ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

Articles By Alex M Thomas

Cantillon's Political Economy

The 18th century Irish economist, Richard Cantillon, made lasting contributions to economics, in particular, to classical economics. This note elucidates his conception of the economy as three distinct, yet interdependent systems – (1) production, distribution and exchange, (2) money, interest and prices, and (3) international trade and finance. It is, indeed, striking to find such a comprehensive account of the mechanisms operating in an economy in a text nearly three centuries old. These insights regarding the working of an economy, although a pre-capitalist one, provide a distinct approach to studying today’s economic problems. This is the surplus approach of classical political economy, revived by Piero Sraffa in 1960.

Pierangelo Garegnani: A Tribute

Advances in neoclassical economics are often marked by fashions, new techniques masquerading as theory, and encroachments on other disciplines. In the event, a critical internal appraisal has eluded neoclassical theory. Neither economic crises of the real world nor complaints from sister disciplines seem to make much of a difference. Against this backdrop, Italian economist Pierangelo Garegnani's steadfast commitment to the scrutiny of fundamentals of economic theory is cause for celebration.