From humans to hermit crabs to deep water plankton, all living things compete for locally limiting resources. This universal truth unites three bodies of thought--economics, evolution, and history--that have developed largely in mutual isolation. Here, Geerat Vermeij undertakes a groundbreaking and provocative exploration of the facts and theories of biology, economics, and geology to show how processes common to all economic systems--competition, cooperation, adaptation, and feedback--govern evolution as surely as they do the human economy, and how historical patterns (...) in both human and nonhuman evolution follow from this principle.Using a wealth of examples of evolutionary innovations, Vermeij argues that evolution and economics are one. Powerful consumers and producers exercise disproportionate controls on the characteristics, activities, and distribution of all life forms. Competition-driven demand by consumers, when coupled with supply-side conditions permitting economic growth, leads to adaptation and escalation among organisms. Although disruptions in production halt or reverse these processes temporarily, they amplify escalation in the long run to produce trends in all economic systems toward greater power, higher production rates, and a wider reach for economic systems and their strongest members.Despite our unprecedented power to shape our surroundings, we humans are subject to all the economic principles and historical trends that emerged at life's origin more than 3 billion years ago. Engagingly written, brilliantly argued, and sweeping in scope, Nature: An Economic History shows that the human institutions most likely to preserve opportunity and adaptability are, after all, built like successful living things. (shrink)

This paper attempts to quantify the development of the key monetary values and changes in monetary trust that occurred during Roman times under ever-increasing prices. To track those developments, the paper introduces a minimal-parameter model that builds on available numismatic data relating to the Roman landmark coinages and on papyrological findings. The modelling produces a series of graphs which clearly signal the occurrence of a later crisis of confidence. It is argued that the monetary measures typically taken by the Roman (...) authorities actually fostered a crisis of confidence, and even made it inevitable. (shrink)

In this volume, Charles Kindleberger makes a powerful case against the idea that any one model could be used to unlock the basic secret of economic history. It is essentially an exercise in methodology, addressed to economists and economic historians alike. He argues that too many economists discover a relationship or a uniformity in economic behaviour, develop a model, and use it to explain more than it is capable of, including, on occasion, all economic behaviour. (...) These lectures discuss four 'laws' in economics to show how uniformities can illuminate economic history in particular aspects. They illustrate the view that the economist or economic historian seeking to test analysis against historical data should have a variety of different models, and not just one. The implication is that however scientific and technical the tools, choosing them carefully to fit particular circumstances is itself an art. (shrink)

This is a slightly longer version of an entry prepared for the 2nd edition of The New Palgrave Dictionary of Economics, edited by Steven Durlauf and Lawrence Blume (Palgrave-Macmillan, forthcoming). Since the New Palgrave does not include acknowledgments, I should use this chance to thank Roger Backhouse, Philippe Fontaine, Daniel Kahneman, Kyu Sang Lee, Ivan Moscati, and Vernon Smith for their help and suggestions in preparing this paper.

O'Brien provides a critical assessment of Ernest Mandel's 1975 monograph Late Capitalism. In so doing, he offers a historical narrative that puts into question Mandel's framing of 'waves' of capitalist development as a process of capital accumulation that was dependent upon uneven development in the Third World. O'Brien starts by problematising Mandel's argument that an initial concentration of money, capital and bullion in the hands of Europeans explains combined and uneven development. He goes on to demonstrate that Mandel's notion of (...) imperialism as a necessary conduit for the flow of surplus capital from industrialising Europe does not stand up to the historical evidence. In fact, O'Brien maintains an alternative thesis, namely that these marginalised regions were insuffciently penetrated by European capital. (shrink)

A growing literature on scholarly and practical approaches to conservation and development uses a livelihood approach to understand rural peoples’ diverse assets and activities, especially as they serve to minimize vulnerability to economic and ecological shocks. In recent years, the suite of potential assets available to rural households has been theorized as human, natural, physical, social, and cultural capitals and includes the context in which they are used. Here we explore Wounaan livelihood strategies and how they articulate with the (...) dynamic political economic history of eastern Panama. Known in Panama as forest dependent swiddeners, semi-structured interviews and participant observation revealed Wounaan’s increasing reliance on fishing, artisanship, and ecotourism in their income profiles. While these income sources are linked to decreasing land availability and increasing market opportunities, we address the role of cultural beliefs and values in Wounaan negotiation of their income strategies. (shrink)

This encyclopedia is the first of its kind in bringing together philosophy and the social sciences. It is not only about the philosophy of the social sciences but, going beyond that, it is also about the relationship between philosophy and the social sciences. The subject of this encyclopedia is purposefully multi- and inter-disciplinary. Knowledge boundaries are both delineated and crossed over. The goal is to convey a clear sense of how philosophy looks at the social sciences and to mark out (...) a detailed picture of how the two are interrelated: interwoven at certain times but also differentiated and contrasted at others. The Entries cover topics of central significance but also those that are both controversial and on the cutting-edge, underlining the unique mark of this Encyclopedia: the interrelationship between philosophy and the social sciences, especially as it is found in fresh ideas and unprecedented hybrid disciplinary areas. The Encyclopedia serves a further dual purpose: it contributes to the renewal of the philosophy of the social sciences and helps to promote novel modes of thinking about some of its classic problems. (shrink)

In this essay, I use a general argument about the evidential role of data in ongoing inquiry to show that it is fruitful for economic historians and historians of economics to collaborate more frequently. The shared aim of this collaboration should be to learn from past economic experience in order to improve the cutting edge of economic theory. Along the way, I attack a too rigorous distinction between the history of economics and economic history. (...) By drawing on the history of physics, I argue that the history of a discipline can be a source of important evidence in ongoing inquiry. My argument relies on the claim that it is a constitutive element of science that evidence is never discarded forever and is thus historical in nature. In the final section, I offer a case study by explaining a research proposal that turns on a long-running data-set Babylonian whole-sale prices of six commodities noted in pre-Hellenistic and Hellenistic times. To motivate my reading of this data-set, I critically discuss Aristotle's successful attempt to distinguish between astrology and political economy. (shrink)

The following is a short introduction to this special issue, which builds on and significantly extends and updates the research published recently in the Iwanami Series on Japanese economic history. First, we offer a modern interpretation of four institutional elements that are particularly important for understanding the growth path of the Japanese economy. These are (a) ownership; (b) regulation of factor markets; (c) labor mobility and (d) the judiciary. These four elements properly clarify the incentive structure behind (...) class='Hi'>economic institutions. We then briefly explain how the four articles in this special issue—two at the macro level providing updated estimates of long-run rates of growth in gross domestic product (GDP) and total factor productivity (TFP), and two at the micro level examining institutional changes in specific markets—build on this unified framework, and deepen our understanding of Japanese economic history. (shrink)

In the first comprehensive and full-length study of the English historical economists, Gerard Koot traces their revolt against the theory, policy recommendations and academic dominance of classical and neoclassical economics in Britain between 1870 and 1926. English Historical Economics, 1870–1926 shows how these historical critics challenged the deductive method and mechanistic assumptions of the economic orthodoxy, developing an historical and inductive method for economic studies and laying the foundation for the professional study of economic history. The (...) author examines the effect of this new methodology upon English politics, discussing the intellectual framework that the historical economists provided for the conservative attack on laissez-faire philosophy in links between such larger social, economic, political and intellectual controversies and the origin and growth of English historical economics. (shrink)

Interdisciplinary research is frequently viewed as an important component of the research landscape through its innovative ability to integrate knowledge from different areas. However, support for interdisciplinary research is often strategic rhetoric, with policy-makers and universities frequently adopting practices that favour disciplinary performance. We argue that disciplinary and interdisciplinary research are complementary, and we develop a simple framework that demonstrates this for a semi-permanent interdisciplinary research field. We argue that the presence of communicating infrastructures fosters communication and integration between disciplines (...) and the interdisciplinary research field to generate innovative knowledge. We apply this to the experience of economic history in Australia in the second half of the twentieth century to demonstrate the life cycle of a semi-permanent interdisciplinary research field. (shrink)

This encyclopedia is the first of its kind in bringing together philosophy and the social sciences. It is not only about the philosophy of the social sciences but, going beyond that, it is also about the relationship between philosophy and the social sciences. The subject of this encyclopedia is purposefully multi- and inter-disciplinary. Knowledge boundaries are both delineated and crossed over. The goal is to convey a clear sense of how philosophy looks at the social sciences and to mark out (...) a detailed picture of how the two are interrelated: interwoven at certain times but also differentiated and contrasted at others. The Entries cover topics of central significance but also those that are both controversial and on the cutting-edge, underlining the unique mark of this Encyclopedia: the interrelationship between philosophy and the social sciences, especially as it is found in fresh ideas and unprecedented hybrid disciplinary areas. The Encyclopedia serves a further dual purpose: it contributes to the renewal of the philosophy of the social sciences and helps to promote novel modes of thinking about some of its classic problems. (shrink)

Where is rapid economic growth taking us? Why has its spread throughout the world been so limited? What are the causes of the great twentieth century advance in life expectancy? Of the revolution in childbearing that is bringing fertility worldwide to near replacement levels? Have free markets been the source of human improvement? Economics provides a start on these questions, but only a start, argues economist Richard A. Easterlin. To answer them calls for merging economics with concepts and data (...) from other social sciences, and with quantitative and qualitative history. Easterlin demonstrates this approach in seeking answers to these and other questions about world or American experience in the last two centuries, drawing on economics, demography, sociology, history, and psychology. The opening chapter gives an autobiographical account of the evolution of this approach, and why Easterlin is a 'reluctant economist'. (shrink)

This paper critically evaluates institution reconstructing critique—the central methodological strategy employed by Axel Honneth in his latest book Freedom’s Right designed to articulate and justify the normative standards employed by a critical theory of the present. It begins by considering, at a general level, the promises and limits of three ideal-typical normative methodologies of social critique: first principles critique, intuition refining critique, and institution reconstructing critique. It then turns to the details of Honneth’s history and diagnosis of market spheres (...) of society as one key example of institution reconstruction critique. This leads to a consideration of some challenges facing this kind of critique, paying particular attention to problems posed by alternative reconstructions of the same data. It argues, in particular, that there is a troubling indeterminacy in this reconstruction, since alternative teleologies yield substantively different normative analyses of capitalism, and hence substantively different social critiques. In conclusion, the paper suggests some methodological remedies which might need to be adopted in order to make good on the promise of institution reconstructing critique while avoiding some of its most challenging problems. (shrink)

Includes bibliographical references and index.

In the development of Roman Catholic social thought from the teachings of the scholastics to the modern social encyclicals, changes in normative economics reflect the transformation of an economic terrain from its feudal roots to the modern industrial economy. The preeminence accorded by the modern market to the allocative over the distributive function of price broke the convenient convergence of commutative and distributive justice in scholastic just price theory. Furthermore, the loss of custom, law, and usage in defining the (...) boundaries of economic behavior led to a depersonalization of economic relationships that had previously provided effective informal means of protecting individual well-being. Hence, recent economic ethics has had to look for nonprice, nonmarket mechanisms for distributive justice. This is reflected, for example, in the shift in attitude from the medieval antipathy toward unions to the contemporary defense of organized labor on moral grounds. (shrink)

This book concentrates upon how economic rationalities have been embedded into particular historical practices, cultures, and moral systems. Through multiple case-studies, situated in different historical contexts of the modern West, the book shows that the development of economic rationalities takes place in the meeting with other regimes of thought, values, and moral discourses. The book offers new and refreshing insights, ranging from the development of early economic thinking to economic aspects and concepts in the works of (...) classical thinkers such as Thomas Hobbes, John Locke and Karl Marx, to the role of economic reasoning in contemporary policies of art and health care. With economic rationalities as the read thread, the reader is offered a unique chance of historical self-awareness and recollection of how economic rationality became the powerful ideological and moral force that it is today. (shrink)