Articles & Blogs, Category = Historical perspective

Category: Historical perspective

How Ideologues Devalue and Dismiss Economics

“Economics is often dismissed as ideological, reductionist, and mendacious. In the United States we see these criticisms increasingly from both the political left and right. […] Carl Menger, one of the driving forces behind the marginal revolution in economics, was no stranger to these sorts of criticism. His essay, ‘The Social Theories of Classical Political Economy and Modern Economic Policy (1891),’ […] The entire essay is well worth reading and only recently available in English.”

Finance, Class, and the Birth of Neoclassical Economics: The Marginalist Revolution Revisited

“In economic textbooks, the concept of ‘value’ is regarded as nothing more than the prevailing market price. This definition might seem self-evident, but it stands in sharp contrast to the classical theories of Adam Smith and David Ricardo, who used the notion of ‘value’ to probe beneath the surface of the market and discover objective factors that regulate economic exchanges. It was only in the late nineteenth century, when the idea of ‘marginal utility’ was first introduced into the field, that ‘value’ came to be viewed as a subjective measure that is reflected in prices.”

How Adam Smith Became a (Surprising) Hero to Conservative Economists

“Whatever your political leanings, one thing is clear: Smith speaks on both sides of a longstanding debate about the fundamental values of modern market-oriented society. But these arguments over Smith’s ideas and identity are not new. His complicated reputation today is the consequence of a long history of fighting to claim his intellectual authority.”

Vice or Virtue? Commercial Politeness according to Eighteenth-Century Thinkers

Commercial society as we know it today first arose in the eighteenth century. ‘Politeness’ was a buzzword in the fierce debate that was held on the newly arisen society’s moral (de)merits. Rousseau and Ferguson asked challenging questions about the conditions of political liberty, and the difficulty of, and potential limits to establishing a sincere, meaningful cosmopolitan moral culture. These questions still demand our attention, says Rudmer Bijlsma.

2008: A Retrospective on the Financial Crisis

Before 2008, mainstream economics thought a global economic crisis on the scale of the Great Depression was impossible. Then Lehman Brothers declared bankruptcy. A decade later, in a collection of articles, INET looks back at the causes of the global crisis in the financial markets, and what policymakers—and economists—must change to prevent another one.

What Did Max Weber Mean by the ‘Spirit’ of Capitalism?

“Max Weber’s famous text The Protestant Ethic and the Spirit of Capitalism (1905) is surely one of the most misunderstood of all the canonical works regularly taught, mangled and revered in universities across the globe. This is not to say that teachers and students are stupid, but that this is an exceptionally compact text that ranges across a very broad subject area, written by an out-and-out intellectual at the top of his game.”

The True Founders of Economics: The School of Salamanca

“Students of free enterprise usually trace the origins of pro-market thinking to Scottish professor Adam Smith (1723-90). […] The real founders of economic science actually wrote hundreds of years before Smith. They were not economists as such, but moral theologians, trained in the tradition of St. Thomas Aquinas, and they came to be known collectively as the Late Scholastics. These men, most of whom taught in Spain, were at least as pro-free market as the Scottish tradition came to be much later. Plus, their theoretical foundation was even more solid: they anticipated the theories of value and price of the “marginalists” of late-nineteenth-century Austria.”

Loading

Post categories

Series of Posts

Post archive

Recent video posts

Loading...

Stay posted

Receive updates about new articles, blog posts, books, events and other news on the Moral Markets website

You have Successfully Subscribed!

Subscribe to the Moral Markets newsletter

Join our mailing list to receive updates on new articles, blog posts, books and more

You have Successfully Subscribed!

Geef Je op voor de Morele Markten nieuwsbrief

Schrijf je in voor onze mailinglijst om updates te ontvangen over nieuwe artikelen & blogs, boeken die zijn toegevoegd aan onze digitale plank, en meer

You have Successfully Subscribed!

Subscribe to the Moral Markets newsletter

Join our mailing list to receive updates on new articles, blog posts, books and more

You have Successfully Subscribed!

Subscribe to the Moral Markets newsletter

Join our mailing list to receive updates on new articles, blog posts, books and more

You have Successfully Subscribed!

Pin It on Pinterest