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ad while i m out with the dogs at march 11 2022 no comments email this blogthis share to x share to facebook share to pinterest labels what is political economy thursday march 10 2022 a household economy for the polis the economy has been my hobby and my passion since 1977 but i still don t know what political economy means now it has come up though and i have to figure it out from investopedia political economy is an interdisciplinary branch of the social sciences that focuses on the interrelationships among individuals governments and public policy political economy is a branch of social science that studies the relationship that forms between a nation s population and its government when public policy is enacted it is therefore the result of the interaction between politics and the economy and is the basis of the social science discipline political economy may draw upon sociology economics and political science to define how government an economic system and politics influence each other so assuming we trust investopedia on this that s what political economy is today it describes how the economy influences and is influenced by politics and government okay i guess but investopedia doesn t make it real for me there are no specifics you wouldn t even know that money might be involved but they do link to antoine de montchrétien and the birth of political economy at storep this montchrétien guy wrote a book back in 1615 that analyzed how economics and politics are interrelated investopedia says apparently that was the beginning of political economy but i can t find the book online in english so i don t know what i think that guy said this isn t helping me understand the meaning of the term political economy i have to try a different approach based on this bit from the investopedia article the term is probably best ascribed to the french writer and economist antoine de montchrestien he wrote a book called traité de l économie politique in 1615 in which he examined the need for production and wealth to be distributed on an entirely larger scale not in the household as aristotle suggested and this from britannica the term political economy is derived from the greek polis meaning city or state and oikonomos meaning one who manages a household or estate political economy thus can be understood as the study of how a country the public s household is managed or governed i get the impression that in montchrestien s time his version of the word economy still referred to the household economy so he used the term political economy to describe the entirely larger scale economy he had in mind if economy did still mean in 1615 the same as it meant in ancient greece something like household budgeting and it might have as even today we try to economize when we spend money then this montchrestien was apparently the one who developed the idea of the economy as applying not simply to the household but also to society as a whole which is how we think of the economy today how i think of it anyway now i can picture what the term political economy would have meant when it was invented in the 17th century it meant then the same that economics means today i didn t get that impression from the investopedia article i ve known of this ancient greek word oikonomos for a long time it has to do with household management but i was thinking about it while i was out with the dogs the word household is always used when the meaning of oikonomos is given but i doubt it was only used in ancient greece and rome in reference to places where people lived as in the britannica excerpt it referred to a household or estate in ancient times at least as i picture ancient times there was not a lot of factory work most people may have lived where they worked at home or on the estate but either way oikonomos must have mostly meant planning and tracking business revenue and expenses sure a guy that only worked on the estate could do oikonomos for his personal budgeting at home after work that might have been part of it sure if this is correct then oikonomos included budgeting andor accounting as needed for consumers and businesses both if the government also had the oikonomos and they must have i would think then in all sectors of the economy there was oikonomos now it makes sense to me but let me make a distinction between the oikonomos of government and the political economy of government i read the other day that the income of the roman empire was the personal income of the emperor the empire was his magnificent estate his accounting was oikonomos political economy is horse of a different color one that becomes relevant when the nation is not the personal property of its leader at march 10 2022 no comments email this blogthis share to x share to facebook share to pinterest labels what is political economy monday march 7 2022 pointing out the financialization of 1820 1850 from blackwood s edinburgh magazine of february 1851 at project gutenberg for thirty years past it has been the uniform policy of the british government directed by the pressure of the money power and the influence of realised capital to augment the value of realised wealth by enhancing its price and cheapening everything else to effect this gold was first selected as the standard because it was the most valuable of the precious metals and as its price had for a long course of years been slowly but steadily advancing it was thought with reason that the assumption of it as the standard could not fail to enhance the value of realised capital of every kind by cheapening the money price of all the articles in which every one else dealt next small notes were extinguished because they formed a currency commensurate to the wants of the nation and consequently their abundance tended to raise prices then the issue of notes beyond 32 000 000 in the whole empire was made to depend on an amount of gold coin corresponding to the notes issued being in the coffers of the banks issuing in other words the currency beyond that limited amount not half of what the nation required was made entirely metallic free trade was next introduced in order still further to augment the value of realised wealth by taking a fourth from the price of every commodity which it might purchase and consequently depressing to a similar extent the remuneration of productive industry all this was rested on the plausible plea of maintaining a fixed and unchangeable standard of value and preventing monetary crises by having no circulation except what was based on the most precious of the precious metals at march 07 2022 no comments email this blogthis share to x share to facebook share to pinterest labels financialization in the 19th century saturday march 5 2022 the cost of public construction from chapter 9 of free to choose by milton and rose friedman starting at the bottom of page 267 financing government spending by increasing the quantity of money looks like magic like getting something for nothing the workers who build the road get their pay and can buy food clothing and housing with it nobody has paid higher taxes yet there is now a road where there was none before who has paid for it the short answer is supply creates its own demand or alternatively the more men can produce the more they will purchase friedman goes with the long answer the answer is that all holders of money have paid for the road the extra money raises prices when it is used to induce the workers to build the road instead of engage in some other productive activity those higher prices are maintained as the extra money circulates one word from friedman s answer troubles me instead they write the extra money raises prices when it is used to induce the workers to build the road instead of engage in some other productive activity if instead they had written to build the road in addition to other productive activity they would be describing the increase of output rather than the increase of prices friedman s famous graphs show the price level increasing on a path similar to the money relative to output mrto ratio given that calculation if money increases then prices go up but if output increases then prices go down the increase in output which you would expect if more people are working undermines friedman s argument that the extra money raises prices to make his argument work friedman has to assume there is no increase of output so he says the workers build the road instead it s a little bit true friedman s argument and a little bit bullshit in the real world at least in the us for most of the period after wwii and before the 2008 financial crisis government spending on public construction was a plan to put additional people to work it was never a plan to have people set aside productive work and do government work instead at march 05 2022 no comments email this blogthis share to x share to facebook share to pinterest friday march 4 2022 the cessation of public construction from the alan samuel essay in ancient economic thought pdf page 224 the frankish leaders were not hostile to the cities and towns as institutions but they did not in any way fulfill themselves through them and royal inattention turned out to be a neglect of which the effects were not so benign the cessation of public construction brought an end to the infusions of cash for materials and labor which represented an important source of income for urban dwellers in an economy which did not generate much money from town industry and commerce keynes at the end of chapter 10 writes ancient egypt was doubly fortunate and doubtless owed to this its fabled wealth in that it possessed two activities namely pyramid building as well as the search for the precious metals the fruits of which since they could not serve the needs of man by being consumed did not stale with abundance the middle ages built cathedrals and sang dirges two pyramids two masses for the dead are twice as good as one but not so two railways from london to york at march 04 2022 3 comments email this blogthis share to x share to facebook share to pinterest wednesday march 2 2022 is it ideas or economics or ideas and economics max our 110 pound puppy was restless i let him out i turned around and there was lexi our canine middle child giving me a look that said hey i want to go out too but lexi doesn t want to go out by herself she wants me to go with her she talked me into it and then there s mish our oldest i asked her do you want to go out she looked me straight in the eye and licked her lips in our house that s universal language for i want a treat so i told her you can go out or you can stay in and have a treat she wanted the treat she got her treat and i went out with lexi but as soon as i closed the door i heard the bark that said now i m ready to go out treats and out that was mish s plan they re so human in so many ways our dogs in ancient economic thought pdf in the alan samuel essay assumptions economics and the origins of europe at one point samuel struggles to choose between ideas and economics let me start at the beginning of his third paragraph i may therefore risk running against the tide if i treat this discussion in terms of the categories of pirenne s arguments pirenne was a historian alan samuel suggests that pirenne s views have been superseded by more recent work i wouldn t know but in a pdf on robert lucas from econ journal watch lucas is quoted as saying he was influenced by henri pirenne the belgian historian who stressed economic forces this stress on the importance of economic forces could be the most important thing robert lucas ever said resume alan samuel if i treat this discussion in terms of the categories of pirenne s arguments and if i focus on the question in the terms pirenne saw it what was the phenomenon which made life in western europe different after the roman patterns were no longer in effect however evolutionary the change may have been and however much one may prefer to see a multiplicity of factors at work in the history of that period as of all periods there was something qualitatively different from life in the former roman gaul different both from earlier times and from the contemporary roman and islamic east pirenne was looking for the phenomenon the one phenomenon that caused western europe to evolve in the way it did alan samuel it is that difference and its causation which still can bear discussion it seems to me samuel continues then taking ideas as one phenomenon the economy as another 1 it is true that ideas were fundamental to the changes that took place but many of those ideas can be traced in the economy ideas or economics does not therefore seem to me to be a very suitable set of alternatives and exclusions while even ideas and economics draws too sharp a line between concepts and their results which may in fact feed upon one another he rejects both or presents us with alternatives and exclusions and gives rise to false distinctions between concepts and their results samuel finds big meaning in those little words he struggles to choose between ideas or economics and ideas and economics but finds neither alternative acceptable finishing the thought he writes the strategies adopted by the leaders of society during the difficult years 400 to 800 were dictated to a significant extent by the underlying ideas about society and its material needs society and its material needs is the economy alan samuel is saying it was ideas about the economy that dictated the strategies of those difficult years i have to say he is exactly right i have been saying that the economy drives civilization up to the peak and down to the trough now i have to adopt alan samuel s view and say the economy drives civilization even during the trough in all its phases the cycle of civilization is an economic cycle economics is ideas about the economy ideas and economics don t disentangle should it be ideas or economics or ideas and economics with samuel i reject the question i cannot choose between economics and ideas economics is ideas at the end of the general theory of employment interest and money after inventing macroeconomics and showing a path out of the great depression john maynard keynes asked is the fulfilment of these ideas a visionary hope ideas his word he pondered the chance of success for his ideas he was optimistic i am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas economics is ideas the ideas of economists and political philosophers both when they are right and when they are wrong are more powerful than is commonly understood indeed the world is ruled by little else the ideas that drive the advance of civilization those that bring its decline even those in effect at the bottom of the cycle of civilization are economic ideas indeed the world is ruled by little else at march 02 2022 no comments email this 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