The contemporary relevance of Adam Smith is evidenced by continued reference to his name. Computational analysis identifies over 700 mentions of Smith and his two famous works—The Theory of Moral Sentiments and The Wealth of Nations—in post-World War 1 House of Commons debates. We find some parliamentarians appreciate Smith’s complex ideas, but most references are ‘ornamental’. Charting Smith’s use over the decades, this paper builds on Kirk Willis’ idea that studying parliamentary debates are an ideal way to understand how, at best, policy ideas, germinate and disseminate over time, or, at worst, how ‘complex ideas became slogans’.

As its practitioners know well, benefit-cost analysis (BCA) walks a fine line between the positive and normative, between the science of economics and the art of political economy. Missteps threaten to undermine its credibility as a value-free science, while overcaution risks irrelevance to the pressing questions of the day. As BCA adapts to give more weight to distributional concerns, while operating in a more highly charged political environment than ever before, these tensions will only grow. For perspective, I reexamine three prominent episodes in the history of economics where these issues were vigorously debated: (i) The founding of the NBER by Wesley Clair Mitchell, who insisted that the organization eschew all policy recommendations; (ii) the introduction of the modern definition of economics as the study of tradeoffs by Lionel Robbins, who insisted welfare effects could never be aggregated; and (iii) the origins of BCA as a measure of income, which to first-generation practitioners seemed to foreclose the possibility of measuring “intangible” benefits like recreation opportunities, mortality risks, and equity. These episodes, together with critiques of economics from philosophers of science, suggest we are best served by being as transparent as possible about the ways values influence BCA reasoning, without arrogating political decisions into it.

Green New Deals are being widely discussed as both a means to confront climate change and to improve aspects of social well-being. An important facet of the discussion is how they should be financed. The negative impacts of Covid-19 on national budgets and sovereign debt question whether the implementation of Green New Deals is feasible if austerity needs to be introduced to achieve sustainability. This article assesses whether a wealth tax based upon the work of Michal Kalecki could help avoid austerity measures and facilitate the introduction of Green New Deals. While wealth taxes have traditionally been defined on net worth or assets to reduce wealth inequality, the formulation is meant to be equitable by applying to gross wealth or assets. Estimates are calculated for the United States and turn out to be quite modest. The approach not only generates revenue to cover expected net interest outlays on national debt, but additional revenue to pay down portions of it and/or support green initiatives, such as Biden’s de-carbonisation policy. The article concludes with a discussion of challenges for the tax’s effectiveness.

In Britain around 1900, established financial institutions for long-term savings such as life assurers, and pension funds which were just in their formative phase, did not make material allocations to publicly quoted equity markets or ordinary shares; long-established life assurers, for example, had less than 3 per cent allocated to the asset class (Baker and Collins 2003). Over the following 100 years, this picture radically changed, with equities emerging as the central asset class for many institutional investors and the term ‘the cult of (the) equity’ was coined (Scott 2002; Avrahampour 2015). As the century progressed, institutional investors superseded private individuals and became the dominant holders of British publicly quoted companies (Cheffins 2010). Despite the attractions of the asset class and their generally high returns, within a relatively short period by the end of the century, institutional equity exposure had peaked and was in decline both at life assurers and within pension funds. Here we highlight, and link together, the key actuarial (Turnbull 2017) and investing (Morecroft 2017) ideas that were influential in these developments. We also identify the main individuals who were instrumental in the application of equity investing to institutional portfolios. The article has an emphasis towards years from 1920 to 1960 when most of the changes to investment practice and actuarial theory occurred.

The combined effect of B2 phase transfer and grain boundary character on mechanical properties of the Fe–6.5 wt% Si alloy was investigated. The microstructures and textures of the Fe–6.5 wt% Si alloy under four cooling modes were characterized by X-ray diffraction, transmission electron microscope, and electron backscattered diffraction. The results reveal that the maximum nano-hardness value (8.9 GPa) results from the two-step air-cooling sample, while for the two-step water-cooling sample, the minimum value (5.3 GPa) is achieved. The transformation of the B2 phase affected by the water-cooling process is a critical factor in obtaining the lower APB energy and eliminating the brittlenes. A large fraction of the coincidence site lattice boundaries that formed on the sheet experienced the two-step water-cooling process due to a uniform and sharp γ-fiber recrystallization texture comprising the {111} 〈110〉 and {111} 〈112〉 components, which enhances resistance to intercrystalline effect and improves mechanical properties in comparison with the two-step air-cooling process.

Ordered phases and ductility of Fe–6.5 wt% Si magnetic material were investigated under different rolling temperatures, and the constitutive equation of the warm deformation was established. The results show that at high rolling temperature, accompanying with the appearance of some shallow dimples, the intergranular fracture can be transformed into the quasicleavage fracture, which makes the ductility of warm-rolled sheets greatly improved. In the 450–650 °C rolling temperature range, the antiphase domains (APDs) of warm-rolled sheets are cut, the superdislocation density increases greatly with decreasing warm rolling temperatures, resulting in a decrease in APD sizes during warm deformation. Meanwhile, more B2 and DO3 ordered phases occurring in the matrix improve the long range order parameters, thereby significantly reducing ductility of the alloy. The work softening of Fe–6.5 wt% Si alloy is attributed to a contribution combining the sizes of APDs with ordered phases.

C-phycocyanin (cpc), a biliprotein isolated from Spirulina platensis, has been reported to exert many therapeutic and nutritional values. In the present study, we examined whether cpc has an antiplatelet activity in vitro and further investigated the possible anti-aggregatory mechanisms involved. Our results showed that preincubation of cpc (1–50μg/ml) with rabbit washed platelets dose-dependently inhibited the platelet aggregation induced by collagen (10μg/ml) or arachidonic acid (100μm), with an ic50 of about 10μg/ml. Furthermore, the thromboxane B2 formation caused by collagen or arachidonic acid was significantly inhibited by cpc due to suppression of cyclooxygenase and thromboxane synthase activity. Similarly, the rise of platelet intracellular calcium level stimulated by arachidonic acid and collagen-induced platelet membrane surface glycoprotein IIb/IIIa expression were also attenuated by cpc. In addition, cpc itself significantly increased the platelet membrane fluidity and the cyclic AMP level through inhibiting cyclic AMP phosphodiesterase activity. These findings strongly demonstrate that cpc is an inhibitor of platelet aggregation, which may be associated with mechanisms including inhibition of thromboxane A2 formation, intracellular calcium mobilization and platelet surface glycoprotein IIb/IIIa expression accompanied by increasing cyclic AMP formation and platelet membrane fluidity.