Benjamin Graham’s amateur proposal for a commodity reserve currency (1937, 1944) has attracted the attention of professional economists and policy makers, but usually for their own prior purposes and designs. This paper places the proposal in the context of Graham’s own time and the intellectual resources available to him, with a view to elucidating both Graham’s own sense of the proposal and the reasons the proposal earned the reception it did.

Free trade and protectionist doctrines have long had ambiguous relationships to bilateral trade deals, known throughout the nineteenth century as “reciprocity” arrangements. Henry C. Carey, “the Ajax of Protection” in the nineteenth-century United States, embodies the ambiguity from one side of the controversy. Carey’s early adulthood in the mid- to late 1820s was a time when the forerunners of the Whig Party pursued reciprocity at least partly as a means of fostering protection. In the 1830s, Carey, too, endorsed reciprocity—because he stood for free trade and believed reciprocity would promote it. In the 1840s and 1850s Carey changed his mind, decided that protection was the real “road to perfect freedom of trade,” and for that reason opposed reciprocity with Canada. In the 1870s he remained a protectionist but reconciled his doctrine with reciprocity. This article attempts to explain the changes in the disposition toward reciprocity of America’s foremost protectionist thinker from the Second Party System to the generation after the Civil War.

The aim of this paper is to explain the process of diversification of normative economics by presenting the work of two authors—Tibor Scitovsky (1910–2002) and Amartya Sen (1933–). While these two authors first contributed to traditional welfare analysis from within, they were subsequently involved in the development of two different, and even opposed, programs: the economics of happiness; and the capability approach. They focused on different concepts of well-being: the “joy” of satisfied consumers for Scitovsky; and the “capabilities” of deprived individuals for Sen. In imposing new theoretical frameworks and applications, as well as new concepts of well-being, which are measureable, the capability approach and the economics of happiness represent two major attempts to renew normative economic analysis.

We examine various, sometimes divergent, conceptions of capital and its structure in the Austrian tradition from Menger (1871) to Lachmann (1956). We outline Menger’s methodological and philosophical position that recommends investigating the morphology of capital—its shape, form, and structure; it also recommends maintaining some “realisticness” in the treatment of capital in economics. Prominent Austrian contributions are examined and compared along various dimensions: the existence or otherwise of “original” factors of production; time conceptions; analytical domain assumptions; real and money capital doctrines; the causal role of the entrepreneur in creating capital; and the fundamental question of capital aggregation into a stock or fund. We consider the extent to which Menger’s avowed followers and successors diverged from his original vision of capital, subsequent consequences for the development of Austrian capital theory, and implications of Mengerian structural analysis for the study of capital more generally.

The paper examines assertions that Adam Smith was in some sense a Christian, and examines how much current opinion ignores his biography and the dangerous religious context of eighteenth-century Scotland. Zealots regularly intervened against suspected heresy, which created an atmosphere of intimidation. Adam Smith’s biography shows that he too was intimidated, and avoided scandals that would upset his very religious mother, for whom he felt a special protective bond, and that he hid his private skepticism to ensure that nothing he published would provoke the zealots. A close reading of his Works shows how he amended them consistently as he grew older to modify their religious content, particularly after his mother died in 1784, and up to just before he died in 1790.