Articles

Goshi Fuse, Economic Theory of Tanzan Ishibashi: An Aspect of the Introduction of Classical Economic Theory in Japan

1-19

full text (in Japanese) Abstract References

Economic Theory of Tanzan Ishibashi:
An Aspect of the Introduction of Classical Economic Theory in Japan

Goshi Fuse

Abstract:

Although the relationship between liberalism and his political thought has been emphasized,
the classical aspect of his economic theories has been underestimated. This has, in my view,
several reasons: To be sure, Ishibashi was one of those who had introduced Keynesian economics
and his idea of positive fiscal policy. At the same tine, Ishibashi also admitted the
rigidity of the market system. But this aspect of his economics did not prevent him to be
committed to the classical economic theories, based on free market. It is characteristic of
Ishibashi that these aspects existed together in theory and in practice. Based on this understanding,
this paper attempts to reveal his optimism about price adjustment. This, in my
understanding, led to his basic optimism about inflation. Thus, the study contributes to the
better understanding of Ishibashi’s economic thought in particular and also to the better
understanding of the many-layered disputes in his age in general.
JEL classification number: B31.

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Ryuichiro Terakawa, John R. Commons’ Early Monetary Reform

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full text (in Japanese) Abstract References

John R. Commons’ Early Monetary Reform

Ryuichiro Terakawa

Abstract:

While John R. Commons （1862―1945） is well known for his studies on American labor and
Anglo-American economic law, even researchers of the history of economic thought are unfamiliar
with his career-long devotion to the study of monetary questions. It was not until the
1990s that a few researchers discovered that Commons, in his later years, developed the concept
of endogenous money, according to which money is a dynamic process that gets created,
transferred, and extinguished alongside ongoing economic transactions. However, it is still
unclear how he developed the concept in his long career as an economist. To tackle this question,
this study focuses on Commons in his earliest days and reexamines his works on monetary
reform published in the aftermath of the financial panic of 1893.
　　The salient features of Commons’ money reform plan can be summarized as follows:
（1） adopting “bullion notes” as base monies that are redeemable in silver at its market price,
and （2） establishing a monetary commission that compiles the price index and accordingly
keeps the average price at a constant level through the silver bullion open market operations.
To understand the true scope of the plan, this study revisits its historical context, that is, the
establishment of the international gold standard after 1873, the 1893 banking and dollar crisis,
and the debate on the national banking currency after the crisis. It eventually demonstrates
Commons’ early theory of money and credit, which underlies his reform plan. The
study finds that Commons takes a nominalist position on the nature of money, adopts an endogenous
approach on credit money supply, and recognizes a governmental role in credit administration
in his money reform plan.
JEL classification numbers: B15, B31, E42.

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References:

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English Translation Series: Japanese Historians of Economic Thought〈7〉Izumi Hishiyama, Commentary: Sraffa’s Position in the Historyof Economic Thought and the Significance of his Study of Ricardo Translated by Robert Chapeskie and Junsuke Miyamoto

42-96

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Notes and Communications

Taro Hisamatsu and Naoyuki Wakamatsu, Reconsidering Ricardo on Taxation

97-101

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Abstract:

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（2nd ed.）, trans. by Takuya Hatori and Yoshiki Yoshizawa. Tokyo: Iwanami Shoten.
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2 This is also in relation to Senior pointing out that Ricardo did not examine a long-run
price effect for a raw produce tax, as follows: ‘It has been supposed, however, that the price
of agricultural produce would rise to the full amount of the tax, and that the whole amount
of that tax would consequently fall on the consumer. This is the opinion of Mr. Ricardo
and of Mr. Mill. And it is on this ground that they both maintain that the effect of tithes is
to produce a rise in the price of raw produce equal to the whole value of the tithe, and affecting
equally all classes so far as they are consumers of raw produce. We believe that the
immediate effect of a general tax on raw produce is to raise the price, but to an amount not
equal to that of the tax; but that its ultimate effect is to diminish the consumption and production
of raw produce, but to leave its price unaffected（’ Senior 1836, 122-23）.

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Sato, Susumu. 1962. Napoleon Sengo no Zaisei to Ricardo no Sozeiron（ The Public Finance
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Nobuhiko Nakazawa, A New Perspective on Edmund Burke as a Political Economist: How has ‘Burke and Smith’ been discussed? (in Japanese)

102-105

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Abstract:

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Yoshihiro Yamazaki, J. M. Keynes and Psychiatry (in Japanese)

106-110

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