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4 results on '"American economic thought"'

1. 'An Essentially Different Scheme of Distribution from that Proposed by Clark.' A Note on Charles William Macfarlane’s Neglected Marginalism

Author

Giandomenica Becchio and Luca Fiorito

Subjects
Marginalism, Classical school, American economic thought, Progressive Era, Economic history and conditions, HC10-1085, Economic theory. Demography, HB1-3840
Abstract

Charles William Macfarlane (1852-1931) represents an almost unique and completely forgotten economist during the Progressive Era: although he was outside Academis, he was able to take an active part in the theoretical debate of the time by proposing a peculiar version of marginalism far away from the Austrian school version and close the classical approach. This paper deals with Macfarlane’s theory of value and distribution, by discussing its influence in the discipline, and it presents an archival appendix which reproduces an unpublished response by Clark to Macfarlane which provides further evidence on the reception of Macfarlane’s work among his contemporaries.

Published
2024
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2. “An Essentially Different Scheme of Distribution from that Proposed by Clark.” A Note on Charles William Macfarlane’s Neglected Marginalism

Author

Becchio, Giandomenica, Fiorito, Luca, Becchio, Giandomenica, and Fiorito, Luca

Abstract

Charles William Macfarlane (1852-1931) represents an almost unique and completely forgotten economist during the Progressive Era: although he was outside Academis, he was able to take an active part in the theoretical debate of the time by proposing a peculiar version of marginalism far away from the Austrian school version and close the classical approach. This paper deals with Macfarlane’s theory of value and distribution, by discussing its influence in the discipline, and it presents an archival appendix which reproduces an unpublished response by Clark to Macfarlane which provides further evidence on the reception of Macfarlane’s work among his contemporaries., Charles William Macfarlane (1852-1931) es un economista casi único y completamente olvidado durante la Era Progresista: aunque estuvo fuera de la Academia, supo tomar parte activa en el debate teórico de la época al proponer una peculiar versión del marginalismo alejada de la escuela austriaca y cercana al planteamiento clásico. Este artículo aborda la teoría del valor y la distribución de Macfarlane, analizando su influencia en la disciplina, y presenta un apéndice de archivo que reproduce una respuesta inédita de Clark a Macfarlane para proporcionar nuevas pruebas sobre la recepción de la obra de Macfarlane entre sus contemporáneos., Charles William Macfarlane (1852-1931) representa um economista quase único e completamente esquecido durante a Era Progressista: embora estivesse fora da Academia, conseguiu participar ativamente do debate teórico da época ao propor uma versão peculiar do marginalismo afasta-se da versão da escola austríaca e fecha a abordagem clássica. Este artigo trata da teoria de valor e distribuição de Macfarlane, discutindo sua influência na disciplina, e apresenta um apêndice de arquivo que reproduz uma resposta não publicada de Clark a Macfarlane para fornecer mais evidências sobre a recepção do trabalho de Macfarlane entre seus contemporâneos.

Published
2024

4. A Scholar in Action in Interwar America: John H. Williams on Trade Theory and Bretton Woods

Author

Luca Fiorito, Pier Francesco Asso, Leeson Robert, Asso, PF, and Fiorito, L

Subjects
John H. William, J.M. Keyne, New Deal, Presidential system, Trade theory, Key Currency Approach, Monetary policy, Bretton Wood, American Economic Thought, Exchange rate, Action (philosophy), Settore SECS-P/04 - Storia Del Pensiero Economico, Central bank, Economics, Positive economics, Settore SECS-P/01 - Economia Politica, Relation (history of concept)
Abstract

In this paper we analyse the scientific contributions of Harvard economist John H. Williams as international trade theorist and monetary reformer together with his activities as a Vice President of the Federal Reserve Bank of New York. In the first 2 Sections we first present a succinct overview of Williams’ main contributions to international trade theory and to the interwar debate on the reform of the international monetary system. Particular attention will be devoted to his early academic writings which contained different critical arguments against the two main tenets of classical international economics: the Ricardian theory of comparative advantages and the gold standard. These criticisms formed the theoretical rationale and the analytical background of Williams’ key currency approach to the reform of the international monetary system. The key currency plan was first formulated while Williams advised Roosevelt and Morghenthau to sign a Tripartite agreement with Britain and France, and was later refined during the negotiations which brought to the approval of the Bretton Woods agreement. In this respect, Section 4 is devoted to analyse the contents of Williams’ proposal and to reconstruct his main criticisms of the two official plans presented by John Maynard Keynes and Harry Dexter White. Section 5 is devoted to examine Keynes’ and White’s reactions and to elucidate what aspects of Williams’ ideas managed to influence the shaping of the Bretton Woods Agreements. Finally, Section 6 presents some general conclusions. Sections 4 and 5 have greatly benefited from the use of archival sources which have been quoted at length, mostly in the footnotes. However, the most interesting piece – Williams’ own minutes of his first meeting with Keynes in October 1943 during the Washington negotiations – has been wholly reproduced in the Appendix.

Published
2009

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