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on History and Philosophy of Economics |
| By: | Tsoulfidis, Lefteris; Chatzarakis, Nikolaos |
| Abstract: | This paper examines the conditions leading neoclassical economics to its division into microeconomics and macroeconomics, comparing it with the integrated macroscopic-microscopic approach of Classical Political Economy (CPE). Neoclassical economics emerged in the last quarter of the 19th century introducing a subjective theory of value based on individual preferences and optimizing behavior. The division between micro and macroeconomics became visible during the 1930s crisis due to what came to be known as monopolistic competition and macroeconomic revolutions. The stagflation crisis (of late 1960s to early 1980s) prompted the so-called microfounding of macroeconomics and the unified treatment of macroeconomic issues. By contrast, the CPE maintains a unified perspective, analyzing capitalism broadly at a macroscopic level focusing on labor as the primary value creator. Unlike neoclassical theory, CPE prioritizes aggregated variables and social class incomes driven by survival and profit motives rather than subjective preferences. The paper concludes that issues of effective demand, growth, and cycles can be fruitfully addressed within the unified CPE framework, highlighting the theoretical consistency of employing the labor theory of value for evaluating aggregate variables like capital. |
| Keywords: | Microfoundations, Classical Political Economy, Labor Theory of Value, Utility, Marginal Productivity |
| JEL: | B21 B22 B51 D01 E10 E11 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:121951 |
| By: | Brzezinski, Adam; Palma, Nuno; Velde, François R. |
| Abstract: | Debates about the nature and economic role of money are mostly informed by evidence from the twentieth century, but money has existed for millennia. We argue that there are many lessons to be learned from monetary history that are relevant for current topics of policy relevance. The past is a source of evidence on how money works across different situations, helping to tease out features of money that do not depend on one time and place. A close reading of history also offers testing grounds for models of economic behavior and can thereby guide theories on how money is transmitted to the real economy. |
| Keywords: | identification in macroeconomics; monetary history; monetary policy; natural experiments; policy experiments |
| JEL: | E40 E50 N10 |
| Date: | 2024–08–31 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:125356 |
| By: | Suzanne J Konzelmann |
| Abstract: | There is a strong resonance between events of the inter-war years and today. These include a questioning of laissez-faire capitalism and austerity, and the rise of so-called “populist” parties on both the left and right. Clara Mattei’s (2022) The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism thus makes an interesting contribution, by locating the key argument of her book in the febrile period of European history between the wars. According to Mattei, the First World War disrupted the pre-war capitalist system to such an extent that it created a crisis of capitalism, itself. As a result, following the end of hostilities, there was a conscious effort to restore the pre-war “capital order” by means of a technocratic “austerity strategy”; and this was strongly linked to the rise of fascism. We argue that the inter-relationship between capitalism, austerity and fascism during the 1920s and 1930s was rather more complex, and that to make sense of this, it is necessary to broaden the focus beyond Italy and Great Britain and the international financial conferences at Brussels (1920) and Genoa (1922). Otherwise, we risk misunderstanding and mis-diagnosing our own times, as those inter-war politicians, financiers and economists discovered to their cost. We therefore also include Germany and the United States and base our analysis on the events of the entire inter-war period. |
| Keywords: | Laissez-faire capitalism, fascism, austerity, insecurity cycle, John Maynard Keynes, Karl Polanyi |
| JEL: | N12 N14 P1 P30 P52 |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:cbr:cbrwps:wp540 |
| By: | Claude DIEBOLT; Faustine Perrin |
| Abstract: | This chapter lays the theoretical foundations of long-run economic growth. After providing an overview of the three fundamental regimes that have characterized the process of development over the course of human history on the basis of the seminal work of Galor and Weil (2000), we review existing theories offering explanations of the different stages of development. In particular, we examine the predictions and underlying mechanisms of the traditional theories of economic growth and the theories of demographic transitions. We then show the relevance of the Unified Growth Theory to explain and capture the underlying mechanisms of the development process. Finally, we highlight the importance of integrating a gendered perspective in the study of long-run economic growth. |
| Keywords: | Economic History; Economic Development; Growth; Demographic Transition; Unified Growth Theory; Gender. |
| JEL: | A33 N1 O1 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ulp:sbbeta:2024-35 |
| By: | Ewan McGaughey |
| Abstract: | How has our economic constitutional order developed, and which laws make our economy democratic? Democracy in politics is familiar and starts with ‘one person, one vote’, but economic democracy is less familiar. In its ideal, it means ‘three stakeholders, one voice’. Workers, investors, and service-users make different contribution types in the economy, so rules to give them voice differ and are still evolving. This paper gives a brief history of how economic democracy developed, the evolving theories, and practices for democratic workplaces, capital, and public enterprise. It then unpacks the laws that make it. First, a board of directors will answer to an enterprise’s stakeholders, not simply appointing itself via so called ‘independent’ directors. Second, workers elect at least one-third or properly one-half of a board of directors, rather than shareholders monopolising all votes, and worker cooperatives are encouraged. Third, all capital fund directors, whether pensions or mutuals, are majority-elected by beneficiaries, and they set the shareholder voting policies, not allowing asset managers or banks to vote on other people’s money in what they deem to be the interests of the ultimate investor. Fourth, in public enterprises, where private competition fails and consumers cannot truly ‘vote with their feet’, service-users hold voting rights for representatives on the board, rather than appointments being monopolised by the state or board incumbents. These norms are spreading, and overcoming evidence-free theories that excuse illegitimate corporate power. |
| Keywords: | Economy, democracy, labour, capital, public services, enterprise, vote |
| JEL: | K0 K11 H40 K22 K23 K31 J01 |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:cbr:cbrwps:wp539 |
| By: | Claude DIEBOLT; Faustine Perrin |
| Abstract: | En octobre 2023, Claudia Goldin, professeure à l’Université de Harvard, a été récompensée par l’attribution du Prix Nobel de Sciences Économiques, en reconnaissance de ses contributions pionnières à l’économie, notamment pour son analyse approfondie de la place des femmes sur le marché du travail. Goldin a, en effet, exploré l’évolution du revenu et la participation des femmes au marché du travail dans la longue durée, mettant en évidence les causes de ces changements et les raisons de la persistance des inégalités entre hommes et femmes. Première femme titularisée au Département d’économie de Harvard et désormais première femme à remporter seule le Prix Nobel d’économie, son parcours illustre le franchissement des barrières académiques et l’élargissement des horizons. Ses recherches ont joué un rôle clé dans la reconnaissance et la valorisation du rôle des femmes dans le domaine économique, motivant ainsi une nouvelle génération de chercheurs à intégrer les dynamiques de genre et les perspectives à long terme dans leurs travaux. |
| Keywords: | Claudia Goldin, Nobel, inégalités de genre, cliométrie. |
| JEL: | J16 N3 J2 J7 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ulp:sbbeta:2024-36 |
| By: | Holcombe, Mike; Coakley, Simon; Kiran, Mariam; Chin, Shawn; Greenough, Chris; Worth, David; Cincotti, Silvano; Raberto, M.; Teglio, Andrea; Deissenberg, Christophe; Hoog, Sander van der; Dawid, Herbert; Gemkow, Simon; Harting, Philipp; Neugart, Michael |
| Abstract: | Following the events of the credit crunch and the onset of a global recession, alternative ways of modeling modern economies and mechanisms for carrying out policy analysis are now an urgent priority. Traditional mathematical economics is widely viewed to have been compromised through gross simplifications with many assumptions that are now seen to be unjustified. New ways of looking at economics that are more grounded in reality are required, and agent-based computational economics is now receiving a lot of attention. Although the ideas are not new, the previous attempts to use this approach have been largely limited by the inability to model realistically large systems with millions of complex agents. Without this capability, the usefulness of the approach is limited. The EU-STREP project EURACE brought together a consortium of leading economists, experts in parallel supercomputing, and the designers of the FLAME framework to build the largest and most complete model of the European Union economy ever built. |
| Date: | 2024–09–16 |
| URL: | https://d.repec.org/n?u=RePEc:dar:wpaper:149717 |
| By: | Sahana Simha; M. P. Ram Mohan |
| Abstract: | Trademark law is primarily viewed as a consumer protection law. Proprietary and consumer interests are not always balanced. This is especially evident in the doctrine of exhaustion of rights in trademarks, where the trademark owner loses control over the further distribution of their trademarked product once sold. Existing statutory exceptions to this doctrine allow the proprietor to take action against resellers only when the product has been impaired or changed. The exceptions do not account for harm or damage to the reputation and goodwill associated with a trademark as a ground to override exhaustion. This paper analyses legislative and judicial decisions regarding exceptions to exhaustion under Indian trademark law, with a comparative examination of rulings from the US and EU jurisdictions. We then highlight the theoretical differences between trademark and copyright law, exploring moral rights in copyright law and the anti-dilution theory of trademarks. In doing so, we examine the feasibility of expanding exceptions to the doctrine of exhaustion to include proprietary concerns, in addition to consumer and market considerations. |
| Date: | 2024–09–27 |
| URL: | https://d.repec.org/n?u=RePEc:iim:iimawp:14715 |
| By: | Saloua Zgoulli-Swalhi (MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UPVM - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School); Antoine Chollet (MRM - Montpellier Research in Management - UPVM - Université Paul-Valéry - Montpellier 3 - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier); Bernard Fallery (MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UPVM - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School) |
| Abstract: | Cette communication repose sur la pièce de théâtre écrite et jouée par un groupe d'enseignantschercheurs dans le cadre de leurs activités de médiation scientifique. Cette pièce, dans le plus grand respect de l'esprit de Molière, devient aujourd'hui une satyre des « Messieurs Jourdain » assez naïfs, qui prétendent acquérir tous les codes de la New tech ou de la Start-up Nation pour faire partie de l'élite ou de la nouvelle génération. Autour de ces utilisateurs ébahis par la technologie gravitent bien sûr de nombreux profiteurs. La controverse se déroule donc avec ceux qui ont une autre vision de la place du numérique dans la société, comme les "Mesdames Jourdain". Dans une première partie on revient d'abord ici sur le cadre théorique qui permettent d'éclairer la position des universitaires dans la médiation scientifique. Un extrait de la pièce est présenté en deuxième partie. En conclusion on décrit le dispositif scénique proposé en tant que communication au Colloque de l'AIM. |
| Keywords: | médiation scientifque, théâtre, intelligence artifcielle, société du numérique |
| Date: | 2023–06 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04680897 |
| By: | Siegfried, Doreen; Scherp, Guido; Linek, Stephanie; Flieger, Elisabeth |
| Abstract: | Diese Studie untersucht Open-Science-Praktiken in den Wirtschaftswissenschaften an deutschen Hochschulen und Forschungseinrichtungen. Insgesamt 314 Wissenschaftler:innen aus verschiedenen wirtschaftswissenschaftlichen Disziplinen haben an einer Online-Umfrage teilgenommen, um Fragen zu ihren Einstellungen, Anwendungen sowie Barrieren und Anreizen im Zusammenhang mit Open Science zu beantworten. Zudem wurde der Bedarf an Unterstützung in diesem Bereich ermittelt. Die Ergebnisse verdeutlichen eine zunehmende Akzeptanz und Implementierung von Open-Science-Methoden, wobei bedeutende Unterschiede zwischen den verschiedenen Institutionstypen bestehen. Das Forschungsdatenmanagement, die Nutzung von Open-Access-Publikationen und die Integration offener Daten und Codes in den Publikationsprozess wurden als zentrale Aspekte identifiziert. Die Studie bietet umfassende Einblicke in den gegenwärtigen Stand und die Herausforderungen von Open Science in der wirtschaftswissenschaftlichen Forschung. |
| Abstract: | This study examines Open Science practices among economic researchers at German universities and research institutions. A total of 314 scientists from different economic disciplines took part in an online survey to answer questions about their attitudes, applications, barriers, and incentives in relation to Open Science. The need for support in this area was also identified. The results show an increasing acceptance and implementation of Open Science methods, with significant differences between different types of institutions. The management of research data, the use of Open Access publications, and the integration of Open Data and codes into the publication process were identified as key aspects. The study provides a comprehensive insight into the current landscape and challenges of open science in economic research. |
| Keywords: | Open Science, Open-Science-Praktiken, Open Access, Open Data, Reproduzierbarkeit, Transparenz, Wissenschaft |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esrepo:303026 |
| By: | Ryoji Koike (Director and Senior Economist, Institute for Monetary and Economic Studies, Bank of Japan (E-mail: ryouji.koike@boj.or.jp)) |
| Abstract: | This paper overviews the developments of the Bank of Japan's balance sheet from the Meiji era to postwar reconstruction. The paper assesses balance sheet items in terms of both nominal values and ratios to nominal GNP, using semiannual and monthly data reassembled from historical materials. In the semiannual data, the ratio of total assets to GNP remained at 10-15 percent in peacetime but increased to 19-48 percent in wartime, whereas it was 16 percent at most during financial crises. Meanwhile, banknotes remained stable, at 8-11 percent, except in the Bank's early years and at end of the Pacific War in 1941-45. The monthly data capture short-term changes during financial crises and rapid changes in economic and financial institutions, such as the 1923 earthquake, the return to the gold standard in 1930, and the emergency measures in 1946 that voided old banknotes to reduce money in circulation. These data provide useful information for research in history fields such as the identification of exogenous shocks. |
| Keywords: | from the Meiji era to postwar reconstruction, the Bank of Japan's balance sheet, historical records, semiannual data, monthly data |
| JEL: | N25 Y10 E58 |
| Date: | 2024–08 |
| URL: | https://d.repec.org/n?u=RePEc:ime:imedps:24-e-07 |