Vincent Barnett and his book gets us familiar withthe historical development of Russian and Soviet economic thought in the nineteenth and twentieth century and considers the future of the Russian economy in the twenty-first century. With a variety of historical materials and sources of the book examines various aspects of the ideas that have in the classical, neoclassical, historical school socialist, liberal and Marxist. Vincent Barnett traces the impact of different schools of thought and influenced their ideas on politics. This book contains a detailed schedule of the major works of Russian economists and published historical analysis of the effects of discontinuity, the institutional structure of the Russian economy as a discipline. This book is indispensable for anyone of economic development and history of Russian economic thought interested.
This, the first comprehensive account of the subject, draws on an extensive range of historical sources to analyze the development of Russian and Soviet economic thought in the nineteenth and twentieth centuries and ahead into the future.
Stalin concluded:
Let us hope, comrades, that by forming our Union Republic we shall create a reliable bulwark against international capitalism, and that the new Union State will be another decisive step towards the union of the working people of the whole world into a World Soviet Socialist Republic. (Prolonged applause. The "Internationale" is sung.)
środa
ON THE HISTORY OF ECONOMIC THOUGHT - ADAM SMITH
From British and American Economic Essays by A.W.Bob Coats
Adam Smith, 1723—1790, a Scottish philosopher and economist, is the intellectual godfather of capitalism and of much of contemporary economic thought.
Smith laid the intellectual framework that explained the free market and still holds true today. He is most often recognized for the expression “the invisible hand,” which he used to demonstrate how self-interest guides the most efficient use of resources in a nation's economy, with public welfare coming as a by-product. To underscore his laissez-faire convictions, Smith argued that state and personal efforts, to promote social good are ineffectual compared to unbridled market forces.
Currents of Adam Smith run through the works published by David Ricardo and Karl Marx in the nineteenth century, and by John Maynard Keynes and Milton Friedman in the twentieth.
Adam Smith is an author of Theory of Moral Sentiments. This work was about those standards of ethical conduct that hold society together and An Inquiry into the Nature and Causes of the Wealth of Nations, which examined in detail the consequences of economic freedom. And his important study The Making of the English Working Class
Smith believed that economic development was best fostered in an environment of free competition that operated in accordance with universal “natural laws.” Because Smith’s was the most systematic and comprehensive study of economics up until that time, his economic thinking became the basis for classical economics.
From last posts we can lesr something about Keynes and other big names. Here we find some information about father of economy Adam Smith, but on he end I would like to mention one more name - Josef Schumpeter.
Schumpeter views were most influential among various heterodox economists, especially European, who were interested in industrial organization, evolutionary theory, and economic development, and who tended to be on the other end of the political spectrum from Schumpeter and were also often influenced by Keynes, Karl Marx,
Adam Smith, 1723—1790, a Scottish philosopher and economist, is the intellectual godfather of capitalism and of much of contemporary economic thought.
Smith laid the intellectual framework that explained the free market and still holds true today. He is most often recognized for the expression “the invisible hand,” which he used to demonstrate how self-interest guides the most efficient use of resources in a nation's economy, with public welfare coming as a by-product. To underscore his laissez-faire convictions, Smith argued that state and personal efforts, to promote social good are ineffectual compared to unbridled market forces.
Currents of Adam Smith run through the works published by David Ricardo and Karl Marx in the nineteenth century, and by John Maynard Keynes and Milton Friedman in the twentieth.
Adam Smith is an author of Theory of Moral Sentiments. This work was about those standards of ethical conduct that hold society together and An Inquiry into the Nature and Causes of the Wealth of Nations, which examined in detail the consequences of economic freedom. And his important study The Making of the English Working Class
Smith believed that economic development was best fostered in an environment of free competition that operated in accordance with universal “natural laws.” Because Smith’s was the most systematic and comprehensive study of economics up until that time, his economic thinking became the basis for classical economics.
From last posts we can lesr something about Keynes and other big names. Here we find some information about father of economy Adam Smith, but on he end I would like to mention one more name - Josef Schumpeter.
Schumpeter views were most influential among various heterodox economists, especially European, who were interested in industrial organization, evolutionary theory, and economic development, and who tended to be on the other end of the political spectrum from Schumpeter and were also often influenced by Keynes, Karl Marx,
Economic thouht since Keynes PART2
Part II features a detailed biographical dictionary of 150 economists, including their major published works, an analysis of their contribution to economic thought and a guide to the secondary literature. I have chosen some big names...
Arthur Melvin Okun was nonetheless convinced that the state had an essential role to play. Very critical towards monetarism and the new classical macroeconomics, he considered, however, that orthodox Keynesianism had to be revised, in order to take account of price rigidities and the existence in the economy of long-term contracts both
on goods and labour markets, where Smith’s invisible hand was replaced by what he called the ‘invisible handshake’
Kalecki Michal There are similar features in the links between Keynes and Kalecki. It is not a matter this time of a school but of an individual, and an isolated one. Kalecki found his inspiration in Marx and Rosa Luxemburg, to elaborate the first of a series of models in which he integrated a theory of effective demand comparable to Keynes’s.
Milton Friedman and Motenarizm:
Fierdman Milton who was originally a Keynesian, a supporter of the New Deal but his 1950s reinterpretation of the Keynesian consumption function challenged the standard Keynesian model of that time. During the 1960s he promoted an alternative macroeconomic policy known as "monetarism"
Buchanan James McGill and his Public Choice Theory and of course Arthur Laffer and his Curve
Mandel and Marxism:
Ernest Mandel wanted to shake the dust off Marxism, Hence Mandel tried to understand the Soviet reality, of which he was most critical, in the light of Marx’s theory; he viewed the USSR and the East European countries as workers’ states suffering from bureaucratic degeneracy. He also proposed an interpretation of the evolution of Marx’s economic thought that breaks with the traditional vision (1967) underlining, for example, the importance of the concept of alienation.
On the end of book you can find name index and subject index which help a lot. Whole part II is a very good tool I mean is very easy to find some basic answers about some big names.
Using this index as a tool you can easly find what for example Keynes and his theory have had in common with other economists. I mean here we can say “enemis” of this doctrine or advocaters or just people who take their inspiration from this idea - ex. Stockholm school.
Todays economic conditions is similar to that which existed during the earlier part of the century had returned, making Keynesian policy prescriptions more relevant than ever.
What you think?
Economic thouht since Keynes PART1
Book has over 500 pages and right now I will focus on the fist part which have 149 pages. I can say that is not very well illustrated, you will find some diagrams mostly about unemployment borrowed from other books.
PART I OUTLINE OF A HISTORY OF ECONOMIC THOUGHT SINCE
Economic Thought Since Keynes outlines the evolution of economic thought since the publication of The General Theory, putting into perspective the trends, issues and developments in economics over the last half century. Part I contains an historical account of the schools, debates and issues.
The General Theory of Employment, Interest and Money was published in February 1936, the controversial book challenged the established classical economics and introduced important concepts such as the consumption function, the multiplier, the marginal efficiency of capital, the principle of effective demand and liquidity preference.
Keynesian Revolution took place in the years following the publication of Keynes's General Theory. It saw the neoclassical understanding of employment replaced with Keynes's view that demand, and not supply, is the driving factor determining levels of employment. The Keynesian Revolution was a fundamental reworking of economic theory concerning the factors determining employment levels in the overall economy. The revolution was set against the then orthodox economic framework: neoclassical economics.
In additional this first part puts the economic debates in the context of political economic policies. We can find some information about Keynesian interventionism in the 1940's and 1950's, the monetarist and supply side counter-revolutions of the 1960's and 1970's, the more sophisticated models of the new classical macroeconomics at roughly the same time, and the New Keynesian Macroeconomics of the 1980's. Each new contribution is therefore a response to recent developments that have influenced in some measure the "pressure of events."
Simple classical models failed to explain the prolonged existence of high unemployment during the Great Depression. This provided the impetus for the development of macroeconomics.
From the end of the Great Depression to the mid-1970s, Keynes provided the main inspiration for economic policy makers in Europe, America and much of the rest of the world. Keynes believed governments could intervene in the economy and affect the level of output and employment.. During periods of low private demand, the government can stimulate aggregate demand to lift the economy out of recession. The use of Keynesian policy to fine-tune the economy in the 1960s, led to disillusionment in the 1970s and early 1980s.
PART I OUTLINE OF A HISTORY OF ECONOMIC THOUGHT SINCE
Economic Thought Since Keynes outlines the evolution of economic thought since the publication of The General Theory, putting into perspective the trends, issues and developments in economics over the last half century. Part I contains an historical account of the schools, debates and issues.
The General Theory of Employment, Interest and Money was published in February 1936, the controversial book challenged the established classical economics and introduced important concepts such as the consumption function, the multiplier, the marginal efficiency of capital, the principle of effective demand and liquidity preference.
Keynesian Revolution took place in the years following the publication of Keynes's General Theory. It saw the neoclassical understanding of employment replaced with Keynes's view that demand, and not supply, is the driving factor determining levels of employment. The Keynesian Revolution was a fundamental reworking of economic theory concerning the factors determining employment levels in the overall economy. The revolution was set against the then orthodox economic framework: neoclassical economics.
In additional this first part puts the economic debates in the context of political economic policies. We can find some information about Keynesian interventionism in the 1940's and 1950's, the monetarist and supply side counter-revolutions of the 1960's and 1970's, the more sophisticated models of the new classical macroeconomics at roughly the same time, and the New Keynesian Macroeconomics of the 1980's. Each new contribution is therefore a response to recent developments that have influenced in some measure the "pressure of events."
Simple classical models failed to explain the prolonged existence of high unemployment during the Great Depression. This provided the impetus for the development of macroeconomics.
From the end of the Great Depression to the mid-1970s, Keynes provided the main inspiration for economic policy makers in Europe, America and much of the rest of the world. Keynes believed governments could intervene in the economy and affect the level of output and employment.. During periods of low private demand, the government can stimulate aggregate demand to lift the economy out of recession. The use of Keynesian policy to fine-tune the economy in the 1960s, led to disillusionment in the 1970s and early 1980s.
niedziela
ECONOMIC THOUGHT SINCE KEYNES by M. Beaud&G. Dostaler
I am really enthusiastic about the XX century history thats why one the books which I have chosen and has caught my attention is The Economic Thought Since Keynes by M. Beaud&G. Dostaler.
This book was originally published in French as La pensée économique depuis Keynes: Historique et dictionnaire des principaux auteurs by Seuil in Paris 1993 - English version was published in 1995 by Edward Elgar Publishing Limited in London.
Before I begin I would like to go back to seventeenth and eighteenth century, where history shows us problems, also of economic nature, which accompanied the local economies, where, together with the development of financial markets and labor, the importance of speculative factors, and glottalization has increased. These factors have improved the whole progress of liberalization which have reached some kind of peak in the nineteenth century and the “invisible hand of the market” introduced by Adam Smith has led to regular crises of overproduction. Countries, while trying to neutralize the business cycles, progressively limited market regulations in aid of state intervention. All these factors contributed to the formation and some genius thoughts - here for example by John Maynard Keynes. His General Theory of Employment, Interest and Money have given kind of background for new doctrine as a response to the Great Depression in 1929 called interventionism.
Those famous names in economic world have been appearing in specific time - in time of recession or crisis. Milton Friedman? Robert Mundell? Neo‑liberal ideas an answer for ineffective Keynesian mechanism of which were adopted in many developed countries after the collapse of the Bretton Woods system and the oil crises. We also know this as monetarist theory and from practical point of view as thatcherism and reaganomics. Also is good to mention about big name such us Karol Marx, which scientific bases were used in the communist country - Soviet Union as alternative solution for sympathizers of Keynes or Friedman theories.
This lead me to some reflections about latest crisis which sheds new light and new questions about the form of state protectionism. Subprime crisis came from the United States and it's global nature and effects may became a stimulus for the birth of a new economic order of the XXI century. Probably 2007-2009 world crisis will lead to the building of new solutions for neo-interventionism state and socio-economic freedom, and it will require the united cooperation of all participants in the global economy in order to avoid such recession in the future. One question comes up.... do we already can match any big names to current recession?
To explain what happened in 2007 I would like to introduce a fantastic movie produced by Jonathana Jarvisa - "Crisis of Credit Visualized”
http://www.crisisofcredit.com enjoy!
M.
This book was originally published in French as La pensée économique depuis Keynes: Historique et dictionnaire des principaux auteurs by Seuil in Paris 1993 - English version was published in 1995 by Edward Elgar Publishing Limited in London.
Before I begin I would like to go back to seventeenth and eighteenth century, where history shows us problems, also of economic nature, which accompanied the local economies, where, together with the development of financial markets and labor, the importance of speculative factors, and glottalization has increased. These factors have improved the whole progress of liberalization which have reached some kind of peak in the nineteenth century and the “invisible hand of the market” introduced by Adam Smith has led to regular crises of overproduction. Countries, while trying to neutralize the business cycles, progressively limited market regulations in aid of state intervention. All these factors contributed to the formation and some genius thoughts - here for example by John Maynard Keynes. His General Theory of Employment, Interest and Money have given kind of background for new doctrine as a response to the Great Depression in 1929 called interventionism.
Those famous names in economic world have been appearing in specific time - in time of recession or crisis. Milton Friedman? Robert Mundell? Neo‑liberal ideas an answer for ineffective Keynesian mechanism of which were adopted in many developed countries after the collapse of the Bretton Woods system and the oil crises. We also know this as monetarist theory and from practical point of view as thatcherism and reaganomics. Also is good to mention about big name such us Karol Marx, which scientific bases were used in the communist country - Soviet Union as alternative solution for sympathizers of Keynes or Friedman theories.
This lead me to some reflections about latest crisis which sheds new light and new questions about the form of state protectionism. Subprime crisis came from the United States and it's global nature and effects may became a stimulus for the birth of a new economic order of the XXI century. Probably 2007-2009 world crisis will lead to the building of new solutions for neo-interventionism state and socio-economic freedom, and it will require the united cooperation of all participants in the global economy in order to avoid such recession in the future. One question comes up.... do we already can match any big names to current recession?
To explain what happened in 2007 I would like to introduce a fantastic movie produced by Jonathana Jarvisa - "Crisis of Credit Visualized”
http://www.crisisofcredit.com enjoy!
M.
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