The American Journal of Economics and Sociology

The American Journal of Economics and Sociology publishes scholarly essays in the social sciences, with an emphasis on the intersection of sociology and economics. Also included are book reviews and profiles of historical figures.

Articles from Vol. 57, No. 4, October

Between Wicksell and Hayek: Mises' Theory of Money and Credit Revisited
I Introduction Any rereading of von Mises' writings on monetary theory must take earlier interpretations into account. Outside the circle of his closest Austrian followers, the best-known, most authoritative, and representative interpretation...
Debt as the Basis of Currency: The Monetary Economics of Trust
I The Nineteenth Century Ideology S. Herbert Frankel's excellent little book Money: Two Philosophies contains a chapter entitled "The Nineteenth Century Ideology," in which he argues that nineteenth-century thinkers understood that "borrowable...
Efficiency and Fragile Speculative Financial Markets: Against the Tobin Tax and for a Creditable Market Maker
I Introduction Since the oil price shock of 1973 and the Mexican threat of default in 1982, there have been recurrent problems in international monetary payments balances. The result has been reduced global rates of employment, output, and economic...
Efficient Markets, Fundamentals, and Crashes: American Theories of Financial Crises and Market Volatility
I Introduction Economists have struggled to characterize and model the dynamic evolution of economic phenomena throughout this century. From the earliest attempts to establish business annals at the beginning of the century to the disappointing...
Free Money for Social Progress: Theory and Practice of Gesell's Accelerated Money
I Introduction Money is often the central point of theories that are designed to improve social organization. In the 1930s, the Great Depression led to a search for alternative solutions to restart the economy, or at least to slow its decline....
Market-Hampering Land Speculation: Fiscal and Monetary Origins and Remedies
I The Nature and Effects of Asset Speculation In the most basic sense, speculation IS a method of dealing with the uncertain future. Faced with uncertainties, people need to adjust their actions to accomplish their ends relative to the expected...
On Financial Frauds and Their Causes: Investor Overconfidence
I Introduction Every few months another case of financial fraud seems to make it to the front pages of the daily newspapers. On a somewhat small scale, company heads such as Barry Minkow (Akst, 1990; Domanick, 1989) and "Crazy Eddie" Antar, the...
Railroads and Capital: Money, Credit, and the Industrialization of Shoemaking
I Introduction The purpose of this paper is to examine the role of railroads in the formation of capital for the initial industrialization of shoemaking in New England prior to the Civil War. Although the role of railroads in the industrialization...
Real Balances, the Price Level and the Unit of Account: From Wicksell to Patinkin and Beyond
I Introduction This paper is an inquiry into how Knut Wicksell's Interest and Prices: A Study of the Causes Regulating the Value of Money (originally in German, 1898; translated 1936 by Richard F. Kahn) influenced Don Patinkin's Money, Interest...
The Dialectics of White-Collar Crime: The Anatomy of the Savings and Loan Crisis and the Case of Silverado Banking, Savings and Loan Association
I Introduction The savings and loan bailout stands out as the first time in U.S. history that Congress agreed to bail out an entire industry as opposed to a single corporation. It is by far the most expensive bailout to which Congress has ever...
The Firm, Money, and Economic Calculation: Considering the Institutional Nexus of Market Production
I Introduction: Firms and Calculation Recent discussions on the rationale and nature of the firm (drawing on the pioneering work of Coase (1937) and sometimes called the New Institutionalist Economics) suggest that firms derive their rationale...
The Money Economy: Mercantilism, Classical Economics and Keynes' General Theory
I Introduction The use of money released mankind from close dependence on nature and local markets; but, in facilitating a high degree of specialization and exchange, money has caused individuals to rely on the entrepreneurial success of others....
The Neglected Economics of Trust: The Bentham Paradox and Its Implications
I Faith and Credit We can see the centrality of trust in the case of credit. Recall that Schumpeter even defined capitalism as "that form of private property economy in which innovations are carried out by means of borrowed money" (Schumpeter...
Trust and Sociability: On the Limits of Confidence and Role Expectations
Vladimir Ilych Lenin is said to have remarked: "Vertraun ist gut, Kontrol noch besser" - trust is good, but control is much better. In this saying we find what I think is a distinction critical to any preliminary understanding of trust-that is, the...
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