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on History and Philosophy of Economics |
| By: | Gunseli Berik; Ebru Kongar |
| Abstract: | Macroeconomics is arguably the most male-dominated field within the discipline of economics. Since the mid-1990s, feminist economists have thoroughly and meticulously challenged this field through empirical and theoretical analyses and proposed alternative starting points, frameworks, and models. We evaluate the contributions of five scholars--Nilufer Cagatay, Diane Elson, Caren Grown, Stephanie Seguino, and Elissa Braunstein--who have been influential in the development of feminist macroeconomics as a heterodox project since 1995. Through citation analysis, we examine who is recognizing the macroeconomics-related contributions of these five scholars. We document that the journal articles published by these five are cited primarily by women, in mainstream journals, in disciplines other than economics, and in interdisciplinary journals both in and outside of economics. Our analysis reveals that the impact of the five scholars in heterodox macroeconomics journals is miniscule, and the citations of their works are primarily made by other feminist economists, most of whom are women. |
| Keywords: | Citations; Feminist Economics; Feminist Macroeconomics; Gender |
| JEL: | B54 E11 E12 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1081 |
| By: | Danielle Guizzo |
| Abstract: | Heterodox economics, often characterised as a progressive and critical intellectual community, has gained prominence in recent years, particularly in response to economic crises and political shifts. While its intellectual history is well-documented, particularly in the Global North, its role in supporting an alternative economics education through time remains underexplored. Furthermore, the ways in which higher education structures have supported or constrained critical thinking in economics have been largely absent from historical analyses. This article addresses these gaps by exploring the historical development of heterodox economics education in the UK between the 1960s and 1990s, looking at the case of polytechnics as higher education institutions. It adopts a multi-method approach, analysing archival institutional records (course prospectuses, syllabi, regulatory policy documents) alongside interviews with economics educators using inductive thematic analysis, followed by triangulation. The findings reveal that polytechnics, designed to mainly deliver vocational education, played a central role in developing heterodox content, further supported by relative regulatory tolerance. However, structural reforms in the 1980s – driven by funding constraints, the rise of performance metrics, and increasing alignment with university norms – narrowed the space for pluralist approaches and accelerated the marginalisation of heterodox economics in UK higher education. |
| Date: | 2025–04–02 |
| URL: | https://d.repec.org/n?u=RePEc:bri:uobdis:25/800 |
| By: | Olivo, Victor |
| Abstract: | This document revisits Milton Friedman's extended monetary framework, specifically focusing on his Monetary Theory of Nominal Income. Friedman’s extended monetary framework remains robust in explaining the dynamic relationship between money supply changes and nominal income fluctuations over more than 150 years of U.S. data. Despite major economic events, this relationship has been stable and significant. The empirical analysis with more recent data continues supporting Friedman's contention that money plays a special role in macroeconomic dynamics, stronger than fiscal variables or interest rates. The methodological debate between Friedman and his critics underscores the importance of empirical causality and practical explanatory power in economic theory. The document concludes that Friedman’s Marshallian approach offers valuable insights that have endured and continue to inform monetary economics. |
| Keywords: | Quantity Theory; Income-Expenditure Model; Price Level; Inflation; Nominal Income; Money Supply; Causality; Dynamic Models; Time Series Models. |
| JEL: | E00 E31 E51 E52 |
| Date: | 2025–08–10 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:125716 |
| By: | Leonel Arango-Vasquez (EAFIT - EAFIT University) |
| Abstract: | This article examines the epistemology of finance by analyzing how different theoretical perspectives shape knowledge and decision-making in markets. A comparative analysis is adopted to contrast the underlying premises of each perspective and their applicability in contexts of uncertainty, volatility, and structural changes in markets. The findings demonstrate that, while each theoretical framework provides valuable analytical tools, their combination offers a more robust understanding of financial behavior. The integration of these approaches, along with interdisciplinary methodologies, is essential for a more holistic and adaptable view of financial epistemology, allowing for a more accurate evaluation of the interaction between rationality, uncertainty, and behavior in contemporary global markets. |
| Keywords: | portfolio diversification, market efficiency, behavioral finance, financial theory, interdisciplinary integration, financial epistemology |
| Date: | 2025–10–22 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05003891 |
| By: | Leonardo Burlamaqui |
| Abstract: | This paper reconstructs Joseph Schumpeter's major works to propose a coherent new departure point for analyzing economic and social change. I argue that Capitalism, Socialism and Democracy (1942) (CSD) marks a radical departure from Schumpeter's earlier attempts in The Theory of Economic Development (1912 [1934]) (TED) and Business Cycles (1939) (BC) to merge equilibrium theory with evolutionary dynamics. In CSD, equilibrium disappears, cycles recede, and capitalism is recast as a process of creative destruction--turbulent, conflictual, and institutionally embedded. Yet the building blocks of this paradigm--innovation, the entrepreneurial function, credit creation, capital as a social relation, and the seeds of financial fragility--were already present in TED and BC, though obscured by equilibrium reasoning. The originality of this reconstruction lies in recovering Schumpeter's neglected concept of the "secondary wave, " buried in BC, which anchors financial fragility within the creative destruction paradigm and provides the bridge to Keynes's liquidity preference and Minsky's financial instability hypothesis. Reconstructed in this way, Schumpeter's trilogy yields a framework in which credit, innovation, technological disruptions, and financial fragility are inseparable. The synthesis illuminates both the resilience and the instabilities of contemporary capitalism and, when extended, helps to explain the logic of "hybrid institutional architectures"--above all the "China model, " today's most ambitious and misunderstood experiment in innovation-led, state-directed development in contemporary political economy. |
| Keywords: | Schumpeter; Keynes; Minsky; creative destruction; innovation; conflict; secondary wave; liquidity preference; financial fragility; economic and social change |
| JEL: | B15 B25 B52 E32 E44 O30 O43 P16 |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1098 |