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Studying Economics as War Effort: The First Economic Treatise in the Ottoman Empire and its Militaristic Motivations
No full textThe introduction of post-Smithian economics into the Ottoman Empire in the early nineteenth century was primarily militaristically motivated. The first known treatise of economics in Ottoman-Turkish is a manuscript, entitled Risâle-i Tedbîr-i Ûmrân-ı Mülkî (A Treatise on the Administration of the Prosperity of the Country/State, c.1835), written exclusively for the Ottoman political-military elite. The manuscript is based mostly on Jean-Baptiste Say’s Cours complet d'économie politique pratique (1828-29). The anonymous author of this 84-page manuscript begins the text with the argument that military technologies and institutions got more sophisticated in modern times and the necessary institutional upgrading to catch up with these changes created a heavy burden on central state finances. This new discipline, i.e. economics, according to the author, provides statesmen with new scientific principles for organizing an effective war economy. Focusing on the militaristic objectives and content of the first known example of the Ottoman-Turkish economic literature, this paper examines the relationship between war and economics in the early nineteenth-century Ottoman Empire. It also sheds light on the linguistic and cultural dynamics of the transmission of economic ideas into the Ottoman Empire
Studying Economics as War Effort: The First Economic Treatise in the Ottoman Empire and its Militaristic Motivations
No full textThe introduction of post-Smithian economics into the Ottoman Empire in the early nineteenth century was primarily militaristically motivated. The first known treatise of economics in Ottoman-Turkish is a manuscript, entitled Risâle-i Tedbîr-i Ûmrân-ı Mülkî (A Treatise on the Administration of the Prosperity of the Country/State, c.1835), written exclusively for the Ottoman political-military elite. The manuscript is based mostly on Jean-Baptiste Say’s Cours complet d'économie politique pratique (1828-29). The anonymous author of this 84-page manuscript begins the text with the argument that military technologies and institutions got more sophisticated in modern times and the necessary institutional upgrading to catch up with these changes created a heavy burden on central state finances. This new discipline, i.e. economics, according to the author, provides statesmen with new scientific principles for organizing an effective war economy. Focusing on the militaristic objectives and content of the first known example of the Ottoman-Turkish economic literature, this paper examines the relationship between war and economics in the early nineteenth-century Ottoman Empire. It also sheds light on the linguistic and cultural dynamics of the transmission of economic ideas into the Ottoman Empire
Sraffa, the ‘marginal’ method and change
No full textIn the preface to Production of Commodities by Means of Commodities Sraffa emphasizes that his book does not make use of the method of marginal magnitudes. This paper, based mainly on the notes that Sraffa wrote over nearly forty years, shows that Sraffa's rejection of this method, which he calls ‘marginism’ is not due to some aprioristic methodological preconception, but is part of his views on the appropriate method to deal with actual economic phenomena. Indeed, ‘marginism’ deals with changes, which occur in time, as if changes were always amenable to the difference between two situations which exist side by side. But change, outside the world of mechanics and in that of social phenomena, does not follow predetermined paths which are known a priori. Therefore, the marginist method appears to Sraffa as constraining economic analysis within particularly rigid patterns inadequate for the study of economics. In the light of this criticism, the paper sheds new light on Sraffa's attention, which he never relented, for some passages of Marshall's Principles
The standard commodity and the standard of money
No full textThe paper addresses the question whether any commodity could be arbitrarily chosen as standard of money. The function of the standard of money is therefore analysed and distinguished from that of a numeraire. The question whether the commodity chosen as the standard of money should have particular properties was answered by Ricardo by identifying the main requirement for a good standard of money with the "invariability" of value. Given the well-known failure of Ricardo' s search for an "invariable measure of value", Sraffa' s Standard Commodity is then considered as a possible candidate for the standard of money and it is explained why this possibility should be rejected. Thus, in the absence of a theory to direct the choice of the standard of money, a commodity standard regime is either useless or harmful.La question posée est de savoir si une marchandise peut être choisie arbitrairement comme étalon monétaire. L'analyse distingue la fonction de l'étalon monétaire et la fonction du numéraire. Ricardo a soulevé la question des caractéristiques que doit avoir la marchandise choisie comme étalon monétaire et a identifié l'invariabilité de la valeur comme la qualité principale d'un bon étalon monétaire. Vu l'échec de la recherche ricardienne d'une mesure invariable de la valeur, c'est la marchandise- étalon définie par Sraffa qui est alors analysée comme candidat possible à la fonction d'étalon monétaire ; on démontre que cette possibilité est inacceptable. Dans l'absence d'une théorie qui puisse guider le choix d'un étalon monétaire, un commodity standard regime est alors inutile ou même nuisible.Marcuzzo Maria Cristina, Rosselli Annalisa. The standard commodity and the standard of money. In: Cahiers d'économie politique, n°23, 1994. Monnaie et étalon chez David Ricardo. pp. 19-31
Ricardo's theory of money matters
No full textRicardo's theory of money matters
In this paper three common charges against Ricardo's monetary theory are evaluated : the commodity-money fallacy, the neutrality of money and the long-period view. According to the first, Ricardo's identification of money with gold prevented him from coming to grasp with paper-money and therefore fully understanding the properties of money. According to the second, Ricardo is the champion of the quantity theory of money and failed to see the real effects of variations in nominal variables. According to the third, Ricardo gave exclusive attention to permanent phenomena to the detriment of analysis of short-period disturbances. The paper challenges these views and provides an alternative interpretation of Ricardo's monetary theory.Ricardo's Theory of Money Matters
Dans cet exposé on analyse trois reproches adressés communément à la théorie monétaire de Ricardo : la monnaie-marchandise, la neutralité de la monnaie et la conception d'équilibre à long terme. Le premier, que l'identification de la monnaie avec l'or empêche Ricardo de saisir le sens du papier-monnaie et, par conséquent de comprendre pleinement ses propriétés. Le deuxième, que Ricardo est le champion de la théorie quantitative de la monnaie et qu'il refuse de voir les effets réels des variations dans les variables nominales. Le troisième, que Ricardo porte une attention exclusive aux phénomènes permanents au détriment de l'analyse des phénomènes à court terme. Notre analyse affronte ces reproches et propose une interprétation alternative de la théorie monétaire de Ricardo.Marcuzzo Maria Cristina, Rosselli Annalisa. Ricardo's Theory of Money Matters. In: Revue économique, volume 45, n°5, 1994. pp. 1251-1268
Trading in the “Devil’s metal”: Keynes’s speculation and investment in tin (1921–1946)
No full textIn a recent paper, Alessandro Roncaglia, reconstructing the long- term developments and
structure of the oil markets, noted that this “industry is complex, with production stages
that are technically quite different from one another[; ...] it is characterised by strong
economic and political interests intertwined in an interplay of conflicts and alliances that
evolve over time, while technology, the organization of the markets and their size also
dramatically change” (2015, 151).
This also applies to tin, a commodity whose characteristics made it an object of several
cartels dominated by intertwined national and private interests, marked by high price volatility,
control of which was pursued by various forms of international agreements, with or
without the support of buffer stocks, from the 1920s to the 1980s. Tin was also the commodity
that John Maynard Keynes dedicated most attention to as speculator, investor and
commentator. It was probably the commodity in which he invested most, together with
cotton and wheat, and where he suffered the greatest losses, alongside rubber. His trading
in tin spanned from 1921, when he first bought a future contract, until his death in 1946.
In this chapter, we present a reconstruction of Keynes’s dealings in tin, as economist,
speculator and investor, taken as a lens through which to examine the tin market in the
interwar period
Sraffa, il metodo "marginale" e il cambiamento
No full textSraffa's well known rejection of the notion of marginal utility, and most of all of marginal product, is often thought to rest on a methodological preconception on his part: on an argument, that is, that had nothing to do with his interest and his knowledge of economic reality on the one hand, and of the history of economic thought on the other. Through a perusal of Sraffa's unpublished notes on the subject we argue that there was nothing dogmatic (or strictly 'philosophical', to use A. Sen's phrase) about his rejection . Above all, we find that criticising the 'marginal' method was in fact only one side of Sraffa's rediscovery of a method, such as that pursued by the classical economists, better suited for the understanding of the complexity and the variability of economic phenomena
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
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