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on History and Philosophy of Economics |
| By: | Carvajalino, Juan |
| Abstract: | Review of “Axiomatics: Mathematical Thought and High Modernism” by Alma Steingart. |
| Date: | 2024–06–07 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:cmx6j&r= |
| By: | Santori, Paolo |
| Abstract: | Review of “Mary Wollstonecraft and Political Economy: The Feminist Critique of Commercial Modernity” by Catherine Packham. |
| Date: | 2024–06–07 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:g6qvs&r= |
| By: | Jonas Grangeray (CEPN - Centre d'Economie de l'Université Paris Nord - LABEX ICCA - UP13 - Université Paris 13 - Université Sorbonne Nouvelle - Paris 3 - CNRS - Centre National de la Recherche Scientifique - UPCité - Université Paris Cité - Université Sorbonne Paris Nord - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord) |
| Abstract: | During the Great Depression, the 100% reserve banking proposal was put forward by several leading economists, including Henry Simons and Irving Fisher. The central idea of 100% reserve is to make money exogenous, under the control of the State. This article demonstrate, by comparing his writings with those of Fisher, that Simons understood the fundamental limit to 100% reserves : money is and will remain endogenous even after the reform. |
| Abstract: | Durant la Grande Dépression, la proposition de 100% réserves est mise en avant par une série d'économistes de premier plan, dont Henry Simons et Irving Fisher. L'idée centrale du 100% réserves est de rendre la monnaie exogène, sous le contrôle de l'État. On montre dans cet article, en confrontant ses écrits avec ceux de Fisher, que Simons avait compris la limite fondamentale posée au 100% réserves : la monnaie est et restera endogène même une fois la réforme mise en œuvre. |
| Keywords: | Henry Simons, Irving Fisher, 100% reserve banking, fractional-reserve banking, exogenous money, endogenous money, near money, velocity of money, 100% réserves, système bancaire à réserves fractionnaires, monnaie exogène, monnaie endogène, quasi-monnaies, vélocité de la monnaie, Henry Simons Irving Fisher 100% réserves système bancaire à réserves fractionnaires monnaie exogène monnaie endogène quasi-monnaie vélocité de la monnaie Henry Simons Irving Fisher 100% reserve banking fractional-reserve banking exogenous money endogenous money near money velocity of money JEL, quasi-monnaie, vélocité de la monnaie Henry Simons, velocity of money JEL |
| Date: | 2024–06–12 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04611718&r= |
| By: | Giovanni Valvassori Bolg\`e |
| Abstract: | This paper seeks to explore the potential trade-off arising between the theories of $\textit{Equality of Opportunity}$ and $\textit{Opportunity Pluralism}$. Whereas the first theory has received much attention in the literature on Welfare Economics, the second one has only recently been introduced with the publication of the book by Joseph Fishkin, $\textit{Bottlenecks: A New Theory of Equal Opportunity}$. After arguing extensively that any notion of human flourishing is incompatible with traditional theories of $\textit{Equality of Opportunity}$, the author proposes an alternative theory squarely based on a broad notion of human development. This paper seeks to formalize the argument made in this book through the lens of economic theory. My analysis suggests that traditional theories of $\textit{Equality of Opportunity}$ are not incompatible with $\textit{Opportunity Pluralism}$. |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2406.08955&r= |
| By: | Thomas Delcey (UB - Université de Bourgogne, LEDi - Laboratoire d'Economie de Dijon [Dijon] - UB - Université de Bourgogne - UBFC - Université Bourgogne Franche-Comté [COMUE]); Guillaume Noblet (Auteur indépendant) |
| Abstract: | This article offers a historical analysis of American interwar agricultural economists and their interest in information. Believing that the main problem facing farmers was a lack of information, agricultural economists designed an information policy aiming to produce, format, and disseminate information. Using administrative archives, the article analyzes the motivations of these economists and the implementation of this policy. As the article shows, the policy was a prerequisite for theoretical discussions about information, and it established institutional tools that are still used today, such as the USDA market news service. |
| Keywords: | History of economics, Agricultural economics, Economics of information |
| Date: | 2024–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03227973&r= |
| By: | Basile Clerc |
| Abstract: | This paper contributes to the analysis of corporatism in post-World War II economic policies in France. Focusing on the “Comité National des Prix” (National Price Committee, CNP), in which employee and employer unions debate price-control decisions, we show that, despite appearances, this institution and, hence, price policy, cannot be considered a form of corporatism. Two elements support this thesis. First, decisions to freeze prices, which were particularly frequent in the 1950s, were systematically adopted despite the joint opposition of the two main trade unions: the CGT and the CNPF. Second, the "contractual turn" in pricing policy in the 1960s, inspired by corporatist thinking and reflections on "incomes policy", took place despite a structural opposition between employee and employer unions. The ambition of a "corporatist turn" in planning in the 1960s was thus thwarted by the persistence of major union antagonisms, as much as by the verticality of decision-making on pricing. |
| Keywords: | Price control ; corporatism ; incomes policy |
| JEL: | N00 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:drm:wpaper:2024-21&r= |
| By: | Moscati, Ivan |
| Abstract: | In 1961 Daniel Ellsberg published an article titled “Risk, Ambiguity, and the Savage Axioms” in the Quarterly Journal of Economics, which became a seminal contribution to the theory of decision-making under uncertainty. This paper analyzes Ellsberg’s 1961 classic, situates it within the context of decision-making theory in the 1950s and early 1960s and within the development of Ellsberg’s ideas, and provides an overview of the experimental and theoretical literature to which it gave rise. |
| Keywords: | ambiguity; decision theory; Ellsberg; Ellsberg paradox; uncertainty |
| JEL: | J1 F3 G3 |
| Date: | 2024–05–20 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:123761&r= |
| By: | David MASCLET (Univ Rennes, CNRS, CREM – UMR6211, F-35000 Rennes France and CIRANO, Montreal, Canada); David L. DICKINSON (Appalachian State University, IZA, ESI) |
| Abstract: | We present a theoretical framework of individual-decision making that incorporates both moral motivations and social influence into the utility function. The main idea of the paper is that individuals face a trade-off between their material individual interests and their desire to follow moral obligation. In our model, we assume that moral motivation is weak or conditional in the sense that it may be influenced by others’ actions. Specifically, in our framework one’s moral obligation is a combination of two main components: an autonomous component and a social component that captures the influence of others. Our theoretical framework is able to explain many stylized results commonly observed in the literature and suggests a different mechanism to explain economic behavior. |
| Keywords: | Behavioral Economics, Ethical Decision Making, Fairness |
| JEL: | C9 D9 D91 |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:tut:cremwp:2024-04&r= |
| By: | Mc Kenzie, Mc Kenzie, Rex A. (Kingston University London) |
| Abstract: | In this paper, I present a comparative analysis of my recent work and Gary A. Dymski's contributions to the study of inequality and uneven development. By examining the similarities between our approaches, I emphasise our shared commitment to challenging conventional economic wisdom and exploring the complex dynamics of economic systems through interdisciplinary and institutionalist lenses. My paper, "What is balance-sheet driven and real estate backed?" argues for the importance of studying housing within economics and calls for a more inclusive and diverse approach to economic research. Dymski's paper, "The Dual Separation Processes in Capitalist Accumulation: From Imperialism to Internal Colony to Financialization, " explores the historical roots and contemporary manifestations of the separation between ownership and control, and between money-seeking capital and productive capital. Through this comparative analysis, I identify several notable similarities between our works, including an emphasis on the role of institutions in shaping economic outcomes, engagement with interdisciplinary perspectives, and a critique of neoclassical economics. We both draw upon the works of scholars from various fields and apply concepts such as David Harvey's "accumulation by dispossession" to analyse the dynamics of capitalism and inequality. I argue that our combined contributions open up a rich and potentially powerful research agenda, inviting scholars to examine more deeply the complex dynamics of inequality, uneven development, and the role of institutions in shaping economic systems. This agenda encompasses the need to further investigate the dual separation principles, explore the dynamics of housing and inequality, engage with the experiences and perspectives of the Global South, and develop alternative economic frameworks and methodologies. By building on these insights, we can push the boundaries of economic analysis and work towards a more equitable and sustainable future. |
| Keywords: | Inequality; Uneven Development; Institutional Economics; Interdisciplinary; Capitalism |
| JEL: | B50 O18 P16 |
| Date: | 2024–06–18 |
| URL: | https://d.repec.org/n?u=RePEc:ris:kngedp:2024_001&r= |
| By: | James B. Glattfelder; Richard B. Olsen |
| Abstract: | The concept of time mostly plays a subordinate role in finance and economics. The assumption is that time flows continuously and that time series data should be analyzed at regular, equidistant intervals. Nonetheless, already nearly 60 years ago, the concept of an event-based measure of time was first introduced. This paper expands on this theme by discussing the paradigm of intrinsic time, its origins, history, and modern applications. Departing from traditional, continuous measures of time, intrinsic time proposes an event-based, algorithmic framework that captures the dynamic and fluctuating nature of real-world phenomena more accurately. Unsuspected implications arise in general for complex systems and specifically for financial markets. For instance, novel structures and regularities are revealed, otherwise obscured by any analysis utilizing equidistant time intervals. Of particular interest is the emergence of a multiplicity of scaling laws, a hallmark signature of an underlying organizational principle in complex systems. Moreover, a central insight from this novel paradigm is the realization that universal time does not exist; instead, time is observer-dependent, shaped by the intrinsic activity unfolding within complex systems. This research opens up new avenues for economic modeling and forecasting, paving the way for a deeper understanding of the invisible forces that guide the evolution and emergence of market dynamics and financial systems. An exciting and rich landscape of possibilities emerges within the paradigm of intrinsic time. |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2406.07354&r= |
| By: | Gustavo A. Del Angel (division of economics, cide) |
| Abstract: | This paper explains the historical development of agricultural insurance and reinsurance in Mexico in the second half of the 20th century. The central argument is that the Mexican government did not fully actívate the rural insurance and reinsurance markets since it continued to intervene in the crop insurance matkets with political purposes. In Mexico, since its origins in1961, and during most of the period under study, agricultural insurance was provided to farmers mainly by the government. through a state-owned insurance company. Anagsa. Although during the 1960s crop insurance in Mexico was based on technical criteria, in following decades its allocation was base don political criterio and a mechanism that fosterd corrupt practices. After reform in 1990, agricultural insurance faced a promising horizon. However, always had the challenge of political intervention by the government. This is a preliminary versión of a chapter prepared for the book Role of Reinsurance in the World, edity by Leonardo Caruana de las Cagigas and André Straus. |
| Keywords: | rural insurance, rural reinsurance, history of insurance, Mexico. |
| Date: | 2023–05 |
| URL: | https://d.repec.org/n?u=RePEc:emc:wpaper:dte626&r= |
| By: | Antoinette Baujard (Université Jean Monnet Saint-Etienne, CNRS, Université Lumière Lyon 2, emlyon business school, GATE, 42023, Lyon, France) |
| Abstract: | Cet article adopte une perspective normative pour décrire comment les sciences économiques ont opéré une réduction du social à ses seules composantes individuelles. Après avoir illustré comment le questionnement normatif et du niveau collectif en économie a été ignoré, l’article rappelle le contexte dans lequel s’est imposé le « welfarisme » en économie du bien-être, le cadre d’étude dans lequel le bien-être social ne dépend que des seules utilités individuelles. L’article expose les enseignements du théorème d’impossibilité d’Arrow et celui du Parétien libéral de Sen pour montrer en quoi ces restrictions informationnelles ont conduit à l’invisibilisation des communs et permet, en creux, d’identifier précisément des pistes pour les prendre au sérieux. En conclusion, il invite à repenser l’implication des membres d’une communauté dans les décisions collectives. |
| Keywords: | Choix social, communs, bien-être, bien-être social, bien-être individuel, welfarisme, restriction informationnelle, fabrique de l’ignorance |
| JEL: | A13 B21 D6 H41 I31 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:gat:wpaper:2407&r= |