International Trade And Investment Harvard Econ 1535 Lecture 6 Pdf

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Trade liberalization plays a significant role in the development of an economy as all countries have insufficient resources and depend on trade to grow and prosper.

Scott Duke Kominers

The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics , from the ancient world to the present day in the 21st Century. This field encompasses many disparate schools of economic thought.

Ancient Greek writers such as the philosopher Aristotle examined ideas about the art of wealth acquisition, and questioned whether property is best left in private or public hands. In the Middle Ages , scholasticists such as Thomas Aquinas argued that it was a moral obligation of businesses to sell goods at a just price.

In the Western world, economics was not a separate discipline, but part of philosophy until the 18th—19th century Industrial Revolution and the 19th century Great Divergence , which accelerated economic growth. Hesiod active to BC, a Boeotian who wrote the earliest known work concerning the basic origins of economic thought, contemporary with Homer.

Chanakya born BC of the Mauryan Empire , authored the Arthashastra along with several Indian sages, a treatise on statecraft, economic policy and military strategy. The Arthashastra posits the theory that there are four necessary fields of knowledge: the Vedas, the Anvikshaki philosophy of Samkhya, Yoga and Lokayata , the science of government, and the science of economics Varta of agriculture, cattle, and trade.

It is from these four that all other knowledge, wealth, and human prosperity is derived. Ancient Athens , an advanced city-state civilisation and progressive society, developed an embryonic model of democracy.

Xenophon 's c. Plato 's dialogue The Republic c. According to Joseph Schumpeter , Plato was the first known advocate of a credit theory of money that is, money as a unit of account for debt.

Aristotle 's Politics c. Of particular interest for economists, Plato provided a blueprint of a society based on common ownership of resources. Aristotle viewed this model as an oligarchical anathema. Though Aristotle did certainly advocate holding many things in common, he argued that not everything could be, simply because of the "wickedness of human nature". For him there is a certain "art of acquisition" or "wealth-getting", but because it [ clarification needed ] is the same many people are obsessed with its accumulation, and "wealth-getting" for one's household is "necessary and honorable", while exchange on the retail trade for simple accumulation is "justly censured, for it is dishonorable".

Aristotle discarded Plato's credit theory of money for metallism , the theory that money derives its value from the purchasing power of the commodity upon which it is based, and is only an "instrument", its sole purpose being a medium of exchange, which means on its own "it is worthless Thomas Aquinas — was an Italian theologian and economic writer.

He taught in both Cologne and Paris , and was part of a group of Catholic scholars known as the Schoolmen , who moved their enquiries beyond theology to philosophical and scientific debates. In the treatise Summa Theologica Aquinas dealt with the concept of a just price , which he considered necessary for the reproduction of the social order. Similar in many ways to the modern concept of long-run equilibrium , a just price was just sufficient to cover the costs of production , including the maintenance of a worker and his family.

Aquinas argued it was immoral for sellers to raise their prices simply because buyers had a pressing need for a product. Aquinas discusses a number of topics in the format of questions and replies, substantial tracts dealing with Aristotle's theory. Questions 77 and 78 concern economic issues, primarily what a just price might be, and the fairness of a seller dispensing faulty goods. Aquinas argued against any form of cheating and recommended always paying compensation in lieu of good service [ clarification needed ].

Whilst human laws might not impose sanctions for unfair dealing, divine law did, in his opinion. In his work Sententiae , he thought it possible to be more precise than Aquinas in calculating a just price, emphasizing the costs of labor and expenses, although he recognized that the latter might be inflated by exaggeration because buyer and seller usually have different ideas of a just price.

If people did not benefit from a transaction, in Scotus' view, they would not trade. Scotus said merchants perform a necessary and useful social role by transporting goods and making them available to the public. Buridanus looked at money from two angles: its metal value and its purchasing power, which he acknowledged can vary. He argued that aggregated, not individual, demand and supply determine market prices.

Hence, for him a just price was what the society collectively and not just one individual is willing to pay. Until Joseph J. Now there is a second candidate, Arab Muslim scholar Ibn Khaldun — of Tunisia, although what influence Khaldun had in the West is unclear. Arnold Toynbee called Ibn Khaldun a "genius" who "appears to have been inspired by no predecessors and to have found no kindred souls among his contemporaries His ideas on taxes bore a striking resemblance to supply-side economics ' Laffer curve , which posits that beyond a certain point higher taxes discourage production and actually cause revenues to fall.

French philosopher and priest Nicolas d'Oresme — wrote De origine, natura, jure et mutationibus monetarum , about the origin, nature, law, and alterations of money. It is one of the earliest manuscripts on the concept of money. His treatise argues how money or currency belongs to the public, and that the government or sovereign of the economy has no right to control the value of the currency just so that they can profit from it.

Saint Antoninus of Florence — , O. Antoninus' writings address social and economic development, and argued that the state has a duty to intervene in mercantile affairs for the common good, and an obligation to help the poor and needy. In his primary work, "summa theologica" he was mainly concerned about price, justice and capital theory. Like Duns Scotus , he distinguishes between the natural value of a good and its practical value.

The latter is determined by its suitability to satisfy needs virtuositas , its rarity raritas and its subjective value complacibilitas. Due to this subjective component there can not only be one just price, but a bandwidth of more or less just prices.

Mercantilism dominated Europe from the 16th to the 18th century. After the 15th century voyages of Christopher Columbus and other explorers opened up new opportunities for trade with the New World and Asia, newly-powerful monarchies wanted a more powerful military state to boost their status.

Mercantilism was a political movement and an economic theory that advocated the use of the state's military power to ensure that local markets and supply sources were protected, spawning protectionism.

Mercantile theorists held that international trade could not benefit all countries at the same time. Money and precious metals were the only source of riches in their view, and limited resources must be allocated between countries, therefore tariffs should be used to encourage exports, which bring money into the country, and discourage imports which send it abroad.

In other words, a positive balance of trade ought to be maintained through a surplus of exports, often backed by military might.

Despite the prevalence of the model, the term mercantilism was not coined until , by Victor de Riqueti, marquis de Mirabeau — , and popularized by Adam Smith in , who vigorously opposed it.

In the 16th century the Jesuit School of Salamanca in Spain developed economic theory to a high level, only to have their contributions [ clarification needed ] forgotten until the 20th century. In English humanist Sir Thomas More — published Utopia , which describes an ideal society where land is owned in common and there is universal education and religious tolerance, inspiring the English Poor Laws and the communism-socialism movement.

In astronomer Nicolaus Copernicus — published the first known argument for the quantity theory of money. In he also published the first known form of Gresham's Law : "Bad money drives out good". In Jean Bodin — of France published Reply to Malestroit , containing the first known analysis of inflation , which he claimed was caused by importation of gold and silver from South America , backing the quantity theory of money.

In Flemish Jesuit theologian Leonardus Lessius — published On Justice and Law , the deepest moral-theological study of economics since Aquinas, whose just price approach he claimed was no longer workable. After comparing money's growth via avarice to the propagation of hares, he made the first statement of the price of insurance as being based on risk.

In English merchants Edward Misselden and Gerard Malynes began a dispute over free trade and the desirability of government regulation of companies, with Malynes arguing against foreign exchange as under the control of bankers [ clarification needed ] , and Misselden arguing that international money exchange and fluctuations in the exchange rate depend upon international trade and not bankers, and that the state should regulate trade to insure export surpluses.

English economist Thomas Mun — describes early mercantilist policy in his book England's Treasure by Foreign Trade , which was not published until , although it was widely circulated in manuscript form during his lifetime. In English economist Sir William Petty — began publishing short works applying the rational scientific tradition of Francis Bacon to economics, requiring that it only use measurable phenomena and seek quantitative precision, coining the term "political arithmetic", introducing statistical mathematics, and becoming the first scientific economist.

All commodities found in a country, which cannot be used in their natural state, should be worked up within the country Attention should be given to the population, that it may be as large as the country can support The inhabitants should make every effort to get along with their domestic products Opportunities should be sought night and day for selling the country's superfluous goods to these foreigners in manufactured form No importation should be allowed under any circumstances of which there is a sufficient supply of suitable quality at home.

Nationalism , self-sufficiency and national power were the basic policies proposed. Silk , linen , tapestry , furniture manufacture and wine were examples of the crafts in which France specialized, all of which came to require membership in a guild to operate in until the French Revolution. According to Colbert, "It is simply and solely the abundance of money within a state [which] makes the difference in its grandeur and power. In French economist Pierre Le Pesant, sieur de Boisguilbert — wrote a plea to Louis XIV to end Colbert's mercantilist program, containing the first notion of an economical market , becoming the first economist to question mercantile economic policy and value the wealth of a country by its production and exchange of goods instead its assets.

In British mercantilist Tory Member of parliament Charles Davenant — published Essay on the East India Trade , displaying the first understanding of consumer demand and perfect competition.

In Scottish mercantilist economist Sir James Steuart — published An Inquiry into the Principles of Political Economy , the first book in English with the term "political economy" in the title, and the first complete economics treatise. Sir James Steuart — Emperor Aurangzeb , ruler of the Mughal India , compiled the sharia based Fatawa-e-Alamgiri along several Muslim scholars which include Islamic economics , [22] [23] whose policies eventually led to the period of Proto-industrialization.

In the 17th century Britain went through troubling times, enduring not only political and religious division in the English Civil War , King Charles I's execution, and the Cromwellian dictatorship , but also the Great Plague of London and Great Fire of London.

Invited in his place were Protestant William of Orange and Mary , who assented to the Bill of Rights , ensuring that the Parliament was dominant in what became known as the Glorious Revolution. The upheaval was accompanied by a number of major scientific advances, including Robert Boyle 's discovery of the gas pressure constant and Sir Isaac Newton 's publication of Philosophiae Naturalis Principia Mathematica , which described Newton's laws of motion and his universal law of gravitation.

All these factors spurred the advancement of economic thought. For instance, Richard Cantillon — consciously imitated Newton's forces of inertia and gravity in the natural world with human reason and market competition in the economic world. Unlike the mercantilist thinkers however, wealth was found not in trade but in human labor. The first person to tie these ideas into a political framework was John Locke.

John Locke — was born near Bristol , and educated in London and Oxford. He is considered one of the most significant philosophers of his era mainly for his critique of Thomas Hobbes ' defense of absolutism in Leviathan and of his social contract theory.

Locke believed that people contracted into society, which was bound to protect their property rights. When people combined their labor with their surroundings, that created property rights. In his words from his Second Treatise on Civil Government :. Yet every man has a property in his own person. The labour of his body and the work of his hands we may say are properly his.

Whatsoever, then, he removes out of the state that nature hath provided and left it in, he hath mixed his labour with, and joined to it something that is his own, and thereby makes it his property. Locke argued that not only should the government cease interference with people's property or their "lives, liberties and estates" , but also that it should positively work to ensure their protection. His views on price and money were laid out in a letter to a Member of Parliament in entitled Some Considerations on the Consequences of the Lowering of Interest and the Raising of the Value of Money , arguing that the "price of any commodity rises or falls, by the proportion of the number of buyers and sellers", a rule which "holds universally in all things that are to be bought and sold.

Dudley North — was a wealthy merchant and landowner who worked for Her Majesty's Treasury and opposed most mercantile policy.

His Discourses upon trade , published anonymously, argued against assuming a need for a favorable balance of trade. Trade , he argued, benefits both sides, promotes specialization, division of labor and wealth for everyone. Regulation of trade interferes with these benefits, he said. David Hume — agreed with North's philosophy and denounced mercantilist assumptions.

Handbook of Regional Science

The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics , from the ancient world to the present day in the 21st Century. This field encompasses many disparate schools of economic thought. Ancient Greek writers such as the philosopher Aristotle examined ideas about the art of wealth acquisition, and questioned whether property is best left in private or public hands. In the Middle Ages , scholasticists such as Thomas Aquinas argued that it was a moral obligation of businesses to sell goods at a just price. In the Western world, economics was not a separate discipline, but part of philosophy until the 18th—19th century Industrial Revolution and the 19th century Great Divergence , which accelerated economic growth. Hesiod active to BC, a Boeotian who wrote the earliest known work concerning the basic origins of economic thought, contemporary with Homer.

The Handbook of Regional Science is a multi-volume reference work providing a state-of-the-art knowledge on regional science composed by renowned scientists in the field. The Handbook is intended to serve the academic needs of graduate students, and junior and senior scientists in regional science and related fields, with an interest in studying local and regional socio-economic issues. The multi-volume handbook seeks to cover the field of regional science comprehensively, including areas such as location theory and analysis, regional housing and labor markets, regional economic growth, innovation and regional economic development, new and evolutionary economic geography, location and interaction, the environment and natural resources, spatial analysis and geo-computation as well as spatial statistics and econometrics. Manfred M. Fischer born in , Nuremberg, Germany graduated in geography and mathematics from the Friedrich-Alexander University in Erlangen Germany. He holds a Ph. In this role he was responsible for organizing several of the Commission's highly successful international meetings around the world, including symposia in Shanghai and Beijing

In the sixteenth and early seventeenth centuries, clerics gave lectures at the University of Salamanca on such topics as the varying purchasing power of money, the morality of money, and how price is determined. While she was teaching at the London School of Economics, Marjorie Grice-Hutchinson was urged to investigate early records of these lectures. Her study of the manuscript notes of these then-obscure lectures led to her interest in the development of economic ideas in early Spain and their subsequent influence on the rest of Western Europe. The ideas of the Spanish scholastics influenced the work of Pufendorf, Locke, and Hutcheson, and the economic thinking of Condillac, Turgot, and Say. Buy this Book. People: Author: Marjorie Grice-Hutchinson.


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Handbook of Regional Science

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Ainsworth, Richard

Culkin, N. Abbot Labs Abbot Labs. Hepatitis C is testing us: We will not fail. Abrams Abrams , E. The Tinker bell effect.

He works at all stages of the economic design process—building underlying theory and technology, identifying new design applications, and working with practitioners to implement solutions to market failures. He also advises companies engaged in marketplace development and design, such as Novi Financial. Scott Duke Kominers. Read more. Journal Articles.

Bardhan, Pranab, and Christopher Udry. Development Microeconomics. ISBN: Deaton, Angus. The Analysis of Household Surveys. Ray, Debraj.

History of economic thought

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Вскрикнув, она оторвала взгляд от неестественно выгнутой руки и посмотрела ему в лицо. То, что она увидела, казалось неправдоподобным. Половина лица Хейла была залита кровью, на ковре расплылось темное пятно. Сьюзан отпрянула.

History of economic thought

2 Comments

  1. Vincent S. 16.05.2021 at 01:47

    Ph.D. Thesis Title: “Firms, Contracts, and Trade Structure” [PDF]. Thesis Committee: Keynote Lecture, Global Value-Chain Training and Research Workshop, Beijing. First International Trade and Investment (Econ ). 6. EC, Ph.D. International Trade, London School of Economics, February 7.

  2. Nadal E. 19.05.2021 at 19:03

    Kennedy School of Government at Harvard University.