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on History and Philosophy of Economics |
| By: | Pierre Garrouste |
| Abstract: | This paper is an attempt to compare Carl Menger and Thorstein Veblen,’s conceptions of institutions. It is shown that although Menger stresses on the emergence of institutions, Veblen is much aware of analyzing their evolution. On this basis the idea of a dialogue between the two authors is propose and its characteristics are presented. |
| Keywords: | Menger, Veblen, institutions, evolution, emergence |
| JEL: | B13 B15 D02 |
| Date: | 2008–06 |
| URL: | http://d.repec.org/n?u=RePEc:icr:wpicer:17-2008&r=hpe |
| By: | Daniel Dufourt (GREPH (LEPS EA 4148) - Groupe de recherche en épistémologie politique et historique - Institut d'Études Politiques de Lyon) |
| Abstract: | Une préoccupation essentielle structure l'œuvre de F. Perroux : celle d'assujettir l'investigation scientifique en économie aux exigences d'une épistémologie politique.L'étude de ses œuvres majeures publiées entre 1926 et 1941 montre que l'analyse économique, si elle ne veut pas être ravalée au niveau d'outils en eux-mêmes dépourvus de signification, doit être mobilisée en fonction d'une théorie de la connaissance qui récuse l'idée que la connaissance scientifique puisse être un reflet transcendant de la réalité. Elle se détermine et est imbriquée dans des pratiques sociales, des quêtes identitaires, des normes, des rhétoriques, des artefacts et des institutions. Ce sont les caractères de cette épistémologie politique et leurs effets sur les apports théoriques de F. Perroux qui sont ici mis en évidence. |
| Keywords: | La crise de structure du capitalisme.L'éthique impossible dépassement du politique.Préférences collectives versus calcul économique.Savoir professionnel versus savoir d'intention scientifique |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-00389229_v1&r=hpe |
| By: | Damiano Bruno Silipo |
| Abstract: | Il lavoro si propone di ricostruire la teoria dell’instabilità finanziaria del capitalismo di Hyman Minsky e di valutare la sua rilevanza nella spiegazione della crisi attuale. La prima parte del lavoro è dedicata alla ricostruzione del pensiero di Minsky. Partendo da una descrizione del comportamento degli agenti economici e dalle relazioni finanziarie che si stabiliscono in un’economia capitalistica, particolare attenzione viene dedicata all’analisi minskyana del comportamento di banche e imprese e alle condizioni che determinano il livello degli investimenti e dell’attività economica. Al riguardo, si mostra come le aspettative ottimistiche e le posizioni speculative degli operatori generano il boom. D’altra parte, nel boom si pongono le premesse per la crisi, dovendo le banche finanziare le proprie attività a lungo termine con passività a breve e trovando in questa fase maggiori difficoltà a raccogliere liquidità presso i risparmiatori. La mancata restituzione dei prestiti innesca la crisi, che viene aggravata da un aumento dei tassi d’interesse e dell’avversione al rischio degli operatori. In una situazione in cui sono diffuse le posizioni speculative e ultraspeculative il fallimento di poche unità trascina le altre nella crisi finanziaria. A quest’ultima fase segue la deflazione da debiti e la depressione economica. Nella seconda parte del lavoro si ripercorrono le principali vicende della crisi attuale, mettendo in rilievo analogie e differenze con l’analisi di Minsky. In particolare si mostra come, pur nella diversità dei fattori che hanno generato l’attuale crisi finanziaria, rimane valido il contributo di Minsky sull’analisi delle determinanti del ciclo economico e sul ruolo della politica economica. Comunque, diversamente da quanto ipotizzato da Minsky, l’attuale crisi finanziaria dimostra che non solo le imprese ma anche le famiglie hanno un ruolo rilevante nella determinazione del livello e della composizione della produzione. |
| Keywords: | Instabilità Finanziaria, Capitalismo di Hyman Minsky |
| Date: | 2009–05 |
| URL: | http://d.repec.org/n?u=RePEc:clb:wpaper:200909&r=hpe |
| By: | John Bryant (Vocat International) |
| Abstract: | Draft chapter from a forthcoming book entitled Thermoeconomics, which deals with the relationships between the disciplines of thermodynamics and economics. Chapter 1 covers historical research on the disciplines, the structural comparisons between of the ideal gas equation and the quantity theory. Chapter 2 concerns a general stock model that can be adapted to represent those of money, labour and economic output. Chapter 3 deals with economic representations of the first and second laws of thermodynamics, work done, internal value and entropic value, reversibility, entropy, particular economic processes and utility. Chapter 4 concerns a thermodynamic representation of production processes and reaction kinetics. Chapter 5 constructs a thermodynamic money system, using historical data of the UK and USA economies to provide empirical analysis. Particular aspects covered include elastic relationships, entropy, interest rates and yield. Chapter 6 describes aspect of labour and unemployment. Chapter 7 describes the principles of entropy and maximisation, the structure of economic cycles, efficiency criteria and measurement problems. Chapter 8 sets out analyses of world energy and climate change to illustrate empirically some of the principles covered by the book. |
| Keywords: | Thermodynamics, economics, Le Chatelier, entropy, utility, money, equilibrium, value, energy, interest |
| JEL: | A1 C02 C68 D5 E O1 |
| Date: | 2009–06 |
| URL: | http://d.repec.org/n?u=RePEc:voc:wpaper:tech12009&r=hpe |
| By: | John Bryant (Vocat International) |
| Abstract: | Draft chapter from a forthcoming book entitled Thermoeconomics, which deals with the relationships between the disciplines of thermodynamics and economics. Chapter 1 covers historical research on the disciplines, the structural comparisons between of the ideal gas equation and the quantity theory. Chapter 2 concerns a general stock model that can be adapted to represent those of money, labour and economic output. Chapter 3 deals with economic representations of the first and second laws of thermodynamics, work done, internal value and entropic value, reversibility, entropy, particular economic processes and utility. Chapter 4 concerns a thermodynamic representation of production processes and reaction kinetics. Chapter 5 constructs a thermodynamic money system, using historical data of the UK and USA economies to provide empirical analysis. Particular aspects covered include elastic relationships, entropy, interest rates and yield. Chapter 6 describes aspect of labour and unemployment. Chapter 7 describes the principles of entropy and maximisation, the structure of economic cycles, efficiency criteria and measurement problems. Chapter 8 sets out analyses of world energy and climate change to illustrate empirically some of the principles covered by the book. |
| Keywords: | Thermodynamics, economics, Le Chatelier, entropy, utility, money, equilibrium, value, energy, interest |
| JEL: | A1 C02 C68 D5 E O1 |
| Date: | 2009–06 |
| URL: | http://d.repec.org/n?u=RePEc:voc:wpaper:tech22009&r=hpe |
| By: | John Bryant (Vocat International) |
| Abstract: | Draft chapter from a forthcoming book entitled Thermoeconomics, which deals with the relationships between the disciplines of thermodynamics and economics. Chapter 1 covers historical research on the disciplines, the structural comparisons between of the ideal gas equation and the quantity theory. Chapter 2 concerns a general stock model that can be adapted to represent those of money, labour and economic output. Chapter 3 deals with economic representations of the first and second laws of thermodynamics, work done, internal value and entropic value, reversibility, entropy, particular economic processes and utility. Chapter 4 concerns a thermodynamic representation of production processes and reaction kinetics. Chapter 5 constructs a thermodynamic money system, using historical data of the UK and USA economies to provide empirical analysis. Particular aspects covered include elastic relationships, entropy, interest rates and yield. Chapter 6 describes aspect of labour and unemployment. Chapter 7 describes the principles of entropy and maximisation, the structure of economic cycles, efficiency criteria and measurement problems. Chapter 8 sets out analyses of world energy and climate change to illustrate empirically some of the principles covered by the book. |
| Keywords: | Thermodynamics, economics, Le Chatelier, entropy, utility, money, equilibrium, value, energy, interest |
| JEL: | A1 C02 C68 D5 E O1 |
| Date: | 2009–06 |
| URL: | http://d.repec.org/n?u=RePEc:voc:wpaper:tech32009&r=hpe |
| By: | John Bryant (Vocat International) |
| Abstract: | Draft chapter from a forthcoming book entitled Thermoeconomics, which deals with the relationships between the disciplines of thermodynamics and economics. Chapter 1 covers historical research on the disciplines, the structural comparisons between of the ideal gas equation and the quantity theory. Chapter 2 concerns a general stock model that can be adapted to represent those of money, labour and economic output. Chapter 3 deals with economic representations of the first and second laws of thermodynamics, work done, internal value and entropic value, reversibility, entropy, particular economic processes and utility. Chapter 4 concerns a thermodynamic representation of production processes and reaction kinetics. Chapter 5 constructs a thermodynamic money system, using historical data of the UK and USA economies to provide empirical analysis. Particular aspects covered include elastic relationships, entropy, interest rates and yield. Chapter 6 describes aspect of labour and unemployment. Chapter 7 describes the principles of entropy and maximisation, the structure of economic cycles, efficiency criteria and measurement problems. Chapter 8 sets out analyses of world energy and climate change to illustrate empirically some of the principles covered by the book. |
| Keywords: | Thermodynamics, economics, Le Chatelier, entropy, utility, money, equilibrium, value, energy, interest |
| JEL: | A1 C02 C68 D5 E O1 |
| Date: | 2009–06 |
| URL: | http://d.repec.org/n?u=RePEc:voc:wpaper:tech42009&r=hpe |
| By: | John Bryant (Vocat International) |
| Abstract: | Draft chapter from a forthcoming book entitled Thermoeconomics, which deals with the relationships between the disciplines of thermodynamics and economics. Chapter 1 covers historical research on the disciplines, the structural comparisons between of the ideal gas equation and the quantity theory. Chapter 2 concerns a general stock model that can be adapted to represent those of money, labour and economic output. Chapter 3 deals with economic representations of the first and second laws of thermodynamics, work done, internal value and entropic value, reversibility, entropy, particular economic processes and utility. Chapter 4 concerns a thermodynamic representation of production processes and reaction kinetics. Chapter 5 constructs a thermodynamic money system, using historical data of the UK and USA economies to provide empirical analysis. Particular aspects covered include elastic relationships, entropy, interest rates and yield. Chapter 6 describes aspect of labour and unemployment. Chapter 7 describes the principles of entropy and maximisation, the structure of economic cycles, efficiency criteria and measurement problems. Chapter 8 sets out analyses of world energy and climate change to illustrate empirically some of the principles covered by the book. |
| Keywords: | Thermodynamics, economics, Le Chatelier, entropy, utility, money, equilibrium, value, energy, interest, yield, rate, redemption |
| JEL: | A1 C02 C68 D5 E O1 |
| Date: | 2009–06 |
| URL: | http://d.repec.org/n?u=RePEc:voc:wpaper:tech52009&r=hpe |
| By: | John Bryant (Vocat International) |
| Abstract: | Draft chapter from a forthcoming book entitled Thermoeconomics, which deals with the relationships between the disciplines of thermodynamics and economics. Chapter 1 covers historical research on the disciplines, the structural comparisons between of the ideal gas equation and the quantity theory. Chapter 2 concerns a general stock model that can be adapted to represent those of money, labour and economic output. Chapter 3 deals with economic representations of the first and second laws of thermodynamics, work done, internal value and entropic value, reversibility, entropy, particular economic processes and utility. Chapter 4 concerns a thermodynamic representation of production processes and reaction kinetics. Chapter 5 constructs a thermodynamic money system, using historical data of the UK and USA economies to provide empirical analysis. Particular aspects covered include elastic relationships, entropy, interest rates and yield. Chapter 6 describes aspect of labour and unemployment. Chapter 7 describes the principles of entropy and maximisation, the structure of economic cycles, efficiency criteria and measurement problems. Chapter 8 sets out analyses of world energy and climate change to illustrate empirically some of the principles covered by the book. |
| Keywords: | Thermodynamics, economics, Le Chatelier, entropy, utility, money, equilibrium, value, energy |
| JEL: | A1 C02 C68 D5 E O1 |
| Date: | 2009–06 |
| URL: | http://d.repec.org/n?u=RePEc:voc:wpaper:tech62009&r=hpe |
| By: | John Bryant (Vocat International) |
| Abstract: | Draft chapter from a forthcoming book entitled Thermoeconomics, which deals with the relationships between the disciplines of thermodynamics and economics. Chapter 1 covers historical research on the disciplines, the structural comparisons between of the ideal gas equation and the quantity theory. Chapter 2 concerns a general stock model that can be adapted to represent those of money, labour and economic output. Chapter 3 deals with economic representations of the first and second laws of thermodynamics, work done, internal value and entropic value, reversibility, entropy, particular economic processes and utility. Chapter 4 concerns a thermodynamic representation of production processes and reaction kinetics. Chapter 5 constructs a thermodynamic money system, using historical data of the UK and USA economies to provide empirical analysis. Particular aspects covered include elastic relationships, entropy, interest rates and yield. Chapter 6 describes aspect of labour and unemployment. Chapter 7 describes the principles of entropy and maximisation, the structure of economic cycles, efficiency criteria and measurement problems. Chapter 8 sets out analyses of world energy and climate change to illustrate empirically some of the principles covered by the book. |
| Keywords: | Thermodynamics, economics, Le Chatelier, entropy, utility, money, equilibrium, value, energy, interest |
| JEL: | A1 C02 C68 D5 E O1 |
| Date: | 2009–06 |
| URL: | http://d.repec.org/n?u=RePEc:voc:wpaper:tech72009&r=hpe |
| By: | Melberg, Hans Olav (Institute of Health Management and Health Economics) |
| Abstract: | This paper reports briefly on some of the results from a survey of academics who have written about the theory of rational addiction. The topic is important in itself because if the literature is viewed by its participants as an intellectual game, then policy makers should be aware of this so as not to derive actual policy from toy models. More generally, the answers shed light on the nature of economics and how many economists think about model building, evidence requirements and the policy relevance of their work. A majority of the respondents believe the literature is a success story that demonstrates the power of economic reasoning. At the same time they also believe the empirical evidence to be weak, and they disagree both on the type of evidence that would validate the theory and the policy implications. Taken together this points to an interesting gap. On the one hand most of the respondents claim that the theory has valuable real-world implications. On the other hand they do not believe the theory has received empirical support. |
| Keywords: | Rational addiction theory; survey of opinions of economists; disagreement on evidence criteria and interpretation of evidence |
| JEL: | I10 |
| Date: | 2009–06–02 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:oslohe:2008_007&r=hpe |
| By: | Pamela Lenton (Department of Economics, The University of Sheffield); Paul Mosley (Department of Economics, The University of Sheffield) |
| Abstract: | We argue that trust can be incentivised by measures which increase the ability of trusters to protect themselves against risk. We work within the framework originally established by Berg, Dickhaut and McCabe (1995) in which trust is measured experimentally as the ability to generate reciprocity in response to an initial offer of money within a two-person game. An incentive is conveyed both by means of variations in the multiplier applied to the first player’s initial offer and by giving the first player the opportunity to insure themselves against the possibility that the second player will fail to reciprocate their initial offer. Measured trust is strongly responsive to both these incentives. Thus third parties have the ability to influence the outcome of the game, not only, as in the analysis of Charness et al (2008), by punishing failure to reciprocate and rewarding ‘good’ initial offers, but also by offering protection which strengthens the first player’s risk efficacy, or ratio of assets to risk. |
| Keywords: | Experimental economics; Game theory; Risk; Reciprocity |
| JEL: | A13 C70 C73 D81 |
| Date: | 2009–03 |
| URL: | http://d.repec.org/n?u=RePEc:shf:wpaper:2009004&r=hpe |
| By: | John Duffy; Felix Munoz-Garcia |
| Abstract: | This paper investigates how the introduction of social preferences affects players` equilibrium behavior in both one-shot and infinitely repeated versions of the Prisoner`s Dilemma game. We first show that defection survives as the unique equilibrium of the stage game if at least one player is not too concerned about inequity aversion. Second, we demonstrate that in the infinitely repeated version of the game, fairness concerns operate as a `substitute` for time discounting, as fairness helps sustain cooperation for lower discount factors. We then extend our results to more general simultaneous-move games, and more general preferences. Finally, we point out the implications of our findings for the design and analysis of experiments involving repeated games. In particular, repeated game equilibria which are thought to be supported by sufficiently large discount factors, may in fact be sustained by a combination of discounting and social preference parameters, an observation that may help rationalize recent experimental findings. |
| JEL: | C72 C73 H43 D91 |
| Date: | 2009–05 |
| URL: | http://d.repec.org/n?u=RePEc:pit:wpaper:383&r=hpe |
| By: | Gerry Mackie; UNICEF Innocenti Research Centre |
| Abstract: | Special Series on Social Norms and Harmful Practices <br /><br />The essay refines the application of the social convention theory to the practice female genital mutilation/cutting (FGM/C). The theory compares footbinding in China to FGM/C in Africa, explains each practice in terms of simple game theory, and recommends that the methods used to end footbinding be adapted to end FGM/C. It hypothesizes that each practice originated in highly stratified ancient empires, and became an ongoing requirement of marriageability, general and persistent within the intramarrying community because no one family can give it up on its own. |
| Keywords: | child protection; early marriage; female excision; female genital mutilation; gender issues; social norms; |
| JEL: | J79 |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:ucf:inwopa:inwopa09/60&r=hpe |
| By: | Jean-François Laslier (Department of Economics, Ecole Polytechnique - CNRS : UMR7176 - Polytechnique - X) |
| Abstract: | This paper presents computer simulations of voting rules: Plurality rule, Approval voting and the Copeland and Borda rules, with voters voting sincerly or strategically. Different ways of generating random preference profiles are introduced: Rousseauist cultures are suitable for common interest project assessment; Impartial cultures are standard in Social Choice Theory; Distributive cultures and Spatial Euclidean ones are standard in Political Science. |
| Keywords: | Social Choice. Voting Rules. Impartial Culture. Condorcet. Borda |
| Date: | 2009–06–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-00390376_v1&r=hpe |
| By: | John Galbraith |
| Abstract: | While the efficiency of economic arrangements is the primary focus of economic research, we may ask whether the efficiency improvements that have been experienced in the developed economies have been accompanied by increased vulnerability of output to catastrophic events. In order to address this question usefully, we need some implementable measures of vulnerability of output to disruptive events or large shocks. This study attempts to provide some rudimentary measures of this potential increased vulnerability in economic systems. To do so we draw on concepts from information theory, robust system design and, indirectly, robust statistics to define a measure of the robustness of production, and apply the measure to some cases of interest. <P>L’efficacité des accords économiques constitue le centre d’intérêt de la recherche en économie, mais on peut se demander si les améliorations observées en matière d’efficacité au sein des économies développées ont été accompagnées d’une vulnérabilité accrue de la production aux événements catastrophiques. Pour répondre à cette question de façon utile, nous avons besoin d’outils pouvant être mis en œuvre dans le but de mesurer la vulnérabilité de la production aux perturbations ou aux bouleversements. La présente étude tente de mettre en place des mesures rudimentaires de cette vulnérabilité potentielle accrue au sein des systèmes économiques. Pour ce faire, nous nous appuyons sur les concepts issus de la théorie de l’information, sur la conception rigoureuse de systèmes et, indirectement, sur des statistiques robustes pour mesurer la vigueur de la production et pour appliquer cette mesure à certains cas intéressants. |
| Keywords: | Entropy, redundancy, robust design, Entropie, redondance, conception rigoureuse |
| Date: | 2009–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:cir:cirwor:2009s-22&r=hpe |
| By: | Constanze Dobler (Universität Hohenheim) |
| Abstract: | Despite many approaches of neoclassical and endogenous growth theory, economists still face problems in explaining the reasons for income differences between countries. Institutional economics and the deep determinants of growth literature try to depart from pure economic facts to examine economic development. Therefore, this article analyzes the impact of institutions, geography, and integration on per capita income. Concerning theoretical reasoning, emphasis is on the emergence of institutions and their effect on economic growth. However, institutions can appear in different shapes since political, legal, and economic restrictions are not the only constraints on human behaviour. Norms and values also limit possible actions. Therefore, a differentiation between formal and informal institutions is made. Informal institutions are defined as beliefs, attitudes, moral, conventions, and codes of conduct. Property rights are assumed to be the basic formal institutional feature for economic success. Despite their direct impact on growth through individual utility maximization, property rights also make a statement concerning the political and legal environment of a country. Regarding the regression analysis, different religious affiliations are used as instrumental variables for formal and informal institutions. The regression results affirm a crucial role of informal and formal institutions concerning economic development. However, a high proportion of Protestant citizens encourage informal institutions that support economic growth, while a high Muslim proportion of the population is negatively correlated with growth-supporting formal institutions. |
| Keywords: | culture, economic development, institutions, property rights, religion |
| JEL: | A13 H11 Z10 Z12 Z13 |
| Date: | 2009–03 |
| URL: | http://d.repec.org/n?u=RePEc:old:wpaper:y:2009:i:28:p:1-46&r=hpe |
| By: | Galeazzo Impicciatore; Luca Panaccione; Francesco Ruscitti |
| Abstract: | In this paper we analyze the intertemporal competitive equilibrium of a walrasian model of capital accumulation. We prove the existence of equilibria by generalizing a result of Todd (1979). We overcome the indeterminacy in savings allocation to multiple types of capital goods by introducing a decreasing-return-to-scale storage technology. We finally verify that, for stored capital goods, equality of rates of returns is satisfied in equilibrium. |
| Keywords: | Walras, Capital Goods, Activity Analysis, General Equilibrium |
| JEL: | B21 C60 C62 D51 |
| Date: | 2009–05 |
| URL: | http://d.repec.org/n?u=RePEc:sap:wpaper:121&r=hpe |