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Journal Article
History of Political Economy (2016) 48 (2): 265–306.
Published: 01 June 2016
... discounting utilities of future generations, to which Frank Ramsey subscribed, postwar neoclassical growth economists (of the “Ramsey-Cass-Koopmans model”) applied the discount factor either to the individual's or the social planner's decision making as a technical requirement of dynamic general equilibrium...
Journal Article
History of Political Economy (2011) 43 (2): 375–378.
Published: 01 June 2011
... the economy. A journalism bubble accompanied the market bubble of the first part of the decade, one that failed to examine prevailing wisdom, discounted dissent, and produced little independent analysis. What have we learned since? Correspondence may be addressed to Philip Bennett, Sanford School...
Journal Article
History of Political Economy (2003) 35 (2): 241–268.
Published: 01 June 2003
.... Cambridge: Cambridge University Press. Ainslie, G., and N. Haslam. 1992 . Hyperbolic Discounting. In Choice over Time , edited by G. Loewenstein and J. Elster, 57 -92. New York: Russell Sage. Becker, G. S. 1992 . Habits, Addictions, and Traditions. Kyklos 45 : 327 -45. ____. 1995...
Journal Article
History of Political Economy (2001) 33 (2): 269–281.
Published: 01 June 2001
... of valu- ation “fundamentals” and of a well-known approach for translating the fundamentals into a price. The 1720 valuation techniques can be charac- terized, with scant embellishment, as a dividend discount model and/or a price/earnings ratio. Background Even in 1720 (never mind 2001), equity...
Journal Article
History of Political Economy (1994) 26 (3): 518–520.
Published: 01 September 1994
..., this volume explores the treatment of problems of efficiency, of justice, and of discounting in the neoclassical model. The author thor- oughly evaluates the “Faustmann-Formulation” for the optimal regeneration cycle of forests as well as Wicksell’s solution to the “wine aging problem”; the man...
Journal Article
History of Political Economy (1991) 23 (3): 457–480.
Published: 01 September 1991
.... Duffy , Ian P. H. 1982 . The Discount Policy of the Bank of England during the Suspension of Cash Payments, 1797–1821. Economic History Review, ser. 2 , 35 ( February ): 67 -82. Fetter , Frank W. [ 1965 ] 1978. The Development of British Monetary Orthodoxy, 1797–1875 . Cambridge, Mass...
Journal Article
History of Political Economy (1986) 18 (2): 281–290.
Published: 01 June 1986
... discounted cash flows, Faustmann brilliantly calculated the value of forest land, hence the land rent and the shadow price of standing timber. He correctly realized that the value of forest land depends on the income 1. Thunen 1875, 1:191. 2. Translation of Thunen 1875, 1:193. 284...
Journal Article
History of Political Economy (1989) 21 (1): 77–90.
Published: 01 March 1989
.... The lending activi- ties of banks poses a major problem for this analysis. Banks issue paper money by lending, either by discounting bills of ex- change or through “cash accounts ,” overdraft facilities recently invented in Scotland. What is the relationship between this lending and the re...
Journal Article
History of Political Economy (1973) 5 (2): 375–398.
Published: 01 June 1973
... and Economic R,esearch of the Univ. of South Carolina, 1968). 376 HISTORY OF POLITICAL ECONOMY Second, we will introduce and discuss some criticisnis of including lost discounted future earnings st.reams as part of the total cost of war. MODELSOF HUMANCAPITAL LOSSES ATTRIBUTABLE TO WAR...
Journal Article
History of Political Economy (2003) 35 (2): 269–304.
Published: 01 June 2003
... to favor the present grati cation of our desires at the expense of potential future grati cation (in effect discounting the future). He also hints there that the intertemporal variability in our sense of self might itself partly ex- plain the weakness of the passions in matters that concern the remote...
Journal Article
History of Political Economy (2003) 35 (1): 1–19.
Published: 01 March 2003
... . London: Ridgway. ____. 1844 . An Examination of Sir Robert Peel's Currency Bill of 1844, in a Letter to the Bankers of the United Kingdom . London: Richardson. King, W. T. C. 1936 . History of the London Discount Market . London: Routledge. Laidler, D. 1991 . The Golden Age of the Quantity...
Journal Article
History of Political Economy (1992) 24 (2): 477–491.
Published: 01 June 1992
... allocate resources across the many different stages of production so as to max- imize total returns. Where there are differences in time-discounted Steele / Hayek’s Contribution 479 margins (or yields), investments are switched between stages until yields...
Journal Article
History of Political Economy (1989) 21 (3): 409–424.
Published: 01 September 1989
... and the classics on capital 41 1 This consists in discounting to the present the value (in terms of money) of the future services (income) expected from any-or from a given stock of-such instruments. Whence the central subject of his book on the na- ture of capital and income, i.e., the principles...
Journal Article
History of Political Economy (2009) 41 (3): 471–489.
Published: 01 September 2009
... supposing that the public as a whole saves as if it were discounting future utilities at a rate ρ, but otherwise keeping its utility schedules unaltered. Suppose an income tax is levied at a con- stant rate λ but is remitted on savings to a constant extent μ i.e. the total tax paid is λ times...
Journal Article
History of Political Economy (2013) 45 (1): 39–59.
Published: 01 March 2013
...”] . Ekonomisk Tidskrift 23 : 75 – 93 . ———. 1921b . “Diskontosänkning nu betyder myntrealisation” [“Reduction of the Discount Rate Now Means Devaluation”] . Interview in Stockholms Dagblad , March 28 . ———. 1921c . “En plan för penningpolitiken” [“A Plan for Monetary Policy”] . Stockholms...
Journal Article
History of Political Economy (2001) 33 (Suppl_1): 162–189.
Published: 01 December 2001
... Monetary Policy Framework: Lessons from the 1920s,” in the fall 2001 issue ofthe Cato Journal. Measurements and Policymakers 163 short-term nominal rates ofinterest, and volume ofmember bank bor- rowing at the discount window. This set was appropriate for a passive...
Journal Article
History of Political Economy (1994) 26 (4): 539–567.
Published: 01 November 1994
... for the suppression. However, the bulk of Mill’s discussion concerns the beneficial effect of the suppression of small notes on the limitation of credit-supported price increases. Mill argued that one-pound notes issued in the discounting of bills were far more likely to find their way into the retail...
Journal Article
History of Political Economy (2004) 36 (4): 667–688.
Published: 01 November 2004
... for short-sellers, a reference to risk-addled speculators who dared to sell the bear’s skin before catching the bear; John Burr Williams, who is frequently credited with inventing the dividend discount model in his Theory of Investment Value (1938), was nonetheless writing well over 200 years after...
Journal Article
History of Political Economy (1982) 14 (4): 483–495.
Published: 01 November 1982
... criterion, l6 which is the cri- 12.Lewis C. Gray, “Economic possibilities,” p. 499. 13. Ibid., p. 503. 14. Ibid., p. 504. 15.Ibid. 16. Not only did Gray discuss the historical use of the profit-maximizing criterion; he explicitly developed the value of discounted future...
Journal Article
History of Political Economy (1980) 12 (4): 542–557.
Published: 01 November 1980
... with the “true” commodity in- terest rate, and at the same time the capitalizations of agents in various uses as well as the supplies and prices of various “ripe” goods must be greatly dislocated. A market rate of time-discount would in such cases cease to ‘‘prevail’’ with any precision...