks and illustrates the general theme by showing how the policies of ordoliberalism involve a dialogue between postulates formulated in the past and revaluations made necessary by new conditions. Von Weizsäcker proposes an economic policy based on a new Hicksian reconstruction and extension of Böhm-Bawerks theory. Maes shows how modern central banks do historical research which may induce them to take some distance from ongoing research and to avoid a "this time is different" view. Boianovsky provides highlights of the history of development economics and its policy implications. Feldman uses history of economic thought to find solutions for recurrent balance-of-payments crises affecting peripheral economies. [ABSTRACT FROM AUTHOR]

This paper aims to present and compare contemporary concepts of the common good formulated by economists with reference to the understanding of the common good by the great men of prayer: Augustine of Hippo; Thomas Aquinas; Jacques Maritain; and Popes John XXIII, John Paul II, and Francis. It seeks to determine in what direction the economic theory of the common good can develop, taking into account inspiration drawn from Catholic social teaching (CST). Given the interdisciplinary nature of the common good, a historical and interdisciplinary approach, along with the descriptive method, was adopted. The paper highlights the tendency of economic theory toward one-dimensional and relativistic concepts of the common good and suggests a search for economic ideas of the common good that are simultaneously multidimensional and universalistic. It recognizes the achievements of CST, created by the great men of prayer, in enhancing the understanding of the category of the common good and posits that these teachings can serve as research inspiration for economists. [ABSTRACT FROM AUTHOR]

Copyright of Revista Cultura Económica is the property of Pontificia Universidad Catolica Argentina and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of ORDO: Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Agricultural and other fields of economics have always co‐evolved and benefitted from each other's insights. Over time, a general convergence of all social sciences began, and various fields of psychology, sociology, anthropology, and political science started to overlap with general and agricultural economics. Within economics, it was especially the rise of behavioral economics, that has steered the field toward the other social sciences. It departs from the assumption of perfectly rational expected utility maximizers and allows for greater diversity in decision‐makers' objectives and constraints. Agricultural economics has been early to recognize the need to make economic choice models more realistic. This can be explained by the particularities of agricultural economics and agriculture. Agricultural economists are tasked with solving specific, practical problems, and thus behavioral deviations from model predictions have always been salient and relevant to policy recommendations. Then, farmers—and to some extent also consumers—make choices in particularly complex and uncertain environments and must use all strategic tools at their disposal to deal with their "bounded rationality". These include the reliance on culture and other heuristics. Agricultural economics continues to synergize economic theory and practice with insights from other disciplines and real‐world experiences and is an important driver towards further unification of all social sciences. [ABSTRACT FROM AUTHOR]

The growing demand of the Ukrainian society to “reboot” the state actualizes the rethinking of the sources and content of the theory of the social state for the scientific justification of the post-war recovery, transformation of the economy and the socio-humanitarian space of Ukraine. The article aims to reveal the genesis of the theoretical concept of the social state and its economic interpretation based on the assessment and generalization of the assets of socio-economic thought in this area. Chronological boundaries cover the period from the birth of the ideas of a socially oriented state (XV–XVI centuries) to forming a coherent theory in the second half of the XX century. The methods of hermeneutics, comparative analysis and structural-logical synthesis are used. The results. The idea of a socially oriented state was born in the late Middle Ages. The supreme power’s social justice and economic efficiency were determined by the ability to ensure the public good. John Locke substantiated the concept of private property as a necessary prerequisite for civil society and the contractual interpretation of the powers of the state. The idea of building a state that regulates public life was established in the 18th century. F. Prokopovich defined the principle of public good as the basis for creating a “regular state”. The ruler’s power should be limited by law and aimed at ensuring the people’s education, security and welfare. Lorenz von Stein combined legal regulation and social orientation through the term “social state”. Representatives of the social direction in economic theory specified the regulation mechanisms of social and economic relations. At the turn of the 19th and 20th centuries a view of the state as a corporate union was formed. In the 20th century, the theory of the minimal state gained popularity as the opposite of statism. At the same time, implementing the concepts of the social state and the social market economy based on neoliberalism became the basis of the booming post-war reconstruction of Germany, the revival of Western Europe and the development of European economic integration. Conclusions. The synthesized concept of the social state results from a long process of development of scientific thought regarding interpreting the unity of the state, law and economy. The rule of law is the institutional basis and a prerequisite for building a social state. The economic basis of the welfare state is a socially oriented market economy. This direction is attractive for Ukraine when choosing a vector and defining the main features of the future institutional model of the economy.

The article is a polemic with selected considerations from Thomas Piketty’s Capital and Ideology. As a basis for future-oriented inquiry, Piketty takes inequalities from both the economic and sociological (especially educational) sphere, along with their sources and ways to address them. The book aims to present Piketty’s vision of a just system and the mechanisms to ensure its functioning. I focus on systemic issues, in which I view a discrepancy between Piketty’s commendable intentions and the objective possibilities of creating a coherent vision of transition.

This paper argues that money and finance are not sufficiently integrated into the research agenda of evolutionary economic geography (EEG). I identify two dimensions of Joseph Schumpeter's vision of the inherent instability of capitalism as promising for the EEG research agenda: First, the 'law' (Gesetz) of a disequilibrating role of credit creation and innovations in financial relations reveals the deeply 'monetary character' of his theory of development. Second, Schumpeter's vision of an evolutionary 'form' (Gestalt) of capitalism describes a social process that rests on macro-drivers of institutional change. Money and finance thus simultaneously act as both static indicators and dynamic drivers of economic development in space. [ABSTRACT FROM AUTHOR]

Copyright of International Economics / Economia Internazionale is the property of Camera di Commercio di Genova and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In this article we intend to re-read and re-expose the work of Thomas Hobbes, with the aim of reinterpreting it from a particular field of knowledge, namely, the history of economic thought. We will depart from the following two hypothesis, while we try to justify them: 1) In a context of secularization of politics, reality and knowledge, within which religion begins to lose effect as a guarantee of moral viability, the authors of political philosophy, such as Hobbes, are wondering about the ground that guarantees the viability of this modern society; and, 2) Hobbes, in his state of nature, is performing a stylization of an individual that is specifically mercantile. [ABSTRACT FROM AUTHOR]

This article traces the pedigree of ideas and the personal and institutional connections that led us to collaborate with Alain Parguez, whose academic legacy we celebrate here by exploring the roots, the current relevance, and the future of his research agenda. [ABSTRACT FROM AUTHOR]

ABSTRACT By contrasting the Great Depression and the Coronacrisis, we demonstrate that narrative economics (Shiller, 2017) is key in the analysis of economic fluctuations. We note the importance of the populist narrative to understand the economic and health outcomes of the Coronacrisis in Mexico and highlight the role of the predominance of different economic paradigms in economic policy decision-making. We suggest that, just as in 1929, by following orthodox primary fiscal balance sheet policies at the cost of contracting government investment, the Mexican economy will undergo a long and painful recovery process compared to its global peers.

ABSTRACT The title of the paper alerts the reader to the fact that while the role of money in Keynes’s earlier work is alluded to, it is mostly the monetary contribution of the General Theory (to which the author is particularly partial) which is surveyed here. The General Theory represents a breakthrough in monetary theory both broadly and narrowly defined. Money in the General Theory is all-pervasive. It is essential in the sense of Radner and Hahn. Money is also essential in allowing Keynes to break away, more profoundly than before, from equilibrium economics. Monetary theory narrowly defined also represents a breakthrough: speculative demand is a revolutionary concept, driving a wedge between the rate of interest and the rate of profit. The concept is elaborated and compared with Hicks’s treatment. The article ends with a brief section on the finance motive and endogenous money.

Is economic theory still useful today? In a new book, Alexander Tobón Arias answers that question (I’ll come back to this at the end) as he presents and attempts to promote the history of economic theory. The author was motivated to write this book by a “growing contempt of many economists for economic theory” in favor of applied economics. The synthesis he proposes aims to shed light on theoretical economics.