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on History and Philosophy of Economics |
| By: | Cavalieri, Marco |
| Abstract: | Review of “A History of Brazilian Economic Thought: From Colonial Times Through The Early 21st Century” edited by Ricardo Bielschowsky, Mauro Boianovsky and Mauricio Chalfin Coutinho. |
| Date: | 2024–01–26 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:qsp8b&r=hpe |
| By: | BRILLANT, Lucy |
| Abstract: | The purpose of the paper is to rescue Irving Fisher’s theorizing of the yield curve (1896, 1907, 1930) from relative obscurity and to contrast it with the better known and equally pioneering theory of John Maynard Keynes (1930, 1936). The paper also adduces evidence that Fed economists and the U.S. monetary experience in the 1920s greatly influenced these authors, both of whom were concerned with the management of the long-term interest rate. |
| Date: | 2024–01–26 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:9hf8z&r=hpe |
| By: | Nastasi, Federico; Spagano, Salvatore |
| Abstract: | The Brazilian economist Celso Furtado escapes from the traditional distinctions among different schools of thought. Indeed, he made large use of tools from various proveniences according to a pragmatic approach. Nonetheless, this paper shows that his work also contains several characteristic elements of the institutionalist tradition. In the early 1960s, Furtado placed institutions at the centre of his analysis of the evolution of the economic history. Moreover, he rejected the kind of determinism that follows a concept of choice entirely dependent on the utility-maximizing rationality. Coherently, he opposed the New Institutional Economics as an example of neoclassical retread of institutional issues. Finally, and especially, even without theorizing it, he adopted the institutionalised individual as an economic agent. This choice, rather than that of the homo oeconomicus, implied assuming an agent able to shape institutions that, in turn, influence human behaviours according to a downward cumulative causation. |
| Keywords: | Furtado, Structuralism, Institutionalism |
| JEL: | B2 |
| Date: | 2023–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:120242&r=hpe |
| By: | Edwards, Sebastián |
| Abstract: | In this paper I analyze the work on exchange rates and external imbalances by University of Chicago faculty members during the university’s first hundred years, 1892-1992. Many people associate Chicago’s views with Milton Friedman’s advocacy for flexible exchange rates. But, of course, there was much more than that, including the work of J. Laurence Laughlin on bimetallism, Jacob Viner on the balance of payments, Lloyd Metzler on transfers, Harry Johnson on trade and currencies, Lloyd Mints on exchange rate regimes, Robert Mundell on optimal currency areas, and Arnold Harberger on shadow exchange rates, among other. The analysis shows that, although different scholars emphasized different issues, there was a common thread in this research, anchored on the role of relative prices’ changes during the adjustment process. |
| Date: | 2024–02–16 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:vrtns&r=hpe |
| By: | Jiang, George Hong |
| Abstract: | Review of “Friedrich List: A Pioneer in Catchup Development” by Mei Junjie. |
| Date: | 2024–01–26 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:7cx8u&r=hpe |
| By: | Rylan Chinnock (Department of Economics, University of Massachusetts); Roberto Veneziani (School of Economics and Finance, Queen Mary University of London); Naoki Yoshihara (Department of Economics, University of Massachusetts) |
| Abstract: | In this paper we review recent developments in axiomatic studies of Marxian exploitation theory. First, given the acute controversy over the formal definition of exploitation during the 1970-1990s, we review the study of the axiomatic framework, which identifies some fundamental properties – technically, domain conditions – that any definition of exploitation should satisfy. Moreover, we provide a survey on the axiomatic studies about the proper measures of exploitation which coherently preserve the basic Marxian perceptions represented by two axioms, Profit- Exploitation Correspondence Principle and Class-Exploitation Correspondence Principle. Finally, we examine the relevance of the labour theory of value in these axiomatic studies of the proper measures of exploitation. |
| Keywords: | Axiomatic analysis; Labour Exploitation; Profit-Exploitation Correspondence Principle; Class-Exploitation Correspondence Principle; Labour Theory of Value. |
| JEL: | D63 D51 |
| URL: | http://d.repec.org/n?u=RePEc:qmw:qmwecw:972&r=hpe |
| By: | Raisssa Vieira de Melo; Laura Valladao de Mattos |
| Abstract: | In the second half of the nineteenth century, a small group of middle class women organized itself with the aim of promoting some social changes that they considered important for their sex, with special emphasis to questions relating to women’s work. They founded a journal that was written and edited by women – the English Women’s Journal – and demanded improvements in women’s education and the opening of more professions for the women of their class. This paper analysis the use they made of Political Economy in support of their cause. It is argued that this science was used both in their diagnosis of the problems engendered by the restricted access women had to the labor market; and in their attempt to persuade society to change this situation. It is also argued that, despite aiming to give the possibility of independent existence to women by means of work, these activists embraced many of the Victorian values concerning women’s role in society. The conclusion is that this mixture of economic activism with Victorian values was important for it allowed these women to go against some ingrained prejudices and habits of the time without being ostracized from society. |
| Keywords: | Lagham Place; Political Economy; women’s labor |
| JEL: | B10 B12 |
| Date: | 2024–02–16 |
| URL: | http://d.repec.org/n?u=RePEc:spa:wpaper:2024wpecon06&r=hpe |
| By: | Seltzer, Andrew (Royal Holloway, University of London) |
| Abstract: | The Victorian Factories and Shops Act of 1896, the second minimum wage law in the world, empowered administrative agencies ("Special Boards") to set trade-specific minimum rates based on age, sex, and occupation. Much like modern debates, Victorian supporters of minimum wages argued that they would protect vulnerable workers while opponents argued that they would increase employers' costs, resulting in unintended consequences for workers. Evidence from the actual minimum wages passed under the Act suggests that Boards were loosely constrained by market factors, but also that they had some discretion in minimum wage setting. This discretion was used differently by individual Boards; some essentially followed the market for their trades while others set minimum rates that were binding for at least some workers. To the extent that rates were binding, they tended to reduce inequality among adult male workers, particularly after a 1907 Federal ruling established a living wage for employers with operations in multiple states. However, minimum wages also increased inequality across groups, increasing wages of adult men relative to those of women and youths. The Act formally institutionalised gender-based pay differences, a practice that continued in Australian minimum wage setting for over 70 years. |
| Keywords: | minimum wages, Australia, protective legislation |
| JEL: | N47 N37 J88 |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16788&r=hpe |
| By: | Sergiu Ghica (University of Bucharest, Romania) |
| Abstract: | This paper presents William Lane Craig as a proponent of classical apologetics and explores his influence on the content and structure of contemporary discussions. These dialogues encompass a wide spectrum, ranging from historical studies of Jesus and His resurrection to cosmological and moral evidence of God's existence, as well as the coherence of Christian theism. In the last part of this paper, we will highlight Craig's notable contribution to the contemporary field of apologetics. |
| Keywords: | classical apologetics, Christian faith, evidence, truth, kalÄ m cosmological argument |
| Date: | 2023–08 |
| URL: | http://d.repec.org/n?u=RePEc:smo:raiswp:0315&r=hpe |
| By: | Audinga Baltrunaite (Bank of Italy and CEPR); Alessandra Casarico (Bocconi University, CESIfo and Dondena); Lucia Rizzica (Bank of Italy) |
| Abstract: | We study the presence and the extent of gender differences in reference letters for graduate students in economics and finance, and how these differences relate to early labor market outcomes. To these ends, we build a novel rich dataset and combine Natural Language Processing techniques with standard regression analysis. We find that men are described more often as brilliant and women as hardworking and diligent. We show that the former (latter) description relates positively (negatively) with various subsequent career outcomes. We provide evidence that the observed differences in the way candidates are described are driven by implicit gender stereotypes. |
| Keywords: | gender bias, research institutions, professional labor markets, word embeddings |
| JEL: | I23 J16 J44 |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:wptemi:td_1438_24&r=hpe |
| By: | Trezzini, Attilio; Salvati, Luigi |
| Abstract: | Kaleckian models can be considered as the most relevant set of theoretical works which study growth as a demand-led phenomenon. In these models, the pace of accumulation depends on demand expansion and on different measures of capital profitability. The relevance of the latter is generally assumed without any in-depth scrutiny of theoretical principles. This article identifies the theoretical underpinnings of this alleged dependence and reconsiders and develops the criticisms of them which can be found in the literature. This analysis leads to argue that this fundamental assumption of the Kaleckian models is not sufficiently argued as much as its cruciality would require. |
| Keywords: | Investment-profit relation; Kaleckian models; Demand-led growth |
| JEL: | E11 E22 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:120163&r=hpe |
| By: | Emmanuelle Augeraud-Veron (GRETHA, University of Bordeaux, FR); Raouf Boucekkine (CUT, Rennes School of Business, FR); Fausto Gozzi (LUISS Guido Carli, Rome, IT); Alain Vendetti (Aix-Marseille University, CNRS, AMSE, Marseille, FR); Benteng Zou (DEM, Université du Luxembourg) |
| Abstract: | We present an overview of selected contributions of the Journal of Mathematical Economics' authors to growth theory in the last half century. We start with the classical optimal growth theory within a benchmark multisector model and outline the successive developments in the analysis of this model, including the turnpike theory. Different refinements of the benchmark are considered along the way. We then survey the abundant literature on endogenous uctuations in two sector models. We conclude with two strong trends in the recent growth literature: green growth and infinite-dimensional growth models. |
| Keywords: | Growth theory, multisector models, turnpike theory, green growth, infinite-dimensional growth models, optimization. |
| JEL: | C60 C61 O41 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:luc:wpaper:24-02&r=hpe |
| By: | Laura C. Blanco (Universidad de Costa Rica) |
| Abstract: | En este artículo se recopilaron las referencias bibliográficas y se analizó la obra académica de la profesora catedrática de la Universidad de Costa Rica MSc. Anabelle Ulate Quirós. Se argumenta que la crisis de los años ochenta marcó profundamente su trabajo académico, el cual se centra sobre la relevancia de la innovación científica y tecnológica como motor del crecimiento económico para Costa Rica. A la vez, existe una propuesta por un estilo de desarrollo costarricense no ortodoxo que rescata el papel fundamental de las instituciones públicas, particularmente en el desarrollo de la innovación y tecnología. |
| Keywords: | universidad, academia , mujeres economistas, estilo de desarrollo costarricense |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:fcr:wpaper:202401&r=hpe |