IDEAS home Printed from https://ideas.repec.org/a/eee/streco/v19y2008i4p330-341.html
   My bibliography  Save this article

James Anthony Lawson on commercial panics and their recurrence

Author

Listed:
  • Besomi, Daniele

Abstract

In a paper read in 1848 before the Dublin Statistical Society, James Anthony Lawson propounded a theory of commercial crises based on a credit-overtrading-speculation mechanism. This view was quite widespread at the time, but it was couched in an original reinterpretation of the causal relationships. Lawson's epistemic premise that laws must be universal and that similar causes must entail similar effects implied that crises were no longer seen as disconnected events but as instances of the same class of events. This was one of the most important ingredients in the transition from the theories of crises towards theories of the business cycle.

Suggested Citation

  • Besomi, Daniele, 2008. "James Anthony Lawson on commercial panics and their recurrence," Structural Change and Economic Dynamics, Elsevier, vol. 19(4), pages 330-341, December.
    • Handle: RePEc:eee:streco:v:19:y:2008:i:4:p:330-341
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0954-349X(08)00041-6
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Sandra J. Peart, 1995. "'Disturbing Causes,' 'Noxious Errors,' and the Theory-Practice Distinction in the Economics of J. S. Mill and W. S. Jevons," Canadian Journal of Economics, Canadian Economics Association, vol. 28(4b), pages 1194-1211, November.
    2. R. F. Harrod, 1934. "Doctrines of Imperfect Competition," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 48(3), pages 442-470.
    3. Mill, John Stuart, 1874. "Essays on Some Unsettled Questions of Political Economy," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, edition 2, number mill1874.
    4. Ricardo, David, 1821. "On the Principles of Political Economy and Taxation," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, edition 3, number ricardo1821.
    5. Ingram, John Kells, 1888. "A History of Political Economy," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number ingram1888.
    6. Daniele Besomi, 2006. "Tendency to Equilibrium, the Possibility of Crisis, and the History of Business Cycle Theories," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 14(2), pages 53-104.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Alvaro Cencini, 2012. "Is there a common cause to economic and financial crises?," Chapters, in: Claude Gnos & Sergio Rossi (ed.), Modern Monetary Macroeconomics, chapter 7, pages 193-217, Edward Elgar Publishing.
    2. Philippe Steiner, 1998. "The structure of Say's economic writings," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 5(2), pages 227-249.
    3. Hailay Gebretinsae Beyene, 2014. "Trade Integration and Revealed Comparative Advantages of Sub-Saharan Africa and Latin America & Caribbean Merchandise Export," The International Trade Journal, Taylor & Francis Journals, vol. 28(5), pages 411-441, December.
    4. Rune Skarstein, 2007. "Free Trade: A Dead End for Underdeveloped Economies," Review of Political Economy, Taylor & Francis Journals, vol. 19(3), pages 347-367.
    5. Brausmann, Alexandra & Bretschger, Lucas, 2018. "Economic development on a finite planet with stochastic soil degradation," European Economic Review, Elsevier, vol. 108(C), pages 1-19.
    6. Borio, Claudio, 2013. "On Time, Stocks and Flows: Understanding the Global Macroeconomic Challenges," National Institute Economic Review, National Institute of Economic and Social Research, vol. 225, pages 3-13, August.
    7. Ayhan, Fatih & Elal, Onuray, 2023. "The IMPACTS of technological change on employment: Evidence from OECD countries with panel data analysis," Technological Forecasting and Social Change, Elsevier, vol. 190(C).
    8. Bahar, Dany & Rosenow, Samuel & Stein, Ernesto & Wagner, Rodrigo, 2019. "Export take-offs and acceleration: Unpacking cross-sector linkages in the evolution of comparative advantage," World Development, Elsevier, vol. 117(C), pages 48-60.
    9. Sergeyev, Dmitriy & Iovino, Luigi, 2018. "Central Bank Balance Sheet Policies Without Rational Expectations," CEPR Discussion Papers 13100, C.E.P.R. Discussion Papers.
    10. Joseph Francois & M. Rombout, 2000. "Preferential Trade Arrangements, Induced Investment, and National Income in a Heckscher-Ohlin-Ramsey Model," Tinbergen Institute Discussion Papers 00-061/2, Tinbergen Institute.
    11. da Costa, Carlos E. & Pereira, Thiago, 2014. "On the efficiency of equal sacrifice income tax schedules," European Economic Review, Elsevier, vol. 70(C), pages 399-418.
    12. Banfi, Silvia & Filippini, Massimo, 2010. "Resource rent taxation and benchmarking--A new perspective for the Swiss hydropower sector," Energy Policy, Elsevier, vol. 38(5), pages 2302-2308, May.
    13. Boggio, Luciano, 2009. "Long-run effects of low-wage countries' growing competitiveness and exports of manufactures," Structural Change and Economic Dynamics, Elsevier, vol. 20(1), pages 38-49, March.
    14. Michalis Nikiforos, 2020. "Demand, Distribution, Productivity, Structural Change, and (Secular?) Stagnation," Economics Working Paper Archive wp_945, Levy Economics Institute.
    15. H. W. Arndt, 1984. "Political Economy," The Economic Record, The Economic Society of Australia, vol. 60(3), pages 266-273, September.
    16. Emilio Depetris-Chauvin & Ömer Özak, 2020. "The origins of the division of labor in pre-industrial times," Journal of Economic Growth, Springer, vol. 25(3), pages 297-340, September.
    17. Boerner, Lars & Severgnini, Battista, 2015. "Time for growth," LSE Research Online Documents on Economics 64495, London School of Economics and Political Science, LSE Library.
    18. Ramona Dumitriu & Razvan Stefanescu, 2015. "The Relationship Between Romanian Exports And Economic Growth After The Adhesion To European Union," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 17-26.
    19. Daniel P. McMillen, 2011. "Using Location, Agglomeration, and Policy Issues to Teach Urban Economics," Chapters, in: Gail M. Hoyt & KimMarie McGoldrick (ed.), International Handbook on Teaching and Learning Economics, chapter 65, Edward Elgar Publishing.
    20. Cristian Silviu BANACU & Marcela Izabela CIOPA & Olga OLARU, 2011. "The Pair Education And Innovation – Knowledge Society’S Icon," Proceedings of the International Conference Investments and Economic Recovery, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 10(1), pages 26-31, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:streco:v:19:y:2008:i:4:p:330-341. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/525148 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.