Iberian Journal of the History of Economic Thought
Iberian Journal of the History of Economic Thought (IJHET) (ISSN-e 2386-5768) is an international digital journal that is published every six months, for discussion and debate on original research dealing with economic thinking and the history of economic ideas that is promoted by the Iberian Association of the History of Economic Thought (AIHPE). Its first issue came out in 2014. The peer-reviewed articles are published in English, Spanish or Portuguese. It also includes reviews of books on economic thought and contains the newsletter for the Iberian Association that has been disseminating information on publications, conferences and Hispanic-Portuguese teaching experiences in the History of Economic Thought since 2014.
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"Traducciones y traslaciones en economía", de Manuel Martín Rodríguez. Editorial Tleo. 2018. 366 páginas. Gratuito. ISBN: 978-84-15099-94-9
The Classical Theory of Relative Prices: Evidence from the Spanish Economy
This paper examines the development and current standing of the theory of value and distribution dominant in the classical and Marxian traditions of economic thought, while exploring its empirical adequacy in Spanish input-output data for the years 2010, 2015 and 2016. Estimates of direct prices and prices of production are used to measure their respective proximity, as well as the distance from each to market prices. The classical/Marxian system of prices of production is also subjected to testing for the possibility of pronounced price curvature. The results suggest that all three sets of prices are significantly close to each other, thereby strengthening the empirical support for the cross-sectional hypothesis derived from such account of relative prices. In addition, the evidence gathered from the Spanish economy does not support the case for twisted price curves as an empirically relevant phenomenon.
Copyright (c) 2026 Iberian Journal of the History of Economic Thought
An Account of Economic Thought in Mexico during the Independent and Reform Period (1824-1876)
The objective of this paper is to analyse and interpret the two main schools of economic thought that clashed in the Mexican Republic between 1824 and 1876. The study is developed using the historical method, adopting a hermeneutic paradigm and a qualitative approach. During this period, the country experienced marked political and social instability, which resulted in a lack of economic growth over a period of sixty years. In this context, two currents emerged that disputed the direction of the nation. On the one hand, the liberal school, based on the theories of Smith, Ricardo, Say, Mill and Bentham, represented in Mexico by José Luis Mora, Ignacio Ramírez “the Necromancer” and Guillermo Prieto. On the other hand, there was the protectionist school, based on the ideas of Colbert, List and Hamilton, with figures such as García Salinas, Estevan de Antuñano, Carlos de Olaguibel and Lucas Alamán. The liberals saw agriculture and mining as the engines of the economy, while the protectionists believed that the real impetus should come from national industry, protected and promoted by the state.
From commutative justice to the system of natural liberty: continuities and tensions in Adam Smith's Work
This paper examines the notion of justice in Adam Smith’s two major works —The Theory of Moral Sentiments and The Wealth of Nations— with the aim of elucidating the theoretical and conceptual reasons behind the incompleteness of his projected science of jurisprudence. It argues that Smith adopted from the classical tradition the notion of commutative justice, establishing the laws protecting life, person, possessions, and property as a sacred and irreducible legal core. In The Theory of Moral Sentiments, justice appears as a coercive and necessary virtue, grounded in the instinctive approval of punishment in response to harm; in The Wealth of Nations, these same laws constitute the necessary, though not sufficient, condition of the system of natural liberty and commercial progress. The analysis suggests that this irreducible legal core was assumed —without further questioning or foundation— by nineteenth-century political economy.
Women Economists in the Original American Institutional Economics: 1900-1939. Identification and Relevance of Their Contributions
The primary purpose of this article is to integrate relevant documentation on the endeavors and contributions of women economists between 1901 and 1939 within Original American Institutional Economics (OAIE). In this regard, I identify nineteen women economists who made significant and original contributions to fields such as the theory of consumption and savings, women's labor, and feminist economics. Unlike the existing literature, which separately explores women economists and OAIE, this article takes an integrated approach. Through a comprehensive review of various bibliographic sources, it presents a unique exploration that identifies women economists within the OAIE as a cohesive group. These women, with shared affinities, worked in cooperation and through networks, and their endeavors— which I reviewed in this article —are highly relevant to current research. In this article I discuss the claim that, after the pioneering work of Thorstein Veblen and Charlotte Perkins Gilman in the early XX Century on the social and economic status of women, institutional economics entirely overlooked the issue.
Statement of the Obvious, Revolutionary Discovery. or Both? Marginal Utility Theory Reconsidered
This study explores whether marginal utility theory particularly in the form of diminishing marginal utility conception during the Marginal Revolution of the 1870s was a redundant statement and elaboration of obvious facts, so a truism or self-evident principle. Related, it examines whether marginal utility theory was a restatement and re-elaboration of prior statements and elaborations of the same obvious facts by its anticipations prior to the Marginal Revolution. In addition, the study investigates whether the representatives of the Marginal Revolution and its exponents deemed marginal utility theory a new ultimate truth and final discovery in economics. The study finds both the first and the second and therefore suggests that its exponents committed a logical error or inconsistency in their construction and presentation of marginal utility theory.
Theory and History: Economic Science in the Work of Ortega y Gasset
José Ortega y Gasset, the most prominent Spanish philosopher of the 20th century, addressed the situation and evolution of economics since the 19th century in various passages of his work. Critical of the abstract and positivist approach adopted by the discipline, he rejected the excessive influence of the natural sciences on the humanities, which he believed ignored human freedom and complexity. Opposed to the mechanistic assumptions present in both Millian utilitarianism and Marxist economism, he proposed an understanding of economics as a historical science linked to culture, yet still retaining its normative aspirations. Rooted in his philosophical stance, his reflections can be placed within the debate between theory and history that unfolded since the beginning of the so-called Methodenstreit. Critical as well of the concept of homo economicus and of reductionist economism, he envisioned economics as focused on scarcity, the superfluous and life, in dialogue with philosophy and the humanities.
Sinks, sources, and centers in some history of economic thought
We propose a unifying dynamical systems approach to states of rest and fluctuations grounded in four models offered by Jump & Stockhammer (2023). Our treatment permits reflection on the claim of heterodoxy made of the models. We conclude that only models 2 and 3 are heterodox. Models 1 and 4 are orthodox.
Evaluation of Adam Smith’s opinions in the context of economic justice
In this study, the issues addressed are examined in the context of the concept of economic justice in the works of Adam Smith who is considered the founder of the Classical School. Smith has gained a reputation for himself with his intellectual knowledge and studies in the field of economics in Britain and hence all over the world. In an age when the colonialist empire mentality and overprotective trade mentality adorned with mercantilist policies were at their peak, his handling of basic issues such as free trade, labor market, opposition to monopolies and his works on economic justice contain information worth examining. For this purpose, Smith’s life and major works are discussed first. Then, his evaluations on justice and economic justice are examined. His most notable works, The Theory of Moral Sentiments and The Wealth of Nations are analyzed from the perspective of economic justice, taking into account the perspectives of various researchers working on them.
Valor / Tempo. Um Ensaio sobre os Princípios da Economia Política
This study critically revisits the concept of value in political economy, bridging classical and Marxist traditions. It emphasizes the role of time in determining value, a dimension long neglected since the 19th century. The analysis reconsiders the human–machine relationship, showing that technology reshapes rather than eliminates labor, generating new forms of economic activity. Value, as a socially determined relation, transforms rather than disappears, and capitalism adapts to these changes without collapsing. The essay proposes an alternative theoretical framework that centers time in understanding the dialectic between labor, technology, and society.
The Economic Thinking of Chilean Engineers: Electrification as an Enabler of Development (1935-1956)
This paper studies the economic thinking of Chilean engineers who devised and implemented the country’s electrification plans beginning in 1939. It shows that these practitioners formulated a complex economic development thinking in which electrification was an indispensable (but not sufficient) element for Chile’s economic and social development. They linked (electrical) engineering, economics and politics as they tackled the many challenges of developing a robust and durable electrical infrastructure that could foster the industrial development of the country and improve the population’s standard of living.
The Role of Energy and Entropy in Economic Thought: From Georgescu-Roegen to Daly
This article reappraises Georgescu-Roegen’s bioeconomics, grounded in the entropy law, alongside Herman Daly’s steady-state program. Conceiving the economic process as irreversible matter–energy transformations (throughput) makes the limits of substitution assumptions visible and foregrounds the determining role of “useful work (exergy)” alongside energy quantity in production. At the measurement level, the System of Environmental–Economic Accounting (SEEA) and Material Flow Accounting (MFA) enable asset-based tracking of welfare. On the normative plane, Daly’s sequencing of scale–distribution–allocation is institutionalized through carbon and material budgets, cap–auction–dividend mechanisms, and ecological tax reform. Within Weitzman’s “prices versus quantities” framework, the superiority of quantity instruments is examined for domains characterized by high uncertainty. The study argues that this chain—from theory to indicators to rule design—grounds sustainability policy in the principle “rules (scale) first, allocation (prices) second.”
La política fiscal y monetaria de Japón a la luz de la teoría monetaria moderna (TMM)
This paper analyzes Japan’s economic experience through the interpretive framework of Modern Monetary Theory (MMT), focusing on the interaction between fiscal policy, monetary policy, and macroeconomic stability. Japan represents a unique case: it combines a public debt exceeding 240 % of GDP with persistently low interest rates and inflation, challenging conventional economic predictions. Using a mixed-methods approach—integrating theoretical review and a descriptive and interpretative analysis of the main macroeconomic indicators—this paper examines how the coordination between public spending and the Bank of Japan’s monetary policy has supported aggregate demand and prevented insolvency or high inflation. The findings indicate that sustained fiscal deficits have helped stabilize the economy within a liquidity-trap and balance-sheet-recession environment, without eroding confidence in sovereign debt. Nevertheless, Japan’s fiscal policy has remained cautious, alternating between stimulus and consolidation phases, thereby limiting its capacity to achieve full and sustained employment. Overall, Japan’s experience is broadly consistent with the core tenets of MMT, particularly regarding monetary sovereignty and debt sustainability, although it does not represent a deliberate implementation of the theory. These conclusions invite a reconsideration of the role of public deficits and fiscal-monetary coordination in advanced economies.
José Carlos Martín de la Hoz y León M. Gómez Rivas (2025). La Escuela de Salamanca: Cuando el pensamiento español iluminó al mundo. Córdoba: Ed. Almuzara/Sekotia, p. 146 (ISBN: 9788419979940)
La sociedad de consumo, ¿vehículo de progreso o desvío peligroso?
COLLANTES, Fernando, Consumer Society and the Economists. Consumption and Well-Being in the History of Economic Thought, Palgrave Macmillan, 2025. ISBN 3031966449.
An “American Galton”: Frederick Adams Woods and the eugenic foundations of historiometry
This paper explores the life and work of Frederick Adams Woods (1873–1939), a prominent yet neglected figure in Progressive Era eugenics. Known as the “American Galton,” Woods advanced an uncompromising hereditarianism and developed historiometry, a quantitative method aimed at demonstrating the primacy of heredity in shaping intelligence, morality, and historical outcomes. His studies of European royalty and his theory of “alternative inheritance” sought to refine Galton’s approach while reinforcing eugenic claims. While his influence faded as environmentalist perspectives gained ground, Woods remains significant as both a leading hereditarian voice and an early advocate for quantifying history as science.
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The Legacy of the French Liberal School on the Economic Thought of Antonio Flores
This article examines the influence of the French Liberal School (FLS) on the economic thought of Antonio Flores, a prominent 19th-century Ecuadorian statesman (diplomat, congressman, and president), son of Ecuador’s first president, educated in Paris and Lima. It explores how the ideas of economists such as Jean-Baptiste Say and Charles Dunoyer shaped his views on free markets, property, and the role of the state. Traditionally, the FLS has been seen as an extension of the British Classical School; however, this study argues that it exhibits distinct characteristics that resonated in Flores intellectual context. Through a comparative analysis of key FLS texts and Flores works, similarities and divergences in themes such as economic freedom and social utility are explored. The methodological approach combines traditional close reading with a qualitative analysis of recurring concepts, revealing that Flores adapted French liberal principles to the historical and economic particularities of his environment. The findings suggest that the FLS legacy in Flores was not mere imitation but a creative reinterpretation that enriched the economic discourse of his time. This work contributes to a reassessment of transnational influences in 19th-century economic thought, emphasizing the relevance of the FLS as an autonomous intellectual tradition.
The odd couple: neo-marxism and rationality
We analyse the relation between Western neo-Marxism and the contemporary debate on rationality, how the latter has conditioned the former’s understanding of capitalism and how it has modified its relationship with other currents of economic thought. Starting from a puzzling event, the defence of ‘rational choice theory’ by analytical Marxism, we analyse how this contemporary phenomenon is historically related to an assimilation by Western neo-Marxism of the categories established by the liberal tradition in the debate on rationality to functionally stabilize capitalism. We conclude that, if the contemporary currents of neo-Marxism are to cease to represent a progressive strand of liberal thought as reformulated by Rawls, they need to relate the substantive irrationality of capitalism not to a system of values but to the social form of economic production.
Bentham and His Offspring: Alternative Approaches to the Utilitarian Conception of Rationality (and Why It May Not Constitute a Path to a Meaningful Life)
This article provides an overview of the utilitarian concept of the rationality from Jeremy Bentham's perspective, who formulated in the nineteenth century the classical definition of utilitarian rationality as a “hedonistic calculus”. This concept was then articulated in the intellectual traditions of Cambridge and Oxford, but advanced by Australian and American philosophers. The article evaluates four key criticisms of the classical utilitarian framework and finally draws some conclusions, casting doubts on its adequacy as a guide to meaningful human life.
The emergence of the conception of rationality in mainstream economics
Rationality is a loaded term. When we say that a person’s behaviour is rational, we hint that she acts as she ought to act. The normative dimension of rationality is often conflated, if not confounded, by social scientists. Historians of economic thought are not immune to this problem. The main thesis of this essay is that the earliest use of the term rationality in Economics appears in the work of Lionel Robbins and Paul Samuelson in the 1930s who identify rationality with consistency or transitivity of preferences. Using textual evidence, I show that the neoclassical economists who antedated them did not use the term ‘rationality’ and, although they did use the term ‘Logic,’ they did so without any normative pretensions. I identify three milestones in the process of emergence of an account of rationality in Economics. The first one was Jevons’ separation of Economics from Ethics and the demarcation of the scope of the Science of Economics. The second milestone was Carl Menger’s twin notions of economic goods and scarcity. The third and last milestone is Vilfredo Pareto’s reinterpretation of utility as a scale of preferences and its refinement by Hicks and Allen. Last, I briefly discuss some conceptual shortcomings of the prevailing account of rationality in Economics.
Sanchis Marco, Manuel, The Poverty of Economics. The Philosophical Anatomy of an Empty Rationality, Palgrave, London, 2024, 141 pp. ISBN 9783031697241
Sanchis Marco, Manuel, The Poverty of Economics. The Philosophical Anatomy of an Empty Rationality, Palgrave, London, 2024, 141 pp. ISBN 9783031697241. Traducción del libro Misera de la economía. Anatomía filosófica de una racionalidad vacía, Editorial Trea, Gijón, 2023, 292 pp. ISBN: 9788419525994
Adam Smith: theory of the division of labor on a social scale and category of use value (utility)
The general theory of the division of labor system on a social scale is analyzed and developed, based on what Adam Smith set forth at the beginning of The Wealth of Nations. In accordance with this theory, an explanation of the category of use value and the notion of utility is presented here. Smith identifies this category in chapter four but does not deal with it explicitly afterwards and only considers some aspects of utility as something intrinsic to things. This sense of utility, which prominent academics analyze as an error in Smith, is shown in the present work to also represent an inconsistency with respect to his general theory of the division of labor. It is also shown that this can be considered induced by the partial inconsistency with this general theory, which is noted in his theory of exchange value.
The Theory of Interest by Böhm-Bawerk from Germán Bernácer's Perspective
This article aims to conduct a comparative analysis of the theoretical contributions of Germán Bernácer and Eugen von Böhm-Bawerk to the problem of interest, highlighting the significant parallels between them. Both authors shared a concern for explaining the origin and nature of the phenomenon of interest and based their theories on Turgot’s principles. Böhm-Bawerk regarded time preference as a key explanation, while Bernácer identified the fixed-income sector as the source of interest and proposed its elimination to prevent economic inefficiencies. Despite their differences, and considering that Bernácer was one of the first thinkers to study and assimilate Böhm-Bawerk’s work, the question arises as to whether the Alicante economist can be considered one of his continuators and to what extent he truly disagreed with Böhm-Bawerk's theory of interest.
The Role Of Ie In The Configuration Of Japanese Capitalism: An Institutionalist Model
China's economic and business success in recent decades has caught the attention of the academic community, which has analyzed the Chinese case from different perspectives. This interest in the Chinese case has been accompanied by a certain neglect of other cases of economic success of particular interest from the perspective of Economic History and Economic Thought, such as the Japanese case, which was almost a century ahead of the Chinese one. Japan has come to be considered an appendix of China on multiple occasions. This paper analyzes, under institutionalist premises, the elements of the social organization of feudal Japan that influenced modern economic organization, as well as the most significant thoughts in this model, emphasizing that Confucianism cannot be the central element that explains the configuration and emergence of modern Japan during the Meiji era.
Liberal rationality in The Fable of the Bees. A comparison with Adam Smith and Wenceslao Fernández Flórez
Mandeville, Smith and Fernández Flórez approached economic and social problems defending liberty and at the same time acknowledging the existence of conflicts and contradictions that demand ethics, politics and law. Their liberal rationality is not Panglossianly optimistic, neither is it cynic, and their individualism not only does not exclude society but builds upon it. They admitted the complexity of human nature and society as they really are, and recognized that we would not progress economically suppressing the market, just as we would not do so morally in a fantastic universe without sins. The three stressed that institutions and rules are indispensable in communities of free and responsible people. They rejected the excesses of power and warned of the dangers of promoting ideal worlds.
Humean Rationality: More Than Purely Instrumental?
David Hume's theory of practical rationality has been analysed in detail in the history of ethical, political and economic thought. It is often ascribed a purely instrumental conception of rationality, in which practical reasons are merely instruments to achieve ends desired by agencies other than reason. This paper aims to challenge this interpretation by arguing that while Hume criticises the role of reason in practical decision-making, his theory of practical rationality is much more complex and contains normative elements. In his Lectures on the History of Moral Philosophy, John Rawls formulates and develops this standard interpretation of Hume in a paradigmatic way by claiming that his theory of rationality is purely empirical, psychological and instrumental. Rawls argues that Hume does not provide a solid foundation for morality, leading to the conclusion that practical rationality is simply a matter of coherence between means and ends. However, it can be argued conclusively that Rawls ignores the complexity of Humean theory. Hume's critique of reason does not imply that it lacks a normative foundation. Rather, it suggests a reconfiguration of how we should understand morality and rationality.
Three routes to Stuart Mill’s political economy: Reflections on the method, the economic man and the social order
John Stuart Mill's methodological approach to Political Economy represents a pluralistic and evolutionary perspective that transcends strictly empirical, positivist, or abstract theoretical frameworks. This paper identifies three key intellectual paths derived from Mill’s thought. The first two align with neoclassical economics: abstraction and mathematical formalization, and the concept of homo economicus. Mill separated abstract economic science from its practical application, going beyond the need to integrate auxiliary hypotheses and disturbances. He also viewed economic agents as shaped by social and cultural contexts, in contrast to the rational individual seeking to maximize utility. The third path, methodological pluralism, and historical-institutional analysis, reflects Mill’s broader social philosophy. Rejecting excessive formalism, he emphasized the evolutionary nature of economic phenomena. His critique of the "Ricardian vice" influenced economists such as Marshall, Keynes, and Schumpeter, advocating for an approach that integrates historical and institutional perspectives into economic theory.
Economic rationality in American institutionalism
This article examines how American institutionalism conceives economic rationality as a historically and socially conditioned process. It analyses the contributions of Thorstein Veblen, John R. Commons, Wesley C. Mitchell, and Richard T. Ely who, influenced by evolutionary perspectives and social psychology propose that habits, customs, and institutions shape individual decisions. Instead of reducing behaviour to a utilitarian calculus, they highlight the relevance of emulation, imitation, the search for prestige and the pressure exerted by the cultural and technological environment when it comes to the subject's own recognition of the ends of his or her actions or omissions. In addition, collective mediation, through legal norms, policies, and customary practices redirects the ends and means of each subject, generating tensions between individual rationality and collective adaptation. This interdisciplinary vision, which integrates history, sociology, and psychology allows us to understand the complexity of human motivations, the limited vision implied by the standardised definition of rationality, and the constant evolution of economic institutions.
Juan Plaza Prieto And The Birth Of Regional Economics In Spain
Juan Plaza Prieto (Madrid, 1924) made the first estimate of the provincial distribution of income in Spain in 1953. In the following years he made new estimates for the Trade Union Organization, the National Institute of Industry, and the Spanish Confederation of Savings Banks, and interested the Bank of Bilbao to start his series The national income of Spain and its provincial distribution. He was also one of the pioneers in the introduction of the regional economy in Spain.
Introduction to Symposium on ‘Rationality in the History of Economic Thought’ Vol. 12(1-2), 2025