scholarly journals Martín de Azpilcueta: The Spanish Scholastic on Usury and Time-Preference

Studia Humana ◽  
2020 ◽  
Vol 9 (2) ◽  
pp. 28-36
Author(s):  
Pedro J. Caranti
Keyword(s):  
Economic Theory ◽  
Golden Age ◽  
Time Preference ◽  
Economic Thought ◽  
Preference Theory ◽  
Modern Economic ◽  
The University

AbstractMartín de Azpilcueta and his fellow Spanish Scholastics writing and teaching at the University of Salamanca during Spain’s Golden Age are rightly pointed to by historians of economic thought as being major contributors toward, if not outright founders of modern economic theory. Among these is the theory of time-preference for which Azpilcueta has repeatedly been given the credit for discovering. However, this discovery is a curious one given how the same man, Azpilcueta, condemned usury in general during his whole life. If Azpilcueta did in fact discover this theory and fully understand its implications, we would reasonably expect him to have questioned his support for the ban on charging an interest on a loan. This paper, therefore, challenges the claim that Azpilcueta understood and revived time-preference theory and shows how his understanding was much more nuanced, and, at times, inconsistent.

Entrepreneurship as a Dynamic System

2012 ◽  
Vol 26 (3) ◽  
pp. 207-216 ◽  
Author(s):  
Karine Oganisjana ◽  
Harry Matlay
Keyword(s):  
Dynamic System ◽  
Lifelong Learning ◽  
Western Europe ◽  
Entrepreneurship Education ◽  
Cost Effective ◽  
Economic Thought ◽  
Economic Conditions ◽  
Small Business Development ◽  
Modern Economic ◽  
Education And Development

Entrepreneurship, as an important aspect of modern economic thought, is often described as facilitating innovation, job creation and national prosperity. Given the current economic conditions in Europe, entrepreneurship growth and small business development are seen as synonymous with economic recovery and growth. Consequently, in recent years entrepreneurship has climbed steadily towards the top of political agendas in Eastern, Central and Western Europe. In turn, entrepreneurship education has emerged as the most cost-effective and speedy way to increase both the quality and quantity of entrepreneurs entering an economy. The education and development of entrepreneurial students has become a topical and much debated European issue, despite the conceptual vagueness and controversial aspects highlighted by entrepreneurship education researchers. In this article the authors postulate that entrepreneurship represents more than an accumulation of relevant knowledge, skills and attitudes. Instead, entrepreneurship is envisaged as lifelong learning and conceptualized in terms of the continuous development of an individual's key entrepreneurial competences. Thus, entrepreneurship education emerges as a dynamic system of lifelong learning steps and entrepreneurship components which are to be developed holistically in order to enhance its impact on entrepreneurial outcomes.

The Crisis of Vision in Modern Economic Thought

1996 ◽  
Vol 63 (2) ◽  
pp. 551
Author(s):  
Charles J. Whalen ◽  
Robert Heilbroner ◽  
William Milberg
Keyword(s):  
Economic Thought ◽  
Modern Economic

Founders of Modern Economic Thought in Italy

1987 ◽  
Vol 14 (7/8/9) ◽  
pp. 182-194
Author(s):  
Massimo Finoia
Keyword(s):  
Economic Thought ◽  
Modern Economic

scholarly journals Views of Ivan Vernadsky on the role of foreign trade policy in economic development

2021 ◽  
Vol 2021 (54) ◽  
pp. 182-198
Author(s):  
Tetiana Bodnarchuk ◽  
◽  
Keyword(s):  
Economic Policy ◽  
Economic Development ◽  
Foreign Trade ◽  
Trade Policy ◽  
Free Trade ◽  
Economic Transformation ◽  
Economic Thought ◽  
Foreign Trade Policy ◽  
Modern Economic

Nowadays, the process of making effective economic decisions requires reference to the history of Ukrainian economic thought. The study of intellectual heritage and innovative ideas of prominent Ukrainian economists, among whom Ivan Vernadsky occupies an important place, will enrich the understanding of the mechanisms and ways of modern economic transformation. The purpose of the article is to analyze and generalize Ivan Vernadsky’s conceptual views on the role of foreign trade policy in economic development. The theoretical basis of this study is conceptual approaches to understanding the nature of foreign trade policy, in particular, protectionism and free trade. Systematic, comparative-historical, institutional-evolutionary, and historical-genetic analyses were used as the research methodology. The author considers Ivan Vernadsky’s conceptual approach to foreign trade as a basis for providing the country's economic leadership in the international area. The economist’s ideas on the advantages of liberal foreign trade policy, free trade, and its mutual benefits for countries are revealed. Ivan Vernadsky was a staunch opponent of restrictive foreign trade policy, which creates obstacles to the country's competitive advantages and economic progress. Attention was paid to Ivan Vernadsky's criticism of customs protectionism. According to the scientist's point of view, protectionism leads to monopolization, price rises, technical and technological backwardness of production, destabilization of foreign trade relations, etc. At the same time, one of the scientist’s merits is the formation of an innovative approach to the interpretation of protectionism as a general economic doctrine and a realistic economic policy. Ivan Vernadsky’s vision of the basics of efficient management is generalized. He creates an original theory of economic development, which can be used for selection of effective mechanisms of modern economic policy.

scholarly journals Failure of the market, state and economics from the perspective of the financial crisis

2011 ◽  
Vol 13 (4) ◽  
pp. 81-97
Author(s):  
Janina Godłów-Legiędź
Keyword(s):  
Financial Crisis ◽  
Critical Analysis ◽  
Economic Thought ◽  
Regulatory Mechanisms ◽  
Economic Methodology ◽  
Economic Downturn ◽  
Classical Liberalism ◽  
Modern Economy ◽  
Market State ◽  
Modern Economic

The debate between the advocates of market and interventionist solutions, primarily based on pitting the market against regulation, has escalated as a result of the financial crisis. The objective of the paper is not only to analyze the advantages and drawbacks of alternative regulatory mechanisms in the light of the global economic downturn, but also to evaluate the modern economy from this perspective. The paper focuses on three hypotheses. 1. It is illegitimate to pit the market against regulation. 2. The crisis resulted from the violation of the principles of classical liberalism, which was precipitated both by inadequate policies and by modern economic methodology. 3. Critical analysis of the methodology and logic of the development of 20th century economic thought reveals the existence of a systemic failure of the dominant doctrines in mainstream economics.

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