Economic History Commons^™

From The Classical School To Today: The Evolution Of Stagnation Theories, Francis J. Lukacovic Ii

Applied Economics Theses

The purpose of this thesis is to study the theory of secular stagnation, which was made famous by the American Keynesian economist Alvin Hansen in his book Full Recovery or Stagnation. The theory of secular stagnation has reappeared in economic circles today due to recent economic conditions since the financial crisis of 2007-2008. The thesis will analyze the history of the stagnation theory dating back to Classical economists in the 19^th century. The concept of a stagnating economy has been talked about for centuries with many economists adding important thoughts. Furthermore, the thesis will address the current questions and …

Benefits Of Eu Membership For The Transition Countries: The Case Of Latvia, Marko Martinovic

Economics Honors Projects

This paper estimates the benefits of EU membership for Latvia, a former communist country and a member of the former USSR. It is widely believed that the EU membership significantly contributes to raising living standards and growth of the economies of new members. Using counterfactual analysis with the official date of accession of 2003 I find that Latvia demonstrates stronger economic growth from the EU membership, but only up to 2009. After the 2009 financial crisis Latvia’s economic growth is severally compromised as a consequence of joining the EU. When 1999 is treated as the treatment year, the year when …

The Upside Of Government Default, Jeffrey Rogers Hummel

Faculty Publications

No abstract provided.

Some Possible Consequences Of A U.S. Government Default, Jeffrey Rogers Hummel

Faculty Publications

The U.S. government faces a looming fiscal crisis. A default on Treasury securities appears inevitable. The short-run consequences for the economy will be painful. But the long-run consequences, both economic and political, could be beneficial. The most important long-run political benefit would be the imposition of fiscal discipline. The long-run economic benefit would be the alleviation of the future tax liabilities required to service the national debt, irrespective of whether those liabilities are correctly anticipated or not. A historical examination of the state government defaults of the 1840s provides one case study where the long-run consequences were indeed salutary.

An Attempt To Reshape Capitalism’S Image, Ross A. Nichols

Gettysburg Economic Review

John Stuart Mill claimed to be a disciple of both Jeremy Bentham and David Ricardo. This was a strange proclamation because each man advocated a competing theory of value; Bentham’s utilitarianism laid the foundation for the utility theory of value and Ricardo developed the labor theory of value. Mill’s goal in attempting to unify these theories of value was to provide a solution for the growing class conflict that plagued capitalism. Class conflict arose as feudalism was phased out and industrial capitalism replaced merchant capitalism as the dominant economic system. The Corn Laws symbolized this competition between classes. Capitalists were …

Internal Communication In Ireland Before And During The Economic Recession From The Perspective Of Communication Practice, Technology, And Ethics, Laoise O'Murchú

Doctoral

Internal communication in Ireland from the ‘celtic tiger’ era through to the economic
recession from the perspective of: communication practice, technology and ethics.
This thesis examines the practice of internal communication in Irish public and
private sector organisations during 2007/8 and 2010. This period spans the end of
Ireland’s ‘celtic tiger’ economy and the development of a major recession. All the
case study organisations have been affected by the credit crunch and are experiencing
economic, financial and ethical challenges.
The practices of internal communication in Ireland has evaded in depth academic
examination in communications literature. Therefore, the contribution to knowledge …

America's Turning Point, Jeffrey Rogers Hummel

Faculty Publications

No abstract provided.

The Question Of Slavery, Jeffrey Rogers Hummel

Faculty Publications

No abstract provided.

Friedrich Von Hayek: The Socialist-Calculation Debate, Knowledge Arguments, And Modern Economic Development, Cara A. Elliott

Gettysburg Economic Review

At the close of the nineteenth and the commencement of the twentieth century, socialism began to gain momentum as a large-scale movement in Europe and the United States. This popularity was supported by an increased influence of the working class in society, which put pressure for representation upon European parliaments and began to secure concrete improvements in labor protection laws. Moreover, socialist proponents looked hopefully towards the living example of the Soviet Union, which began its socialist experiment in 1917 following the success of the Bolshevik Revolution. Socialism, which found its economic grounding in the legacies of such men as …

The Great Indian Growth Puzzle: What Caused A Spike In 2003?, Aditya Bindal

CMC Senior Theses

This paper will employ unit root tests for finding structural breaks endogenously among India’s key macroeconomic aggregate series, as well as their components and subcomponents. The same analysis will be repeated, wherever data are available, for states. The results from these unit root tests will then be used in regression models for national and state level data to understand the causes behind structural breaks. We find that breakpoints cluster around 1982 and 2003 for most series at the national and state level. The services component appears to be a promising candidate for explaining the 2003 structural break in some of …

Estimating Kg, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Route 91,841 Estimating KG, by A. Shaikh (2000, November 12). Unpublished manuscript.
• Figure 4: Nominal Depletion Rates (Based on BEA 1993 Data), by A. Shaikh (2006, October 10). Unpublished manuscript.
• Effect of Initial Points on KGC Estimates (BEA 1993 vs. Gorman SCB 1985), by A. Shaikh (2011, March 9). Unpublished manuscript.
• Chapter 7: Measurement of Profit, Capital and the Rate of Profit, by A. Shaikh (2011, March 9). Unpublished manuscript.
• Effect Sudden Retirement KGH and KHN, by A. Shaikh (2010, July 25). Unpublished manuscript.
• Effect of Initial Values on Corp Nonfin KG …

America's First Great Moderation, Ryan Shaffer

CMC Senior Theses

This paper identifies America's first Great Moderation, a period from 1841-1856 of unbroken economic expansion and low volatility comparable to the Great Moderation of the 1980s-2000s. This moderation occurred despite a lack of central banks, low governmental spending, and barriers to interstate commerce during the antebellum period. I demonstrate this moderation in industrial production and stock market indexes and compare the first Great Moderation with the second in these economic factors. These results also call into question the conventional wisdom of the National Bureau of Economic Research business cycle chronology that the antebellum period was volatile and fraught with recessions. …

The Rise And Fall Of Glass-Steagall, Jeffrey Rogers Hummel, Warren C. Gibson

Faculty Publications

No abstract provided.

If A Pure Market Economy Is So Good, Why Doesn’T It Exist? The Importance Of Changing Preferences Versus Incentives In Social Change, Jeffrey Rogers Hummel, Edward P. Stringham

Faculty Publications

Many economists argue that a pure market economy cannot come about because people will always have incentives to use coercion (Cowen and Sutter, 2005; Holcombe, 2004). We maintain that these economists leave out an important factor in social change. Change can come about by altering incentives or preferences, but since most neoclassical economists ignore changing preferences, they too quickly conclude that change is impossible. History shows that social change based on changes in preferences is common. By recognizing that preferences need not be constant, political economists can say much more about changing the world.

Determinants Of Housing Prices In Pittsylvania County, Jason Hall

Undergraduate Theses and Capstone Projects

The purpose of this research is to determine the implicit factors influencing housing prices in Pittsylvania County, a rural county in Southside Virginia. Currently in Pittsylvania County there is a debate over whether or not to mine what is believed to be the largest deposit of uranium in the United States, containing approximately 119 million pounds of uranium ore at an estimated value of $7 billion to $10 billion. The Virginia Coal and Energy Commission issued its final approval for the National Academy of Sciences to study the debate from a socio-economic standpoint. The $1.2 million study is currently taking …

Government’S Diminishing Benefits From Inflation, Jeffrey Rogers Hummel

Faculty Publications

No abstract provided.

Jones - Roman Inflation, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (Undated). Na-25-19 folder notes (Handwritten folder notes). Anwar Shaikh Papers. Collection of unpublished archival labels and annotations.
• Jones, A. H. M. (1953). Inflation under the Roman empire. The Economic History Review, Second Series, Economic History Society.

Money, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Ofonagoro, Walter I. From traditional to British currency in southern Nigeria: Analysis of a currency revolution, 1880-1948. The Journal of Economic History, volume thirty-nine, issue three. Cambridge University Press.
• Shaikh, Anwar. Lab on money, cost of gold production, and notes on Marx. Unpublished manuscript.
• Shaikh, Anwar. Notes on gold and copper prices, and the velocity of circulation. Unpublished manuscript.
• Shaikh, Anwar. Notes on fiat money, quantity of circulating money, and Don Lavoie. Unpublished manuscript.
• Shaikh, Anwar. Chronology of gold prices, post-war gold reserves, and Galbraith. Unpublished manuscript.
• Shaikh, Anwar. Mathematical notes …

Monetary Lessons From The Not-So-Great Depression, A Round-Robin Essay Debate With Scott Sumner, James Hamilton, And George Selgin, Jeffrey Rogers Hummel

Faculty Publications

No abstract provided.

Review Of Good Money: Birmingham Button Makers, The Royal Mint, And The Beginnings Of Modern Coinage, 1775-1821 By George Selgin, Jeffrey Rogers Hummel

Faculty Publications

No abstract provided.

Why Default On U.S. Treasuries Is Likely, Jeffrey Rogers Hummel

Faculty Publications

No abstract provided.

Will We Be Stimulated? Economists Sound Off On Obama’S Stimulus Package Reason, Nick Gillesie, Jeffrey Rogers Hummel, Meg Mcardle

Faculty Publications

No abstract provided.

Civil War Finance: Lessons For Today, Jeffrey Rogers Hummel

Faculty Publications

No abstract provided.

Was Money Really Easy Under Greenspan?, Jeffrey Rogers Hummel, David R. Henderson

Faculty Publications

No abstract provided.

The Fed’S Binge, Jeffrey Rogers Hummel

Faculty Publications

No abstract provided.

Do Good Things Come Out After Recessions? The Productivity-Business Cycle Interaction, Michael M. Alba, Lawrence B. Dacuycuy

Angelo King Institute for Economic and Business Studies (AKI)

For the past two decades, the Philippines has endured a wave of recessions, events that technically represent fluctuations in economic activity. While some of these recessions have been shallow, resulting in minor deviations from where our economy should be, some have been deep and devastating like the ones that occurred during the last years of the Marcos regime.

Greenspan’S Monetary Policy In Retrospect: Discretion Or Rules?, Jeffrey Rogers Hummel, David R. Henderson

Faculty Publications

No abstract provided.

Toward A Libertarian Reconstruction Of Neoclassical Welfare Theory, Jeffrey Rogers Hummel

Faculty Publications

Many libertarians, especially those inclined toward the Austrian school of economics, counter the market-failure justification for government intervention by denying any legitimacy whatsoever to the neoclassical concept of efficiency. But properly interpreted, neoclassical efficiency, rather than providing an open-ended justification for all sorts of government intervention, provides one of the most powerful and comprehensive objections to government coercion in general.

Death And Taxes, Including Inflation: The Public Versus Economists, Jeffrey Rogers Hummel

Faculty Publications

Inflation worries the general public much more than it does the economics profession, and economists remain perplexed as to exactly why. The costs that concern economists are inflation’s deadweight loss. But that is only a part of the losses that concern the public, because inflation simultaneously transfers some of people’s income into the hands of government. The fact that the seigniorage tax may pay for programs they favor is a separate issue. Moreover, unlike income and other taxes, which people in democratic countries may think they have some control over through voting, seigniorage appears utterly arbitrary. In fact, people can …

Review Essay On The Politically Incorrect Guide To American History By Thomas E. Woods, Jr., Jeffrey Rogers Hummel

Faculty Publications

No abstract provided.