Search results for "Classical Economics"
showing 10 items of 54 documents
Intellectual Capital and Company Value
2014
AbstractThe bulk of traditional corporate valuation methods reflect historical performance, while it is necessary to also take into consideration the value which is off-balance-sheet and possible growth. Large differences exist between company market and book value, and a part of this can be explained by intellectual capital. The aim of the study is to make an empirical investigation of the impact of intellectual capital on company value. Empirical results show that one can find mixed results regarding relationship between value added intellectual coefficient VAICTM and company value.
The Other J.M.: John Maurice Clark and the Keynesian Revolution
2009
This paper suggests that Clark's views regarding the Keynesian Revolution illuminate some of the limitations of the Keynesian orthodoxy that developed after the war, bringing more institutional detail and a greater preoccupation with dynamic analysis. Clark developed the multiplier in dynamic terms and coupled it with the accelerator to provide the framework for business cycle theory. His analysis was not formalized and emphasized time lags and non-linearities, similar to Harrod. In addition, Clark was concerned with the inflationary consequences of Keynesian policies and he was dissatisfied with those mechanical interpretations of the income flow analysis, which came to be known as hydraul…
“Piero Sraffa’s Lectures on the Advanced Theory of Value 1928 - 1931 and the rediscovery of the classical approach”
2005
Sraffa's Lectures on the Advanced Theory of Value 1928–1931 and his two preparatory Notes of summer and November 1927 provide a wealth of material, up to now unpublished, for a reconstruction of the early stage of his inquiry into the cognate fields of pure economic theory and its history. The three manuscripts show that in the late 1920s Sraffa rejected the Marshallian constant-cost interpretation of classical economics, an interpretation to which he had adhered in his 1925 and 1926 papers. Moreover, in the Lectures, Sraffa presents for the first time his own interpretation of classical economics based on the concepts of surplus, physical real costs and asymmetric treatment of distributive…
On the limits to the long-period method in classical economics. A note
2001
On a first reading of Theory of Production, Kurz & Salvadori (1995) appear to confine the empirical domain of the long-period models of the classical theory of value and distribution to stationary economies with non-constant returns to scale and to growing economies with constant returns to scale. Such a reading is shown to be untenable since it merges the two levels of exploring the extension of a model and of testing a theoretical hypothesis. Conversely, the way Kurz & Salvadori tackle the problems of price dynamics and returns to scale in growing economies is shown to be compatible with what appears to be Sraffa's (implicit) strategy of research.
Consumption patterns, development and growth: Adam Smith, David Ricardo and Thomas Robert Malthus
2003
In this paper we combine the classical analysis of luxury consumption with the classical theories of development and growth. We also focus on the role played, within classical economics, by institutional factors such as the structure of property rights and contractual arrangements in determining consumption patterns and investment in agriculture. In particular, we show that Ricardo's and Malthus' different views on the role of consumption expenditure in promoting growth depend on Ricardo's acceptance (Malthus' refusal) of Say's law of markets and on Ricardo's exclusion (Malthus' inclusion) of a non-commodity option such as leisure from (in) the range of available consumption alternatives.
Positional goods and social welfare: a note on George Pendleton Watkins’ neglected contribution
2018
Watkins's analysis of adventitious utility contains many aspects that are connected to the contemporary debate on positional goods. First, Watkins adventitious utility emerges from a process of social exclusion and can create negative externalities, in the sense that positive consumption of one individual implies negative consumption by another individual. Not only it creates negative externalities on other individuals, but it can initiate a race-to-the-bottom, where individuals waste an increasing amount of money on goods which do not possess any real utility.
Defense versus Opulence? An Appraisal of the Malthus-Ricardo 1815 Controversy on the Corn Laws
2015
This article proposes a rational reconstruction of the arguments of Malthus and Ricardo in their 1815 essays, Grounds of an Opinion and An Essay on Profits, whereby a policy of free corn trade was repudiated and endorsed, respectively. Malthus envisaged defense and (trade-induced) opulence as two mutually alternative options and, if required to make a choice, he had no hesitation in choosing the former. By contrast, Ricardo excluded any such trade-off, arguing that even in the case of war or poor domestic harvest, foreign agricultural countries would be seriously damaged if they opted for restrictions on their corn exports to Great Britain.
Global capitalism guided by desire- Solvang, CA, as a “real” place
2021
Abstract How to deal with the transformation of place in the face of global capitalism is marked by many active debates. This paper dives into the transformation of the city of Solvang in California, from an agricultural village to a tourist destination. One way to analyse the process is to treat it as commodification, where values produced in places are being turned into exchangeable commodities. What results from such critical studies of capitalism too often result in apathy rather than positive action, it tends to deal less with ‘the real world’ than thought experiments about possible worlds. Another approach connects to the relational turn and the application of assemblage theory in stu…
Women’s Approach to Economics and Firms
2011
Women and works by female economists appeared in the economic literature of the Classical and Neoclassical periods. While a portion of such literature popularized the approaches of male economists, others part criticized some established views, especially those dealing with wages, education, and the position of women in the family. The objective of this article is to analyze the main economic approaches held by women, starting with an analysis of the situation of women in the eighteenth and nineteenth centuries. The differences between women’s thoughts on economics and the classical and neoclassical economic approaches are considered, as well as women’s thoughts on productivity and firm’s a…
Adam Smith on Monopoly Theory. Making good a lacuna
2014
This article analyses Adam Smith's views on monopoly by focusing on Book IV and V of The Wealth of Nations. It argues that the majority of scholars have assessed Smith's analysis of monopoly starting from premises different from those, actually though implicitly, used by Smith. We show that Smith makes use of the word 'monopoly' to refer to a heterogeneous collection of market outcomes, besides that of a single seller market, and that Smith's account of monopolists' behaviour is richer than that provided by later theorists. We also show that Smith was aware of the growth-retarding effect of monopoly and urged State regulation. © 2014 Scottish Economic Society.