nep-his New Economics Papers
on Business, Economic and Financial History
Issue of 2017‒09‒17
24 papers chosen by
Bernardo Bátiz-Lazo
Bangor University

  1. Economics form an Evolutionary Perspective By Richard R. Nelson
  2. Structural Change in Mass-Procurement Systems: China’s Iron and Steel Industry and the Global Iron Ore Market By Akira Tanaka; Xiaochun Huang
  3. The Paper Money of Colonial North Carolina, 1712-1774 By Cory Cutsail; Farley Grubb
  4. TV and entrepreneurship By Slavtchev, Viktor; Wyrwich, Michael
  5. Kuznets Curve for the US: A Reconsideration Using Cosummability By Ben Nasr Adnen; Mehmet Balcilar; Seyi Saint Akadiri; Rangan Gupta
  6. EQCHANGE: A World Database on Actual and Equilibrium Effective Exchange Rates By Cécile Couharde; Anne-Laure Delatte; Carl Grekou; Valérie Mignon; Florian Morvillier
  7. Industrial Development and Long-Run Prosperity By Franck, Raphael; Galor, Oded
  8. Tarnishing the Golden and Empire States: Land-Use Restrictions and the U.S. Economic Slowdown By Kyle F. Herkenhoff; Lee E. Ohanian; Edward C. Prescott
  9. Dynamics of the British Multinational Enterprises and International Tax Regulation, 1914?1945 By Ryo Izawa
  10. The Revolution of Information Economics: The Past and the Future By Joseph E. Stiglitz
  11. Income inequality in New Zealand, 1935 – 2014 By Creedy, John; Gemmell, Norman; Nguyen, Loc
  12. The Long-Run Effects of Recessions on Education and Income By Bryan A. Stuart
  13. Los Grupos Financieros en el Ecuador - 25 Años Después By Fierro Carrión, Luis
  14. Involuntary Unemployment versus "Involuntary Employment" : J.M. Keynes and Beyond By Yasuhiro Sakai
  15. 経済史研究におけるマイクロ・データの利用 By Tetsuji Okazaki
  16. Development state evolving: Japan's graduation from a middle income country By Tetsuji Okazaki
  17. Coercive state, resisting society, political and economic development in Iran By Mehrdad Vahabi
  18. Démystifier l'énigme de l'entrepreneur [ Demystify the entrepreneur's enigma ] By Raouf Jaziri
  19. Janos Kornai and General Equilibrium Theory By Mehrdad Vahabi
  20. News media and investor sentiment over the long run By Hanna, Alan J.; Turner, John D.; Walker, Clive B.
  21. A concise history of the knowledge base literature: challenging questions for future research By Ron Boschma
  22. Construction d'une gouvernance pro-concurrentielle en Nouvelle-Calédonie : Modernisation du droit économique et création progressive d'un droit de la concurrence By Florent Venayre
  23. Is Deflation Costly After All? The Perils of Erroneous Historical Classifications By Daniel Kaufmann
  24. Economists, social scientists, and the reconstruction of the world order in interwar britain By Carlos Eduardo Suprinyak; Thiago Dumont Oliveira

  1. By: Richard R. Nelson
    Date: 2017–08–03
  2. By: Akira Tanaka; Xiaochun Huang
    Abstract: This paper was originally presented at the 1stWorld Congress on Business History/ This study aims to describe historical trends in the “mass-procurement system” for iron ore, which for many years has been the largest non-fuel natural resource in terms of trade value. Wefocus on China because it reflects globaltrendsmost comprehensively. Throughmodern history, all large steel producers have established their own iron ore mass-procurement systems. We can classify thesesystemsinto three major modes:“captive mine”,“long-term contract (LTC)”,and “spot trading.” We found that in China, traditional state-owned steel companies such as Anshan Iron and Steel (Ansteel)adopted the captive-mine mode from the prewar period, like the Americans. On the other hand, the newly established leadingcompany Baoshan Iron and Steel (Baosteel) introduced the LTC mode, following the innovationof this mode by Japanese companies in the 1980s. Then, in the early twenty-first century, China’smass-procurement system for iron ore further diversifiedwhich establishedthe spot-trading mode as the third mass-procurement system. As a result, many steel companies tended to create a portfolio of sourcing modes.
    Keywords: Iron ore, China, Steel industry, Outsourcing
    JEL: F50 N55 N65 N85 Q37
    Date: 2017–08
  3. By: Cory Cutsail; Farley Grubb
    Abstract: Beginning in 1712, North Carolina’s assembly emitted its own paper money and maintained some of its paper money in public circulation for the rest of the colonial period. This paper money has been reviled as an archetype of what was bad about the paper monies issued by American colonial legislatures. Yet little systematic analysis of North Carolina’s paper money has been undertaken. We correct that here. We reconstruct North Carolina’s paper money regime from original sources—providing yearly quantitative data on printings, net new emissions, redemptions and removals, amounts remaining in circulation, denominational structure, as well as the paper money’s current market value in pounds sterling. We identify different paper money regimes based on how the assembly structured and executed its paper money laws. We model and estimate how the market value of this money was determined. We compare the quantity theory of money with an asset-pricing model that treats the money as zero-coupon bonds to see which explains the observed market value of the paper money better. The asset-pricing model wins by a mile. Finally, we explore counterfactual redemption architectures to show how redemption affected monetary performance in periods of value collapse.
    JEL: E42 E51 G12 N11 N21
    Date: 2017–09
  4. By: Slavtchev, Viktor; Wyrwich, Michael
    Abstract: We empirically analyse whether television (TV) can influence entrepreneurial identity and incidence. To identify causal effects, we utilise a quasi-natural experiment setting. During the division of Germany after WWII into West Germany with a free-market economy and the socialistic East Germany with centrally-planned economy, some East German regions had access to West German public TV that - differently from the East German TV - transmitted images, values, attitudes and view of life compatible with the free-market economy principles and supportive of entrepreneurship. We show that during the 40 years of socialistic regime in East Germany entrepreneurship was highly regulated and virtually impossible and that the prevalent formal and informal institutions broke the traditional ties linking entrepreneurship to the characteristics of individuals so that there were hardly any differences in the levels and development of entrepreneurship between East German regions with and without West German TV signal. Using both, regional and individual level data, we show then that, for the period after the Unification in 1990 which made starting an own business in East Germany, possible again, entrepreneurship incidence is higher among the residents of East German regions that had access to West German public TV, indicating that TV can, while transmitting specific images, values, attitudes and view of life, directly impact on the entrepreneurial mindset of individuals. Moreover, we find that young individuals born after 1980 in East German households that had access to West German TV are also more entrepreneurial. These findings point to second-order effects due to inter-personal and inter-generational transmission, a mechanism that can cause persistent differences in the entrepreneurship incidence across (geographically defined) population groups.
    Keywords: entrepreneurship,TV,culture,occupational choice,institutions
    JEL: D02 D03 J24 L26 M13 O30 P20 P30 Z10
    Date: 2017
  5. By: Ben Nasr Adnen (BESTMOD, Institut Supérieur de Gestion de Tunis, Tunisia); Mehmet Balcilar (Eastern Mediterranean University, Northern Cyprus, via Mersin 10, Turkey, Montpellier Business School, Montpellier, France and University of Pretoria, Pretoria, 0002, South Africa); Seyi Saint Akadiri (Eastern Mediterranean University, Northern Cyprus, via Mersin 10, Turkey); Rangan Gupta (University of Pretoria, Pretoria, 0002, South Africa)
    Abstract: The relationship between long-run economic growth and income inequality has gained a growing attention in economic research for over decades. This study employed advanced time series techniques to examine the existence of an inverted U-shaped long-run relationship between economic growth and income inequality. Using long-span and very recent data for the United States, for the periods 1917 to 2012, and the concept of summability, balancedness and co-summability, which was advanced to analyze nonlinear long-run relations among stochastic processes. The empirical results find no evidence in support of nonlinear long-run (inverted U-shaped) relationship for the US, but findings from vocal set of economists strongly lends the basis upon which conclusions are drawn in this study.
    Keywords: Income inequality, economic growth, summability, balancedness, co-summability
    JEL: C22 E62 F34
    Date: 2017–08
  6. By: Cécile Couharde; Anne-Laure Delatte; Carl Grekou; Valérie Mignon; Florian Morvillier
    Abstract: The aim of this paper is to present EQCHANGE, the new database developed by the CEPII on effective exchange rates. EQCHANGE includes two sub-databases containing data on (i) nominal and real effective exchange rates, and (ii) equilibrium real effective exchange rates and corresponding currency misalignments for advanced, emerging and developing countries. More specifically, the first sub-database delivers effective exchange rates for 187 countries that are computed under three different weighting schemes and two panels of trading partners (186 and top 30) over the 1973-2016 period. The second sub-database provides behavioral equilibrium exchange rate (BEER) estimates and corresponding currency misalignments for 182 economies over the 1973-2016 period. We describe the construction of the two datasets and illustrate some possible uses by presenting results concerning the evolution and main characteristics of currency misalignments in the world from 2015 to 2016. By providing publicly available indicators of equilibrium exchange rates, EQCHANGE aims to contribute to key debates in international macroeconomics.
    Keywords: Exchange rates; Equilibrium exchange rates; Currency misalignments.
    JEL: F31 C23 C82
    Date: 2017
  7. By: Franck, Raphael; Galor, Oded
    Abstract: This research explores the long-run effect of industrialization on the process of development. In contrast to conventional wisdom that views industrial development as a catalyst for economic growth, the study establishes that while the adoption of industrial technology was conducive to economic development in the short-run, it has had a detrimental effect on standards of living in the long-run. Exploiting exogenous geographic and climatic sources of regional variation in the diffusion and adoption of steam engines during the French industrial revolution, the research establishes that regions in which industrialization was more intensive experienced an increase in literacy rates more swiftly and generated higher income per capita in the subsequent decades. Nevertheless, intensive industrialization has had an adverse effect on income per capita, employment and equality by the turn of the 21st century. This adverse effect reflects neither higher unionization and wage rates nor trade protection, but rather underinvestment in human capital and lower employment in skilled-intensive occupations. These findings suggest that the characteristics that permitted the onset of industrialization, rather than the adoption of industrial technology per se, have been the source of prosperity among the currently developed economies that experienced an early industrialization. Thus, developing economies may benefit from the allocation of resources towards human capital formation rather than towards the promotion of industrial development.
    Keywords: Economic Growth; Human Capital; Industrialization; Steam Engine
    JEL: N33 N34 O14 O33
    Date: 2017–09
  8. By: Kyle F. Herkenhoff; Lee E. Ohanian; Edward C. Prescott
    Abstract: This paper studies the impact of state-level land-use restrictions on U.S. economic activity, focusing on how these restrictions have depressed macroeconomic activity since 2000. We use a variety of state-level data sources, together with a general equilibrium spatial model of the United States to systematically construct a panel dataset of state-level land-use restrictions between 1950 and 2014. We show that these restrictions have generally tightened over time, particularly in California and New York. We use the model to analyze how these restrictions affect economic activity and the allocation of workers and capital across states. Counterfactual experiments show that deregulating existing urban land from 2014 regulation levels back to 1980 levels would have increased US GDP and productivity roughly to their current trend levels. California, New York, and the Mid-Atlantic region expand the most in these counterfactuals, drawing population out of the South and the Rustbelt. General equilibrium effects, particularly the reallocation of capital across states, accounts for much of these gains.
    JEL: E24 E3 E6 R11 R12
    Date: 2017–09
  9. By: Ryo Izawa (Faculty of Economics, Shiga University)
    Abstract: This study explores dynamics between formation of a tax system and its adaptation by enterprises over a period of time. In particular, the study examines the formation process of the British international tax system, focusing on business interest groups f political activities and British multinational enterprises f behaviour from 1914 to 1945. It is clarified that some business interest groups highly influenced the British international tax system. Political activities contributed to legislating Dominion Income Tax Relief in 1920 and concluding the UK?US tax treaty in 1945. However, the British government did not always welcome business interest groups f political activities. Inland Revenue and the Treasury were particularly reluctant to reduce tax revenue. Additionally, the governmental body always endeavoured to minimise tax relief fs scope. In such a tax environment, British multinational enterprises changed corporate structures, locations, and/or domiciles in some cases. Furthermore, the British overseas engaged in tax planning, identical to contemporary multinationals f tax planning.
    Keywords: Taxation history, International taxation, Business interest group, International business, Corporate political activity
    Date: 2017–08
  10. By: Joseph E. Stiglitz
    Abstract: The economics of information has constituted a revolution in economics, providing explanations of phenomena that previously had been unexplained and upsetting longstanding presumptions, including that of market efficiency, with profound implications for economic policy. Information failures are associated with numerous other market failures, including incomplete risk markets, imperfect capital markets, and imperfections in competition, enhancing opportunities for rent seeking and exploitation. This paper puts into perspective nearly a half century of research, including recent advances in understanding the implications of imperfect information for financial market regulation, macro-stability, inequality, and public and corporate governance; and in recognizing the endogeneity of information imperfections. It explores the consequences of recent advances in technology and the policy challenges and opportunities they present for competition policy and policies regarding privacy and transparency. The paper notes the role that information economics played in stimulating other advances in economics, including contract theory and behavioral economics. It reinvigorated institutional economics, showing how institutions mattered, in some cases explaining institutional features that could not be well-understood in the conventional paradigm, and in others showing how institutional responses to market failures might or might not be welfare enhancing. The paper argues that the new paradigm provides a markedly different, and better, lens for looking at the economy than the older perfect markets competitive paradigm.
    JEL: B21 D82 D83
    Date: 2017–09
  11. By: Creedy, John; Gemmell, Norman; Nguyen, Loc
    Abstract: Trends in income inequality are increasingly being examined and discussed by economists and policy makers both in New Zealand and globally. In the case of New Zealand, it is known that income inequality indices, such as the Gini index, increased during the late 1980s and early 1990s, with limited change thereafter. But with most data series beginning in the early 1980s, little is known about the levels and changes of such indices over prior decades. Based on previously unexplored data from Statistics New Zealand Official Yearbooks and Inland Revenue, this paper reports estimates for the Gini index of income inequality for New Zealand from the mid-1930s to the present. They are then compared with similar Gini estimates for Australia for 1942-2001 where some remarkable commonalities are found. The paper describes the methodology used to calculate the index and reports Gini indices for incomes for individuals before tax and, where available, after tax, and separately for male and female incomes from 1981.
    Keywords: Income inequality, New Zealand, Gini index,
    Date: 2017
  12. By: Bryan A. Stuart
    Abstract: This paper examines the long-run effects of the 1980-1982 recession on education and income. Using confidential Census data, I estimate generalized difference-in-differences regressions that exploit variation across counties in the severity of the recession and across cohorts in age at the time of the recession. I find that children born in counties with a more severe recession are less likely to obtain a college degree and, as adults, earn less income and experience higher poverty rates. The negative effects on college graduation are most severe and essentially constant for individuals age 0-13 in 1979, suggesting that the underlying mechanisms are a decline in childhood human capital or a long-term decline in parental resources to pay for college. I find little evidence that states with more generous or more progressive transfer systems mitigated these long-run effects. The magnitude of my estimates and the large number of affected individuals suggest that the 1980-1982 recession depresses aggregate economic output today.
    Keywords: human capital development, income, education, recessions
    JEL: E32 I20 I30 J13 J24
    Date: 2017–01
  13. By: Fierro Carrión, Luis
    Abstract: Hace 25 años, el CEDEP publicó mi libro, Los Grupos Financieros en el Ecuador. El libro, con 665 paginas, era una versión resumida y editada de mi Tesis de Grado como Economista de la Pontificia Universidad Católica del Ecuador (PUCE), presentada en agosto de 1989. El estudio construía sobre los trabajos previos de David Hanson (1971) y Guillermo Navarro (1976), así como los avances efectuados por José Moncada, Patricio Ruiz e investigadores del Instituto de Investigaciones Económicas de la Universidad Central. También fue vital el aporte del proyecto de investigación “La Concentración y Centralización del Capital en el Ecuador”, auspiciado por el CONUEP, en el cual participé junto con Diego Borja, Diego Mancheno, Martha Moncada y Pedro Páez, entre otros. La base teórica era que en el Ecuador se había alcanzado la fase del “capitalismo monopolista de Estado”, concepto de Lenin que se había desarrollado en Francia y en México. La intervención del Estado en el proceso de acumulación se vuelve permanente e irreversible, para garantizar la reproducción del capital. Este concepto es consistente también con el modelo de “capitalismo de Estado” impulsado por China y otros países BRICS (Brasil en nuestro continente). En la última década de gobierno de Alianza PAIS, si bien se ha utilizado retórica como la del “socialismo del siglo XXI” y “revolución ciudadana”, en la práctica el proceso de fortalecimiento del capitalismo monopolista de Estado, y de los grupos financieros, se ha acelerado. Durante los años de auge del precio internacional del petróleo la participación del Estado en la economía aumentó, y la mayoría de los grupos económicos se han visto fortalecidos, con excepción de un par de grupos (Isaías, Álvaro Noboa) que se han visto sujetos de expropiaciones y juicios. Pero otros grupos han tenido un apogeo, destacándose entre ellos los grupos Wright (Corporación Favorita), Eljuri, NOBIS (Isabel Noboa), Hidalgo, y otros grupos vinculados al comercio y la construcción. Se constituyó la Superintendencia de Control de Poder de Mercado, junto a la aprobación de su respectiva Ley, la cual ha impuesto algunas multas a empresas y requerido que la etiquetación de ciertos productos se modifique. Pero no ha determinado, hasta la fecha, medidas que afecten en su esencia a los grupos económicos, los oligopolios o su poder de mercado. Un cambio legal importante fue la desvinculación de las instituciones financieras de otro tipo de compañías, al prohibirse que los accionistas de entidades financieras pudiesen a la vez invertir en otros tipos de entidades, por mandato constitucional. No obstante, se mantienen lazos evidentes entre ciertos grupos económicos y determinadas instituciones financieras (por ejemplo, entre el Banco del Austro y el Grupo Eljuri). Otro cambio importante, especialmente para la investigación económica, fue que el Servicio de Rentas Internas (SRI) comenzó a compilar y publicar información sobre los grupos económicos. En mi caso, y me imagino que el de otros investigadores en décadas pasadas, se requería una labor de hormiga, recortando balances publicados en la prensa, folletos publicados por los grupos financieros, información sobre miembros de directorios, y hasta direcciones de correo postal, para poder investigar; ahora, basta con ir al sitio de Internet del SRI y de la Superintendencia de Bancos para obtener información oficial. Se ha avanzado mucho en la investigación sobre el tema, con varias Tesis de Grado y libros publicados.
    Abstract: 25 years ago, CEDEP published my book, The Financial Groups in Ecuador. The book, 665 pages long, was a condensed and edited version of my thesis as an Economist from the Pontifical Catholic University of Ecuador (PUCE), presented in August 1989. The study built on previous works by David Hanson (1971) and Guillermo Navarro (1976), as well as progress made by José Moncada, Patricio Ruiz and researchers of the Institute of Economic Research of the Central University. The contribution of the research project "The concentration and centralization of capital in Ecuador," sponsored by the CONUEP, was also vital; Diego Borja, Diego Mancheno, Martha Moncada, Pedro Páez, and I, among others, participated in this project. The theoretical basis was that Ecuador had reached the stage of "state monopoly capitalism" a concept of Lenin that had been further developed in France and Mexico. State intervention in the accumulation process becomes permanent and irreversible, to ensure capital reproduction. Interestingly, this concept is also consistent with the model of "state capitalism" driven by China and other BRICS (Brazil in our continent). In the last decade of government of Alianza PAIS, despite rhetoric such as the "21st century socialism" and "citizens’ revolution", in practice the process of strengthening of state monopoly capitalism, and financial groups, has accelerated. Although during the boom years of international oil prices state involvement in the economy increased, most economic groups have also strengthened, with the exception of a couple of groups (Isaias, Alvaro Noboa) that were subject of expropriations and lawsuits. But other groups have had a heyday, prominent among them the Wright (Corporación Favorita), Eljuri, NOBIS (Isabel Noboa), Hidalgo and other groups linked to commerce and construction. While the Superintendence of Control of Market Power was established, together with the approval of the respective Law, it has imposed some fines to companies and required the labeling of certain products be changed; but it has not been adopted to date, measures to break up economic groups, oligopolies or abuse of market power. An important legal change was the separation of financial institutions from other companies, by prohibiting the shareholders of financial institutions to invest in other types of entities, by constitutional mandate. However, clear links between certain economic groups and certain financial institutions continue (for example, between Banco del Austro and the Eljuri Group). Another important change, especially for economic research, was that the Internal Revenue Service (SRI) began compiling and publishing information on economic groups. In my case, and I imagine that of other researchers in past decades, the research process was a grinding work, cutting balances in the press, pamphlets published by financial groups, information about board members, and even company addresses; now, you can obtain official information on the web sites of the SRI and the Superintendence of Banks. There has also been progress in research on the subject, with various theses and books published.
    Keywords: Grupos Económicos, Grupos Financieros, Concentración y Centralización del Capital, Capitalismo Monopolista de Estado, Poder de Mercado, Economic Groups, Financial Groups, Concentration and Centralization of Capital, State Monopoly Capitalism, Market Power
    JEL: L1 L11 L12 L13 O1 O14 O16
    Date: 2016–10–19
  14. By: Yasuhiro Sakai (Faculty of Economics, Shiga University)
    Abstract: This paper is concerned with the important question of how and to what extent great economists such as Keynes, Knight, Hicks, Samuelson, Takata, and Morishima have been intermingled with each other. Our discussion focuses on the two key concepts in the labor markets; involuntary unemployment and "involuntary employment." On the one hand, there are so many persons in the street who are willing to work at the existing wages but cannot find jobs because of a shortage of the effective demand as a whole. This is clearly the issue of involuntary unemployment, which has been energetically tackled by J. M. Keynes and his followers since the 1930s.On the other hand, since the 1990s, there also have emerged so many people who must work unwillingly for their survivals at the minimal level of wages. This is a new issue of "involuntary employment" or "non-regular workers", which has recently been investigated by Nobuaki Takahashi, a rising Japanese economist. Although the Takahashi approach is an attractive one, it nevertheless seems to remain at the embryo stage, thus requiring further developments in many ways. The second Keynes would urgently be needed.
    Keywords: Keynes, involuntary unemployment,Takata,sociological factors,non-regular workers,Takahashi, "involuntary employment"
    JEL: B22 E12 E24
    Date: 2017–08
  15. By: Tetsuji Okazaki
    Abstract: This paper is written for a chapter of a primer of the study in economic and business history. The paper explains advantages of micro-data in economic history research and how to exploit the advantages, referring to three seminal articles in economic history, Sokoloff(1984), Kim(2005) and Bresnahan and Raff(1991).
    Date: 2017–09
  16. By: Tetsuji Okazaki
    Abstract: This paper reexamines the industrial policy in postwar Japan from perspectives of the literature on a "development state" and a "middle income trap". Japan transited from a middle income country to a high income country in the period from the 1950s to the 1970s. This process was characterized by a large structural change, such as resource reallocation from the primary industry to the secondary and the tertiary industries as well as resource reallocation within the secondary industry. Transition to a high income country is a challenging task for a middle income country. With respect to Japan, the industrial policy played a positive role in the transition. This was achieved by interactions between MITI and other related actors, who constrained and corrected MITI's attempts of excess intervention.
    Date: 2017–08
  17. By: Mehrdad Vahabi (Centre d'Economie de l'Université de Paris Nord (CEPN))
    Abstract: In my studies, I have explored the political economy of Iran and particularly the relationship between the state and socio-economic development in this country. The importance of the oil revenue in economic development of contemporary Iran has been underlined since the early seventies and a vast literature on the rentier state and authoritarian modernization has scrutinized the specificities of the political and economic natural resource ‘curse’ in Iran. A new critical social history of the oil industry has recently endeavored to reconsider the spread effects of this industry on the emergence of new cities and labor activities. In this sense, the impact of oil revenue on economic development should be mitigated: it has not been only a ‘curse’ but also a ‘blessing’. The precious results of natural resource curse or blessing notwithstanding, this approach is insufficient to explain why some predatory states reliant on natural resources could contribute to economic development while others hinder such development. Two recent examples provide a salient illustration: why did the Shah’s regime which was dependent on oil revenues enhance economic development during 1962-1974, while Ahmadinjead’s two terms presidency (2005-2013) imped economic growth despite the quadrupling of oil revenues? In this essay, I will first introduce my theoretical framework and distinguish two types of predatory states, i.e. inclusive and exclusive (section 1). I will then apply this framework to explain oil and economic development (section 2). Section 3 will be devoted to the Shah’s regime as an inclusive predatory state, and section 4 to Ahmadinjead’s presidency as an illustration of an exclusive predatory state. A short conclusion will follow.
    Keywords: Capital flight; Captive, Intermediary and Fugitive assets; Confiscatory regimes; Inclusive and Exclusive Predatory States; Islamic Republic of Iran; Land Reform; Oil revenues; the Shah regime
    JEL: D74 H1 L32 N15 O11 O12 O14 O15 O53 Q15 Q34
    Date: 2017–09
  18. By: Raouf Jaziri (IHEC Sousse - IHEC, COSTECH EA 2223 - Connaissance et Organisation des systèmes techniques - Université de Technologie de Compiègne)
    Abstract: Obviously, the concept of the entrepreneur is polyphonic and researchers in the field of entrepreneurship have not unanimously retained a consensual definition of this concept. This phenomenon has attracted so much the interest of social scientists in all disciplines such as economics, management, psychology, sociology, etc. However, the contribution of researchers in management science seems the most significant. This article aims to highlight all schools of thought and different streams of research on entrepreneurship. Besides, we try to explore all different previous studies dealing with the entrepreneur as a research subject. Finally, we try to stress research opportunities in the field of entrepreneurship.
    Abstract: Certes, le concept de l'entrepreneur est polyphonique et aucune définition consensuelle de ce concept n’a fait l'unanimité des chercheurs dans le domaine de l'entrepreneuriat. Ce phénomène a suscité beaucoup l’intérêt des chercheurs en sciences sociales toutes disciplines confondues : économie, gestion, psychologie, sociologie, etc. Cependant, l’apport des chercheurs en sciences de gestion semble le plus marquant dans ce champ de recherche. Cet article se veut faire les points sur les percées de toutes les écoles de pensée ainsi que les différents courants de recherche portant sur l’entrepreneuriat. Ensuite, nous prospectons les différents travaux et études antérieurs qui ont fait de l’entrepreneur leur objet de recherche. Enfin, nous tentons de jalonner les prémisses d’autres pistes de recherche porteuses de développement dans le champ de l’entrepreneuriat.
    Keywords: Entrepreneur,entrepreneurship,research
    Date: 2016–12
  19. By: Mehrdad Vahabi (CEPN - Centre d'Economie de l'Université Paris Nord - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique)
    Abstract: This paper explores the evolution of Kornai's thought on General Equilibrium Theory (GET) and his position on mainstream economics. Three moments in this evolution will be highlighted starting by rejecting GET and advocating disequilibrium in Anti-Equilibrium (1971). While Kornai does not treat the 'equilibrium paradigm' as irrelevant, he suggests an alternative paradigm, namely economic systems theory that he further develops in the eighties as 'system paradigm'. Economics of Shortage (1980) marks a second phase in which Kornai distinguishes Walrasian equilibrium from normal state or Marshallian equilibrium. In this phase, he supports Marshallian equilibrium rather than disequilibrium. Finally By Force of Thought (2006) is a critical self-appraisal in which Kornai considers Anti-Equilibrium as a 'failure' and acknowledges GET as a benchmark of an ideal competitive market. He now advocates a Walrasian equilibrium as an abstract reference model but refuses to consider this model as a description of reality. In this sense, he refuses the New Classical economics. Paradoxically however, his original heterodox concept of 'soft budget constraint', irreconcilable with standard microeconomics, has been integrated in new microeconomics as an optimal intertemporal strategy of a maximizing agent in the absence of credible commitments. It will be argued that Kornai's so-called failure is rather related to his half-in, half-out mainstream position, while his institutionalist system paradigm is still a heterodox research project of the future.
    Keywords: Disequilibrium, Economic Systems Theory, General Equilibrium Theory,Marshallian and Walrasian Equilibrium, New Microeconomics, Normal State, System Paradigm
    Date: 2017–09–07
  20. By: Hanna, Alan J.; Turner, John D.; Walker, Clive B.
    Abstract: This paper studies the effect of investor sentiment on the London stock market on a daily basis over the period 1899 to 2010. We use a broad mix of reporting from the Financial Times as our proxy for investor sentiment. The main contribution of this paper is threefold. First, newspaper commentary, which was sentiment-laden, but information-light, in the Financial Times affects returns. Second, we find evidence that sentiment plays a role in propagating price movements, particularly during bull markets. Third, we find little evidence that the effect of sentiment on the market differs in bear versus bull markets.
    Keywords: news media,investor sentiment,stock market,bull,bear
    JEL: G12 N23 N24
    Date: 2017
  21. By: Ron Boschma
    Abstract: This chapter aims to sketch a short history of the differentiated knowledge base (DKB) literature that has been initiated and pioneered by Bjorn Asheim. In its formative years, the DKB approach described three knowledge bases and explored the nature of knowledge sourcing and its geographical extent within each knowledge base. We identify seven claims proposed by DKB scholars concerning the geography of knowledge bases. Lately, DKB 1.0 has been challenged on several grounds. In recent years, a second generation of DKB literature, dubbed as DKB 2.0, has emerged, becoming more tightly connected to the evolutionary approach in economic geography. DKB 2.0 takes a combinatorial approach to innovation and links it to evolutionary concepts like related variety and proximity. Its prime focus is on identifying combinations between knowledge bases and, to an increasing extent, combinations within knowledge bases, and assessing whether these combinations enhance innovative performance. As DKB 2.0 is still in an embryonic stage, we identify promising avenues for future research, inspired by evolutionary thinking.
    Date: 2017–09
  22. By: Florent Venayre (GDI - Gouvernance et développement insulaire - UPF - Université de la Polynésie Française, LAMETA - Laboratoire Montpelliérain d'Économie Théorique et Appliquée - UM1 - Université Montpellier 1 - UM3 - Université Paul-Valéry - Montpellier 3 - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques - INRA Montpellier - Institut national de la recherche agronomique [Montpellier] - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier)
    Abstract: During the second half of the 20th century, Caledonian economic law was embodied in a regulatory interventionism resulting mainly in broad price control with no reference to any measure usually taken in view of promoting competitive market mechanisms. The early 2000s constitute the beginning of a renewal with the establishment of a general pricing principle and the clear introduction in Caledonian law of the prohibition of trade agreements as well as abuse of dominance. However, despite a considerable legal breakthrough, the terms of October 6th, 2004 deliberation are still strongly influenced by concepts of law pertaining more to commercial or consumption law than to a real competition law. Above all, on the one hand the decade following the legislation has been riddled with reintroductions of tariff controls, thus annihilating potential benefits of price deregulation while, on the other hand, no real action was taken to repress anti-competitive behaviours. Ironically, such inefficiencies have most probably fueled the wish for more radical modifications of Caledonian law and progressively led to the introduction in 2013 of a real local competition law.
    Abstract: Durant toute la seconde partie du XX e siècle, le droit économique calédonien s'est incarné dans un interventionnisme réglementaire se traduisant notamment par un large contrôle des prix, sans référence aux dispositions habituellement prises pour favoriser les mécanismes concurrentiels de marché. Le début des années 2000 va cependant constituer le début d'un renouveau, à la fois en consacrant un principe général de liberté tarifaire et en introduisant explicitement en droit calédonien la prohibition des ententes et des abus de position dominante. Mais en dépit de ces avancées juridiques certaines, la délibération adoptée le 6 octobre 2004 demeure pour le reste de sa rédaction encore très des conceptions relevant plus du droit commercial ou du droit de la consommation que d'un réel droit de la concurrence. Surtout, la décennie qui va suivre son adoption va être émaillée de réintroductions de contrôles tarifaires venant annihiler les effets potentiellement bénéfiques d'une libération des prix, tandis que, parallèlement, aucune action ne sera conduite dans les faits pour réprimer les pratiques anticoncurrentielles nouvellement interdites. Paradoxalement, ce sont sans doute ces inefficacités qui vont attiser le désir de modifications plus radicales du droit calédonien et conduire progressivement à l'adoption d'un véritable droit local de la concurrence en 2013.
    Keywords: New Caledonia,Governance, Competition law, Nouvelle-Calédonie,Droit de la concurrence, Gouvernance
    Date: 2017
  23. By: Daniel Kaufmann
    Abstract: Measurement error in historical data distorts descriptive analyses based on binary classifications. Modern replications of deficiencies in retrospective CPI estimates for the 19th century show that measurement issues cause misclassification of inflationary and deflationary episodes. We therefore underestimate the shortfall in real activity during deflation. Using various approaches to control for measurement error in 19th century US CPI data, a series of stylized facts emerge: (i) Real activity was on average substantially lower during deflations; (ii) CPI deflations were associated with at least as severe shortfalls in real activity as equity price declines and banking crises; (iii) Only severe deflations were associated with declines in real activity; (iv) Transitory and persistent deflations, as well as, monetary and nonmonetary deflations were equally associated with lower GDP growth.
    Keywords: Deflation, real activity, monetary history, measurement error, binary regressors, misclassification bias, bounds, GMM
    JEL: E31 E32 N11 C2
    Date: 2017–09
  24. By: Carlos Eduardo Suprinyak (Cedeplar-UFMG); Thiago Dumont Oliveira (Università degli Studi di Siena)
    Abstract: The early decades of the 20th century in Europe witnessed a wealth of discussion on the epistemology of the social sciences. Not only were the boundaries between different disciplinary fields being redrawn, but also the nature of scientific knowledge about human and social affairs came under careful scrutiny. One prominent issue in debate was the separation between positive and normative analysis, and the legitimacy of the prescriptive claims often advanced by social scientists. The paper attempts to investigate this process through the lenses of contemporary debates on international politics. During the interwar years, the reconstruction of the world order provided a topic over which social analysts of different backgrounds and persuasions could debate and interact, thus exploring the limits of the knowledge they produced. In England, authors as diverse as Bertrand Russell, Graham Wallas, Harold Laski, Karl Mannheim, John Hobson, and Lionel Robbins were all part of this conversation, which transgressed most disciplinary boundaries. As a pressing issue in the European agenda at the time, however, international politics also made it more difficult to sustain a clear distinction between positive analysis and policy prescription. In the works of Robbins, one can see the topic treated as part of the applied domain of political economy.
    Keywords: international politics, political economy, positive analysis, expertise, social sciences, Lionel Robbins.
    JEL: B20 B41
    Date: 2017–09

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