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on History and Philosophy of Economics |
| By: | Antoinette Baujard (GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon - UJM - Université Jean Monnet [Saint-Étienne] - Université de Lyon - CNRS - Centre National de la Recherche Scientifique); Muriel Gilardone (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Our paper offers a novel reading of Sen's idea of justice, beyond the standard prisms imposed by theories of justice-resting on external normative criteria-and formal welfarism-involving the definition of individual welfare and its aggregation. Instead we take seriously Sen's emphasis on personal agency and focus on his original contribution to the issue of objectivity. Firstly, we demonstrate that Sen's idea of justice, with at its core "positional views", is more respectful of persons' agency than would be a theory based on individual preference or capability. Secondly, we argue that Sen's conception of objectivity considers that both information and sentiments are relative to a position. Such an alternative approach to subjectivity allows the formation of more impartial views through collective deliberation and a better consideration of justice by agents themselves. |
| Keywords: | Individual preferences,positional objectivity,sentiments,public reasoning,agency,justice |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-02190946&r=all |
| By: | Mayntz, Renate |
| Abstract: | The history of a research field called political economy dates back to the eighteenth century, giving rise to a variety of disciplinary approaches, and experienced a renaissance as a multidisciplinary field after the Second World War, combining economic, political science, and sociological approaches. The divergence between economic globalization and the nationally restricted scope of economic policy directs interest to the relationship between politics and the economy. A quantitative analysis of the articles published in two dedicated political economy journals shows major trends of the developing research field. The relationship between politics and economy is interpreted rather widely, and research is largely focused on Western capitalist nations. In conclusion, two avenues for further research in the field are briefly discussed. |
| Keywords: | capitalism,history of political economy,relationship politics/economy,Western capitalist nations,Geschichte der politischen Ökonomie,Kapitalismus,Verhältnis Politik/Ökonomie,westliche kapitalistische Nationen |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:mpifgd:196&r=all |
| By: | Ben Amiet; Andrea Collevecchio; Marco Scarsini |
| Abstract: | Nash equilibria are a central concept in game theory and have applications in fields such as economics, evolutionary biology, theoretical computer science, and many others. Mixed equilibria exist in any finite game, but pure equilibria may fail to exist. We consider the existence of pure Nash equilibria in games where the payoffs are drawn at random. In particular, we consider games where a large number of players can each choose one of two possible actions, and the payoffs are i.i.d. with the possibility of ties. We provide asymptotic results about the random number of pure Nash equilibria, such as fast growth and a central limit theorem. Moreover, we establish a new link between percolation models and game theory to shed light on various aspects of Nash equilibria. Through this connection, we describe in detail the geometry of Nash equilibria and show that, when the probability of ties is small, a best-response dynamics reaches a Nash equilibrium with a probability that quickly approaches one as the number of players grows. We show a multitude of phase transitions depending on a single parameter of the model, that is, the probability of having ties. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.10758&r=all |
| By: | Isabelle Guérin (IRD - Institut de Recherche pour le Développement, CESSMA UMRD 245 - Centre d'études en sciences sociales sur les mondes africains, américains et asiatiques - IRD - Institut de Recherche pour le Développement - Inalco - Institut National des Langues et Civilisations Orientales - UPD7 - Université Paris Diderot - Paris 7) |
| Abstract: | Isabelle GUÉRIN J'ai eu la chance de faire partie de l'équipe de recherche Finance, exclusion et activités au sein du centre lyonnais Auguste et Léon Walras. Créée en 1997 par Jean-Michel Servet (JMS) avec l'étroite collaboration de David Vallat, doctorant à l'époque, cette équipe a perduré jusqu'à la dissolution du Centre Walras fin 2004. De nombreux liens se sont maintenus néanmoins, à la fois entre JMS et ses anciens doctorant(e)s, et entre doctorant(e)s, au travers de projets structurés ou d'échanges plus informels. Les notions de crédit et de dette ont été l'un des fils directeurs de ces collaborations, avec pour particularité de s'intéresser à la double face de la dette : moteur des liens sociaux et support potentiel de nouvelles solidarités, d'une part, source d'exploitation et de creusement des inégalités, d'autre part. À la relecture des travaux de JMS et de ses étudiant(e)s, émerge cette dimension ambivalente, à la fois universelle, tragique et émancipatrice. Universelle, puisque la dette est appréhendée comme une forme élémentaire et fondamentale de l'interdépendance entre les êtres humains ; tragique, puisque la dette est une source essentielle d'exploitation et de domination ; et enfin émancipatrice, puisque la dette est aussi un vecteur possible de solidarité, entendue ici comme interdépendance recherchée, de reconnaissance et d'intégration sociale. Ces trois aspects pourraient constituer l'esquisse d'une socioéconomie de la dette, et c'est à cette étude que ce chapitre est dédié. Participer à cette équipe de recherche a été une opportunité inouïe, loin du parcours solitaire dont souffrent nombre d'étudiants. Ce collectif a été un lieu d'échanges, de réflexions, de débats et de co-écriture fort stimulant, parfois contraignant-il supposait un engagement sans réserve !-mais d'une immense richesse. Au-delà de la transmission de connaissances, de projets en commun, et d'une mise en réseau-éléments qui sont déjà fort appréciables-JMS a su nous insuffler, me semble-t-il, une véritable vision de la recherche et de la socioéconomie : le lien étroit avec le terrain comme fondement premier de la connaissance, la nécessité d'être en prise systématique avec le réel et ses acteurs, une attention permanente aux sociétés qui nous entourent et à leurs mutations, à la fois en cours et à venir. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:ird-02196925&r=all |
| By: | Eric Monnet; Damien Puy |
| Abstract: | Why did monetary authorities hold large gold reserves under Bretton Woods (1944–1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. The longer an institution spent in the gold standard (and the older the policymakers), the stronger the correlation between gold reserves and currency. Since dollars and gold were not perfect substitutes, the Bretton Woods system never worked as expected. Even after radical institutional change, history still shapes the decisions of policymakers. |
| Date: | 2019–07–24 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:19/161&r=all |
| By: | Claudia Cerrone (Max Planck Institute for Research on Collective Goods, Bonn); Francesco Feri (Royal Holloway, Department of Economics); Philip R. Neary (Royal Holloway, Department of Economics) |
| Abstract: | Existing models of regret aversion assume that individuals can make an ex-post comparison between their choice and a foregone alternative. Yet in many situations such a comparison can be made only if someone else chose the alternative option. We develop a model where regret-averse agents must decide between the status quo and a new risky option that outperforms the status quo in expectation, and learn the outcome of the risky option, if unchosen, with a probability that depends on the choices of others. This turns what was previously a series of single-person decision problems into a coordination game. Most notably, regret can facilitate coordination on the status quo { an action that would not be observed if the agents were acting in isolation or had standard preferences. We experimentally test the model and find that regret-averse agents behave as predicted by our theory. |
| Keywords: | regret aversion, coordination games, information |
| JEL: | C72 C92 D81 D91 |
| Date: | 2019–07 |
| URL: | http://d.repec.org/n?u=RePEc:mpg:wpaper:2019_10&r=all |
| By: | Enrico Spolaore |
| Abstract: | Why is modern society capable of cumulative innovation? In A Culture of Growth: The Origins of the Modern Economy, Joel Mokyr persuasively argues that sustained technological progress stemmed from a change in cultural beliefs. The change occurred gradually during the seventeenth and eighteenth century and was fostered by an intellectual elite that formed a transnational community and adopted new attitudes toward the creation and diffusion of knowledge, setting the foundation for the ethos of modern science. The book is a significant contribution to the growing literature that links culture and economics. This review discusses Mokyr’s historical analysis in relation to the following questions: What is culture and how should we use it in economics? How can culture explain modern economic growth? Will the culture of growth that caused modern prosperity persist in the future? |
| Keywords: | technological progress, innovation, useful knowledge, cultural change |
| JEL: | N13 N33 O30 O52 Z10 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_7759&r=all |
| By: | Kosse, Fabian (LMU Munich); Deckers, Thomas (University of Bonn); Pinger, Pia (University of Bonn); Schildberg-Hörisch, Hannah (DICE); Falk, Armin (University of Bonn) |
| Abstract: | This study presents descriptive and causal evidence on the role of social environment for the formation of prosociality. In a first step, we show that socio-economic status (SES) as well as the intensity of mother-child interaction and mothers\' prosocial attitudes are systematically related to elementary school children\'s prosociality. In a second step, we present evidence on a randomly-assigned variation of the social environment, providing children with a mentor for the duration of one year. Our data include a two-year follow-up and reveal a significant and persistent increase in prosociality in the treatment relative to the control group. Moreover, enriching the social environment bears the potential to close the observed gap in prosociality between low and high SES children. A mediation analysis of the observed treatment effect suggests that prosociality develops in response to stimuli in the form of prosocial role models and intense social interactions. |
| Keywords: | formation of preferences; prosociality; social preferences; trust; social inequality; |
| JEL: | D64 C90 |
| Date: | 2019–07–30 |
| URL: | http://d.repec.org/n?u=RePEc:rco:dpaper:167&r=all |
| By: | Ötsch, Walter |
| Abstract: | In der ökonomischen Theorie haben Metaphern (als Formen eines bildhaften Sprachgebrauchs) immer eine besondere Rolle gespielt. Nach einem historischen Überblick über das Konzept von Metaphern wird die Geschichte des dominanten Stranges in der ökonomischen Theorie als Geschichte einer Metapher von der Maschine skiziiert In der Geschichte der ökonomischen Theorie finden sich immer Metaphern, diese können als Formen eines bildhaften Sprachgebrauchs verstanden werden. Eine besondere Rolle hat im Hauptrang der Theorieentwicklung die Metapher von der Maschine gespielt. Nach einem historischen Überblick über das Konzept von Metaphern (Kap. 1) und der Kulturgeschichte der Metapher von der Maschine (Kap. 3) wird die Geschichte der ökonomischen Theorie als achtstufige Geschichte einer Metapher von der Maschine skizziert: Bei Quesnay als einer machine économique mit Bezug auf die Philosophie von Descartes, bei Smith eine natural order mit Bezug auf die Mechanik bei Newton, bei Malthus und Ricardo als Konzept von ökonomischen Gesetzen in Analogie zu Naturgesetzen in einer Neuinterpretation von Newton - ähnlich auch bei John Stuart Mill, bei Jevons und Walras als explizit ausformulierte "mechanistische Nationalökonomie", bei Autoren wie Gérald Debreu als Neuformulierung des Ansatzes von Walras als einer Informationsmechanik, sowie bei Friedrich August von Hayek als Konzept von "dem Markt" als einem Informationsnetzwerk in Analogie zu einem Telekommunikationssystem. |
| Keywords: | Mechanistische Metapher,Mechanistik,Sozialphysik,Marktbegriff,Ordnungsbegriff,Philosophie der Ökonomie,naturwissenschaftliches Weltbild,Mensch als Maschine |
| JEL: | B10 B21 B25 B30 B53 Z13 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cuswps:oek42&r=all |
| By: | Ronconi, Lucas (Centro de Investigación y Acción Social (CIAS)) |
| Abstract: | In less developed countries the state does not extends its legality homogenously. A share of the population suffers its absence or its illegal presence. In this article we argue that such irregular state intervention has more negative consequences that previously thought. Individuals who suffer lack of access to citizen's rights blame the state for their hardship, and negatively reciprocate by ignoring their civic duties. The building blocks of our hypothesis are attribution theory and reciprocity. We provide evidence based on self-report survey data for almost one hundred developing countries; an observational study where compliance with civic duties can be objectively assessed; and a list experiment. The evidence indicates that people who are discriminated by government officials, or workers who do not receive legally-mandated benefits, are less likely to comply with civic duties such as voting and paying taxes. Exclusion erodes civic responsibilities. |
| Keywords: | reciprocity, trust, taxes, voting, rights, citizenship |
| JEL: | H26 I38 D63 |
| Date: | 2019–07 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp12457&r=all |
| By: | Bäuerle, Lukas |
| Abstract: | By conducting a discourse analysis (SKAD) in the field of academic economics textbooks, this paper aims at reconstructing frames and identity options offered to undergraduate students relating to the questions "Why study economics?"and "Who do I become by studying economics?". The analysis showed three major frames and respective identity offerings, all of which are contextualized theoretically, with prominent reference to the Foucauldian reflection of the science of Political Economy. Surprisingly, none of them encourages the student to think critically, as could have been expected in a pedagogical context. Taken together, economics textbooks appear as a "total structure of actions brought to bear upon possible action" (Foucault), therefore, as a genuine example of Foucauldian power structures. |
| Keywords: | Economic education,textbook economics,discourse analysis,SKAD,Foucault,subjectivation |
| JEL: | A11 A14 A20 A22 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cuswps:oek52&r=all |
| By: | Walter Veit |
| Abstract: | Unlike any other field, the science of morality has drawn attention from an extraordinarily diverse set of disciplines. An interdisciplinary research program has formed in which economists, biologists, neuroscientists, psychologists, and even philosophers have been eager to provide answers to puzzling questions raised by the existence of human morality. Models and simulations, for a variety of reasons, have played various important roles in this endeavor. Their use, however, has sometimes been deemed as useless, trivial and inadequate. The role of models in the science of morality has been vastly underappreciated. This omission shall be remedied here, offering a much more positive picture on the contributions modelers made to our understanding of morality. |
| Date: | 2019–07 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1907.08659&r=all |
| By: | Manuel Santos Silva; Stephan Klasen |
| Abstract: | In this article, we survey the theoretical literature investigating the role of gender inequality in economic development. The vast majority of theories reviewed suggest that gender inequality is a barrier to development, particularly over the long run. Among the many plausible mechanisms through which inequality between men and women affects the aggregate economy, the role of women for fertility decisions and human capital investments is particularly important. Yet, we believe the body of theories could be expanded in several directions. |
| Keywords: | Gender equality; Economic growth; Fertility; Human capital; Comparative development |
| JEL: | E20 J13 J16 J24 O11 O41 |
| Date: | 2018–08–19 |
| URL: | http://d.repec.org/n?u=RePEc:got:gotcrc:252&r=all |
| By: | Stanley, T. D. (Deakin University); Doucouliagos, Chris (Deakin University) |
| Abstract: | Recently, there has been much discussion about replicability and credibility. By integrating the full research record, increasing statistical power, reducing bias and enhancing credibility, meta-analysis is widely regarded as 'best evidence'. Through Monte Carlo simulation, closely calibrated on the typical conditions found among 6,700 economics research papers, we find that large biases and high rates of false positives will often be found by conventional meta-analysis methods. Nonetheless, the routine application of meta-regression analysis and considerations of practical significance largely restore research credibility. |
| Keywords: | meta-analysis, meta-regression, publication bias, credibility, simulations |
| JEL: | C10 C12 C13 C40 |
| Date: | 2019–07 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp12458&r=all |