Donald C. Wellington

Investment in a small antique

Investors in times of inflation seek to hedge their investments against inflationary loss. High inflation over many years helps account for a considerable growth in the market for small and cheap antiques such as depression glass, beer cans and baseball cards. This interest has been accompanied by a movement of the auction houses into the market to hold auctions for items that previously were unprofitable. As a low value antique, the first auction for the lead toy soldier, held by a major house, Phillips, occurred in December 1978. Auctions have since been held quarterly with the number of auctioned items increasing quite markedly, particularly after Christies entrance in the market in June 1981.

The entrepreneurial myth, globalization and American economic dominance

Purpose – The paper aims to point out that the seemingly new and novel has ancient historical precedents. Design/methodology/approach – This is an interpretive essay. It begins with an historical examination of the role of entrepreneurship in the economy and points out that its function has been largely reactive rather than one that is a fundamentally causative prime mover. Findings – The role is described with noteworthy illustrations that are recurrent and extend over centuries, if not millennia, in time. Their conspicuous quality is a moral repugnance. The role continues into the present. Practical implications – The underlying causal factors have changed, but the indifference to general public welfare is a continuing feature. Originality/value – Provides a critical examination of the role of entrepreneurship in the economy in a historical perspective.

Globalization and inequality according to Veblen

Thorstein Veblens ideas regarding capitalism, particularly as expressed through his view of the American upper classes of the time, are examined. The work of Veblen himself, as well as other, later economic theorists, is discussed. Particular attention is paid to how Veblens ideas can be applied to todays social economy, especially where globalization and inequality are concerned.

Economists as a Human Herd

Economic theory does not have many tools, but that does not preventIt from being a tool.

The Veblen reply

Purpose - To respond to a criticism of an earlier paper. Design/methodology/approach - The approach is the statement of a counter argument. Findings - Positive if argument is convincing to readers. Originality/value - This reply is of interest to readers.

Karl Marx and Milton Friedman: bedfellows in thought

Purpose - The paper aims to offer a viewpoint that economic surplus is a notion shared by economists as diverse as Karl Marx and Milton Friedman. Design/methodology/approach - The paper is an interpretation and critique of the literature of the work by Marx and Friedman. Findings - The paper finds the two mens respective writings bear out the commonality while recognizing that they drew radically different implications from their common perception. Elucidating the commonality is a worthwhile exercise even though the elucidation might not interest the broad range of economists. Originality/value - The paper expresses a viewpoint that economic surplus is a notion shared by diverse economists.

Economic theory as a human tool

The essay is a short analysis of the place of economic theory in the general social order. There is nothing strange and peculiar about its place. It rather fits in perfectly and is providing an exceptionally useful function in the social order.

Inventions, capitalist wealth and liberal think

The essay, “inventions, capitalist wealth and liberal think” is a philosophical discourse. It points out a similarity between aristocratic and capitalist wealth. Both arise out of the receipt of producer surplus. The sources of producer surplus are somewhat different. For the aristocracy, the source was largely land whereas inventions are more significant for capitalist wealth. Wealth gives power, which can be exercised in different ways and yield different social and political outcomes. One particularly noteworthy offshoot is the ideology that is devised to defend and rationalize wealth and its usages. The ideology that serves capitalist wealth is quite unique and varied in nature, and is not as mutually consistent as might be expected.

The globalization of poverty according to Malthus

Malthus began publishing in economics two centuries ago. His thoughts on income distribution and poverty are profound. Recently, more original findings on these issues have appeared, but can be viewed as rediscovering Malthus. His thought remains germane to the present debate on poverty and his foresight deserves respect.

The command economy cometh

The paper is a philosophical discourse on capitalism and its intellectual rationalization, economic theory. Both blithely ignore the most fundamental character of the human condition. Both may pay a price: capitalism through being replaced by an alternative economic system and economic theory through concomitantly disappearing from the intellectual firmament.