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on History and Philosophy of Economics |
| By: | Anton Galeev (National Research University Higher School of Economics) |
| Abstract: | The paper discusses Yuli Zhukovsky’s 1864 article “Smithian Direction and Positivism in Economics”, one of the first research in methodology of political economy in Russia. Zhukovsky contrasts the abstract theorising of classical economists like Adam Smith and David Ricardo with the empiricism of his contemporaries like Henry Macleod. Zhukovsky advocates for a deductive, universal approach in economic theory, emphasising the importance of abstract models to explain economic phenomena. His interpretation of Smith aligns with modern views on classical political economy, focusing on the formation of theoretical systems from empirical facts. |
| Keywords: | classical political economy, economic methodology, Adam Smith, Yuli Zhukovsky, deduction, abstraction |
| JEL: | B12 B41 B31 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:hig:wpaper:270/ec/2024 |
| By: | Heise, Arne |
| Abstract: | The article discusses the ongoing debate about a potential paradigm shift in eco-nomics. Institutions like the Institute for New Economic Thinking, the New Economics Foundation, and the Forum New Economy have been established to foster new approaches to understanding and transforming economies. While some main-stream economists see this as a significant and positive change, many heterodox economists remain sceptical, recalling past failed revolutions in economic thought, like the 'Keynesian revolution'. The article examines whether purported changes in economic policy indicate a true paradigm shift in the scientific sense (à la Kuhn) or just variations within the existing neoclassical framework. Despite some studies suggesting a paradigm shift is underway, it is argued that these shifts in policy do not necessarily stem from fundamental changes in economic theory. Instead, they represent swings within the dominant paradigm, such as the rise of behavioural or Schumpeterian economics, rather than a complete overhaul of the discipline. The article concludes that while mainstream economics may become more diverse, this should not be mistaken for a revolutionary change. Heterodox economists must continue to advocate for broader acceptance and genuine transformation in the discipline, rather than assuming that time alone will bring about such changes. |
| Keywords: | New Economics, paradigm shift, Post Keynesianism, heterodox economics |
| JEL: | B40 B51 B52 E11 E12 E13 E14 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:cessdp:305296 |
| By: | Alexandre Chirat; Ulysse Lojkine |
| Abstract: | We investigate the concept of economic power in the three main paradigms of economic thinking in the 20th century: neoclassical, marxist and institutionalist. We propose a reconstruction, based on a new taxonomy, of the various forms of power conceptualized by each of them. In particular, we claim that the neoclassical paradigm contains a consistent although often implicit theory of power. We then show that many controversies between these paradigms were debates on power and that some shifts in mainstream economics in the 1970s and 1980s are a reaction to the criticisms leveled against the neoclassical conceptualization of power. |
| Keywords: | Power – Markets – Consumer sovereignty – History of economics |
| JEL: | B20 B40 L00 P00 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:drm:wpaper:2024-31 |
| By: | Tiago Camarinha Lopes (UFG - Universidade Federal de Goiás [Goiânia]) |
| Abstract: | Human-Centred Economics: The Living Standards of Nations, by Richard Samans, is a bold and optimistic book. Its main message stems from recognizing the crisis facing the global economy. The book argues that the dominant economic theory of the neoliberal era needs urgent revision and proposes a path that draws on a tradition of liberal thinkers who went far beyond a perspective solely focused on GDP growth. |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04720791 |
| By: | Bergh, Andreas (Dept. of Economics, Lund University); Wichardt, Phillipp C. (Dept. of Economics, University of Rostock; Dept. of Economics, Lund University Kiel Institute for the World Economy; CESifo Munich) |
| Abstract: | Borrowing ideas from the medical sciences, we propose tentative guidelines for reliable causal inferences that cover aspects related to both the study itself and its fit with background knowledge. We argue that the current paradigm in economics tends to put too much emphasis on internal aspects related solely to the study itself. To substantiate this view, we discuss various excellent studies from different fields of economics, which all express causal and policy-relevant claims. We conclude that policy implications based on single studies are inherently uncertain, even when the respective studies are state-of-the-art. |
| Keywords: | Causality; Empirical Economics; Methodology; Credibility |
| JEL: | B41 C90 D90 |
| Date: | 2024–10–29 |
| URL: | https://d.repec.org/n?u=RePEc:hhs:iuiwop:1504 |
| By: | Josué, ANDRIANADY; RAVELOSON, Rojo Armel |
| Abstract: | This manual offers a comprehensive overview of key economic theories applied to environmental issues. It covers classical views of nature as a resource, externalities theory, and critiques of the "Tragedy of the Commons" by Hardin and Ostrom. Behavioral economics concepts, such as status quo bias and nudging, are examined in environmental decision-making. The manual also discusses environmental justice, focusing on the North-South divide and its historical and structural causes. Finally, it explores the transition to a sustainable economy, addressing green growth, post-growth, and climate change challenges. |
| Keywords: | Environmental Economics Sustainable Development Natural Resources Market Failure Externalities Public Goods Climate Change Economic Policy Resource Management Economic Theory Welfare Economics Ecological Economics Environmental Justice Cost-Benefit Analysis Biodiversity Conservation |
| JEL: | A1 B3 N0 Q0 Z1 Z13 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:122266 |
| By: | Simone Bertoli (CERDI - Centre d'Études et de Recherches sur le Développement International - IRD - Institut de Recherche pour le Développement - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne); Melchior Clerc (CERDI - Centre d'Études et de Recherches sur le Développement International - IRD - Institut de Recherche pour le Développement - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne); Jordan Loper (CERDI - Centre d'Études et de Recherches sur le Développement International - IRD - Institut de Recherche pour le Développement - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne); Èric Roca Fernández (CERDI - Centre d'Études et de Recherches sur le Développement International - IRD - Institut de Recherche pour le Développement - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne) |
| Abstract: | In recent years, the process of evaluating economic research articles has evolved with the introduction of a key step for studies based on empirical analyses. After peer review and approval by the editor, authors must engage with the Data Editor, who ensures that the codes and datasets used reproduce the reported results. The Data Editor has the authority to reject publication if significant data issues arise. If the article is accepted, the associated code and data are made publicly available in line with open science principles, allowing other researchers to verify and replicate the analysis. However, strict replicability of the results is not always guaranteed, as the consistency between the methodology described in the article and the code used to implement it is not systematically verified. This gap highlights the need for a re-evaluation of current practices and greater emphasis on replicating scientific studies. |
| Abstract: | Ces dernières années, le processus d'évaluation des articles en sciences économiques a évolué avec l'ajout d'une étape clé pour les articles basés sur des analyses empiriques. Après validation par les pairs et l'éditeur, les auteurs doivent interagir avec le Data Editor, qui vérifie si les codes et données utilisés reproduisent les résultats présentés. Ce dernier peut refuser la publication en cas de problèmes liés aux données. Si l'article est accepté, les codes et données sont publiés conformément aux principes de science ouverte, permettant la vérification et la réplication par d'autres chercheurs. Cependant, la réplicabilité stricte des résultats n'est pas toujours garantie, car la cohérence entre la méthodologie décrite dans l'article et le code n'est pas systématiquement contrôlée. Cette faille souligne la nécessité de repenser certaines pratiques et de promouvoir davantage les réplications d'études scientifiques. |
| Keywords: | Replicability, Transparency, Scientific practices, Empirical analysis, Peer review, Réplicabilité, Transparence, Pratiques scientifiques, Analyse empirique, Examen par les pairs |
| Date: | 2024–10–15 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04753548 |
| By: | Tsiflikidou, Ioanna-Maria; METAXAS, THEODORE |
| Abstract: | This study aims to review major economic crises throughout the centuries, in order to see what valuable lessons can be learned from re-examining them. As the 20th century was marked by tremendous economic turmoils, that changed the world economy of today, we will focus on the Great Depression of 1929 and the Oil Crisis of 1973, comparing them also with the 21st century global crisis of 2008. Through a lens of historic and periodic analysis, content analysis, and comparative analysis, this study seeks to unravel the intricacies of these financial crises, their similarities, differences and what went wrong in each case and what role the Federal Reserve’s System played in in shaping economic outcomes. The findings underscore the significance of macroeconomic imbalances, poorly regulated financial markets, and inadequate risk management in amplifying the impact of economic events. Policymakers' responses and reforms after each crisis are examined, highlighting the recurring theme of claims of increased preparedness for future scenarios. The study concludes by urging a re-evaluation of the Federal Reserve's policies, emphasizing the need for a proactive and informed approach to address potential future crises and advocating for a better understanding of the global impact of national policies. |
| Keywords: | economic crises; 20th century, qualitative analysis, review and comparison |
| JEL: | G01 G18 G38 |
| Date: | 2023 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:122466 |