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on History and Philosophy of Economics |
| By: | Kouam, H; Mua, K |
| Abstract: | This theory presents the theory of innovation in the attainment of economic sciences. It equally reviews economic literature and investigates innovation from different economic models. It first begins with the analysis of views on classical economics, including Adam Smith and David Ricardo. This is followed by discussions on theory in innovation today, as handled in the knowledge-based economy. Analyzing the achievements in economic thought outlines that innovation's importance and relevance has grown over the last decade. |
| Keywords: | Innovation, Economic Growth, Progress, Economic Models |
| JEL: | O11 O31 O33 O34 O4 O40 |
| Date: | 2023–02–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:118020&r=hpe |
| By: | James J. Heckman (The University of Chicago); Rodrigo Pinto (University of California, Los Angeles) |
| Abstract: | This paper examines the econometric causal model and the interpretation of empirical evidence based on thought experiments that was developed by Ragnar Frisch and Trygve Haavelmo. We compare the econometric causal model with two currently popular causal frameworks: the Neyman-Rubin causal model and the Do-Calculus. The Neyman-Rubin causal model is based on the language of potential outcomes and was largely developed by statisticians. Instead of being based on thought experiments, it takes statistical experiments as its foundation. The Do-Calculus, developed by Judea Pearl and co-authors, relies on Directed Acyclic Graphs (DAGs) and is a popular causal framework in computer science and applied mathematics. We make the case that economists who uncritically use these frameworks often discard the substantial benefits of the econometric causal model to the detriment of more informative analyses. We illustrate the versatility and capabilities of the econometric framework using causal models developed in economics. |
| Keywords: | Structural Equation Models, causality, causal inference, directed acyclic graphs, Simultaneous Causality |
| JEL: | C10 C18 |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:hka:wpaper:2023-029&r=hpe |
| By: | Matson, Erik W. |
| Abstract: | This paper interprets the interaction between Protestantism and commercial spirit in David Hume’s account of English development, mostly drawing from The History of England. Hume saw Protestant theology—especially the more enthusiastic strains of English Puritanism—as having fortuitously shifted the landscape of political and economic sensibilities in England in the sixteenth and seventeenth centuries by affecting believer’s political, social, and economic psychologies. Those shifting psychologies exhibited affinities with concurrent developments, especially the decline of feudalism, the rise of consumerism, and the creation of an independent middle class of merchants. The peculiar synergy between such changes and Protestant theological innovations led to the emergence of England, by the eighteenth century, as a polite and commercial people—a people for whom commerce became, Hume claimed, more honorable than in any other nation. Hume, like Max Weber, saw a distinctive Protestant spirit as having contributed to the modern commercial order. |
| Date: | 2023–11–24 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:x5wj9&r=hpe |
| By: | Besley, Timothy |
| Abstract: | This paper argues that a distinctive form of capitalism, cohesive capitalism, emerged in the post-war period supporting the wellbeing of its citizens through building state capacities alongside open and democratic forms of government. The paper identifies a range of threats that this model now faces and speculates on what it would take, particularly in terms of international cooperation, to respond to them. |
| Keywords: | state capacity; cohesive capitalism |
| JEL: | P16 P51 |
| Date: | 2021–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:111518&r=hpe |
| By: | Jon D. Wisman; Michael Cauvel; Aaron Pacitti |
| Abstract: | The standard introductory course in microeconomics presents a sophisticated set of tools for understanding the dynamics of markets, which are of central importance in all contemporary societies. Unfortunately, most textbooks for this course inadequately address and frequently distort the six following issues critical to students' understanding of economic society: Work is presented negatively as providing disutility; interdependence in decision making is ignored, masking the social nature of humans; the view that economic growth be society's principal goal is uncritically embraced; and the consequences of externalities are inadequately addressed, as too are market power, and property rights. The outcome is that students are often left with the impression that unfettered markets necessarily deliver economic efficiency and just outcomes, resulting in pedagogy that serves as ideology legitimating prevailing unequal social conditions. This article is intended to help professors recognize the incomplete and unbalanced understanding offered by most microeconomics textbooks to better enable them to avoid teaching economics as ideology. |
| Keywords: | Microeconomic education, realism of assumptions, ideology, social role of microeconomics |
| JEL: | A11 A14 B40 D00 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:amu:wpaper:2023-07&r=hpe |
| By: | Bateman, Victoria; Hengel, Erin |
| Abstract: | This article reports on women’s representation in UK economics over the last quarter century. While progress has been made, women in 2018 were only 32 percent of economics undergraduate students and 26 percent of academic economists. Our data also suggest several areas of stagnation and retreat. First, the percentage of female UK nationals studying economics is low and falling over time. Second, female economists are substantially more likely to be employed at lower academic ranks and in fixed-term—and generally lower status—teaching- and research-only positions. Third, the representation of women is especially low among ethnic minorities studying for an economics PhD. And finally, the percentage of economics professors with Asian ethnicity who are women has been falling over time, and at no point between 2012-2018 was a Black female professor of economics employed anywhere in the UK. |
| Keywords: | gender; diversity; labour market equality; women in the economics profession; gender gap |
| JEL: | J24 I23 J44 A11 |
| Date: | 2023–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:118205&r=hpe |
| By: | Hotori, Eiji |
| Abstract: | In this article, I use documents obtained from the NatWest Group archives to examine the work of Alexander Shand as a director of Parr's Bank during the period 1909-1918. A Scottish banker, Alexander Shand was recruited by the Japanese government early in his career to instruct Japanese bureaucrats on the establishment of a modern banking system. Following a conflict with the Japanese government in 1877, Shand returned to the United Kingdom, where he used his connections within the British bankers' network to obtain a position with Alliance Bank, commencing in 1878. In 1892, Alliance Bank merged with Parr's Bank, and Shand was eventually appointed to the board in 1909, where he remained until Parr's Bank merged with Westminster Bank in 1918. Shand was not only keen to maintain discipline regarding insider lending, but also played an important role in underwriting bonds issued in Japan and China. In addition, Shand dealt with difficult issues related to the bank's participation in bailout plans and tax-related matters. This article confirms Shand's industrious and conservative attitude as a director of a British bank, as well as his sound management principles in the early 20th century. |
| Keywords: | financial history, UK-Japan relationship, British bank |
| JEL: | N23 N83 N93 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:eabhps:280405&r=hpe |