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Topic: Ricardian economics

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	GlobalEcono.com - Economic Theory
		Economics has two broad branches: microeconomics, where the unit of analysis is the individual agent, such as a household, firm and macroeconomics, where the unit of analysis is an economy as a whole.
		Economic reasoning has been increasingly applied in recent decades to social situations where there is no monetary consideration, such as politics, law, psychology, history, religion, marriage and family life, and other social interactions.
		Economic policy often revolves around arguments about the cause of "economic friction", or price stickiness, and which is, therefore, preventing the supply and demand from reaching equilibrium.
	www.globalecono.com /theory/index.html (5167 words)

	Philosophy of Economics (Stanford Encyclopedia of Philosophy)
		Economics is of particular interest to those interested in epistemology and philosophy of science both because of its detailed peculiarities and because it possesses many of the overt features of the natural sciences, while its object consists of social phenomena.
		Economics is thus a test case for those concerned with the extent of the similarities between the natural and social sciences.
		Economic methodologist have paid little attention to debates within philosophy of science between realists and anti-realists (van Fraassen 1980, Boyd 1984), because economic theories rarely postulate the existence of unobservable entities or properties, apart from variants of “everyday unobservables,” such as beliefs and desires.
	plato.stanford.edu /entries/economics (15845 words)

	Slate - Dismal Scientist - January 23, 1997
		Economic theory is not a collection of dictums laid down by pompous authority figures.
		His acknowledgements conspicuously do not include any competent economists--not a surprising thing, one supposes, for a man who describes economics as "not really a science so much as a value-laden form of prophecy." But I also suspect that Greider is the victim of his own earnestness.
		Paul Krugman is a professor of economics at MIT whose books include The Age of Diminished Expectations and Peddling Prosperity.
	web.mit.edu /krugman/www/hotdog.html (1789 words)

	The Classical Ricardians
		The Mercantilist economic policies of the British state had led to a rebellion and now the colonists established a home-grown liberal republican government more-or-less dedicated to laissez-faire and free trade.
		At the core of the "Classical Ricardian" School was the trio of true disciples -- James Mill, J.R. McCulloch and Thomas de Quincey.
		It was in an effort to stop economics from becoming a mish-mash of theories that John Stuart Mill (1848) wrote his famous textbook, restating the Ricardian Classical doctrines fully and explicitly.
	cepa.newschool.edu /het/schools/ricardian.htm (1383 words)

	w: UAPB HET (Site not responding. Last check: 2007-09-10)
		Economics, Alfred Marshall tells us, is the "study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being" (Marshall, 1890: p.
		Some would argue that this is lamentable; that by shunting economics into its strict, theoretical grooves and away from its earlier loose, somewhat historical, semi-empirical, intuitional basis by Smith and others, Ricardo is, in effect, "where economics went wrong".
		Furthermore, German economics was dominated by the Historical School initiated by Friedrich List (1841) and Wilhelm Roscher (1843), which had very little sympathy for Ricardianism and made it a point to confront it wherever it appeared.
	www.uapb.edu /busmg/classes/historycwi.htm (2100 words)

	Editor - Lit Lib, Literature of Liberty, July/September 1979, vol. 2, No. 3 ToC: The Online Library of Liberty (Site not responding. Last check: 2007-09-10)
		Ricardian economic procedures, according to the Schumpeter-Knight historiography, are diametrically opposed to the spirit of general equilibrium.
		The Ricardian system is represented by a two-commodity model involving a wage-good (corn) and a luxury-good, the latter identified with the standard of value ("gold").
		Mill evidently did not believe that the standard Ricardian position failed to provide an adequate response to the radical challenge; and he saw nothing in that position—even in the labor theory as interpreted by himself—that served the purposes of the socialists.
	oll.libertyfund.org /Home3/HTML.php?recordID=0353.07 (12949 words)

	REVIEW OF JOHN HICKS'S CAUSALITY IN ECONOMICS
		After wondering out loud whether probability theory applies in economics, Hicks end his discussion with the "[bold conclusion] that the usefulness of 'statistical' or 'stochastic' methods in economics is a good deal less than is now conventionally supposed." The reader will be pleased to see that these methodological issues are considered important.
		"[E]conomics is concerned with actions, with human actions and decisions, so that there is a way in which it comes nearer to the Old Causality than the natural sciences do" (p.
		Had Hicks followed the Austrian lead and recognized that all economic phenomena are caused by individuals making decisions, he would have been able to provide a much more fruitful treatment of causality in economics—and he might even have discovered why macroeconomic theories need a microeconomic foundation.
	www.auburn.edu /~garriro/r2hicks.htm (2001 words)

	[No title]
		A minimum GPA of 2.00 (on a 4.00 scale) in economics coursework is required for the economics minor.
		Application of economic principles to problems in American labor, including employment, unemployment, and manpower policies; wage determination and wage policy; development and organization of trade unions in private and public sectors; social legislation; and policy for the labor market as these relate to contemporary social and economic problems.
		Economic analysis of the basic workings of financial markets, particularly measurement and pricing of risk and the intertemporal allocation of funds; theory of firm; time value of money; asset pricing; working capital policy and management of cash, receivables, and inventory positions; capital budgeting; risk return analysis; and introduction to options and futures.
	www.uis.edu /economics/eco0607catcopy.doc (1952 words)

	David Ricardo's Contributions to Economics (Site not responding. Last check: 2007-09-10)
		When capitalism eroded its own underpinnings the resulting misery was expected to bring social strife and revolution.
		It is unlikely that Ricardo would have supported Marx's revolutionary brand of political economics, but the ties between the schools of thought are undeniable.
		It is ironic that although Ricardo's ideas helped provide a basis for Marxist critiques of the capitalist system, he own policiy recommendations, like those of Robert Malthus, are grounded in the doctrine of free trade.
	www.victorianweb.org /economics/ric.html (534 words)

	Input-Output Economics (Site not responding. Last check: 2007-09-10)
		The aim of this study, and thereby this paper, is to discover the field of input-output economics as an integral component of the wider trade theory.
		The Ricardian model, which is the next most important model to that on which input-output economics is based, will be described in some depth for the sake of comparison and to give an alternative insight into the discipline of trade theory.
		The Ricardian model then, suggests that labour costs will be the determinant of trade: the country with the lower labour cost in the production of a good will be the exporter of that commodity.
	www.fatemi.com /CONFERENCES/input.html (6721 words)

	Ricardian equivalence - Wikipedia, the free encyclopedia
		Ricardian equivalence, (also known as Barro-Ricardo equivalence proposition or Ricardian rent), is an economic theory which suggests that government budget deficits do not affect the total level of demand in an economy.
		Ricardian equivalence states that a deficit-financed increase in government spending will not lead to an increase in aggregate demand.
		If consumers are 'Ricardian' they will save more now to compensate for the higher taxes they expect to face in the future, as the government has to pay back its debts.
	en.wikipedia.org /wiki/Ricardian_equivalence (734 words)

	Free Essay Critique of Marxian Economics
		Economic Stratification in the U.S.: Applicability of the Weberian and Marxian
		Elster makes it clear that what he means by traditional Marxism is that ‘intellectually bankrupt’ and ‘non-scientific’ economic theory associated with the labor theory of value, the theory of the falling rate of profit, and ‘the most important part of historical materialism’, the ‘theory of productive forces and relations of production’ (1986, p.188-194).
		To achieve this reconstruction, he explicitly favours the tools of neoclassical analysis; a ‘truly scientific’ methodology that posits the existence of economic institutions (for example, prices and markets), then attempts to show that they are compatible with the actions of individual agents who engage in rational calculated satisfaction-maximizing exchanges.
	www.echeat.com /essay.php?t=29642 (1284 words)

	Methodology of Chicago School
		This problem has even been given a name in economics: the "Ricardian vice." This is not to say that all economists are guilty of this, or that economics isn't gradually becoming a more empirical science.
		Economic journalist Robert Kuttner writes: "As a scholarly discipline, economics has always suffered from physics envy -- today more than ever." (1) The desire to be counted among the hard sciences runs astonishingly deep among economists.
		Economic actors are assumed to be 100-percent self-interested, have perfect information about the market, are perfect calculators, and are perfectly rational.
	www.huppi.com /kangaroo/L-chimeth.htm (2374 words)

	Teacher's Corner: Does It Matter How You Pay for a State Dinner? A Lesson on Ricardian Equivalence: Library of ...
		Although his original writing on the subject involves a somewhat separate question, the economic intuition behind his answer applies directly to your quandary, as well as to the unending concerns about the handling of government deficits in any number of countries that actually are on the map.
		During the course of that debate, Buchanan and others pointed out that while the fundamental insight of Ricardian equivalence is true, many of the assumptions that must be true for outcomes to be exactly the same are questionable in real world situations.
		As a result, determining the practical policy consequences of Ricardian equivalence boils down to an empirical issue, and it is possible that even if the equivalence of outcomes from tax finance and from debt finance does not strictly hold, the disparity between those outcomes is not a profound one.
	www.econlib.org /library/Columns/Teachers/ricardianequiv.html (1512 words)

	XXII. THE NONHUMAN ORIGINAL FACTORS OF PRODUCTION: General Observations Concerning the Theory of Rent
		In the frame of Ricardian economics the idea of rent was an attempt at a treatment of those problems which modern economics approaches by means of marginal-utility analysis.
		The customary characterization of his economic philosophy as "that of the manufacturing middle classes of contemporary England" [3] misses the point.
		Land is, in the economic sense, a factor of production, and the laws determining the formation of the prices of land are the same that determine the formation of the prices of other factors of production.
	www.mises.org /humanaction/chap22sec1.asp (1159 words)

	John Derbyshire on Economics on National Review Online
		My earliest acquaintance with big-time public-affairs economics was when I read in my father's newspaper (The Daily Mirror, solid for Labour in those days) that our nation's new prime minister, Sir Alec Douglas-Home, had confessed to being an economic ignoramus.
		The fact remains that for all their expertise and diligence and — in Wilson's case, at any rate — credentials, the economics they thought they knew was not, in fact, much good.
		Economics may be dismal, but it ain't a science.
	www.nationalreview.com /derbyshire/derbyshire200402110914.asp (1581 words)

	The Crisis of Keynesian Economics by Geoffrey Pilling (Site not responding. Last check: 2007-09-10)
		To historians of economic theory the triumph of the neoclassical synthesis should appear as most inappropriate, for the basis of Keynes’s formal training in the economics of Ricardo and Marshall left a strong imprint on his own contributions to economic theory.
		The implication is that Keynesian-type economics was sound in the abstract: the problem arose when one attempted to implement such economics in the ‘real world’ in the face of a state which was not impartial as between social forces an therefore not neutral about policy prescriptions.
		A familiarity with the history of economic theory reveals that in Keynes’ explanation for a secular decline in the marginal efficiency of capital is to be found more than an echo of Adam Smith’s theory of the falling rate of profit advanced some 150 years earlier.
	www.marxists.org /archive/pilling/works/keynes/ch03.htm (16582 words)

	HES: EDITORIAL -- Ricardian Economics in HistoricalPerspective
		He makes the startling point that Ricardo correctly assessed the nature of the economic problems Britain was dealing with at the time and provided policy advice that correctly addressed the problems as they actually then were.
		It nevertheless remains the judgement of textbooks to this day that Ricardo, one of the finest minds every associated with economics, had been unable to understand the nature of the recessions which he lived in the midst of.
		What Davis has done, in providing a detailed understanding of the actual economic circumstances of Ricardo's time, is provide additional evidence that the Keynesian Revolution was built on a false premise which has implications not just for the history of economics, but for the very nature of economic theory itself.
	eh.net /pipermail/hes/2000-September/006121.html (1046 words)

	University of Pennsylvania
		In the Ricardian Model, wages in two countries are different before and after trade.
		In the Ricardian Model, at least one country specializes completely in one industry after trade.
		In the Ricardian Model, everyone in two countries gains from trade (or at least stays at the same level).
	www.econ.upenn.edu /econ50/midterm1.html (1801 words)

	Ricardian economics - Wikipedia, the free encyclopedia
		David Ricardo was born in 1772 and made a fortune by later becoming a stockbroker and loan broker (Henderson 826, Fusfeld 325).
		He eventually wrote his first economic article ten years later and ultimately, the “bullion controversy" gave him fame in the economic community for his theory on inflation in 19th century England.
		He was also a factor in creating classical economics [1], which meant he fought for freer trade [2] and free competition without government interference by enforcing laws or restrictions (Fusfeld 325).
	en.wikipedia.org /wiki/Ricardian_economics (1446 words)

	Welcome to the Ricardian Explorer
		Ricardian Explorer is an interactive computer game that simulates the functioning of a simple model of international trade.
		As in conventional economic models, their consumption decisions are guided by the desire to maximize a utility function that is increasing in the quantities of goods consumed.
		The Ricardian Explorer game has been designed as a tool to complement conventional courses in international trade.
	www.wesleyan.edu /econ/ricardian (301 words)

	The Dismal Science Project
		In the period we study economic analysis also supposed, as Mill put it in his essay On the Definition of Method; and on the Method of Investigation Proper to It (1836; hereafter, Essay), that it treats “man’s nature as modified by the social state” (Mill 1967a, p.
		We shall review the familiar use of mean income in new welfare economics and compare it to the obscured use of median income in the classical period of economics as norm.
		As both sorts of racial theories entered into economics in the decades that followed, the focus moved from physical differences stressed by the anthropologists – the shape or size of the skull – to differences in economic competence.
	www.edwardmcphail.com /dismal_science/ruskin_index.html (5150 words)

	Society of St Vincent de Paul & Marxism
		To understand where this idea came from we have to take a quick look at Ricardian economics, according to which an increasing share of the national income accrues to landlords at the expense of the rest of the community.
		However, the irony here is that their obsession with inequality was not shared by Marx who said that “it was in general incorrect to make a fuss about so-called ‘distribution’ and put the principle stress on it”.
		Molina’s economic analysis and opinions were in accord with those of his fellow scholastics.
	www.brookesnews.com /052706marxist.html (1489 words)

	Washington Policy Center • Publications
		Unfortunately, too many Americans don’t comprehend the complexities of Ricardian economics and oppose free trade out of ignorance or misinformation.
		When jobs started evaporating faster than they were being protected, Bush got a quick lesson in Ricardian economics and the tariffs quietly expired.
		But the job losses were concentrated in a few sectors of the economy (textiles in North Carolina) and the job gains were diffused over 150 million employees.
	www.washingtonpolicy.org /Misc/Op-Ed_ManwellwerCAFTA.html (705 words)

	Ricardo's Economics: A General Equilibrium Theory of Distribution and Growth by Michio Morishima [ISBN: 0521366305] - ... (Site not responding. Last check: 2007-09-10)
		The author concentrates on Ricardo's main work, The Principles, and shows that his economics is the prototype of mathematical economics without the symbols and formulae.
		The analysis contradicts the conventional view that marginalism emerged in opposition to classical economics, showing instead that Ricardian analysis is firmly based on marginalist principles, using prices, wages, and profits rather than labor values.
		The book ends with a discussion of the historical character of economic theory and an attempt to specify the epoch of Ricardian economics.
	www.gettextbooks.com /isbn_0521366305.html (153 words)

	Say's Law and Supply Side Economics
		Even today, economics is often still thought of in "underconsumptionist" terms -- not often by economists but frequently in politics and in public debate -- and the Los Angeles Times still prints articles to the effect that the basic problem of economics is "how to achieve sufficient demand to absorb available production" [3].
		Although cutting tax rates produced the "seven fat years" from 1982-89, and tax receipts actually did increase, this advice is now commonly disparaged as "tax cuts for the rich" and falsely blamed for growing federal budget deficits in the '80's [7].
		Thus the Soviet Union reproduced the economic poverty as well as the political privilege of a mediaeval state, even as Herbert Hoover and Franklin Roosevelt, with glowing rhetoric about the common man, lodged the wealthiest nation in history in a full decade of unprecedented unemployment.
	www.friesian.com /sayslaw.htm (7380 words)

	HES: EDITORIAL -- Ricardian Economics in Historical Perspective
		I agree with the methodology Henderson proposes, for it
		Ricardo is often criticized by historians of economic thought for,
		economics-in particular, he seems to have advanced an abstract
	eh.net /lists/archives/hes/sep-2000/0052.php (1356 words)

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