Search results for "Classical Economics"
showing 10 items of 54 documents
Bilateral Monopoly: A Contribution by Francesco Ferrara
2009
In this paper, we propose an interpretation of the application of "cost of reproduction" of Francesco Ferrara to the exchange between two agents to highlight its relevance for the theory of bilateral monopoly. In the Teoria delle Mercedi (1863), Ferrara gives a numerical example to explain price determination in the exchange between one buyer and one seller. Here, this example is translated into a mathematical model that reproduces the fundamental issues of the neoclassical debate on the indeterminacy of price in the Cournot model (1938), and anticipates the solutions proposed by Edgeworth (1881) at the end of this debate.
Rubbish theory: the creation and destruction of value
2018
Already in my family’s possession for two generations, I am driving a – meanwhile quite old – VW Polo Mk II. When the car was manufactured in the early 1980s it was a special model, built for job s...
How Intellectual Capital is Made?
2021
Abstract Worldwide organizations are compelled by global competition to achieve notable, inimitable results. In order to achieve this organizations must differentiate themselves from their competitors by using intangible resources that can get the long-term competitive advantage. This can be accomplished by identifying and managing the important elements of performance more effectively and efficiently. Consequently, organizations have to be aware and understand the connection between valuing intellectual capital and their performance. This article enhances the relationship between intellectual capital indicators and the measures to be taken in order to become strong innovators at european l…
Circuit Theory and the Employment Issue.
2005
The circuit is a time-honoured concept in economics. It can be traced back to the Physiocrats of eighteenth-century France, who viewed production as a circular process initiated by advances, that is, capital expenditures which are recouped when goods are produced and then sold. Ever since then, however, this conception, without being explicitly discarded, has been left on the sidelines. For instance, Schumpeter, Keynes, Kalecki and J. Robinson, to mention twentieth-century economists only, undoubtedly made allowance for the circuit but did not give it prominence.1 In fact, the idea of making use of this conception as a research tool remained largely dormant until the late 1960s in France an…
Academic capitalism and the informational fraction of the transnational capitalist class
2013
This article is based on the idea that if we are witnessing an on-going shift towards the transnational phase of capitalism, this objective structural change should also be taken into account in higher education studies. In this sense, this article reflects the increased scholarly attention into the relationship between globalisation and higher education since the 1990s. The main purpose of this article is to contribute to these discussions by developing dialogue between global capitalism theories and the theory of academic capitalism. In order to achieve this, William Robinson's concept of the transnational capitalist class (TCC) will be amended to include also the informational fraction. …
An Institutionalist's Journey into the Years of High Theory: John Maurice Clark on the Accelerator-Multiplier Interaction
2007
A few years ago, an article by Arnold Heertje and Peter Heemeijer (2002) triggered an articulate and stimulating debate among scholars on the intellectual origins of Paul Samuelson's multiplier-accelerator model (1939a, 1939b). The discussion, which involved the participation of Samuelson himself, centered on whether, and to what extent, Samuelson's 1939 seminal contributions were inspired by Roy Harrod'sThe Trade Cycle(1936). Heertje and Heemeijer argue that “there is little factual support for Samuelson's suggestion ascribing the model mainly to Alvin Hansen, his mentor in the days of the creation of the model” (Heertje and Heemeijer 2002, p. 207). Instead, they provide convincing evidenc…
Rational vs historical reconstructions. A note on Blaug
2003
The paper focuses on Blaug's distinction between rational and historical reconstruction within the historiography of economics. Blaug's distinction is shown to be sterile and misleading and his definitions of no avail to clear thinking. Historical reconstruction (as defined by Blaug) is en empty box for reasons which are basically theoretical and not simply practical (as Blaug seems to hold). Moreover, Blaug's primary polemical target is Whig historiography and not rational reconstruction: the two concepts coincide only by means of an ad hoc definition. Blaug's criticism does not apply to other uses of the concept of rational reconstruction such as that proposed by Lakatos.
Universidad Social Capital and the Competitiveness of Entrepreneurs: A Review of the Literature and Proposals
2008
The essential question asked in this study is "How can social capital become a competitive tool for entrepreneurs". The answer lies in showing how their own networks can provide the value and competitiveness that entrepreneurs need for their business projects.
Reconciling the Evidence on the Knowledge-capital Model
2005
The Knowledge Capital Model (KC-model), described in Markusen (2002), encompasses both market size (horizontal) as well as factor endowment (vertical) explanations to why multinational production occurs. Although the KC-model seems intuitively appealing, the empirical support has, so far, been weak and even confused. In this study, we find strong, robust and consistent support for the KC-model. In contrast to previous studies, our skill measures follow directly from the model. We also use an enlarged dataset, where the data coverage is significantly improved. Our results also give estimated surfaces remarkably similar to theoretical simulations of the KC-model. In addition, the results give…
Un’analisi giuridica dell’economia: John R Commons e i Legal Foundations of Capitalism
2015
Legal Foundations of Capitalism by John Roger Commons (1924) challenges both orthodox theories of economics and mainstream legal doctrines, at a time when the social sciences were oriented towards new epistemological approaches. This essay shows how Common’s work overruled the assumptions of that movement which in the 20th century became known as Law and Economics. It is not an attempt to extend economic analysis to the study of law. Instead, it is aimed at the application of legal concepts, terms and definitions to economics, and at making economic phenomena coincide with juridicial ones. The end result is the challenge of both neoclassical economics and of traditional legal theories.