http://sedici.unlp.edu.ar:80/handle/10915/291 Sun, 18 Oct 2026 00:57:46 GMT 2026-10-18T00:57:46Z http://sedici.unlp.edu.ar:80/handle/10915/8892 Articulo Económica; vol. 4, no. 13-14 Nicolás Avellaneda, professor of Economics at the University of Buenos Aires, when only 23 years old, was as intelligent representative of the classical school. He exposes his principles with a personal flavour and admirable eloquence. When 28 years old he wrote his "Estudios sobre las Leyes de Tierras Públicas", a master work of Argentine economic historiography. His conceptions of foreign loans can be resumed as follows: 1º He was not against foreign loans but, in order to avoid risks and sacrifices, he advises to appeal first to the nation's possibilities; 2º A loan is paid back by taxes and is detrimental to futures generations; 3º The future cannot be foreseen; the Argentine historical experience has shown, especially whit regard to the first British loan, that the works contemplated were never executed, aggravating thus the economic situation; 4º Only in case of extreme necessity could a foreign loan be justified, but the interested country cannot count upon the capitalist's generosity. This is why a foreign loan should be prudently negotiated. Neither the present economic principles, nor the jurisprudence are contradicting Avellanedas's ideological position and we have to admit that his work are of a high value for the economic culture of Argentina Sun, 01 Dec 1957 00:00:00 GMT http://sedici.unlp.edu.ar:80/handle/10915/8892 1957-12-01T00:00:00Z Nicolás Avellaneda, professor of Economics at the University of Buenos Aires, when only 23 years old, was as intelligent representative of the classical school. He exposes his principles with a personal flavour and admirable eloquence. When 28 years old he wrote his "Estudios sobre las Leyes de Tierras Públicas", a master work of Argentine economic historiography. His conceptions of foreign loans can be resumed as follows: 1º He was not against foreign loans but, in order to avoid risks and sacrifices, he advises to appeal first to the nation's possibilities; 2º A loan is paid back by taxes and is detrimental to futures generations; 3º The future cannot be foreseen; the Argentine historical experience has shown, especially whit regard to the first British loan, that the works contemplated were never executed, aggravating thus the economic situation; 4º Only in case of extreme necessity could a foreign loan be justified, but the interested country cannot count upon the capitalist's generosity. This is why a foreign loan should be prudently negotiated. Neither the present economic principles, nor the jurisprudence are contradicting Avellanedas's ideological position and we have to admit that his work are of a high value for the economic culture of Argentina http://sedici.unlp.edu.ar:80/handle/10915/8891 Articulo Económica; vol. 4, no. 13-14 The similarity between State and trade unions consists in the fact that both are associations; the State pursuing general aims and the trade unions private ones. Taking the historical example of ancient Rome, the author shows how private associations were independent in the beginning and became later subject to the Sate's aims. Continuing his historic review of the subsequent social struggles he describes the dismemberment during the Middle Ages, the growing strength the State could achieve which resulted in the victory if the liberal State over the corporations during the French Revolution, as well as the recent renewal of their strength in a transition between liberal and planned economy. However the author distinguishes between the planned economy of a totalitarian State (ordination principle) and that of a democratic State (coordination principle), in which the State assumes the function of facilitating the transformation which will lead to an industrial democracy, in which labor will have a share in the profits. Sun, 01 Dec 1957 00:00:00 GMT http://sedici.unlp.edu.ar:80/handle/10915/8891 1957-12-01T00:00:00Z The similarity between State and trade unions consists in the fact that both are associations; the State pursuing general aims and the trade unions private ones. Taking the historical example of ancient Rome, the author shows how private associations were independent in the beginning and became later subject to the Sate's aims. Continuing his historic review of the subsequent social struggles he describes the dismemberment during the Middle Ages, the growing strength the State could achieve which resulted in the victory if the liberal State over the corporations during the French Revolution, as well as the recent renewal of their strength in a transition between liberal and planned economy. However the author distinguishes between the planned economy of a totalitarian State (ordination principle) and that of a democratic State (coordination principle), in which the State assumes the function of facilitating the transformation which will lead to an industrial democracy, in which labor will have a share in the profits. http://sedici.unlp.edu.ar:80/handle/10915/8890 Articulo Económica; vol. 4, no. 13-14 The author gives a short review of the different stages which have preceded the industrial revolution. These are: technological progress in agriculture, transportation, teaching, public health and medicine. All these stages are indispensable for the economic development of a country and can be traced in the history of fully developed countries. A country which begins later its economic expansion has the advantage to be able to benefit from the experience and technological progress of developed countries, avoiding thus to commit eventual mistakes. Versión taquigráfica de la conferencia brindada por el autor en la Facultad de Ciencias Económicas (UNLP), el 13 de mayo de 1956. Sun, 01 Dec 1957 00:00:00 GMT http://sedici.unlp.edu.ar:80/handle/10915/8890 1957-12-01T00:00:00Z The author gives a short review of the different stages which have preceded the industrial revolution. These are: technological progress in agriculture, transportation, teaching, public health and medicine. All these stages are indispensable for the economic development of a country and can be traced in the history of fully developed countries. A country which begins later its economic expansion has the advantage to be able to benefit from the experience and technological progress of developed countries, avoiding thus to commit eventual mistakes. http://sedici.unlp.edu.ar:80/handle/10915/8889 Articulo Económica; vol. 4, no. 13-14 Investment has two different effects: the stock of capital is increased and thereby additional productive capacity is created (capacity effect) and at the same time income is created (multiplier effect). Because net investment in a single period is small in relation to the total stock of capital the capacity effect may be neglected in the short run. The Keynesian System does not take into consideration the capacity effect at all and, therefore, is a tool for short-period analysis only. DOMAR and HARROD independently developed models considering both the capacity and the income effect of investment. These models allow to derive an equilibrium path of growth. The equilibrium rate of growth is equal to the relation between the rate saving and the capital coefficient. The remarkable similarity between growth models and the well-known Samuelson-model showing the interaction between the multiplier and the principle of acceleration is only a formal one. SAMUELSON formulates the principles of acceleration as an investment function. On the other hand growth models contain no investment function at all. They only demonstrate how capital stock and real income have to grow if there is to be no excessive capacity on the one side and no capital shortage on the other. This path of growth is a so-called dynamic or "moving equilibrium". Growth models do not bring out the answer to the question of which forces keep the process of capital accumulation going. In this respect dynamic equilibrium analysis is different from a sequence analysis. A moving equilibrium can only be attained if capital stock, income, and other variables are growing with a certain regularity. Regular, steady movements, however, can only be found in the trend of the development and, therefore, growth models are pure trend models. But at the same time the dynamic equilibrium is also a useful tool of trade cycle theory. The trade cycles are explained as short-run deviations from the equilibrium path of development. To-day growth models are still incomplete systems because they do not consider the influence of the development of labour force. One way to complete these models in this respect would be the inclusion of a function like that developed by COBB and DOUGLAS. Another important improvement would be the subdivision of the economy into sectors. Traducción autorizada del artículo "Zur Theorie des wirtschaftlichen Wachstums", publicado en <i>Weltwirtschaftlichen Archiv</i>, vol. 70 (1953), cuaderno I, p. 110 y ss. Sun, 01 Dec 1957 00:00:00 GMT http://sedici.unlp.edu.ar:80/handle/10915/8889 1957-12-01T00:00:00Z Investment has two different effects: the stock of capital is increased and thereby additional productive capacity is created (capacity effect) and at the same time income is created (multiplier effect). Because net investment in a single period is small in relation to the total stock of capital the capacity effect may be neglected in the short run. The Keynesian System does not take into consideration the capacity effect at all and, therefore, is a tool for short-period analysis only. DOMAR and HARROD independently developed models considering both the capacity and the income effect of investment. These models allow to derive an equilibrium path of growth. The equilibrium rate of growth is equal to the relation between the rate saving and the capital coefficient. The remarkable similarity between growth models and the well-known Samuelson-model showing the interaction between the multiplier and the principle of acceleration is only a formal one. SAMUELSON formulates the principles of acceleration as an investment function. On the other hand growth models contain no investment function at all. They only demonstrate how capital stock and real income have to grow if there is to be no excessive capacity on the one side and no capital shortage on the other. This path of growth is a so-called dynamic or "moving equilibrium". Growth models do not bring out the answer to the question of which forces keep the process of capital accumulation going. In this respect dynamic equilibrium analysis is different from a sequence analysis. A moving equilibrium can only be attained if capital stock, income, and other variables are growing with a certain regularity. Regular, steady movements, however, can only be found in the trend of the development and, therefore, growth models are pure trend models. But at the same time the dynamic equilibrium is also a useful tool of trade cycle theory. The trade cycles are explained as short-run deviations from the equilibrium path of development. To-day growth models are still incomplete systems because they do not consider the influence of the development of labour force. One way to complete these models in this respect would be the inclusion of a function like that developed by COBB and DOUGLAS. Another important improvement would be the subdivision of the economy into sectors. http://sedici.unlp.edu.ar:80/handle/10915/8888 Articulo Económica; vol. 4, no. 13-14 According to the marxist ideology capitalism has to be displaced by an other system, but alter the first world war re armament saved it from the crisis. After the second world war the prevailing opinion was that this time an even more disastrous crisis would cause the definite collapse of capitalism. However the crisis did not occur: capitalism survived the return to peace. This time what saved it was not re armament but the instinct of conservation which had to face the communist threat. Thus, communism became by its mere presence one of the factors which contributes to save capitalism. Inflation is the new danger facing capitalism. In order to survive it has to provide for a perfect adjustment between demand and the active population and to find a means to insure a professional migration in accordance with technical progress. What in future will decide between capitalism and communism is the progress of the national income on either side. Sun, 01 Dec 1957 00:00:00 GMT http://sedici.unlp.edu.ar:80/handle/10915/8888 1957-12-01T00:00:00Z According to the marxist ideology capitalism has to be displaced by an other system, but alter the first world war re armament saved it from the crisis. After the second world war the prevailing opinion was that this time an even more disastrous crisis would cause the definite collapse of capitalism. However the crisis did not occur: capitalism survived the return to peace. This time what saved it was not re armament but the instinct of conservation which had to face the communist threat. Thus, communism became by its mere presence one of the factors which contributes to save capitalism. Inflation is the new danger facing capitalism. In order to survive it has to provide for a perfect adjustment between demand and the active population and to find a means to insure a professional migration in accordance with technical progress. What in future will decide between capitalism and communism is the progress of the national income on either side.