The Palgrave Companion to Cambridge Economics

I Themes in Cambridge Economics Cambridge's Contribution to the Revival of Classical Political EconomyIntroductionClassical Political EconomyVulgar Economy and the Marginal RevolutionThe Development of Marshall's Method and TheorySraffa, Keynes, and the Post-Keynesian Revival of Classical Political EconomyThe Cambridge Welfare Tradition Versus the Cambridge Keynesian TraditionConcluding RemarksReferencesCambridge's Contribution to Methodology in EconomicsIntroductionThe Cambridge Philosophical Tradition and Classical Political EconomyThe Cambridge Resolution of the MethodenstreitJohn Maynard Keynes and Methodology in Twentieth-Century CambridgeCambridge's Contributions in the Twenty-First CenturyReferencesCambridge Theories of Welfare EconomicsIntroductionLate Nineteenth CenturySidgwick and the Welfare-enhancing Art of Political EconomyFoxwell on Periodic Mismatches, Speculation, and WelfareMarshall, Surplus and the Short- and Long-run Aspects of WelfareJohn Neville Keynes on Theory in Relation to Concrete Economic ProblemsEarly Twentieth CenturyPigouvian Market Failure and Welfare AnalysisJohn Maynard Keynes and WelfareMid-Twentieth CenturyA Revival of the Marshallian Approach to WelfareConclusionReferencesCambridge and Development EconomicsIntroduction: Classical Political Economy and the Early Influences on Development EconomicsPaley and Malthus: The First of the Cambridge Development EconomistsThe Influence of Science: The Marginal Revolution and Biological EvolutionThe Multidisciplinary Pursuit of Optimality: Alfred Marshall and the Establishment of the Economics ProfessionThe Marshallians: Keynes and the CircusConclusionReferencesCambridge and EconometricsIntroductionEconomic TheoriesRelevant DataRelevant Quantitative AnalysisMicroeconomic AnalysisMacroeconomic quantitative analysisKeynes and EconometricsRichard Stone and the Department of Applied EconomicsConclusionReferencesCambridge in Mind: Economics and Psychology on the CamThe Origins of PsychologyPsychology at CambridgeSidgwickMarshallPigouKeynesConclusionReferencesPost Keynesian Economics in CambridgeIntroductionWhat's in a Name?While Keynes Lived (Pre-1946)After Keynes: The First 10 Years (1946-1956)The Golden Age That Wasn't (1956-1973)The Age of Decline (1973-2016)EpilogueReferencesCambridge and Economic HistoryIntroductionPostan and Economic HistoryThe Cambridge Group for the History of Population and Social Structure and E.A. WrigleyHistory and Economic HistoryConclusionReferencesTheories Came and Went, Good Data Endured: Accounting at CambridgeIntroductionNational Income AccountingCreating National AccountsForecasting and Disaggregating National AccountsRetrospective National AccountsBusiness AccountingIT, Accounting and EconomicsThe Impact in Economics of the Faculty's Analyses of Company AccountsOther Developments in Financial Accounting for BusinessOccasional AccountantsMicroeconomic Theory of Accounting for BusinessAccounting Identities in Macroeconomic TheoryEnvironmental AccountingBehind the Scenes ContributorsThe Impact of Faculty Accounting Outside AcademeConclusionReferencesII Some Cambridge Economists William Paley (1743-1805)IntroductionPaley's Method of ThoughtThe Cambridge Context of Paley's Economic ThoughtUtilitarian Ethics and Methodological IndividualismOther Possible Influences on Paley's Economic ThoughtEconomic Analysis in 'Of Population and Provision'The Interdependence of 'Provisions' and 'Luxuries'The Generalisation of Mandeville and OptimisationIn What 'Sense' Was Paley 'The First of the Cambridge Economists'?Paley's Putative Influence on MalthusA Proto-Keynesian Paley?ReferencesThomas Robert Malthus (1766-1834)IntroductionGrowth TheoryAggregate Demand and the Malthus-Keynes RelationMalthusian 'Physiocracy' and Its AbandonmentApplied EconomicsConclusionReferencesGeorge Pryme (1781-1868)IntroductionLifeEstablishing Economics at Cambridge and Views on EconomicsConclusionReferencesCharles Babbage (1791-1871)IntroductionEMM—History and Methodological ApproachDivision of Labour, Mechanisation, and the Size of Manufacturing PlantsTransactions CostsCompetition and MonopolyConclusionReferencesHenry Fawcett (1833-1884)IntroductionPolitics and EconomicsConclusionReferencesHenry Sidgwick (1838-1900)IntroductionEthics and EconomicsPolitical Economy and EconomicsConclusionReferencesAlfred Marshall (1842-1924)IntroductionMarshall, the Cambridge School, and the Professionalisation of EconomicsMarshall's Economics: Equilibrium and EvolutionCapital and LabourApplied Industrial EconomicsMarshall and Macroeconomic AnalysisConclusionReferencesHerbert Somerton Foxwell (1849-1936)IntroductionThe Historicist Movement in EnglandBanking and Currency StudiesCompetition, Monopolies, and EmploymentHistory of Economic ThoughtConclusionReferencesJohn Neville Keynes (1852-1949)IntroductionThe Scope and Method of Political EconomyConclusionReferencesJohn Harold Clapham (1873-1946)IntroductionClapham and EconomicsClapham as an Economic HistorianClapham and PoliticsConclusionReferencesA.C. Pigou (1877-1959)IntroductionEarly Years at CambridgeScholarshipLeadershipPublic ServiceConclusionReferencesRalph George Hawtrey (1879-1975)IntroductionHawtrey's EconomicsHawtrey and Some Economic Policy IssuesContemporary InfluenceConclusionReferencesFrederick Lavington (1881-1927)IntroductionThe 1911, 1912, and 1913 Economic Journal Articles on Banking, Interest, and SpeculationThe 1921 Book on The English Capital MarketThe 1922 Study of The Trade CycleLavington's Three Economica (1924, 1926b, and 1927) PapersConclusionReferencesJohn Maynard Keynes (1883-1946)IntroductionKeynes and MacroeconomicsKeynes and International Monetary ReformConclusionReferencesGerald Frank Shove (1887-1947)IntroductionThe Problem of Increasing ReturnsThe Discussion about Equilibrium and Imperfect CompetitionShove and KeynesConclusionReferencesDennis Holme Robertson (1890-1963)IntroductionTrade Cycles and EquilibriumMoneyRobertson and the Cambridge Approach to Utility and WelfareConclusionReferences(Edward) Austin (Gossage) Robinson (1897-1993)IntroductionSchool and Early Cambridge DaysChristian Beliefs and African Economic Development in the 1930sAustin's Response to The General TheoryAustin and WhitehallAustin and the IEAAustin in the Faculty of Economics and Politics and Sidney Sussex CollegeContemporaries' Impressions and Evaluations of AustinConclusionReferencesPiero Sraffa (1898-1983)IntroductionGramsci, Wittgenstein, and RicardoThe Sraffian Revolution: Critique and ReconstructionThe Debates in Capital Theory and the Sraffian SchoolsConclusionReferencesMaurice Herbert Dobb (1900-1976)IntroductionClassical Political Economy: A Theoretical Way ForwardIntellectual Versatility and InfluenceThe Entrepreneurial Myth and the Instability of CapitalismUnderdevelopment and the Virtues of PlanningDobb's Philosophical Ontology and MethodologyBritish Marxian Economic HistoriansConclusionReferencesFrank P. Ramsey (1903-1930)IntroductionThe Cambridge Road to GeniusRamsey's EconomicsCrossing the AtlanticConclusionReferencesJoan Violet Robinson (1903-1983)IntroductionAgainst Marshall: Realism of Assumptions and Internal Logic: Economics of Imperfect CompetitionEconomics Is a Serious Subject (ESS):Fact and Value: Science and IdeologyKeynesMarxSocialist DemocracyGrowth and DistributionSocialism and Planning: Development IssuesPolitical EconomyConclusionReferencesRichard F. Kahn (1905-1989)IntroductionEmployment, Liquidity, and the Fight Against the Quantity Theory of MoneyMarkets and Prices: Superseding the Theory of Perfect Competition Reforming International Economic InstitutionsKahn as a Cambridge EconomistConclusionReferencesJames Meade (1907-1995)IntroductionThe Cambridge CircusGeneva and LondonReturn to CambridgeConclusionReferencesNicholas Kaldor (1908-1986)IntroductionBefore CambridgeGrowth and DistributionEconomic PolicyEconomic TheoryConclusionReferencesDavid Gawen Champernowne (1912-2000)IntroductionKeynesian and Classical Approaches to UnemploymentIncome Distribution and Stochastic ProcessesProduction, Capital, and GrowthExpectations, Uncertainty, and Decision-MakingConclusionReferencesWilliam Brian Reddaway (1913-2002)IntroductionReddaway's Early Life and CareerReddaway and StoneReddaway's New Methods of Teaching and ResearchCorporate Finance and Portfolio Selection Theory Reddaway on Statistical and Economic SignificanceReddaway and the Indian EconomyConclusionReferencesRichard Murphey Goodwin (1913-1996IntroductionNon-linear Endogenous Non-stochastic Aggregate Fluctuations (NENAF)Coupled Dynamics, Optimal Planning, Stabilization Policy, and IterationConclusionReferencesRichard Stone (1913-1991)IntroductionThe UK National AccountsThe Foundation of the DAEAn Outline of This ChapterEconomic Theory and DataThe Role of Theory and DataEconometrics and Keynesian EconomicsThe System of National AccountsConsumer DemandMacroeconomic Modelling and PolicyThe Foundation of the Cambridge Growth Project (CGP)The CGP ModelIndicative PlanningInput-Output ModellingRichard Stone's Influence on Cambridge EconomicsConclusionReferencesPolly Hill (1914-2005)IntroductionThe Migrant Cocoa-Farmers of Southern Ghana: A 'Field Economist' at WorkReturn to Cambridge, Between DisciplinesDevelopment Economics on Trial: The Anthropological Case for a ProsecutionConclusionReferencesPhyllis Deane (1918-2012)IntroductionEconomic History and Economic DevelopmentHistory of Economic Ideas and Political EconomyPolitical Economy and Economic ScienceConclusionReferencesRobin Marris (1924-2012)IntroductionFrom the Treasury to Multiple-Shift WorkThe Economic Theory of'Managerial' CapitalismReconstructing Keynesian Economics with Imperfect CompetitionHow to Save the UnderclassConclusionReferencesFrank Hahn (1925-2013)IntroductionBasic ThemesConclusionReferencesWynne Godley (1926-2010)IntroductionMethodologyThe Macroeconomic Policy ModelPrice Setting, Inflation, and Real IncomeAggregate Demand, Productive Potential, and Full EmploymentThe External Trade ConstraintDevaluation and Alternative Trade PoliciesNew Cambridge PropositionsMacroeconomics: The 1983 BookThe Stock-Flow Consistent (SFC) ApproachGodley's View of Credit and BankingOpen EconomiesUnsustainable ProcessesConclusionReferencesRobert Charles Oliver (Robin) Matthews (1927-2010)IntroductionThe First Cambridge YearsA Highlight from the Oxford Years, 1965-1975Return to Cambridge in 1975: Master of Clare and then, as well, Professor of Political Economy in 1980Robin and ChessFurther ActivitiesConclusionReferencesLuigi L. Pasinetti (1930—)IntroductionLuigi Pasinetti: A System-BuilderPasinetti on the Measurement of Productivity ChangesPasinetti on RicardoPasinetti on Income Distribution and GrowthPasinetti on Capital TheoryPasinetti on Structural Dynamics and Vertical IntegrationPasinetti on the Pure Labour Theory of ValuePasinetti on the Roots of the Present Financial Crisis, that Is, the Modigliani-Miller TheoremConclusionReferencesG.C. Harcourt (1931—)The Thirteenth Tribe: Harcourt's Humane VisionsThe Yogi and the Commissar: Meanderings, Exhortations, and Explorations The Sleepwalkers: Setting the Stage for a Changing VisionThe Gladiators: Australians and CantabrigiansConclusionA Note on the ReferencesReferencesCharles Hilliard Feinstein (1932-2004)IntroductionHistorical National AccountsMethodology of Historical National AccountingAs a ColleagueSocial JusticeReferencesAmartya Sen (1933—)Introduction-1970: From Optimum Savings to Social ChoiceChoice, Self-Interest, and CommitmentBentham, Rawls, and CapabilitiesConclusionReferencesJames Mirrlees (1936—)I IntroductionEconomics and the EconomistGrowthTriumph: Optimal TaxationDevelopmentThe Economist as AdviserConclusionReferencesRobert E. Rowthorn (1939—)IntroductionThe Distribution of Income Between Labour and Capital: Inflation and GrowthThe Dynamics of Capitalism: Unemployment and Wage InequalityGrand Issues in Political EconomyA Cambridge Approach to Marriage, Immigration, and TrustConclusionReferencesAjit Singh (1940-2015)IntroductionTake-oversThe Size and Growth of FirmsDeveloping Nations' Financial Structures and World CrisesBroader Industrialized Nation ProblemsEconomic Development StrategyDe-industrializationThe New Threat: China and IndiaConclusionReferencesDavid Michael Garrood Newbery (1943—)IntroductionEarlier Theoretical Work, Mostly on Developing EconomiesOptimal Taxes and Charges for Transport and EnergyElectricity Market DesignConclusionReferencesAnthony B. Atkinson (1944-)IntroductionTony Atkinson and Cambridge, EnglandInequality Measurement and Atkinson (1970)Standing on Atkinson's Shoulders: Subsequent ResearchVariations in the Social Welfare FunctionSocial Welfare ComparisonsPoverty ComparisonsMultidimensional ComparisonsAtkinson and Economic Inequality: Understanding Contemporary SocietyAtkinson and Public Economics: High Theory Contributing to Concrete Policy AnalysisConclusions: Tony Atkinson, Economics, and the Economic Analysis of InequalityReferences
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