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on History and Philosophy of Economics |
| By: | Pies, Ingo |
| Abstract: | This article introduces the ordonomic research program and explains its methodological roots. It shows how a German-speaking line of tradition has developed from Order Economics (Ordnungsökonomik) through Order Ethics (Ordnungsethik) to Ordonomics (Ordonomik). Ordonomics integrates central ideas of its predecessors into a theory of societal learning processes, which regards institutions and ideas as key variables. Using a three-level model, the connections between rule-following, rule-setting, and rule-finding are analyzed. The aim is a functional utilization of systemic constraints for the realization of moral desiderata. Ten Case studies and three appendices demonstrate practical applications of the ordonomic approach to institutional and ideational ethics. |
| Abstract: | Dieser Beitrag stellt das ordonomische Forschungsprogramm vor und erläutert seine methodologischen Wurzeln. Gezeigt wird, wie sich eine deutschsprachige Traditionslinie von der Ordnungsökonomik über die Ordnungsethik bis hin zur Ordonomik entwickelt hat. Die Ordonomik integriert zentrale Ideen ihrer Vorläufer zu einer Theorie gesellschaftlicher Lernprozesse, die Institutionen und Ideen als Schlüsselgrößen betrachtet. Durch ein Drei-Ebenen-Modell werden Zusammenhänge zwischen Regelbefolgung, Regelsetzung und Regelfindung analysiert. Ziel ist eine funktionale Indienstnahme systemischer Sachzwänge zur Verwirklichung moralischer Anliegen. Zehn Fallstudien und drei Anhänge demonstrieren praktische Anwendungen der ordonomischen Institutionen- und Ideen-Ethik. |
| Keywords: | order economics, order ethics, ordonomics, moral paradox of modernity, societal learning processes, institutional ethics, ideational ethics, ordo responsibility, moral commitments as a factor of production, monstrosity imagination, mandated schizophrenia, Ordnungsökonomik, Ordnungsethik, Ordonomik, Moralparadoxon der Moderne, gesellschaftliche Lernprozesse, Institutionenethik, Ideenethik, Ordnungsverantwortung, Moral als Produktionsfaktor, Monstrositäts-Imagination, verordnete Schizophrenie |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:mlucee:325828 |
| By: | Wei Liang; Heng-fu Zou |
| Abstract: | We develop a new theory of asset pricing based on the concept of liberal ideas capital-a stock of intangible, ideational resources rooted in human dignity, individual liberty, free speech, constitutional democracy, property rights, and the rule of law. Building upon the philosophical foundations of John Locke, Thomas Jefferson, Alexis de Tocqueville, Lord Acton, Lud- wig von Mises, Friedrich Hayek, and Milton Friedman, and integrating recent contributions by McCloskey, Phelps, and Heng-Fu Zou, we construct a dynamic general equilibrium model in which liberal ideas capital plays a central role in driving productivity, institutional stability, and investor confidence. In this framework, countries that invest in and accu mulate liberal ideas capital experience lower transaction costs, more secure property rights, higher innovation, and thus, superior asset returns and lower volatility over time. Empirically, we assemble cross-country data on liberalism-related indices-freedom of speech, property rights, rule of law, press freedom, and democratic governance-and demonstrate that nations with higher levels of liberal ideas capital exhibit systematically higher long-term equity returns and stronger economic performance. In contrast, countries dominated by authoritarian ideas capital exhibit per sistent institutional fragility, lower risk-adjusted returns, and weaker in vestor protection. Our findings challenge conventional asset pricing mod els by revealing the deep ideational foundations of market behavior. We argue that liberal ideas form the cognitive and institutional prerequisite for asset pricing itself, making price discovery and risk assessment possible. This elevates the intergenerational transmission of these norms-a process of "soulcraft" - to the most critical form of capital investment for ensuring long-run financial stability and prosperity. The paper thus offers a unified theory of political economy, ideology, and fnance, concluding that a society's most valuable asset is the shared belief in liberty. |
| Date: | 2025–08–08 |
| URL: | https://d.repec.org/n?u=RePEc:cuf:wpaper:779 |
| By: | Rapetti, Martin |
| Abstract: | This paper investigates the elusive notion of equilibrium in Keynes’s General Theory and its implications for subsequent interpretations of his work. Through a formal setup of the core relationships in the first eighteen chapters of the book, I show that Keynes’s model allows for multiple equilibria that critically depend on fixed nominal wages, expectations and confidence. While this structure resembles the IS-LM model, it diverges in its treatment of price flexibility, speculative motives in money demand, and the central role of expectations and confidence. The paper evaluates four possible interpretations of the General Theory, each arising from a different understanding of the notion of equilibrium in Keynes: (1) the neoclassical synthesis view, which relies on nominal wage rigidity; (2) a Tobinian view, in which macroeconomic equilibrium is unique but potentially unstable; (3) a social-norms view, where real rigidities à la Akerlof prevent wage adjustments and therefore multiple equilibria are possible; and (4) a Minskian interpretation that denies the existence of equilibrium altogether. The first interpretation is incompatible with the view expressed by Keynes in the General Theory. The other three, while clearly distinct from each other, are all compatible with Keynes’s argument—although they appear with varying degrees of clarity in the book. |
| Keywords: | Keynes, equilibrium, wage rigidity, expectations, General Theory |
| JEL: | B22 E12 E24 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:125912 |
| By: | Costa-Font, Joan; Rodriguez-Monguio, Rosa |
| Abstract: | This editorial introduces the special issue dedicated to commemorating the life and scholarly achievements of Professor Joan Rovira Forns, a distinguished health economist whose pioneering work continues to influence global health policy and research. We discuss why Professor Rovira was a prominent figure in the field and summarise some of his key contributions. Next, we highlight the collection of papers featured in this issue, explaining how they connect to his work and contribute to his lasting legacy by celebrating his interdisciplinary approach and dedication to societal impact. |
| Keywords: | health economics; HTA; pricing; equity; interdisciplinary social science |
| JEL: | J1 |
| Date: | 2025–09–11 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:128984 |
| By: | Heine, Klaus; Mause, Karsten; Schnellenbach, Jan |
| Abstract: | Zwischen 2018 und 2020 verstarben drei prägende Vertreter der Marburger Schule der Ordnungsökonomik$dUlrich Fehl, Hans-Günter Krüsselberg und Jochen Röpke. Zwar verfolgten die drei unterschiedliche Forschungsschwerpunkte, jedoch hatten sie auch eine Reihe von Gemeinsamkeiten. Insbesondere teilten sie ein prozedurales Verständnis des Marktes. Sie interessierten sich für Wettbewerb und Unternehmertum. Und sie bemühten sich um eine wirtschaftspolitische Schwerpunktsetzung, die sowohl ordnungspolitisch orientiert als auch an praktisch relevanten Problemen orientiert war. In diesem Beitrag werden die drei Forscher, die viele Generationen von Studierenden geprägt haben, gemeinsam gewürdigt. |
| Abstract: | Between 2018 and 2020, three influential representatives of the Marburg School of Ordoliberalism passed away$dUlrich Fehl, Hans-Günter Krüsselberg, and Jochen Röpke. While the three pursued different research focuses, they shared several commonalities. In particular, they embraced a procedural understanding of the market and were interested in competition and entrepreneurship. They sought to prioritize economic policy that was both grounded in regulatory principles and oriented toward contemporary problems of economic policy. This article honors the three researchers who shaped many generations of students by having a retrospective look at their achievements. |
| Keywords: | Marburger Schule, Kapitaltheorie, Innovation, Wettbewerb, Ordnungspolitik, Marburg Economics, Capital Theory, Innovation, Entrepreneurship, ConstitutionalEconomics |
| JEL: | B25 B31 D02 O15 O30 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:aluord:325824 |
| By: | Schmidt, Tobias; Lange, Kai-Robin; Reccius, Matthias; Müller, Henrik; Roos, Michael W. M.; Jentsch, Carsten |
| Abstract: | As interest in economic narratives has grown in recent years, so has the number of pipelines dedicated to extracting such narratives from texts. Pipelines often employ a mix of state-of-the-art natural language processing techniques, such as BERT, to tackle this task. While effective on foundational linguistic operations essential for narrative extraction, such models lack the deeper semantic understanding required to distinguish extracting economic narratives from merely conducting classic tasks like Semantic Role Labeling. Instead of relying on complex model pipelines, we evaluate the benefits of Large Language Models (LLMs) by analyzing a corpus of Wall Street Journal and New York Times newspaper articles about inflation. We apply a rigorous narrative definition and compare GPT 4o outputs to gold-standard narratives produced by expert annotators. Our results suggests that GPT-4o is capable of extracting valid economic narratives in a structured format, but still falls short of expert-level performance when handling complex documents and narratives. Given the novelty of LLMs in economic research, we also provide guidance for future work in economics and the social sciences that employs LLMs to pursue similar objectives. |
| Keywords: | Economic narratives, natural language processing, large language models |
| JEL: | C18 C55 C87 E70 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:rwirep:325494 |
| By: | Éric Dacheux (ComSocs - Laboratoire Communication et Sociétés - UCA - Université Clermont Auvergne) |
| Abstract: | Every society is self-instituted and evolves under the authority of a radical imaginary that escapes the will of social individuals. This radical imaginary begets a social imaginary. The latter is never stable because it is shaped by the tension between the instituted social imaginary and the instituting social imaginary. As part of this understanding of Castoriadis' work, we will present deliberalism (Dacheux Goujon 2020) as an instituting social imaginary in the making within the SSE or, more precisely, within a part of the SSE that we call "solidarity initiatives". To present this thesis, which makes liberalism the instituted social imaginary of capitalism, we will proceed in four stages: first, to set up our epistemological framework, then to define our main concepts theoretically, next to present and characterize solidarity initiatives and, finally, to indicate how deliberalism could be a new instituting social imaginary. |
| Abstract: | Chaque société est auto-instituée et évolue sous l'autorité d'un imaginaire radical qui échappe à la volonté des individus sociaux. Cet imaginaire radical engendre un imaginaire social. Ce dernier n'est jamais stable, car il est façonné par la tension entre l'imaginaire social institué et l'imaginaire social instituant. Dans le cadre de cette interprétation de l'œuvre de Castoriadis, nous présenterons le délibéralisme (Dacheux Goujon 2020) comme un imaginaire social instituant en cours de formation au sein de l'ESS ou, plus précisément, au sein d'une partie de l'ESS que nous appelons « initiatives solidaires ». Pour présenter cette thèse, qui fait du libéralisme l'imaginaire social institué du capitalisme, nous procèderons en quatre étapes : tout d'abord, nous établirons notre cadre épistémologique, puis nous définirons théoriquement nos principaux concepts, ensuite nous présenterons et caractériserons les initiatives de solidarité et, enfin, nous indiquerons comment le délibéralisme pourrait être un nouvel imaginaire social instituant. |
| Keywords: | social imaginary, social and solidarity economy, deliberalism, solidarity initiatives, democracy, social imaginary social and solidarity economy deliberalism democracy solidarity initiatives, démocratie, économie sociale et solidaire, délibéralisme, Imaginaire social |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05193581 |
| By: | Stergios Skaperdas; Samarth Vaidya |
| Abstract: | We synthesize research on conflict as a fundamental economic phenomenon, arguing that the implications of the ”dark side of self-interest” have received insufficient attention in economics. We define conflict as interactions where parties choose costly inputs that are adversarially combined against one another — distinct from the collaborative input combinations typical in economic models. We make four key contributions: First, we demonstrate that conflict induces economically significant costs comparable to or exceeding traditional deadweight losses. Second, we explain how these costs vary across contexts based on property rights protection, state capacity, and cultural norms. Third, we show how incorporating conflict into economic models leads to substantially different predictions than traditional models — including inverse relationships between compensation and productivity; distortions in comparative advantage; prices determined by power rather than solely by preferences endowments, and technology. Fourth, attributes of modern states such as centralization in the presence of law, checks and balances, other forms of distributed power, and the bureaucratic form of organization can partly be thought of as restraining conflict and appropriation, with implications for governance and economic development. Overall, in the presence of conflict and appropriation, power considerations cannot be separated from economics and first-best models are not empirically plausible. |
| Keywords: | conflict, appropriation, security, property rights, power, the modern state, rent-seeking, contests |
| JEL: | A12 D30 D51 D61 D72 D74 F51 K00 P00 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_12135 |