Showing papers in "The Economic Journal in 1940"
638 citations
481 citations
TL;DR: In this paper, a discussion of how best to reconcile the demands of war and the claims of private consumption is presented. But this discussion is limited to the case of war, and it does not consider the other cases.
Abstract: This is a discussion of how best to reconcile the demands of war and the claims of private consumption.
241 citations
77 citations
76 citations
TL;DR: In this article, the authors defend the econometric method he applied and reproaches Keynes for the inaccuracy of his argument and justifies the applicability of linear relationships in economic analysis and their existence in economic interactions.
Abstract: In his polemic reply Tinbergen defends the econometric method he applied. He reproaches Keynes for the inaccuracy of his argument and justifies the applicability of linear relationships in economic analysis and their existence in economic interactions. Tinbergen also provides a detailed account of some methodological (primarily addressing the problem of causality) and economic issues of his analysis. In a comment to the Tinbergen’s paper Keynes clarifies his point of view on some particular points as well as on econometrics as a whole.
70 citations
Journal Article•
Abstract: In the Economic Journal of September 1939, p. 558, Mr.
Keynes discusses the method of statistical business-cycle research
used in Vol. I of the League of Nations publication of which
I am the author.1 Mr. Keynes has serious objections and
numerous questions. Although part of these objections and
questions have been answered in the second volume, which has
appeared recently, there remain a number of points which I
think it is worth while to discuss separately. I shall follow Mr.
Keynes's argument exactly in the order in which he gave it.
2. To begin with, Mr. Keynes formulates a number of conditions
which, in his mind, must be fulfilled in order that the method
of multiple correlation analysis may be applied. With the
formulation he gives on p. 560-viz. that " the most he may
be able to show is that, if they (i.e., certain given factors) are
verm causce, either the factors are not independent or the correlations
involved are not linear, or there are other relevant respects
in which the economic environment is not homogeneous over a
period of time-I find myself only partly in agreement.
63 citations
TL;DR: Rist as discussed by the authors traces the development of theories concerning currency and credit from the beginning of the eighteenth century to the 1940s and combines his unsurpassed knowledge of the subject with a comprehensive account of the economic conditions in which the theories and controversies arose.
Abstract: Rist traces the development of theories concerning currency and credit from the beginning of the eighteenth century to the 1940s. He combines his unsurpassed knowledge of the subject with a comprehensive account of the economic conditions in which the theories and controversies arose. Using simple and clear language, Rist does much to dispel the dull image of currency and credit analysis.
52 citations
TL;DR: The theory of international price relationships has been studied extensively in the literature as discussed by the authors, with a focus on the first four stages of its development: before 1550, 1550 to 1620, 1620 to 1680 and 1680 to about 1750.
Abstract: CHAPTER 1: INTRODUCTION 1. Introductory Remarks 2. The four major problems in the theory of international price relationships: The Problems 3. A bird's-eye view of the historical development of the theory 4. The plan of the following chapters CHAPTER 2: THE MERCANTILISTIC THEORIES 1. Mercantilism: four stages of its development. The first period: before 1550 2. The second period: 1550 to 1620. The controversy concerning the price revolution (Hales, Malestroit, Bodin) 3. The foreign exchange controversy 4. Gerrald de Malynes 5. The third period: 1620 to 1680. The balance of trade controversy (Mun and others) 6. Vaughan, Petty and Potter 7. The fourth period: 1680 to about 1750. The first protectionist controversy (Cary, Pollexfen, Child, Davenant). North, a free trader. 8. John Locke and N. Barbon 9. The doctrine that money stimulates trade and production: Law, Melon and Forbonnais 10. 'The Semi-Equilibrium Doctrine': Vanderlint, Cantillon and Harris 11. Summary CHAPTER 3: FROM DAVID HUME TO JOHN STUART MILL: THE DEVELOPMENT OF THE CLASSICAL THEORIES 1. David Hume 2. The Physiocrats and Adam Smith 3. The Bank Restriction Controversy: 1797 to 1803: Boyd, Thornton and others 4. 1803 to 1808: Foster and the Report of the Committee on Irish Currency and Exchanges 5. Wheatley and Blake 6. The report of the Bullion Committee. Ricardo, Malthus and Bosanquet. Contributions of the participants in the Bank Restriction Controversy 7. Nassau Senior. 8. The Bank Charter Act Controversy: the currency school (Norman, Loyd and Torrens) 9. The restatement by J.S. Mill 10. Summary CHAPTER 4: THE CLASSICAL THEORY OF INTERNATIONAL TRADE 1. The argument for a separate theory for international trade 2. The doctrine of comparative costs: Torrens and Ricardo. 3. The same subject continued: Marshall and Haberler 4. The doctrine of reciprocal demands: Longfield, Torrens, Pennington and JS Mill 5. Marshall's restatement of the theory of international value as an improvement upon the classical theory of international value 6. Cost of transport as a factor in international trade 7. The classical theory of international trade as the foundation of the classical theory of international price relationships CHAPTER 5: POST-CLASSICAL DEVELOPMENT OF MONETARY ASPECTS OF THE THEORY OF INTERNATIONAL PRICE RELATIONSHIPS: 1848-1918 1. The controversy concerning the gold discoveries of 1848-1851: Austin, Stirling, Chevalier and Newmarch 2. The same subject continued: Levasseur, Cairnes, Jevons and Leslie 3. The rate of interest as a regulator of the international movement of specie (i.e. by influencing the rate of foreign lending): Goschen, Bagehot and Laughlin. 4. The rate of interest both as a regulator of the international movement of specie and as a regulator of price movements: De Laveleye and Juglar 5. The indirect chain of effects that connect money and prices: Sidgwick, Giffen and Marshall. Other contributions of Marshall. 6. Knut Wicksell 7. Later restatements of the classical doctrine: Mises and Taussig. 8. The theory of R.G. Hawtrey. 9. Summary CHAPTER 6: DEVELOPMENTS SINCE 1918: THEORIES OF THE EXCHANGES UNDER DEPRECIATED CURRENCIES 1. Preliminary remarks. The balance of payments theory. 2. The purchasing power parity theory: Cassel's version of the theory. 3. The place of cost conveyance and the role of international demands: Pigou, Viner and Heckscher 4. The dynamic factors: the secondary changes in data, the importance of the psychological elements and the problem of casual sequence. The effects of a change in the rate of the exchanges on prices and trade. CHAPTER 7: DEVELOPMENTS SINC 1918: THE TRANSFER PROBLEM 1. Theories of transfer and their developments before the Great War 2. The earlier controversy