The History of Economic Thought
Online ISSN : 1884-7358
Print ISSN : 1880-3164
ISSN-L : 1880-3164
Volume 47 , Issue 1
Showing 1-16 articles out of 16 articles from the selected issue
  • Keith Tribe
    2005 Volume 47 Issue 1 Pages 1-17
    Published: July 07, 2005
    Released: August 05, 2010
    JOURNALS FREE ACCESS
    The introduction of a national accounting framework for the UK budget of 1941 follows directly from the new “Keynesian” macroeconomics of the late 1930s. This was not merely a theoretical innovation, however, for any such framework requires consistent and reliable data. This paper shows how the modern conception of national income was first mooted by Alfred Marshall, elaborated by Pigou as the organising principle of welfare economics, but given shape in Britain through the efforts of a number of statisticians starting with the first Census of Production in 1907, and continuing through the 1920s and 1930s. Without the consistent attention that Flux, Macrosty, Bowley, Stamp and Clark paid to the task of turning existing statistical data into the elements of a national accounting system the Keynesian framework would have remained an elegant idea, rather than a tool of economic administration.
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  • Ryo Sadamori
    2005 Volume 47 Issue 1 Pages 18-34
    Published: July 07, 2005
    Released: August 05, 2010
    JOURNALS FREE ACCESS
    To address the new historical phenomenon, the framework Montesquieu introduced in his project was his particular distinction between “political” and “civil.” The former implies the relation between the governor and the governed, and the latter the relation “all citizens have with one another.” In The Spirit of the Laws, corresponding to this distinction, there are two important chapters on England. One is Book 11, Chapter 6, on the constitution, in which the famous definition of “political liberty” is demonstrated as “the right to do everything the law permits.” The other is Book 19, Chapter 27, on mores, manners and the character of a nation.
    The problematic of the “civil” is supposed to lie between the two abovementioned chapters. Especially in Book 18, the importance of the role of mores is found where liberty is not necessarily considered with existence of laws. There emerges a need to re-evaluate the notion of “independence, ” which has been neglected all through the research on Montesquieu. All the questions concerned here lead us to position Montesquieu's understanding of Tacitus' On the Mores of Germans as central to The Spirit of the Laws. “Independence” is considered in relation to the governor, and the geography, especially the mountain, enables the people to defend themselves without his guard. That is how mountain people generate republican government through their mores, and Montesquieu found there the “spirit of liberty.”
    In England, this type of independence of citizens had been established by the possession of movable property. Thus, the development of commercial society through centuries make the realm of the “civil” itself autonomous and divided from that of the “political.” In short, the spirit of liberty could historically generate the very condition of “political liberty” while both types of liberty heterogeneously maintain their mutual correlation.
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  • Makoto Okuyama
    2005 Volume 47 Issue 1 Pages 35-48
    Published: July 07, 2005
    Released: August 05, 2010
    JOURNALS FREE ACCESS
    The purpose of this paper is to reconsider Sombart's vision of economics, which has generally been regarded as dominated by his dynamic “theory of economic development, ” by analyzing his theories of the entrepreneur as a leading subject in his economic writings.
    Sombart modeled the ideal type of modern capitalistic entrepreneur on his contemporaries. The entrepreneur suitable for the modern capitalism will pursue not his own interest but the profit of his enterprises. According to Sombart, two typical factors that constitute the modern capitalistic entrepreneur are “Unternehmer” and “Händler.” The “Unternehmer” functions especially as the coordinator, namely as the innovator. On the other hand, the “Handler” must have a talent for speculating on calculations and bargaining with buyers for many kinds of merchandise.
    The most important nature of an ideal entrepreneur is the “intellect” that controls his emotion, always keeps him calm, and drives him to strive hard to attain his supreme aim of profit-acquisition. Sombart emphasized that there was a close connection between these characteristics of the entrepreneur and the Jewish spirit of sticking to intellectually or rationally determined positions.
    In the age of “Hock-Kapitalismus, ” the right to lead all the economic activities is completely transferred to entrepreneurs. They would be able to get enough capital on credit to carry out innovative operations. Sombart pointed out that the idea of “credit” was embodied in joint-stock companies, where the connection between entrepreneurs and stockholders was thoroughly impersonalized, thereby enabling an enormous sum of capital to be accumulated. Above all, Jewish entrepreneurs played a crucial part in diffusing stocks.
    In short, Sombart attempted to look on an actual “Hock-Kapitalismus” as a type of “Jewish Kapitalismus” that spread rapidly through stocks and other securities.
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  • Satoshi Yamazaki
    2005 Volume 47 Issue 1 Pages 49-64
    Published: July 07, 2005
    Released: August 05, 2010
    JOURNALS FREE ACCESS
    In this article, I would like to explore justice in Pigou, which has not been previously studied.
    Typical utilitarians have tried to demonstrate that relying on the hypothesis of the declining marginal utility, equality or taking right seriously will maximize general utility. However, I will take a different line of reasoning in my investigation. I intend to reconstruct Pigou's justice through consulting the re-examination of utilitarianism by J. O. Urmson and to construct the logic for basing justice upon utilitarian principles.
    Urmson states that it is extremely important for us to logically distinguish ‘value’ from ‘ought’; more accurately, the logic of value (good) from the logic of duty. That is to say, however good something may be, there is clearly a case in which it is not always our duty to realize it. Therefore, it follows undeniably that even when an action is evaluated as good, the action shouldn't necessarily be carried out. There is a range of actions which are of moral value, but which cannot be demanded and whose omission cannot be called wrong. According to what Urmson argues, those moral values which ought to be done (duty) are only parts of the whole, and the obligatory moral value cannot be dominated by the non-obligatory moral value. Hence, we all ought to respect each one's particular kind of utility which represents ‘right’ regardless of the maximum of general utility which concerns the nonobligatory moral value.
    Pigou tries to define ‘the National Minimum’ relying on the notions of absoluteness, infinity and incommensurability that are similar to Mill's. What is secured by the national minimum, according to Pigou, roughly corresponds to the ‘particular kind of utility’ (obligatory moral value) mentioned above. Consequently, the right which justice requires can be established in terms of Urmson's reasoning which I have explained.
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  • Nanako Fujita
    2005 Volume 47 Issue 1 Pages 65-78
    Published: July 07, 2005
    Released: August 05, 2010
    JOURNALS FREE ACCESS
    Gunnar Myrdal is well known as a defender of the welfare state. His theoretical apotheosis on the welfare state was in Beyond the Welfare State (1960), where he discussed the common development of the welfare state in “Western countries” and the effect of such development on the world economy. We call the former discussion “the theory of the formation of the welfare state, ” and the latter “the theory of the welfare world.” This paper analyzes “the theory of the formation of the welfare state.”
    This paper is organized as follows. Section II situates Myrdal's study on the welfare state within his economic writings. Especially, Myrdal's political discussion about the population problem in the 1930s is differentiated from the theory on the welfare state in the 1950-60s. Section III interprets Myrdal's economics as a whole from the viewpoint of his theory of cumulative causation. Section IV explains Myrdal's key concept of “planning an unplanned development, ” by which Myrdal's basic viewpoint on the formation of the welfare state is made clear. Section V analyzes the factors and mechanism of the formation of the welfare state. Myrdal pointed out three factors: (1) the sequence of international crises, (2) the tendency towards organization of markets, and (3) democratization. These factors were discussed in connection with changes in the popular mind or in institutions. In this section, we show the characteristics of Myrdal's theory. Section VI describes Myrdal's ideal welfare state. We examine the meaning of Myrdal's value-based premises: “the long-inherited ones of liberty, equality, and brotherhood.” We insist that Myrdal's vision of the future welfare state is like a “welfare society, ” where active civil society exists and state intervention is limited. Finally, Section VII concludes that “the theory of the formation of the welfare state” has theoretical originality and should be reconsidered in the context of modern welfare state studies.
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  • Laura Hein, Hiroshi Shimizu
    2005 Volume 47 Issue 1 Pages 79-93
    Published: July 07, 2005
    Released: August 05, 2010
    JOURNALS FREE ACCESS
    Studies of Japanese economic policy and economic thought have long been bedeviled by the idea that Japanese capitalism is not only different from Western capitalism but is also deviant. The idea that Japan's political economy is abnormal is incredibly persistent, despite the fact that empirical research reconfirms that, while institutions matter, (1) they have changed enormously over the last century in Japan as elsewhere and (2) Western political economies differ greatly among themselves.
    The idea of Japanese deviance has deep roots in both Japanese and American analyses of Japan. Japanese economic thought since the 1920s has explored the idea that the Japanese modern economy is somehow deformed, while postwar American theorizing about national economic development first accepted, then rejected this idea, and then accepted it again in the early 1980s. Meanwhile, social-scientific studies have provided sophisticated methodologies for directly comparing the Japanese economy to other developed economies. Their joint conclusion is that, while differing institutional patterns are important in all nations, Japan is far less different than popularly believed, in part because many “Japanese” institutional patterns were selectively borrowed and adapted from elsewhere. Nonetheless, these findings do not stop assertions of Japanese deviance, which are unlikely to change until five principles are accepted: (1) both wartime and postwar developments were crucial to creating the contemporary Japanese economy, (2) institutions in Japan as elsewhere are always contested, (3) all national economic development occurs within a global intellectual and institutional context, (4) on many indices, the United States rather than Japan is the outlier, (5) careful comparative work often disproves assertions of Japanese difference.
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  • [in Japanese]
    2005 Volume 47 Issue 1 Pages 94-95
    Published: July 07, 2005
    Released: August 05, 2010
    JOURNALS FREE ACCESS
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  • [in Japanese]
    2005 Volume 47 Issue 1 Pages 96-98
    Published: July 07, 2005
    Released: August 05, 2010
    JOURNALS FREE ACCESS
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  • [in Japanese]
    2005 Volume 47 Issue 1 Pages 99-101
    Published: July 07, 2005
    Released: August 05, 2010
    JOURNALS FREE ACCESS
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  • [in Japanese]
    2005 Volume 47 Issue 1 Pages 102-104
    Published: July 07, 2005
    Released: August 05, 2010
    JOURNALS FREE ACCESS
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  • [in Japanese]
    2005 Volume 47 Issue 1 Pages 105-106
    Published: July 07, 2005
    Released: August 05, 2010
    JOURNALS FREE ACCESS
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  • [in Japanese]
    2005 Volume 47 Issue 1 Pages 107-109
    Published: July 07, 2005
    Released: August 05, 2010
    JOURNALS FREE ACCESS
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  • [in Japanese]
    2005 Volume 47 Issue 1 Pages 110-111
    Published: July 07, 2005
    Released: August 05, 2010
    JOURNALS FREE ACCESS
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  • [in Japanese]
    2005 Volume 47 Issue 1 Pages 112-114
    Published: July 07, 2005
    Released: August 05, 2010
    JOURNALS FREE ACCESS
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  • [in Japanese]
    2005 Volume 47 Issue 1 Pages 115-117
    Published: July 07, 2005
    Released: August 05, 2010
    JOURNALS FREE ACCESS
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  • Martin Daunton
    2005 Volume 47 Issue 1 Pages 118-119
    Published: July 07, 2005
    Released: August 05, 2010
    JOURNALS FREE ACCESS
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