Papers by Constantinos Repapis
Geoffrey Colin Harcourt’s work on the interface between accountancy and economics is a part of hi... more Geoffrey Colin Harcourt’s work on the interface between accountancy and economics is a part of his legacy that is less well-known than his work on the capital controversies. This paper argues that the analytical findings of this research effort are an important and integral part of Harcourt’s overall research programme. In this paper we review Harcourt’s work on the relation between economics and accounting from the time of his undergraduate thesis to 1969, the date of the publication with Robert Parker of the edited volume Readings in the Concept and Measurement of Income. This paper intends to offer insights on A) the evolution of Harcourt’s thought during this period and a survey of the significant contributions he made to research in this field during this time, and B) the legacy of his approach and findings. We argue that his ideas in this domain offer important insights in doing post-Keynesian economics in the Harcourt mould. We find that Harcourt’s insights on the issues relating to the accounting rate of profit as used by economists remains relevant to today, as well as his implicit suggestions on how to deal with the complexities of the problems that ensue both for the theorist, practical economist, businessman, and policy advisor. Harcourt’s work suggests that we should not aim to replace one monolithic way of seeing things with another, indicating that the useful definition of key concepts and tools is determined by the problem and hence by the policy question one wants to answer.
What is Neoclassical Economics?, 2015
Mark Hayes’ John Maynard Keynes. The Art of Choosing the Right Model published by Polity Press is... more Mark Hayes’ John Maynard Keynes. The Art of Choosing the Right Model published by Polity Press is the second book by Hayes that gives a general overview of his reading on Keynes’ writings and specifically of The General Theory. It comes 13 years after The Economics of Keynes: A New Guide to The General Theory, (2006, Edward Elgar).
Teaching the History of Economic Thought
In most universities in the UK history of economic thought, when it is taught, is taught either a... more In most universities in the UK history of economic thought, when it is taught, is taught either as a specialist or an optional module in the second and third year of the degree. This contribution argues in favour of introducing elements from the history of economic thought into the first year introductory economics module. The reasons why I see this to be an important change in developing curricula that teach economics through its history and evolution, are the following: 1) students learn from the beginning the context of economic ideas, instead of being introduced to economic theory in a de-contextualised way. This provides a framing effect for their whole undergraduate education in economics. 2) It allows history of economic thought to be seen in an integrated way as foundational of all knowledge in economic theory instead of another specialist topic, similar to other specialist topics like e.g. labour or financial economics, occasionally taught as options in years 2 and 3 in most degrees. This distinction is important, as specialist topics are seen as extensions of neoclassical theory into a specific domain of knowledge or application. History of economic thought, by its very subject matter, does not easily fit within such a framework. 3) It allows history to play a role in other modules, because it provides a unified framework for seeing knowledge in economics. 4) It allows the problimatisation of concepts that are still in dispute and discussion between economists, by presenting the historical context of modern conventions and conversations. 5) Finally, it allows the introduction of pluralism in economic curricula, as the differences between alternative paradigms or world views, can be presented from the beginning of the undergraduate programme of studies, allowing a broader and more diversified menu of optional and core module choices in years 2 and 3 of the degree.
Journal of Economic Methodology, 2019
Journal of the History of Economic Thought, 2014
Journal of the History of Economic Thought, 2021
In this paper we investigate Werner Stark’s sociology of knowledge approach in the history of eco... more In this paper we investigate Werner Stark’s sociology of knowledge approach in the history of economic thought. This paper explores: 1) the strengths and weaknesses of Stark’s approach to historiography, 2) how this can frame an understanding of mercantilist writings, and 3) the development of a link between a pluralist understanding of economics and the sociology of knowledge approach. The reason for developing this link is to extend the sociology of knowledge approach to encompass a pluralist understanding of economic theorizing and, at the same time, clarify the link between context and economic theory. John Maynard Keynes’s practice of building narratives of intellectual traditions as evidenced in The General Theory is used to develop a position between an understanding of history of economic thought as the evolution of abstract and decontextualized economic theorizing and the view of economic theory as relevant only within the social conditions from which it arose.
Iberian Journal of the History of Economic Thought, 2020
This paper presents in non-technical language an interpretation of the argument of The General Th... more This paper presents in non-technical language an interpretation of the argument of The General Theory, which is the importance of effective demand and its relation to human agency. It argues that The General Theory is not only a treatise on economic theory, but also, and more importantly, a treatise on methodology, i.e. how economists should reason when dealing with the complexity of the real world. Implicit in this analysis is a distinct position on the remit of the economist and the nature of economic advice and policy. This interpretation suggests that this understanding forms a new paradigm of thinking about the economy at large, centred around the concept of uncertainty. This insight developed into a new analytical tradition in economics, the Post Keynesian School of economic thought that sees uncertainty and effective demand as the key analytical long term concepts for understanding how the economy evolves through time.
Cambridge Journal of Economics, 2013
This brief note gives an addendum to Meadows (1997) of G.L.S. Shackle’s working library during hi... more This brief note gives an addendum to Meadows (1997) of G.L.S. Shackle’s working library during his lifetime and an account of his marginal annotations during the first, formative period of his academic life- this is the period from the early 1930s until the end of WWII. The narratives that this material can give rise to, have been explored in a companion paper (Repapis (2017)). What this note details is the extent and wealth of the material, showing that it is both unique, and an important source in our efforts to understand the contemporary reception of the developments in economic theory in the 1930s, and more broadly during the 20th century.
The Economic and Labour Relations Review
The European Journal of the History of Economic Thought
Economic Thought, 2014
This paper gives an account of the debate between F.A. Hayek and J.M. Keynes in the 1930’s writte... more This paper gives an account of the debate between F.A. Hayek and J.M. Keynes in the 1930’s written for the general public. The purpose for this is twofold. First to provide the general reader with a narrative of what happened, and pointers to further reading that are accessible to the non-specialist. Second, to discuss how academics can fruitfully bridge the gap between their specialist work and the public without reducing complex themes into one-dimensional narratives. I use the Keynes vs. Hayek debate as a case study on how this may be achieved.
Cambridge Journal of Economics, 2014
History of Political Economy, 2011
Hayek’s business cycle theory in the thirties was pioneering both in developing the general equil... more Hayek’s business cycle theory in the thirties was pioneering both in developing the general equilibrium framework and in integrating capital with monetary theory. From published and unpublished work and correspondence a more complete picture of the evolution of Hayek’s thought emerges. This article traces how Hayek’s effort to produce a consistent business cycle theory led him to redevelop important parts of capital theory, and the theory of expectations. The inherent difficulties of combining ‘fixed’ with ‘circulating’ capital, and his evolving views on knowledge and expectations led him to abandon his project of developing a definitive version of Austrian business cycle theory.
The European Journal of the History of Economic Thought
Ivano Cardinale and three anonymous referees, for useful discussion comments and feedback. Furthe... more Ivano Cardinale and three anonymous referees, for useful discussion comments and feedback. Furthermore, I am grateful to participants of the relevant session in the ESHET 2015 in Rome and in the CAMHIST special seminar at Clare Hall for their feedback. Also I would like to thank the staff of the following institutions for their support and help in locating material by G.L.S.
Journal of the History of Economic Thought, 2020
In this paper we investigate Werner Stark's sociology of knowledge approach in the history of eco... more In this paper we investigate Werner Stark's sociology of knowledge approach in the history of economic thought. This paper explores: 1) The strengths and weaknesses of Stark's approach to historiography, 2) seeing how this can frame an understanding of mercantilist writings and, 3) develop a link between a pluralist understanding of economics, and the sociology of knowledge approach. The reason for developing this link is to extend the sociology of knowledge approach to encompass a pluralist understanding of economic theorising and, at the same time, clarify the link between context and economic theory. John Maynard Keynes' practice of building narratives of intellectual traditions as evidenced in The General Theory is used to develop a position between an understanding of history of economic thought as the evolution of abstract and de-contextualized economic theorising and, the view of economic theory as only relevant within the social conditions from which it arose.
Iberian Journal of The History of Economic Thought, 2020
This paper presents a non-technical narrative intended for readers who wish to see a unified view... more This paper presents a non-technical narrative intended for readers who wish to see a unified view of the main themes of Keynes' General Theory following a specific strand of Post-Keynesian research. The main argument is that the General Theory introduces not only a technical apparatus but more substantially a method of thinking and analysing the economy that encapsulates a complex view of the individual, their relation with society and a theory on the constitution of material civilization. This reading of the General Theory is constructed around the concept of uncertainty as both the defining feature of contemporary capitalism and as a key analytical understanding that gives structure and coherence to this interpretative approach and makes it distinct from both the classical and neoclassical perspectives. The paper ends with briefly tracing this interpretative line by making reference to key Post-Keynesian authors.
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Papers by Constantinos Repapis