Ignorant Speculation Immoral Risks: Macheaths, Turpins and the Commercial Classes in Nineteenth-Century Theories of Economic Fluctuations
This paper demonstrates that the 'inappropriate actions' explanation of fluctuations, whereby expectations figure prominently, originates in the nineteenth century. Explanations of fluctuations were framed in the context of policy implications: if fluctuations were due to 'natural' causes, policy would be ineffective at mitigating their effects. Yet there was a role for policy in the form of education to reduce ignorant speculation. A second issue that resonates in contemporary analysis is the question of how theories of fluctuations, based on 'mistakes,' were reconciled with microeconomic analysis presuming correct decision-making. Correct intertemporal decision-making was seen as an acquired habit to be learned through 'proper' education. Copyright 1996 by Blackwell Publishers Ltd and The Victoria University of Manchester
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 64 (1996)
Issue (Month): 2 (June)
|Contact details of provider:|| Postal: |
Phone: (0)161 275 4868
Fax: (0)161 275 4812
Web page: http://www.socialsciences.manchester.ac.uk/disciplines/economics/
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:bla:manch2:v:64:y:1996:i:2:p:135-52. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing)or (Christopher F. Baum)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.