Classical Economics and Modern Theory: Studies in Long-Period Analysis (Routledge Studies in the History of Economics, 63) PDF
Preview Classical Economics and Modern Theory: Studies in Long-Period Analysis (Routledge Studies in the History of Economics, 63)
Classical Economics and Modern Theory HeinzD.KurzandNeriSalvadoriaretwowell-knowneconomistsworkingin economictheoryandthehistoryofeconomicthought. Theirpreviouscollection ofessays,UnderstandingClassicalEconomics,sparkedintriguingdebateswithin economicsandthisnewvolumeshowsthedevelopmentoftheauthors’thinking sincethatbookappeared. Areascoveredbythebookinclude: • alternativeinterpretationsofclassicaleconomists; • newgrowththeory; • therelationshipbetweenSraffiantheoryandvonNeumann; • thecollaborationbetweenSraffaandhismathematicalfriends; • thetreatmentofcapitalinneoclassicallong-periodtheory; • theanalysisofexhaustibleresourcesina‘classical’framework. Theessaysreprintedinthebookcontainoriginalfindingsandnewvistasonold problemsandshowthereaderhowthedifferentpartshangtogether.Assuchthe bookwillbeofgreatinteresttoeveryscholarworkingwithinthefieldofeconomic theoryandthehistoryofeconomicthought. HeinzD.KurzisProfessorofEconomicsattheUniversityofGraz,Austria. NeriSalvadoriisProfessorofEconomicsattheUniversityofPisa,Italy. Routledgestudiesinthehistoryofeconomics 1 EconomicsasLiterature 11 EquilibriumandEconomicTheory WillieHenderson EditedbyGiovanniCaravale 2 SocialismandMarginalismin 12 AustrianEconomicsinDebate Economics1870–1930 EditedbyWillemKeizer,BertTieben EditedbyIanSteedman andRudyvanZijp 3 Hayek’sPoliticalEconomy 13 AncientEconomicThought Thesocio-economicsoforder EditedbyB.B.Price SteveFleetwood 14 ThePoliticalEconomyofSocial 4 OntheOriginsofClassical CreditandGuildSocialism Economics FrancesHutchinsonandBrianBurkitt DistributionandvaluefromWilliam PettytoAdamSmith 15 EconomicCareers TonyAspromourgos EconomicsandeconomistsinBritain 1930–1970 5 TheEconomicsofJoanRobinson KeithTribe EditedbyMariaCristinaMarcuzzo, LuigiPasinettiandAlesandro 16 Understanding‘Classical’ Roncaglia Economics Studiesinthelong-periodtheory 6 TheEvolutionistEconomicsof HeinzD.KurzandNeriSalvadori LéonWalras AlbertJolink 17 HistoryofEnvironmental EconomicThought 7 Keynesandthe‘Classics’ E.Kula Astudyinlanguage,epistemology andmistakenidentities 18 EconomicThoughtinCommunist MichelVerdon andPost-CommunistEurope 8 TheHistoryofGameTheory,Vol1 EditedbyHans-JürgenWagener Fromthebeginningsto1945 19 StudiesintheHistoryofFrench RobertW.DimandandMaryAnn PoliticalEconomy Dimand FromBodintoWalras 9 TheEconomicsofW.S.Jevons EditedbyGilbertFaccarello SandraPeart 20 TheEconomicsofJohnRae 10 Gandhi’sEconomicThought EditedbyO.F.Hamouda,C.Leeand AjitK.Dasgupta D.Mair 21 KeynesandtheNeoclassical 32 JohnRuskin’sPoliticalEconomy Synthesis WillieHenderson EinsteinianversusNewtonian 33 ContributionstotheHistoryof macroeconomics EconomicThought TeodoroDarioTogati EssaysinhonourofR.D.C.Black 22 HistoricalPerspectiveson EditedbyAntoinE.Murphyand Macroeconomics ReneePrendergast Sixtyyearsafterthe‘GeneralTheory’ 34 TowardsanUnknownMarx EditedbyPhilippeFontaineand Acommentaryonthemanuscripts AlbertJolink of1861–63 23 TheFoundingofInstitutional EnriqueDussel Economics 35 EconomicsandInterdisciplinary Theleisureclassandsovereignty Exchange EditedbyWarrenJ.Samuels EditedbyGuidoErreygers 24 EvolutionofAustrianEconomics 36 EconomicsastheArtofThought FromMengertoLachmann EssaysinmemoryofG.L.S.Shackle SandyeGloria EditedbyStephenF.Frowenand PeterEarl 25 Marx’sConceptofMoney:The GodofCommodities 37 TheDeclineofRicardian AnitraNelson Economics Politicsandeconomicsin 26 TheEconomicsofJamesSteuart post-Ricardiantheory EditedbyRamónTortajada SusanPashkoff 27 TheDevelopmentofEconomicsin 38 PieroSraffa Europesince1945 Hislife,thoughtandculturalheritage EditedbyA.W.BobCoats AlessandroRoncaglia 28 TheCanonintheHistoryof 39 EquilibriumandDisequilibriumin Economics EconomicTheory Criticalessays TheMarshall–Walrasdivide EditedbyMichalisPsalidopoulos EditedbyMicheldeVroey 29 MoneyandGrowth 40 TheGermanHistoricalSchool SelectedpapersofAllynAbbott Thehistoricalandethicalapproachto Young economics EditedbyPerryG.Mehrlingand EditedbyYuichiShionoya RogerJ.Sandilands 41 ReflectionsontheClassicalCanon 30 TheSocialEconomicsof inEconomics Jean-BaptisteSay EssaysinhonorofSamuelHollander Marketsandvirtue EditedbySandraPeartand EvelynL.Forget EvelynForget 31 TheFoundationsofLaissez-Faire 42 PieroSraffa’sPoliticalEconomy TheeconomicsofPierrede Acentenaryestimate Boisguilbert EditedbyTerenzioCozziandRoberto GilbertFaccarello Marchionatti 43 TheContributionofJoseph 53 EconomicThoughtandPolicyin SchumpetertoEconomics LessDevelopedEurope Economicdevelopmentand The19thcentury institutionalchange EditedbyMichalisPsalidopoulosand RichardArenaandCecileDangel Maria-EugeniaAlmediaMata 44 OntheDevelopmentofLong-run 54 FamilyFictionsandFamilyFacts Neo-ClassicalTheory HarrietMartineau,AdolpheQuetelet TomKompas andthepopulationquestionsin 45 F.A.HayekasaPoliticalEconomist England1798–1859 Economicanalysisandvalues BrianCooper EditedbyJackBirner,Pierre 55 Eighteenth-CenturyEconomics GarrousteandThierryAimar PeterGroenewegen 46 Pareto,EconomicsandSociety 56 TheRiseofPoliticalEconomyin Themechanicalanalogy theScottishEnlightenment MichaelMcLure EditedbyTatsuyaSakamotoand 47 TheCambridgeControversiesin HideoTanaka CapitalTheory 57 ClassicsandModernsinEconomics Astudyinthelogicoftheory VolumeI development Essaysonnineteenthandtwentieth JackBirner centuryeconomicthought 48 EconomicsBroadlyConsidered PeterGroenewegen EssaysinhonorofWarrenJ.Samuels EditedbyStevenG.Medema, 58 ClassicsandModernsinEconomics JeffBiddleandJohnB.Davis VolumeII Essaysonnineteenthandtwentieth 49 PhysiciansandPoliticalEconomy centuryeconomicthought Sixstudiesoftheworkof PeterGroenewegen doctor-economists EditedbyPeterGroenewegen 59 Marshall’sEvolutionaryEconomics TizianoRaffaelli 50 TheSpreadofPoliticalEconomy andtheProfessionalisationof 60 Money,TimeandRationalityin Economists MaxWeber EconomicsocietiesinEurope, Austrianconnections AmericaandJapaninthe StephenD.Parsons nineteenthcentury 61 ClassicalMacroeconomics MassimoAugelloandMarcoGuidi Somemodernvariationsand 51 HistoriansofEconomicsand distortions EconomicThought JamesC.W.Ahiakpor Theconstructionofdisciplinary memory 62 TheHistoricalSchoolofEconomics StevenG.MedemaandWarrenJ. inEnglandandJapan Samuels TamotsuNishizawa 52 CompetingEconomicTheories 63 ClassicalEconomicsandModern EssaysinmemoryofGiovanni Theory Caravale Studiesinlong-periodanalysis SergioNisticòandDomenicoTosato HeinzD.KurzandNeriSalvadori Classical Economics and Modern Theory Studies in long-period analysis Heinz D. Kurz and Neri Salvadori Firstpublished2003 byRoutledge 11NewFetterLane,LondonEC4P4EE SimultaneouslypublishedintheUSAandCanada byRoutledge 29West35thStreet,NewYork,NY10001 RoutledgeisanimprintoftheTaylor&FrancisGroup This edition published in the Taylor & Francis e-Library, 2005. “To purchase your own copy of this or any of Taylor & Francis or Routledge’s collection of thousands of eBooks please go to www.eBookstore.tandf.co.uk.” ©2003HeinzD.KurzandNeriSalvadori Allrightsreserved.Nopartofthisbookmaybereprintedor reproducedorutilizedinanyformorbyanyelectronic, mechanical,orothermeans,nowknownorhereafter invented,includingphotocopyingandrecording,orinany informationstorageorretrievalsystem,withoutpermissionin writingfromthepublishers. BritishLibraryCataloguinginPublicationData Acataloguerecordforthisbookisavailable fromtheBritishLibrary LibraryofCongressCataloginginPublicationData Kurz,Heinz-Deiter. Classicaleconomicsandmoderntheory:studiesinlong-period analysis/HeinzD.KurzandNeriSalvadori. p.cm.–(Routledgestudiesinthehistoryofeconomics;63) Includesbibliographicalreferencesandindex. 1.Neoclassicalschoolofeconomics. 2.Classicalschoolofeconomics. 3.Economicdevelopment. I.Salvadori,Neri. II.Title. III.Series. HB98.2.K872003 330.15(cid:1)3–dc21 2002037167 ISBN 0-203-98786-1 Master e-book ISBN ISBN0–415–36952–5 Contents Acknowledgements ix 1 Classicaleconomicsandmoderntheory:anintroduction 1 HEINZD.KURZANDNERISALVADORI PARTI Classicaltheoryanditsinterpretations 7 2 Understanding‘classical’economics:areplytoMarkBlaug 9 HEINZD.KURZANDNERISALVADORI 3 ‘Classical’rootsofinput–outputanalysis:ashortaccountof itslongprehistory 38 HEINZD.KURZANDNERISALVADORI 4 FriedrichBenediktWilhelmHermannoncapitalandprofits 68 HEINZD.KURZ 5 Burgstalleronclassicalandneoclassicaltheory 100 GIUSEPPEFRENIANDNERISALVADORI PARTII Growththeoryandtheclassicaltradition 105 6 Theoriesof‘endogenous’growthinhistoricalperspective 107 HEINZD.KURZANDNERISALVADORI 7 Whatcouldthe‘new’growththeoryteachSmithorRicardo? 137 HEINZD.KURZ Appendix:comment 160 KENNETHJ.ARROW viii Contents 8 Alinearmultisectormodelof‘endogenous’growthand theproblemofcapital 163 NERISALVADORI 9 Alinearmultisectormodelof‘endogenous’growth: apost-script 177 GIUSEPPEFRENIANDNERISALVADORI PARTIII OnSraffa’scontribution 185 10 Sraffaandthemathematicians:FrankRamseyand AlisterWatson 187 HEINZD.KURZANDNERISALVADORI 11 SraffaandvonNeumann 217 HEINZD.KURZANDNERISALVADORI 12 Productiontheory:anintroduction 238 HEINZD.KURZANDNERISALVADORI PARTIV Exhaustibleresourcesandthelong-periodmethod 257 13 Classicaleconomicsandtheproblemofexhaustibleresources 259 HEINZD.KURZANDNERISALVADORI 14 Economicdynamicsinasimplemodelwithexhaustible resourcesandagivenrealwagerate 272 HEINZD.KURZANDNERISALVADORI PARTV Criticismofneoclassicaltheory 285 15 Reversecapitaldeepeningandthenuméraire:anote 287 HEINZD.KURZANDNERISALVADORI 16 Reswitching–simplifyingafamousexample 299 HEINZD.KURZANDNERISALVADORI 17 FranklinFisheronaggregation 310 MARCOLIPPIANDNERISALVADORI 18 Wicksellandtheproblemofthe‘missing’equation 314 HEINZD.KURZ Nameindex 335 Subjectindex 339 Acknowledgements We are grateful to the following publications for allowing us to reproduce articleswhichoriginallyappearedintheirpages:EconomicSystemsResearchfor ‘“Classical”RootsofInput–OutputAnalysis: AShortAccountofitsLongPre- history’;TheEuropeanJournaloftheHistoryofEconomicThoughtfor‘Friedrich BenediktWilhelmHermannonCapitalandProfits’;EconomicsandPhilosophyfor ‘BurgstalleronClassicalandNeoclassicalTheory’(bookreview);Contemporary EconomicIssues.ProceedingsoftheEleventhWorldCongressoftheInternational EconomicAssociation,Tunis.Volume4EconomicBehaviourandDesign,Murat R.Sertel(ed.), London: Macmillan, andNewYork: StMartin’sPress, 1999, for ‘Theoriesof“Endogeneous”GrowthinHistoricalPerspective’;EconomicIssues for ‘What Could the “New” Growth Theory Teach Smith or Ricardo?’; Metroe- conomica for ‘A Linear Multisector Model of “Endogenous” Growth and the Problem of Capital’; Piero Sraffa’s Political Economy. A Centenary Estimate, T.CozziandR.Marchionatti(eds),LondonandNewYork:Routledge,2000,for ‘Sraffa and the Mathematicians: Frank Ramsey and Alister Watson’; Review of Political Economy for ‘Sraffa and von Neumann’; Indian Economic Journal for ‘ProductionTheory:AnIntroduction’;Metroeconomicafor‘ClassicalEconomics and the Problem of Exhaustible Resources’; Structural Change and Economic Dynamics for ‘Reverse Capital Deepening and the Numeraire: A Note’; Eco- nomics,WelfarePolicyandtheHistoryofEconomicThought.EssaysinHonour ofArnoldHeertje,MartinM.G.Fase,WalterKanning,andDonalA.Walker(eds), Cheltenham(UK):EdwardElgar,1999,for‘Reswitching.SimplifyingaFamous Example’;JournalofEconomicBehaviorandOrganizationfor‘FranklinFisher on Aggregation’ (book review); History of Political Economy for ‘Wicksell and theProblemofthe“Missing”Equation’.Publicationdetailsanddatesofallthese articlesaregiveninthetext.
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