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on History and Philosophy of Economics |
| By: | Horn, Karen |
| Abstract: | Ordoliberalism and Keynesianism are not exactly known to fit hand in glove. Accordingly, the German economists Walter Eucken, head of the Freiburg school, and Wilhelm Röpke, from his Istanbul and Geneva exiles, were in near perfect agreement in their opposition to the interventionist "full employment" teachings of their English colleague John Maynard Keynes. An article by Röpke on Keynes in the Swiss newspaper Neue Zürcher Zeitung (NZZ) published in 1946 however met with "fundamental objections" by Eucken, and a controversy took off. The bone of contention between the two colleagues and rather dissimilar friends was Keynes's famous earlier critique of the Versailles Peace Treaty, and the lessons to be drawn for the post-WW II situation. This paper tells the story of this unusual and puzzling controversy, quoting from the letters between the two, and contextualizes the exchange in order to make sense of it. It turns out that there was an economic, a human, and - most significantly - a political side to their disagreement. Eucken and Röpke assessed the economic development since 1919 somewhat differently, and Eucken felt compelled to defend Keynes against the heavy moral accusation of having contributed to the Nazi catastrophe. But perhaps most of all, he found it tactically unwise in 1946 to endorse arguments that would support an even harsher attitude by the Allies toward Germany after WW II. In a first translation, the paper's appendixes contain Röpke's NZZ article that sparked the controversy, as well as the rejoinder by Eucken's former student Valentin F. Wagner. A new, full translation of an earlier NZZ article by Röpke on Keynes in lieu of an obituary is also provided. |
| Keywords: | Eucken, Röpke, Keynes, Versailles Peace Treaty, reparations, full employment policy |
| JEL: | B20 B31 N14 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:aluord:279555&r=hpe |
| By: | Baptiste Parent (AgroParisTech, Université Paris-Saclay, CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique); Lauriane Mouysset (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique, CNRS - Centre National de la Recherche Scientifique); Antoine Missemer (CNRS - Centre National de la Recherche Scientifique, CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique); Harold Levrel (AgroParisTech, CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique, Université Paris-Saclay) |
| Abstract: | Environmental and natural resource economics lies inherently at the interface between economic and natural dynamics (e.g., geological constraints, climate change, biodiversity evolution). Building models in that field often means building integrated models, calling on knowledge and methods from economics and physics, climatology, biology, or ecology. Howard Scott Gordon's 1954 article on fishery economics is considered to be seminal in the history of bioeconomic modeling, integrating biological and economic variables in a microeconomic model. Yet the precise role played by biology in Gordon's initial work remains unclear. On the basis of archival material and thorough analysis of Gordon's early research, this paper examines Gordon's model building and his persistent oscillation between two objectives-the production of a heuristic economic model with standard assumptions, and the conception of a predictive policy tool relevant from a fishery-biology |
| Keywords: | Integrated Model, interdisciplinarity, Fishery Economics, History of Economics |
| Date: | 2023–08–16 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04250105&r=hpe |
| By: | Nicolas Piluso (CERTOP - Centre d'Etude et de Recherche Travail Organisation Pouvoir - UT2J - Université Toulouse - Jean Jaurès - UT - Université de Toulouse - UT3 - Université Toulouse III - Paul Sabatier - UT - Université de Toulouse - CNRS - Centre National de la Recherche Scientifique, UT3 - Université Toulouse III - Paul Sabatier - UT - Université de Toulouse) |
| Abstract: | The aim of this article is to study Walrasian money theory in the light of Cartelier's general criticism of standard theory, which justifies his direct monetary approach to the economy. We argue that Walras succeeded well before his successors in integrating money into the theory of value, avoiding many of the pitfalls into which many contemporary monetary theories fall. This work will highlight a paradoxical result: despite being a value theorist, Walras has an affinity with the monetary tradition, unlike most of his neoclassical successors. Nevertheless, Walras is not clear on the question of the nature of the money supply. This is the weakness of his model, which may well be open to Cartelier's criticism. |
| Abstract: | Cet article a pour objet d'étudier la théorie walrassienne de la monnaie à la lumière des critiques que Cartelier a formulées d'une manière générale contre la théorie standard et qui justifient son approche directement monétaire de l'économie. Nous soutenons que Walras a réussi bien avant ses successeurs l'intégration de la monnaie à la théorie de la valeur en échappant à nombre d'écueils dans lesquels s'engouffrent plusieurs théories monétaires contemporaines. Ce travail mettra en avant un résultat paradoxal : bien que théoricien de la valeur, Walras présente une affinité avec la tradition monétaire, à rebours de la plupart de ses successeurs néoclassiques. Néanmoins, Walras n'est pas clair sur la question de la nature de l'offre de la monnaie. C'est ce qui fait la faiblesse de son modèle qui prête possiblement le flanc à la critique de Cartelier. |
| Keywords: | division of labor, money, price, value, division du travail, monnaie, prix, valeur |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04254549&r=hpe |
| By: | Janice Eberly; Oksana Leukhina; Shelly Lundberg; Christina D. Romer |
| Abstract: | Three prominent economists discuss their efforts as American Economic Association leaders to help diversify their profession. |
| Keywords: | diversity; diversity in economics; economics profession; American Economic Association; women in economics |
| Date: | 2023–06–06 |
| URL: | http://d.repec.org/n?u=RePEc:fip:l00001:96337&r=hpe |
| By: | François Facchini (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | L'objet de cette note est de savoir si Hayek a soutenu la dictature chilienne et inspiré son action. La réponse donnée n'est pas originale. Elle se contente de reprendre les informations rassemblées sur les deux visites d'Hayek au Chili par les Pr. Bruce Caldwell et Leonidas Montes et publiées dans la Review of Austrian Economics de 2015. Ils montrent sur la base d'un travail d'archives qu'Hayek n'a ni soutenu la dictature chilienne ni inspiré l'écriture de la constitution chilienne et en particulier ses articles les plus liberticides. Hayek a bien rencontré en 1977 le général Pinochet durant vingt minutes, il a bien réuni la société du Mont Pèlerin en 1981 au Chili à Viña del Mar, mais il n'est pas l'inspirateur des choix de politiques publiques du dictateur. La thèse d'un idéal libéral autoritaire véhiculée par de nombreux sociologues et politistes est en ce sens un contresens. |
| Keywords: | Hayek, Chili, Pinochet, Néolibéralisme, démocratie, dictature, constitution |
| Date: | 2023–09–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:hal-04261553&r=hpe |
| By: | Hale, Galina; Regev, Tali; Rubinstein, Yona |
| Keywords: | Economics, Banking, Finance and Investment, Applied Economics, Commerce, Management, Tourism and Services, Behavioral and Social Science, Basic Behavioral and Social Science, Decent Work and Economic Growth, Economic Theory, Econometrics, Banking, finance and investment, Applied economics |
| Date: | 2023–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:ucscec:qt8s25m320&r=hpe |
| By: | Anna L. Paulson |
| Abstract: | Anna Paulson, director of research at the Chicago Fed, talks about the collaborative nature of economic research at the Federal Reserve. |
| Keywords: | women in economics; research collaboration; Federal Reserve District, 7th |
| Date: | 2023–03–30 |
| URL: | http://d.repec.org/n?u=RePEc:fip:l00001:95923&r=hpe |
| By: | Burkhauser, Richard V. (University of Texas at Austin); Burkhauser, Susan V. (Austin Community College) |
| Abstract: | Policy Research Institutes in the United States play an important role in the creation of evidence for evidence-based policymaking. This is the case with respect to their advocacy for the gathering and broad dissemination of "Big Data" and in the publication of policy analysis in the academic literature using these data. But they play a much more significant role, via non-refereed working papers, in predicting the possible behavioral and distributional consequences of currently proposed policies being considered by the Executive and Legislative branches of government. Historically, however, Policy Research Institutes, both inside- and outside-the-beltway, have also played a less well-understood role. It is the nurturing of those, mostly academic-based economists who, as Members of the Council of Economic Advisers, eventually end up advising Presidents of the United States and their staff on the state of economic knowledge on the economic problems that these policy makers are called to solve via evidence-based policymaking. |
| Keywords: | Policy Research Institutes in the United States play an important role in the creation of evidence for evidence-based policymaking. This is the case with respect to their advocacy for the gathering and broad dissemination of “Big Data” and in the pub |
| JEL: | H0 J0 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izapps:pp204&r=hpe |
| By: | Dor Morag; George Loewenstein |
| Abstract: | While the significance of narrative thinking has been increasingly recognized by social scientists, very little empirical research has documented its consequences for economically significant outcomes. The current paper addresses this gap in one important domain: valuations. In three experiments, participants were given the opportunity to sell an item they owned (mug in Study 1, hat in studies 2 and 3) using an incentive-compatible procedure (multiple price list). Prior to making selling decisions, participants were randomly assigned to either a narrative treatment, in which they were asked to tell the story of their item, or a list treatment, in which they were asked to list the characteristics of their item. The narrative treatment led to significantly higher selling prices and increased rates of participants refusing all offered prices. We further explore potential mechanisms, and the impact of different types of narratives, by analyzing self-reported classifications of, and employing natural language processing techniques on, participants’ narratives. |
| Keywords: | decision-making, experimental, narratives, valuations, willingness to accept |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10714&r=hpe |
| By: | Claudia Goldin |
| Abstract: | Harvard University Professor Claudia Goldin explained how she worked to eliminate 'informational barriers' to the economics field. |
| Keywords: | women in economics |
| Date: | 2022–10–25 |
| URL: | http://d.repec.org/n?u=RePEc:fip:l00001:94973&r=hpe |