Economic History Commons^™

Working Paper No. 62, Uses Of Abduction In Economic Science, Daniel Urban

Working Papers in Economics

This inquiry considers the meaning of abduction and its uses in Economic Science. Abductive logic is discussed at some length, in order to clarify how it is used in this inquiry. In addition, abduction is traced from its appearances in the writings of pragmatist philosopher Charles Sanders Peirce and how its meaning is later carried on in Thorstein Veblen’s Institutional Economics. Peirce’s influence proves foundational for Veblen’s contributions, as well as for the writings of John Roger Commons. My research suggests that after Commons, Peirce’s influence in economics wanes. Additionally, the use of retroduction in critical realism provides a contemporary …

Mountain Monitor-3rd Quarter 2009, Brookings Mountain West

Mountain Monitor Quarterly

Nationwide, the recession is technically over. Or at least that is the view of most economists. They note that real U.S. gross domestic product (GDP) finally expanded in the third quarter of 2009, growing at a 2.8 percent annual rate after four consecutive quarters of contraction. They point to a significant slowing of job losses in November, rising housing prices, and a slight downtick in unemployment as other positive signs. Their conclusion: Economic recovery is at last underway. And yet, the pace of renewal seems tentative and its geography patchy. Most notably, the aggregate national story of recovery and expansion …

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.

Post-Structural Logic In Marx's Theory Of Value, David Kristjanson-Gural

Faculty Journal Articles

In this essay I use Louis Althusser’s observation concerning the synchrony and diachrony of Marx’s logic in Capital to detail changes in the meaning of value, defined as socially necessary abstract labor time, throughout the three volumes of Capital. I use this analysis to identify three common types of logical error in reading Marx that result from failing to recognize this aspect of his methodology, and I provide examples to illustrate each of these common errors. I then argue that, by recognizing the synchrony and diachrony of Marx’s method, it is possible to read value theory in a way that …

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.

Searching For A New Brand: Reimagining A More Diverse Orlando, Kevin Archer, Kris Bezdecny

All Faculty Scholarship for the School of Graduate Studies and Research

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.

Measuring The Effect Of Conflict On Oil Production And Prices, Benjamin Skomsky

Renée Crown University Honors Thesis Projects - All

This paper examines the degree to which armed conflict interrupts oil production, and the effects of these supply shocks on the region-specific oil prices. By measuring the effect of conflict on oil output, I aim to quantify one important and underexamined economic cost of conflict. By examining the effect on oil prices, I hope to provide new empirical evidence on the global demand curve for oil and the substitutability of demand across alternative oil types.

The U.S. Economic Crisis: Another "Lost Decade"?, Paula Chungsathaporn

Honors College Theses

America is experiencing the worst economic downturn since the Great Depression originating with problems from mortgage backed securities and seeping into every major sector in the economy. We have witnessed the downfall or government takeover of some of the most powerful companies in the country, contributing to the highest unemployment rate America has seen in decades. During the 1990s, Japan experienced what is commonly referred to as “the lost decade,” a period of prolonged stagnant growth. Many similarities can be drawn between the current U.S. crisis and the Japanese crisis of the late 90s. The macroeconomic conditions that caused the …

Civil War Finance: Lessons For Today, Jeffrey Rogers Hummel

Faculty Publications

No abstract provided.

La Crisis Financiera De 1982-1983 En Chile: Orígenes, Intervención, Efectos Y Implicancias Para El Modelo Neoliberal, Luke Shoemaker

Independent Study Project (ISP) Collection

This project is an analysis of the financial crisis in Chile between 1982 and 1983. I will begin with a summary of the crisis with respect to three variables: the origin of the crisis, the government’s intervention to confront the crisis, and the effects of the crisis. Afterwards I will discuss the implications that the financial crisis has for the neoliberal model. There are two hypotheses for this discussion. One hypothesis is that the neoliberal model caused the crisis. The alternative hypothesis is that the crisis was caused by errors in the application of the neoliberal model and other external …

Gresham's Law In The 21St Century, Joshua Finnell

E-JASL: Electronic Journal of Academic and Special Librarianship (1999-2009, Volumes 1-10)

Abstract

Research indicates that most people today satisfy their information needs through the Internet. As we move deeper into the information age, librarians must embrace the role of inculcating information literacy skills lest Gresham’s Law of economics becomes a reality in our information economy. This article discusses the probabilistic nature of the Internet against the backdrop of Gresham’s Law.

The Norfolk Hoax: Fear, Social Violence And Ethnicity At The Norfolk Navy Yard During The Strike Of 1877, John Douglas Forrest

History Theses & Dissertations

This thesis examines the contributing causes why the command of the Norfolk Navy Yard feared a labor uprising or riot in the surrounding community of Portsmouth, Virginia in July 1877. Racial, class and ethnic tensions heightened to the point that on the morning of July 25, 1877, unknown agents distributed pamphlets around the city, which appealed to workers at the Navy Yard. A culture of social violence was prevalent during Norfolk and Portsmouth's post-Civil War existence. The ground-level view offered by this thesis is of the intense fear that spread across the country in 1877 as a result of severe …

Economic Development In Cold War South Carolina, R. Phillip Stone Ii

Faculty Scholarship

Argues that South Carolina did not benefit from Cold War-influenced economic development because of the lack of industry in the state and the lack of skilled workers. South Carolina's focus on low-wage, low-value added production continued well into the modern era.

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

Faculty Publications

No abstract provided.

The Ports Of Secession: The Economics Of Florida Ports In The Secession Crisis, Michael P. Robbins

Master of Liberal Studies Theses

The root of large-scale human conflict is the protection of economic interests. The economic motivations for the South to secede clashed with the interests of the North in preserving the trade relationships that existed. In choosing the path that led to conflict over peace, decision-makers leaned towards what they believed would be most profitable on the margins. The financial viability of a southern Confederacy was contingent upon the successful separation of Gulf states from the Union. The economic interests generated by Florida's Gulf ports provided a strong incentive for the state to secede, for the emerging Confederacy to support that …

Review Of Frances Dinkelspiel's Towers Of Gold: How One Jewish Immigrant Named Isaias Hellman Created California, Lynne Doti

Economics Faculty Articles and Research

A review of "Towers of Gold: How One Jewish Immigrant Named Isaias Hellman Created California."

The Impact Of Corruption On The Timing And Mode Of Entry By U.S. Firms In China, Jacob Billings

Economics Undergraduate Honors Theses

Since 1979 when China opened its economic borders, it has seen an influx of foreign direct investment that gradually snowballed into enormous annual inflows of capital. Researchers have taken advantage of this event as an incredibly useful testing ground of theories regarding FDI. Using this new data from China, along with data from countries already open to outside investment, many variables, such as GDP, wage, and distance, have been found to consistently correlate in one way or another to particular aspects of FDI inflow, including amount, location, timing, and type.

One such variable that has had some attention is corruption. …

The Impact Of Military Forts On Agricultural Investments On The Great Plains In 1880, Christopher Decker, David T. Flynn

Economics Faculty Publications

We empirically investigate the relationship between agricultural development and proximity to military forts in Kansas, Nebraska, and Colorado in 1880. Agricultural investments are substantially higher in counties where a military fort is present, suggesting that military forts stimulated agricultural development on the Great Plains. However, the reverse is not true; there is no statistical support for the notion that forts necessarily located in counties where substantial development was already occurring. Moreover, we found that while the presence of a military fort has the effect of increasing agricultural development, there is no evidence that such a presence sustained agricultural development.

The Fed’S Binge, Jeffrey Rogers Hummel

Faculty Publications

No abstract provided.

Chasing Fools’ Gold: Whaling In Nineteenth And Twentieth Century Bermuda, Aldemaro Romero Jr.

Publications and Research

No abstract provided.

Social Insurance, Commitment, And The Origin Of Law: Interest Bans In Early Christianity, Jared Rubin

Economics Faculty Articles and Research

Despite the historical importance of ideology-based, economically inhibitive laws, we know little about the economic factors underlying their origin. This paper accounts for the historical emergence of one such law: the Christian ban on taking interest--a doctrine that shaped the evolution of numerous financial contracts and related organizational forms. A game-theoretic analysis and historical evidence suggest that the Church's commitment to providing social insurance for its poorest constituents encouraged risky borrowing, which the Church attempted to limit by banning interest. The analysis highlights the applicability of the rational choice framework to seemingly irrational actions and laws, the role of nonmonetary …

The Civil Market: Medieval Franciscan Ideas To Solve 21st Century Economic Problems, Stefano Zamagni

Clemens Lecture Series

No abstract provided.

Money Exchange Notes, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, Anwar. Notes on money multipliers, bank notes, and bank credit creation. Unpublished manuscript.
• Shaikh, Anwar. Notes on token convertibility, gold standard exchange rates, and coin debasement. Unpublished manuscript.
• Shaikh, Anwar. Exchange, money and price. Unpublished work.
• Shaikh, Anwar. Chapter five money outline and notes on historical inflation variables. Unpublished manuscript.

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.

Mills B. Lane, Jr. And Enterprise In A New South, Randall L. Patton

Faculty Articles

For a century, Citizens & Southern Bank was a fixture in Georgia. In 1991, the C&S brand name disappeared in a merger with North Carolina National Bank. This was one of the bittersweet consequences of the slow, confusing swirl of bank deregulation after 1970, when institutions such as C&S simply disappeared, swallowed by the "winners" in the new competitive environment of interstate banking in the 1980s and 1990s. Even earlier, however, the Lane family had ceased to control the bank started by Mills Lane, Sr. in 1891. Mills B. Lane, Jr. was the last member of the Lane family to …

Adam Smith And The Place Of Faction, Sandra J. Peart, David M. Levy

Jepson School of Leadership Studies articles, book chapters and other publications

Our approach to faction focuses on Smith’s account of the interrelation between social distance and small group cohesion. We make the case that social distance is not necessarily constant in Smith’s system. As social distance shrinks, sympathy becomes more habitual and the affection we have for others increases (Peart and Levy, 2005b). Factions reduce social distance, and this gives them power and makes them dangerous. By modifying social distance, they created a disconnect between behavior of which we approve (cooperation) and consequences of which we disapprove. It is in this context that we find virtuous behavior with deleterious consequences. The …

2008 Hes Presidential Address: We're All "Persons" Now: Classical Economists And Their Opponents On Marriage, The Franchise, And Socialism, Sandra J. Peart

Jepson School of Leadership Studies articles, book chapters and other publications

My purpose is to paint a broad brush narrative—it will have some visual representations as well—of how nineteenth-century political economists and their critics confronted a set of basic and related questions: Are men and women equally capable of self governance? Are they equally able to decide when and whom to marry and how many children to have? Can they be trusted equally to cast a ballot? Is their right to property inviolate or might new arrangements be designed and adopted for the production and distribution of wealth?

This is a story interwoven with extraordinary characters: John Stuart Mill will be …

Pakistan’S Economy – 1999/2000 – 2007/2008: An Objective Appraisal, Ishrat Husain

Business Review

This article is an attempt to present a dispassionate and objective analysis of the economic situation that attempts to try to sift facts from fiction and myths, separate analysis from emotions, present the strengths and weaknesses of the economy and draw conclusions based on evidence and analysis rather than popular rhetoric and half-truths. As there is a great deal of skepticism about the quality of the official data the sources used in this paper draw upon both internationally and nationally verified and authenticated numbers. At the international level, the IMF, World Bank, Asian Development Bank, UNDP, Merrill Lynch, JP Morgan, …