David Hume on Banking and Hoarding

David Hume opposes banks and favors hoarding. The only bank he reluctantly approves of is a public, 100% reserve bank. Other banks increase money supply and prices, hindering exports and economic growth. For Hume, a 100% reserve public bank would lead to ‘‘the destruction of paper-credit’’ ([1752] 1985, p. 285), fostering economic growth instead by preventing inflation. Additionally, a 100% reserve bank hoards a large quantity of gold and silver, which is available in case of national emergency

Il piano Roosevelt

- Indice #9- Depressioni di A. Schumpeter #19- Capacità di acquisto di E. Chamberlin #35- Controllare l'industria di E. Mason #49- Aiutare i lavoratori di D.V. Brown #71- Prezzi più alti di S.E. Harris #93- Aiutare gli agricoltori di W.Leontieff #119- Il conflitto tra economia e politica di O.H.Taylor #13

Business cycles : a theoretical, historical, and statistical analysis of the capitalist process. Vol. 2

Tyt. z ekranu tytułowego.Publikacja dostępna również w formie drukowanej.Tryb dostępu: Internet

On the Concept of Social Value

It is but recently that, in pure theory, the concept of social value came into prominence. The founders of what is usually called the modern system of theory, as distinguished from the classical, never spoke of social, but only of individual value. Recently, however, the former concept has been introduced by some leaders of economic thought, and has quickly met with general approval. To-day it is to be found in nearly every text-book. Since it is generally used without careful definition, some interest attaches to a discussion of its meaning and its role; and it is the purpose of this paper to contribute to such a discussion. The reader is asked to bear in mind, first, that our question is a purely methodological one and has nothing whatever to do with the great problems of individualism and collectivism; further, that we shall consider the question for the purposes of pure theory only; and, finally, that we confine our inquiry to the concept of social value without including several other concepts which also have social aspects.

SCHUMPETER IN THE CONTEXT OF TWO CANONS OF ECONOMIC THOUGHT

The publication of Schumpeter's "lost" seventh chapter--with the holistic and Faustian title "The economy as a whole", so typical of the German economic tradition--again raises the question of the ''duality'' in Schumpeter's economic thinking: On the one hand Schumpeter's typical ''Germanic'' approach, emphasizing dynamics, technical change and the entrepreneur, on the other hand his admiration for the mechanical economics of Walras. This paper attempts to explain Schumpeter's duality--his "schizophrenia"--by placing his work in the context of two different canons of economic thought, the standard mainstream canon (the ordnende and passivist-materialist tradition in Werner Sombart's terms) and what we have labelled "The Other Canon" (the verstehende and activist-idealist tradition in Sombart's terminology). The paper attempts to show that in the light of the now almost extinct Other Canon of economics, Schumpeter appears far less original than what he does to today's mainstream. It is argued that while the Harvard Economics Department during Schumpeter's tenure there moved away from the Other Canon type economics, Schumpeter found ample support and research activity in this alternative canon of economics at Harvard Business School. The paper explores the possible influences and similarities of thought on Schumpeter from three economists associated with Harvard Business School: Herbert Somerton Foxwell, Edwin Gay and Fritz Redlich.