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on History and Philosophy of Economics |
| By: | Matías Vernengo |
| Abstract: | Right-wing critics of Keynes have often suggested that he was a socialist. His policy proposals were very often described as a slippery slope that would lead society into a totalitarian nightmare. Alternatively, from the left, Keynes was often seen as a reformist that intended to preserve the essence of capitalism. His reforms were mere window dressing on an exploitative system. The scholarship on Keynes also remained divided. However, in the last few decades a more robust position in favor of Keynes' socialist affiliation was developed, particularly in the careful scholarship by Rod O'Donnell and James Crotty. This paper suggests that while Keynes was a pragmatist willing to experiment in economic policy, and fully aware of the need to transform and transcend laissez-faire capitalism, he remained a liberal, in particular because Labourites, and most socialists, remained conservative in their economic policy outlook. Keynes was a revolutionary in economic theory, but a moderate in his politics. |
| Keywords: | Neoclassical Economics, Socialism, Macroeconomics, Keynes |
| JEL: | B13 B14 B22 B31 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:imk:fmmpap:94-2023&r= |
| By: | Thomas I. Palley |
| Abstract: | Keynes' General Theory was a massive step forward relative to classical economics, but it was also a step backward in its denial of the conflictual nature of capitalism. There is need to understand Keynes' technical contributions regarding the workings of monetary economies, but also need to understand the flaws within his thinking and the consequences thereof. Keynes made a fundamental contribution elucidating the mechanism of effective demand, and he also has claim to be the preeminent monetary theorist. However, owing to his denial of conflict, he had a flawed view of capitalism which is why establishment Keynesianism struggles to explain contemporary stagnation. That flawed view also undermines the case for Social Democracy. Contrary to conventional wisdom, his view of capitalism is supportive of Neoliberalism and Keynes can be viewed as a compassionate (Third Way) Neoliberal. |
| Keywords: | Hysteresis, institutions, policy lock-in, psychology, identity, ideas |
| JEL: | B40 E10 E12 E32 P50 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:imk:fmmpap:92-2023&r= |
| By: | Spender, J. C. |
| Abstract: | This chapter contrasts Simon's approach with that of Frank Knight, who was a significant figure in the Chicago economics department at the time. It explores how Simon's ideas, such as bounded rationality and satisficing, have been influential in fields like management and artificial intelligence, despite being somewhat overlooked by mainstream economics and public administration. |
| Keywords: | Herbert Simon, Frank Knight, Economics |
| JEL: | B30 N0 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:120891&r= |
| By: | John List |
| Abstract: | Once believed to be an impossibility, field experiments in economics now occupy a central place in the empiricist's quiver. In the past few decades alone field experiments have taken on much greater import in academe, across organizations, as well as for policymakers. But is this emergence simply a fad that will soon return field experiments to obscurity? I argue in this article that there is something fundamental about the emergence of field experiments, as controlling the assignment mechanism in the field provides unparalleled power to both understand the "effects of causes" and the "causes of effects." This knowledge generation then begins to uncover the generalizability and scalability of knowledge. Quite the opposite of a withering tool that will be gone tomorrow, I urge economists to "double down" on this comparative advantage and in doing so I provide four methodological paths which I hope will cement the promise and growth of field experiments in the social sciences. |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:feb:natura:00788&r= |
| By: | Ignacio Rossi (UNGS/CIC-PBA) |
| Abstract: | La historia económica y de la política económica todavía no puso suficiente atención a los años de Raúl Alfonsín (1983-1989), especialmente en relación a otros periodos de la historia argentina. Los estudios disponibles abordaron, en mayor medida, otros episodios de la política económica como el Plan Austral de 1985 más que a la inmediata transición y el primer plan económico pivoteado por Bernardo Grinspun (1983-1985). En este trabajo proponemos analizar esa primera fase del gobierno de Alfonsín protagonizada por el economista entonces asesor Raúl Prebisch. Particularmente, se estudia la fuente Lineamientos de un programa inmediato de reactivación, aunque combinada con otros documentos periodísticos, estadísticos y testimoniales. Según se sostiene, el programa económico analizado permite poner de relieve la participación de Prebisch en el gobierno democrático, especialmente en torno a la formulación de un plan de estabilización destinado a recuperar el crecimiento económico y reducir la flación. |
| Keywords: | democracia, deuda externa, inflación, política económica, estabilización. |
| JEL: | B22 B23 E02 E20 |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:aoz:wpaper:324&r= |
| By: | Campbell, Douglas; Brodeur, Abel; Dreber, Anna; Johannesson, Magnus; Kopecky, Joseph; Lusher, Lester; Tsoy, Nikita |
| Abstract: | We estimate the robustness reproducibility of key results from 17 non-experimental AER papers published in 2013 (8 papers) and 2022/23 (9 papers). We find that many of the results are not robust, with no improvement over time. The fraction of significant robustness tests (p﹤0.05) varies between 17% and 88% across the papers with a mean of 46%. The mean relative t/z-value of the robustness tests varies between 35% and 87% with a mean of 63%, suggesting selective reporting of analytical specifications that exaggerate statistical significance. A sample of economists (n=359) overestimates robustness reproducibility, but predictions are correlated with observed reproducibility. |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:i4rdps:124&r= |
| By: | 6, Perri; Heims, Eva |
| Abstract: | How does regulatory statehood develop from the regulatory work which governments have always done? This article challenges conventional views that regulatory statehood is achieved by transition to arm's length agencies and that it replaces court-based enforcement or displaces legislatures in favor of less accountable executive power. To do so, we examine the major 19th-century surge in development of micro-economic regulatory statehood in Britain, which had followed more gradual development in early modern times. We show that when the transformation of the Board of Trade is understood properly, a richer appreciation emerges of how regulatory statehood is institutionalized generally and of British state-making in particular. To demonstrate this, we introduce a novel conceptual framework for analyzing and assessing change on multiple dimensions of regulatory statehood, distinguishing depth of regulatory capacity and regulatory capability along six dimensions. |
| Keywords: | state-making; Board of Trade; regulatory capability; regulatory capacity; regulatory state |
| JEL: | R14 J01 |
| Date: | 2024–04–17 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:122982&r= |
| By: | Kevin Leportier (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, ERUDITE - Equipe de Recherche sur l’Utilisation des Données Individuelles en lien avec la Théorie Economique - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel) |
| Keywords: | Freedom, Self-Control, Commitment, Paternalism, John Stuart Mill |
| Date: | 2024–05–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:hal-04571505&r= |
| By: | Kaiser, Tim (University of Kaiserslautern); Lusardi, Annamaria (Stanford University) |
| Abstract: | This article provides a concise narrative overview of the rapidly growing empirical literature on financial literacy and financial education. We first discuss stylized facts on the demographic correlates of financial literacy. We next cover the evidence on the effects of financial literacy on financial behaviors and outcomes. Finally, we review the evidence on the causal effects of financial education programs focusing on randomized controlled trial evaluations. The article concludes with perspectives on future research priorities for both financial literacy and financial education. |
| Keywords: | financial education, financial literacy, financial behavior |
| JEL: | G53 D14 |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16926&r= |