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on History and Philosophy of Economics |
| By: | Eric Glaeser (Harvard University); Eric Hanushek (Stanford University); John Quigley (University of California, Berkeley) |
| Abstract: | No economist studying the spatial economy of urban areas today would ignore the effects of race on housing markets and labor market opportunities, but this was not always the case. John Kain developed much of urban economics but, more importantly, legitimized and encouraged scholarly consideration of the geography of racial opportunities. His provocative study of the linkage between housing segregation and the labor market opportunities of Blacks arose from his work on employment decentralization and constraints on Black residential choice. His later research program on school outcomes was similarly focused in how the economic opportunities of minority households vary with location. John Kain's scientific work forms a legacy linked by the study of the urban disadvantaged. |
| Date: | 2006–06–27 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:bphupl:1051&r=hpe |
| By: | Julie Chytilová (Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic); Natálie Reichlová (Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic) |
| Abstract: | The aim of this paper is to introduce roots of multi-agent approaches in economic theory. From the beginning, the opinion that economic system should be investigated on the basis of comprehension to its basic units was expressed by many scientists. Friedrich A. Hayek and Herbert A. Simon are two important scientists who may be designated as predecessors of multi-agent modeling. They incorporated similar principles as applied by multi-agent system approaches into their works before it was possible to deal with these principles through artificial intelligence. This paper links ideas of Hayek and Simon with multi-agent modeling, common principles and ideas are identified. |
| Keywords: | Hayek; Simon; multi-agent system; complex system |
| JEL: | B31 P00 |
| Date: | 2006–06 |
| URL: | http://d.repec.org/n?u=RePEc:fau:wpaper:wp2006_12&r=hpe |
| By: | Fabio Petri |
| Abstract: | In a series of recent papers professor Mark Blaug accuses the Formalist Revolution of the 1950s of having greatly damaged economic science by burying the conception of 'competition as a process' in favour of a conception of 'competition as an end-state', incompatible with realistic studies of stability. The paper argues that the criticism is convincing and in fact addressed at the Arrow-Debreu conception of equilibrium, which is a very-short-period conception due to the Walrasian treatment of the capital endowment. Given the unreality of the resulting model, which assumes complete futures markets and can study stability only under the auctioneer, the question arises of why the Arrow-Debreu model and its conception of equilibrium were so successful, given that traditionally the dominant conception of equilibrium had been a long-period one (even in Walras: new evidence is adduced in support of this last thesis). The answer is found in the problems of neoclassical capital theory. The conclusion is that professor Blaug's criticisms point to a necessity to return to the long-period method, but this requires abandoning the marginalist or supply-and-demand approach to value and distribution, because it was precisely the inability of the latter approach satisfactorily to determine long-period positions that motivated the switch to the sterile modern versions of general equilibrium |
| JEL: | D50 D24 B13 B20 B41 |
| Date: | 2006–08 |
| URL: | http://d.repec.org/n?u=RePEc:usi:wpaper:486&r=hpe |
| By: | Luca Fiorito |
| Abstract: | This note deals with the origins of Samuelson's multiplier-accelerator model. In clarifying the historical background of the model, we will offer a brief reconstruction of John Maurice Clark’s contributions to the ideas underlying the accelerator, the multiplier, and their interaction. We will show that 1) Clark’s theoretical contributions were quite significant, and 2) that they emerged out of the intellectual movement known as American Institutionalism |
| JEL: | B22 B31 B25 E20 |
| Date: | 2006–05 |
| URL: | http://d.repec.org/n?u=RePEc:usi:wpaper:481&r=hpe |
| By: | Pierre-Cyrille Hautcoeur |
| Abstract: | Ce papier constitue le onzième chapitre de l'"Histoire du marché financier français au 19e siècle" (à paraître en janvier 2007, publications de la Sorbonne). Dans ce chapitre, nous présentons une analyse macroéconomique de la "longue stagnation" de la fin du 19e siècle à partir du marché financier. Nous discutons la thèse de l'éviction de l'investissement privé par les émissions publiques et suggérons que l'organisation imparfaite des marchés financiers a une plus grande responsabilité dans la mauvaise allocation de l'épargne. ### [english abstract: This paper is the eleventh chapter of a book forthcoming in January 2007 under the title "Histoire du marché financier français au 19e siècle" (a history of the French capital market in the 19th century). He discusses the macroeconomics of the "great depression" of the late 19th century from the point of view of the capital markets. He discusses the thesis of a crowding out of private investment by the government and suggests the organization of financial markets had more responsibility in the misallocation of funds to the most productive uses.] ### |
| Date: | 2006 |
| URL: | http://d.repec.org/n?u=RePEc:pse:psecon:2006-43&r=hpe |
| By: | Pierre-Cyrille Hautcoeur |
| Abstract: | Ce papier constitue le premier chapitre de l'"Histoire du marché financier français au 19e siècle" (à paraître en janvier 2007, publications de la Sorbonne). Dans ce chapitre, nous cherchons à montrer la diversité des éléments constituant le système financier au début du XIXe siècle et à comprendre la transition qui s'effectue avec celui du XVIIIe siècle, puis nous tentons de décrire et de comprendre l'évolution de ces éléments jusqu'aux années 1840. Ce chapitre est consacré aux trois types d'institutions qui dominent alors le marché des capitaux à long terme en dehors de la Bourse de valeur (à laquelle sera consacré le chapitre 2) : les banques, les notaires et le circuit du Trésor. ### [english abstract: This paper is the first chapter of a book forthcoming in January 2007 under the title "Histoire du marché financier français au 19e siècle" (a history of the French capital market in the 19th century). He presents broadly the various main elements constituting the long term capital markets, excepting the stock-exchange (which is studied in the next chapter): the banks, the notaries and the network of the Treasury correspondents. We present the transition between the 18th and the 19th centuries and the main changes in the capital markets until the 1840s.] ### |
| Date: | 2006 |
| URL: | http://d.repec.org/n?u=RePEc:pse:psecon:2006-40&r=hpe |
| By: | Pierre-Cyrille Hautcoeur |
| Abstract: | Ce papier constitue le septième chapitre de l'"Histoire du marché financier français au 19e siècle" (à paraître en janvier 2007, publications de la Sorbonne). Dans ce chapitre, nous étudions les transformations profondes qui touchent le système bancaire au milieu du 19e siècle et nous nous interrogeons sur leur caractère substituable ou complémentaire avec le développement du marché des titres. Nous concluons en faveur de la deuxième hypothèse. ### [english abstract: This paper is the seventh chapter of a book forthcoming in January 2007 under the title "Histoire du marché financier français au 19e siècle" (a history of the French capital market in the 19th century). He describes and explains the profound changes undertaken by the banking industry around the mid of the 19th century, and discusses whether they represented an alternative or a complement to the rise of the securities market; it concludes in favour of the second interpretation.] ### |
| Date: | 2006 |
| URL: | http://d.repec.org/n?u=RePEc:pse:psecon:2006-42&r=hpe |
| By: | Genaro, SUCARRAT (UNIVERSITE CATHOLIQUE DE LOUVAIN, Department of Economics) |
| Abstract: | The reduction theory of David F. Hendry provides a comprehensive probabilistic framework for the analysis and classification of the reductions associated with empirical econometric models. However, it is unable to provide an analysis on the same underlying probability space of the first reduction - and hence the subsequent reductions - given a commonplace theory of social reality, namely the joint hypotheses that the course of history is indeterministic, that history does not repeat itsself, and that the future depends on the past. As a solution this essay proposes that the elements of the underlying outcome space in HendryÕs theory are interpreted as indeterministic worlds made up of historically inherited particulars. |
| Keywords: | Theory of recution, DGP, Possible worlds, Measurement error, Probabilistic causality |
| JEL: | B40 C50 |
| Date: | 2006–09–15 |
| URL: | http://d.repec.org/n?u=RePEc:ctl:louvec:2006041&r=hpe |
| By: | Pierre-Cyrille Hautcoeur; Carine Romey |
| Abstract: | Ce papier constitue le cinquième chapitre de l'"Histoire du marché financier français au 19e siècle" (à paraître en janvier 2007, publications de la Sorbonne). Dans ce chapitre, nous examinons les raisons du développement d'un marché des titres (actions et obligations) à Paris au début du 19e siècle : en premier lieu les conditions économiques et légales de l'apparition d'émissions et de cotations de titres privés ; ensuite l'émergence d'un marché de titres étrangers, principalement publics. ### [english abstract: This paper is the fifth chapter of a book forthcoming in January 2007 under the title "Histoire du marché financier français au 19e siècle" (a history of the French capital market in the 19th century). He discusses the reasons for the development of securities in the early 19th century in France. He presents first the economic and legal conditions for the rise of a market for private issues (mostly utilities) and then the development of a market for foreign (mostly government) securities in Paris.] ### |
| Date: | 2006 |
| URL: | http://d.repec.org/n?u=RePEc:pse:psecon:2006-41&r=hpe |
| By: | Johansson-Stenman, Olof (Department of Economics, School of Business, Economics and Law, Göteborg University) |
| Abstract: | Nationalekonomiska metoder och modeller tillämpas inom de mest skiftande områden som kriminalitet, barnuppfostran och drogmissbruk. Ett skäl till ämnets framgång är dess användning av matematik. Nationalekonomins formalisering synes dock även ha inneburit insnävade beteendeantaganden mot en abstrakt Homo Economicus, där många fenomen och mekanismer som diskuterades ingående av klassikerna till stor del ignorerats. Genombrottet för beteendeekonomin (behavioral economics) på senare tid har inneburit en återgång till en rikare och mer relevant mikroekonomisk teori. Nationalekonomer bör fortsätta studera frågor som inte brukar betraktas som traditionellt ekonomiska, men det är minst lika viktigt att influenser från andra vetenskaper får fortsätta att berika nationalekonomin. <p> |
| Keywords: | Ekonomisk metodologi; nationalekonomins matematisering; beteendeekonomi; ekonomisk imperialism |
| JEL: | A11 A12 B40 |
| Date: | 2006–12–28 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:gunwpe:0243&r=hpe |
| By: | Kevin O'Rourke |
| Abstract: | Does democracy encourage free trade? It depends. Broadening the franchise involves transferring power from non-elected elites to the wider population, most of whom will be workers. The Hecksher- Ohlin-Stolper-Samuelson logic says that democratization should lead to more liberal trade policies in countries where workers stand to gain from free trade; and to more protectionist policies in countries where workers will benefit from the imposition of tariffs and quotas. We test and confirm these political economy implications of trade theory hypothesis using data on democracy, factor endowments, and protection in the late nineteenth century. |
| Keywords: | factor endowments, Heckscher-Ohlin trade theory, Stolper- Samuelson theorem and tariffs |
| Date: | 2007–01–05 |
| URL: | http://d.repec.org/n?u=RePEc:iis:dispap:iiisdp191&r=hpe |
| By: | Pedro Cosme Vieira (Faculdade de Economia, Universidade do Porto); Aurora A.C. Teixeira (CEMPRE, Faculdade de Economia do Porto, Universidade do Porto) |
| Abstract: | Although there is considerable consensus that Finance, Management, and Marketing are ‘science’, some debate remains with regard to whether these three areas comprise autonomous, organized and settled scientific research fields. In this paper we aim to explore this issue by analyzing the occurrence of citations in the top-ranked journals in the areas of Finance, Management, and Marketing. We put forward a modified version of the ‘network cluster’ as proposed by Klamer and Van Dalen (2002) and conclude that Finance is a ‘Relatively autonomous, organized and settled field of research’ whereas Management and (to a larger extent) Marketing are relatively non-autonomous and hybrid fields of research’. Complementary analysis based on sub-discipline rankings using the recursive methodology of Liebowitz and Palmer (1984) confirms the above conclusions. |
| Keywords: | Citations; Science; Autonomy |
| JEL: | C89 A12 |
| Date: | 2006–12 |
| URL: | http://d.repec.org/n?u=RePEc:por:fepwps:233&r=hpe |