Tony Aspromourgos, On the Origins of Classical Economics (Routledge, New York, 1995) pp. 222, $69.95, ISBN 0-415-12878-1.
that Hennings, though more temperate than the opinion in Kurz's preface, identifies the theories of capital and interest as Bohm-Bawerk's major contributions and downplays Menger's role in shaping them. What Menger thought is just not as important to those who consider him only a precursor, as it is to those for whom he is the School's founder. Hennings' book will be considered mildly interesting and provocative, though properly identified by its subtitle, by American (subjectivist/Mengerian) Austrians. It will be applauded as a great discovery illuminating the essence of the School and its founder, by European ("modern'VBohm-Bawerkian) Austrians.
Introduction to modern Austrian capital theory
I: Austrian Capital Theory and the von Neumann-Model.- 1. Introduction.- 1.1 Problems.- 2. The Austrian Theory of Interest.- 2.1 von Bohm-Bawerk.- 2.2 von Stackelberg.- 2.3 An Assessment of Austrian Interest Theory.- 2.4 Problems.- 3. The von Neumann-Model and its Relations to Austrian Capital and Interest Theory.- 3.1 Introduction.- 3.2 The Meaning, Import and Historical Point of Departure of the Ideas of the von Neumann-Model.- 3.3 The von Neumann-Model.- 3.4 Criticism and Generalization of the von Neumann-Model.- 3.5 Solutions to Problems of Austrian Capital Theory.- 3.6 The Interest Rate in the Stationary State.- 3.7 Problems.- II: Modern Austrian Capital Theory.- 4. A Two-Period Two-Sector Neo-Austrian Model.- 4.1 Outline of the Procedure.- 4.2 The Technology.- 4.3 The Transformation Curve.- 4.4 Condition for Roundaboutness.- 4.5 Condition for Superiority.- 4.6 Prices in a Planned Economy.- 4.7 The Rate of Interest in a Planned Economy.- 4.8 Decentralizing the Decisions.- 4.9 Problems.- 5. A Multiperiod Two-Sector Model.- 5.1 Extension of the Model.- 5.2 A Model with n-Period Horizon.- 5.3 A Model with Two Techniques Using a Capital Good.- 5.3.1 The Model.- 5.3.2 The Sign of the Rate of Interest.- 5.4 Problems.- 6. A Multisector Model.- 6.1 The Problem and the Main Results.- 6.2 The Model.- 6.3 Superiority, Roundaboutness and Positive Rate of Interest.- 6.4 A Finite Economic Horizon with More than two Periods.- 6.5 Problems.- 7. The Schumpeter-von Bohm-Bawerk Controversy on the Rate of Interest in the Stationary State.- 7.1 Introduction.- 7.2 The Origins of the Controversy.- 7.3 The Rate of Interest in a Stationary State.- 7.4 Schumpeter's Dynamic Theory of Interest.- 7.5 Problems.- III: Relationship to other Approaches to Capital Theory.- 8. A Comparison with Results of Neoclassical Capital and Growth Theory.- 8.1 Introduction.- 8.2 A Simple Growth Model.- 8.3 A Neoclassical Version for Steady States.- 8.3.1 Factor-Price Frontier for T*3 and T*4.- 8.3.2 Factor-Price Frontier for T1 and T2.- 8.3.3 Consumption-Growth Frontier.- 8.3.4 The Relationship between the Interest Rate and the Growth Rate.- 8.4 Charcteristics of Optimal Steady State Programs.- 8.5 Problems.- 9. Hicks' Neo-Austrian Theory of Capital.- 9.1 Introduction.- 9.2 Hicks' Model.- 9.3 The Index of Improvement in Efficiency.- 9.4 Hicks' New Classification of Technological Change.- 9.5 Superiority and the Index of Efficiency.- 9.6 Concluding Remarks.- 9.7 Problems.- References.- Author Index.
Continents of Liberty: Emerson and Gerald Vizenor’s Chair of Tears
Ralph Waldo Emerson protested what came to be known as the Trail of Tears in a public letter to President Martin Van Buren in 1838. Th e Cherokee Nation, he argued, had been cheated by a “sham treaty” (Emerson, “Letter” 50), the will of the people ignored, and a false acquiescence to removal written into law. In making a passionate appeal to the highest “chair” of the land, Emerson underscored the great political and moral stakes involved: