|
on History and Philosophy of Economics |
| By: | Manuel Martín Rodríguez (Universidad de Granada, Granada, Spain) |
| Abstract: | In contrast to Ricardo and Malthus's class-conflict economy, H.C. Carey (1793-1879) proposed an economic model of social harmony where capitalists and workers could progress together without conflicts. Later, upon observing that economic growth in the United States had been much higher during protectionist stages, he sought to understand the reasons behind it, reformulating protectionism with new arguments. His influence in Europe was intense but short-lived. In Spain, overshadowed by Bastiat's optimism, whom he accused of plagiarizing his ideas, little of his model of social harmony was adopted. However, during years of intense debate between protectionists and free traders, his protectionism was highly influential, especially within Catalan business organizations. |
| Keywords: | Carey, Spain, Protectionism |
| JEL: | B12 B31 B41 |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:ahe:dtaehe:2403&r=hpe |
| By: | Marciano, Alain |
| Abstract: | Review of “Milton Friedman. The Last Conservative” by Jennifer Burns. |
| Date: | 2024–04–05 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:rj5td&r=hpe |
| By: | Kuehn, Daniel |
| Abstract: | Review of “The Chile Project: The Story of the Chicago Boys and the Downfall of Neoliberalism” by Sebastián Edwards. |
| Date: | 2024–04–05 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:v62k3&r=hpe |
| By: | Sebastian Schweighofer-Kodritsch |
| Abstract: | This chapter presents a microeconomic, behavioral perspective on bounded rationality and beliefs. It begins with an account of how research on belief biases, in particular via probabilistic belief elicitation, has become mainstream in economics only relatively recently and late, even in behavioral economics (aka “psychology and economics”). The chapter then offers a review of the decision-theoretic foundations of modeling and eliciting (subjective) beliefs as probabilities, as well as selected—both classic and recent—evidence on humans’ bounded rationality from related research in psychology and economics. In doing so, it connects the historical debates within decision theory, on the one hand, and within psychology, on the other, concerning the normative status of expected utility and Bayesianism, as well as its methodological implications. A conclusion draws lessons for the practice of belief elicitation and future research. |
| Date: | 2024–04–18 |
| URL: | http://d.repec.org/n?u=RePEc:bdp:dpaper:0037&r=hpe |
| By: | de Carvalho, André Roncaglia |
| Abstract: | This paper covers the development of the sawtooth wages model, a graphical representation of the behavior of periodically adjusted fixed nominal wages under persistent inflationary conditions. Ranging from the immediate postwar years to the late 1980s, our narrative covers the history of the model, underscoring Bent Hansen’s (1951) contribution, followed by several improvements that aimed to incorporate into inflation theory several institution-specifc traits of underdeveloped economies. The diagram had a lukewarm reception in the 1960s but managed to defend its legacy until the 1980s, as the inertial inflation hypothesis gained terrain in the debate on economic stabilization in Latin America. Under the widespread diffusion of indexation practices, the model was then fully rehabilitated as a workhorse for theoretical and policy analysis in Brazil until a succesful stabilization was achieved in 1994 under the Real plan. |
| Date: | 2024–04–05 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:68p2b&r=hpe |
| By: | Spahn, Peter |
| Abstract: | Hajo Riese (FU Berlin) was a pioneer of the "Berlin School of Monetary Keynesianism", particularly in the 1980s and 1990s. His research work was based on the roots of monetary theory in the work of J. M. Keynes, with a particular focus on the theory of capital and interest rates. While in Keynes liquidity preference remained an element of money demand, for Riese it formed the central variable of a theory of credit supply. The credit contract is not based on goods or goods equivalents, but on the nominal category of money, because this is the sole medium for the fulfilment of contracts. In addition to the interest rate, the rate of return on real capital is also determined by the liquidity premium. The central bank has to take into account the regulatory-theoretical significance of monetary stability, which runs counter to the "easy money policy" usually demanded by Keynesians. |
| Keywords: | Keynesianismus, Monetarismus |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:hohdps:290399&r=hpe |
| By: | Alice Fabre (AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique, AMU - Aix Marseille Université, CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | What does the American movie industry tell us about the economic role of Wall Street and the perception of the stock market over time? Through a substantial corpus of American films from the 20c. and 21c, this article illustrates how, in three distinct periods, Hollywood has been able to stage finance and contribute to the myth of Wall Street. A minor subject until the 1980s, these years have seen the appearance of financial blockbusters with the rise of the financialization of the economy. The subprime crisis renews the genre, questioning the place of the stock market and the ethics of traders. |
| Abstract: | Que nous dit l'industrie cinématographique américaine sur le rôle économique de Wall Street et la perception de la bourse dans le temps ? À travers un corpus conséquent de films américains du XXe et XXIe siècles, cet article illustre comment, en trois périodes distinctes, Hollywood a pu mettre en scène la finance et contribuer au mythe de Wall Street. Sujet mineur jusque dans les années 1980, ces années ont vu l'apparition de blockbusters financiers avec la montée en puissance de la financiarisation de l'économie. La crise des subprimes renouvelle le genre, questionnant la place de la bourse et l'éthique des traders. |
| Keywords: | Wall Street, Finance, Movies, Ethics, Traders, Cinéma, Ethique, Economie |
| Date: | 2023–04–27 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04524565&r=hpe |
| By: | Naudé, Wim (RWTH Aachen University) |
| Abstract: | This paper presents tentative evidence from 68, 792 papers published between 1961 and 2020 that progress in the scholarly field of entrepreneurship is declining. It is found that the annual number of papers published in entrepreneurship has increased exponentially since the Second World War, growing on average by 17% annually since 1961; the average disruption score of papers have declined by a factor of 36 between the 1960s and the 2010s; and that the average team size per paper has increased from 1, 6 between 1960-1980 to 2, 4 between 2000 and 2020. Estimates from an ideas production function suggest that the field is getting fished out and that researchers are stepping on one another's toes. A Wald-test indicates that a structural break in the disruptiveness of entrepreneurship and business papers occurred around 1999. These results should not be taken as a negative evaluation: it may be a mark of the success of its scholars that the field is mature and degenerating. The remaining task facing the field of entrepreneurship may be how to confront its end. |
| Keywords: | entrepreneurship, business, science, disruption, innovation |
| JEL: | L26 O30 B40 J24 |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16916&r=hpe |