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on History and Philosophy of Economics |
| By: | Ariel Rubinstein |
| Date: | 2005–12–10 |
| URL: | http://d.repec.org/n?u=RePEc:cla:levrem:618897000000001006&r=hpe |
| By: | David K Levine |
| Date: | 2005–12–04 |
| URL: | http://d.repec.org/n?u=RePEc:cla:levarc:618897000000001000&r=hpe |
| By: | Ludwig van den Hauwe |
| Abstract: | This paper is the sequel to the Chapter (30) about F. A. von Hayek which I authored for the 1999 first edition of the Elgar Companion to Law and Economics (ed. J. Backhaus). A special section has been added entitled 'An application of Hayekian law and economics: the comparative analysis of alternative monetary and banking regimes'. |
| Keywords: | Hayek, Law and Economics, monetary and banking regimes, business cycle theory |
| JEL: | K |
| Date: | 2005–12–06 |
| URL: | http://d.repec.org/n?u=RePEc:wpa:wuwple:0512001&r=hpe |
| By: | Ronald M. Harstad (Department of Economics, University of Missouri-Columbia) |
| Abstract: | Entry for William Vickrey, prepared for the Dictionary of Scientific Biography |
| Keywords: | Vickrey's Contributions, Vickrey Auction, Public Economics, Asymmetric Information |
| JEL: | B31 D82 |
| Date: | 2005–12–07 |
| URL: | http://d.repec.org/n?u=RePEc:umc:wpaper:0519&r=hpe |
| By: | Michel De Vroey (UNIVERSITE CATHOLIQUE DE LOUVAIN, Department of Economics) |
| Abstract: | The aim of this paper is to ponder upon Marshall’s conception of equilibrium and to confront it withWalras’s. In a first section, I present a rational reconstruction of the Marshallian conception. In contrast to its standard tripartite classification interpretation, I claim that this conception is based on two interlinked equilibrium concepts, normal equilibrium and market equilibrium. Several features are brought out : (a) this conception is based on what I call the ‘period of analysis’ hypothesis; (b) in this conception disequilibrium states have an effective; (c) the notion of long period equilirium then turns out to have a most elusive meaning; In a second section, I compare Marshall and Walras on equilibrium and time. Whenever the comparison bears on their production models, a sharp contrast emerges in particular with regard to the meaning and possibility of disequilibrim. When Walras credit model is taken into account the result is more complicated. An important difference is still present which can be traced back to the fact that when it comes to time the Marshallian appproach privileges the duration aspect while dodging the irreversibility or arrow of time aspect while the contrary is true for the Walrasian approach. |
| Keywords: | Marshall; Walras; equilbrium |
| JEL: | B13 B40 |
| Date: | 2005–09–15 |
| URL: | http://d.repec.org/n?u=RePEc:ctl:louvec:2005047&r=hpe |
| By: | Bertrand BLANCHETON (CMHE, IFReDE-GRES) |
| Abstract: | The purpose of this paper is to reappraise Montesquieu’s thinkings in economy. To Joseph Schumpeter his economic is insignificant - without originality force, or scholarship. According to John-Maynard Keynes, Montesquieu was the real French equivalent of Adam Smith, the greatest of French economists, head and shoulders above the physiocrats in penetration, clear-headedness and good sense. This controversy invites us to undertake an investigation of Montesquieu’s views in economy. This article explores thoughtfully his works and proposes an application of heuristic reading systematic and very progressive too. About all of the subjects (interest rate, money, luxury expenditures, state’s position in society, taxation, public debt, international trade) we try to place Montesquieu in the opposition between interventionism and laisser-faire. Through this analysis J-B. Say, J-M Keynes, J. Schumpeter opinions on Montesquieu become clear especially on interest rate issue. Finally, we conclude that Montesquieu is one of the few French economists to propose a monetary analysis of the interest rate, but his liberal doctrinal leads him to reject all the form of interventionism particularly in the monetary sphere. Definitely, Montesquieu’s just one link of the liberal chain in Europe. |
| Keywords: | Interest rate, liberalism, international trade |
| JEL: | B11 |
| Date: | 2005 |
| URL: | http://d.repec.org/n?u=RePEc:grs:wpegrs:2005-24&r=hpe |
| By: | Stephen Meardon (Williams College) |
| Abstract: | A moment of consequence to the postbellum U.S. tariff debate was the 'conversion' of David Ames Wells, Commissioner of the Revenue from 1865- 1870, to free trade. When he began his work Wells was a disciple of the eminent American protectionist Henry C. Carey. By the age of forty, however, he had become America's answer to Britain's Sir Robert Peel: a public figure of tremendous influence, who, having changed his mind on the issue, became the standard-bearer for free trade in both the intellectual and political arenas. Half a century and more in the past, when Wells's name was better remembered in American economic and political history, several stories were told of the causes of his conversion: some attributed it ultimately to the force of ideas, some to interests. My purpose is to demonstrate that the unacknowledged but most important cause was Wells's relationship with Edward Atkinson, and Wells and Atkinson's mutual wish to grant effective protection, or net protection, to cotton manufacturers. The story of Wells's conversion that unfolds in the demonstration is not one that disentangles and assigns weights to the contributions of theory and interests. It shows instead how each determined the other. |
| Keywords: | Wells, David Ames; Atkinson, Edward; free trade; revenue commission; effective protection; net protection |
| JEL: | B1 B31 F13 N71 |
| Date: | 2005–12–06 |
| URL: | http://d.repec.org/n?u=RePEc:wpa:wuwpmh:0512001&r=hpe |
| By: | Corvellec, Hervé (Gothenburg Research Institute); Bevan, David (King's College London) |
| Abstract: | The moral philosophy of Emmanuel Levinas offers a prospectus of stark impossibility for any programme of business or corporate ethics. It differs from most traditional ethical theories in that for Levinas the ethical develops in a personal meeting of one with the other, rather than residing in some internal deliberation of the moral subject. Levinasian ethics emphasises an infinite personal responsibility arising for each of us in the face of the radical otherness of the Other. It stresses the imperious demand we experience in our humanity to be open to, prepared for and impassioned with that which we may not know, or recognise, about ourselves or about the other. Such a demand transcends our intellectual and/or rational potential, involving us in a carnal and somatic bodily experience of otherness. Consequently, it is questionable whether corporations can even be moral subjects in a Levinasian sense. We assert not only that corporations cannot deal with such a demand, but further that this helps to understand the failure of the business ethics project to date. If we are to speak of Levinasian ethics in any organisational setting, it cannot be a matter of corporate ethics but only a matter of individual managerial ethics. What such an ethics would be like is yet to be outlined and, as a contribution, we propose here a series of questions and injunctions. These questions and injunctions will explicate for individual managers some key terms of a Levinasian practice for which we will propose a vocabulary of otherness, responsibility, proximity, diachrony and justice. This vocabulary will provide managers with insights to an experience of alterity and may encourage them to experience the challenge of radical otherness and the irresistible call to a pre-ontological, timeless and infinite individual ethic. |
| Keywords: | Levinas; Managerial Ethics; Responsibility; Justice; Otherness/alterity |
| Date: | 2005–12–12 |
| URL: | http://d.repec.org/n?u=RePEc:hhb:gungri:2005_009&r=hpe |
| By: | Ramon Fernandez (FGV-SP); Huascar Pessali (UFPR) |
| Abstract: | O texto apresenta uma análise do discurso de Oliver Williamson, concentrando-se na negociação de certos conceitos e premissas e em como Williamson ajustou o progresso de sua abordagem aos moldes institucionais de diferentes audiências. Dados de citações aos trabalhos de Williamson ajudam a corroborar a análise retórica. |
| Keywords: | Economia institucional, institucionalismo, Oliver Williamson, Williamson, Economia dos custos de transação, custos de transacão, teoria dos custos de transação, retórica, retórica na economia, análise retórcia |
| JEL: | B |
| Date: | 2005–12–08 |
| URL: | http://d.repec.org/n?u=RePEc:wpa:wuwpmh:0512002&r=hpe |
| By: | Rabah, AMIR; Malgorzata, KNAUFF |
| Abstract: | An objective ranking of economics departments worldwide in terms of graduate education is derived. The central idea is that the value of a department is the sum of the values of its PhD graduates, as reflected in the values of their current employing departments. The scores are thus derived as solutions to a linear system of simultaneous equations in the values. The sample includes the top fifty-four departments, the composition of which is determined endogenously using a criterion requiring a minimum of four placements in the departments comprising the sample. Two other related rankings are proposed, which place more emphasis on more recent faculty recruitments. The results point to a very high concentration in the economics PhD education market worldwide, confirming the dominance of the top U.S. departments, in particular of Harvard and M.I.T. Nevertheless, a modest de-concentration trend is under way. The rankings are in close agreement with the 1994 National Research Council survey ranking based on the perceived quality of PhD programs |
| Keywords: | Economics PhD education; scientific evaluation methods; economic department ranking |
| JEL: | A14 L11 R32 |
| Date: | 2005–07–15 |
| URL: | http://d.repec.org/n?u=RePEc:ctl:louvec:2005041&r=hpe |
| By: | Kym Anderson (The World Bank) |
| Abstract: | Economists have influenced the trade policy agenda for establishing multilateral trade rules, disciplines, and procedures, and for negotiating most-favored nation and preferential reductions in trade barriers and subsidies, in addition to affecting the agenda for unilateral policy reform. These roles are considered in turn, before focusing on the economists' contribution through quantifying the extent and effects of existing trade distortions and alternative reform initiatives. Many trade distortions remain, however, so the author looks at where trade economists' efforts in agenda-setting need to be focused in the years ahead. |
| Keywords: | International economics |
| Date: | 2005–04–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:3560&r=hpe |
| By: | SALVADOR CARMONA (Instituto de Empresa) |
| Abstract: | Historical research has shown the influence of environmental contexts on the design and functioning of management accounting systems. In contrast to the relatively competitive settings that witnessed the emergence of cost systems in Anglo-American contexts, the focal settings featured inter alia the imposing role of religious and social philosophers´ ideas on society as well as distinctive degrees of state intervention in the economy. The findings question traditional contentions that double-entry bookkeeping spread from the fifteenth through the eighteenth centuries and that cost calculations have been implemented only since the advent of the British Industrial Revolution. |
| Keywords: | Competition |
| Date: | 2005–12 |
| URL: | http://d.repec.org/n?u=RePEc:emp:wpaper:wp05-30&r=hpe |
| By: | Stanley C. W. Salvary |
| Abstract: | Historically, informedness of economic agents via price stability has been the rationale for the money supply rule derived from the Quantity Theory of Money. The monetarists place the emphasis on the level of the money supply in the determination of price level changes and a money supply rule is adopted as the means of informing agents of expected price level changes. This paper advances an alternative, to the monetarist explanation of the determination of the price level, which does not rely on changes in the supply of money but on changes in the composition of aggregate demand and supply. In the absence of monetary dislocation or revaluation, change in the general price level is attributed to the net effect of the realignment of relative prices. Further, it is argued that economic agents are better informed under the relativist approach than under the monetarist approach. |
| Keywords: | price instability, monetary policy, monetary authority, price signalling, fiscal policy, the endogeneity of money, the money supply, the rate of inflation, nominal interest rates, the velocity of money, repudiation of paper money, the supply of credit, 'fully informed agents'. |
| JEL: | E |
| Date: | 2005–12–07 |
| URL: | http://d.repec.org/n?u=RePEc:wpa:wuwpma:0512005&r=hpe |