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on History and Philosophy of Economics |
| By: | Alessandro Roncaglia (Sapienza University of Rome) |
| Abstract: | Adam Smith's political economy is best understood as part of a broader inquiry into human beings and society, rather than as a narrow theory of market self-regulation. This paper situates The Wealth of Nations within Smith's wider intellectual project, including his writings on moral philosophy, rhetoric, jurisprudence, and scientific method. It emphasizes the complementarity between self-interest and sympathy, the centrality of the division of labor to Smith's theory of economic development, and the role of institutions, justice, and public action in sustaining commercial society. The paper also revisits Smith's theories of value, prices, distribution, and competition, arguing against interpretations that assimilate Smith to modern general equilibrium theory or reduce the "invisible hand" to a doctrine of automatic market optimality. Smith emerges instead as a theorist of social interdependence, historical development, and institutional complexity. |
| Keywords: | Adam Smith; classical political economy; Scottish Enlightenment; division of labor; sympathy; self-interest; value theory; competition; invisible hand; history of economic thought |
| JEL: | B12 B31 B41 D46 D6 D01 E6 K21 L4 |
| Date: | 2026–05–25 |
| URL: | https://d.repec.org/n?u=RePEc:thk:wpaper:inetwp251 |
| By: | Sergi, Francesco; Cherrier, Beatrice; Saïdi, Aurélien; Duarte, Pedro; Goutsmedt, Aurélien (UC Louvain - F.R.S-FNRS); Renault, Matthieu; Acosta, Juan |
| Abstract: | This book offers a history of macroeconomics (the study of “the economy” as a whole) from its inception in the interwar period to today. Its novelty is twofold: it goes beyond a history of theories to cover a wider range of macroeconomists’ practices; it relies on a growing body of historical research, challenging misconceptions commonly disseminated in macroeconomics textbooks. This is not “yet another history of macroeconomics”. It is one that should strike scholars and students in macroeconomics as novel. Such a history is needed because macroeconomics textbooks project a particular “identity” of the field, derived from a specific historical narrative, in which the field evolved through theoretical “revolutions” and “battles” between “schools of thought” initiated by “great men”. We argue that this misrepresents the actual dynamics of macroeconomics. Our history conveys a different perspective, highlighting a more diverse set of characteristics (what macroeconomics is about) and practices (what macroeconomists do). We emphasise how macroeconomics has always relied on the combination of research agendas (theoretical, mathematical, empirical, and computational); how the interaction with other fields (notably microeconomics and econometrics) has been constant; and how the field has been shaped by a cast of researchers with diverse geographical and institutional origins (some working within academia, others in policymaking institutions and private organisations). We bring these many dimensions together through a simple chronology outlining four periods: birth (1920s-1940s), bridges (1950s-1960s), frictions (1970s-1980s), and constellations (1990s-2000s). |
| Date: | 2026–08–18 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:2suyd_v1 |
| By: | Funk, Patricia; Iriberri, Nagore; Venus, Nicole |
| Abstract: | We study the evolution of female representation in editorial roles for 15 top journals in economics from 1960 to 2019. We first document that the share of women in editorial roles has steadily increased over the past six decades. Second, we investigate whether this increase is due to an expansion of the pool of qualified female economists, or due to a change in the preference for appointing women. We find evidence for both using a large database on detailed CVs of more than 37, 000 economists. Third, we study the implications of female editors on the type and quality of accepted papers and potential trickle down effects on female authors’ publishing prospects. Finally, to understand whether there are gender gaps in the probability of being offered and/or of accepting editorial positions, we administer a large-scale survey among most prominent scholars in economics. We only find evidence for the offering channel. |
| JEL: | J16 A11 C83 |
| Date: | 2024–07 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:19303 |
| By: | Romain Baeriswyl |
| Abstract: | While money has evolved from natural commodities to digital tokens, the debate about the ideal money has remained the same throughout the ages. Historical controversies about the origin, nature, and double-spending of money offer valuable insights for navigating the new forms of money tokens such as cryptocurrencies, central bank digital currencies and stablecoins. |
| Keywords: | Natural law of money, State theory of money, Economic good theory of money, Credit theory of money, Double-spending of money |
| JEL: | E40 E42 E50 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:snb:snbwpa:2026-10 |
| By: | Oded Galor |
| Abstract: | The Royal Swedish Academy of Sciences awarded the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Philippe Aghion, Peter Howitt, and Joel Mokyr "for having explained innovation-driven economic growth". This paper examines their contributions in the context of the development process as a whole. Aghion and Howitt established the centrality of creative destruction in the growth process of advanced economies, identifying the displacement of existing technologies by superseding ones as a key mechanism in sustaining economic growth. Mokyr highlighted the role of a tightening link between theoretical knowledge and practical application during the Scientific Revolution and the Enlightenment in fostering technological progress in Western Europe on the eve of the Industrial Revolution. These frontier-centered perspectives transformed our understanding of the causes and consequences of innovation-driven growth in advanced economies operating near the technological frontier. Yet, throughout much of the development process, the central challenge to growth has depended less on the creation of new technologies than on the emergence of fundamental conditions conducive to skill formation, fertility decline, and societal adaptation, which have shaped the timing of the transition to modern growth, the pace of economic growth thereafter, and the contemporary inequality in the wealth of nations. A comprehensive account of sustained growth and contemporary inequality across societies requires anchoring the growth process in its broader historical arc. |
| Keywords: | Growth, Innovation, Inequality, Unified Growth Theory, Human Capital, Demographic Transition |
| JEL: | O10 O40 Z10 |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:crm:wpaper:26173 |
| By: | Brodeur, Abel; Bruns, Stephan B.; Herwartz, Helmut; Islam, Chris-Gabriel |
| Abstract: | We map the evolution of economics research from 1998 to 2019 to assess progress and identify remaining challenges. Using text mining of 30, 675 full-text articles and an in-depth analysis of 578, 132 statistical tests from 3, 746 articles across a broad range of journals, we document changes in research practices over time. We highlight the influence of the credibility revolution and the open science movement. Awareness of reproducibility has increased modestly, largely driven by journal adoption of data and code sharing policies. At the same time, reliance on non-public data has grown, especially among authors at top-five universities, posing new challenges for transparency. Sample sizes have increased substantially, while reported effect sizes have declined, consistent with reduced exaggeration and potentially more policy-relevant estimates. Econometric methods and causal inference practices have become more sophisticated, and articles now report more tables and statistical tests. However, pre-analysis plans, power analyses accompanying null results, and corrections for multiple hypothesis testing remain uncommon. Article length has remained stable or declined slightly, and authors from top-five universities continue to represent a large and stable share of publications in top journals. Our findings provide a baseline for tracking future developments and for guiding efforts to further strengthen the credibility and transparency of economics research. |
| Keywords: | Replication crisis, Credibility revolution, Open science, Trends, Empirical research |
| JEL: | A19 C18 C40 C80 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:i4rdps:315 |