Richard Cantillon and David Hume both propose the theory of monetary non-neutrality, whereby the money supply changes through the money balances of specific individuals. Such an uneven distribution of monetary change then spreads throughout the economy step by step and changes relative prices....

In the aftermath of World War I, a financial war was fought on the battlegrounds of international organizations and financial diplomacy. While the League of Nations' Economic and Financial Organization tried to ensure the reconstruction of Europe through guaranteed loans and financial reforms,...

As economic planners sought to rebuild Europe in the unstable postwar period, economic expertise was called upon to help in the drawing of national budgets and to inform economic and planning policies. A tool that circulated from academia to economic administrations was the input-output...

Wassily Leontief met with decades of success for the development of input-output analysis, and yet he remained a staunch critic of the economics profession throughout his life. To understand his success, its limits, and the origins of his discontent, I separate the scientific activities of...

In the 1950s, Jacques Rueff's references to social order seem pretty clear: it is not a spontaneous phenomena. Although Rueff is generally seen as a liberal economist, this has prompted commentators to see in his approach something more artificial than Hayek's own ideas on social order. Hayek...

This paper documents an early fork in the development of macroeconomics, by examining a debate between the Dutch economists Jan Tinbergen and Johan Koopmans. In a 1932 paper, Tinbergen argued that two firms could be stuck in a 'bad' equilibrium in the absence of a coordinated action to increase...

Little is known about the relationship between Carl Menger, founder of the Austrian School of Economics and one of the three fathers of marginal utility theory, and Karl Menger, whose Vienna Mathematical Colloquium was crucial to the development of mathematical economics. The present paper...

We begin with an economic model of science according to which signals concerning scientific reputation both serve to coordinate the plans of individuals in the scientific domain and ensure that the knowledge that emerges from interactions between scientists and the environment is reliable...

This paper addresses the intellectual relationship between Max Weber and three key proponents of neoliberalism: F.A. Hayek, Walter Eucken and Wilhelm Röpke. This relationship is contextualized in the history of German-language political economy, focusing on the nexus and proximity between early...

Samuelson kept optimization-based problems separated from macroeconomic dynamics in his Foundations, where dynamics were defined in terms of difference and differential equations. Despite some criticism of his "correspondence principle" of stability analysis by D.F. Gordon, D. Patinkin and...