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on History and Philosophy of Economics |
| By: | Michel De Vroey (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES)) |
| Abstract: | My review of Ingrao and Sardoni’s book paper focuses on its Part II, entitled “From the Neoclassical Synthesis to New Keynesian Economics.” My criticisms amount to three. First, I disagree with Ingrao and Sardoni’s account of the twists and turns that have occurred in modern macroeconomics. Often, where they see continuity, I see cleavage; where they see cleavage, I see continuity. Second, I put forward that the result of the 2008 recession is that DSGE economists were led to zero in on the hitherto neglected issue of the workings of the financial sector and its integration in their models. Hence, Ingrao and Sardoni’s conclusion of failure must be revised. Third, I want to bring out that the internal history of economics can be written in two ways: the approach can be partisan or steer clear of the fray. As I am in favor of the latter, I regret that Ingrao and Sardoni have adopted the former. |
| Keywords: | History of macroeconomics, banking finance |
| JEL: | B10 B22 B26 |
| Date: | 2020–07–07 |
| URL: | http://d.repec.org/n?u=RePEc:ctl:louvir:2020028&r=all |
| By: | Matthijs van Veelen (University of Amsterdam) |
| Abstract: | Most of the literature on the evolution of human pro-sociality looks at reasons why evolution made us not play the Nash equilibrium in prisoners’ dilemmas or public goods games. We suggest that in order to understand human morality, and human prosocial behaviour, we should look at reasons why evolution made us not play the subgame perfect Nash equilibrium in sequential games, such as the ultimatum game and the trust game. The “rationally irrational†behavior that can evolve in those games is a better match with actual human behaviour, including ingredients of morality such as honesty, responsibility, and sincerity, and also less nice properties, such as anger, as well as the incidence of conflict. Moreover, it can not only explain why humans have evolved to know wrong from right, but also why other animals, with similar population structures and similar rates of repetition, have not evolved the morality that humans have. |
| JEL: | C73 |
| Date: | 2020–09–22 |
| URL: | http://d.repec.org/n?u=RePEc:tin:wpaper:20200063&r=all |
| By: | Yagiz Özdemir; Björn Bartling; Ernst Fehr |
| Abstract: | The widespread use of markets leads to unprecedented material well-being in many societies. We study whether market interaction, as a side effect, erodes moral values. An encompassing understanding of the virtues and vices of markets, including their possible impact on moral values, is necessary to make informed decisions on the spheres in society where the allocation and incentive functions of markets should exercise their power, and where this may not be desirable. In a seminal and highly influential paper, Falk and Szech (2013) provide experimental data that seem to suggest that “market interaction erodes moral values.” Although we replicate their main treatment effect, we show that additional treatments are necessary to corroborate their conclusion. These treatments, however, reveal that repeated play and not market interaction causes the erosion of moral values. Our paper thus shows that neither Falk and Szech’s data nor our data support the claim that market interaction erodes moral values. |
| Keywords: | market interaction, moral values |
| JEL: | C91 D02 D62 D63 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_8546&r=all |
| By: | Pierrick Clerc (Swiss National Bank); Michel De Vroey (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES)) |
| Abstract: | The aim of this paper is to compare the visions held by two eminent monetarist economists, M. Friedman and K. Brunner, on the development prospects of monetarism within the macroeconomics discipline. Brunner, jointly with A. Meltzer, strived at constructing a model competing with the IS-LM model. By contrast, when invited to elaborate on the broader theoretical framework of monetarism, Friedman had no qualms to use the IS-LM model. In the first part of this paper, we summarize Friedman’s “Theoretical Framework” paper, Brunner and Meltzer’s reaction to it, and Friedman’s response. In the second part, we study the commonalities and differences between Friedman’s and Brunner’s approaches. In the third part, we summarize and assess the Brunner–Meltzer model. More general observations are offered in the conclusion. |
| Keywords: | M. Friedman, K. Brunner, monetarism, IS-LM model |
| JEL: | B22 B31 E40 E60 |
| Date: | 2020–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:ctl:louvir:2020027&r=all |
| By: | Beilharz, Hans-Jörg |
| Abstract: | Two important factors influencing anthropogenic climate change are growth in technology and economic activity. By using a philosophical approach, we look at the essences of technology and economics to deeper understand the roots of climate change. According to Heidegger, "modern technology" is a mode of revealing truth by challenging nature. Considering the etymology of economics, we find that the origins of economics lie in supplying and caring. Although their essences are different, the common property of modern technology and economics is the challenging characteristic of their dynamics. Over time, they challenge nature and humans with rising intensity. The dynamics unfolds within a "demand" on us, the humans. Because anthropogenic climate change is a consequence of the increasing intensity in the dynamics of economics and technology, it is also related to a demand we try to satisfy. One possibility to emancipate from the dynamics and to overcome the dangers of climate change is to "hear" the demand and to get into a dialogue about it. |
| Keywords: | technological and economic growth,climate change |
| JEL: | A12 Q54 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iubhbm:112020&r=all |
| By: | Henri-Louis Vedie |
| Abstract: | En distinguant trois économistes reconnu(e)s pour leurs travaux sur l'approche de la pauvreté, les Nobel 2019 ont redonné ses lettres de noblesse à l'économie du développement. Mais, cette nomination c'est aussi la validation d'une méthode d'analyse, jusqu'alors essentiellement utilisée en médecine, méthode d'expérimentation aléatoire, encore appelée randomisation. C'est, donc, un nouveau tournant que prend la recherche économique, celui d'une démarche empirique commencée il y a une dizaine d'années, incarnée, par exemple, par T. Piketty. En distinguant E. Duflo, le jury Nobel a distingué une seconde femme, après E. Ostrom, en 2009, faisant d'elle la plus jeune lauréate de ce prestigieux Prix, devant K. Arrow, lauréat à 51 ans. Si les noms d'A. Banerjee et d'E. Duflo sont indissociables à double titre, mariés depuis 2015 et co-fondateurs de J-PAL Lab, celui de M. Kremer l'est tout autant de « Kremer O-Ring of Economic Development. Tous trois vont faire de la randomisation au cours des quinze dernières années, la méthodologie favorite de la Banque mondiale (BM). |
| Date: | 2020–02 |
| URL: | http://d.repec.org/n?u=RePEc:ocp:ppaper:pb20-10&r=all |
| By: | Roberto Steiner |
| Abstract: | Capítulo 10 del libro: Fedesarrollo: 50 años de influencia en política pública. Bogotá: Fedesarrollo - En este capítulo, Roberto Steiner hace un recorrido cronológico de seis episodios retadores en la historia de la política monetaria colombiana; además, expone los debates que se dieron y la influencia que tuvo Fedesarrollo entorno a estos momentos. |
| Keywords: | Política Monetaria, Bonanza Cafetera, Crisis Financiara, Historia Económica, Política Pública, Centros de Pensamiento, Fedesarrollo, Colombia |
| JEL: | E52 E63 G01 O23 N16 L38 L31 I23 |
| Date: | 2020–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:col:000516:018372&r=all |
| By: | Luis Fernando Mejía |
| Abstract: | Capítulo 12 del libro: Fedesarrollo: 50 años de influencia en política pública. Bogotá: Fedesarrollo - En este capítulo, Luis Fernando Mejía refleja la influencia que ha tenido Fedesarrollo durante sus 50 años en los debates, el diseño y formulación, implementación y evaluación de políticas públicas. También, postula nuevos retos de Fedesarrollo para el futuro. |
| Keywords: | Fedesarrollo, Centros de Pensamiento, Política Pública, Crecimiento Económico, Política Económica, Desarrollo Económico y Social, Economía Colombiana, Colombia |
| JEL: | L31 I23 L38 O10 E60 O47 O54 |
| Date: | 2020–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:col:000516:018370&r=all |
| By: | Ximena Cadena |
| Abstract: | Presentación del libro: "Fedesarrollo: 50 años de influencia en política pública" - En esta presentación del libro se resalta la influencia que ha tenido Fedesarrollo en el desarrollo de políticas de diversa índole al proveer información de calidad que ayuda a la toma de decisiones políticas. Además, se hace una reflexión hacia el futuro sobre los retos que enfrentan instituciones como Fedesarrollo: las amenazas a la democracia, la velocidad de las redes y desconfianza hacia la ciencia, y el camino que queda en materia de pobreza y desigualdad en Colombia. También, se describe el recorrido de planeación y escritura que se llevó a cabo con cada exdirector para recoger su esencia y la de Fedesarrollo en este libro. |
| Keywords: | Fedesarrollo, Centros de Pensamiento, Política Pública, Economía Colombiana, Política Económica, Desarrollo Económico y Social, Historia Económica, Colombia |
| JEL: | L31 I23 L38 O54 O10 E60 N16 |
| Date: | 2020–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:col:000516:018382&r=all |
| By: | Roberto Junguito |
| Abstract: | Capítulo 2 del libro: "Fedesarrollo: 50 años de influencia en política pública" Bogotá: Fedesarrollo - Roberto Junguito retrata el impacto que ha tenido Fedesarrollo en el análisis y en las políticas públicas relacionadas con el sector agropecuario y rural a partir de la recolección de la bibliografía que se ha producido en este centro de investigación en materia agropecuaria y rural a través de las décadas. |
| Keywords: | Política Agropecuaria, Sector Agropecuario, Política Pública, Centros de Pensamiento, FedesarrolloHistoria Económica, Colombia |
| JEL: | Q18 Q10 L38 L31 I23 N16 |
| Date: | 2020–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:col:000516:018380&r=all |
| By: | Martin Ravallion |
| Abstract: | The late 18th century saw the intellectual germ of the idea of “ending poverty,” but the idea did not get far in economics or policy making until much more recently. Over the 19th century, poverty rates fell substantially in Western Europe and North America, and we started to see mainstream advocates of ending chronic poverty, and policies for doing so. There was an explosion of interest in the idea from around 1960, with policy responses in many countries, including America. In the post-Colonial period, the newly independent states were keen to see an end to poverty. From the 1990s, development agencies began to identify this as their overarching objective. The U.N.’s first Millennium Development Goal (MDG1) of halving the 1990 poverty rate by 2015 was achieved ahead of time. The U.N.’s Sustainable Development Goals came to include ending extreme poverty by 2030. This is more ambitious than MDG1, and more politically challenging. Economic growth in poor countries is likely to remain important, but the policy emphasis has shifted to redistributive interventions, though these will require a deeper reach to the poorest if we are to see the end of poverty, judged by any chosen poverty line. |
| JEL: | B00 I30 |
| Date: | 2020–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:27808&r=all |