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The mathematical economics of compound interest: a 4,000-year overview

Hudson, Michael - In: Journal of Economic Studies 27 (2000) September, pp. 344-363

Sketches the history of economic thought regarding the self-expanding growth of investments through the accrual of compound interest. Exercises that calculate such growth in terms of “doubling times” have already been found in Babylonian textbooks from c. 2000?BC. Although compound interest...

Persistent link: https://www.econbiz.de/10004976541

Full circle: economics from scholasticism through innovation and back into mathematical scholasticism: Reflections on a 1769 Price essay: “Why is it that economics so far has gaine...

Reinert, Erik S. - In: Journal of Economic Studies 27 (2000) September, pp. 364-376

scholasticism. A rational, quantified and mechanised world picture emerged. In 1769 an essay questioned why economics benefited so … economics is associated with the use of mathematics. Based on Francis Bacon’s criticism of scholasticism, it is argued here that … strong parallels exist between the decay of scholasticism and the decay of modern economics. From being a science of practice …

Persistent link: https://www.econbiz.de/10004976542

The role of structural change in labour productivity convergence among European Union countries: 1970-1990

Doyle, Eleanor; Eoin O’Leary - In: Journal of Economic Studies 26 (1999) January, pp. 106-120

New evidence is presented on the degree of aggregate and sectoral labour productivity convergence among 11 EU countries between 1970 and 1990. As with studies for other groups of countries, it is found that there is a greater degree of aggregate than sectoral convergence. Aggregate productivity...

Persistent link: https://www.econbiz.de/10004976545

An engineer’s view of economics: Wilhelm Launhardt’s contributions

Backhaus, Ursula - In: Journal of Economic Studies 27 (2000) September, pp. 424-476

Wilhelm Launhardt (1832-1918) is a founder of mathematical economics. His main work, Mathematical Foundations of … Economics, published in 1885, was translated into English in 1993. As an engineer, he contributed to the field of not only … engineering, but also of economics and, in particular, to those parts in economics which can be treated fruitfully with …

Persistent link: https://www.econbiz.de/10004976546

Econometrics: an appraisal

Meerhaeghe, Marcel A.G. van - In: Journal of Economic Studies 27 (2000) September, pp. 316-325

Econometrics labours under the same limitations as economics: it rests on unrealistic hypotheses (and non …

Persistent link: https://www.econbiz.de/10004976549

Heinrich von Storch’s concept of the use of mathematics in political economy

Backhaus, Jurgen G. - In: Journal of Economic Studies 27 (2000) September, pp. 377-381

Heinrich von Storch (1766-1835) can claim a very specific position in the history of political economy. Clearly steeped in Camaralist thought, due to his upbringing and later scholarly work in Russia, he was primarily interested in the nature and the causes of the wealth of a nation that he...

Persistent link: https://www.econbiz.de/10004976551

Attilio da Empoli’s significance for economic theory

Meerhaeghe, Marcel A.G. van - In: Journal of Economic Studies 28 (2001) September, pp. 324-333

In 1926, at the age of only 22, da Empoli wrote two remarkable, original books, both of which have aroused much interest. Later da Empoli improved and developed their analysis. Other publications followed, such as his lessons in economic science. Others still were in preparation, but his...

Persistent link: https://www.econbiz.de/10004976552

Endogenous inflationary finance and long-run growth

Ghosh, Sugata; Mourmouras, Iannis A. - In: Journal of Economic Studies 28 (2001) January, pp. 43-54

This paper examines the effects of money financing of deficits on capital accumulation and growth in a framework where inflationary finance is determined endogenously through a dynamic game between an optimising central bank which attempts to minimise the inflation-tax and a rational private...

Persistent link: https://www.econbiz.de/10004976553

Mathematics in economics: the monopoly point of view?

Maks, Hans - In: Journal of Economic Studies 27 (2000) September, pp. 338-343

Describes how mathematics enjoyed a virtual monopoly as the privileged method of economic inquiry in the post-war period. Counters the argument that such a position generates negative consequences, such as monopoly rents and the abuse of dominant positions. Argues that competing schools of...

Persistent link: https://www.econbiz.de/10004976554

Mathematics and the social sciences at the time of the modern beginnings of the social sciences

Senn, Peter - In: Journal of Economic Studies 27 (2000) September, pp. 271-292

Surveys the use of mathematics in what are now commonly called the social sciences up to the time of the earliest use of the term “social science” in the late 1700s. Explains the rationale for the organization and structure of the paper and proceeds to reason for the broad definition of...

Persistent link: https://www.econbiz.de/10004976558