2011最新(英文)南洋理工大学NTU国际经济思想及方法(Internationa

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程3共10

LECTURE 3: TOWARDS 1776Reading: EH, Ch. 5

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程3共10

Sir William Petty (1623-1687): MethodologyMajor work: Political Arithmetic (1676) Natural law: Res nolunt diu male administrari Vadere sicut vult Statistics, not speculative philosophy or psychology: ‘…leaving [things] that depend upon the mutable minds, opinions, appetites and passions of particular men to the consideration of others’ Quantitative but not mathematical; ceteris paribus Imaginative reconstruction of data: population, national income, national wealth2

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程3共10

Sir William Petty: Economic Theory The multiplier/public works Distribution: interest, rent (demand-led, differential), wages (subsistence, a backwardbending supply curve of labour, a maximum wage law, the storage of surplus grain) Population: ‘Fewness of people is real poverty’ Monetary policy: ‘There is a certain measure or proportion of money requisite to drive the trade of a nation’ – too much is ‘the fat of the body politick’ and should be demonetised by the State3

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程3共10

Sir William Petty: Public Sector Economics A tax on land: justification and incidence A proportional tax –’No man suffers the loss of any riches by it. Men….would remain equally rich’ Taxation/public expenditure to promote economic growth An expenditure tax: do not ‘tax according to what men gain….but always according to what men spend’4

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程3共10

Petty: Value and Growth The theory of value: ‘Labour is the father and active principle of wealth….The wealth, stock or provision of the nation is the effect of the former or past labour.’ Social mobility: ‘There is nothing in the laws or customs of England which excludes the meanest man’s child from arriving to the highest offices in the Kingdom.’ Public policy and economic growth: ‘Suppose that money by way of tax be taken from one who spends the same in superfluous eating and drinking; and delivered to another who employs the same in improving of land, in fishing, in working of mines, in manufacture, etc. It is manifest that such a tax is an advantage to the state.’5

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程3共10

Statistics and Mathematics Induction Experiment, experience, observation Statistics; quantification Ex post Early exponent: Francis Bacon Deduction Mathematical reasoning Abstract; ahistorical Logic Early exponent: René Descartes

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程3共10

The Inductive Method in Economics Sir William Petty: ‘I have taken the course to express myself in terms of number, weight or measure; to use only arguments of sense, and to consider only such causes as have visible foundations in nature.’ Graunt: bills of mortality, 1662 King: demand curve (n.d., probably late 1600s), both direction and elasticity7

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程3共10

The Deductive Method: Bernoulli mathematical presentation in a paper in 1738 (in Latin); used calculus risk aversion (BUT: subjective) approach to value endowment effect: Kahneman and Tversky (1979) diminishing marginal utility of in

come: ‘There is no doubt that a gain of one thousand ducats is more significant to a pauper than to a rich man though both gain the same amount’ influence on theoretical underpinnings of insurance, also on Friedman and Savage8

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程3共10

The Deductive Method: Galiani Wrote: Dialogues (in French), 1770 Historical evolution; relativism Neither mathematical nor empirical: uses logic Value in use (‘the aptitude of goods to make us happy’)/value in exchange Subjective theory of value/diminishing marginal utility Non-satiety: ‘Man is so constituted that when he satisfies one desire, another one makes itself felt with equal force’ Conspicuous consumption: ‘There is no stronger and more violent passion than that for distinction and superiority over others.’9

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程3共10

John Locke (1632-1704)Main works: Some Considerations of the Consequences of then Lowering of Interest and Raising the Value of Money (1692) Two Treatises on Civil Government (1690) A science of society: ‘the art of conducting men right in society, and supporting a community amongst its neighbours’ Interest and Money: ‘The want of money alone regulates its price.’ Property: ‘Reason…. teaches all mankind who will but consult it that, being all equal and independent, no man ought to harm another in his life, health, liberty, and possessions.’10

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程3共10

Locke on Value Value: supply-and-demand ‘The price of any commodity rises or falls by the proportion of the number of buyers and sellers…. That which regulates the price …. is nothing else but their quantity in proportion to their vent.’ Scarcity as well as utility Air and water are essential but they are free ‘because their quantity is immensely greater than their vent’ Value: labour theory ‘Labour…. puts the difference of value on everything.’11

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程3共10

David Hume (1711-1776) Main works: Treatise of Human Nature (17391740); Political Discourses (1752) Em …… 此处隐藏：5442字，全部文档内容请下载后查看。喜欢就下载吧 ……