Political Economy Research Group PhD lecture series: the early history of circular flow models

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Time: 11.15am - 1.00pm
Venue: Room 0114, Main Building, Penrhyn Road campus, Penrhyn Road, Kingston upon Thames, Surrey KT1 2EE
Price: free
Speaker(s): Dr Richard van Den Berg, Kingston University

This lecture is part of the PhD lecture series co-organszed by the University of Greenwich and Kingston University.

Download the full programme (PDF).

The conception of the economy as a single but complex set of repeated exchanges of products, money and income payments is fundamental to most modern economic theories, even if it is modelled differently in the context of, for example, IO theories, Keynesian macroeconomics, or Marxian reproduction models. The earliest attempts at formal analysis of the economic process as a single circular flow date from the 18th century. In this session we look at the contributions of three pioneers, Richard Cantillon (1680s–1734?), François Quesnay (1694–1774) and Achilles Nicolas Isnard (1748–1803). A comparison of the content and functions of their respective circular flow models shows the flexible character that this fundamental construct had and continues to have.

Readings

• Brewer, A. 2005. ‘Cantillon, Quesnay and the Tableau Economique', Bristol University Discussion Paper No. 05/577
• Cantillon, R. [early 1730s] 2015. Richard Cantillon's Essay on the Nature of Trade in General. A Variorum edition. Edited by Richard van den Berg. London and New York: Routledge, pp. 238-251.
• Isnard, A.N. [1781] 2006. At the Origins of Mathematical Economics. The Economics of A.N. Isnard (1748-1803). Ed. Richard van den Berg. London and New York: Routledge, pp. 116-125.
• Quesnay, F. [1766] 1993. ‘The Analysis', in R.L. Meek The Economics of Physiocracy. Reprint Fairfield N.J: A.M. Kelley publishers, pp. 150-167.
• Steenge, A.E. and van den Berg, R. 2001.‘Generalising the Tableau Economique; Isnard's Systeme des richesses', International Journal of Applied Economics and Econometrics, 9, 2, 121-146.

You can access the reading list by clicking here.

For further information about this event:

Contact: Rafael Wildauer
Email: R.Wildauer@kingston.ac.uk