This article highlights the roles played by knowledge brokers in the history of economics. Knowledge creation is the joint product of teams of people engaged in parallel work. Economists do their professional work, whether that involves creating elaborate theories, gathering and interpreting data, or conducting experiments, all the while creating a variety of competing narratives about the economy. Economic agents go about their daily lives creating goods and services, caring for one another, saving and consuming, all the while making decisions based on whatever narratives they believe about how the economy functions. The various narratives between and among economists and economic agents create market opportunities for knowledge brokers, who sell their services to whoever will pay. They popularize economic insights in bestselling books, and work for think tanks or with various organizations, but they are also textbook writers, journal editors, and conference organizers, all of whom jointly contribute to the edifice of economic knowledge and facilitate communication. European beekeeping is used as an analogy.

Wilhelm Krelle (1916–2004) had two careers: one before 1945 as an officer in the German army (Wehrmacht), and a second after 1945 as an economist in West Germany. After retirement, he was honored as the economist who brought modern modeling techniques, Lawrence Klein’s macroeconometrics in particular, from the US to West Germany. After his engagement in the reform of East German economics, however, he was discredited as his early career became public. This essay reconstructs Krelle’s career in his attempt and struggle to maintain moral integrity in and between the various domains of his troubled life as officer, economist, political adviser, father, and husband.

Before the John Bates Clark Medal (JBCM) had become a widely acknowledged professional and public marker of excellence in economics research, in the first twenty years since its inception more than seventy years ago in 1947, it was almost discontinued three times and once even not conferred. These controversies derived from the fact that the medal was originally established to showcase the expertise of economists to other scientists, policy-makers, and the wider public. While earlier awards were given to theorists, in later years empirical and policy-oriented economists gained ground, reflecting how such research became more prestigious in economics. Based on a quantitative analysis of the forty medalists so far, we show that this empirical shift was concomitant with a decrease in the diversity and an increase in concentration of laureates: twenty-four or twenty-five out of forty awardees received their PhD degree or worked at Harvard, MIT, or Chicago at the time of being awarded.

François Quesnay’s Tableau, as it appears in Philosophie rurale, is an understandable, robust, and innovative construction despite detail errors. It provides a precise representation of the economic circuit. We introduce the accounts of chapter VII of Philosophie rurale and we explain how Quesnay’s Tableau comes from these accounts. The transposition of the accounts of chapter VII and of the Tableau into two input-output tables shows the balance of resources and uses. In order to shed light on the progress of exchanges along the year, the Tableau is also transposed into three double-entry accountings (proprietors, farmers, and artisans).

This paper explores the history of the first economics film, made by Michael Polanyi. It traces the evolution of the film from the first idea to the latest version. It portrays Polanyi’s motives for making the film, the contexts in which the film was embedded, and its perception by various individuals and communities. The paper demonstrates the novelty of both the content and the presentation of Polanyi’s economic ideas through the eyes of his contemporaries. It discusses why it was important for Polanyi to make a film about the circulation of money and the principle of neutrality, and comments on what historiographers of economic thought might learn if they put a stronger emphasis on visual representations in their pursuits.

There are three different interpretations of Adam Smith’s trade theory in modern literature: first, the neoclassical theory of absolute advantage; second, an interpretation based on increasing returns; third, an interpretation of uneven development. These interpretations come to widely different conclusions, especially considering the development of the pattern of trade in Smith’s theory. I discuss how these three interpretations emerged. They do not stem from a more detailed analysis of Smith’s works itself but reflect changes within international trade theory. They all result from the fact that economists have imposed nineteenth- and twentieth-century modes of thoughts on Smith’s theory, forcing his writings into later-developed theoretical frameworks. In contrast to classical economists in the nineteenth century, these subsequent interpretations misrepresent Smith’s trade theory in order to portray him as a forerunner of later theories. The differing interpretations can thus be explained only against the backdrop of the development of international trade theory.

In 1997 and 2004, John Pullen and Trevor Hughes Parry published a set of manuscripts by and relating to Thomas Robert Malthus held at the Kanto Gakuen University in Japan. Their achievement is impressive. However, a few important elements relating to these manuscripts escaped their attention. These elements concern Malthus, but also his very good friend and theoretical opponent David Ricardo. The purpose of this article is to point out these elements inasmuch as they enable 1) the establishment of the correct dating and contextualization of some manuscripts, and 2) the attribution of the true authorship of some other material.

Historians of economics rarely consider textbooks as more than passive receptacles of previously validated knowledge. Therefore, their active role in shaping the discipline and its image is seldom addressed. In this paper, I study the making of Paul Samuelson’s successive editions of Economics from 1967 to 1973 as an instance of how textbooks stand at the crossroads between disciplinary knowledge, pedagogy, and larger political and societal concerns. In the mid-1960s, Economics, now at its sixth edition, was at the height of its success. Considered one cornerstone of modern economics, it was also at the center of a number of criticisms dealing with the current state of the economic discipline and its teaching in the universities. While the profession expressed its concern over the lack of relevance of economics to address the pressing issues of the day and pleaded for a new “problem-solving” approach to economic education, the late 1960s witnessed the emergence of a new generation of “radical” economists criticizing the economics orthodoxy. Their contention that mainstream theory had neglected the issues of class struggle and capitalist exploitation found a favorable echo among an increasingly politicized population. Using archival materials, I show how Samuelson, helped by his editorial team at McGraw-Hill, attempted to take into account these changes in order to ensure the continuing success of subsequent editions of his text in an increasingly competitive market. This study emphasizes Samuelson’s ambiguous attitude toward his contenders, revealing, on the one hand, his apparent openness to discussion and outsiders’ suggestions, and, on the other hand, his firm attachment to mildly liberal politics and aversion to Marxism, unchanged through revisions. It also helps refine a notion that is often invoked but never fully expounded in textbook studies: that of the audience.

The evolution of Ferdinando Galiani’s thought toward social mathematic has been neglected by scholars, and his attempt to establish political arguments on the analytical basis remains unexplored. The non-systematic nature of Galiani’s intuitions, due to his laziness, largely justifies this underestimation of his scientific program. This paper intends to show that the mature abbé Galiani follows an intellectual itinerary autonomous and parallel to that followed by Marquis de Condorcet in the same years. The anti-Physiocratique querelle represents Galiani’s methodological maturation. In contrast with Physiocratic economic doctrine, based on the primacy of deductive methodology, Galiani claims for economic science the realism of circumstance against aprioristic axiomatic hypotheses and rationalist generalizations. Galiani’s project, substantially similar to Marquis de Condorcet’s approach to social science, can be defined as Newtonian social mathematics opposed to Physiocratic Cartesian social mathematics.

John Stuart Mill’s involvement with the Land Question in Ireland is analyzed from the viewpoint of his theory of institutions. I argue that, for Mill, institutions should promote progress without endangering social order. When referring to economic institutions, “progress” meant, essentially, human improvement, a rise in economic productivity, and the increase of social justice. According to Mill, the cottier system did not fulfill any of these requisites and should be abandoned. Mill also rejected transposing to Ireland the “English model” of capitalist agriculture. This institution could eventually solve the economic problem but involved the unjust eviction of tenants and would not regenerate the Irish character. Given the particularities of Ireland, Mill endorsed peasant property as the most suitable form of land appropriation. It would, at the same time, improve the character of the people, enhance productivity, and increase the social justice of the system. It would also mitigate the conflicts that jeopardized social order.

This paper reconsiders the contribution of Henry Ludwell Moore to dynamic economics through the use of harmonic analysis. We show that Moore’s analysis is innovative in its use of the Fourier transformation for the identification of cycles with different periodicities. This enables Moore to identify cycles of longer length with more precision than would be the case for the standard methodology. We are able to replicate the main features of his results and confirm the existence of a rainfall cycle with a periodicity similar to that of the business cycle (eight years). However, we find that the evidence for a longer (thirty-three-year) rainfall cycle is weaker than Moore indicates. We also argue that a central theme of Moore’s analysis—the relationship among rainfall, agricultural productivity, and the business cycle—marks an early precursor of the “real business cycle” approach. George Stigler’s (1962) dismissal of Moore’s work on cycles as “a complete failure” is therefore, in our opinion, unfair. Instead, we argue that, although his work is certainly flawed, it nevertheless deserves a place in both the history of business cycle theory and empirical economics.

This study reflects on Arthur Cecil Pigou’s role in public debate during the initial phase of the First World War over whether Britain should negotiate a peace treaty with Germany. Its main goal is to provide evidence that the “Cambridge Professor” framed his approach to this highly controversial issue from theoretical propositions on trade, industrial peace, and welfare that he had developed in previous works. After reviewing his contributions on these subjects, Pigou’s letter to The Nation in early 1915, suggesting an open move by the Allies towards an honorable peace with Germany, is presented along with his more elaborate thoughts on this same theme put down in a private manuscript. The negative reactions to Pigou’s letter are then scrutinized, particularly the fierce editorial published by The Morning Post. A subsequent version of Pigou’s plea for peace, delivered in his London speech late in 1915, is detailed, listing the essential conditions for a successful conclusion of the conflict. To come full circle, the paper recapitulates Pigou’s postwar considerations on diplomacy, free trade, and colonialism. The concluding remarks bring together the theoretical and applied branches of Pigou’s thoughts on war and peace.

The aim of this paper is to focus, within Adam Smith’s system of thought, on the various aspects of the twofold link between the accumulation of capital and the demand for labor, on the one hand, and between an increasing population and increasing wages, on the other. This link is examined, first, in the light of the relationship between the principles of self-interest and competition; and, second, in support of the possibility that the long-run supply of labor may fall short of the long-run demand for it. The paper’s main argument is that this possibility is peacefully implemented in advancing economies by the “uniform, constant, and uninterrupted effort of every man to better his condition,” which lies behind a continuous process of capital accumulation and technical progress along with the birth control techniques so widely used in our times.

Economists regularly appear as expert witnesses in antitrust litigations. This paper analyzes how their models and methodologies have performed vis-à-vis the standards of relevance and reliability affirmed by the US Supreme Court in Daubert and its progeny. Some explanations for the economists’ troubles when facing a Daubert challenge in antitrust cases are provided.

Human capital theory has suffered much criticism. The filter theory of education (Arrow 1973), the theory of education as a “signal” (Spence 1973), and the theory of “screening” (Stiglitz 1975), for instance, have seriously challenged it from within mainstream economics, and heavy criticism has also come from other paradigms, with Franck Bailly (2016) recently documenting the critique from the radical school. Within this set of ideas that flourished in the post-WW II period and challenged human capital theory, John Kenneth Galbraith’s analysis of the dynamics of the education process is often neglected. In his original institutionalist and firm-based approach to the evolution of education, Galbraith placed great emphasis on the issue of the requirements of the planning system when he tackled the issue of human capital investment. More surprisingly—since he is unanimously recognized as the “founding father” of the “human capital revolution”—Theodore Schultz himself developed a substantial critique of human capital theory that shares some ground with Galbraith’s. The aim of this contribution is to provide new insights into the history of post-WW II ideas in the field of economics of education by reviewing Schultz’s and Galbraith’s respective analyses of education and highlighting their proximities. Both authors raise doubts regarding the idea that the aggregation of individual choices must be regarded as the relevant generative mechanism of the dynamic of education and the basis of the allocation of education resources. Consequently, both question the equivocal concept of student sovereignty.

In the late 1960s, new environmental policies emerged that attempted to reach predetermined pollution standards in a cost-effective way: i.e., the “standard-and-tax” approach proposed by William J. Baumol and Wallace E. Oates, and the permits market approach proposed by John Dales. This paper describes the early history of the two approaches, and compares them. Although today they refer to different traditions, namely Pigovian versus Coasean, and are often contrasted in the literature, these cost-effective solutions emerged at the same time and for the same reasons. First, they both tried to promote incentives-based policies against traditional regulations; second, they criticized the optimal Pigovian tax, which raised the contentious issue of measuring pollution damage. More broadly, they emerged as a kind of pragmatic compromise, fed by a common attempt to move toward more practical policies: reaching efficiency without optimality, while relying on standards whose setting is a matter for political decision.

Clarence Ayres was a strong dissenting voice in US economics during the twentieth century. In the 1930s, a debate between Ayres and Frank Knight was published by the International Journal of Ethics. Although the debate focused on ethics, the evolution of economics was also discussed. This paper proposes an understanding of Ayres’s ideas based on the context in which he made them. This context is defined by the 1930s Ayres-Knight debate and the archival correspondence between Ayres and Knight during the 1930s.

In 1924, Edgar Lawrence Smith published a monograph presenting evidence aimed at overturning the conventional view that equities were speculative and bonds were the only long-term investments. This was immediately so successful that such eminent commentators as Irving Fisher and Benjamin Graham agreed that the monograph had had a material impact on market psychology, playing an instrumental role in the Great Crash. In this article, we examine Smith’s approach in detail, arguing that he made significant, enduring contributions to finance theory, empirical finance, and portfolio management practice. He was influential in creating the “cult of the equity,” laid the foundations for the equity risk premium, and introduced a probability-based risk metric and equally weighted portfolios. His influence is felt nowadays not only in the methodology employed in empirical work but also in major aspects of the conventional approach to portfolio management.

The paper explores why and how economists entered the courtrooms as expert witnesses in employment discrimination cases in the US. The main sources are published legal decisions. I analyze the courts’ and economists’ discourses on the use of a specific method: multiple regression analysis in relation to litigation history, academic debates, and the institutional settings of expertise within the courts. I first show how the early reception of the method in the late 1970s did not involve systematic rejection from the courts but rather a large amount of skepticism. I then illustrate how economic theory underlying the method was progressively introduced in the “judicial tool kit” and how the debates in the courtrooms relate to the debates in academia in the 1980s. By 1989, practical and ethical questions regarding the institutional settings of experts’ testimony took center stage, reflecting the increasing professionalization of forensic economics.