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on History and Philosophy of Economics |
| By: | Genaro Mart\'in Damiani |
| Abstract: | Dynamic Stochastic General Equilibrium (DSGE) models, which are nowadays a crucial element of the set of quantitative tools that policy-makers have, did not emerge spontaneously. They rely on previously established ideas in Economics and relatively recent advancements in Mathematics. I aim to provide a comprehensive coverage of their history, starting from the pioneering Neoclassical general equilibrium theories and eventually reaching the New Neoclassical Synthesis (NNS). I thoroughly present the mathematical tools involved in formulating a DSGE model. I claim that this history has a mixed nature rather than an absolutist or relativist one, that the NNS may have emerged due to the complementary nature of New Classical and New Keynesian theories, and that the recent adoption and development of DSGE models by central banks from different countries has entailed a departure from the goal of building a universally valid theory that Economics has always had. The latter means that DSGE modeling has landed not without loss of generality. |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2409.00812 |
| By: | Matheus R. Grasselli; Lane P. Hughston |
| Abstract: | As an introduction to a Special Issue of International Journal of Theoretical and Applied Finance in Honour of the Memory of Thomas Robert Hurd we present a brief synopsis of Tom Hurd's scientific career and a bibliography of his scientific publications. |
| Date: | 2024–08 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2408.16891 |
| By: | Byerlee, D. |
| Abstract: | Drawing on an extensive review of available documents and my own personal recollections, this history describes the research and capacity building activities in Africa from 1963-1978 of the then Department of Agricultural Economics (AEC) of Michigan State University. The aim is to analyze how MSU came to be a leader in food and agricultural economics related to Africa that endures today. I first review the involvement of AEC faculty in the institutional building project at the University of Nigeria in the 1960s that involved the two main protagonists of the history. First from 1965-1971, Glenn L. Johnson initiated and led large projects to analyze and plan the Nigerian agricultural sector, based on paper and pencil projections and then pioneering simulation modeling. Second, Carl K. Eicher from 1970 built an extensive program of microlevel research involving intensive household surveys mostly focused on Sierra Leone. Both had important legacies in follow-on AEC activities throughout Africa and in the agricultural development profession, more generally. I argue that Eicher ‘seized the moment’ to aggressively recruit African graduate students and others with interests in Africa that through their thesis work and later employment as AEC faculty, became the bedrock of AEC’s food security programs in Africa. |
| Keywords: | Food Security and Poverty, International Development, Research and Development/Tech Change/Emerging Technologies, Research Methods/ Statistical Methods, Teaching/Communication/Extension/Profession |
| Date: | 2024–09–14 |
| URL: | https://d.repec.org/n?u=RePEc:ags:midasp:345227 |