This paper is a review of 'Faith and Liberty. The Economic Thought of the Late Scholastics' by Alejandro A. Chafuen.

This book studies the development of ideas on freedom, coercion and power in the history of economic thought. It focuses on the exchange of goods and services and on terms of exchange and examines the nature of choice, that is, the state of the will of economic actors making exchange decisions. In a social context, anyone's range of choice is restricted by the choices made by others. The first to raise the question of the will in this (...) economic context were the medieval scholastics, drawing on non-economic analytic models inherited from antiquity and mainly from Aristotle. From these origins, views on economic choice, coercion and power are recorded, as they gradually change over the centuries, until they manifest themselves in more contemporary disputes between different branches of institutional economics. (shrink)

Four previously unpublished chapters by Jacob Viner. The first two deal with the economic doctrines of the Christian Fathers and the Scholastics; the last two are each concerned with a particular aspect of the relationship between religious thought, economic ethics, and society. Initially conceived as part of a larger study on "Religion and Society," this volume holds some interest for the philosopher of religion because it examines the treatment by Christian theologians, both Protestant and Catholic, of topics (...) such as private property, riches and poverty, commerce, just price and economic motivation. Viner explores the roles of early Protestant theology in the rise of capitalism, with special reference to the Weber-Tawney thesis which attributes significant responsibility to Calvinist doctrine for the growth and the character of modern capitalism. The chapters on Patristic and Scholastic economic thought are particularly strong. There is a detailed examination of the economic views of Thomas Aquinas, though the author is aware that Aquinas’s influence was not a dominant one before the sixteenth century. In the final chapter Viner amasses considerable historical evidence to construct a case against Weber and his followers. In the first three chapters, Viner appears to have been partly inspired by a desire to correct the false impressions of some earlier and less friendly commentators on Catholic economic thought. Throughout, documentation is extensive. There is a rich bibliography.—J.P.D. (shrink)

There are varying opinions about whether or not the field of business ethics has a history or is a development of more modern times. It is suggested that a book by a Dominican Friar, Johannes Nider, De Contractibus Mercatorum, written ca. 1430 and published ca. 1468 provides a basis for a history of over 500 years. Business ethics grew out of attempts to reconcile Biblical precepts, canon law, civil law, the teachings of the Church Fathers, and the writings of early (...) philosophers with the realities of expanding economic activity. Nider's background is discussed as well as his book as an example of incunabula.Nider was one of the Scholastics who provided a link between Aristotle and later Reformation thinkers. In Nider we find caveat venditor as his moral guide to merchants as well as other surprisingly modern ideas such as justice in exchange; restitution for defective goods; the market as the final arbiter of value; and the importance of creating utility in products. (shrink)

On March 17, 2015, Brill was informed that the article by Francisco Gómez Camacho S. J., “Later Scholastics: Spanish Economic Thought in the XVIth and XVIIth Centuries,” in _Ancient and Medieval Economic Ideas and Concepts of Social Justice_, ed. S. Todd Lowry and Barry Gordon, pp. 503–561 suffers from serious citation problems and that in some cases the original sources are never mentioned at all. It goes without saying that Brill strongly disapproves of such practices, which represent (...) a serious breach of publication integrity. Brill condemns any violation of the authors’ rights and the copyrights of the publishers, and distances itself from these practices. As a result Brill cannot stand behind the noted material as originally contained in this volume and for these reasons formally retracts the article by Francisco Gómez Camacho and also the volume. The volume will no longer be available in its current form. (shrink)

Martín de Azpilcueta and his fellow Spanish Scholastics writing and teaching at the University of Salamanca during Spain’s Golden Age are rightly pointed to by historians of economic thought as being major contributors toward, if not outright founders of modern economic theory. Among these is the theory of time-preference for which Azpilcueta has repeatedly been given the credit for discovering. However, this discovery is a curious one given how the same man, Azpilcueta, condemned usury in general during (...) his whole life. If Azpilcueta did in fact discover this theory and fully understand its implications, we would reasonably expect him to have questioned his support for the ban on charging an interest on a loan. This paper, therefore, challenges the claim that Azpilcueta understood and revived time-preference theory and shows how his understanding was much more nuanced, and, at times, inconsistent. (shrink)

In the development of Roman Catholic social thought from the teachings of the scholastics to the modern social encyclicals, changes in normative economics reflect the transformation of an economic terrain from its feudal roots to the modern industrial economy. The preeminence accorded by the modern market to the allocative over the distributive function of price broke the convenient convergence of commutative and distributive justice in scholastic just price theory. Furthermore, the loss of custom, law, and usage in (...) defining the boundaries of economic behavior led to a depersonalization of economic relationships that had previously provided effective informal means of protecting individual well-being. Hence, recent economic ethics has had to look for nonprice, nonmarket mechanisms for distributive justice. This is reflected, for example, in the shift in attitude from the medieval antipathy toward unions to the contemporary defense of organized labor on moral grounds. (shrink)

The name "School of Salamanca" refers to a group of theologians and natural law philosophers who taught in the University of Salamanca, following the inspiration of the great Thomist Francisco de Vitoria. It turns out that the Scholastics were not simply medieval, but began in the 13th century and expanded through the 16th and 17th centuries; and they developed some original theories about economics and international law.Why should a few men mainly interested in theology and ethics apply themselves in analyzing (...) issues so far from their worries? The answer leads us to a revision of the morality rules, due to the new problems in business ethics. Thus, for example, the appearance of inflation made them have doubts about the merchant's morality. In order to solve this and other problems, they began to analyze the new and suspicious economic activity. As a result of their observations about ethical issues they discovered some advanced theories for the history of economic thought, such as the early formulation of the quantity theory of money. (shrink)

A Companion to the Spanish Scholastics offers a much-needed survey of the entire field of early modern Spanish scholastic thought. The volume introduces main themes and contexts of scholastics inquiry (theology, philosophy, ethics, politics, economics, law, science and the senses) through close examination of a wide range of texts, debates, methods, and authors, as well as in-depth discussion of the relevant literature. Each chapter includes a useful bibliography and serves as point of departure for future research. The volume (...) not only draws the sum of existing research, but also challenges established notions and breaks new ground. (shrink)

People have thought about economics for as long as they have thought about how to manage their households, and indeed Aristotle assimilated the study of the economic affairs of a city to the study of the management of a household. During the two millennia between Aristotle and Adam Smith, one finds reflections concerning economic problems mainly in the context of discussions of moral or policy questions. For example, scholastic philosophers commented on money and interest in (...) inquiries concerning the justice of "usury" (charging interest on money loans), and in the 17th century, there was a great deal of discussion of policy concerning foreign trade. Economics only emerged as a distinct field of study with the bold 18th-century idea that there were "economies"--that is autonomous law-governed systems of human interaction involving production, distribution and exchange. This view is already well developed in Adam Smith's Wealth of Nations, from which much of economics derives. (shrink)

Following Thomas Aquinas, Francisco de Vitoria's analysis of justice in exchanges takes place by commenting on the corresponding questions of the Summa Theologica. The identification of the just price with that of common estimation occurs under a sufficient concurrence of sellers and buyers. A high level of concurrence limits the ability to take advantage of the need on the other side of the market. This fact guaranties a full consent of the parties involved in trading. Under conditions of market power (...) or when some authority fixes a legal price, just price should also be taken as a normative ideal. (shrink)

The Idea of a Moral Economy is the first modern edition and English translation of three questions disputed at the University of Paris in 1330 by the theologian Gerard of Siena. The questions represent the most influential late medieval formulation of the natural law argument against usury and the illicit acquisition of property. Together they offer a particularly clear example of scholastic ideas about the nature and purpose of economic activity and the medieval concept of a moral economy. (...) In his introduction, editor Lawrin Armstrong discusses Gerard's arguments and considers their significance both within the context of scholastic philosophy and law and as a critique of contemporary mainstream economics. His analysis demonstrates how Gerard's work is not only a valuable source for understanding economic thought in pre-modern Europe, but also a fertile resource for scholars of law, economics, and philosophy in medieval Europe and beyond. (shrink)

Nicholas Oresme's mid-fourteenth-century treatise De moneta falls outside the conventional genres of late medieval scholastic writing: it is neither a commentary, a summa, nor a publicistic tract. Historians of political thought have largely shunned the work. Instead, De moneta has primarily been the object of attention among historians of economic thought. Despite the fact that De moneta certainly contains technical economic analysis of the nature of money in an Aristotelian mode, both the circumstances of its (...) composition and the main lines of its argument suggest that it deserves treatment as a profoundly political work. Oresme's intention is clearly to advise his countrymen in a pragmatic fashion about a matter of public policy. His specialized economic analysis is merely a propedeutic to his main point. In this sense, the political theory contained in De moneta merits serious attention as an attempt to bring economic concerns to bear on the duties of rulers and the needs of their subjects. (shrink)

Samuel Hollander is widely recognized as one of the most important and controversial historians of economic thought. This second volume collects together essays extending beyond classical economics, the subject with which he is most associated. This collection includes: * studies in Scholastic, Smithian and Marshallian literature * papers on the Corn-Law pamphlet literature of 1815, the post-Ricardian dissension, and the marginal revolution * essays on T.R. Malthus, including four bibliographical studies The volume also includes an autobiographical section (...) and reviews of a broad range of important books published in the last thirty years. (shrink)

Handbooks of the history of economic thought typically assume a strict fault line between scholastic economics and mercantilism. Historically, the distinction between the two streams of thought was less evident—especially when it came to the style of argumentation, in which there is much continuity between the scholastic doctors and early mercantilists. However, although the latter did not employ the scholastic method, both traditions frequently called upon classical authorities to strengthen their arguments. What is striking (...) is the high regard for Aristotle among the late-sixteenth and early-seventeenth century English mercantilists. By way of illustration, this article reviews the surprising role of Aristotelian ideas, primarily from the Metaphysics and Physics, within the debate between Gerard Malynes and Edward Misselden on England’s economics crisis. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:Hispanic Philosophy in the Age of Discovery ed. by Kevin WhiteIván JaksicKevin White, editor. Hispanic Philosophy in the Age of Discovery. Washington, DC: Catholic University of America Press, 1997. Pp. xv + 326. Cloth, $59.95.The quincentennial of what has been termed the “encounter” between Europeans and Indians in the New World in the late fifteenth century furnished the occasion for much denunciation of the evils inflicted by greedy (...) intruders on the indigenous population and their environment. Many a conference was convened to reflect on such [End Page 463] events from the perspective of what appeared to be a consensus on the ultimately negative effects of European discovery, conquest, and colonization. In this context, it is quite remarkable that a conference on Hispanic philosophy in the age of discovery should have been convened to examine the philosophical figures and treatises of the era. As it turns out, this volume represents probably one of the most enduring outcomes of the myriad activities of 1992. This is a volume that ranges widely into the philosophical world of the period, brings to light the richness and significance of philosophers and their work, and provides a coherent and consistently well-researched set of essays.The volume consists of fifteen essays divided into five parts. Part I consists of one essay by Jorge J. E. Gracia which offers a wide panorama of Hispanic philosophy from 1500 to 1650, as well as a lucid interpretation of the historical reasons why Hispanic philosophy seems to have reached a dead end in the context of modern European philosophy, and suffered the neglect of intervening centuries. Part II consists of one essay by Mauricio Beuchot on discussions concerning the conquest of Mexico; two essays by John Doyle and Marcelo Sánchez-Sorondo on the work of Francisco de Vitoria; and two essays on the celebrated dispute between Juan Ginés de Sepúlveda and Bartolomé de las Casas in 1550–51, the first by Eduardo Andújar and the second by Rafael Alvira and Alfredo Cruz. Part III includes essays by William Wallace on Domingo de Soto and Galileo’s science; Juan Antonio Widow on the economic thought of the Spanish Scholastics; Jean de Groot on the mysticism of Teresa de Avila; Yves Floucat on St. John of the Cross, and Mirko Skarica on the problem of future contingents. Part IV includes three essays by Norman Wells, Stephen Menn, and Carlos G. Noreña on the works of Francisco Suárez, probably the best-known Spanish thinker of the period. The volume closes with Part V, which has a long essay by John Deely on John Poinsot’s doctrine of signs.A volume of this scope and nature is bound to contain some overlap and repetition, as is the case with the pieces concerning the Las Casas-Sepúlveda debate. And yet these essays read well because the authors seriously undermine the conventional treatment of Sepúlveda as the hawkish defender of Indian slavery, and place him in the context of a larger Renaissance view of non-European peoples. Las Casas, in the view of the authors, had a great deal more in common with his opponent than the historiography has thus far suggested. In other sections of the volume, the variety of approaches and subjects on the part of the contributors challenges the reader to constantly shift grounds. Part III, for instance, takes us from the disquisitions on the velocity of falling bodies to the moral aspects of economic thought, and to the meaning of mystical theology. Fortunately, the competence of the researchers makes all individual pieces worthwhile even if this particular reviewer would have been somewhat more stringent with the space allotted to make a point.Contributors to this book leave no doubt as to the importance of their subjects, and yet they resist the temptation of exaggerating the extent of the influence of many of the Spanish authors on other European thinkers. Indeed, the essay by Norman Wells shows that while one must consider the linkages between Suárez and Descartes, there is [End Page 464] no reason to believe that the latter made Suárez’s position on the moderni... (shrink)

ABSTRACT This article traces the considerable development of a language of representation derived from Cicero's De officiis from late antiquity into early modern scholastic political thought. Cicero turned to the term persona, which signified the mask worn by actors of ancient theatre, to describe the particular duty of a magistrate who was understood ‘to bear the person of the city [se gerere personam civitatis]’. Thomas Hobbes's reliance on this terminology for his theory of the state in Leviathan is (...) well known, and we are now increasingly aware of its centrality before Hobbes in parliamentary and humanist discourse. What we have yet to register, however, is the extent and depth of scholastic appropriations and refashionings of this vocabulary. Cicero's language of representation is persistently at work in scholastic writing, from Augustine and Aquinas to Suárez and Bellarmine, and it functions in ways that reveal remarkable continuities and discontinuities with respect to its classical origins. The first task of this article is to expose this neglected channel through which this language was transmitted into early modernity. The second is to begin illuminating the early stages of political representation in the ‘second scholastic’ with an analysis of Francisco de Vitoria's De potestate civili (1528). (shrink)

This book is an introduction to medieval economic thought, mainly from the twelfth to the fifteenth centuries, as it emerges from the works of academic theologians and lawyers and other sources - from Italian merchants' writings to vernacular poetry, Parliamentary legislation, and manorial court rolls. It raises a number of questions based on the Aristotelian idea of the mean, the balance and harmony underlying justice, as applied by medieval thinkers to the changing economy. How could private ownership of (...) property be reconciled with God's gift of the earth to all in common? How could charity balance resources between rich and poor? What was money? What were the just price and the just wage? How was a balance to be achieved between lender and borrower and how did the idea of usury change to reflect this? The answers emerge from a wide variety of ecclesiastical and secular sources. (shrink)

Joseph Alois Schumpeter (1883-1950) stands among the intellectual giants of the twentieth century, especially in the field of economics; in his long and varied impact on the profession, he is second only to Maynard Keynes. He was a pragmatist in his economic philosophy, an “objective scientific investigator with no particular axe to grind” (Newman, et al., 746). His encyclopedic History of Economic Analysis, edited after his death by his wife and published in 1954, is a monument to his (...) gigantic and versatile achievements; and it remains the locus classicus of almost all works in this area. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:184 THE ECONOMIC THOUGHT OF DAVID HUME David Hume's views on economics are expressed in his Essays, Moral, Political and Literary, Part II (1752). He was a contemporary of Adam Smith and read Smith's The Wealth of Nations shortly before his death. Some commentators have suggested that Hume exercised some influence over Smith's views on economics; others are not so sure. Hume's commentators over the last 200 (...) years have emphasized his theory of knowledge, doctrine of causality and belief, theory of morals and historical writing. His views on economics have been relatively neglected. The purpose of this essay is to summarize and clarify Hume's views on economics. Commerce and Trade Hume's essay "Of Commerce" is an extension of his view of property rights. Just as government should not impair property rights, it should not impair commerce, which is the freedom to contract between consenting parties. But Hume was not a 'pure' advocate of laissez-faire. He supported the infant industry argument: A tax on German linen encourages home manufacturers, and thereby multiplies our people and industry. A tax on brandy encreases the sale of rum, and supports our southern colonies. The bulk of workers are employed either in argiculture or manufacturing. In the more primitive societies, almost everyone is employed in agriculture (husbandry), and as agricultural techniques are improved, the land becomes able to support more nonagricultural workers, including artisans and providers of luxuries as well as manufacturers. Some of these 185 surplus (i.e., nonagricultural or manufacturing) workers are sometimes appropriated by the sovereign for use in the army or navy (OC 256), which prevents them from producing luxury goods and services, and leads to a different kind of state than would exist if their labor were not so appropriated. Increases in industry, the arts and trade generally increase both the power of the sovereign and the happiness of the people (OC 260). Trade is something that is mutually beneficial -- both parties gain. Hume spends a great deal of time refuting the idea that one nation's gain is another's trade loss. Thus, trade is a win-win rather than a win-lose situation, as some modern-day mercantilists (such as Thurow fThe Zero Sum Gamel and Batra G The Great Crash of 1989l)would have us believe. Hume views everything in the world as purchased by labor, and sees labor as being caused by people's passions (OC 261). In modern language, one could say that wealth is produced either from physical or mental labor, and that it is individual incentive that causes the human action to begin in the first place. Of course, this view overlooks the fact that labor does not exist in a vacuum, but is mixed with land and perhaps capital (which can be seen as the result of accumulated labor). Exchange occurs when producers of a commodity produce more than they can consume. At that point, they trade their surplus for other goods and services (OC 261). In peacetime, the farmers' surplus goes toward the acquisition of manufactures or the cultivation of the liberal arts. In war, the surplus can go toward the support of an army or navy. The state becomes more powerful as it can produce increasingly beyond subsistence, what Hume refers to as employment beyond mere necessities (OC 186 262). But rather than encouraging the increase in state power by force, such increase is best accomplished by allowing individuals to produce as much as they want, which they will do automatically in the absence of coercion, and then appropriate part of the surplus: It is a violent method, and in most cases impracticable, to oblige the labourer to toil, in order to raise from the land more than what subsists himself and family. Furnish him with manufactures and commodities, and he will do it himself. Afterwards you will find it easy to seize some part of his superfluous labour, and employ it in the public service, without giving him his wonted return. Being accustomed to industry, he will think this less grievous, than if, at once, you obliged him to an argumentation of labour without any reward. (OC 262) Countries that engage in... (shrink)

Although the history of centrally planned economies has been widely studied, the development of socialist thinking on the subject has remained largely uncharted. In this 1991 work, Pekka Sutela presents a detailed analysis of Soviet economic thought and theory. Dr Sutela traces the competing currents in the Marxist tradition of socialist economies from the Revolution to the present day. In particular he shows how the Gorbachev economic reform programme of 1987 rose from the work of Nobel Prize (...) economist L. V. Kantorovich and his followers. However, this programme failed and the author explains in some detail why this happened. Since then, Soviet economists have tried to abandon their traditional theory of central planning and move along the path and long established contacts with leading Soviet economists, Pekka Sutela is able to show how Soviet economic thinking has moved from dogmatism through reformism to pragmatism. (shrink)

While the political aspects of the interwar dystopias have received much attention, less focus has been given to the specific correlation to the economic thinking and developments of the period, in particular the prominence of economic planning. This article suggests that such a connection is significant by examining a key Swedish novel from the period, Kallocain, in relation to the early economic theory of the Scandinavian welfare state. The article then relates these findings to links between Brave (...) New World and the thinking of John Maynard Keynes. Finally, the kinds of critique articulated in these fictional works are centered around the citizens’ emotional and interior lives in new planned societies, and around their views on bad, disloyal, or painful feelings. (shrink)

Since the Middle Ages, Aristotle has been hailed as the father of economics. But recently classicists have maintained that he did no economics at all. This book clears up the anomaly. The author argues that Aristotle had a theory of money and commerce, but that it is ethical rather than economic. According to Aristotle ethics and economics are fundamentally opposed and can never be reconciled.

This book reformulates the central questions of ethics in economic thought. It reconsiders the purpose of economic activity, the ethical values of entrepreneurs, and the Aristotelian dilemma of differentiating between needs and desires to better understand the rise of consumerism. The book also examines cultural factors, the role of religion, and the significance of informal institutions, ultimately showing how less developed countries can increase opportunities for all of their citizens.

A historical analysis of economic thought in Islamic tradition which interrogates contemporary Islamic economics as a hybrid system.

The history of economic thought has always attracted some of the brightest minds in the discipline. These chroniclers of development have helped form our current views, and it is no surprise that many among them have been at the forefront of new movements in the history of ideas. This notable collection summarizes the work of these key historians of economics and attempts to quantify their impact. Some of the writers covered, such as Friedrich Hayek and Joan Robinson, are (...) already assured of their place among the greatest economists of the twentieth century, but the collection also stresses the influence of those still active in shaping our perceptions - including Mark Blaug, Samuel Hollander and Donald Winch. Written by an impressive roster of contributors, many of whom are themselves well-known in the history of economic thought, this key book features writings from John Creedy, Roger Blackhouse and Neil De Marchi, as well as the editors of the collection as a whole, Warren J. Samuels and Steven Medema. (shrink)

Most textbooks on the history of economic theory scarcely mention the Islamic contribution. The writings of Grice-Hutchinson, Lowry, and Essid are notable exceptions, in that they offer a broad summary of the Islamic literature that enriched the Mediterranean tradition. Yet, Islamic civilization simply deepened the flow of ideas inherited from Antiquity before, and passed them on. From the twelfth century, its brilliance started a slow transfer of Islamic knowledge to a West which was ready to receive it.

By throwing light on economic thought in the period of the Japanese Enlightenment, this book will make clear what led to the institutionalization of business and economic education, the birth of the pioneer business enterprise and of serious economic journalism and the reasons behind the success of Japanese economic development.

An intuitively appealing argument for pluralism in economics can be made on the grounds that schools of economic thought complement one another. Let us call this the complementarity-based argument for pluralism (CAP). The concepts of complementarity, pluralism, and school of thought are scrutinized in this paper to evaluate this argument. I argue that the complementarity of schools is relative to scientific goals, which implies that discussing complementarity of schools of economic thought requires discussing the goals (...) of economic research. I also distinguish weak from strong complementarity and show that some alleged complementarity relations between schools are weak and thus provide little support for CAP. However, if strong complementarity relations, relative to a valuable goal, can be demonstrated to exist between specific schools, this is a strong reason for pluralism about those schools. Finally, I provide suggestions on how to distinguish strong from weak complementarity. (shrink)

The purpose of this paper is to clarify the nature of research methods in the history of economic thought. In reviewing the "techniques" which are involved in the discipline, four broader categories are identified: a) textual exegesis; b) "rational reconstructions"; c) "contextual analysis"; and d) "historical narrative". After examining these different styles of doing history of economic thought, the paper addresses the question of its appraisal, namely what is good history of economic thought. Moreover, (...) it is argued that there is a distinction to be made between doing economics and doing history of economic thought. The latter requires the greatest possible respect for contexts and texts, both published and unpublished; the former entails constructing a theoretical framework that is in some respects freer, not bound by derivation, from the authors. Finally, the paper draws upon Econlit records to assess what has been done in the subject in the last two decades in order to frame some considerations on how the past may impinge on the future. (shrink)

This 1994 collection of interdisciplinary essays was the first to investigate how images in the history of the natural and physical sciences have been used to shape the history of economic thought. The contributors, historians of science and economics alike, document the extent to which scholars have drawn on physical and natural science to ground economic ideas and evaluate the role and importance of metaphors in the structure and content of economic thought. These range from (...) Aristotle's discussion of the division of labour, to Marshall's evocation of population biology, to Hayek's dependence upon evolutionary concepts, and more recently to neoclassical economists' invocation of chaos theory. Resort to such images, contributors find, was more than mere rhetorical flourish. Rather, appeals to natural and physical metaphors serve to constitute the very subject matter of the discipline and what might be accepted as the 'economic'. (shrink)

The evolution of economic thought can be traced back from its beginnings in classical antiquity up to the present day. In this book, Professor Alessandro Roncaglia offers a clear, concise and updated version of his award-winning The Wealth of Ideas, studying the development of economic thought through perspectives and debates on the economy and society over time. With chapters on prominent economic theorists, including William Petty, Karl Marx, and John Maynard Keynes, as well as on (...) other important figures and key debates of each period, Roncaglia critically evaluates the foundations of the marginalist–neoclassical approach in comparison to the Classical–Keynes approach. A comprehensive guide to the history of economic thought, this book will be of value not only to undergraduate and postgraduate students studying economic thought, but also to any readers desiring to study how economics has evolved up to the present day. (shrink)

This study concluded to refute the claim that there is a historical gap in the development of economic thought, whereby the early pioneers of Muslim economists were able to lay many intellectual foundations for the science of economics. This study sheds light on a period that was intentionally or unknowingly ignored; to reveal the historical roots of Islamic economics, and to reveal the missing link in the development of economic thought, from the first Hijri century to (...) the fifth Hijri century, as this study sought to refute the claim of Western leadership in economic thought through the contributions it offered to Muslim thinkers who preceded Western economists by several centuries. Muslim economists have inaugurated several rules of economics, and have used methods of economic analysis to monitor some economic phenomena. They have delivered these achievements to humanity through the scientific edifices in Andalusia. Likewise, the author of this study does not claim that Muslim scholars have dealt with all economic issues. He does not claim that Muslim scholars laid down all the rules of economics and have left nothing. He acknowledges that Muslim economists have not dealt with many modern economic issues, such as credit, financial derivatives, cryptocurrencies, and the like, but he confirms the contribution of Muslim scholars to the development of economic thought. (shrink)

The first decades of the twentieth century saw the emergence of Calvinist economics in the Netherlands. This clearly normative approach to economics was inspired by Abraham Kuyper and was criticized by mainstream economists from the outset. It would eventually disappear under pressure of positive economics, but survived until at least the middle of the century. Calvinist economics itself was highly critical of classical economics and, unlike the neo-classical school, strove after an entire reformation of economic thought. Calvinists writers (...) like T. de Vries, P. A. Diepenhorst, J. A. Nederbragt and J. Ridder did not constitute a school of economic thought, but nevertheless shared some fundamental ideas such as the influence of world views on economics, the existence of divine ordinances for the economic domain, and the central place of man in God’s plan for the economy. In this article, I describe the rise, sources of inspiration, fundamentals, aim and methodology of Calvinist economics. Although the perspective of this article is historical, this episode from the history of economic thought may inform us about the relationship between Christianity and the science of economics as well as that between economics and the economic crisis. (shrink)

Starting from a distinction made by the American philosopher, John Rawls, in 2000 between two kinds of liberalism, "liberalism of freedom" and "liberalism of happiness," this book presents a range of articles by economists and philosophers ...

The late scholastics, from the fourteenth to the seventeenth centuries, contributed to many fields of knowledge other than philosophy. They developed a method of conceptual analysis that was very productive in those disciplines in which theory is relatively more important than empirical results. That includes mathematics, where the scholastics developed the analysis of continuous motion, which fed into the calculus, and the theory of risk and probability. The method came to the fore especially in the social sciences. In legal theory (...) they developed, for example, the ethical analyses of the conditions of validity of contracts, and natural rights theory. In political theory, they introduced constitutionalism and the thought experiment of a “state of nature”. Their contributions to economics included concepts still regarded as basic, such as demand, capital, labour, and scarcity. Faculty psychology and semiotics are other areas of significance. In such disciplines, later developments rely crucially on scholastic concepts and vocabulary. (shrink)

This book intends to renovate the view of social sciences in the German-speaking world. It explores the intellectual tension in the social science in Austria and Germany in the late-nineteenth and early-twentieth centuries. It deals with how the emergence of the new school changed the focus of social science in the German speaking world, and how it prepared the introduction of an evolutionary perspective in economics, politics, and sociology. Based on primary evidence, this development is lively described in a series (...) of encounters and decisions by each social scientists. (shrink)

Classical economics was oriented towards the advancement of the common interest as defined by the political institutions of the state, whereas neoclassicism is defined in a social and political vacuum. Furthermore, the former related realistically to an excess supply of labour, while the latter assumes full employment. These differences have significant implications for income distribution, accumulation, growth and development. Classical economists advocated free trade to increase domestic productivity and employment at stable or growing real wages. Contemporary globalization recreates the classical (...) surplus labour economy to reduce domestic wage levels through moving domestic production from high to low wage areas around the globe. Free trade becomes necessary so that the goods produced abroad can be imported into capital exporting countries. However, without a corresponding growth of exportables, the trade balance must be adversely affected. Furthermore, adverse changes in income distribution diminish domestic demand for goods. The policy of globalization must become self-defeating. (shrink)

Summary This article examines the life and thought of Thomas Balogh and Nicholas Kaldor, two Hungarian-born British economists, to suggest how the personal background and émigré status of these economists changed their view of the British economy and the economic policy recommendations they put forward as high-profile government advisers in the post-1945 period. This article combines research on inter-war intellectual migration and the history of British economics and economic policy making after the Second World War. It shows (...) how the large scale migration of Central European intellectuals to the English-speaking countries affected the academic, intellectual and cultural lives of the host countries; it also suggests how economics, a relatively young social science discipline, has been crucially enriched by the contributions of exiles from old Europe, and how the mainstream paradigm of modern economics, the so-called neoclassical synthesis, was the result of the cross-fertilisation of ideas facilitated by the physical movement of academics and thinkers. (shrink)