Cantillon in French and English. Two Editions by Richard Van Den Berg and Antoin E. Murphy: New Facts and Hypotheses

Sabbagh, Gabriel

doi:10.1093/cpe/bzw003

Cited by 8 publications

(2 citation statements)

References 19 publications

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“…Only after this it would have been passed on to Gournay, or to one of his protégées. Sabbagh (2016) correctly criticizes my imprecise statement in Cantillon (2015, p.14) that no influence of Cantillon's ideas is found in French works published prior to 1755. For clarity, I should of course have exempted the writings of authors belonging to the Gournay circle in the years 1753-5.…”

Section: The Essai and The Gournay Circlementioning

confidence: 93%

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Circular reasoning. Forbonnais and the intricate history of circular flow analysis in the 1750s

Berg¹

2019

The European Journal of the History of Economic Thought

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Circular Reasoning. Forbonnais and the intricate history of circular flow analysis in the 1750sRichard van den Berg IntroductionIn his essay 'Of Public Credit' of 1752 David Hume remarked upon a term that in the commercial literature of his time was both ubiquitous and obscure:There is a word, which is here in the mouth of every body, and which, I find, has also got abroad, and is much employed by foreign writers*, in imitation of the English; and that is CIRCULATION. This word serves as an account of every thing; and tho'I confess, that I have sought for its meaning in the present subject, ever since I was a school-boy, I have never yet been able to discover it.The 'foreign writers' Hume had in mind, he explained in a footnote, were 'Melon, Du Tot, Law'. 1 These influential authors had indeed frequently used the word 'circulation' in their works, as had British authors left unnamed by Hume, since the last decades of the 17 th century. 2 He was, however, also largely correct to say that those earlier authors rarely bothered to define the term or to develop clear conceptions of the precise economic circuits they imagined. 3 It was as if 'circulation' was understood as a word so common and all-encompassing that it was found scarcely necessary to define it. To illustrate this point, one looks in vain for entries on 'Circulation' in dictionaries specializing in the knowledge of trade that date from before the mid-century. The most important of these, Savary des Brûlons's Dictionnaire Universel de Commerce, first published in 1723, silently moved on from 'Cirage' to 'Cire' (Savary 1723, I, p.778). 4 1 This passage was omitted from editions of Hume's Political Discourses from 1770 onwards. Hence it did not feature in most modern editions (See Hume 1955, pp.92-3). In the French translations of 1754 (p. 147) and 1767 (p.186) the passage was included. 2 Melon (1736) used the term 'circulation' prominently especially in chapter 24 on English political arithmetic. Dutot (1738) also frequently emphasised the importance of the uninterrupted circulation of money. See for example, article vii (vol 2, pp.289-94). Historians have highlighted the widespread use of the term in the 18 th century since at least Monroe (1923, pp.272-89), Heckscher (1935, 2, pp. 217-21) and Viner (1937, pp.36-40).3 Some modern students who would disagree with this statement are Nagels (1970) and Benitez-Rochel and Robles-Teigeiro (2003) who have argued, in their own ways, that Boisguilbert developed a systematic analysis of circular flow. Murphy (1993) who has made a similar case for Law. These readings do, however, require significant reconstructive efforts from dispersed passages that gain significance mostly as 'anticipations' of the more developed and systematic reasoning of Cantillon or Quesnay. 4 The fact that Savary did at the same time use the term 'circulation' in a number of places underscores my point about its loose usage. See e.g. the entry ' Banque' pp. 240, 246, 252, 253, 254; the entry 'Billet', p. 342; and the entry 'Commerce de F...

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Section: The Essai and The Gournay Circlementioning

confidence: 93%

“…This volume was then immediately reviewed in Matthieu Maty's Journal Britannique, a journal that had a Europe-wide francophone readership. There are some indications that Postlethwayt's work soon drew the attention of members of the Gournay circle (see Sabbagh 2016, pp. 29-30 and van den Berg 2017a, p. 1174and p.1193.…”

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confidence: 99%

Circular reasoning. Forbonnais and the intricate history of circular flow analysis in the 1750s

Berg¹

2019

The European Journal of the History of Economic Thought

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Paradigms of Order in the Seventeenth Century: Intelligibility as Visibility

Fiori

2021

Machines, Bodies and Invisible Hands

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BON PRIX, PROFIT, AND CAPITAL ACCUMULATION IN QUESNAY

Menegatti¹

2018

J Hist Econ Thought

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The article discusses François Quesnay’s dynamics of capital accumulation. First, we analyze the notion of bon prix to highlight the central analytical role played by profits in Quesnay’s growth dynamics. This leads us to challenge Ronald Meek’s interpretation ([1962] 2003) and to (re)propose Peter Groenewegen’s suggestion (1974 and 1983) that profits are not included in the net product for policy reasons. We also show that profits display features resembling a stable income component such as supervision wages (see Marx [1863] 1963). Second, we contest Steven Pressman’s argument (1994, pp. 143–154) that Quesnay missed the distinction between nominal and real variables by modeling how the farmers’ monetary interest (and profit) initiates the capital accumulation process (see Vaggi 1985), which over time leads to an increase of the (physical) surplus rate and thus of the net product in real terms.

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Cantillon in French and English. Two Editions by Richard Van Den Berg and Antoin E. Murphy: New Facts and Hypotheses

Cited by 8 publications

References 19 publications

Circular reasoning. Forbonnais and the intricate history of circular flow analysis in the 1750s

Circular reasoning. Forbonnais and the intricate history of circular flow analysis in the 1750s

Paradigms of Order in the Seventeenth Century: Intelligibility as Visibility

BON PRIX, PROFIT, AND CAPITAL ACCUMULATION IN QUESNAY

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