|
on History and Philosophy of Economics |
| By: | Servaas Storm (Delft University of Technology) |
| Abstract: | Questions about the decline of Social democracy continue to excite wide interest, even in the era of Covid-19. This paper takes a fresh look at topic. It argues that social democratic politics faces a fundamental dilemma: short-term practical relevance requires it to accept, at least partly, the very socio-economic conditions which it purports to change in the longer run. Bhaduri’s (1993) essay which analyzes social democracy’s attempts to navigate this dilemma by means of ‘a nationalization of consumption’ and Keynesian demand management, was written before the rise of New (‘Third Way’) Labor and before the Great Financial Crisis of 2007-8. This paper provides an update, arguing that New Labor’s attempt to rescue ‘welfare capitalism’ entailed a new solution to the dilemma facing social democracy based on an expansion of employment, i.e. an all-out emphasis on “jobs, jobs, jobs”. The flip-side (or social cost) of the emphasis on job growth has been a stagnation of productivity growth—which, in turn, has put the ‘welfare state’ under increasing pressure of fiscal austerity. The popular discontent and rise of ‘populist’ political parties is closely related to the failure of New Labor to navigate social democracy’s dilemma. |
| Keywords: | social democracy, wage-led growth, profit-led growth, NAIRU economics, Europe 1945- , New Labor. |
| JEL: | E6 E10 E12 N10 P11 |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:thk:wpaper:inetwp122&r=all |
| By: | Molina, José Alberto; Iñiguez, David; Ruiz, Gonzalo; Tarancón, Alfonso |
| Abstract: | We analyse the production and networks of Nobel laureates in Economics, employing the Normalized Impact Factor (NIF) of their publications in the Journal of Citation Report (Economics), to identify the academic leaders among those laureates awarded between 1969 and 2016. Our results indicate that direct collaborations among laureates are, in general, rare, but when we add all the co-authors of the laureates, there appears a very large component containing 70% of the nodes, so that more than two thirds of the laureates can be connected through only two steps. Deaton, Tirole, Arrow, and Stiglitz are identified as leaders according to the total production of their respective networks. |
| Keywords: | Nobel prize,Economics,Impact factor,Research production,Complex networks |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:533&r=all |
| By: | Joseph Halevi (International University College of Turin); Peter Kriesler (University of New South Wales); Duncan Foley (New School for Social Research); Thomas Ferguson (Institute for New Economic Thinking) |
| Abstract: | This Working Paper presents three separate comments on Servaas Storm’s “The Economics and Politics of Social Democracy: A Reconsideration”. The first is by Joseph Halevi and Peter Kriesler; the second is by Duncan Foley; and the third is by Thomas Ferguson. |
| Keywords: | social democracy, wage-led growth, profit-led growth, NAIRU economics, Europe 1945- , New Labor. |
| JEL: | E6 E10 E12 N10 P11 |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:thk:wpaper:inetwp123&r=all |
| By: | Prati, Alberto (Aix-Marseille University); Senik, Claudia (Paris School of Economics) |
| Abstract: | Can people remember correctly their past well-being? We study three national surveys of the British, German and French population, where more than 50,000 European citizens were asked questions about their current and past life satisfaction. We uncover systematic biases in recalled subjective well- being: on average, people tend to overstate the improvement in their well-being over time and to understate their past happiness. But this aggregate figure hides a deep asymmetry: while happy people recall the evolution of their life to be better than it was, unhappy ones tend to exaggerate its worsening. It thus seems that feeling happy today implies feeling better than yesterday. These results offer an explanation of why happy people are more optimistic, perceive risks to be lower and are more open to new experiences. |
| Keywords: | memory biases, remembered utility, life satisfaction, intra-personal comparisons |
| JEL: | I31 D91 |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp13166&r=all |
| By: | Jean-Michel Servet (IHEID - Institut de hautes études internationales et du développement - University of Geneva [Switzerland]); Bruno Tinel (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | One-sentence summary : Randomized controlled trials by behavioural economists pretend to be pragmatic and only interested in what really works to solve practical problems but in reality they have notorious normative and ideological aspects. Key points: Behavioural RCTs ignore contexts and composition effects and reflect the biases of those who perform assessments. Behavioural randomizers presume without demonstrating that market exchanges are the most effective form of regulation for societies in all situations of social life. The positive or negative incentives ("nudges") offered by behavioural economics aim to normalize the behaviour of consumers, users, employees or small/independent producers. They are part of a set of power devices by which individual behaviours are shaped and forced, without their knowledge, to conform to dominant class interests. |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:halshs-02562758&r=all |
| By: | Franz Dietrich (CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics, CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne); Kai Spiekermann (LSE - London School of Economics and Political Science) |
| Abstract: | Social epistemology studies knowledge in social contexts. Knowledge is 'social' when its holder communicates with or learns from others (Epistemology in groups), or when its holder is a group as a whole, literally or metaphorically (Epistemology of groups). Group knowledge can emerge explicitly, through aggregation procedures like voting, or implicitly, through institutions like deliberation or prediction markets. In the truth-tracking paradigm, group beliefs aim at truth, and group decisions at 'correctness', in virtue of external facts that are empirical or normative, real or constructed, universal or relativistic, etc. Procedures and institutions are evaluated by epistemic performance: Are they truth-conducive? Do groups become 'wiser' than their members? We review several procedures and institutions, discussing epistemic successes and failures. Jury theorems provide formal arguments for epistemic success. Some jury theorems misleadingly conclude that 'huge groups are infallible', an artifact of inappropriate premises. Others have defensible premises, and still conclude that groups outperform individuals, without being infallible. |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:hal:pseptp:halshs-02431971&r=all |
| By: | Harrison, Mark (Department of Economics and CAGE, University of Warwick ; CREES, University of Birmingham; CEPR) |
| Abstract: | In two world wars, both sides committed substantial resources to economic warfare. Before the event, influential thinkers believed that the threat of blockade (and later of bombing) would deter aggression. When war broke out, they hoped that economic action might bring the war to a close without the need for a conclusive military struggle. Why were they disappointed, and what was the true relationship between economic warfare and combat between military forces? The answer to this question depends on the effects of economic warfare, which can be understood only after considering the adversary’s adaptation. When the full range of adaptations is considered, it becomes clear that economic warfare and combat were usually strategic complements; they acted together and did not substitute for each other. The paper examines this question both in breadth and more narrowly, focusing on the Allied air campaign against Germany in World War II. There are implications for history and policy. |
| Keywords: | blockade ; economic sanctions ; economic warfare ; strategy ; substitution ; war of attrition ; World War I ; World War II JEL codes: H56 ; N44 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:wrk:warwec:1263&r=all |
| By: | Mcgovern, Patrick |
| Abstract: | Workplace case studies have been valued by some for their ability to advance theory while others dismiss them as little more than descriptive stories. This paper presents a detailed content analysis of case study articles to assess the relative balance between theory, conceptual analysis and description. Drawing on a random sample of papers (n = 173) published in leading journals, I find that fewer than one in seven are descriptive papers while only one in ten are theory oriented. Using three criteria, I identify exemplars of theoretical and conceptual analysis and show how these may be used to advance the field. |
| JEL: | R14 J01 |
| Date: | 2020–04–30 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:103926&r=all |
| By: | Rocco Caferra; Roberto Dell'Anno; Andrea Morone |
| Abstract: | This paper aims to unmask the inadequacy of the review process of a sample of fee-charging journals in economics. We submitted a bait-manuscript to 104 academic economic journals to test whether there is a difference in the peer-review process between Article Processing Charges (APC) journals and Traditional journals which do not require a publication fee. The submitted bait-article was based on completely made-up data, with evident errors in terms of methodology, literature, reporting of results, and quality of language. Nevertheless, about half of the APC journals fell in the trap. Their editors accepted the article in the journals and required to pay the publication fee. We conclude that the Traditional model has a more effective incentive-mechanism in selecting articles, based on quality standards. Otherwise, we confirm that the so-called "Predatory Journals" - i.e. academic journals which accept papers without a quality check - exploit the APC scheme to increase their profits. They are also able to enter whitelists (e.g. Scopus, COPE). Accordingly, poor-quality articles published on APC journals shed the lights on the weakness of methodologies based on a mechanical inclusion of academic journals in scientific database indexes, succeeding in being considered for bibliometric evaluations of research institutions or scholars' productivity. |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:feb:framed:00701&r=all |
| By: | Tao Hong; Pierre Pinson; Yi Wang; Rafal Weron; Dazhi Yang; Hamidreza Zareipour |
| Abstract: | Forecasting has been an essential part of the power and energy industry. Researchers and practitioners have contributed thousands of papers on forecasting electricity demand and prices, and renewable generation (e.g., wind and solar power). This paper offers a brief review of influential energy forecasting papers; summarizes research trends; discusses importance of reproducible research and points out six valuable open data sources; makes recommendations about publishing high-quality research papers; and offers an outlook into the future of energy forecasting. |
| Keywords: | Energy forecasting; Load forecasting; Electricity price forecasting; Wind forecasting; Solar forecasting |
| JEL: | C51 C52 C53 Q41 Q47 |
| Date: | 2020–05–07 |
| URL: | http://d.repec.org/n?u=RePEc:ahh:wpaper:worms2008&r=all |