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on Business, Economic and Financial History |
| By: | Federico, Giovanni; Tena Junguito, Antonio |
| Abstract: | The number of people is one of the most basic facts about any society, but it is difficult to ascertain. The data are missing for most of human history and scarce until the early 19th century for advanced countries and the early 20th century for the rest of the world until. Yet, historical demographers have tried hard and often successfully to estimate population in the past, but their results have been neglected largely in the most common general historical databases. Our research project fills this gap in our knowledge. We have estimated the population series for all polities from 1800 to 1938 at historical and 1991 borders, using firsthand sources and country-specific literature. In this working paper we survey the previous estimates, list our sources, describe the methods of estimation in general and their application to each polity, sketch out main trends and discuss the reliability of our data, estimating their margin of error |
| Keywords: | World population historical dataset; Demographic transition |
| JEL: | I10 J11 J13 |
| Date: | 2025–01–31 |
| URL: | https://d.repec.org/n?u=RePEc:cte:whrepe:45843 |
| By: | Brian D. Varian |
| Abstract: | This study estimates effective rates of protection for 33 manufacturing industries in Victoria in 1880. It emerges that several industries received negative effective rates of protection. Overall, the effective rates of protection suggest that the magnitude of protection in late-nineteenthcentury Victoria was considerably less than in the other industrialising, settler economies of Canada and the United States—to a more pronounced degree than suggested by nominal tariff levels. The very high correlation between nominal tariffs and effective rates of protection exhibited by colonial Victoria should enhance the confidence of economic historians using the former as a proxy for the latter. |
| Keywords: | Australia, effective rate of protection, manufacturing, tariffs, Victoria |
| JEL: | F14 N67 N77 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:auu:hpaper:128 |
| By: | Davide M. Coluccia; Gaia Dossi |
| Abstract: | This paper documents that out-migration promotes the diffusion of innovation from the country of destination to the country of origin of migrants. Between 1870 and 1940, nearly four million British immigrants settled in the United States. We construct a novel individual-level dataset linking British immigrants in the US to the UK census, and we digitize the universe of UK patents from 1853 to 1899. Using a triple-differences design, we show that migration ties contribute to technology diffusion from the destination to the origin country. The text analysis of patents reveals that emigration promotes technology transfer and fosters the production of high-impact innovation. Return migration is an important driver of this "return innovation" effect. However, the interactions between emigrants and their origin communities - families and neighbors - promote technology diffusion even in the absence of migrants' physical return. |
| Keywords: | age of mass migration, innovation, networks, out-migration |
| Date: | 2025–01–27 |
| URL: | https://d.repec.org/n?u=RePEc:cep:cepdps:dp2069 |
| By: | Heather A Love (University of Waterloo [Waterloo]); Greg Adamson (Melbourne School of Population and Global Health [Melbourne] - University of Melbourne); Mallory James (Technical University of Munich and Helmholtz Center Munich - Institute of Environmental Medicine - WIK Wissenschaftliches Institut für Infrastruktur und Kommunikationsdienste [Bad Honnef]); Jason Lajoie; Iven Mareels (Federation University [Churchill, Australia]); Zach Pearl (York University [Toronto]); Daniel S Schiff (Purdue University [West Lafayette]); Ketra Schmitt (Concordia University [Montreal]); Thirumala Arohi (Infosys Labs [Bangalore]); John Buchanan (SDSU - San Diego State University, The University of Sidney); Stéphanie Camaréna (Victoria University [Melbourne]); Marten Kaevats; Jeremy Reynolds (Purdue University [West Lafayette]); Pedro H Albuquerque (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); John C Havens; Davis Chacón-Hurtado (UCONN - University of Connecticut); Sucheta Lahiri (iSchool - Syracuse University School of Information Studies); Ayse Ocal (YTU - Yildiz Technical University); Alexi Orchard (UND - University of Notre Dame [Indiana]); Michael Rigby (MVS - Melbourne Veterinary School [Parkville, VIC, Australie] - Faculty of Science [Melbourne] - University of Melbourne); Rebecca Sherlock (University of Waterloo [Waterloo]); Victor Sundararaj (Infosys Labs [Bangalore]); Qin Zhu (Virginia Tech [Blacksburg]) |
| Abstract: | This article synthesizes the insights gained through presentations and discussions at the 2023 IEEE Workshop on Norbert Wiener in the 21st Century (21CW2023), which focused on "The Future of Work in the Age of Automation." Hosted at Purdue University, this interdisciplinary convening of technologists, social scientists, and humanists explored the impacts of automation on labor, drawing on Wiener's legacy of insights as a backdrop to examine the technologically mediated future we face in coming decades. The workshop presented a rare opportunity to reflect critically on these issues at a pivotal moment in human and technological history, and to elicit underappreciated dimensions. Areas of focus include: the qualitative and quantitative losses associated with automation and AI, the impacts automation has for questions about the meaningfulness of work, the challenges we face related to uncertainty and lack of predictability in technological advancement, and the opportunities that exist for centering human values and agency in these conversations. While acknowledging many items for concern in the context of automation in the future of work, such as the domination of economic narratives, a potential loss of qualitative texture, and the neglect of certain issues key to human identity, the authors conclude by offering optimistic visions—or calls—for redefining value and labor, preserving human agency, and embracing creative problem-solving. |
| Keywords: | limits of predictability, Conferences, Automation, Ethics, Cybernetics, Industries, Technological innovation, Social sciences, Oral communication, IEEE Societies, Heating systems, Future of work, automation, Norbert Wiener, cybernetics, technology ethics, artificial intelligence, meaning of work, ethical innovation |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04890264 |
| By: | Zhang, Yuqian |
| Abstract: | This paper investigates the multifaceted dynamics of economic growth in India and Singapore over a span of 50 years, utilizing the Solow and Romer models to decompose growth into its core components: total factor productivity (TFP), capital, and labor. Through a detailed growth accounting methodology, we analyze how these elements contribute distinctly to the GDP trajectories of these two contrasting economies. Our analysis reveals that while both labor expansion and capital accumulation play pivotal roles in short-term growth, it is the enhancement of TFP that emerges as the crucial determinant of sustainable economic progress over the long term. In Singapore, a developed economy characterized by its status as one of the Asian Tigers, TFP and labor productivity have been the primary drivers of its more consistent and long-term growth. Conversely, Indias growth has been more influenced by capital accumulation, particularly following economic liberalizations that spurred foreign investment and industrial diversification. The findings underscore the importance of TFP growth in both developing and mature economies, highlighting its significance in policy formulation aimed at stimulating economic development. This study not only charts a historical analysis of growth patterns but also aligns them with theoretical underpinnings that suggest pathways for future economic strategies in similar emerging and developed markets. |
| Keywords: | Solow growth model; growth accounting; TFP growth; Romer model |
| JEL: | O47 O53 O40 C82 E23 |
| Date: | 2024–12–23 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:127021 |
| By: | Victor Gay (IAST - Institute for Advanced Study in Toulouse, TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Keywords: | Female labor, Census, Nominative lists, Travail des femmes, Recensement, Listes nominatives |
| Date: | 2025–01–29 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04737809 |
| By: | Escribano Saez, Álvaro; Rodríguez, Juan Andrés; Arranz Cuesta, Miguel Angel |
| Abstract: | Since the influential works of Friedman and Schwartz (1963, 1982) and Hendry and Ericsson (1991), on the monetary history of the United States of America and the United Kingdom from 1876 to 1975, there has been a great concern in the literature about the instability of money demand functions. This concern together with the results of the New Keynesian´s models (Woodford, 2003), produced the abandon of money as an instrument of monetary policy. Recently, using M1 as the measure of money, Benati, Lucas, Nicolini and Weber (2021) have shown, for a shorter and recent period of time, that there is a stable long-run money demand for a long list of countries. However, to date there are no studies showing that stable long-run and short-run money demand equations exist since the XIX century and how it can be used to inform monetary policy based on the quantitative theory of money. By means of nonlinear cointegration and nonlinear error-correction models, this paper presents evidence of UK stable long-run and short-run money demands of real broad monetary balances from 1874 to 2023. These equations provide with key elements to identify periods of excess money demand generating periods of 6.5% excess inflation, over the historical 2.2% average. Stable Money demand estimates provide useful policy rules and additional cross-check instruments for monetary policy to reach inflation targets. Furthermore, they help identifying spurious transmission channels of monetary policy, when theoretical models impose invalid common factor restrictions. |
| Keywords: | Money demand stability; Nonlinear cointegration; Nonlinear equilibrium correction; Nonlinear error correction; Opportunity cost of holding money; Role of money in monetary policy |
| JEL: | E41 E43 E47 E51 |
| Date: | 2025–01–31 |
| URL: | https://d.repec.org/n?u=RePEc:cte:werepe:45845 |
| By: | Douglas A. Irwin (Peterson Institute for International Economics) |
| Abstract: | In July 1991, India began to dismantle its long-standing, highly restrictive import control regime and move toward a more open economy. How were policymakers able to dislodge and replace an entrenched system with powerful vested interests behind it? Standard explanations for policy change--pressure from domestic producer interests, shifts in political power, or conditionality by international financial institutions--do not explain the dramatic transformation that took place. Instead, reform-minded technocrats persuaded political leaders to reject what had been a standard response to balance of payments pressure (import repression to avoid a devaluation) and embrace a new approach (exchange rate adjustment and a reduction of import restrictions). This paper explores the economic and political context behind the country's dramatic policy transformation. India's experience highlights the crucial link between exchange rate policy and trade policy. |
| Keywords: | India, trade reform, exchange rates, foreign exchange reserves, tariffs, import licensing |
| JEL: | F13 F31 F36 N15 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:iie:wpaper:wp25-2 |
| By: | Diogo Baerlocher (University of South Florida); Diego Firmino (Universidade Federal Rural de Pernambuco); Guilherme Lambais (Lusíada University of Lisbon); Eustaquio Reis (Instituto de Pesquisa Econômica Aplicada); Henrique Veras (Universidade Federal de Pernambuco) |
| Abstract: | Following the discovery of gold in 1694 in Brazil, pathways were constructed to connect coastal settlements to mining regions in the unpopulated interior. While these pathways initially facilitated the creation of road towns, their influence faded by the late nineteenth century. With the mid-twentieth-century demographic and industrial transition, regions with higher historical road density experienced renewed population growth and greater migrant inflows. We argue that this resurgence reflects the role of road towns in fostering early urbanization and structural transformation. Using an extended Rosen-Roback-Glaeser framework, we estimate strong agglomeration spillovers, suggesting that Brazil’s spatial economy exhibits multiple steady states and historical path dependence. |
| Keywords: | Historical Roads, Geography, Multiple Equilibria, Path Dependence, Persistence, Population Density |
| JEL: | R12 N96 O18 O43 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:usf:wpaper:2025-01 |
| By: | Alina K. Bartscher; Moritz Kuhn; Moritz Schularick; Ulrike I. Steins |
| Abstract: | Using new household-level data, we study the secular increase in U.S. household debt and its distribution since 1950. Most of the debt were mortgages, which initially grew because more households borrowed. Yet after 1980, debt mostly grew because households borrowed more. We uncover home equity extraction, concentrated in the white middle class, as the largest cause, strongly affecting intergenerational inequality and life-cycle debt profiles. Remarkably, the additional debt did not lower households’ net worth because of rising house prices. We conclude that asset-price-based borrowing became an integral part of households’ consumptionsaving decisions, yet at the cost of higher financial fragility. |
| Keywords: | household debt, home equity extraction, inequality, household portfolios, financial fragility |
| JEL: | G51 E21 E44 D14 D31 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:bon:boncrc:crctr224_2025_634 |
| By: | Mahya Karbalaii |
| Abstract: | With the growing popularity and rising value of cryptocurrencies, skepticism surrounding this groundbreaking innovation persists. Many financial and business experts argue that the value created in the cryptocurrency realm resembles the generation of currency from thin air. However, a historical analysis of the fundamental concepts that have shaped money reveals striking parallels with past transformations in human society. This study extends these historical insights to the present era, demonstrating how enduring monetary concepts are once again redefining our understanding of money and reshaping its form. Additionally, we offer novel interpretations of cryptocurrency by linking the intrinsic nature of money, the communities it fosters, and the cryptographic technologies that have provided the infrastructure for this transformative shift. |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2501.10443 |
| By: | Hamid Noghanibehambari; Jason Fletcher |
| Abstract: | In the presence of segregation and discrimination during the late 19th and early 20th century, many African American men changed their racial identity and “passed” for white. Previous studies have suggested that this activity was associated with increases in income and socioeconomic status despite the costs associated with cutting ties with their black communities. This study adds to this literature by evaluating the long-run effects of passing on old-age longevity. We construct longitudinal data of black families in historical censuses (1880-1940) linked to their male children’s Social Security Administration death records (1975-2005). We use family fixed effects to demonstrate that individuals passing as white live approximately 9.4 months longer, on average, than their non-passing siblings. Additional analyses suggest substantial improvements in education and occupational standing scores as well as differential parental investments as potential pathways. |
| JEL: | I1 I14 J1 J15 N0 N32 N33 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33394 |
| By: | Raouf Boucekkine (Aix Marseille Univ, CNRS, AMSE, Marseille, France); Rodolphe Desbordes (SKEMA Business School-UCA); Paolo Melindi-Ghidi (Aix Marseille Univ, CNRS, AMSE, Marseille, France) |
| Abstract: | The modernisation theory of regime change is often perceived to be a murky paradigm, lacking theoretical or empirical foundations. In response, we clarify the links between education and regime change. More specifically, we propose that education contributes indirectly to the collapse of autocratic regimes because educated people engage in non-violent (civil) resistance that reduces the effectiveness of the security apparatus. We empirically test the validity of this ‘defanging effect’ of education. We indeed find that the combination of high autocracy and high education levels tends to trigger non-violent campaigns, which in turn increases the likelihood of a regime change, often associated with political liberalisation and, to a lesser degree, democratisation. |
| Keywords: | autocracy, civil resistance, democratisation, education, modernisation, regime change |
| JEL: | D74 P16 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:aim:wpaimx:2430 |
| By: | Barrera, Sergio E. (Virginia Tech, Department of Economics); Ferrara, Andreas (University of Pittsburgh, Department of Economics, and NBER); Fishback, Price V. (University of Arizona, Department of Economics, and NBER); Heggeness, Misty L. (University of Kansas, School of Public Affairs and Administration) |
| Abstract: | We link the 1940 full-count Census to World War II enlistment records and 1969 administrative tax returns to study how WWII service in the Army and Army Airforce impacted the income and mobility of non-Hispanic White, Black, Hispanic, Asian, and Native American male Army veterans relative to their non-Army counterparts in 1969. The size of our data set provides enough power to shed new light on previously understudied groups, such as Hispanics, Asians, and Native Americans. In comparisons of Army veterans with non-Army men, Ordinary Least Squares estimates suggest that WWII Army veterans had higher incomes than non-Army men within the same group, and Army veterans were less likely to change counties between 1940 and 1969 than non-Army men within the non-Hispanic White, Black, and Hispanic groups. Worries about selection bias led us to estimate the effects with a fuzzy regression discontinuity design that compares men who were just too young to serve during World War II to men who were just old enough to serve. Those results showed that Army veterans had lower adjusted gross incomes than non-Army men within the non-Hispanic White, Black, and Asian groups, and slightly higher incomes within the Hispanic and Native American groups. The differences varied by type of income. Migration across county boundaries was lower for Army veterans than non-Army men among non-Hispanic Whites, Asians, and Native Americans, and there were only small differences among Blacks and Hispanics. |
| Keywords: | minority inequities, World War II, veterans, administrative records JEL Classification: N12, J15, J71, J15 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:cge:wacage:742 |
| By: | Sergio E. Barrera; Andreas Ferrara; Price V. Fishback; Misty L. Heggeness |
| Abstract: | We analyze the impact of World War II service on income and mobility among male Army and Army Airforce veterans from various racial and ethnic groups, using linked 1940 Census, WWII enlistment, and 1969 administrative tax return data. The dataset includes non-Hispanic White, Black, Hispanic, Asian, and Native American men, providing insight into underexplored groups. Ordinary Least Squares estimates indicate that, compared to non-Army men within their groups, Army veterans earned higher incomes and were less likely to migrate across counties between 1940 and 1969, particularly among non-Hispanic Whites, Blacks, and Hispanics. To address potential selection bias, we applied a fuzzy regression discontinuity design, comparing men just eligible for service to those slightly too young. These estimates revealed that, in 1969, Army veterans generally had lower adjusted gross incomes than non-Army counterparts among non-Hispanic Whites, Blacks, and Asians, while Hispanic and Native American veterans earned slightly more. Income effects varied by type of income. Veterans also showed lower rates of county migration, particularly among non-Hispanic Whites, Asians, and Native Americans. Migration differences were minor for Blacks and Hispanics. These findings highlight nuanced outcomes of WWII service across diverse racial and ethnic groups. |
| JEL: | J15 J7 N0 N42 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33382 |
| By: | Alona Shmygel (University of Geneva - Geneva School of Economics and Management; National Bank of Ukraine); Martin Hoesli (University of Geneva - Geneva School of Economics and Management (GSEM); Swiss Finance Institute; University of Aberdeen - Business School) |
| Abstract: | This paper investigates house price dynamics over the very long term using data for Stockholm from 1420 to 2021. We identify overvaluation periods and assess house price responses to systemic events such as price bubbles, wars, and epidemics. We first construct the price-to-income ratio and detect 14 bubble episodes with an average duration of 4.2 years. Using regression analysis, we then find that house prices generally declined by 11-17 percent after the onset of a war, with the results depending on the type of war, and by 16 percent following a bubble burst, with a cumulative impact reaching-27 percent over five years. Epidemics show no significant effect on house prices, with only a short-lived 10% decline when isolated from overlapping events like wars. This research provides a unique, six-century perspective on housing market resilience to systemic shocks. |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:chf:rpseri:rp2509 |
| By: | Andini, Corrado (University of Madeira) |
| Abstract: | This paper proposes a theory of the mark-up that is embedded in a circuit model of the capitalist mode of production. The model and the theory are built on Keynes's principle of effective demand, Graziani's monetary theory of production and Pivetti's monetary theory of distribution. The price-setting mechanism is conceived as driven by a Kaleckian rule. The rate of interest on bank loans and the propensities to save of different macro-players are shown to affect the level of the mark-up, thus contributing to explain "labour exploitation" as measured by the average gap between worker's pay and productivity. In other words, "labour exploitation" is seen as being in part originated by monetary phenomena, such as the rentability of bank credit and the macro-players' propensities to accumulate money in a bank account. |
| Keywords: | profit, wage, money, finance, capitalism |
| JEL: | B22 E11 E12 E40 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17609 |
| By: | Rodney Garratt; Priscilla Koo Wilkens; Hyun Song Shin |
| Abstract: | Existing correspondent banking processes have struggled to adapt to new regulatory and supervisory requirements, posing questions on the future of the correspondent banking model. The tokenisation of correspondent banking, as embodied in Project Agorá (BIS (2024b)), could unlock streamlined pre-screening and atomic settlement, and pave the way for superior customer verification and anti-money laundering (AML) procedures. Tokenisation could substantially reduce duplication and miscoordination, thereby revitalising cross-border payments by fostering a robust network of correspondents and corridors. |
| Date: | 2024–05–30 |
| URL: | https://d.repec.org/n?u=RePEc:bis:bisblt:87 |
| By: | Antonio Coppola; Arvind Krishnamurthy; Chenzi Xu |
| Abstract: | Drawing on the experiences of the historical Eurodollar market and recent Chinese dollar bond issuances traded outside U.S. jurisdiction at negative spreads to Treasurys, we examine the conditions under which a parallel offshore dollar financial system that circumvents Western sanctions may emerge. We propose a model in which currency use is driven by liquidity provision and safe bond supply. We characterize three equilibrium regimes: high convenience yields emerge in both the initial sanctions-driven region and the final liquidity-driven region, separated by an intermediate region. Transitions between equilibria depend on safe-asset supply and liquidity technologies, in addition to endogenous dynamic complementarities. |
| JEL: | F33 F36 G20 N24 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33390 |
| By: | Sergio Cesaratto |
| Abstract: | Models, Methods, and Morality discusses moral values in the field of ancient economic history, where neoclassical hegemony in the form of the New Institutional Economics has progressively gained ground. The book mainly criticises mainstream economics for focusing on quantitative growth without much regard to its social consequences. The spirit of this review is a constructive encouragement to build an alternative approach to economic history possibly based on the classical economists’ surplus approach, taking also advantage of the familiarity that scholars of ancient societies have with the concept of economic surplus. The risk is that without a resolute criticism of mainstream economics and the adoption of an alternative point of view, mainstream economics might paternalistically reabsorb the legitimate moral criticism that pervades many of the contributions to the volume. Being based on a simple heuristic of the economic sources of the élites’ wealth and not possessing a pre-packaged view of human behaviour, surplus theory may usefully be at the core of a socially sensitive, economic history agenda. |
| Keywords: | Economic history, Ancient economies, Surplus approach, New Institutional Economics, Moral economy Jel Classification: B12, B51, N01 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:usi:wpaper:923 |
| By: | Joseph E. Gagnon (Peterson Institute for International Economics); Asher Rose (Peterson Institute for International Economics) |
| Abstract: | The speed of both the rise and fall of US inflation in 2021-23 took many economists by surprise. This paper shows that the rise of COVID era inflation reflects three independent shocks: a plethora of pandemic-related shifts in demand patterns and supply disruptions; the largest commodity price surge in 40 years caused by the Ukraine war; and strong monetary and fiscal responses to the pandemic, which kept labor markets tight. The authors document the transmission of these shocks through the main components of private consumption: durable goods, nondurable goods, and services. The rapid fall of inflation reflects the credibility of the Federal Reserve's commitment to low inflation, something that was not apparent during the inflationary shocks of the 1970s but that was important during the Korean War inflation of 1950-51. Another similarity with the Korean War episode is the temporary surge in demand for durable goods. |
| Keywords: | durable goods, nondurable goods, services, pandemic inflation |
| JEL: | E30 E31 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:iie:wpaper:wp25-1 |
| By: | Bellanca, Nicolo' |
| Abstract: | This note draws inspiration from Riccardo Bellofiore’s recent monograph dedicated to Claudio Napoleoni. It examines Napoleoni’s reflections on key issues within Marxist theory, including the theory of value, alienation and exploitation, rent within the Italian economy, the status of economic science, and the pathways to human emancipation. The interpretative framework proposed by Bellofiore is also analyzed, along with his attempt to reconstruct Marx’s approach. |
| Keywords: | Marxist theory of value; Claudio Napoleoni; Productive labour; Economic alienation |
| JEL: | B31 B41 B51 O11 P10 |
| Date: | 2025–01–27 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:123472 |
| By: | Drakopoulos, Stavros A. |
| Abstract: | With a career spanning over many decades, Tony Lawson has made important contributions ranging from the philosophy of social sciences, history economic thought, methodology of economics, political economy, monetary theory, to the theory of ethics. His work concerning ontology has had a remarkable impact on economic methodologists in promoting the discussion of social ontology. Similarly, his articulation of critical realism has strengthened the criticism of heterodox economists against the economics orthodoxy regarding its lack of realism. Although not identified with a specific heterodox strand, it can be argued that Lawson’s work has promoted the development and the appeal of heterodox economics in many ways. A common feature of most heterodox economics relates to the criticism of mathematical formalism which is a core principle of orthodox economic theory. Another common characteristic is the heterodox emphasis on the crucial role of economic methodology for the discipline. Further, most heterodox economists call for a more realistic approach to the study of economic phenomena. This paper will discuss the facets of Lawson’s work which have exerted considerable influence on above- mentioned common attributes of heterodox economics. In particular, it will focus on: A. the argumentation countering the negative stance of mainstream economics towards economic methodology and the support of its usefulness as a subject of study. B. the critique of mainstream economic methodology and especially its use of mathematics. C. the analysis of the nature of heterodox economics. Lawson’s discourses on these themes have contributed towards a credible and coherent alternative to mainstream economics. |
| Keywords: | Economic Methodology; Heterodox Economics; Critique of Mainstream Economics; Tony Lawson |
| JEL: | B20 B40 B50 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:123406 |