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Las transformaciones de las representaciones del mundo desde el tránsito de la edad medieval al capitalismo comercial.
Abstract
This article stresses the importance of medieval scholasticism in the creation of
modern economic science. The authors give special attention to the xiv and xv
centuries: a period during which the medieval conception of the world, based
on the Aristotelian- tradition, broke down. This is a period of consolidation of
the market and of the appearance of new modes of production and a form of
state. At this time philosophers posited questions that implied a revolution in
the way of thinking that will lead to the modern economic science. Studies on
trade and monetary phenomena will give birth to the first notions such as commodity,
money and capital, developed later on by the mercantilists. This article’s
contention is that economics is an historical science.
... Debe tenerse presente que la motivación para este escrito se origina en un proyecto de mayor alcance de este equipo de investigación, que se propuso escribir un conjunto de artículos que pudieran dar cuenta de la discusión de la necesidad del estudio de la historia del pensamiento económico para el desarrollo de la ciencia económica hoy. En el primero de estos artículos (Aldama, Benchimol, Harracá, Navarro & Piqué, 2012) nos propusimos revalorizar la importancia de la doctrina escolástica medieval en la formación de la ciencia económica moderna. Así, dedicamos particular atención al pensamiento económico de los siglos XIV y XV, y la ruptura que implicó respecto de la concepción del mundo medieval, dominada por la tradición aristotélico-tomista. En dicho artículo la investigación tuvo como principal foco el proceso por medio del cual el estudio del comercio y de los fenómenos monetarios del incipiente capitalismo comercial llevó a las primeras nociones modernas acerca de la mercancía, del dinero y del capital, que fueron luego desarrolladas por los mercantilistas. ...
... En la "Cuestión I" abordamos una primera transición, no dentro del marco de la Economía Política, sino aquella que dio origen al pensamiento moderno, en general, y en particular, la que marcó la génesis de la Ciencia Económica Moderna, la cual se corporizó en el nacimiento de su primera teoría general: la teoría general del intercambio mercantil (Aldama et al., 2012). En el trabajo actual nos centramos ya en el período histórico que presenta la tensión entre un pensamiento que se encuentra atravesado por expresiones de agotamiento de aquella teoría (por momentos muy vívidas en las sucesivas críticas al pensamiento mercantilista), y el nacimiento de una incipiente teoría general de la reproducción capitalista, que empieza a construirse sobre la base de las nociones de la teoría general anterior y sobre nuevas nociones que surgen de la vida empírica del incipiente capitalismo industrial. ...
En el presente trabajo nos proponemos estudiar la progresión del pensamiento económico de los siglos XVII y XVIII, a partir del análisis de obras originales emblemáticas del período como las de Thomas Mun, James Steuart y David Hume. Indagaremos cómo estos autores comienzan a revelar el carácter fragmentario y limitado de las concepciones elaboradas por las doctrinas mercantilistas sobre los procesos económicos ante la emergencia y el desarrollo del capitalismo industrial. Asimismo, examinaremos cómo, en ese marco, surgen los esfuerzos de estas doctrinas económicas del siglo XVIII por entender los procesos económicos en un contexto universal y no unilateralmente nacional, pugnando por afianzar la conformación de un cuerpo teórico unificado del sistema capitalista como un todo, dando paso a la Economía Política.
DOI: http://dx.doi.org/10.22518/16578953.822
Natural-rate models suggest that the systematic parts of monetary policy will not have important consequences for the business cycle. Nevertheless, we often observe high and variable rates of monetary growth, and a tendency for monetary authorities to pursue countercyclical policies. This behavior is shown to be consistent with a rational expectations equilibrium in a discretionary environment where the policymaker pursues a "reasonable" objective, but where precommitments on monetary growth are precluded. At each point in time, the policymaker optimizes subject to given inflationary expectations, which determine a Phillips Curve-type tradeoff between monetary growth/inflation and unemployment. Inflationary expectations are formed with the knowledge that policymakers will be in this situation. Accordingly, equilibrium excludes systematic deviations between actual and expected inflation, which means that the equilibrium unemployment rate ends up independent of "policy" in our model. However, the equilibrium rates of monetary growth/inflation depend on various parameters, including the slope of the Phillips Curve, the costs attached to unemployment versus inflation, and the level of the natural unemployment rate. The monetary authority determines an average inflation rate that is "excessive," and also tends to behave countercyclically. Outcomes are shown to improve if a costlessly operating rule is implemented in order to precomrnit future policy choices in the appropriate manner. The value of these precommitments -- that is, of long-term agreements between the government and the private sector -- underlies the argument for rules over discretion. Discretion is the sub-set of rules that provides no guarantees about the government's future behavior.
This chapter discusses money-wage dynamics and labor-market equilibrium. A generalized excess-demand theory of the rate of change of the average money-wage rate has been developed for frictional labor markets that allocate heterogeneous jobs and workers without having perfect information and market clearance by auction. There are two explanatory variables: the vacancy rate and the unemployment rate. The unemployment rate and the rate of change of employment are shown to be joint proxies for the vacancy rate. Hence, generalized excess demand can be regarded as a derived function of the unemployment rate and the rate of change of employment. This relationship is the augmented Phillips curve. Some of its properties are deduced. Equilibrium entails equality between the actual and expected rates of wage change. The steady-state equilibrium locus is implied to be a vertical line at a unique steady-state equilibrium unemployment rate. This is consistent with the usual theory of anticipated inflation. But if there are downward money-wage rigidities, then, up to a point, every one percentage point increase of the expected rate of wage change produces less than a one percentage point increase of the actual rate of wage change. The steady-state equilibrium locus will then have the characteristic negative slope of the Phillips curve in the range of large unemployment rates. But at sufficiently small unemployment rates, equilibrium is impossible and under the adaptive expectations theory, an explosive hyperinflation will result.
A Theoretical model consists of certain hypotheses concerning the causal inter-relationship between various magnitudes or forces and the sequence in which they react on each other. We all agree that the basic requirement of any model is that it should be capable of explaining the characteristic features of the economic process as we find them in reality. It is no good starting off a model with the kind of abstraction which initially excludes the influence of forces which are mainly responsible for the behaviour of the economic variables under investigation; and upon finding that the theory leads to results contrary to what we observe in reality, attributing this contrary movement to the compensating (or more than compensating) influence of residual factors that have been assumed away in the model. In dealing with capital accumulation and economic growth, we are only too apt to begin by assuming a ‘given state of knowledge’ (that is to say, absence of technical progress) and the absence of ‘uncertainty’, and content ourselves with saying that these two factors — technical progress and uncertainty — must have been responsible for the difference between theoretical expectation and the recorded facts of experience. The interpretative value of this kind of theory must of necessity be extremely small.
This paper argues monetary union stability requires a government banker that manages the bond market and it offers a specific proposal for stabilizing the euro that does not violate the “no country bail-out” clause. There is accumulating evidence that the euro’s current architecture is unstable. The source of instability is high interest rates on highly indebted countries which creates unsustainable debt burdens. Remedying this problem requires a central bank that acts as government banker and pushes down government bond interest rates to sustainable levels. That can be accomplished by creation of a European Public Finance Authority (EPFA) that issues public debt which the European Central Bank (ECB) is allowed to trade. The debate over the euro’s financial architecture also has significant political implications. That is because the current neoliberal inspired architecture, which imposes a complete separation between the central bank and public finances, puts governments under continuous financial pressures. Over time, that pressure makes it difficult to maintain the European social democratic welfare state. This gives a political reason for reforming the euro and creating an EPFA that supplements the economic case for reform.
The purpose of this paper is to present a “Keynesian” model of economic growth which is an amended version of previous attempts put forward by one of the authors in three former publications.1 This new theory differs from earlier theories mainly in the following respects:
(1)
it gives more explicit recognition to the fact that technical progress is infused into the economic system through the creation of new equipment, which depends on current (gross) investment expenditure. Hence the “technical progress function” has been re-defined so as to exhibit a relationship between the rate of change of gross (fixed) investment per operative and the rate of increase in labour productivity on newly installed equipment;
(2)
it takes explicit account of obsolescence, caused by the fact that the profitability of plant and equipment of any particular “ vintage ” must continually diminish in time owing to the competition of equipment of superior efficiency installed at subsequent dates; and it assumes that this continuing obsolescence is broadly foreseen by entrepreneurs who take it into account in framing their investment decision. The model also assumes that, irrespective of whether plant and equipment has a finite physical life-time or not, its operative life-time is determined by a complex of economic factors which govern the rate of obsolescence, and not by physical wear and tear;
(3)
in accordance with this, the behavioural assumptions concerning the investors’ attitudes to uncertainty in connection with investment decisions and which arc set out below, differ in important respects from those made in the earlier models;
(4)
account is also taken, in the present model, of the fact that some proportion of the existing stock of equipment disappears each year through physical causes—accidents, fire, explosions, etc.—and this gives rise to some “ radioactive ” physical depreciation in addition to obsolescence;
(5)
since, under continuous technical progress and obsolescence, there is no way of measuring the “ stock of capital ” (measurement in terms of the historical cost of the surviving capital equipment is irrelevant; in terms of historical cost less accrued “ obsolescence ” is question-begging, since the allowance for obsolescence, unlike the charge for physical wear and tear etc., depends on the share of profits, the rate of growth, etc., and cannot therefore be determined independently of all other relations), the model avoids the notion of a quantity of capital, and its corollary, the rate of capital accumulation, as variables of the system; it operates solely with the value of current gross investment (gross (fixed) capital expenditure per unit of time) and its rate of change in time. The macro-economic notions of income, income per head, etc., on the the other hand are retained.
В статье производится анализ агрегированной производственной функции, вводится аппарат, позволяющий различать движение вдоль такой функции от ее сдвигов. На основании сделанных в статье предположений делаются выводы о характере технического прогресса и технологических изменений. Существенное внимание уделяется вариантам применения концепции агрегированной производственной функции.
Even if there is an agreed-upon, fixed social objective function and policymakers know the timing and magnitude of the effects of their actions, discretionary policy, namely, the selection of that decision which is best, given the current situation and a correct evaluation of the end-of-period position, does not result in the social objective function being maximized. The reason for this apparent paradox is that economic planning is not a game against nature but, rather, a game against rational economic agents. We conclude that there is no way control theory can be made applicable to economic planning when expectations are rational.
This paper analyzes an alternative theoretical framework in qualifying concrete growth phenomenon in Latin American region, based on the Kaldorian idea of cumulative causation. The latter is developed through two substantial mechanisms: a causal link between demand constraint and production growth, due to exportation dynamics, and a process of interaction between growth of production and growth of productivity, known as the “Kaldor-Verdoorn” law. The kaldorian growth model has been empirically tested for 16 economies over the period 1961 to 2005, with the adoption of the panel data approach. This yields findings quite conclusive insofar as positive correlations and expected values of parameters are corroborating both mechanisms. Moreover, the Granger procedure suggests bidirectional causality between growth of productivity and expansion of output. These results seem to be robust enough to make us believe that the Kaldorian growth model is appropriate in characterizing Latin American growth while cumulative causation appears to play a significant role in the region.
Long-run economic growth in Brazil, Thirlwall�s model and terms of trade ? Explaining the Brazilian economic growth performance during the 20th is a challenging task to academics. As shown, Brazil had already experienced faster growth and recently it is far from such belle �poque. Most explanations are based on conventional frameworks. This paper assesses the Balance-of-Payments constraint model to Brazilian economic growth in the period 1900-2005, highlighting the importance of the terms of trade. The results show, first, that the terms of trade are significant in the estimation of import demand function and change the income elasticity, especially in the first period of the sample (1900-1970), and, second, when the simplest Thirlwall?s model is controlled by terms of trade, it seems that such variable is important through import growth, which cause changes in economic performance.
It has long been an article of faith amongst regional economists that increasing returns to scale are necessary to explain the punctiform location of economic activity and population. However, there is no consensus in the empirical literature over whether returns to scale are constant or increasing. A notable example of this lack of agreement is provided by the static-dynamic Verdoorn law paradox. While the dynamic Verdoorn law (specified using growth rates) yields estimates of substantial increasing returns to scale, the static Verdoorn law (specified using log-levels) indicates only the presence of constant returns to scale. In this paper, we explain the static-dynamic Verdoorn law paradox by showing that estimates of returns to scale obtained using the static law are subject to a spatial aggregation bias, which biases the estimates towards constant returns to scale. We illustrate our arguments by means of simulation exercises. The results obtained hold general lessons for applied economic analysis using spatial data. Copyright Blackwell Publishing, Inc. 2007
A model of endogenous growth is developed in which growth is driven by vertical innovations that involve creative destruction. Equilibrium is determined by a forward-looking difference equation, according to which the amount of research in any period depends negatively upon the amount expected next period. The paper analyzes positive and normative properties of stationary equilibria, and shows conditions for the existence of cyclical equilibria and no-growth traps. The growth rate may be more or less than optimal because a business-stealing effect counteracts the usual spillover and appropriability effects. In addition, innovations tend to be too small. Copyright 1992 by The Econometric Society.
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