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on History and Philosophy of Economics |
| By: | Daniel Eckert (University of Graz, Austria) |
| Abstract: | In this note we make the claim that Karl Menger's "Logic of Ethics" in his 1934 monograph "Moral, Wille und Weltgestaltung" was not only a souce of methodological inspiration for Oskar Morgenstern's contribution to the development of game theory, but can actually be considered an anticipation of a game theoretic approach to coalition formation known today as hedonic games. |
| Keywords: | ethics, coalition formation, game theory, partitions, cooperative game theory, hedonic games |
| JEL: | B23 C71 |
| Date: | 2026–08 |
| URL: | https://d.repec.org/n?u=RePEc:grz:wpaper:2026-15 |
| By: | Buchner, Martin; Rose, Julian; Johannesson, Magnus; Malan, Mandy; Ankel-Peters, Jörg |
| Abstract: | The publication of contradictory replications often sparks persistent disputes between replicators and original authors. We investigate whether experts converge toward consensus in the prominent debate between Acemoglu, Johnson, and Robinson (AJR, 2001) and Albouy (2012). We recruited 352 experts, including many senior and highly cited economists, primarily from the pool of scholars citing one of the debate articles. We find no consensus on whether the AJR results hold after Albouy's replication, indicating no prevailing interpretation of the debate more than a decade later. Our study demonstrates a potential approach to assessing scientific consensus formation in replication debates and contested literatures. |
| Keywords: | replication, scientific consensus, scientific credibility, expert survey, institutions and growth |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ifsowp:342507 |
| By: | de Moraes, Isaias Albertin (Federal University of ABC) |
| Abstract: | This article examines Alberto Guerreiro Ramos’s contributions to understanding the dilemmas and prospects of Brazilian economic development, em-phasizing the originality and relevance of his thought. The methodological approach is based on a bibliographic review, aiming to identifying the State of the Art on the subject. The analysis is structured around four axes: i) biographical context, ii) theoretical-methodological foundations, iii) critiques of structural obstacles, and iv) proposals for a national-developmental project in Brazil. The study concludes that Guerreiro Ramos’s work rep-resents a landmark in Critical Sociology and Sociology of Development, in Brazil and should be further explored in contemporary economic studies. |
| Date: | 2026–08–06 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:kc2rq_v1 |
| By: | Michael Seewald (Universität Witten/Herdecke) |
| Abstract: | Economic innovation and transformation are future-oriented fields where financial risk-return and economic growth considerations permeate with visions of technological progress and cultural determinants of human behavior. This case study about the evolution of the entrepreneurial persona in the history of economic thought demonstrates how narrative research can contribute to understanding the growth dynamics of economic ecosystems. Rather than being indicators of flaws in otherwise rational economic processes, narrative twists and turns reflect the institutional and cultural preconditions of economic growth and innovation.Since the early days of industrialization, economic thought takes recourse to the institutional persona of the entrepreneur to explain dynamics of innovation and transformative growth. The descriptions of the entrepreneur in the works of Robert Cantillon, Joseph Schumpeter and Frank Knight show how the parameters of innovation, cristallized in the features of entrepreneurial activity, change along the trajectories of, and reflect, industrial and economic development. What these descriptions have in common are the fundamental features of innovative activity in otherwise steady economic ecosystems: the ability to embrace the uncertainty of a future venture through an informed view about future market demand; the stamina to impose change to incumbent structures and processes; and the acumen to mobilize ample financial funding to realize an innovative venture.The current debate around artificial intelligence and its potential to generate unprecedented future growth goes along with a messianic turn in the discourse about entrepreneurial activity. In the current debate about AI-led innovation, the entrepreneurial narrative, unchanged at its core, takes on a quasi-spiritual dimension. Entrepreneurs appear as saviour-like personae, able to break through a state of general stagnation and decline in order to enable not less than a new, technology-fuelled chapter for humanity. While the jury is out whether this scenario will unfold, the messianic turn of the entrepreneurial discourse shows that the instruments of mainstream economics do not seem to be suited to assess the growth dynamics of AI-led innovation. To assess this messianic turn of the entrepreneur and its bearings for future economic growth trajectories, a narrative turn in economic research appears warranted. |
| Date: | 2026–08–21 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05238679 |
| By: | Brüggemann, Kai |
| Abstract: | This article argues that Keynes's inquiry into probability constitutes a theory of rational choice under uncertainty that is distinct from the subjective probability approach. Ramsey's theoretical treatment, in contrast to Keynes's, anticipates the mathematization of economic theory by introducing the possibility of numerically precise expressions of expectations under uncertainty. His essay reveals how this approach relies on idealized formalizations, most notably illustrated through the analogy between decision-making and betting. In doing so, Ramsey's account aims to provide a descriptive analysis of human behaviour under uncertainty. Both analyses indicate the limits to the mathematical inquiry of decisions under uncertainty by exposing the limits of induction. While this issue remains largely absent from Ramsey's analysis, it is constitutive of Keynes's account. Thus, although both approaches seek to develop concepts of rational choice under conditions of incomplete knowledge, the normative issues arising from the epistemic conception of uncertainty central to Keynes's analysis remain excluded from Ramsey's inquiry. Contrasting the two accounts reveals how distinct analyses of the economy can be traced back to different epistemic standpoints on uncertainty in decision-making. |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:cessdp:343056 |
| By: | Flores Zendejas, Juan; Nodari, Gianandrea |
| Abstract: | This article explores how profit-seeking behavior among central banks shaped their adherence to the gold exchange standard during the interwar period, focusing on the case of Chile. Existing literature has emphasized ideology, credibility, and political considerations to explain monetary orthodoxy. However, it has largely overlooked the role of financial incentives embedded in the structure of the gold exchange regime. Drawing on new archival evidence, particularly the minutes of the Central Bank of Chile’s Board of Directors, we show that the institution actively managed its foreign reserves to maximize returns by placing them in correspondent banks in London and New York. This proactive strategy was encouraged by institutional design and shareholder expectations but created vulnerabilities by reducing reserve liquidity and increasing exposure to currency and counterparty risk. These fragilities became evident during the sterling crisis of 1931, when Chile incurred severe losses and was unable to act as a lender of last resort, leading to its abandonment of the gold standard in 1932. The Chilean case reflects broader practices among European and Latin American central banks, revealing how profitability considerations shaped monetary behavior and contributed to systemic fragility. |
| JEL: | E58 F33 N16 N26 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:gnv:wpaper:unige:195486 |
| By: | David Atkin; Benjamin Faber |
| Abstract: | In recent decades, economists studying international trade have gained access to an unprecedented volume and variety of data. These data have provided new insights and a more granular understanding of the mechanics of trade. Analyzing a large corpus of papers, we document that the nature of research has also shifted. Previously, the typical trade paper was either purely theoretical or an empirical paper testing theoretical predictions. More recently, scholarship has shifted toward a more integrated approach, particularly quantitative modeling. This development is surprising. We might have expected the data revolution (and contemporaneous credibility revolution) to increase the share of primarily empirical papers—although the markers of these revolutions are clearly evident in the rise of causal inference within empirical work. This article reviews these developments, assessing the strengths and limitations of different modes of inquiry, and plotting a path forward to harness the growing richness of data within the field. |
| JEL: | F10 F60 |
| Date: | 2026–08 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:35657 |