nep-hpe New Economics Papers
on History and Philosophy of Economics
Issue of 2006‒10‒14
eight papers chosen by
Erik Thomson
University of Chicago

  1. Nano-fundamentos da macroeconomia: Keynes e o institucionalismo na Teoria Geral By Pessali, Huáscar
  2. Review of Huerta de Soto´s `Money, Bank Credit, and Economic Cycles´ By van den Hauwe, Ludwig
  3. Review of Hans Jörg Hennecke´s `Friedrich August von Hayek-Die Tradition der Freiheit´ By van den Hauwe, Ludwig
  4. Perspectives on time and the chronometric study of what happens in organizations By Roe Robert A.
  5. Evolutionary Economics and Psychology By Ulrich Witt
  6. Social Comparisons and Social Order: issues relating to a possible re-study of W. G. Runciman's "Relative Deprivation and Social Justice" By David Rose
  7. Aux origines de la Stakeholder Theory:1916-1950 By Samuel Mercier
  8. An economic explanation of the early Bank of Amsterdam, debasement, bills of exchange, and the emergence of the first central bank By Stephen Quinn; William Roberds

  1. By: Pessali, Huáscar
    Abstract: Chapter 12 of Keynes´ General Theory has concepts and analytical links with strong identification with the ones used by the so-called institutional approaches. This essay emphasises what seems to have been anticipated by Keynes on the research core of institutional economics, mainly based on his behavioural assumptions.
    Keywords: Keynes; keynesianismo; comportamento dos agentes; instituições; institucionalismo
    JEL: B25 B31 B52
    Date: 2006
  2. By: van den Hauwe, Ludwig
    Abstract: This article reviews the first English edition of Prof. Jesús Huerta de Soto´s book `Dinero, Crédito Bancario y Ciclos Económicos´ which first appeared in Spain in 1998.
    Keywords: Business Cycle Theory; Law and Economics of Money and Banking; Austrian school; new institutional economics; financial markets; history of money; credit and banking; deregulation of financial institutions; economics of transition
    JEL: E32 B53 P34 N23 G18 N24 E5 K39 E00 E42 G0 K0 P3 N2 H11
    Date: 2006–10–02
  3. By: van den Hauwe, Ludwig
    Abstract: This paper reviews Hennecke, H. J.,`Friedrich August von Hayek - Die Tradition der Freiheit´ (2000), Düsseldorf: Verlagsgruppe Handelsblatt GmbH. The book under review presents a reasonably comprehensive intellectual biography of F. A. Hayek and is based on the author´s doctoral dissertation. The author of the book under review quotes extensively from the Nachlass Hayek, which is preserved at the "Hoover Institution Archives" in Stanford. On the critical side, it can be pointed out that the book somewhat neglects Hayek´s important economic work.
    Keywords: F. A. Hayek; intellectual biography; tradition of freedom; interdisciplinary research on economics; politics and philosophy
    JEL: B3 B53 B25
    Date: 2005–12–01
  4. By: Roe Robert A. (METEOR)
    Abstract: An often made distinction in the study of time in organizations is that between objective,linear, homogeneous, linear, measurable, Newtonian time, also called Chronos, andsubjective, non-linear, heterogeneous, experienced, event time, also designated as Kairos.These conceptions of time are associated with the positivistic and the interpretativeapproaches to organizational research. Are these conceptions of time incompatible? Andare there two mutually exclusive ways of gaining scholarly knowledge about time inorganizations? This paper proposes that the two notions of time can be meaningfullycombined by accepting the possibility of mutual ‘reflection’, that is, the interpretation ofmeasured time, and the measurement of interpreted time. By adding the postulate of‘recursivity’, which entails reflection at successive (higher order) levels, a broad range ofoptions for inquiry into the temporality of organizational phenomena unfolds, that allowsfor the use of chronometric as well as interpretative methods. It is noted that prevailingpositivistic and interpretative approaches have both lead to a dramatic neglect ofmeasured time in organizational research. Therefore, the remainder of this paper focuseson the chronometric study of organizations. It proposes a research agenda which coverstemporal phenomena at multiple analytical levels, including those of the individual, thegroup and the organization as a whole. Since objective as well as subjective definitions ofphenomena are considered, the scope of this chronometric approach and its descriptiveand explanatory potential appear to be substantial.
    Keywords: Economics ;
    Date: 2006
  5. By: Ulrich Witt
    Abstract: Evolutionary economics is a paradigm for explaining the transformation of the economy. To achieve its goal, it needs being founded on a proper theory of economic behavior. The paper discusses these foundations. It is argued that the historical malleability of economic behavior is based on the interactions between innate behavior dispositions and adaptation mechanisms on the one hand and the limited, and always selective, cognitive and observational learning that contributes to an ever more extended and differentiated action knowledge. The implications of this interpretation are outlined in an exemplary fashion for the case of the evolution and growth of consumption. Length 29 pages
    Date: 2006–10
  6. By: David Rose (Institute for Social and Economic Research)
    Abstract: This paper reviews recent literature relating to relative deprivation, reference groups and social comparisons and discusses some ideas for qualitative research which might assist in determining how one might replicate Runciman’s Relative Deprivation and Social Justice (1966) in the early 21st century. What sorts of social comparisons do people now make and are their reference groups as restricted as they appeared to be forty years ago? Following a brief review of the theoretical background on the importance of social comparisons, some key issues relevant to a re-examination of reference groups and relative deprivation are examined. This is complemented by a brief review of recent literature. Finally, there is an outline of some qualitative research designed to sensitise us to the problems which might be involved in a re-study of Runciman’s seminal work and thus examines people’s ideas about social comparisons, reference groups and views on social inequalities.
    Date: 2006–09
  7. By: Samuel Mercier (Université de Bourgogne)
    Abstract: (VF)Cet article vise à démontrer l’ancienneté des débats académiques portant sur le rôle de l’entreprise en société. Les premières réflexions organisées autour du concept de Stakeholder semblent commencer avec la publication de l’ouvrage majeur de Freeman (1984). Pourtant, ce dernier reconnaît lui-même qu’il n’est pas l’inventeur d’une notion apparue bien avant. Ainsi, la théorie des parties prenantes apparaît, de manière explicite, au début des années 1960 et est ancrée en management stratégique.Ces considérations ne sont pourtant pas apparues ex-nihilo. Elles s’encastrent dans un contexte économique et juridique préexistant, propice à faire apparaître des controverses fondamentales sur la propriété et les objectifs de l’entreprise. Nous explorons les origines implicites de la théorie des parties prenantes et montrons qu’elles se recoupent très largement avec celles de la RSE.
    Keywords: Stakeholder Theory;Stakeholders;Parties prenantes;Théorie des parties prenantes;Responsabilité sociale; Gouvernance;Nature de l’entreprise.
    JEL: M14 D23
    Date: 2006–10
  8. By: Stephen Quinn; William Roberds
    Abstract: The Bank of Amsterdam, founded in 1609, was the first public bank to offer accounts not directly convertible to coin. As such, it can be described as the first true central bank. The debut of central bank money did not result from any conscious policy decision, however, but instead arose almost by accident, in response to the chaotic monetary conditions during the early years of the Dutch Republic. This paper examines the history of this momentous development from the perspective of modern monetary theory.
    Date: 2006

This nep-hpe issue is ©2006 by Erik Thomson. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.
General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.