Template-type: ReDIF-Article 1.0 Author-Name: Michael Gootzeit Title: Profit vs Interest in Classical Writings: Turgot?s vs. Mill?s Contribution Abstract: The mainstream classical theory of interest was part of the theory of profit as I have shown (Gootzeit 2006). The clearer separation of interest from profit took place gradually during the 19th century and even into the 20th. Turgot?s early role in this process has not been recognized. His ideas were ahead of physiocratic and even classical thought. I will illustrate his theory of interest and contrast it with John Stuart Mill?s. Interest was not only a part of 3-tier profits; it was also an opportunity cost for the "lender-entrepreneur" nonowner- of-land in agriculture. Interest was not only a direct function of profit, including rent; it was also a direct function of technology during industrialization and the excess demand for credit supplied by outside lenders. This was a "loanable funds" model, taken up later by Mill, but it was longer run because technology was so important. Interest was separated from profit because Turgot recognized that these loans would be outside-financed by lenders/risk-takers who earned interest, not owners who earned profit. Classification-JEL: B12, E43 Keywords: Turgot, J. S. Mill, Interesse, Profitto, Fondi Mutuabili Note: Pages:5-21 Volume: Year: 2010 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Riviste.asp?IDArticolo=41823&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:spespe:v:html10.3280/SPE2010-002001 Number: 1 Template-type: ReDIF-Article 1.0 Author-Name: Gianfranco Tusset Title: Disputing over international economic policy coordination: The ?first generation? of models Abstract: Although international economic coordination was one of the major questions arising in international economics after World War I, when the British hegemonic stability broke down, it mainly attracted the interest of economists from the 1960s onwards, as economic interdependence revealed itself to be a significant phenomenon, with an expansion of research during a period that began in the mid-1970s and ended in the late 1980s. During those fifteen years, a major theoretical effort yielded a significant body of literature which may be analyzed as an outcome per se, independently of its practical application. In fact, international economic policy coordination remained a speculative matter which, it seems, did not adequately support or persuade policy-makers to implement concrete economic coordination among countries. Far from explaining why this happened, a detailed investigation of the assumptions and logical aspects on which theories were grounded may provide insights into their practical workability. Classification-JEL: B22, F42 Keywords: Coordinazione Economica Internazionale, Politiche e Regole, Preferenze dei Governi Note: Pages:23-46 Volume: Year: 2010 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Riviste.asp?IDArticolo=41824&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:spespe:v:html10.3280/SPE2010-002002 Number: 2 Template-type: ReDIF-Article 1.0 Author-Name: Manuela Mosca Title: Emil Sax and Italy. Three episodes Abstract: The paper deals with the historical reconstruction of the relation between the Austrian economist Emil Sax and the Italian economists of his generation. It is focused on three episodes. The first concerns the introduction of marginal analysis in public finance, seeing the works of Maffeo Pantaleoni (1883) and Sax (1887) as of primary significance. The second is about the reception accorded to the 1887 Sax?s work in Italy by Giuseppe Ricca-Salerno (1887), and by Augusto Graziani (1887). The third relates to the development of a pure theory of public finance, and concerns the works of Sax (1887) and Antonio De Viti De Marco (1888). This analysis indicates that school rivalries were responsible for the different reactions of Italian economists to Sax?s work. Classification-JEL: B13 Keywords: Emil Sax, Marginalismo in Italia, Finanza Pubblica Note: Pages:47-62 Volume: Year: 2010 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Riviste.asp?IDArticolo=41825&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:spespe:v:html10.3280/SPE2010-002003 Number: 3 Template-type: ReDIF-Article 1.0 Author-Name: Ivo Maes Title: Economic thought at the European Commission and the creation of EMU (1957-1991) Abstract: To understand macroeconomic and monetary thought at the European Commission, two elements are crucial: firstly, the Rome Treaty, as it determined the mandate of the Commission and, secondly, the economic ideas in the different countries of the European Community, as economic thought at the Commission was to a large extent a synthesis and compromise of the main schools of thought in the Community. Initially, economic thought at the Commission was mainly a fusion of French and German ideas, with a certain predominance of French ideas. Later, Anglo-Saxon ideas would gain ground. At the beginning of the 1980s, the Commission?s analytical framework became basically medium-term oriented, with an important role for supply-side and structural elements and a more cautious approach towards discretionary stabilisation policies. This facilitated the process of European integration, in the monetary area too, as consensus on stabilityoriented policies was a crucial condition for EMU. Over the years, the Commission has taken its role as guardian of the Treaties and initiator of Community policies very seriously, not least in the monetary area. It has always advocated a strengthening of economic policy coordination and monetary cooperation. In this paper, we first focus on the different schools which have been shaping economic thought at the Commission. This is followed by an analysis of the Rome Treaty, especially the monetary dimension. Thereafter, we go into the EMU process and the initiatives of the Commission to further European monetary integration. We will consider three broad periods: the early decades, the 1970s, and the Maastricht process. Classification-JEL: A11, B20, E60, F02, N14, P16 Keywords: EMU, Governance economica, Cooperazione monetaria, Commissione Europea Note: Pages:63-80 Volume: Year: 2010 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Riviste.asp?IDArticolo=41826&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:spespe:v:html10.3280/SPE2010-002004 Number: 4 Template-type: ReDIF-Article 1.0 Author-Name: Daniela Parisi Title: Giovanni Demaria and the Rockefeller Foundation: Seesaw relationships during a thirty-year span (1930-1958) Abstract: Recent historiography on the interest of Italian economists in American economic thought is becoming rich and valuable. Thanks to these sources, we know that this interest arose because several Italian economists were attracted by the realism featured in North American economic investigation, by the importance attributed to both statistical measurement and historical analysis, and by the pluralism of approaches and vital eclecticism of American social scientists. Among Italian economists, Luigi Einaudi acknowledged such scientific vitality, and held the role of advisor for the selection of Italian candidates for Rockefeller fellowships. With Luigi De Simone of the University of Naples, the second Italian economist selected for a study program in the United States was Giovanni Demaria, who established a long-lasting relationship with the Rockefeller Foundation (1930-1958): first as a student (1930-1931), then as the Rector of the Bocconi University (1947-1952), and finally as an authoritative economist and the President of the Societ? Italiana degli Economisti (1953-1958). Classification-JEL: B1, B20, B22, B31 Keywords: Pensiero economico italiano XX secolo; Rockefeller Foundation; Luigi Einaudi; Giovanni Demaria; Formazione degli economisti Note: Pages:81-91 Volume: Year: 2010 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Riviste.asp?IDArticolo=41827&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:spespe:v:html10.3280/SPE2010-002005 Number: 5 Template-type: ReDIF-Article 1.0 Author-Name: n.d. Title: Book reviews Abstract: Classification-JEL: Keywords: Note: Pages:93-139 Volume: Year: 2010 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Riviste.asp?IDArticolo=41828&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:spespe:v:html10.3280/SPE2010-002006 Number: 6 Template-type: ReDIF-Article 1.0 Author-Name: Daniela Parisi Title: Features Abstract: Classification-JEL: Keywords: Note: Pages:141-143 Volume: Year: 2010 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Riviste.asp?IDArticolo=41829&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:spespe:v:html10.3280/SPE2010-002007 Number: 7 Template-type: ReDIF-Article 1.0 Author-Name: n.d. Title: Abstracts Abstract: Classification-JEL: Keywords: Note: Pages:145-149 Volume: Year: 2010 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Riviste.asp?IDArticolo=41830&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:spespe:v:html10.3280/SPE2010-002008 Number: 8 Template-type: ReDIF-Article 1.0 Author-Name: n.d. Title: Norme per gli autori Abstract: Classification-JEL: Keywords: Note: Pages:151-152 Volume: Year: 2010 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Riviste.asp?IDArticolo=41831&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:spespe:v:html10.3280/SPE2010-002009 Number: 9