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on History and Philosophy of Economics |
| By: | Michael D. Bordo; Catherine R. Schenk |
| Abstract: | In 1919, John Maynard Keynes wrote his famous tract The Economic Consequences of the Peace. In that work, he anticipated the collapse of the first era of globalization that began in the mid-nineteenth century. He admonished the short-sighted assumption that these years of relative peace and prosperity for many was a permanent norm, interrupted only briefly by the Great War. The diplomatic failures, lapses in leadership, and promotion of narrow interests and vision outlined by Keynes underpinned his prediction of a backslash of economic nationalism, trade protectionism, and recession. The paper revisits the turning points in the evolution of the global economic system since 1919 by focusing primarily on the evolution of the international monetary system and policy cooperation/coordination. We identify three disruptions and examine how each prompted a change in the underlying ideology about how the international monetary system should organize: World War I, Bretton Woods, 1970s Great Inflation and Managed Floating. Each turning point was characterized by different forms and institutions of cooperation, how rules (either explicit or implicit) were designed and implemented, and the crucial importance of the historical context. |
| JEL: | F02 F33 N10 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29114&r= |
| By: | Matthieu Renault (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (... - 2019) - COMUE UCA - COMUE Université Côte d'Azur (2015 - 2019) - CNRS - Centre National de la Recherche Scientifique - UCA - Université Côte d'Azur) |
| Abstract: | Based on the testimony of Edmond Malinvaud, this article puts forth a threefold thesis about the liberal turn in France. First, this turn marked a mere return to traditional liberalism, rather than the advent of "neoliberalism". Second, engineer-economists played a limited role as they did not initiate the reorientation of economic policies but accompanied it. Third, the liberal turn in France is understood as a period of transition during which the Planist-Keynesian model of regulation was dismantled. Three transformations – all initiated by Raymond Barre but brought to completion by the socialist government – were decisive in this regard: the end of price and wage controls, the end of the public monopoly of expertise, and the end of Keynesian stabilization policies. |
| Abstract: | A l'appui du témoignage d'Edmond Malinvaud, cet article avance une triple thèse à propos du tournant libéral en France. Premièrement, ce tournant a marqué un retour au libéralisme traditionnel plutôt que l'avènement d'un « néolibéralisme ». Deuxièmement, les ingénieurs-économistes n'y ont joué qu'un rôle limité, en accompagnant plutôt qu'en impulsant le tournant libéral. Troisièmement, le tournant libéral en France peut être appréhendé comme une période de transition au cours de laquelle fut mise en œuvre la liquidation du modèle de régulation planiste-keynésien. A cet égard, trois transformations – toutes initiées par Raymond Barre mais entérinées par le gouvernement socialiste – furent décisives : la fin du contrôle des prix et des salaires, la fin du monopole public de l'expertise économique et la fin des politiques de stabilisations keynésiennes. |
| Keywords: | Tournant libéral,Néolibéralisme,Keynésianisme,Edmond Malinvaud,Expertise |
| Date: | 2021–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03287150&r= |
| By: | Lise Arena (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UCA - Université Côte d'Azur - CNRS - Centre National de la Recherche Scientifique - UNS - Université Nice Sophia Antipolis (... - 2019) - COMUE UCA - COMUE Université Côte d'Azur (2015 - 2019)) |
| Abstract: | This chapter assesses Oxford's contributions to the emergence and institutionalisation of industrial economics as an academic discipline. Based on the analysis of primary sources (interviews, unpublished documents, archives, academic journals and teaching programmes), it charts and evaluates the gradual and, at times, conflictual process of the institutionalisation of industrial economics at Oxford from the 1920s to the 1980s. We show that Oxford's contribution to industrial economics was not attributable to any specific school of thought, as could be argued was the case for Cambridge. This was mainly due to the lack of emblematic figures at Oxford and/or the relative isolation of successive individuals elected to the Drummond Chair. Yet, it is argued that Oxford produced a unified methodological body and a unique approach to industrial economics based on an empirical approach to the firm and to organisations. |
| Date: | 2021–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03290294&r= |
| By: | Economou, Emmanouel/Marios/Lazaros |
| Abstract: | Μερικοί από τους παλαιότερους μεγάλους οικονομολόγους είχαν συγγράψει για την σημασία των θεσμών στην οικονομία, όπως ο T. Veblen και ο J.S.Mill, ενώ και ο πατέρας της οικονομικής επιστήμης A. Smith έχει αναφορές στον Πλούτο των Εθνών. Τα Θεσμικά Οικονομικά (Institutional Economics) αναβίωσαν μετά τον Β΄ Παγκόσμιο πόλεμο, ως “νέα” (New Institutional Economics) με τα έργα των F.A. von Hayek, J.A. Schumpeter και άλλων, και με ιδιαίτερη έμφαση από τον D. North και τους πιο σύγχρονους D. Acemoglu, J.A. Robinson, G. Hodgson κλπ., ενώ πλέον πολλοί μη αμιγώς “θεσμικοί” οικονομολόγοι αναφέρονται σε θεσμικά θέματα, όπως ο A. Sen, o J. Tirole κλπ. |
| Keywords: | N20 |
| JEL: | A2 A20 A22 |
| Date: | 2020–04–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:108623&r= |
| By: | 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: | Ce papier est la première contribution au projet scientifique interdisciplinaire porté par Marie Rota, visant à valoriser le rôle des plantes au travers du procédé de l'écriture. Il expose la perspective épistémologique du point de vue économiste qui sera proposé dans le cadre des différents ateliers de ce projet : une perspective critique de l'économie standard, et l'exploration d'une approche alternative au croisement de la philosophie du développement humain théorisé par Amartya Sen et de l'éthique permaculturelle initiée par Bill Mollison et David Holmgren. Il constituera une annexe du chapitre 1 de l'ouvrage à paraître aux éditions Le Bord de l'eau : Marie Rota (Ed.) (2021), Écrire les plantes. Une approche interdisciplinaire. |
| Keywords: | human development,économics,ecology,plants,capabilities,permacultural ethics,greening of economics |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03276515&r= |
| By: | Denis Dupré (STEEP - Sustainability transition, environment, economy and local policy - Inria Grenoble - Rhône-Alpes - Inria - Institut National de Recherche en Informatique et en Automatique - LJK - Laboratoire Jean Kuntzmann - Inria - Institut National de Recherche en Informatique et en Automatique - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes) |
| Abstract: | The issues of private property and survival are intimately intertwined in Francis of Assisi's vision of the radical imagination as defined by Castoriadis. His concept of property pulverizes the classical usus fructus abusus and replaces it with charity. Today a pragmatic philosophical reading of Pope Francis' encyclical Laudate Si illuminates a very Franciscan approach to property. It is the analysis of the means of access to basic food for survival that has given rise to the concept of common goods, in the sense of Ostrom, defined by Polanyi: land, money and work. For today, and taking into account possible collapses, we think it is useful to rely on these approaches to reform our institutions and put them at the service of survival for all. |
| Abstract: | Les questions de la propriété privée et de la survie sont intimement mêlées chez François d'Assise en une vision qui témoigne de l'imagination radicale telle que définie par Castoriadis. Son concept de propriété pulvérise le classique usus fructus abusus et le remplace par la charité. Aujourd'hui une lecture philosophique pragmatique de l'encyclique Laudate Si du pape François éclaire une approche très franciscaine de la propriété. C'est l'analyse des moyens d'accès à la nourriture de base pour la survie qui a fait apparaitre le concept des biens communs, au sens d'Ostrom, définis par Polanyi : la terre, la monnaie et le travail. Pour aujourd'hui et en tenant compte des effondrements possibles, nous pensons utile de nous appuyer sur ces approches pour réformer nos institutions et les mettre au service de la survie pour tous. |
| Abstract: | Le questioni della proprietà privata e della sopravvivenza sono intimamente intrecciate nella visione di Francesco d'Assisi dell'immaginazione radicale come definita da Castoriadis. Il suo concetto di proprietà polverizza il classico usus fructus abususus e lo sostituisce con la carità. Oggi una lettura filosofica pragmatica dell'enciclica Laudato Si' di Papa Francesco illumina un approccio molto francescano alla proprietà. È l'analisi dei mezzi di accesso al cibo di base per la sopravvivenza che ha dato origine al concetto di beni comuni, nel senso di Ostrom, definito da Polanyi: terra, denaro e lavoro. Per oggi e tenendo conto dei possibili crolli, pensiamo che sia utile contare su questi approcci per riformare le nostre istituzioni e metterle al servizio della sopravvivenza di tutti. |
| Keywords: | radical imagination,environmental justice,Polanyi,Castoriadis,property,Francis of Assisi',pope Francis,common good,survival |
| Date: | 2021–08–29 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03279027&r= |
| By: | Francesco Vigliarolo (Catholic University of La Plata, National University of La Plata, University of Buenos Aires [Argentina]) |
| Abstract: | The objective of this article is to propose what can be called a law of ontological reason in economics as opposed to the law of supply and demand. To do this, it uses a phenomenological approach that interprets economics in terms of primary ideas. To this end, it's defined the ontological reason and the space in which it is built in order to introduce the concept of demand of rights and not of consumption. In this context, the relationship that underlies an ontological reason which presupposes a different behavior from that of the law of supply and demand is then described. According to this approach, it is claimed that the latter leads to structural problems. It subordinates the general identity of a country to the interests of individuals, as it focuses on maximizing personal utility that is unrelated to the creation of the rights of men and women living in a context that contains them in a relational way. |
| Keywords: | economics,ontology,phenomenology,demand for rights |
| Date: | 2020–12–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03298795&r= |
| By: | Katherine Di Lucido; Nicholas K. Tabor; Jeffery Y. Zhang |
| Abstract: | This paper provides a brief history of the U.S. financial regulatory perimeter, a legal cordon comprised of “positive†and “negative†restrictions on the conduct of banking organizations. Today’s regulatory perimeter faces a wide range of challenges, from disaggregation, to new commercial entrants, to new varieties of charters (and new uses of legacy charters). We situate these challenges in the longer history of American banking, identifying a pattern in debates about the nature, shape, and position of the perimeter: outside-in pressure, inside-out pressure, and reform and expansion. We also observe a shift in this pattern, beginning roughly three decades ago, which gradually made the perimeter broader, more complex, and arguably more permeable. We show this trend graphically in an animation accompanying this paper. |
| Keywords: | Regulatory perimeter; Banking regulation; Law and economics; Non-bank financial intermediation |
| JEL: | K20 K40 N20 N40 |
| Date: | 2021–08–02 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2021-51&r= |
| By: | Oliver, Adam |
| Abstract: | The principal objective of the liberal economic tradition is to encourage mutually advantageous actions between individuals, and the best means by which to do this, according to those who follow this tradition, is a demand-led competitive market. This article summaries the propositions of the liberal economic tradition and concludes that while its components ought to be tolerated over private decision-making in order to protect individual autonomy, the demand-led competitive market provides incentives for egoistic actions that may harm groups, and by extension, the individuals within those groups. As such, it is argued that it is not sensible to introduce or maintain a demand-led competitive market in public sector services because it may undermine the pursuit of broadly agreed-upon collective goals in these sectors. The article finishes with a discussion of some alternative public sector policy mechanisms that may better serve the aim of crowding in cooperative actions and behaviours. |
| Keywords: | competition; cooperation; egoism; governance; liberalism; reciprocity |
| JEL: | J1 |
| Date: | 2020–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:103060&r= |
| By: | Lise Arena (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UCA - Université Côte d'Azur - CNRS - Centre National de la Recherche Scientifique - UNS - Université Nice Sophia Antipolis (... - 2019) - COMUE UCA - COMUE Université Côte d'Azur (2015 - 2019)); Anthony Hussenot (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (... - 2019) - COMUE UCA - COMUE Université Côte d'Azur (2015 - 2019) - CNRS - Centre National de la Recherche Scientifique) |
| Date: | 2021–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03290300&r= |