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on Post Keynesian Economics |
| By: | Khalil, Elias |
| Abstract: | In March 2005, riots erupted in South Korea against Japan for claiming sovereignty over some rocky uninhabited islets (0.23 km2). Five weeks earlier, riots did not erupt in South Korea when North Korea proved that it has nuclear weapons. How can we explain moral outrage in one case, when the expected net benefit is probably negative, but not in the other, when the expected net benefit is very large? This paper constructs answers using three possible approaches: sociological, evolutionary game, and standard rationality. It shows the limits of each approach and, hence, concludes with a call for a new way to think about emotions and rationality. |
| Keywords: | moral outrage; irrationality; threat-or-appease model; South Korea; Japan; North Korea; China; USA |
| JEL: | D01 |
| Date: | 2007–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:2279&r=pke |
| By: | Robert Pollin (Department of Economics and Political Economy); James Heintz (Research Institute, University of Massachusetts-Amherst) |
| Abstract: | This IPC Country Study by Robert Pollin and James Heintz examines three policy areas related to monetary policies in Kenya: inflation dynamics and the relationship between inflation and long-run growth; monetary policy targets and instruments; and exchange rate dynamics and the country’s external balance. It concludes with five main policy recommendations. |
| Keywords: | Poverty, ECONOMIC, EMPLOYMENT,INFLATION,KENYA,EXCHANGE RATE |
| JEL: | B41 D11 D12 E31 I32 O54 |
| Date: | 2007–03 |
| URL: | http://d.repec.org/n?u=RePEc:ipc:cstudy:0006&r=pke |
| By: | A Feduzi |
| Abstract: | A number of scholars have noted that Ellsberg’s seminal 1961QJE critique of the subjective expected utility model bears certain resemblances to ideas expressed in J. M. Keynes’s earlier 1921 A Treatise on Probability. Ellsberg did not mention Keynes’s work in his article, but did do so in his doctoral dissertation submitted in 1962 and recently published in 2001. This gives rise to a number of interesting questions concerning the relationship between the contributions of the two authors. The present paper, drawing in part on a conversation with Ellsberg, attempts to answer these questions. The main conclusions that emerge are that Ellsberg formulated the ideas advanced in the QJE article before having read, and thus independently of, Keynes’s work, and that, even though he later recognised the importance and originality of Keynes’s work in his PhD dissertation, he did not fully appreciate the constructive part of Keynes’s analysis. 1. Introduction The last twenty years have seen a revival of |
| URL: | http://d.repec.org/n?u=RePEc:rtr:wpaper:0051&r=pke |