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on History and Philosophy of Economics |
| By: | Benjamin Enke |
| Abstract: | This article calls for a greater integration of moral psychology and political economy. While these disciplines were initially deeply intertwined, cross-disciplinary exchange became rare throughout the 20th century. More recently, the tide has shifted again – social scientists of different backgrounds recognized that morality and politico-economic outcomes influence each other in rich bi-directional ways. Because psychologists and economists possess distinct and complementary skill sets, part of this movement consists of productive ‘economic imperialism’ – economists leveraging their empirical toolkit to test and substantiate theories from moral psychology at scale or in the wild. To illustrate this, I present two case studies of recent economics research on prominent ideas in moral psychology. First, the theory that morality is ultimately economically functional – that it evolved as a form of ‘psychological and biological police’ to enforce cooperation in economic production and exchange. Second, that the structure of morality shapes political views and polarization, including on economic issues such as taxation and redistribution. I conclude from these case studies that economists have much to gain from integrating more ideas from moral psychology, and that moral psychologists will be able to make an even more compelling case that morality and politico-economic outcomes influence each other if they engage with research in economics. |
| JEL: | D01 D70 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:32279&r=hpe |
| By: | Adam Brzezinski; Nuno Palma; François R. Velde |
| Abstract: | Debates about the nature and economic role of money are mostly informed by evidence from the 20th century, but money has existed for millennia. We argue that there are many lessons to be learned from monetary history that are relevant for current topics of policy relevance. The past acts as a source of evidence on how money works across different situations, helping to tease out features of money that do not depend on one time and place. A close reading of history also offers testing grounds for models of economic behavior and can thereby guide theories on how money is transmitted to the real economy. |
| Keywords: | monetary policy, monetary history, natural experiments, policy experiments, identification in macroeconomics |
| JEL: | E40 E50 N10 |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:man:allwps:0004&r=hpe |
| By: | Antoinette Baujard (Université Jean Monnet, 42 023 Saint-Etienne, France. GATE Lyon Saint-Etienne (UMR CNRS 5824)) |
| Abstract: | Sen nous invite à penser autrement l'aide des décisions publiques et l'évaluation des politiques publiques. Plutôt que de déduire mécaniquement une recommandation de l’agrégation de certaines informations réputées représenter l'utilité des individus et une recommandation, il montre l'importance du débat sur l’information. Il met en évidence la pertinence des informations subjectives et objectives, individuelles et collectives, les sentiments moraux des personnes et les énoncés scientifiques, en même temps que la nécessité de prendre au sérieux leurs limites. Une décision collective juste exige de combiner l’ensemble de ces informations, individuelles et collectives, subjectives et objectives dans le cadre d’un raisonnement public. |
| JEL: | A11 A13 B31 D63 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:gat:wpaper:2403&r=hpe |
| By: | Roberto Serrano |
| Abstract: | This is a comment on Nomidis (2023). Using simple examples, the focus is on the conditions that lead to Cournot’s competitive limit result, showcasing the connections between the Cournot model and competitive equilibrium. Citing original sources, it is argued that the Neoclassical economists did not misunderstand Cournot, as Nomidis (2023) asserts. |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:bro:econwp:2023-003&r=hpe |