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on History and Philosophy of Economics |
| By: | Abdelghani Maddi (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | En s'appuyant sur les techniques de cartographie, en se basant sur l'analyse textuelle et l'analyse des réseaux de citations nous avons analysé le développement de la thématique de la crise économique. L'objectif est de montrer dans un premier temps les courants de pensée et les auteurs influents. Dans un second temps comprendre son évolution à travers le temps. Pour ce faire, nous avons extrait de l'interface du WOS en ligne l'ensemble des publications contenant le mot « crisis » dans les catégories disciplinaires « economics » et « business & finance ». Notre requête renvoie plus de 24000 publications. Nos résultats nous ont permis de montrer les différents courants de pensée dominant l'analyse de la crise économique ainsi que les auteurs les plus influents. L'analyse textuelle des termes présents dans les titres, résumé et mots-clés montre des changements majeurs dans la façon dont les économistes traitent le sujet. Désormais, une bonne partie des publications traitant la thématique de la crise économique cherche non pas à traiter les conséquences ou à proposer des solutions, mais plutôt prévoir l'avènement des crises à travers l'analyse des différents risques qui conduiraient à une crise. Nous avons montré également que cette thématique est très fortement dominée par la finance tant au niveau microéconomique que macroéconomique. |
| Keywords: | crise économique,analyse textuelle,bibliométrie,citations,références bibliographiques |
| Date: | 2018–11–14 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-01922256&r=all |
| By: | Alain Béraud (THEMA - Théorie économique, modélisation et applications - UCP - Université de Cergy Pontoise - Université Paris-Seine - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | L'analyse du chômage implique la prise en compte des relations entre les divers secteurs. Cette idée est à l'origine de la démarche de plusieurs économistes francophones qui durant les années 1970 cherchèrent à construire des modèles d'équilibre général capables de constituer les fondements logiques de modèles macréconomiques susceptibles de rendre compte des déséquilibres économiques et notamment du sous-emploi. Pour atteindre cet objectif, ils pensaient que le modèle qu'avaient conçu Arrow et Debreu devait être profondément transformé. Les hypothèses traditionnelles sur lesquelles s'appuyait ce modèle devaient être abandonnées pour qu'apparaissent les problèmes que pose la coordination des activités des agents économiques. Il fallait revenir, notamment, sur l'organisation des échanges, les modalités de fixation des prix et le rôle de la monnaie. Sur cette base, ils proposèrent des modèles macroéconomiques qui permettent de distinguer divers types de chômage qui appellent des mesures de politiques économiques différentes. Souvent, ces tentatives sont considérées comme un échec. On soutiendra ici une thèse différente : les modèles qui furent alors développés ont joué dans l'évolution de la pensée économique un rôle qui apparaît crucial. |
| Keywords: | Équilibre,Déséquilibre,chômage,profitabilité |
| Date: | 2017–12–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01968499&r=all |
| By: | Dosi, Giovanni; Virgillito, Maria Enrica |
| Abstract: | The reflections which follow build on two interrelated questions, namely, first, whether we are witnessing another “industrial revolution”, and second, what is the impact of technological transformations upon the current dynamics of the socio-economic fabric, especially with respect to employment, income distribution, working conditions and labour relations. We argue that the processes of innovation and diffusion of what we could call “intelligent automation” are likely to change, or more likely reinforce, the patterns of distribution of income and power, which have been there well before the arrival of the technologies we are concerned about: some are indeed intrinsic features of capitalism since its inception, while others are features of the last thirtyforty years. First, we shall offer a fresco of such tendencies which certainly preceded any potential “Fourth Industrial Revolution” but are going to be amplified by the latter. Second, we discuss the features of such possible new techno-economic paradigms. Third, we examine the relationships between technology, productivity and growth, and the ensuing impact on jobs, division of labour, distribution of knowledge, power, and control. Finally, we address some policy implications. |
| Keywords: | Social fabric,technology,macroeconomic development,division of labour,knowledge,inequality |
| JEL: | O10 E6 D63 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:316&r=all |
| By: | Michel de Vroey (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES)) |
| Abstract: | According to Leijonhufvud, the development of economic theory can be compared to a decision tree, the branches of which originate in choices made about basic methodological nodes. My paper is an attempt at putting this insight into practice by reconstructing the recent history of macroeconomics on its basis. To this end, I examine whether the decision-tree framework can explain three crucial turns in the history of the field: (a) the transition from Keynesian to new classical macroeconomics triggered by Lucas; (b) the transition from the Lucas model to Kydland and Prescott’s ‘real business cycle’ modeling strategy; and (c) the transition from RBC modeling to DSGE modeling. |
| Keywords: | Marshall, Walras, Keynes, Lucas, RBC model, New Keynesian model |
| JEL: | B22 E12 E E30 |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:ctl:louvir:2018018&r=all |
| By: | Franz Dietrich (Centre d'Economie de la Sorbonne Author-Workplace-Homepage: https://centredeconomiesorbonne.univ-paris1.fr); Christian List (London School of Economics) |
| Abstract: | Agents are often assumed to have degrees of belief (“credences”) and also binary beliefs (“beliefs simpliciter”). How are these related to each other? A much-discussed answer asserts that it is rational to believe a proposition if and only if one has a high enough degree of belief in it. But this answer runs into the “lottery paradox”: the set of believed propositions may violate the key rationality conditions of consistency and deductive closure. In earlier work, we showed that this problem generalizes: there exists no local function from degrees of belief to binary beliefs that satisfies some minimal conditions of rationality and non-triviality. “Locality” means that the binary belief in each proposition depends only on the degree of belief in that proposition, not on the degrees of belief in others. One might think that the impossibility can be avoided by dropping the assumption that binary beliefs are a function of degrees of belief. We prove that, even if we drop the “functionality” restriction, there still exists no local relation between degrees of belief and binary beliefs that satisfies some minimal conditions. Thus functionality is not the source of the impossibility; its source is the condition of locality. If there is any non-trivial relation between degrees of belief and binary beliefs at all, it must be a “holistic” one. We explore several concrete forms this “holistic” relation could take. |
| Keywords: | binary beliefs (yes/no); subjective probabilities; construction of binary beliefs from subjective probabilities; impossibility theorem |
| JEL: | D81 |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:mse:cesdoc:19001&r=all |
| By: | Keane, Webb |
| Abstract: | Unrealistic assumptions underlying neo-classical economic theory have been challenged by both behavioral economics and studies of moral economy. But both challengers share certain features with neo-classical theory. Complementing them, recent work in the anthropology of ethics shows that economic behavior is not reducible to either individual psychology or collective norms. This approach is illustrated with studies of transactions taking place at the borders between market rationality and relationships among persons - organ donation and sex work. The paper argues that the inherent value accorded to social relations tends to resist instrumentalization and that the biases that dealing with other people introduce into reasoning are not flaws but part of the core functions of rationality. |
| Keywords: | ethics,moral economy,behavioral economics,organ donation,sex work,gifts,social interaction,rationality |
| JEL: | A10 D01 D63 D91 Z13 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwedp:20199&r=all |
| By: | van Dalen, Harry (Tilburg University, Center For Economic Research) |
| Abstract: | What role do personal values play in the practice of economists? By means of a survey among economists working inside and outside academia in the Netherlands we present novel insights into their personal value structure, how they differ from the average citizen, and how it impacts their economic views and their methodological choices. Three overarching values summarize the value structure of economists: achievement, serving the public interest, and conformity to rules. Subsequent tests are performed to see whether these values affect: (1) their opinion on economic propositions; and (2) their attitudes towards methodological principles in economics. For the majority of economic propositions personal values matter. Especially the value to serve the public interest has a strong effect on their economic view. Furthermore, it seems that economists who value achievement are the ones who are more likely to embrace mainstream methodological principles: thinking predominantly in terms of efficiency, rationality and competition, believing that economic knowledge is objective and transparently produced and in agreement with Milton Friedman’s view on positive economics. Female economists are at some notable points less convinced of market solutions and have more trust in the government in serving the public interest. |
| Keywords: | values; economists; public policy; consensus; methodology; gender |
| JEL: | A11 A13 B4 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiucen:bda08972-cae2-4c5b-be28-c7317680e272&r=all |
| By: | Robert Calvert Jump (University of the West of England); Paul Levine (University of Surrey and CIMS) |
| Abstract: | This paper provides a bird's eye view of the behavioural New Keynesian literature. We discuss three key empirical regularities in macroeconomic data which are not ac- counted for by the standard New Keynesian model, namely, excess kurtosis, stochastic volatility, and departures from rational expectations. We then present a simple be- havioural New Keynesian model that accounts for these empirical regularities in a straightforward manner. We discuss elaborations and extensions of the basic model, and suggest areas for future research. |
| JEL: | E30 E32 |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:sur:surrec:0219&r=all |
| By: | Sriram Balasubramanian; Paul Cashin |
| Abstract: | This paper examines the origins and use of the concept of Gross National Happiness (or subjective well-being) in the Kingdom of Bhutan, and the relationship between measured well-being and macroeconomic indicators. While there are only a few national surveys of Gross National Happiness in Bhutan, the concept has been used to guide public policymaking for the country’s various Five-Year Plans. Consistent with the Easterlin Paradox, available evidence indicates that Bhutan’s rapid increase in national income is only weakly associated with increases in measured levels of well-being. It will be important for Bhutan to undertake more frequent Gross National Happiness surveys and evaluations, to better build evidence for comovement of well-being and macroeconomic concepts such as real national income. |
| Date: | 2019–01–17 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:19/15&r=all |
| By: | Alain Béraud (THEMA - Théorie économique, modélisation et applications - UCP - Université de Cergy Pontoise - Université Paris-Seine - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | In 1955, Franco Modigliani wrote his lecture notes for the Carnegie Institute of Technology. This document, entitled Preliminary Notes on the Theory of Money and Interest in the Framework of General Equilibrium Analysis, has remained unpublished. Working within a temporary equilibrium model similar to that developed by Hicks in Value and Capital, Modigliani proposes a monetary theory similar to but different from that proposed by Patinkin in Money, Interest and Prices. It establishes that this model does not necessarily have an equilibrium if prices and wages are flexible. It shows that the propositions usually associated with quantitative theory-the dichotomy between the monetary and real sectors, the neutrality of money, the parallelism of price and money movements-are not generally verified. It introduces wage and price rigidity into the general equilibrium model to construct an appropriate framework for the study of monetary policies. This innovative text is important for understanding how monetary theory was conceived and taught in the United States in the 1950s. Mots clefs: Modigliani, Théorie monétaire, Effet d'encaisse réelle, Théorie quantitative |
| Abstract: | Modigliani et la question de l'existence d'un équilibre dans un modèle à prix flexibles Résumé. En 1955, Franco Modigliani rédigea les notes du cours qu'il donnait au Carnegie Institute of Technology. Ce document, qui porte le titre de Preliminary Notes on the Theory of Money and Interest in the Framework of General Equilibrium Analysis, est resté inédit. Travaillant dans le cadre d'un modèle d'équilibre temporaire voisin de celui que Hicks avait développé dans Value and Capital, Modigliani proposait une reconstruction de la théorie monétaire voisine mais différente de celle que Patinkin développera dans Money, Interest and Prices. Il établit que ce modèle n'a pas nécessairement un équilibre si les prix et les salaires sont flexibles. Il montre que les propositions habituellement associées à la théorie quantitative-la dichotomie entre secteur monétaire et secteur réel, la neutralité de la monnaie, le parallélisme de l'évolution des prix et de la monnaie-ne sont pas généralement vérifiées. Il introduit dans le modèle d'équilibre général la rigidité des salaires et des prix pour construire un cadre approprié pour l'étude des politiques monétaires. Ce texte novateur est important pour comprendre la façon dont la théorie monétaire était conçue et enseignée aux États-Unis dans les années 1950. |
| Keywords: | Modigliani,Monetary theory,Real balance effect,Quantitative theory |
| Date: | 2018–09–27 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01968579&r=all |
| By: | Edward Nelson |
| Abstract: | This analysis of Allan Meltzer’s analytical framework focuses on the role that Meltzer assigned to the monetary base. For many years, Meltzer suggested that central banks should use the monetary base as their policy instrument, in place of a short-term nominal interest rate. However, he recognized that in practice central banks did not follow this prescription. He believed that the monetary base could play an important role even when an interest rate was used as the instrument. Meltzer’s reasoning was twofold: (i) The monetary base might shed light on the behavior of important asset prices that mattered for aggregate demand. (ii) The base might serve as a useful indicator of the likely future course of the money stock. In later years, while still emphasizing the valuable indicator properties of the monetary base, Meltzer accepted that interest-rate-based rules could deliver monetary control and economic stabilization. For the situation in which the short-term nom inal interest rate was at its lower bound, Meltzer continued to stress quantities as monetary policy instruments. He felt that, at the lower bound, the central bank remained able, through quantitative easing, to boost asset prices, the money stock, and the economy. Such stimulative actions implied increases in the monetary base; however, Meltzer did acknowledge that the manner in which the base was increased (that is, what asset purchases generated the increase) figured importantly in securing the stimulus. |
| Keywords: | Monetarism ; Monetary base ; Money supply ; Transmission mechanism |
| JEL: | E52 E51 E58 |
| Date: | 2019–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2019-01&r=all |
| By: | Jennifer Hinton; Donnie Maclurcan |
| Abstract: | In this book, we outline a model of a non-capitalist market economy based on not-for-profit forms of business. This work presents both a critique of the current economic system and a vision of a more socially, economically, and ecologically sustainable economy. The point of departure is the purpose and profit-orientation embedded in the legal forms used by businesses (e.g., for-profit or not-for-profit) and the ramifications of this for global sustainability challenges such as environmental pollution, resource use, climate change, and economic inequality. We document the rapid rise of not-for-profit forms of business in the global economy and offer a conceptual framework and an analytical lens through which to view these relatively new economic actors and their potential for transforming the economy. The book explores how a market consisting of only or mostly not-for-profit forms of business might lead to better financial circulation, economic equality, social well-being, and environmental regeneration as compared to for-profit markets. |
| Date: | 2019–02 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1902.01398&r=all |
| By: | Nathanael Colin (TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet [Saint-Étienne] - CNRS - Centre National de la Recherche Scientifique); Thomas Delcey (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Hayek and Fama are sometimes seen as proposing a comparable theory of prices. Hayek proposes to understand prices as information conveyer from the process of competition, while Fama defines efficiency as the fact that all information in a market is integrated in assets prices. This close up ignores huge differences between the authors. This paper explains how a lineage between Hayek and the theory of informational efficiency of Fama can be illustrated while taking into account these differences. We introduce in order to defend this claim a distinction between methodology and epistemology: methodology is seen as the way an author operationalizes his broader conceptions whereas epistemology is defined as the core conception of his theory. We particularly emphasise a homogeneous shift in the epistemology of Hayek and the theory of efficiency. We conclude that this shift gives a content to what some authors called neoliberalism as a form of Weltanshauung. |
| Keywords: | Efficient Market Hypothesis,Information,Epistemology of Economics,Hayek,Fama,Price Theory,Neoliberalism |
| Date: | 2018–11–24 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-01933895&r=all |
| By: | Serdarevic, Nina (University of Bergen, Department of Economics); Strømland, Eirik (University of Bergen, Department of Economics); Tjøtta, Sigve (University of Bergen, Department of Economics) |
| Abstract: | This paper contributes to the experimental literature by examining the causal effect of partnerchoice opportunities on the earnings of different cooperative types. We first elicit cooperative types and then randomly assign subjects to a repeated prisoner’s dilemma game with either mutual partner choice or random matching. In each round, the individual who fails to attain a partner is excluded from the group. This design allows us to study the causal effect of partner choice on earnings and exclusion. The results from two experiments show that partner choice allows cooperators to outperform free riders, cooperators earn more than free riders, and cooperators are less frequently excluded. |
| Keywords: | cooperation; commitment; partner choice; punishment |
| JEL: | C91 C92 D02 |
| Date: | 2018–09–13 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:bergec:2018_012&r=all |
| By: | Kara Dimitruk (Department of Economics, Stellenbosch University) |
| Abstract: | This article sheds light on the way the Glorious Revolution of 1688 in England affected property rights to land. From 1660 to 1702, the bulk of parliament’s legislative work was on estate acts that reorganized families’ rights to land use. Using a random sample of 65 estate acts, the article finds that the Revolution broadened political access to parliament. I show acts were primarily for members of parliament and their families, but new acts after 1688 had secondary connections to MPs as trustees. It also finds that the composition of the acts changed after the Revolution because landholders sought to break strict settlements, a new form of property conveyance. The findings establish the place of estate acts in the broad narrative of the Glorious Revolution and help to explain the development of capitalism in England. |
| Keywords: | property rights, Glorious Revolution, estate acts, strict settlements |
| JEL: | N43 H10 K11 P14 P16 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:sza:wpaper:wpapers315&r=all |
| By: | Albert Marouani (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - UCA - Université Côte d'Azur - CNRS - Centre National de la Recherche Scientifique) |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01964272&r=all |
| By: | Paul Levine (University of Surrey and CIMS) |
| Abstract: | This survey and assessment of the state of DSGE modelling is structured around six key criticisms levelled at the approach. The first is fundamental and common to macroeconomics and microeconomics alike - namely, problems with rationality and expected utility maximization. The second is that DSGE models examine fluctuations about an exogenous balanced growth path and there is no role for endogenous growth, either medium or long-term. The third consists of a number of concerns associated with systems estimation. The fourth is another fundamental problem with any microfounded macro-model - that of heterogeneity and aggregation. The fifth and sixth concerns focus on the rudimentary nature of earlier models that lacked unemployment and a banking sector. |
| JEL: | C11 C18 C32 E32 E47 E52 E62 O44 |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:sur:surrec:0319&r=all |
| By: | Alain Béraud (THEMA - Théorie économique, modélisation et applications - UCP - Université de Cergy Pontoise - Université Paris-Seine - CNRS - Centre National de la Recherche Scientifique) |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01968344&r=all |
| By: | Suchon, Rémi (University of Lyon 2); Villeval, Marie Claire (CNRS, GATE) |
| Abstract: | In a laboratory experiment we test the interaction effects of status and group identity on interpersonal trust. Natural group identity is generated by school affiliation. Status (expert or agent) is awarded based on relative performance in a math quiz that is ex ante less favorable to the subjects from one group. We find that "promoted" trustors (individuals from the disadvantaged group that nevertheless achieve the status of expert) trust less both in-group and out-group trustees, compared to the other members of their group. Rather than playing against the effects of natural group identity, status promotion singles-out individuals. In contrast, trustworthiness is not affected by status and there is no evidence that interacting with promoted individuals impacts trust or trustworthiness. |
| Keywords: | trust, status, group identity, social mobility, experiment |
| JEL: | C92 D91 J62 |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp12086&r=all |
| By: | Gilles Saint-Paul (PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics) |
| Abstract: | La Cinquième République fête en 2018 ses soixante ans. Mais cette exceptionnelle longévité s'est accommodée d'évolutions multiples. La Cinquième République est celle d'Antoine Pinay mais aussi de Christiane Taubira, de Georges Pompidou et d'Emmanuel Macron, de Raymond Marcellin et de Martine Aubry. La Cinquième République que nous connaissons est-elle la même qu'en 1958 ? Si oui, quelles sont ses spécificités ? S'agit-il d'un régime fourre-tout ou bien est-il porteur de principes particuliers ? |
| Date: | 2018–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-01972041&r=all |
| By: | Barry J. Eichengreen; Asmaa A ElGanainy; Rui Pedro Esteves; Kris James Mitchener |
| Abstract: | We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes resulted in debt-management problems resolved through debasements and restructurings. Less widely appreciated are successful debt consolidation episodes, instances in which governments inheriting heavy debts ran primary surpluses for long periods in order to reduce those burdens to sustainable levels. We analyze the economic and political circumstances that made these successful debt consolidation episodes possible. |
| Date: | 2019–01–15 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:19/6&r=all |