The Economics of John Rae

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ISBN: 9780415158671 | 0415158672
Cover: Hardcover
Copyright: 10/20/1998

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Here respected economists assess John Rae's contributions to economics in areas such as economic methodology, history of technology, conspicuous consumption, and the theory of capital and technical change.

List of contributors

xiii

(3)

Acknowledgments

xvi

Introduction

(20)

PART I John Rae's life and works

(18)

1 Birthday greetings to John Rae

(16)

R. WARREN JAMES

PART II Issues of methodology and history

(70)

2 On Rae's methodology of economics

(25)

O.F. HAMOUDA

Rae's espoused methodologies

(3)

Rae on the limitations to knowledge

(1)

Rae's espousal of the inductive method

(2)

Rae's methodologies for political economy

(17)

Conclusion

(1)

Notes

(1)

3 The concept of orders of instruments and goods in Rae and Menger

(8)

S.A. DRAKOPOULOS

Introduction

(1)

Rae and Menger in historical perspective

(1)

Wants, instruments, and goods

(2)

Orders of instruments and goods

(3)

Concluding comments

(1)

Notes

(2)

4 Rae's theory of the history of technological change

(21)

B.B. PRICE

Rae's history in light of theory

(6)

Rae's theory in light of history

(11)

Conclusion

(2)

Notes

(2)

5 John Rae and conspicuous consumption

(14)

ROGER MASON

Introduction

(2)

New Principles and conspicuous consumption

(3)

Vanity and the process of economic decline

100

(1)

Policy, prescription, and cure

101

(2)

Reaction and response after 1834

103

(4)

Summary

107

(2)

PART III Capital and related issues

109

(88)

6 Rae, Bohm-Bawerk, and Fisher on the supply and demand of capital

111

(18)

SYED AHMAD

Introduction

111

(1)

Supply of capital

112

(4)

Demand for capital

116

(5)

Theory of capital

121

(2)

Concluding assessment

123

(1)

Appendix

124

(2)

Notes

126

(3)

7 Invention

129

(15)

ANTHONY BREWER

The role of invention in the New Principles

129

(3)

Invention and its causes

132

(3)

Import substitution

135

(2)

Rae, Schumpeter, and the incentive to innovate

137

(4)

Conclusion

141

(1)

Notes

142

(2)

8 Rae's theory of capital and growth

144

(13)

THOMAS K. RYMES

Introduction

144

(3)

Rae's statics

147

(1)

Rae's dynamics

148

(5)

Conclusion

153

(2)

Notes

155

(2)

9 Productive savings, invention, and investment supply in Rae's growth theory

157

(20)

MICHAEL J. GOOTZEIT

Introduction

157

(1)

Rae's concept of productive savings

158

(2)

The role of invention in interest rate formation and investment

160

(5)

Rae's focus on the business sector's role in growth

165

(3)

The effect of invention on interest variations

168

(4)

Summary

172

(2)

Notes

174

(3)

10 Rae and international trade

177

(8)

ROBERT W. DIMAND

Introduction: Rae and trade

177

(2)

Rae's 1825 sketch of the infant-industry argument

179

(2)

The gains from trade

181

(2)

Rae and Smith

183

(1)

The role of the legislator

184

(1)

Conclusion

184

(1)

11 John Rae and the promotion of infant industries

185

(12)

ANDREA MANESCHI

Introduction

185

(2)

Infant-industry promotion: Rae's critique of Smith

187

(2)

Infant-industry promotion and benefit-cost analysis

189

(2)

Free trade and infant-industry protection: competitive or complementary?

191

(2)

Conclusion

193

(1)

Notes

193

(4)

PART IV The development of economic ideas

197

(76)

12 John Rae and Adam Smith

199

(23)

SAMUEL HOLLANDER

Introduction

199

(1)

Rae's critique

200

(4)

Smith's presumptive case for "unregulated" development

204

(1)

Smith and the infant-industry problem

205

(6)

Smith and luxury

211

(1)

Rae's program in practice

212

(3)

Conclusion

215

(1)

Notes

216

(6)

13 Rae as monetary economist: another Scottish tradition in a Canadian setting

222

(21)

MASAZUMI WAKATABE

Introduction

222

(1)

Rae's framework

223

(3)

Rae on money

226

(3)

Rae on banking

229

(6)

Conclusion

235

(2)

Notes

237

(6)

14 Rae and the tradition of Scottish political economy

243

(16)

ALEXANDER DOW

SHEILA DOW

ALAN HUTTON

MICHAEL KEANEY

Introduction

243

(1)

The concept of tradition

244

(2)

The Scottish political economy tradition

246

(5)

Rae's methodological critique of Smith

251

(4)

A missed connection between Rae and Smith

255

(2)

Conclusion

257

(2)

15 Rae as an early post-Keynesian

259

(14)

DOUGLAS MAIR

ANTHONY J. LARAMIE

Introduction

259

(1)

Rae and the Scottish political economy tradition

260

(1)

Post-Keynesian economics

261

(1)

Problems of modern treatment of taxation

262

(1)

Rae and the accumulative principle

263

(2)

Rae and the role of the legislator

265

(1)

Rae, luxury, and taxation

266

(2)

Rae and post-Keynesian tax theory

268

(5)

Bibliography

273

(10)

Index

283

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The Economics of John Rae

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