dunnettreader + prices   44

Paolo Malanima - When did England overtake Italy? Medieval and early modern divergence in prices and wages - European Review of Economic History
When did England overtake Italy? Medieval and early modern divergence in prices and wages PAOLO MALANIMA Institute of Studies on Mediterranean Societies (National Research Council), ISSM-CNR, malanima@issm.cnr.it According to Allen, between 1500 and 1750, a “great divergence” among countries in the level of wages occurred in Europe. Italian real wages were already among the lowest in the late medieval and early modern age. Their relative level diminished even more from the seventeenth century. An analysis of prices and wages in Italy and England does not support this view. Actually, until the beginning of the eighteenth century, Italian real wages were either higher than in England (fourteenth and fifteenth centuries) or more or less equal (sixteenth and seventeenth). It was not until the eighteenth century that England began to overtake Italy. However, the disparity in wages before 1800 was modest. It increased fast from then onwards. Downloaded via iPhone to DBOX
labor_history  Italy  15thC  medieval_history  labor_force_structure  competiveness-labor  wages  economic_history  British_history  14thC  economic_growth  downloaded  Renaissance  16thC  Labor_markets  17thC  article  prices  18thC  England 
september 2016 by dunnettreader
Paolo Malanima - Serfdom in Eastern Europe after the Revisions (2013), in S. Cavaciocchi (ed.), Serfdom and Slavery in the European Economy 11th-18th Centuries
Serfdom in Eastern Europe after the Revisions, in S. Cavaciocchi (ed.), Serfdom and Slavery in the European Economy 11th- 18th Centuries, Firenze, Firenze University Press, 2014, II, pp. 677-88. - Multi-day conference - pdf of the paper contains schedule and Table of Contents - Downloaded via iPhone to DBOX
wages  social_order  legal_system  agriculture-surplus  downloaded  Eastern_Europe  labor  jurisdiction  elite_culture  prices  agriculture  nobility  Black_Death  agriculture-productivity  landowners  medieval_history  property_rights  peasants  Europe-Early_Modern  Western_Europe  conference  serfs  agriculture-markets  dispute_resolution  rural  economic_history  access_to_courts  feudalism  contract_law  Labor_markets  tenants  social_history  improvement  food  chapter  political_economy 
september 2016 by dunnettreader
Bordalo, Pedro, Nicola Gennaioli, and Andrei Shleifer - “Competition for Attention” (2016) Rev of Econ Studies
Bordalo, Pedro, Nicola Gennaioli, and Andrei Shleifer. 2016. “Competition for Attention.” Review of Economic Studies 83 (2): 481-513. -- Abstract
We present a model of market competition in which consumers' attention is drawn to the products' most salient attributes. Firms compete for consumer attention via their choices of quality and price. Strategic positioning of a product affects how all other products are perceived. With this attention externality, depending on the cost of producing quality some markets exhibit “commoditized” price salient equilibria, while others exhibit “de-commoditized” quality salient equilibria. When the costs of quality change, innovation can lead to radical shifts in markets, as in the case of decommoditization of the coffee market by Starbucks. In the context of financial innovation, the model generates the phenomenon of “reaching for yield”. -- downloaded via iPhone to DBOX
behavioral_economics  attention  paywall  consumerism  competition  cognition  article  cognitive_bias  downloaded  prices  rational_choice  commodities  cognitive_science  consumer_demand 
august 2016 by dunnettreader
Robert Waldmann - DeLong on Hayek, Smith, and Smith - May 2016
Brad answers a question raised by Noah with thoughts on Friedrich and Adam. I totally lost all self control in his comments section and waste even more pixels…
Instapaper  economic_theory  macroeconomics  markets  market_fundamentalism  Hayek  Friedman_Milton  Keynes  Smith  emergence  knowledge  information-markets  prices  Popper  from instapaper
may 2016 by dunnettreader
Hiroshi Yoshikawa, Hideaki Aoyama, Yoshi Fujiwara, Hiroshi Iyetomi - Deflation and money | VOX, CEPR’s Policy Portal - 05 September 2015
Deation and inflation are macroeconomic phenomena. However, we cannot fully understand them by only exploring macro data because the behavior of aggregate prices such as the Consumer Price Index depends crucially on the interactions of micro prices. On the other hand, all in all, the results we obtained have confirmed that aggregate prices significantly change, either upward or downward, as the level of real output changes. The correlation between aggregate prices and money, on the other hand, is not significant. The major factors affecting aggregate prices other than the level of real economic activity are the exchange rate and the prices of raw materials represented by the price of oil. Japan suffered from deflation for more than a decade beginning at the end of the last century. More recently, Europe faces a threat of deflation. Our analysis suggests that it is difficult to combat deflation only by expanding the money supply.
paper  prices  deflation  economic_growth  recessions  monetary_policy-effectiveness  QE  central_banks  Japan  FX-rate_management  oil_price  macroeconomics  unemployment 
september 2015 by dunnettreader
Egmont Kakarot-Handtke - Schumpeter and the Essence of Profit :: SSRN - May 2011, update May 2015
University of Stuttgart - Institute of Economics and Law -- Schumpeter had a clear vision of the developing economy, but he did not formalize it. The quest for a germane formal basis is in the following guided by the general question: what is the minimum set of foundational propositions for a consistent reconstruction of the evolving money economy? We start with three structural axioms. The claim of generality entails that it should be possible to free Schumpeter’s approach from its irksome Walrasian legacy and to give a consistent formal account of the elementary circular flow that served him as a backdrop for the analysis of the entrepreneur-driven market system. -- Pages in PDF File: 28 -- Keywords: new framework of concepts, structure-centric, axiom set, profit, money, credit, structural stress, catching-up process, monopoly -- downloaded pdf to Note
paper  SSRN  economic_theory  economic_history  intellectual_history  19thC  20thC  Schumpeter  economic_growth  economic_sociology  entrepreneurs  profit  investment  Innovation  creative_destruction  money  markets-structure  monopoly  prices  firms-theory  neoclassical_economics  equilibrium  downloaded 
september 2015 by dunnettreader
David Glaser - Romer v. Lucas | Uneasy Money - August 13 2015
If the social functions of science were being efficiently discharged, this rather obvious replacement of problem solving by question begging would not have escaped effective challenge and opposition. But Lucas was able to provide cover for this substitution by persuading the profession to embrace his microfoundational methodology, while offering irresistible opportunities for professional advancement to younger economists who could master the new analytical techniques that Lucas and others were rapidly introducing, thereby neutralizing or coopting many of the natural opponents to what became modern macroeconomics. So while Romer considers the conquest of MIT by the rational-expectations revolution, despite the opposition of Robert Solow, to be evidence for the advance of economic science, I regard it as a sign of the social failure of science to discipline a regressive development driven by the elevation of technique over substance.
prices  sociology_of_knowledge  sociology_of_science  neoclassical_economics  Keynesianism  RBC  economic_models  macroeconomics  Kuhn  Romer  Laktos  economic_theory  Solow  New_Keynesian  sociology_of_science_&_technology  equilibrium  microfoundations  rational_expectations  mathematization  from instapaper
august 2015 by dunnettreader
Ronald J. Gilson, Reinier Kraakman - Market Efficiency after the Financial Crisis: It's Still a Matter of Information Costs :: SSRN - European Corporate Governance Institute Law Working Paper No. 242/2014
Ronald J. Gilson, Stanford Law & Columbia Law; Reinier Kraakman, Harvard Law; both ECGI -- [Financial crisis is said] to have demonstrated the bankruptcy of the Efficient Capital Market Hypothesis (“ECMH”). (..) the ECMH had moved beyond academia, fueling decades of a deregulatory agenda. (..) when economic theory moves from academics to policy, (..) inevitably refashioned to serve the goals of political argument. This happened starkly with the ECMH. It was subject to its own bubble – (..) expanded from a narrow but important academic theory about the informational underpinnings of market prices to a broad ideological preference for market outcomes over even measured regulation. (..) the ECMH addresses informational efficiency, which is a relative, not an absolute measure. This focus on informational efficiency leads to a more focused understanding of what went wrong in 2007-2008. Yet informational efficiency is related to fundamental efficiency (..) Properly framing market efficiency focuses our attention on the frictions that drive a wedge between relative efficiency and efficiency under perfect market conditions. (..) relative efficiency is a diagnostic tool that identifies the information costs and structural barriers that reduce price efficiency which, in turn, provides part of a realistic regulatory strategy. While it will not prevent future crises, improving the mechanisms of market efficiency will make prices more efficient, frictions more transparent, and the influence of politics on public agencies more observable, which may allow us to catch the next problem earlier. PDF File: 87 -- saved to briefcase
paper  SSRN  financial_system  financial_regulation  financial_crisis  capital_markets  EMH  information-markets  information-asymmetric  efficiency  prices  financial_economics  animal_spirits  behavioral_economics 
july 2015 by dunnettreader
Frank Hahn - Some Adjustment Problems | JSTOR - Econometrica, Vol. 38, No. 1 (Jan., 1970), pp. 1-17
Some Adjustment Problems, F. H. Hahn, Econometrica, Vol. 38, No. 1 (Jan., 1970), pp. 1-17 -- This paper first takes a rather pessimistic look at what has been accomplished in recent years in understanding the "price mechanism." It then takes up two points in some detail. First, it is shown that stationary expectations do not ensure the convergence of all equilibrium paths on to a steady state in a neoclassical model with heterogeneous capital goods (an appendix works an example). Secondly, a tatonnement process is outlined and discussed for an economy with constant returns to scale. -- via Lars Syll -- downloaded pdf to Note
article  jstor  economic_theory  prices  equilibrium  capital  investment  economic_models  macroeconomics  neoclassical_economics  downloaded 
june 2015 by dunnettreader
Roger Backhouse, Mauro Boianovsky - Secular Stagnation: The History of a Macroeconomic Heresy :: SSRN - May 5, 2015
Roger Backhouse, University of Birmingham - Department of Economics -- Mauro Boianovsky, Universidade de Brasilia. *--* This paper covers the history of secular stagnation from Alvin's Hansen's AEA Presidential address in 1938 to the recent re-discovery of the idea by Lawrence Summers. It is argued that the story of secular stagnation is more complicated than the simple version usually told: the theory changed in ways that meant that, though its immediate relevance might be less, postwar prosperity left open the possibility that it might one day become relevant. It is also pointed out that the history of the term has never been free of political concerns, and it is suggested that changing conceptions of economic theory played an important role in the fate of secular stagnation -- Pages in PDF File: 36 -- Keywords: secular stagnation, unemployment equilibrium, Keynesian economics, Hansen -' downloaded to Note
paper  SSRN  economic_theory  intellectual_history  economic_history  US_economy  US_politics  20thC  Great_Depression  post-WWII  Keynesianism  stagnation  macroeconomics  institutional_economics  prices  competition  deficit_finance  downloaded 
may 2015 by dunnettreader
Thornton, Mark. "Cantillon on the Cause of the Business Cycle." - Quarterly Journal of Austrian Economics (2006) | Mises Institute
Thornton, Mark. "Cantillon on the Cause of the Business Cycle." The Quarterly Journal of Austrian Economics 9, No. 3 (Fall 2006): 45–60. -- Richard Cantillon was the first economist to successfully examine the cyclical nature of the capitalist economy. He lived at a time (168?–1734) when the institutions of the modern capitalist economy were first fully and widely established and the first major business cycles occurred. In contrast to the Mercantilists, Cantillon was an astute observer who developed a clear economic understanding of money, banking, international trade, and stock markets because this is where he risked his capital and earned his fortune. He modeled the economy as an interconnected whole and developed what we now know as the circular-flow model of the economy and the price-specie-flow mechanism of international money movements. He discovered that markets were regulated by the movements of prices based on supply and demand and identified equilibrating tendencies with market exchange. -- downloaded pdf to Note
article  intellectual_history  18thC  France  Cantillon  political_economy  economic_theory  economic_culture  business_cycles  mercantilism  speculative_finance  capital_markets  capital_flows  banking  money  money_market  systems_theory  FX  gold_standard  trade_finance  trade_deficits  trade-policy  prices  equilibrium  downloaded 
february 2015 by dunnettreader
Thornton, Mark. "Cantillon and the Invisible Hand." - Quarterly Journal of Austrian Economics (2009) | Mises Institute
The Quarterly Journal of Austrian Economics 12, No. 2 (2009) 27–46. -- from the blurb, looks like he thinks Adam Smith was using the metaphor in a theoretically significant sense which theorists should take seriously -- downloaded pdf to Note
article  intellectual_history  18thC  France  Cantillon  Scottish_Enlightenment  Smith  invisible_hand  economic_history  economic_theory  political_economy  social_order  equilibrium  prices 
february 2015 by dunnettreader
F.A. Hayek - Individualism and Economic Order - Books | Mises Institute
If you are looking to acquaint yourself with F.A. Hayek's perspective on economic theory — beyond his business cycle and monetary studies of the inter-war years — this is the best source. The collection appeared in 1947, before he moved on toward broader cultural and social investigations. It contains his most profound work on the liberal economic order, and his most penetrating reflections on economic phenomena -- published U of Chicago 1958 -- downloaded pdf to Note
books  etexts  intellectual_history  20thC  entre_deux_guerres  Austrian_economics  Hayek  social_theory  economic_theory  liberalism  socialism  communism  fascism  individualism  capitalism  market_fundamentalism  markets  prices  coordination  coordination-governments  political_economy  political_philosophy  downloaded 
february 2015 by dunnettreader
Filip Palda, A school in decline: In Chicago, economists honour Gary Becker | Financial Post | November 4, 2014
Too bad. Becker was far superior to his promoters and acolytes - same with Coase. An embarrassingly feeble celebration of the Becker-Friedman-Stigler counter-revolution of outsider genius rebels against "Keynesian hegemony" beginning in the 1950s. The take-away seems to have been that markets are efficient when left alone and that government programs will inevitably be defeated by either regulatory capture or clever, rational, forward-looking agents that will game the system to produce an unintended (often perverse) outcome. Ironically, the only big example chosen to illustrate how Becker's forays into other social sciences flummoxed left-wing by overturning their cherished worldview looks increasingly flimsy - treating criminals as rational calculating economic agents rather than victims of assorted "pathologies." The microeconomist "knows" that the key to behavioral change is to just get the incentives and prices right through adjusting levels and types of punishment or type and amount of policing. Unfortunately for this example of economic imperialism, It's now clear that the enormous increase in crime rates over decades, followed by an equally enormous decline, shows that macro effects of some, yet to be agreed upon, social factors simply swamped any of the micro concerns of Becker's rational calculating agents. That's not to suggest microfoundations were irrelevant, but it increasingly appears that individual behavior was affected by factors of precisely the opposite sort from those that would be involved in rational utility calculations - the environmental poisoning of children's neurological systems, especially in the segregated urban-industrial ghettos into which the black population was forced to live, that reduced the capacity for self-control and rational calculation, and increased impulsive, indeed irrational, aggressive behavior, too often violent crime. And as the amount of poisoning has declined, so too has irrational, impulsive violence. But despite the accumulating evidence of macro factors, we can expect for decades to come that micro textbooks and right-wing economists will be reciting the "lessons" Becker's approach has "taught" for designing social policy. Just as they "know" voluntary unemployment doesn't exist - only that the government must be interfering with the prices and market incentives. Pthew!
20thC  intellectual_history  economic_theory  social_theory  behavioral_economics  microeconomics  microfoundations  incentives  prices  markets_in_everything  crime  criminal_justice  Chicago_School 
january 2015 by dunnettreader
Jordà, Schularick and Taylor - Betting the House - NBER working paper - SSRN
They look at link between loose monetary policy, real estate lending, housing bubbles and financial instability. No surprise, they're correlated. Their added twist is to note that the same egfect can be produced by low intetest rates in effect "imported" by countries maintaining fixed exchange rates even if their domestic economic management is kosher - in a way, importing a business cycle snd misallocation of investment. The effect of these correlations to produce financial instability has increased over the decades. (undoubtedly exacerbated by the push to open capital accounts) SSRN version posted simultaneously with NBER version on SSRN - downloaded pdf to iPhone
capital_flows  business_cycles  credit  21stc  interest_rates  19thc  financial  crisis  financialization  monetary_policy  20thc  paper  asset  prices  bubbles  globalization  Pocket  real_estate  FX  SSRN  downloaded 
january 2015 by dunnettreader
Nitzan, Jonathan - From Olson to Veblen: The Stagflationary Rise of Distributional Coalitions (1992) | bnarchives
Paper read at the annual meeting of the History of Economics Society. Fairfax, Virginia. 1-2 June (1992). pp. 1-75. -- This essay deals with the relationship between stagflation and the process of restructuring. The literature dealing with the interaction of stagnation and inflation is invariably based on some explicit or implicit assumptions about economic structure, but there are very few writings which concentrate specifically on the link between the macroeconomic phenomenon of stagflation and the process of structural change. Of the few who dealt with this issue, we have chosen to focus mainly on two important contributors – Mancur Olson and Thorstein Veblen. The first based his theory on neoclassical principles, attempting to demonstrate their universality across time and place. The second was influenced by the historical school and concentrated specifically on the institutional features of modern capitalism. Despite the fundamental differences in their respective frameworks, both writers arrive at a similar conclusion, namely, that the phenomenon of stagflation is inherent in the dynamic evolution of collective economic action, particularly in the rise and consolidation of 'distributional coalitions.' -- Keywords: absentee ownership, intangible assets, big business, bonds, capital, accumulation, capitalism, collective action, collusion, corporation, credit, degree of monopoly, distributional coalitions, excess capacity, finance, immaterial wealth, income distribution, industry, inflation, institutions, interest, labour, liabilities, machine process, material wealth, neoclassical economics, normal rate of return, power, price, profit, productivity, property, sabotage, scarcity, stagnation, stagflation, stocks, tangible assets, technology, United States, value
paper  US_economy  economic_history  economic_theory  institutional_economics  Veblen  political_economy  Olson_Mancur  public_choice  collective_action  capital  capitalism  power  power-asymmetric  business-and-politics  interest_groups  interest_rates  interest_rate-natural  profit  corporate_ownership  managerialism  industry  production  productivity  productivity-labor_share  sabotage-by_business  distribution-income  distribution-wealth  wealth  asset_prices  financial_system  credit  competition  monopolies  oligopoly  prices  inflation  stagnation  property  technology  capital_markets  antitrust  neoclassical_economics  change-economic  change-social  levels_of_analyis  mesolevel  microfoundations  downloaded  EF-add 
october 2014 by dunnettreader
Michael T. Kiley - An Evaluation of the Inflationary Pressure Associated with Short- and Long-term Unemployment - FEDS 2014-28 | Federal Reserve Board
Abstract: In the years following 2009, long-term unemployment has been very elevated while inflation has fallen only moderately, raising the question of whether the long-term unemployed exert less downward pressure on prices than the short-term unemployed, perhaps because such potential workers are disconnected from the labor market. However, empirical evidence is mixed. This analysis demonstrates that the typical approach, using national data, is incapable of discriminating the inflationary pressure exerted by short and long-term unemployment because the series are highly correlated, making inference difficult given the short-span of data used in Phillips-curve estimation. However, application of more data, through the use of regional variation, can discriminate the independent influences of short-and long-term unemployment on price inflation. We present a model illustrating these issues and apply the model to data for U.S. metropolitan regions. We find that that short- and long-term unemployment exert equal downward pressure on price inflation. -- Keywords: Short-term unemployment, phillips curve -- didn't download
US_economy  Great_Recession  unemployment  inflation  prices  wages  macroeconomics  economic_models  statistics  Phillips_curve 
october 2014 by dunnettreader
Roy H. Grieve, ‘Right back where we started from’ | Real-World Economics Review Blog September 2014
Roy H. Grieve, “‘Right back where we started from’: from ‘the Classics’ to Keynes, and back again”, real-world economics review, issue no. 68, 21 August 2014, pp. 41-61, http://www.paecon.net/PAEReview/issue68/Grieve68.pdf -- We have indeed come round in a circle. The whole vision of the working of the macrosystem presented, in terms of the AD/AS model, by far too many contemporary textbooks, is essentially pre-Keynesian. Monetary spending may fluctuate, but whether or not such fluctuations affect employment and output is said to depend on reactions affecting real wages. Slow adjustment of money wages to price changes is held to account for cyclical variations in employment and output. With respect to the longer term, it is presumed that real wages return to their proper full-employment level. There are then no obstacles on the side of demand to prevent re-establishment of the ‘natural’ (full employment) level of activity. The pale shadow of Keynesian theory in the ADAS model – the AD curve – has nothing to do with the values of output and employment at equilibrium, only with the price level. -- downloaded pdf to Note
paper  economic_theory  economic_models  macroeconomics  neoclassical_economics  Keynes  Keynesianism  Labor_markets  wages  unemployment  prices  inflation  deflation  real_economy  economic_growth  business_cycles  equilibrium  downloaded  EF-add 
september 2014 by dunnettreader
Thorstensen, Fernandes Marçal, Ferraz - WTO x PTAs -- Where to Negotiate Trade and Currency :: SSRN June 16, 2014
Vera Thorstensen - São Paulo School of Economics (EESP) at Fundação Getulio Vargas (FGV) -- Emerson Fernandes Marçal - Sao Paulo School of Economics - FGV; Mackenzie Presbyterian University -- Lucas Ferraz - Sao Paulo School of Economics-FGV. -- Fourth Biennial Global Conference of the Society of International Economic Law (SIEL) Working Paper No. 2014/09. *--* The negotiations of mega agreements between the US and the Pacific countries (TPP) and between the US and the EU (TTIP) are raising the attention of experts on international trade law and economics. TPP and TTIP are proclaimed to be the designers of the rules for the XXI Century. Old trade instruments such as tariffs are said to be no more important for TTIP because tariffs are negligible among those partners but significant to for TPP. Another relevant agreement in negotiation is between the EU and Mercosul, where tariffs are the most important issue in discussion. The main purpose of this paper is to shows that tariff are important for all these agreements, not because of its nominal value, but because the impacts of exchange rate misalignments on tariffs are so significant that all concessions can be distorted by overvalued and by devaluated currencies. The article is divided into six sections: the first gives an introduction to the issue; the second explains the methodologies used to determine exchange rate misalignments and also presents some results for Brazil, US and China; the third summarizes the methodology applied to calculate the impacts of exchange rate misalignments on the level of tariff protection through an exercise of “misalignment tariffication” and examines the effects of exchange rate variations on tariffs and their consequences for the multilateral trading system; the fourth creates a methodology to estimate exchange rates against a basket of currencies (a virtual currency of the World) and a proposal to deal with persistent and significant misalignments related to trade rules. The fifth presents some estimates for the main PTAs. The conclusions are present in the last section. -- downloaded pdf to Note
paper  SSRN  international_law  international_economics  law-and-economics  trade-agreements  tariffs  FX  global_imbalance  US_foreign_policy  China  Brazil  EU  Latin_America  South-South_economics  emerging_markets  capital_flows  international_monetary_system  FX-misalignment  prices  costs  downloaded  EF-add 
september 2014 by dunnettreader
Anne Mayhew, review - Laurence Shute, John Maurice Clark: A Social Economics for the Twenty-First Century | EH.Net, H-Net Reviews. November, 1997
[F]rom Clark's earliest work through his post-World War II comments on the formalization of Keynes' work, he sought a "non-euclidean" economics that would be more "scientific" than most economic analysis in fact was. In a 1924, essay on "The Socializing of Theoretical Economics," Clark argued that it was "unscientific" to exclude relevant evidence. He wrote: "... comprehensiveness is scientific, even if it involves some sacrifice of other qualities for which science likes to strive" . In a critique of a 1949 essay by Paul Samuelson, Clark repeats the theme by complaining of ... what happens to the Keynesian theory when it is simplified by isolating the central mathematical formula and its corollaries from the context of factors that do not lend themselves to this treatment, and which Keynes handled in 'literary' fashion ... . -- Clark (and his fellow Institutionalists) made major contributions to what was then the "mainstream" of American economics during a period of lively innovation. During the early 1930s Clark had already developed both multiplier and accelerator concepts and he welcomed Keynes' "income-flow analysis." However, in the early 1940s he was worrying--in print and in exchanges with Keynes--that this analysis would be undiscriminatingly applied, and there were problems with sole reliance on deficit spending for stabilization. Clark's concern was a wider variety of stabilization tools--including attention to the legal arrangement of costs--would be required. In his last major work, Competition as A Dynamic Process (1961), Clark returned to some of the issues with which he began his career. Shute stresses that this work was not the "major general treatise" that Clark had once hoped to write, but rather an attempt to develop a practical notion of "workable competition" appropriate for analysis and policy guidance in a dynamic economy. Clark was realist enough to worry that this work would not be well received [inadequate formalism and assumptions they expected from "theory"]
books  reviews  intellectual_history  20thC  entre_deux_guerres  social_sciences-post-WWII  economic_theory  economic_history  institutional_economics  industry  production  investment  costs  labor  Labor_markets  capital  capitalism  business_cycles  Keynes  Keynesianism  macroeconomics  Great_Depression  competition  prices 
september 2014 by dunnettreader
The Reshoring Initiative: Total Cost of Ownership Estimator Tool
The Total Cost of Ownership Estimator is a complimentary tool that enables aggregation of all cost and risk factors into one cost for simpler, more objective decision making. Most companies make sourcing decisions based on price alone, resulting in a 20 to 30 percent miscalculation of actual offshoring costs. With the Total Cost of Ownership Estimator, users account for all relevant factors when determining their total cost of ownership including overhead, balance sheet, corporate strategy and other external and internal business costs. Once your unique data is input into the calculator, you will receive your total cost of ownership analysis complete with: ** Calculations of each source’s cost ** An accumulation of all costs into cost categories. ** A grand total cost. ** Line charts showing each source’s current price, total cost of ownership and 5-year forecast. ** Line charts showing your cumulative cost by category
globalization  global_economy  business  off-shoring  prices  labor  management  profit 
august 2014 by dunnettreader
The Works of John Locke, vol. 4 (Essays on money and Two Treatises of Government) [1824 edition] - Online Library of Liberty
Essays on money -- SOME CONSIDERATIONS OF THE CONSEQUENCES OF THE LOWERING OF INTEREST, AND RAISING THE VALUE OF MONEY. IN A LETTER SENT TO A MEMBER OF PARLIAMENT, 1691. Having lately met with a little tract, entitled, “A Letter to a friend concerning usury,” printed this present year, 1660; which gives, in short, the arguments of some treatises, printed many years since, for the lowering of interest; it may not be amiss briefly to consider them. -- Of raising our Coin. *--* SHORT OBSERVATIONS ON A PRINTED PAPER, ENTITLED, For encouraging the coining silver money in England, and after for keeping it here. *--* FURTHER CONSIDERATIONS CONCERNING RAISING THE VALUE OF MONEY. [Dedicated to Lord Somers] -- converted to html -- didn't download
books  etexts  Liberty_Fund  intellectual_history  political_philosophy  economic_history  political_economy  17thC  Glorious_Revolution  1690s  Locke  Locke-2_Treatises  monetary_policy  interest_rates  commerce  currency  bimetalism  FX  prices  usury  Parliament  House_of_Commons  William_III  Whig_Junto 
august 2014 by dunnettreader
Chris Dillow - Stumbling and Mumbling: Hayek on desert - Jan 2005
Elizabeth Anderson does a fine job of demolishing, on Hayekian grounds, the idea that people deserve their incomes. And Tyler Cowen gives an excellent reply. The one thing that’s missing are some direct quotes from Hayek himself. Let me fill the gaps. There’s this from volume II of Law, Legislation and Liberty (p71-72 in my copy): " [The function of the price system] is not so much to reward people for what they have done as to tell them what in their own as well as in general interest they ought to do. …To hold out a sufficient incentive for those movements which are required to maintain a market order, it will often be necessary that the return to people’s efforts do not correspond to recognizable merit…In a spontaneous order the question of whether or not someone has done the ‘right’ thing cannot always be a matter of merit." -- lots of quotes and links
political_philosophy  economic_theory  markets  prices  incentives  meritocracy  fairness  libertarianism  Hayek  EF-add 
june 2014 by dunnettreader
Jesus Felipe, John S.L. McCombie - The Aggregate Production Function And The Measurement Of Technical Change (2013) - Edward Elgar Publishing
Prologue: ‘Not Even Wrong’ *-* Introduction 1. Some Problems with the APF *-* 2. The APF: Behavioural Relationship or Accounting Identity? *-* 3. Simulation Studies, the APF and the Accounting Identity *-* 4. ‘Are There Laws of Production?’ The Work of Cobb and Douglas and its Early Reception *-* 5. Solow’s ‘Technical Change and the APF’, and the Accounting Identity *-* 6. What does Total Factor Productivity Actually Measure? Further Observations on the Solow Model *-* 7. Why Are Some Countries Richer than Others? A Sceptical View of Mankiw–Romer–Weil’s Test of the Neoclassical Growth Model *-* 8. Some Problems with the Neoclassical Dual-Sector Growth Model *-* 9. Is Capital Special? The Role of the Growth of Capital and its Externality Effect in Economic Growth *-* 10. Problems Posed by the Accounting Identity for the Estimation of the Degree of Market Power and the Mark-up *-* 11. Are Estimates of Labour Demand Functions Mere Statistical Artefacts? *-* 12. Why Have the Criticisms of the APF Generally Been Ignored? On Further Misunderstandings and Misinterpretations of the Implications of the Accounting Identity --- Felipe and McCombie have gathered all of the compelling arguments denying the existence of APFs and showing that econometric estimates based on these fail to measure what they purport to quantify: they are artefacts. Their critique, which ought to be read by any economist doing empirical work, is destructive of nearly all that is important to mainstream economics: NAIRU and potential output measures, measures of wage elasticities, of output elasticities and of total factor productivity growth.– Marc Lavoie, University of Ottawa, Canada
books  kindle-available  economic_theory  economic_models  macroeconomics  neoclassical_economics  productivity  capital  labor  technology  prices  firms-theory  economic_growth  econometrics 
june 2014 by dunnettreader
Some Considerations of the Consequences of the Lowering of Interest and the Raising the Value of Money, by John Locke 1691
Part 1: Whether the Price of the Hire of Money can be regulated by Law *--* Part 2: Interest makes not Money Exchange for less of any Commodity. *--* Part 3: The Price of Land. -**- Part 4: An infallible sign of your decay of Wealth is the falling of Rents. *--* Part 5: This business of Money and Coinage is by some Men thought a great Mystery
etexts  Locke  monetary_policy  economic_history  economic_theory  17thC  1690s  currency  landowners  rents  agriculture  prices  interest_rates  EF-add 
may 2014 by dunnettreader
James Cloyne, Patrick Hürtgen - Why monetary policy matters | vox - May 2014
The effects of interest-rate changes on output and inflation could be much larger than previously thought. Such evidence was suggested by Romer and Romer in their analysis of the US. This column provides similar estimates for the UK based on a novel real-time dataset. In response to a 1% increase in the interest rate, output declines by 0.6% and inflation falls by one percentage point after two to three years.
monetary_policy  central_banks  interest_rates  prices  inflation  economic_growth 
may 2014 by dunnettreader
Heterodox Economics - Readings | HMiRN
Extensive list of books, chapters, journal articles, periodically updated since 2011 -- Contents --
1. History and Methodology of Heterodox Microeconomics
2. Critiques of Mainstream Microeconomics
3. Principles of Heterodox Microeconomic Theory
4. Theory of the Business Enterprise
5. Structure of Production and Costs of the Business Enterprise
6. Costing, Pricing, and Prices
7. Investment, Finance, and Employment
8. Households, Consumption, and Market Demand
9. Industry and Market
10. Competition
11. Corporate Governance, Market Governance, and Market Regulation
12. Social Welfare
13. Heterodox Microfoundations and Modeling the Economy
bibliography  economic_theory  economic_history  economic_models  economic_sociology  firms-theory  Labor_markets  capital  corporate_governance  corporate_finance  M&A  regulation  consumers  consumer_demand  monopolies  finance_capital  taxes  competition  investment  prices  wages  heterodox_economics  microeconomics  macroeconomics  neoclassical_economics  EF-add 
february 2014 by dunnettreader
Frances Coppola - Experiment with Basic Income: The Speenhamland System |Pieria Jan 2014
In 1795, the parish of Speen, in Berkshire, England, embarked on a radical new system of poor relief. Due to the ruinous French wars and a series of poor harvests, grain prices were rising sharply. As bread was the staple food of the poor, rising grain prices increased poverty and caused unrest. Concerned by the possibility of riots, the parish decided to provide subsistence-level income support to the working poor. -- Discusses Poor Laws pre 1832, Bentham attitude to work, Ricardo concern with labor supply, Malthus contrihution to debate - and Deidre McCloskey studies - and post 1834 workhouse system
18thC  19thC  British_history  British_politics  social_history  economic_history  political_economy  Poor_Laws  poverty  Bentham  Ricardo  Malthus  agriculture  taxes  landowners  wages  Labor_markets  Industrial_Revolution  prices  Napoleonic_Wars  Victorian  market_integration  EF-add 
january 2014 by dunnettreader
Robert D. Hume - The Economics of Culture in London, 1660–1740 JSTOR: Huntington Library Quarterly, Vol. 69, No. 4 (December 2006), pp. 487-533
Robert D. Hume asks four principal questions in this article: (1) Who were the consumers of elite culture, and what could and would they pay? (2) What could be earned by writers, actors, singers, musicians, painters? (3) Who actually profited from the sale of culture? (4) How did patronage affect the production of culture? A survey of surviving figures for income strata and the prices paid by buyers suggests that the consumers of elite culture belonged largely to the wealthiest two percent of the population. Analysis of incomes shows that trying to earn a living as a writer, actor, or musician was a tough proposition. Patronage turns out to be surprisingly important, but more in terms of jobs, sinecures, and subscriptions than from individual largesse. Exact equivalencies to modern buying power are impossible to calculate, but scholars need to realize, for example, that in 1709 fully two-thirds of the books advertised in the Term Catalogues cost two shillings or less: a five-shilling book was pricey.
article  jstor  cultural_history  social_history  17thC  18thC  British_history  elite_culture  court_culture  theater  publishing  actors  authors  patronage  patrons  prices  EF-add 
january 2014 by dunnettreader
Julian Hoppit - Political Arithmetic in Eighteenth-Century England | JSTOR: The Economic History Review, New Series, Vol. 49, No. 3 (Aug., 1996), pp. 516-540
With regard to public policy, in late seventeenth-century Britain there was a remarkable development of social statistics, what Petty called 'political arithmetic'. The general view, however, is that this new approach ended early in the eighteenth century only to be rediscovered by the early Victorian statistical movement. In fact, through the eighteenth century public policy continued to be considered partly in quantitative terms. This article explores some of the dimensions and peculiarities of this varied and extensive political arithmetic. -- downloaded pdf to Note
article  jstor  economic_history  political_history  18thC  British_politics  political_arithmetick  UK_economy  UK_Government  Parliament  public_policy  public_opinion  political_press  economic_growth  wages  prices  trade  fiscal_policy  sovereign_debt  fiscal-military_state  taxes  Excise_Crisis  luxury  UK_government-colonies  downloaded  EF-add 
january 2014 by dunnettreader
N. J. Mayhew - Population, Money Supply, and the Velocity of Circulation in England, 1300-1700 | JSTOR: The Economic History Review, New Series, Vol. 48, No. 2 (May, 1995), pp. 238-257
The importance of monetary and demographic factors in the later medieval and early modern 'price revolutions' has been much debated. This article analyses this long period in the terms of the Fisher Identity MV=PT, but also fully recognizes the importance of demographic change, and its impact on GDP. Tentative estimates of money supply and GDP are discussed, and from them velocity of circulation is deduced. Velocity has tended to fall over this period, but rising Tudor velocity is regarded as a symptom of economic distress. -- didn't download
article  jstor  economic_history  UK_economy  14thC  15thC  16thC  17thC  economic_growth  demography  population  prices  money_supply  money_velocity  money  commerce  dearth  EF-add 
january 2014 by dunnettreader
Quote of the day #3 | Real-World Economics Review Blog
Ronald Coase asks the big question in his 1937 paper “The Nature of the Firm”:

“Within a firm, … market transactions are eliminated and in place of … exchange transactions is substituted the entrepreneur-co-ordinator who directs production. It is clear that these are alternative methods of co-ordinating production, Yet, having regard to the fact that if production is regulated by price movements, production could be carried on without any organization at all, well might we ask, why is there any organization?” . ?.....The problem is this: orthodox theory assumes that people react instantaneously, rationally, and completely to information they receive in the marketplace. This reaction takes the form of instantaneous adjustments in resource use and so on, and the vehicle transmitting the necessary information is the price structure of the political economy in question. I hope you can see how fraught this is. Not only do prices convert all the information needed for instant adjustment, but they change simultaneously to reflect said adjustment. This, to put it bluntly, requires nothing short of an immaculate and omniscient ability on the part of everyone involved.

To make this work we need to suspend our critical faculties and allow the information being acted upon to include an aspect that reflects its own refection of the information being acted upon. For everyone. All at the same time.

Don’t think about it too hard, your head will explode. Only economists are equipped to think in such contorted and unreal ways.
economic_history  economic_models  neoclassical_economics  firms-theory  equilibrium  prices  information-markets 
december 2013 by dunnettreader
Robert B. Ekelund, Jr., review - Germano Maifreda: From Oikonomia to Political Economy: Constructing Economic Knowledge from the Renaissance to the Scientific Revolution | EH.net
Ashgate, 2012. vii + 304 pp. $135 (hardcover), ISBN: 978-1-4094-3301-9.

The transition from the culturally and religiously oriented era of Oikonomia to the political economy of, say, Smith and Hume, was not linear.? Culture, science and religion evolved and helped shape conceptions of economic functioning. (It would appear that medieval Christianity was not productive of ?economy.?)? Secularism also evolved and searches for constancy in value, in exchange and in entrepreneurship were shaped by culture and psychology.? Epistemology affected the scaffolding and functioning of the economic superstructure at any point in time.?

[H]e raises intriguing links between culture, psychology, medicine, biology and economic categories. In Chapters 5 through7 (plus an epilogue), Maifreda weaves together exceptionally interesting material on the manner in which the principles of other sciences and studies used what we now call economic reasoning and motivations.? The whole question of how the idea that labor ?caused? or ?represented? or ?was involved with? value is the subject of Chapters 5 and 6.? Maifreda highlights (properly) how Locke?s analysis of private property is the ?essential element? in productive economy (p. 167).? Also examined is how labor and the concept of equilibrium are related to both theological and physiological reasoning, the concept of equilibrium prominent in the writings of Hales and Boisguilbert He concludes that ?powerful metaphors formed within diverse fields of knowledge … lent their assistance to ways of thinking about phenomena and drawing up models and generalizations? (p. 253) that, later, became an independent science of economics and economic reasoning.? One small complaint is that he does not extend his discussion into exactly how and through whom the transition was finally made (e.g., possibly Cantillon and others).? But that may be the subject for another study.
books  reviews  intellectual_history  economic_history  Renaissance  Scientific_Revolution  Enlightenment  Scottish_Enlightenment  French_Enlightenment  16thC  17thC  18thC  political_economy  economic_theory  economic_culture  commerce  values  labor  Locke  property  currency  prices  cultural_history  theology  Providence  moral_philosophy  moral_economy  Foucault  Physiocrats  Linnaeus  biology  physiology  equilibrium  metaphor  EF-add 
december 2013 by dunnettreader
Timothy C. Johnson - Reciprocity as the Foundation of Financial Economics | SSRN - Oct 2013
This paper argues that the fundamental principle of contemporary financial economics is balanced reciprocity, not the principle of utility maximisation that is important in economics more generally. The argument is developed by analysing the mathematical Fundamental Theory of Asset Pricing with reference to the emergence of mathematical probability in the seventeenth century in the context of the ethical assessment of commercial contracts. This analysis is undertaken within a framework of Pragmatic philosophy and Virtue Ethics. The purpose of the paper is to mitigate future financial crises by reorienting financial economics to emphasise the objectives of market stability and social cohesion rather than individual utility maximisation. -- Downloaded pdf to Note
paper  SSRN  economic_history  legal_history  economic_theory  Aristotle  Aquinas  Papacy  medieval_history  Renaissance  16thC  17thC  18thC  moral_philosophy  moral_economy  financial_innovation  probability  mathematics  commerce  risk  interest_rates  prices  pragmatism  virtue_ethics  downloaded  EF-add 
november 2013 by dunnettreader
Lars Syll: Do people have rational expectations? [re Mark Thoma article] | LARS P. SYLL
Although there is quite a lot of healthy skepticism on the rational expectations hypothesis (REH) here that I agree with, I still think that Thoma’s picture of the extent to which the assumption of rational expectations is useful and valid, is inadequate and unwarranted.

Let me elaborate a little on why I think so.

The concept of rational expectations was first developed by John Muth in an Econometrica article in 1961 – Rational expectations and the theory of price movements – and later — from the 1970s and onward — applied to macroeconomics. Muth framed his rational expectations hypothesis in terms of probability distributions:
macroeconomics  microeconomics  economic_theory  economic_models  rational_expectations  EMH  prices  risk  EF-add 
november 2013 by dunnettreader
Signorino, Rodolfo (2011) - David Ricardo on natural and market prices - Munich Personal RePEc Archive
Signorino, Rodolfo (2011): David Ricardo on natural and market prices. This is an entry produced for the Elgar Companion to David Ricardo, edited by Heinz D. Kurz and Neri Salvadori. Cheltenham, UK and Northampton, MA, USA: Edward Elgar, forthcoming. -- downloaded pdf to Note
article  economic_history  economic_theory  Ricardo  prices  downloaded  EF-add 
september 2013 by dunnettreader
Stephen Broadberry and Bishnupriya Gupta: The Early Modern Great Divergence: Wages, Prices and Economic Development in Europe and Asia, 1500-1800 (2006)
JSTOR: The Economic History Review, New Series, Vol. 59, No. 1 (Feb., 2006), pp. 2-31 -- Contrary to the claims of Pomeranz, Parthasarathi, and other 'world historians', the prosperous parts of Asia between 1500 and 1800 look similar to the stagnating southern, central, and eastern parts of Europe rather than the developing north-western parts. In the advanced parts of India and China, grain wages were comparable to those in north-western Europe, but silver wages, which conferred purchasing power over tradable goods and services, were substantially lower. The high silver wages of north-western Europe were not simply a monetary phenomenon, but reflected high productivity in the tradable sector. The 'great divergence' between Europe and Asia was already well underway before 1800. -- I think Robert Allen uses some of this price and wage data for his theory re why capital technology took off faster in Britain when combined with energy resources
article  jstor  Great_Divergence  economic_history  economic_growth  prices  wages  Britain  Europe-Early_Modern  China  India  Asia  17thC  18thC  EF-add 
september 2013 by dunnettreader
Carl Wennerlind: David Hume’s Monetary Theory Revisited: Was He Really a Quantity Theorist and an Inflationist? (2005)
JSTOR: Journal of Political Economy, Vol. 113, No. 1 (February 2005), pp. 223-237....Downloaded pdf to Note. ?...see bookshelf for 2011 Hume Political Economy collection. ?... David Hume’s monetary theory has been controversial since its formulation. Lately, the focus has been on Hume’s alleged misapplication of the quantity theory of money. While he appears to subscribe to a simple quantity theory with money neutrality, in a famously contested passage in the essay Of Money, he violates the neutrality condition by claiming that an increase in the money stock has favorable output effects. While most commentators argue about the persistence of the output effect, this paper suggests that we can derive an alternative understanding of Hume’s monetary thinking by recognizing that he made an analytical distinction between endogenous and exogenous money. Realization that only the former has a favorable output effect forces us to overturn the long‐standing consensus that Hume instructed the government to use monetary or trade policy to engineer a gradually increasing money stock.
article  jstor  bookshelf  economic_history  monetary_policy  18thC  economic_models  currency  money  FX  prices  inflation  trade  Hume  downloaded  EF-add 
august 2013 by dunnettreader
N. J. Mayhew: Prices in England, 1170–1750 | P & P April 2013
N. J. Mayhew, Ashmolean Museum, Oxford...
Understanding the movement of prices must be one of the most fundamental of the economic historian’s tasks, but it remains one of the most difficult. This article seeks to understand the movement of English prices over the whole period 1170 to 1750, which saw two great episodes of inflation, each followed by long decades of price stability. It is argued that monetary factors exercised the most important influence on the general price level, though of course the size of the economy was determined above all by demographic changes. This article also argues that medieval and early modern prices behaved in similar ways, which have much in common with the behaviour of prices today. ?..
Downloaded pdf to Note
British_history  economic_history  Medieval  14thC  15thC  16thC  17thC  18thC  economic_growth  inflation  prices  population  social_history  downloaded  EF-add 
august 2013 by dunnettreader

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