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AbstractBagehot is difficult for modern economists to read with understanding, for three reasons. He was a classical economist not neoclassical, his orientation was global not national, and most importantly his intellectual formation was as a practicing country banker not an academic. This paper adopts all three perspectives, and uses this frame to reinterpret his mature work, both Lombard Street and the unfinished Economic Studies, as the origin of the key currency tradition which continues as a minority view in modern economics. [ABSTRACT FROM AUTHOR]

RESUMO Este artigo examina a controvérsia entre Malthus e Ricardo sobre os determinantes da taxa de lucro. Ele sugere um modelo estilizado que permite uma diferenciação entre o “princípio limitador” e o “princípio regulador” proposto por Malthus. Também comenta citações selecionadas de textos de Malthus, Ricardo e Keynes.

We argue that in a core–periphery economic world economics imperialism as advanced by the postwar Chicago School and economic imperialism led by the economies of the north are two sides of the same coin. We first review the parallelism between postwar capitalism’s core–periphery expansion of the north into the south and the Chicago theory of economics imperialism. We then distinguish four forms of relationships between different disciplines, and using Rodrik’s augmented global capitalism trilemma argue Chicago adopts his Golden Straitjacket pathway, both for north–south capitalist expansion and core mainstream economics’ orientation toward other social science disciplines. The paper then uses Ricardo’s classic theory of rising rents to argue the Golden Straitjacket pathway is self-undermining for both, because it produces costly rising inframarginal rents in the north economies associated with financialization and in Chicago economics associated with its defense against other disciplines’ reverse imperialisms. We conclude that long-term forces operating on global economic development and the evolution of the social sciences suggest an alternative pathway for both that would produce a more pluralistic world economy and a more pluralistic economics. [ABSTRACT FROM AUTHOR]

This paper explores the possibility of international technology transfer in lieu of trade in a model with absolute and comparative advantage. Countries having absolute advantage in producing a good may offer that technology to a potential trading partner against a fee and both the countries might gain depending on the extent of comparative and absolute advantages. Thus, gains from trade might be dominated by gains from technology transfer, and we provide a formal proof and conditions for this possibility. Such an avenue of fruitful exchange remains unexplored in the Ricardian model of trade. Our result extends to the many commodity case. [ABSTRACT FROM AUTHOR]

For de Cecco power relations are central in the working of the pre-WWI international gold standard. He gives an illustration of that in the chapter of Money and Empire devoted to the relationship between Britain and India, where the gold-exchange standard is presented as a way for Britain to get hold of India's trade surplus with the rest of the world in order to balance her own international accounts. On the contrary, Keynes praised the Indian gold-exchange standard as a system which not only allowed stabilising India's relations with the outside world but also pointed the way to a better-regulated monetary system for any country, in the line of Ricardo's Ingot Plan nearly one century older. The same notion may thus be seen alternatively as a powerful tool of domination or as a good practical idea. The paper describes how Lindsay adapted Ricardo's scheme to India and contrasts de Cecco's and Keynes's interpretations of the Indian gold-exchange standard, before suggesting that monetary ideas can prevail in their own right when they are theoretically well-founded and practically feasible, independently of the power relations they may reflect. [ABSTRACT FROM AUTHOR]

The paper aims to contribute to the Sraffian interpretation of Ricardo’s theory of foreign trade in his Principles, following the recent reappraisal of Sraffa’s 1930 paper. We argue that Ricardo assumed that trade happened at natural relative prices in each country, and that those prices are determined by taking as given the real wage, the available methods of production and the set of sectoral effectual demands. We show that gravitation towards natural prices ensures that: (i) Ricardo’s theory is not incomplete, so there is no need for price elastic demand functions, contrary to what John Stuart Mill argued; (ii) the quantities imported of a particular commodity will correspond to the domestic effectual demand for that commodity, net of what is produced locally by lands of superior quality, which we call ‘net effectual demands’; (iii) the terms of trade are fully determined by the ratio of the total (absolute) quantity of labor embodied in the imported commodities relative to the total quantity of labor contained in the exported commodity; and (iv) in the simple examples in chapter 7, gravitation also implies that the terms of trade are determined directly by the ratio of the given levels of reciprocal net effectual demands. [ABSTRACT FROM AUTHOR]

The paper re-assesses (the non-monetary part of) Carl Menger's Grundsätze (1871). It begins by pointing out that representatives of the so-called "German Use Value School" elaborated the theory of marginal utility prior to Menger. The paper then turns to Menger's criticism of the theories of value and distribution of the classical economists and draws the attention to some important misunderstandings by him. After a summary account of Menger's alternative construction, the paper informs about the criticisms put forward against it especially by his two main students, Eugen von Böhm-Bawerk and Friedrich von Wieser. It is then argued that contrary to Menger's view, relative prices reflect inter alia the substances that "transmigrate" into commodities in the course of production. Despite the numerous objections levelled at it, the Grundsätze are nevertheless a "great" work, because it invites to correct what is problematic in it and develop what is sound. [ABSTRACT FROM AUTHOR]

La lecture des chapitres XXVI-XXXIII du livre I du Capital (1865–1867) montre que Marx prenait les vicissitudes ou les contingences de l'histoire anglaise pour d'authentiques nécessités historiques. Mais elle montre aussi que les propriétaires fonciers forment une classe sociale sui generis, qui joue un rôle décisif dans la théorie de la valeur. De fait, la lecture de ces chapitres permet aujourd'hui de répondre avec certitude à la fameuse question oratoire que se posait Marx au chapitre LII du livre III du Capital (1864–1865): "Was macht Lohnarbeiter, Kapitalisten, Grundeigenthümer zu Bildnern der drei großen gesellschaftlichen Klassen?" ("Comment se fait-il que ce soient les ouvriers salariés, les capitalistes et les propriétaires fonciers qui constituent les trois grandes classes de la société?") et à laquelle il n'aurait supposément jamais répondu. A close reading of chapters XXVI–XXXIII of Capital, vol. I (1865–1867) shows that Marx (mis)took the contingencies of English history for genuine historical necessities. But it also shows that landowners form an actual social class in Capital, one that plays an actual role in Marx's own theory of value. In fact, reading these chapters allows us to confidently answer that famous rhetorical question Marx first asked himself in chapter LII of Capital, vol. III (1864–1865): "Was macht Lohnarbeiter, Kapitalisten, Grundeigenthümer zu Bildnern der drei großen gesellschaftlichen Klassen?" ("Comment se fait-il que ce soient les ouvriers salariés, les capitalistes et les propriétaires fonciers qui constituent les trois grandes classes de la société?"). Unlike what we are sometimes led to believe, Marx actually answered that question. [ABSTRACT FROM AUTHOR]

This article is a compilation and study of the images of Juan Sebastián Elcano produced from the 16th century to the end of the 19th century. The iconographic repertoire found is made up of engravings, drawings, paintings and sculptures that depict in an idealised way the effigy of the navigator or some episode in his life related to the first circumnavigation of the Earth. These images, most of them with clear commemorative and patriotic component, are analysed by taking into account their symbolic values and the historical-cultural substratum from which they arise. [ABSTRACT FROM AUTHOR]

This article assesses Samuelson's attempt to introduce Sraffa's framework of "production of commodities by means of commodities" to the neoclassical-Ricardo trade model. We slightly modify Samuelson's model to consider, on the one hand, more commodities than countries and, on the other hand, a positive rate of interest and full international (finance) capital mobility. In the first case, comparative advantage is unable to predict the direction of trade. In the second case, the principle does not warrant the existence of trade. In conclusion, a closer look at the neoclassical-Ricardian trade model through the lenses of Sraffa casts more doubts than certainties of the comparative advantage theory. [ABSTRACT FROM AUTHOR]

Este estudo expõe as perspectivas distintas sob as quais G. W. F. Hegel e K. Marx se relacionam com a ECONOMIA POLÍTICA CLÁSSICA. Para tanto, parte das teorias do valor de A. Smith e D. Ricardo, investigando, à luz da crítica teórica de Marx, suas contradições e seus limites teóricos; em seguida, examina a apropriação que dela faz Hegel em sua Filosofia do Direito, apontando, com base neste exame, os problemas que surgem na leitura hegeliana da ECONOMIA POLÍTICA CLÁSSICA.

To understand the foundation in 1922 of the Escuela de Archivistas, Bibliotecarios y Técnicos para el servicio de Museos of the Universidad de Buenos Aires during the tenure of Ricardo Rojas, an exploratory analysis of its first study plan (1923-1927) is carried out. The data was obtained from the School's programs and critical literature. The results obtained allow us to know the context behind the School's foundation, the reasons for not imitating the plans of the United State of America or France, and the critics made by the library field. This analysis concludes with a reflection on the need to continue studying this period. [ABSTRACT FROM AUTHOR]

This paper puts forth a new scholarly approach to trade negotiations, for practitioners of international agreements, or simply to business students attempting to understand Ricardian trade theory. The paper hypothesizes that matrices can provide a simpler conceptual framework for considering Ricardo’s comparative advantage, especially when multiple goods and multiple countries are involved, in order to determine which countries should produce which goods. Numerous theoretical examples are presented, singularly, and jointly, as are different possible flaws and assumptions, additional applications, and alternative uses of the matrices, such as employing matrices to increase production of certain goods needed during crises or shortages. The article also argues that “terms of trade” should not be “assumed” in trade models but be based upon indifference curves, and addresses other influencing factors such as neoclassical changes in utility or in production. Found valid, the paper applies this method of trade simplification to pressing international situations, the question of “Brexit,” the sobriquet for the United Kingdom’s effort to withdraw from the European Union, which creates interesting possibilities for new trade deals, and the renegotiation of the North American Free Trade Agreement (NAFTA). The conclusion conceptually compares bilateral and multilateral trade, singularly, and with all countries together.

This paper analyzes the evolution of Torrens' trade theory from 1808 to 1826. Firstly, it shows that Torrens' reflections on trade evolved considerably by comparing The Economists Refuted and the Essay on the Production of Wealth. Secondly, it offers an explanation of how and why this evolution took place by scrutinising the different editions of the Essay on the External Corn Trade. Thirdly, Torrens' model of trade and growth is presented. Finally, by identifying the assumptions underlying the model, it is argued that, in the early 1820s, Torrens still adheres to the absolute advantage theory. [ABSTRACT FROM AUTHOR]

The orthodox view on Ricardo's monetary theory is that it inconsistently mixes a commodity-theory of money and a quantity-theory of money. One aim of the paper is at discarding this view and at suggesting another, based on Ricardo's distinction between a position in which money "conforms" to the standard and positions in which money depreciates or appreciates because its quantity is inadequate. The paper also shows that, in spite of differences on particular points, the basic aspects of this approach are shared by other scholars, so that one may speak of an unorthodox view on Ricardo's theory of money. [ABSTRACT FROM AUTHOR]

One key critique Karl Marx (1818–1883) addresses to the political economists is their lack of an adequate force of abstraction [Abstraktionskraft], which provides our only tool available when analysing economic forms. In his Grundrisse (1857–1858), Marx writes that individuals in bourgeois society are ruled by abstractions. This article aims to reconstruct a Marxian methodology by focusing on the category of abstract labour as a key to his theory. Many modes of abstraction are at work in the category abstract labour. The article challenges the claim by leading scholars that Marx got this category wrong from the start, remaining ambivalent throughout his writing. By investigating Marx’s analysis of labour-power and wage-labour, the article sheds new light on the canonical definition of abstract labour. This article uses manuscripts, letters, and specifically Marx’s critique of David Ricardo, as well as a reading of later stages in Das Kapital (1867) to show how Marx’s use of abstract labour throughout his oeuvre is consistent with his dialectical presentation of the concept in Das Kapital. It suggests that Marx consistently reveals the social abstraction of the substance of value and capital, i.e. abstract labour, as a Realabstraktion dominating individuals in bourgeois society through money and capital.

Gold standard, Marcello de Cecco, Ricardo, Keynes, Indian currency, international monetary relations, Codes: F33 I Money and Empire i , a classic in monetary and financial history, first published fifty years ago in 1971, provides an original interpretation of the functioning of the international Gold Standard at the turn of the twentieth century and of the fragilities that led to its end in 1914. Keywords: Gold standard; international monetary relations; Marcello de Cecco; Ricardo; Keynes; Indian currency; Codes: F33 EN Gold standard international monetary relations Marcello de Cecco Ricardo Keynes Indian currency Codes: F33 365 366 2 03/08/23 20230401 NES 230401 This Symposium aims to bring I Money and Empire i by Marcello de Cecco (1939-2016), to the attention of the modern reader and in particular of the readers of the I Review of Political Economy i . [Extracted from the article]

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Internal combustion engines are the generators of energy for many transportation applications, but they still have an overall low efficiency due to mechanical and thermal losses. The combustion chamber is the core element of the engine and it ought to be perfectly sealed; however, some of the gas leaks toward the crankcase due to imperfect sealing of the rings. This leakage is known as blow-by and affects efficiency, correct lubrication and emissions. The aim of this paper was to understand, in a more detailed way, how some parameters could affect the sealing efficiency of a ring pack. In particular, ring gaps, ring masses and elastic properties, and ring static twists, were varied from the original and investigated for their influence on the inter-ring dynamics and sealing efficiency. The problem, referred to a turbo diesel engine, was formulated in terms of motion equations for the rings and gas equations for the inter-ring crevices, and solved in ©Ricardo RINGPAK solver. The results were compared with the original design and with the reference literature. These results confirm that ring gaps and ring unstable motion have an important role in the phenomenon of gas blow-by. In addition, the second ring emerged to have a more important role on the blow-by reduction with respect to the top ring. However, this phenomenon is complex due to the interaction of several parameters, not all of which were included in this study. Nevertheless, these findings can already be taken into account for further studies or experimental investigations. [ABSTRACT FROM AUTHOR]

It has long been accepted that Marx was a follower of the labour theory of value. This position has recently been challenged by Harvey. This paper shows that the essential basis of Marx's value theory remained labour and that it did not differ substantially from that of Ricardo. It also references data showing the empirical validity of the theory and presents example data from the UK 1998 input output table showing how closely monetary output shadows labour content. [ABSTRACT FROM AUTHOR]

This paper is a reconstruction and a reconsideration of Achille Loria's (1857–1943) economic and social thought, in particular his criticism of capitalism. Loria, a leader of the Italian and European economic science of his generation, was convinced that the true and most relevant conflict in the capitalistic society was that between rent and profit. Loria, following David Ricardo, considered this conflict much more radical than the profit-wages one, and therefore assigned to income redistribution a central place in his theory. Loria was an outstanding economist in the first part of his career (1780–1900), but underwent a sudden decline with the advent of the marginalist revolution, when his "classic" approach to political economy was considered obsolete and wrong. The paper claims that Loria's system deserves to be reconsidered, and that his criticisms are particularly relevant in contemporary financial capitalism based again on rent seeking. [ABSTRACT FROM AUTHOR]