John Berdell
Biographic Data
| ID | 1471011 |
|---|---|
| NAME | John Berdell |
| GIVEN NAMES | John |
| FAMILY NAME | Berdell |
| SIGNATURE | BERDELL J |
| AFFILIATIONS | DePaul University |
| VERIFIED | No |
| TOTAL WORKS | 9 |
| TOTAL CITATIONS | 11 |
| AUTHOR COUNT | 9 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1995 |
| LATEST PUBLICATION YEAR | 2025 |
| H-INDEX | 2 |
Where Is Credit in the Price Specie Flow
Standard models of the price specie flow do not consider credit. Yet Hume and preceding authors were reacting to the implosion of Law’s financial bubble. We delineate the anti-credit thesis contained within the evolution of eighteenth-century balance of payments analyses. A string of eighteenth-century authors argued over whether the balance of payments constituted a binding constraint on credit creation. As part of their analysis they considered…
Richard Cantillon’s stabilizing market dynamics
1We consider a dynamic input output model that represents important aspects of Richard Cantillon’s discussion of economic structure and market dynamics. Merchants and inventories determine prices that diverge from (longer run) equilibrium. We contrast this stable formulation of price determination with an unstable benchmark specification in which variations in mercantile inventories play no role. Appreciated the stabilising properties of classica…
Retrospectives
At nearly the same moment, Jeremy Bentham and Henry Thornton adopted diametrically opposed approaches to stabilizing the financial system. Henry Thornton eloquently defended the Bank of England’s actions as the lender of last resort and saw its discretionary management of liquidity as the key stabilizer of the credit system. In contrast, Jeremy Bentham advocated the imposition of strict bank regulations and examinations, without which, he predict…
The Structure and Stability of John Law’s Early Land Bank Proposals
It has now been over two decades, yet Antoin Murphy’s discovery and publication of John Law’s hitherto unknown Essay on a Land Bank has elicited little attention. I examine the nature and stability of the banking proposals set out in that Essay. Two distinct models for the establishment of a land bank are proposed and Law attributes very different properties to them. The second proposal has important commonalties with financial developments in th…
Casualties of Credit
Retrospectives
Early modern Europe in the late seventeenth and early eighteenth centuries witnessed an unprecedented increase in the rate of economic growth, and governments entertained a wide range of proposals aimed at developing and harnessing foreign trade and emerging financial markets. In his magisterial survey of foreign trade doctrine titled Studies in the Theory of International Trade (1936), Jacob Viner pointed out that enlightened authors of that tim…
Adam Smith and the Ambiguity of Nations
What is the status of the nation state in Adam Smith's much celebrated intellectual system, the “Science of the Legislator”? This paper argues that it was historically transitory. Two aspects of Smith's treatment of states and international relations are examined. The first aspect concerns Smith's conception of the gains from international trade and openness. The second concerns his understanding of the dynamics of international conflict. These t…
Innovation and Trade
Research Article| March 01 1996 Innovation and Trade: David Hume and the Case for Freer Trade John F. Berdell John F. Berdell 1 Search for other works by this author on: This Site Google History of Political Economy (1996) 28 (1): 107–126. https://doi.org/10.1215/00182702-28-1-107 Views Icon Views Article contents Figures & tables Video Audio Supplementary Data Peer Review Share Icon Share Facebook Twitter LinkedIn Email Tools Icon Tools Permissi…
The Present Relevance of Hume's Open-Economy Monetary Dynamics
Hume's monetary economics has remained a source of sustained controversy; rival interpretations situate his work at the fountainhead of the quantity theory of money, the monetary approach to the balance of payments, and the post-Keynesian analysis of inflation. Recent contributions to the literature have explicitly modelled several aspects of his monetary writings, but have not placed his controversial discussion of output and monetary dynamics w…
Innovation and Trade
Research Article| March 01 1996 Innovation and Trade: David Hume and the Case for Freer Trade John F. Berdell John F. Berdell 1 Search for other works by this author on: This Site Google History of Political Economy (1996) 28 (1): 107–126. https://doi.org/10.1215/00182702-28-1-107 Views Icon Views Article contents Figures & tables Video Audio Supplementary Data Peer Review Share Icon Share Facebook Twitter LinkedIn Email Tools Icon Tools Permissi…
The Present Relevance of Hume's Open-Economy Monetary Dynamics
Hume's monetary economics has remained a source of sustained controversy; rival interpretations situate his work at the fountainhead of the quantity theory of money, the monetary approach to the balance of payments, and the post-Keynesian analysis of inflation. Recent contributions to the literature have explicitly modelled several aspects of his monetary writings, but have not placed his controversial discussion of output and monetary dynamics w…
Adam Smith and the Ambiguity of Nations
What is the status of the nation state in Adam Smith's much celebrated intellectual system, the “Science of the Legislator”? This paper argues that it was historically transitory. Two aspects of Smith's treatment of states and international relations are examined. The first aspect concerns Smith's conception of the gains from international trade and openness. The second concerns his understanding of the dynamics of international conflict. These t…
The Present Relevance of Hume's Open-Economy Monetary Dynamics
Hume's monetary economics has remained a source of sustained controversy; rival interpretations situate his work at the fountainhead of the quantity theory of money, the monetary approach to the balance of payments, and the post-Keynesian analysis of inflation. Recent contributions to the literature have explicitly modelled several aspects of his monetary writings, but have not placed his controversial discussion of output and monetary dynamics w…
Innovation and Trade
Research Article| March 01 1996 Innovation and Trade: David Hume and the Case for Freer Trade John F. Berdell John F. Berdell 1 Search for other works by this author on: This Site Google History of Political Economy (1996) 28 (1): 107–126. https://doi.org/10.1215/00182702-28-1-107 Views Icon Views Article contents Figures & tables Video Audio Supplementary Data Peer Review Share Icon Share Facebook Twitter LinkedIn Email Tools Icon Tools Permissi…
Adam Smith and the Ambiguity of Nations
What is the status of the nation state in Adam Smith's much celebrated intellectual system, the “Science of the Legislator”? This paper argues that it was historically transitory. Two aspects of Smith's treatment of states and international relations are examined. The first aspect concerns Smith's conception of the gains from international trade and openness. The second concerns his understanding of the dynamics of international conflict. These t…
Retrospectives
Early modern Europe in the late seventeenth and early eighteenth centuries witnessed an unprecedented increase in the rate of economic growth, and governments entertained a wide range of proposals aimed at developing and harnessing foreign trade and emerging financial markets. In his magisterial survey of foreign trade doctrine titled Studies in the Theory of International Trade (1936), Jacob Viner pointed out that enlightened authors of that tim…
Casualties of Credit
The Structure and Stability of John Law’s Early Land Bank Proposals
It has now been over two decades, yet Antoin Murphy’s discovery and publication of John Law’s hitherto unknown Essay on a Land Bank has elicited little attention. I examine the nature and stability of the banking proposals set out in that Essay. Two distinct models for the establishment of a land bank are proposed and Law attributes very different properties to them. The second proposal has important commonalties with financial developments in th…
Richard Cantillon’s stabilizing market dynamics
1We consider a dynamic input output model that represents important aspects of Richard Cantillon’s discussion of economic structure and market dynamics. Merchants and inventories determine prices that diverge from (longer run) equilibrium. We contrast this stable formulation of price determination with an unstable benchmark specification in which variations in mercantile inventories play no role. Appreciated the stabilising properties of classica…
Retrospectives
At nearly the same moment, Jeremy Bentham and Henry Thornton adopted diametrically opposed approaches to stabilizing the financial system. Henry Thornton eloquently defended the Bank of England’s actions as the lender of last resort and saw its discretionary management of liquidity as the key stabilizer of the credit system. In contrast, Jeremy Bentham advocated the imposition of strict bank regulations and examinations, without which, he predict…
Where Is Credit in the Price Specie Flow
Standard models of the price specie flow do not consider credit. Yet Hume and preceding authors were reacting to the implosion of Law’s financial bubble. We delineate the anti-credit thesis contained within the evolution of eighteenth-century balance of payments analyses. A string of eighteenth-century authors argued over whether the balance of payments constituted a binding constraint on credit creation. As part of their analysis they considered…
Economics (7 works) · Law (5 works) · Political science (5 works) · Economic Theory and Policy (4 works) · Business (3 works) · Financial system (3 works) · Keynesian economics (3 works) · Macroeconomics (3 works) · Neoclassical economics (3 works) · Political Economy and Marxism (3 works)