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on History and Philosophy of Economics |
| By: | Medema, Steven G |
| Abstract: | In this article, Steven Medema provides some reflections on his tenure as editor of the Journal of the History of Economic Thought (1999 – 2008). This was a time of significant transition in the life of the journal, and the successful navigation of this period provides an excellent illustration of how much an editor and a journal rely on the assistance and support of both key individuals and the broader community of scholars in the field. |
| Date: | 2024–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:nujcm&r=hpe |
| By: | Weintraub, E. Roy |
| Abstract: | Founded fifty years ago, the History of Economics Society served in its early years to support scholarship and teaching in the history of economic thought. But the decades long removal of history from economics departments and graduate programs has made the Society’s mission increasingly irrelevant to the larger community of economists. In this partially autobiographical essay, the author argues that it is long past time for the Society to reassess its place among learned societies. Some suggestions for HES renewal appear in the paper’s Appendix. |
| Date: | 2024–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:tazd7&r=hpe |
| By: | Rutherford, Malcolm |
| Abstract: | This paper outlines my own career within the History of Economics Society, my contributions to the society, and its central importance to my research endeavors. It is impossible for me to imagine having the career I have had without the HES, and my own case highlights how the society functioned to mentor and develop my academic career. This mentoring function is, in my view, the society’s most important, and one that has become only more vital in the face of the declining interest in the area within mainstream economics departments in the US, Canada, and the UK. |
| Date: | 2024–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:psv94&r=hpe |
| By: | Rockoff, Hugh |
| Abstract: | Review of “The Monetarists: the Making of the Chicago Monetary Tradition, 1927-1960” by George S Tavlas. |
| Date: | 2024–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:kcx59&r=hpe |
| By: | maas, harro |
| Abstract: | This paper provides a personal reflection on the development, over 50 years, of the History of Economics Society. The (perhaps obvious) punchline is that history writing is not neutral, but entails stances about power and politics. These stances are all the more relevant in today's context, in which money buys history. |
| Date: | 2024–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:u9324&r=hpe |
| By: | Davis, John B. |
| Abstract: | The task given to me for this issue was to discuss the history, challenges, and accomplishments of the History of Economics Society (HES) as I see them from my vantage point as a past president. I frame my remarks in terms of changes I believe have occurred in how our field has been pursued in the Society since I became involved. |
| Date: | 2024–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:ab7qr&r=hpe |
| By: | Niman, Neil B. |
| Abstract: | For sixteen years, Neil Niman served as the treasurer of the History of Economics Society. It was a period of financial prosperity that enabled the society to undertake a number of new initiatives. This essay enumerates some of those changes and provides important insights into the workings of the society between 1999 – 2015. |
| Date: | 2024–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:7uqgc&r=hpe |
| By: | Boianovsky, Mauro |
| Abstract: | This is an invited contribution to the JHET celebration of 50 years of the HES. I share some of my recollections of roughly 3 decades of participation in various capacities, especially as author and sessions organizer. In the end, some thoughts are advanced about the future of the HES. |
| Date: | 2024–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:f83r9&r=hpe |
| By: | Stapleford, Thomas |
| Abstract: | Review of “Cold War Social Science: Transnational Entanglements” edited by Mark Solovey and Christian Dayé. |
| Date: | 2024–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:q8k5y&r=hpe |
| By: | Ignas Gasparavi\v{c}ius; Andrius Grigutis |
| Abstract: | This survey article is dedicated to the life of the famous American economist H. Markowitz (1927--2023). We do revisit the main statements of the portfolio selection theory in terms of mathematical completeness including all the necessary auxiliary details. |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2402.10253&r=hpe |
| By: | Schabas, Margaret |
| Abstract: | This short piece celebrates the fifty-year old History of Economics Society. As a professor for the past forty years, I have served on virtually every committee for the HES, as well as its President in 2013-14. I have also served for thirty years on the advisory board for the leading journal in our field, History of Political Economy, and am currently on the editorial boards for both JHET and EJHET. This article records several observations of general trends and patterns, such as the diversification of our subject in terms of nationality and gender, as well as the burgeoning cross-disciplinarity scholarship. |
| Date: | 2024–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:hpjz9&r=hpe |
| By: | Coutinho, Mauricio C. |
| Abstract: | Review of “Money, Debt and Politics: The Bank of Lisbon and the Portuguese Liberal Revolution of 1820” by José Luís Cardoso. |
| Date: | 2024–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:dnmrw&r=hpe |
| By: | Tavlas, George S. |
| Abstract: | Milton Friedman and David Meiselman’s 1963 article “The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1897-1958, ” was one of the most influential studies to come out of the Keynesian-monetarist debates of the 1960s and 1970s. The gestation of the article, however, is shrouded with considerable inaccuracy and ambiguity. I use archival materials to provide a more accurate chronological ordering of the gestation of the article than has hitherto been available. I show that the gestation was subject to considerable delays. I provide reasons that explain why a long-promised follow-up paper was never completed and why a book sequel to Friedman’s 1956 Studies in the Quantity Theory of Money, planned as a co-edited work shortly after the appearance of the Friedman and Meiselman 1963 article, was not published until 1970 and was edited by Meiselman alone. |
| Date: | 2024–01–26 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:vq4ht&r=hpe |
| By: | Joaquín Rubio (eds.); Jorge M. Streb (eds.); Lara Almozni; Nicanor Campi; Frank Eric Maier; Natan Gabriel Modlin; Catarina Petrone |
| Abstract: | Esta colección de ensayos se enfoca en diferentes aspectos de la Teoría de Sentimientos Morales (TSM) de Smith. Almozni analiza la formación de burbujas ideológicas y la cultura de cancelación en las redes sociales, Petrone, cómo los candidatos políticos buscan identificarse con los votantes, Modlin, la soledad versus la vida en pareja, y Campi, la cooperación humana en cuestiones económicas y no económicas. En todos estos ensayos, la noción de simpatía de Adam Smith juega un rol central, sea como empatía cognitiva o empatía afectiva; también asoma la noción de justica, que en Smith está ligada con la figura del espectador imparcial. Por su parte, Maier analiza cómo el mal que a veces impera en las sociedades choca con la existencia de un espectador imparcial y con un punto de vista común sobre justicia que coincida en todo tiempo y lugar. |
| Keywords: | Adam Smith, creencias, simpatía, empatía, interés propio, moral, justicia, espectador imparcial |
| JEL: | B12 D01 |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:cem:doctra:862&r=hpe |
| By: | Bach, Maria |
| Abstract: | Review of “Inventing the Third World: In Search of Freedom for the Postwar Global South” edited by Jeremy Adelman and Gyan Prakash. |
| Date: | 2024–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:eybwm&r=hpe |
| By: | Cardoso, José Luís |
| Abstract: | Attending the annual HES conferences is a fantastic learning experience. In this personal testimony I try to explain the reasons for this enthusiasm, around three fundamental aspects: the innovations and changes in the historiographical field of the history of economics, the informal governance of a dynamic community, and the relevance of methodological pluralism as a guide for research development. |
| Date: | 2024–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:ms7yg&r=hpe |
| By: | Karmakar, Asim K.; Jana, Sebak Kumar |
| Abstract: | Mohandas Karamchand Gandhi (1869-1948), known as ‘Mahatma’, meaning ‘great-souled’ as people called him, was born on 2nd October 1869 at Porbandar in India. He was the first to warn the then-Indian leaders, policymakers, and his followers in the late 1940s about the dangers of high inequality in income and wealth distribution prevalent between the rich and the poor in India. This shows his power of visionary gleams and his awareness of the political economy. Gandhi’s vision of non-violence, ahimsa, and right action was based on the idea of the total spiritual interconnectedness and divinity of life as a whole. He was also the first to create three principles of sustainable development: Sarvodaya, Swadeshi, and Satyagraha, aptly relevant to today’s India. His idea of creating of economically self-sufficient local economy is now at the closest proximity to 'Atmanirbhar Bharat' which he tried to launch many years back. It is in this context we try to explore the relevance of Gandhian political economy for today’s India. |
| Keywords: | Political economy, Platform capitalism, Sarvodaya, Satyagraha, Sustainable development |
| JEL: | B3 |
| Date: | 2023–12–27 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119582&r=hpe |
| By: | Gabriel-Alin Ciocoiu (University of Political and Economic European Studies Constantin Stere, Republic of Moldova) |
| Abstract: | The concepts presented in this article are based on the context of morality.The analytical grasp of morality results in its identification as a property of what is moral, the nature, character, value of a fact, of the conduct of a person, or of a collectivity from a moral standpoint. Morality does not offer answers to specific questions but it only indicates whether something—a fact, an idea, or an action—is acceptable or unacceptable from a moral point of view. Morality may align with a certain set of laws while conflicting with another. In ethics, there are no categorical laws and there are no orders, there are only actions that are congruent with an ethical current and incongruent attitudes. We subscribe to the idea that ethics teaches individuals how to think but does not prescribe what to think. Like morality, ethics is not an absolute phenomenon. |
| Keywords: | ethics, morals, moral values, morality, human behaviors |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:smo:raiswp:0347&r=hpe |
| By: | Faudot, Adrien; Nenovsky, Nikolay |
| Abstract: | Edgard Milhaud (1873–1964), a professor at the University of Geneva, published a series of texts (from 1932 onwards) promoting the establishment of multilateral international compensation between nation states, and actively campaigned for this project. His plan centered on a call for a “gold truce” as an alternative to the bilateral clearing agreements that proliferated at the time. The plan drew the attention of several international organizations. It reached the point of arousing the interest of the League of Nations (LON), which decided in 1934 to launch an inquiry (published in 1935) questioning LON members about the project of making clearing agreements multilateral. The Milhaud plan nevertheless fell into oblivion after the Tripartite Agreement (1936) and then the outbreak of WWII. This work aims to situate the Milhaud plan in its intellectual and political context —i.e., the 1930s —analyze its content and understand its failure. The article also assesses what it had in common with the Keynes’ plan for International Cleating Union developed several years later. |
| Date: | 2024–01–26 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:rveca&r=hpe |
| By: | Loubergé, Henri (Université de Genève); Dionne, Georges (HEC Montreal, Canada Research Chair in Risk Management) |
| Abstract: | The chapter reviews the evolution in risk and insurance economics over the past 50 years, first recalling the situation in 1973, then presenting the developments and new approaches that have flourished since then. We argue that these developments were only possible because steady advances were made in the economics of risk and uncertainty and in financial theory. Insurance economics has grown in importance to become a central theme in modern economics, providing not only practical examples and original data to illustrate new theories, but also inspiring new ideas that are relevant to the overall economy. |
| Keywords: | Insurance economics; optimal insurance protection; optimal self-protection; insurance pricing; insurance demand; economics of risk and uncertainty; financial economics; risk management; asymmetric information; insurance markets; climate finance |
| JEL: | A33 B15 D10 D20 D80 D82 G22 G32 G52 L22 |
| Date: | 2024–01–31 |
| URL: | http://d.repec.org/n?u=RePEc:ris:crcrmw:2024_001&r=hpe |
| By: | Malte Dold; Tim Krieger |
| Abstract: | Populist movements increasingly challenge liberal Western market democracies. Populism can be explained only in part by phenomena like globalization and digitization producing winners and losers in economic terms. Growing feelings of alienation from the market-democratic system and the perceived loss of autonomy within the political system contribute to rising populism as well. In this chapter, we ask whether elements of public deliberation may be a means to reasonably responding to the populist challenge by strengthening citizen sovereignty in addition to consumer sovereignty. Ordoliberalism, as a specific form of liberalism that aims at achieving both a ‘functioning and humane order’ within a system of ‘interdependent orders’, is particularly apt to embrace the idea of public deliberation if it is rules-based. |
| Keywords: | populism, ordoliberalism, democracy, deliberation |
| JEL: | B29 D63 D72 P16 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10888&r=hpe |
| By: | Boumans, Marcel; Forget, Evelyn |
| Abstract: | A reflection of our experiences as editors of JHET editing issues 31 (1) to 35 (4), balancing our original ambitions and hopes with the resulting articles in these issues. We also reflect on the transitions we have faced during this period. |
| Date: | 2024–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:gyxhr&r=hpe |
| By: | Aurélie Méjean (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique); Antonin Pottier; Stéphane Zuber (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Marc Fleurbaey (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Climate policy is often described by economists as an intertemporal consumption trade-off: consume all you want today and face climate damages in the future, or sacrifice consumption today to implement costly climate policies that will bring future benefits through avoided climate damages. If one assumes enduring technological progress, a society that is more averse to intertemporal inequalities should postpone climate policies and let future, richer generations pay more. Growing evidence however suggests that the trade-off is more complex: abrupt, extreme, irreversible changes to the climate may cause discontinuities to socio-economic systems, possibly leading to a sharp decline of human population and consumption per capita. In this paper, we show that, when accounting for a very small risk of catastrophic climate change, it is optimal to pursue stringent climate policies to postpone the catastrophe. Our results conform with the well-known conclusion that tight carbon budgets are preferred when aversion towards inequalities between generations is low. However, by contrast with previous studies, we show that stringent policies are also optimal when inequality aversion is high. The non-monotonicity of the influence of inequality aversion is due to the fact that, for a given investment in abatement, a higher inequality aversion gives a smaller weight to avoided future non-catastrophic damages, but a larger weight to the catastrophic outcome. We also explore the role of population ethics, and show that the size of the optimal carbon budget decreases with the social preference for large populations, although this parameter plays almost no role at extreme levels of inequality aversion. Our result demonstrates that views from opposite sides of the ethical spectrum in terms of inequality aversion converge in terms of climate policy recommendations, warranting immediate climate action. |
| Keywords: | Climate change, Catastrophic risk, Equity Population, Climate-economy model |
| Date: | 2023–12–21 |
| URL: | http://d.repec.org/n?u=RePEc:hal:ciredw:halshs-04158009&r=hpe |