Template-type: ReDIF-Article 1.0 Author-Name: Ivo Maes Author-Name: Rebeca Gomez Betancourt Title: Paul van Zeeland and the First Decade of the US Federal Reserve System: the Analysis from a European Central Banker who was a Student of Kemmerer Abstract: The establishment of a central bank occurred at very different moments in the process of economic integration in the United States and the European Union. In this paper, we go into the first years of the Federal Reserve System through the lens of Paul van Zeeland?s PhD dissertation. Paul van Zeeland (1893-1973) became the first Head of the Economics Service of the National Bank of Belgium in 1921, after his studies in Princeton with Edwin Walter Kemmerer. There are clear similarities in their analyses of the Federal Reserve System, for instance in their adherence to the gold standard and the real bills doctrine as well as in their emphasis on the elasticity of the money supply. Moreover, they shared a view - with hindsight a rather na?ve view - that with the Fed in place, financial crises would be a distant memory. However, there were also important differences. So, van Zeeland, like several other economists as Warburg, accorded greater significance to the discount market (a key factor for the international role of the dollar) and to a stronger centralization of the Fed (which would be taken up in the 1935 Banking Act). Moreover, very specific for van Zeeland is the importance given to the Fed?s independence from the State (an element related to van Zeeland?s continental European background and Belgium?s experience of monetary financing during the war). Classification-JEL: A11, B1, E58, F02, N23 Keywords: Note: Pages:5-32 Volume: 2018/2 Year: 2018 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=63025&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:spespe:v:html10.3280/SPE2018-002001 Number: 1 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=63025 Template-type: ReDIF-Article 1.0 Author-Name: Luciano Messori Author-Name: Raimondello Orsini Title: John Bates Clark: the first American marginalist as a social economist Abstract: We analyze the content of four articles by John Bates Clark published between 1878 and 1887, during his Christian Socialist period in order to show that next to the marginalist Clark and beyond the neoclassical principles outlined in The Distribution of Wealth, the whole Clark?s work is a strongly coherent body, deeply rooted in positions less extreme than the ones held by more reformer-minded economists like Richard T. Ely or John R. Commons containing an array of different contributions to political economy displaying a certain originality and coherence, and enrolling in a thematic environment that today would be broadly defined as social economy. In particular, the main ideas emerging from this selection of papers are his organismic idea of society, the role of moral forces in shaping economic activity, and his promotion of profit sharing and cooperation as better regimes for production and distribution with respect to competition. Classification-JEL: B13, A13 Keywords: Note: Pages:33-53 Volume: 2018/2 Year: 2018 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=63026&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:spespe:v:html10.3280/SPE2018-002002 Number: 2 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=63026 Template-type: ReDIF-Article 1.0 Author-Name: Rog?rio Arthmar Author-Name: Michael Emmett Brady Title: Boole, Ramsey and the Keynes-Townshend exchanges on subjective probability Abstract: Contrary to what is accepted in many quarters, John M. Keynes actually rejected Frank Ramsey?s subjective theory of probability, in general. He did accept, though, Ramsey?s betting quotient approach, but only in the special case where the weight of the evidence w equaled 1, so that all the probabilities were linear, additive, single number answers. In general, however, Keynes?s probabilities were indeterminate, that is, interval valued with the characteristic of being non-additive and nonlinear because the weight of evidence w was generally less than 1. The Boolean roots of Keynes?s approach to probability and his often-neglected exchanges with Hugh Townshend in 1937-38 provide strong evidence that Keynes never changed his mind on the subjective approach to probability. It is shown that, for Ramsey, the degree of belief is the confidence a decision maker has in the betting odds while, for Keynes, it is the degree of ?rational? or logical belief based on George Boole?s logic of propositions. Classification-JEL: B13, B16, B31 Keywords: Note: Pages:55-74 Volume: 2018/2 Year: 2018 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=63027&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:spespe:v:html10.3280/SPE2018-002003 Number: 3 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=63027 Template-type: ReDIF-Article 1.0 Author-Name: Maria Eug?nia Mata Author-Name: Jos? Rodrigues da Costa Author-Name: David Justino Title: Finance, a New Old Science Abstract: Corporate Finance is a fashionable field in schools of Economics throughout the World. Although the main epistemological break to identify its scientific character may be established in the decade of the 1950s, this paper demonstrates how much developed financial thought there was in Europe before the First World War. Thanks to considerable growth of international trade, corporations, and multinationals (i.e. rising globalization) during this phase of European civilization, Stock Exchanges flourished in all European countries. Philosophers, businessmen, professors, and lawyers disseminated their burgeoning erudition in financial knowledge, and several authors made large contributions in books devoted to legal features of human economic actions, and in textbooks devoted to political economy. Classification-JEL: B15, B16, B19, B41, G19. Keywords: Note: Pages:75-93 Volume: 2018/2 Year: 2018 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=63028&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:spespe:v:html10.3280/SPE2018-002004 Number: 4 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=63028 Template-type: ReDIF-Article 1.0 Author-Name: Tito Bianchi Title: In good intellectual company: how Judith Tendler interpreted and extended Albert Hirschman?s tradition Abstract: Many associate Judith Tendler to her more famous teacher and mentor Albert Hirschman. This article contrasts her intellectual figure against the background of Hirschman?s world famous ideas and methods, describing her main contributions to this tradition. For more than 40 years Tendler has worked in development economics first as a research analyst and advisor to international development agencies; subsequently as a university professor at the MIT department of planning. Her academic and professional production prove in real world situations the usefulness of Hirschman?s main economic constructs - linkages, inducement mechanisms, and latitude in performance - as tools for policy evaluation, analysis and design. The very personal methods she employed in research and professional work testify how this approach re-interprets the figure of the policy maker, requiring from her higher competence, creativity, and sophistication. Classification-JEL: B30 Keywords: Note: Pages:95-112 Volume: 2018/2 Year: 2018 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=63029&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:spespe:v:html10.3280/SPE2018-002005 Number: 5 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=63029 Template-type: ReDIF-Article 1.0 Author-Name: Alexandru Patruti Title: Why the Keynes-Hayek Macro Debate Cannot be won by either Side Abstract: The controversy between Keynes and Hayek is one of the most renown in economics. Although it is now almost a century old, it does gather momentum from time to time, especially during periods of crisis when decision-makers are looking for policy solutions. However, in academic writings the actual debate did not and cannot find a common ground. I aim to show in the present article that at the center of the controversy is not a logical fallacy in the theoretical apparatus of either of the two economists, but the empirical premises which they took for granted. While Hayek believed that the market will tend towards equilibrium, and that real life conditions actually approximate this, Keynes considered that the market can be stuck in a partial equilibrium compatible with unemployment. I will further argue that subsequent developments attempt to move the debate in a whole new direction rather than solve this central issue. Classification-JEL: B13, B22, E20, E43, D50 Keywords: Note: Pages:113-125 Volume: 2018/2 Year: 2018 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=63030&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:spespe:v:html10.3280/SPE2018-002006 Number: 6 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=63030 Template-type: ReDIF-Article 1.0 Author-Name: Comitato di Redazione Title: Book reviews Abstract: Classification-JEL: Keywords: Note: Pages:127-155 Volume: 2018/2 Year: 2018 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=63031&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:spespe:v:html10.3280/SPE2018-002007 Number: 7 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=63031