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Richard Cantillon and David Hume both propose the theory of monetary nonneutrality, whereby the money supply changes … economy step by step and changes relative prices. While a number of authors note that Hume and Cantillon both present the same … main constituent parts of the theory in the contributions of both Cantillon and Hume. …
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Inclusivity is perhaps the single most important human need to facilitate and demonstrate fairness for all members in an open and free society. When this principle need is compromised by appearances of unscrupulous self-interested privileged elites to perpetuate a systemic widening disparity...
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I review the contributions to Scholastic economic philosophy made by Duns Scotus in the Opus Oxoniense, showing that Duns Scotus makes considerable advances in the understanding of exchange, the legitimization of trade, and the development of the Church's traditional teaching on usury. I then...
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A system of thought allowed for the free market price of land to cyclically go down to zero. This is the economics of Moses. The economics of Jesus is a restatement of the economics of Moses. The first was applied during Biblical times and the latter, united with Aristotle’s thought and...
Persistent link: https://www.econbiz.de/10014202651
In this essay, I use a general argument about the evidential role of data in ongoing inquiry to show that it is fruitful for economic historians and historians of economics to collaborate more frequently. The shared aim of this collaboration should be to learn from past economic experience in...
Persistent link: https://www.econbiz.de/10014217541
Aristotle was among the first thinkers to appreciate the difference between the use value and exchange value of the object of an economic exchange. He drew not simply economic but, more profoundly, ethical conclusions from this distinction. In this he was followed by Aquinas who distinguished...
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Recently, economics, both as a science and as a profession, has fallen under scrutiny by authors from various fields. A common theme in the critical literature is the idea that economics has morally lost its way and must be reformed. Each of the books discussed in this review studies perceived...
Persistent link: https://www.econbiz.de/10014142331
This paper examines the marginal utility as a theory of value in comparison with the theories which preceded it. It compares in detail the utility theory with the predominant theory of value of classical economics, a cost theory which saw labor as the ultimate source of value. By introducing a...
Persistent link: https://www.econbiz.de/10012951391