nep-hpe New Economics Papers
on History and Philosophy of Economics
Issue of 2023‒03‒27
ten papers chosen by
Erik Thomson
University of Manitoba

  1. Scouting capital's frontiers By Cédric Durand
  2. Marxisme et féminisme réconciliés ? Aux sources de la théorie de la valeur-dissociation de Roswitha Scholz By Richard Sobel
  3. An Investigation into the Smithian System of Sympathy: from Cognition to Emotion By Laurie Bréban
  4. Uncertainty - Definition and Classification for the Task of Economic Forecasting By Mihail Yanchev
  5. New Institutional Economics and Cliometrics By Eric C. Alston; Lee J. Alston; Bernardo Mueller
  6. Disentangling institutions: a challenge By Claude Ménard
  7. Fabrice Dannequin Introduction à Joseph Alois Schumpeter. Une théorie du capitalisme By Fabien Tarrit
  8. Hybrids: where are we? By Claude Ménard
  9. De l’influence de la pensée macroéconomique sur la direction des politiques économiques au Québec de 1936 Ã 2003 By Alain Paquet
  10. Le prix Nobel 2022 d'économie distingue les travaux de Ben S. BernanKe, Douglas W. Diamond, et Philip H. Dybvig sur le rôle des banques dans les crises By Henri-Louis Vedie

  1. By: Cédric Durand (UNIGE - Université de Genève = University of Geneva, 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: Reply to Morozov's 'Critique of Techno-Feudal Reason' E vgeny morozov has provided a salutary critique of recent proposals to conceptualize the social relations of the digital economy-with web users supposedly tied like serfs to tech barons' inescapable domains-by analogy with those of the feudal era. His 'Critique of Techno-Feudal Reason' offers a systematic review of contemporary feudal-speak as a discursive swamp in which, he charges, 'the left has a hard time differentiating itself from the right'-neoliberals like Glen Weyl and Eric Posner, as well as neoreactionaries like Curtis Yarvin and anti-wokite Joel Kotkin, articulating the same 'neo-' or 'techno-feudal' critique as Yanis Varoufakis, Mariana Mazzucato, Robert Kuttner or Jodi Dean. If radical thinkers have embraced feudal imagery as a rhetorical, meme-friendly ploy, Morozov argues that this is testament not to media savviness but to intellectual weakness-'as if the left's theoretical framework can no longer make sense of capitalism without mobilizing the moral language of corruption and perversion.' By shifting its attention from actual capitalist relations to reminiscences of feudalism, it risks letting go its prey to chase a shadow, abandoning its most original and effective angle of attack on exploitative socioeconomic relations-its sophisticated anti-capitalist political-theoretical apparatus. 1 In defining his terms-what makes 'capitalism' capitalism and 'feudalism' feudalism-Morozov reaches back to 1970s debates, in particular Robert Brenner's critique of Immanuel Wallerstein's The Origins of the Modern World System (1974). 2 In Morozov's view, Brenner's distinction
    Keywords: technofeudalism, digital, capitalism
    Date: 2022–08
  2. By: Richard Sobel (CLERSÉ - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - CNRS - Centre National de la Recherche Scientifique)
    Abstract: Roswitha Scholz's theory of value-dissociation articulates a feminist perspective with the Marxist current of value criticism. The article proposes a reconstruction of this articulation. It is a question of uncovering the philosophical roots that make it possible to integrate feminism and Marxism without hierarchy between the two, and this, through a strain common to the commodity fetishism and the gender fetishism. The article first proposes to find, in Marx, the deep meaning of the commodity fetishism. The article then proposes to identify the necessary additions beyond Marx to fully integrate gender fetishism into the theory of value-dissociation: through partial but complementary readings of Horkheimer-Adorno and Beauvoir.
    Abstract: La théorie de la valeur-dissociation de Roswitha Scholz articule une perspective féministe au courant marxiste de la critique de la valeur. L'article propose une reconstruction de cette articulation. Il s'agit de mettre au jour les racines philosophiques qui permettent d'intégrer féminisme et marxisme sans hiérarchie entre les deux, et ce, à travers une souche commune au fétichisme de la marchandise et au fétichisme du genre. L'article se propose d'abord de retrouver, chez Marx, le sens profond du fétichisme de la marchandise. L'article se propose ensuite de dégager les ajouts nécessaires au-delà de Marx pour intégrer pleinement le fétichisme dans la théorie de la valeur-dissociation : à travers des lectures partielles mais complémentaires de Horkheimer-Adorno et de Beauvoir.
    Keywords: Marxism, feminism, value criticism, Frankfurt school, Simone de Beauvoir, critique de la valeur, École de Francfort, Simone De Beauvoir, marxisme, féminisme
    Date: 2022–12–01
  3. By: Laurie Bréban (PHARE - Philosophie, Histoire et Analyse des Représentations Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)
    Abstract: After having made it explicit that Smithian sympathy, strictly speaking, possesses an emotional content, I show, in the first section of the paper, that it relies on a complex cognitive process (the "imaginary change of situation") which enables one to conceive of others' sentiments. Of course, Smith's aim, with his system of sympathy, was not to explain how we manage to conceive of others' feelings but rather how we come to be affected by them. This cognitive process constitutes, therefore, just one step, the next step being to highlight how we move from the cognitive to the emotional realm. I argue that such a movement relies on the concept of "force of conception" which allows for our conception of others' feelings to give rise to an emotion being experienced that is related to others' situations. In the second section, I offer a characterization of the emotional result that arises from Smith's imaginary change of situation. I do so by highlighting the influence of the cognitive realm on the emotional realm, through the role of the force of conception. After having highlighted two properties of Smith's imaginary change of situation [(i) the conception bias and (ii) the weakness of conception], I show that it is not only possible but that it is also taken for granted that this imaginary change of situation leads the spectator to feel an emotion distinct from the one felt by the person with whom he identifies. To conclude, I highlight the conditions under which the emotional result of Smith's imaginary change of situation can properly be called "sympathy". I come to the conclusion that Smithian sympathy does consist in a correspondence of sentiments between the sympathizer and the person he is sympathizing with. It shall be argued that the question of the content of sympathy does not lie so much in knowing whether it is a correspondence of sentiments but rather in knowing what Smith means by correspondence?
    Keywords: Adam Smith, Sympathy, Cognition, Emotions, Croyances, Imagination, Identification
    Date: 2022–12–16
  4. By: Mihail Yanchev (Sofia University St. Kliment Ohridski, Faculty of Economics and Business Administration)
    Abstract: The aim of this text is to establish a working definition and classification of uncertainty for the task of economic forecasting. This is necessary in order to arrive at a common understanding of the term, reduce semantic ambiguity and define a clear distinction when it comes to quantifying forecast uncertainty. Two fundamental sources on uncertainty by John Maynard Keynes and Frank H. Knight are reviewed from the perspective of the classification of uncertainty into aleatoric and epistemic, which is a separation of growing use in engineering and machine learning. The concepts of aleatoric and epistemic uncertainty are explored and the possible ambiguity and interaction between them are discussed. Finally, a working definition and classification of uncertainty is laid out and refined for practical use in the context of economic forecasting.
    Keywords: Frank H. Knight, John Maynard Keynes, uncertainty, economic forecasting
    JEL: C53 D80 D81
    Date: 2023–03
  5. By: Eric C. Alston; Lee J. Alston; Bernardo Mueller
    Abstract: The New Institutional Economics (NIE) has its early roots in Cliometrics. Cliometrics began with a focus on using neoclassical theory to develop and test hypotheses in economic history. But empirical consideration of economic and political development within and across countries is limited, absent consideration of the institutional context. The NIE as applied in economic history first focused on the roles of transaction costs and property rights. From this micro-institutional perspective, the NIE expanded its focus to the role of institutions and norms on economic development as well as how economic forces along with political institutional variance influences outcomes both within and across countries. This involves considering both forces that impede and promote economic and political convergence across countries as well the forces that determine a transition to a new economic or political trajectory altogether. Testing for the determinants of economic and political development is plagued with omitted variables and endogeneity concerns, a constraint which has recently prompted scholars to draw on complexity theory to further supplement the NIE and Cliometrics.
    JEL: B52 F63 N01 P0 P50
    Date: 2023–02
  6. By: Claude Ménard (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 UFR02 - Université Paris 1 Panthéon-Sorbonne - École d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne)
    Abstract: That "institutions matter" has become a mantra among economists. It has not always been so. For a long time, the conventional wisdom considered institutions as exogenous parameters, the study of which should be delegated to ‘soft' social sciences, mainly sociology and political sciences. And many contemporary economists still disregard the analysis of institutions in their research agenda, mainly because of the difficulty in quantifying and modeling their role
    Date: 2022
  7. By: Fabien Tarrit (REGARDS - Recherches en Économie Gestion AgroRessources Durabilité Santé- EA 6292 - URCA - Université de Reims Champagne-Ardenne - MSH-URCA - Maison des Sciences Humaines de Champagne-Ardenne - URCA - Université de Reims Champagne-Ardenne)
    Date: 2022–09
  8. By: Claude Ménard (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 UFR02 - Université Paris 1 Panthéon-Sorbonne - École d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne)
    Abstract: We owe Williamson for the formal introduction of hybrid organizations as essential building blocks in ‘the institutional structure of production'. The analysis of these institutional arrangements, which culminated in The Mechanisms of Governance , provided a unified approach to the variety of setting within which transactions are embedded, opening a new perspective on a cornerstone of modern economies. This essay explores the past, present, and future of this breakthrough. First, it reviews the progressive integration of hybrids as a category of their own in the classic ‘make-or-buy' model, inserting hybrids as an ‘intermediate' form different from markets in that adaptation cannot be done unilaterally and different from ‘unified organizations' in that adaptation cannot be done by fiat. Second, it shows how this initial characterization of hybrids, besides providing a coherent approach to empirical research available at the time, gave a powerful impulse to new contributions, identifying more rigorously the fundamental features of hybrids, throwing light on why firms go hybrid, and explicating the governance structure chosen. Last, it offers insights on a research program that remains a work in progress, delineating new terrains to explore and new puzzles to solve.
    Keywords: Contracts, decision rights, governance, hybrids, legal regime, organization, property rights
    Date: 2022
  9. By: Alain Paquet (Université du Québec à Montréal)
    Abstract: L’attention portée à l’apport de la pensée macroéconomique dans la conception et la pratique des politiques économiques au Québec a généralement été relativement limitée, surtout à partir des années 1970. Après avoir contextualisé l’évolution de la pensée en macroéconomie et l’émergence du keynésianisme jusque dans les années 1960 au Canada et au Québec, nous traitons des approches et des influences concevables de la pensée économique sur la politique publique québécoise à travers les rôles et périodes marquées par Robert Bourassa, Raymond Garneau, Jacques Parizeau et Bernard Landry entre 1970 et 2003. Pour ce faire, nous mettons en exergue la place qu’ont pu occuper la formation universitaire, les contextes et défis économiques du moment, ainsi que d’autres personnes clés (politiques, fonctionnaires et conseillers) dans la décision publique en matière économique. Des exemples représentatifs associés sont discutés et servent à illustrer la contribution des idées économiques sur la conception et la mise en Å“uvre des politiques.
    Keywords: finances publiques, gouvernement du Québec, influences keynésiennes et nonkeynésiennes, macroéconomie, politiques économiques.
    JEL: B22 E12 E65 H54 N12 N42
    Date: 2022–08
  10. By: Henri-Louis Vedie
    Abstract: En attribuant le prix Nobel d'économie 2022 à Ben S. Bernanke, Douglas W. Diamond et Philip H. Dybvig, le jury Nobel a voulu distinguer des travaux, remontant aux années 1980, qui permettent de mieux comprendre l'implication des banques dans les crises. Travaux pionniers, également, dans l'élaboration d'une théorie bancaire, où l'analyse historique est présente avec Ben S. Bernanke qui a longuement étudié le rôle des banques dans la crise de 1929, afin de ne pas renouveler les erreurs commises dans la gestion de la crise de 2008, où il sera en première ligne à la tête de la Réserve fédérale des États-Unis (FED).Travaux, enfin, comme ceux de Douglas Diamond et de Philip Dybvig qui, avec le modèle « Diamond-Dybvig », vont théoriser les paniques bancaires et les liens les conduisant au retrait massif des dépôts et aux crises économiques. Dans un mode en crise, où le système bancaire est particulièrement mis à l'épreuve, le choix des Nobel 2022 nous paraît très pertinent.
    Date: 2022–10

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