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on History and Philosophy of Economics |
| By: | Nisticò, Sergio |
| Abstract: | In contrast with the "missing micro-foundations" argument against Keynes's macroeconomics, the paper argues that it is the present state of microeconomics that needs more solid "Keynesian foundations". It is in particular Keynes's understanding of investors' behaviour that can be fruitfully extended to consumption theory, in a context in which consumers are considered as entrepreneurs, buying goods and services to engage in time-consuming activities. The paper emphasizes that the outcome in terms of enjoyment is particularly uncertain for those innovative and path-breaking activities, which Keynes discussed in his 1930 prophetic essay about us, the grandchildren of his contemporaries. Moreover, the Keynes-inspired microeconomics suggested in the paper provides an explanation of why Keynes's prophecy about his grandchildren possibly expanding leisure did not materialize yet. The paper finally points at the need for appropriate economic policies supporting consumers' propensity to enforce innovative forms of time use. |
| Keywords: | Keynesian microeconomics,consumption,time use,uncertainty,Keynes's grandchildren |
| JEL: | B41 D11 D81 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwedp:20206&r=all |
| By: | Armand Hatchuel (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Blanche Segrestin (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique, PSL - PSL Research University) |
| Abstract: | Based on historical data and a seminal text never translated into English, we present an original interpretation of Henri Fayol's (1841-1925) administrative theory. This interpretation, which is consistent with the comments that Fayol later presented about his 'General and industrial administration' treatise, brings out his pioneering contribution to management studies. Fayol made the 'unknown' introduced by science into industry the central tenet of modern administration. He foreshadowed major aspects of today's innovation management. More fundamentally, Fayol laid new foundations for the field of management sciences. He drew from the political and philosophical works of the Enlightenment to develop a series of original concepts (in French: prévoyance, perfectionnement, programme, inconnu, corps social) that were difficult to interpret and to translate. We maintain that Fayol's administrative science is a theory of a 'creative/political' rationality that still, today, offers better theoretical and explanatory support for management science than economic and bureaucratic theory. |
| Keywords: | innovation management,management history,Fayol,administrative theory,organization theory |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02441273&r=all |
| By: | Heise, Arne |
| Abstract: | This article takes an in-depth look at post-Keynesianism as a paradigmatic alternative to the dominant neoclassical mainstream. It quickly becomes clear that post-Keynesianism is not a unified school of thought, but rather an assortment of theoretical approaches that share certain methodological and epistemological similarities and characteristic postulates. The Article does not attempt to describe the full array of Kaleckian, Kaldorian and Sraffian variants of post-Keynesian theory but instead analysis the paradigmatic and formal structure of one particular form of post-Keynesianism, the monetary theory of production in order to reconstruct these characteristic postulates from the axiomatic core of post-Keynesianism. It then sets out the theory of market participation, an alternative theory of economic policy that builds on monetary production economics. |
| Keywords: | Postkeynesianismus,heterodoxe Ökonomik,Neoklassik, Paradigma |
| JEL: | B41 B49 B5 E11 E12 E60 |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:98488&r=all |
| By: | Ejan Mackaay |
| Abstract: | The term efficiency is used here in the sense it has in economic discourse. It is the economic analysis of law that has introduced it in the language of lawyers. The economic analysis of law was discovered somewhat fortuitously by economists venturing outside their usual turf and looking at legal institutions. Their ventures led to a striking discovery, to wit that most of the classical private law institutions looked framed as if their purpose was to propose efficient solutions to frictions arising in human interaction. Of particular interest to lawyers was the complementary discovery that the efficient solution often corresponds to what lawyers intuitively sense to be the just or fair solution. The economic analysis of law thus seemed to offer a grip on lawyers’ notoriously fleeting concept of justice. Whilst the economic analysis of law offers clarifying and sometimes surprising insights throughout the different fields of the law, it is not meant to replace legal reasoning or undermine the autonomy of the law, as these bear on the framing, structuring and interpretation of law texts. On the contrary, economic considerations underscore the (relative) parsimony of relying on written texts in dealing with the problems of human interaction. The economic analysis of law complements legal reasoning: it points to the impact of legal rules and allows rules that appear to be aimed at similar purposes to be grouped together; it draws lawyers’ attention to rules whose effects are seriously out of tune with the needs of society. Experience accumulated over the past half-century shows the economic analysis of law to be a precious tool for scholarly work, as it allows one to see how texts ‘hang together’, how reforms of the law could be planned and how to structure a proliferation of ideas, rules and material for a doctoral thesis. On all these accounts, it should be part and parcel of a proper legal education. Le terme efficience est employé ici au sens qu’il a chez les économistes. C’est l’analyse économique du droit qui a introduit ce terme dans le discours du juriste. L’analyse économique du droit a été découverte un peu par hasard par des économistes s’aventurant hors de leur champ d’études habituel et portant le regard sur des institutions juridiques. Leurs démarches ont conduit à une découverte saisissante, à savoir que la plupart des institutions du droit privé paraissent formulées comme si leur objectif était d’atteindre des solutions efficientes aux interactions humaines. Ce qui a pu intéresser les juristes est la découverte que la solution efficiente correspond souvent à ce que le juriste ressent comme la solution juste. L’analyse économique du droit donne ainsi prise sur la notion de justice notoirement fugace pour les juristes. Si l’analyse économique du droit peut fournir des perspectives éclairantes et souvent surprenantes à travers les différents champs du droit, elle n’a pas vocation à remplacer la science autonome du droit, qui porte sur la formulation, la structuration et l’interprétation des textes. Au contraire, des considérations économiques soulignent la parcimonie (relative) de tabler sur des textes écrits. L’analyse économique du droit est complémentaire au savoir du juriste : elle montre les effets des règles et permet de rassembler celles qui paraissent viser des buts semblables ; elle permet d’alerter le juriste aux règles dont les effets sont sérieusement décalés par rapport aux besoins de la société. À l’expérience, l’analyse économique du droit s’avère un précieux outil de doctrine pour montrer la cohésion des champs du droit, pour préparer les réformes et pour structurer des sujets de thèse de doctorat. À ces titres, elle devrait faire partie de la formation de tout juriste. |
| Keywords: | Law and Economics, Économie du droit |
| JEL: | K00 |
| Date: | 2020–03–19 |
| URL: | http://d.repec.org/n?u=RePEc:cir:cirwor:2020s-13&r=all |
| By: | Arthur Kramer (ENS Lyon - École normale supérieure - Lyon) |
| Abstract: | Gary Becker et l'homo oeconomicus : mariage rationnel avec le néolibéralisme ? L'économie mathématisée néoclassique simplifierait le réel en utilisant une idée réductrice de l'homme, vu comme un simple calculateur égoïste et rationnel. Cependant, ce serait étrange qu'une théorie si vivace et porteuse de recherches s'appuie sur un modèle aussi simple, les néoclassiques ne sont pas des demeurés. Comprendre la construction intellectuelle de l'homo oeconomicus, c'est essayer de complexifier ce concept. S'intéresser à Gary Becker pour comprendre l'économisation du néolibéralisme trouve sa justification dans sa théorie du capital humain et de ses conséquences dans la théorie de la décision. De fait, Becker réussit le tour de force de modéliser mathématiquement l'agent économique tout en préservant la singularité de chacun : la théorie du capital humain repose sur une théorie de l'information et de la coordination humaine qui permet certains liens avec la pensée politique néolibérale. Avec Becker, on assiste à la fois à une poursuite mais aussi une mutation du néolibéralisme puisque le positivisme de la théorie du capital humain rend possible un discours de conseil aux autorités politiques. Il s'agit de retrouver dans l'homo oeconomicus une réponse à la question « pourquoi ça tient » dans un ordre spontané de marché. La réponse de Becker ouvre la voie à un impérialisme économique dans les domaines de la connaissance sociale. |
| Keywords: | Néolibéralisme,Gary Becker,Homo Oeconomicus,arthur kramer |
| Date: | 2019–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-02393549&r=all |
| By: | Kristoffer Hansen (GRANEM - Groupe de Recherche Angevin en Economie et Management - Institut National de l'Horticulture et du Paysage - AGROCAMPUS OUEST - UA - Université d'Angers) |
| Abstract: | In recent years some economists have begun to doubt the scientific standing of the standard Austrian theory of the origin of money. They seem to think that it is only one possible solution to the problem of accounting for money's value. Of these economists, Gary North (North 2012b) has presented the most cogent count-er-interpretation to how we should understand the theory of the origin of money as elaborated by Carl Menger and Ludwig von Mises. Unlike the rest of economic theory, the origin of money and Mises's regression theorem do not partake of the character of a scientific law deduced from the basic principles of the science, but is rather, and is presented as such in the writings of Menger and Mises, what North terms "conjectural history." In this essay we will respond to North's challenge and to the economists who agree with him. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02458484&r=all |
| By: | Claude Diebolt |
| Abstract: | Le 16 septembre 2020 on célèbrera le 40ème anniversaire de la mort de Jean Piaget (1896-1980). Cette contribution rend hommage à l’épistémologue, à son analyse systémique, à sa classification hiérarchique des différents niveaux de régulation comme source d’inspiration unique pour mes propres travaux en cliométrie de la croissance et des cycles économiques. |
| Keywords: | Epistémologie, Jean Piaget, régulation, sciences, systèmes complexes, systèmes sociaux, croissance, cycles, histoire économique, cliométrie.. |
| JEL: | A12 B25 B31 B41 N00 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:ulp:sbbeta:2020-10&r=all |
| By: | Yvon Pesqueux (CNAM - Conservatoire National des Arts et Métiers [CNAM], HESAM - HESAM Université, LIRSA - Laboratoire interdisciplinaire de recherche en sciences de l'action - CNAM - Conservatoire National des Arts et Métiers [CNAM]) |
| Abstract: | Après avoir rappelé les attendus de la notion de modèle et introduit la question des deux âges du modèle ingénierique de l'organisation, le texte présente le modèle ingénierique « traditionnel » en rappelant sa genèse historique en France puis la méthode du coût complet comme miroir du modèle ingénierique « traditionnel ». Il sera ensuite brièvement question du « moment japonais » marquant le pli entre le modèle ingénierique « traditionnel » et le modèle ingénierique actuel de l'organisation. Il sera ensuite question de la comptabilité d'activité comme miroir de ce modèle actuel. Seront ensuite proposés des « focus » sur le reengineering, les comptes de surplus de productivité, la notion de coût concentrique, le Business Process Management et l'approche socio-économique de l'ISEOR. La dernière partie de ce texte sera consacrée à la tension « organisation taylorienne-organisation « post taylorienne », autre point d'entrée sur les deux âges du modèle ingénierique de l'organisation compte tenu du lien avec la notion de « société de consommation » par référence à J. Baudrillard puis à la notion de « culture bourgeoise » à partir de R. Barthes avant de présenter les attendus du modèle « post taylorien » de l'organisation en passant par la figure du toyotisme puis celle du « client-roi ». |
| Date: | 2020–03–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-02495552&r=all |
| By: | Kristoffer Mousten Hansen (GRANEM - Groupe de Recherche Angevin en Economie et Management - Institut National de l'Horticulture et du Paysage - AGROCAMPUS OUEST - UA - Université d'Angers) |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02458492&r=all |
| By: | Barron, Kai |
| Abstract: | Bayes' statistical rule remains the status quo for modeling belief updating in both normative and descriptive models of behavior under uncertainty. Some recent research has questioned the use of Bayes' rule in descriptive models of behavior, presenting evidence that people overweight 'good news' relative to 'bad news' when updating ego-relevant beliefs. In this paper, we present experimental evidence testing whether this 'good-news, bad-news' effect is present in a financial decision making context (i.e. a domain that is important for understanding much economic decision making). We find no evidence of asymmetric updating in this domain. In contrast, in our experiment, belief updating is close to the Bayesian benchmark on average. However, we show that this average behavior masks substantial heterogeneity in individual updating behavior. We find no evidence in support of a sizeable subgroup of asymmetric updators. |
| Keywords: | economic experiments,Bayes' rule,belief updating,belief measurement,proper scoring rules,motivated beliefs |
| JEL: | C11 C91 D83 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wzbeoc:spii2016309r2&r=all |
| By: | Mezzetti, Claudio (University of Queensland & University of Warwick) |
| Abstract: | This paper studies disclosure of verifiable information by a privately informed expert. It shows that if the direction of the expert’s bias is uncertain, then a positive measure of expert types manipulate the decision maker fully, inducing her to choose their ideal outcome. Most other types manipulate partially. The decision maker obtains her first best outcome only if the expert is unbiased or the state of the world is a boundary point of the state space and the expert prefers a more extreme outcome. Experts benefit from being poker faced and the decision maker’s lack of familiarity with the problem. |
| Keywords: | Verifiable disclosure of information ; experts and decision makers ; manipulation ; pooling ; senders and receivers ; skepticism ; uncertain bias ; unravelling JEL codes: D44 ; D82 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:wrk:warwec:1250&r=all |
| By: | Nicolas Gravel (CSH - Centre de sciences humaines de New Delhi - MEAE - Ministère de l'Europe et des Affaires étrangères - CNRS - Centre National de la Recherche Scientifique, AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique) |
| Date: | 2019–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02471153&r=all |
| By: | Hugo Gaillard (GAINS - Groupe d'Analyse des Itinéraires et des Niveaux Salariaux - UM - Le Mans Université); Frédéric Lunel |
| Abstract: | Le cheminement français de prise en compte et de régulation de l'exercice du culte au travail n'est pas linéaire. L'actualité récente a montré un intérêt prononcé pour les questions de démonstration du fait religieux au travail. L'accommodement entre l'exercice rituel et la vie professionnelle relève pourtant de revendications anciennes. Ce sont les réponses qui leur sont apportées qui, elles, évoluent au gré des conjonctures (sociale, économique, politique) et des constructions législatives et jurisprudentielles. En partant des premiers cas recensés de manifestation religieuse au travail dans les années 1930 puis en passant par les lois Auroux pour arriver à la récente loi travail dite «loi El Khomri», nous retraçons la naissance d'un contexte législatif particulier en matière de pratiques cultuelles au travail dans les entreprises et administrations françaises.Afin de saisir avec plus de précision les causes qui conduisent les individus à exprimer leur foi dans le contexte a priori profane qu'est celui du travail, une perspective managériale appuie l'approche historique. Les politiques contemporaines de promotion de la diversité au travail et les pratiques d'individualisation et de personnalisation des pratiques de Gestion des Ressources Humaines sont présentées comme couronnant le mouvement juridique et actant la religion au travail comme une question centrale au sein des entreprises françaises.Les éléments développés puisés en démographie, en histoire ou en management témoignent de la nécessité de discussions, d'aller-retour et d'échanges interdisciplinaires entre les divers départements de recherche des universités. Cet essai de dialogue entre la gestion et l'histoire est notre contribution à ce besoin. |
| Date: | 2018–10–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02434159&r=all |
| By: | Sarah Ridout |
| Abstract: | I consider decision-making constrained by considerations of morality, rationality, or other virtues. The decision maker (DM) has a true preference over outcomes, but feels compelled to choose among outcomes that are top-ranked by some preference that he considers "justifiable." This model unites a broad class of empirical work on distributional preferences, charitable donations, prejudice/discrimination, and corruption/bribery. I provide a behavioral characterization of the model. I also show that the set of justifications can be identified from choice behavior when the true preference is known, and that choice behavior substantially restricts both the true preference and justifications when neither is known. I argue that the justifiability model represents an advancement over existing models of rationalization because the structure it places on possible "rationales" improves tractability, interpretation and identification. |
| Date: | 2020–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2003.06844&r=all |
| By: | Yvon Pesqueux (CNAM - Conservatoire National des Arts et Métiers [CNAM]) |
| Date: | 2020–03–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-02506340&r=all |
| By: | John F. Helliwell; Haifang Huang; Shun Wang |
| Abstract: | This chapter uses happiness data to assess the quality of government. Our happiness data are drawn from the Gallup World Poll, starting in 2005 and extending to 2017 or 2018. In our analysis of the panel of more than 150 countries and generally over 1,500 national-level observations, we show that government delivery quality is significantly correlated with national happiness, but democratic quality is not. We also analyze other quality of government indicators. Confidence in government is correlated with happiness, however forms of democracy and government spending seem not. We further discuss three channels (including peace and conflict, trust, and inequality) whereby quality of government and happiness are linked. We finally summarize what has been learned about how government policies could be formed to improve citizens’ happiness. |
| JEL: | H1 H5 I3 |
| Date: | 2020–03 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:26840&r=all |
| By: | Anand, Kartik; Gai, Prasanna; König, Philipp Johann |
| Abstract: | Why do politicians sometimes pursue policies with uncertain outcomes? We present a model in which politicians are unable to pre-commit to a status quo policy, and where investors and voters face a conflict over the division of output. Politicians may deviate from the status quo and pursue risky policy gambles in order to raise aggregate output to satisfy voters. These policy gambles may have a "populist" and self-fulfilling flavour: they can command electoral support despite being against voters' best interests. We analyse how consensus-building institutions eliminate the gamble equilibrium and enhance voter welfare. We interpret the United Kingdom's decision to leave the European Union through the lens of the model. |
| Keywords: | policy gambles,policy uncertainty,multiple equilibria,economic populism,Brexit |
| JEL: | D72 D78 P16 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdps:072020&r=all |
| By: | Icefield, William |
| Abstract: | Mainstream neoclassical models lack genuine demand effects satisfying the principle of effective demand even with monopolistic competition, without addition of so-called frictions, such as inflexible price. There can only be demand shocks. Price is considered to be an independent variable, instead of quantity. But as Alfred Marshall original envisioned, we can instead think of quantity as an independent variable, along with associated equilibrium convergence via quantity adjustments. This allows us to consider a short-run market-clearing equilibrium with less demand than a long-run equilibrium, in contrast to mainstream models without frictions and shocks, with validation of the principle of effective demand. |
| Date: | 2020–03–20 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:5du4z&r=all |