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Full-Text Articles in Political Economy

Examining The Impact Of Modern Money Theory On Non-Traditional Means Of Increasing Aggregate Demand, Storm Boris Jan 2017

Examining The Impact Of Modern Money Theory On Non-Traditional Means Of Increasing Aggregate Demand, Storm Boris

Economics Honors Papers

The recent period of ultra-low interest rates and chronically inadequate aggregate demand has led to a series of prominent new proposals of nontraditional means of increasing aggregate demand. That same stagnation has allowed for the increasing influence within the field of Modern Money Theory, a theoretical framework derived from historical observations regarding the role of money. I will explore the impact of Modern Money Theory (MMT) on two of the most prominent proposals for increasing aggregate demand, helicopter money and negative interest rates. I will explain why MMT would suggest, not only are these policies either limited in their effectiveness ...


(Review) A Short History Of Ethics And Economics: The Greeks, Spencer J. Pack Apr 2012

(Review) A Short History Of Ethics And Economics: The Greeks, Spencer J. Pack

Economics Faculty Publications

No abstract provided.


Aristotle's Difficult Relationship With Modern Economic Theory, Spencer J. Pack Nov 2008

Aristotle's Difficult Relationship With Modern Economic Theory, Spencer J. Pack

Economics Faculty Publications

This paper reviews Aristotle's problematic relationship with modern economic theory. It argues that in terms of value and income distribution theory, Aristotle should probably be seen as a precursor to neither classical nor neoclassical economic thought. Indeed, there are strong arguments to be made that Aristotle's views are completely at odds with all modern economic theory, since, among other things, he was not necessarily concerned with flexible market prices, opposed the use of money to acquire more money, and did not think that the unintended consequences of human activity were generally beneficial. The paper argues however, that this ...


Smith’S Humean Criticism Of Hume’S Account Of The Origin Of Justice, Spencer J. Pack, Eric Schliesser Jan 2006

Smith’S Humean Criticism Of Hume’S Account Of The Origin Of Justice, Spencer J. Pack, Eric Schliesser

Economics Faculty Publications

Adam Smith criticizes David Hume's account of the origin of and continuing adherence to the rule of law for being not sufficiently Humean. Hume explained that adherence to the rule of law originated in the self-interest to restrain self-interest. According to Smith, Hume does not pay enough attention to the passions of resentment and admiration, which have their source in the imagination. Smith offers a more naturalistic and evolutionary account of the psychological preconditions of the establishment and morality of justice than Hume had. Smith severs the intimate connection that Hobbes and Hume made between justice and property.


(Review) Self-Interest Before Adam Smith: A Genealogy Of Economic Science, Spencer J. Pack Dec 2005

(Review) Self-Interest Before Adam Smith: A Genealogy Of Economic Science, Spencer J. Pack

Economics Faculty Publications

Pierre Force, Self-Interest Before Adam Smith: A Genealogy of Economic Science (Cambridge: Cambridge University Press, 2003), pp. ix, 279, $65.00. ISBN 0-521 83060-5.


(Review) Pierre Force, Self-Interest Before Adam Smith: A Genealogy Of Economic Science, Spencer J. Pack Dec 2005

(Review) Pierre Force, Self-Interest Before Adam Smith: A Genealogy Of Economic Science, Spencer J. Pack

Economics Faculty Publications

Pierre Force, Self-Interest Before Adam Smith: A Genealogy of Economic Science (Cambridge: Cambridge University Press, 2003), pp. ix, 279, $65.00. ISBN 0-52183060-5.


Unpacking ‘Adam Smith: Critical Theorist?’, Spencer J. Pack Jan 2001

Unpacking ‘Adam Smith: Critical Theorist?’, Spencer J. Pack

Economics Faculty Publications

This paper responds to Keith Tribe's provocative Journal of Economic Literature article, “Adam Smith: Critical Theorist?” There Tribe argued that most people most of the time grossly misread Smith, due, among other things, to their quite inadequate appreciation of Smith's linguistic, social, moral, and theological context. Against Tribe, the paper argues that Smith can profitably be read as both an eighteenth-century moralist and a twenty-first century critic. Smith can be a source of inspiration, wisdom and profundity for contemporary economists. Moreover, Smith can be successfully employed by modern economists to change, deepen, and broaden contemporary economic theory.


(Review) Entrepreneurs, Institutions And Economic Change: The Economic Thought Of J. A. Schumpeter (1905-1925), Spencer J. Pack Apr 2000

(Review) Entrepreneurs, Institutions And Economic Change: The Economic Thought Of J. A. Schumpeter (1905-1925), Spencer J. Pack

Economics Faculty Publications

Entrepreneurs, Institutions, and Economic Change: The Economic Thought of J. A. Schumpeter (l905-1925). By Nicolo De Vecchi. Translated by Anne Stone. Brookfield, Vt.: Edward Elgar, l995. 192 pp. $80.00


(Review) Social Limits To Economic Theory, Spencer J. Pack Apr 2000

(Review) Social Limits To Economic Theory, Spencer J. Pack

Economics Faculty Publications

Reviews the book Social Limits to Economic Theory by Jon Mulberg. New York: Routledge, l995. 200 pp. $19.95.


(Review) The Myth Of Adam Smith, Spencer J. Pack Jan 1999

(Review) The Myth Of Adam Smith, Spencer J. Pack

Economics Faculty Publications

The Myth of Adam Smith, By Salim Rashid. Cheltenham, UK: Edward Elgar, 1998. Pp. X, 227. $80.00


Murray Rothbard’S Adam Smith, Spencer J. Pack Apr 1998

Murray Rothbard’S Adam Smith, Spencer J. Pack

Economics Faculty Publications

No abstract provided.


(Reviews) Economic Thought Before Adam Smith And Classical Economics, Spencer J. Pack Jul 1997

(Reviews) Economic Thought Before Adam Smith And Classical Economics, Spencer J. Pack

Economics Faculty Publications

Economic Thought Before Adam Smith: An Austrian Perspective on the History of Economic Thought, Volume I. By Murray N. Rothbard. Brookfield. Vermont: Edward Elgar Publishing Limited, 1995. Pp. 556. $99.95.

Classical Economics: An Austrian Perspective on the History of Economic Thought, Volume II. By Murray N. Rothbard. Brookfield. Vermont: Edward Elgar Publishing Limited, 1995. Pp. 528. $99.95.


(Review) Ian Simpson Ross, The Life Of Adam Smith And Jerry Z. Muller, Adam Smith In His Time And Ours, Spencer J. Pack Apr 1997

(Review) Ian Simpson Ross, The Life Of Adam Smith And Jerry Z. Muller, Adam Smith In His Time And Ours, Spencer J. Pack

Economics Faculty Publications

No abstract provided.


Adam Smith On The Virtues: A Partial Resolution Of The Adam Smith Problem, Spencer J. Pack Mar 1997

Adam Smith On The Virtues: A Partial Resolution Of The Adam Smith Problem, Spencer J. Pack

Economics Faculty Publications

Adam Smith's definition of justice as a moral virtue based on the "passion" of resentment in 'The Theory of Moral Sentiments' (1759), despite seeming contradictions, supports his analysis of an acquisitive, commercial society in 'The Wealth of Nations' (1774) partly by precluding the concept of a just price.


Slavery, Adam Smith’S Economic Vision And The Invisible Hand, Spencer J. Pack Jan 1996

Slavery, Adam Smith’S Economic Vision And The Invisible Hand, Spencer J. Pack

Economics Faculty Publications

Smith was against slavery on moral and economic grounds. The "invisible hand" in societies which allow slavery, operates in such a way that increases in the wealth of the rich, leads to increased misery for the poor free citizens as well as for the slaves themselves. It seems that the beneficial workings of the "invisible hand" are dependent upon commercial societies which arc not based upon the institution of slavery.


Paul Krugman And The Illusion Of The Illusion Of Conflict In International Trade, Spencer J. Pack Jul 1995

Paul Krugman And The Illusion Of The Illusion Of Conflict In International Trade, Spencer J. Pack

Economics Faculty Publications

No abstract provided.


Adam Smith’S Unnaturally Natural (Nonetheless Naturally Unnatural) Use Of The Word Natural, Spencer J. Pack Jan 1995

Adam Smith’S Unnaturally Natural (Nonetheless Naturally Unnatural) Use Of The Word Natural, Spencer J. Pack

Economics Faculty Publications

Natural and nature are complex words, fraught with ambiguity and contradiction. This paper does not attempt to give a complete account of Smith's use of these words. However, it does demonstrate that Smith did not necessarily approve of what he called "natural" or "nature". Economists and others who assume otherwise are in error. A study, analysis, and/or interpretation of Smith's work which depends upon this (at times unstated) assumption - that Smith necessarily approved of "nature" or the "natural"- needs to be read with great care; perhaps even incredulity.1


Adam Smith’S Invisible/Visible Hand/Chain/Chaos, Spencer J. Pack Jan 1994

Adam Smith’S Invisible/Visible Hand/Chain/Chaos, Spencer J. Pack

Economics Faculty Publications

No abstract provided.


(Review) The Political Economy Of Israel, Spencer J. Pack Jan 1994

(Review) The Political Economy Of Israel, Spencer J. Pack

Economics Faculty Publications

The Political Economv of Israel: From Ideology to Stagnation by Yakir Plessner. Albany: State University of New York Press. 1994, 328 pp. $21.95.


(Review) Stewart Justman, The Autonomous Male Of Adam Smith, Spencer J. Pack Jan 1994

(Review) Stewart Justman, The Autonomous Male Of Adam Smith, Spencer J. Pack

Economics Faculty Publications

No abstract provided.


Reglementation, Intervention Et Impot Regressif Dans La Richesse Des Nations, Spencer J. Pack Jun 1991

Reglementation, Intervention Et Impot Regressif Dans La Richesse Des Nations, Spencer J. Pack

Economics Faculty Publications

No abstract provided.


Do Not Dump On The Unoites, Spencer J. Pack Jan 1988

Do Not Dump On The Unoites, Spencer J. Pack

Economics Faculty Publications

No abstract provided.


Schumpeter Plus Optimism Equals Gilder (Ceteris Paribus), Spencer J. Pack Jan 1987

Schumpeter Plus Optimism Equals Gilder (Ceteris Paribus), Spencer J. Pack

Economics Faculty Publications

No abstract provided.