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on Post Keynesian Economics |
| By: | Schlicht, Ekkehart |
| Abstract: | This note critically evaluates the New Classical Macroeconomics from a Marshallian perspective. Revisiting the famous Keynes-Tinbergen controversy, it is argued that Keynes' criticism comprises the "Lucas critique," and that it is misleading to label this a critique of Keynesian economics. The postulate of immutable economic structures carries Tinbergen's approach to the extreme and neglects the possibility of slowly changinmg structures, as conceived by Marshall. The position is defended by arguments about equilibrium and rationality that are admittedly empty. |
| JEL: | B22 E1 |
| Date: | 2006–02 |
| URL: | http://d.repec.org/n?u=RePEc:lmu:muenec:886&r=pke |
| By: | Wicks, Rick (Department of Economics, School of Business, Economics and Law, Göteborg University) |
| Abstract: | The three “spheres” of society (governments, markets, and communities) are widely acknowledged yet the overall organization is analyzed only rarely, and interactions between the spheres have perhaps never been modeled. Fiske’s four relational models (community-sharing, authority-ranking, equality-matching, and marketpricing) are used as the theoretical underpinning for a model of these three spheres, which is then used briefly to examine the effects of economic behavior (including economic thinking and theorizing) in determining the balance between them. Each of the spheres is assumed to have a fairly fixed core, plus some space between the cores which may be designated to one or another sphere. In the long run, this designation may reflect meta-economic efficiency, influenced by changes in physical, social, psychological, and information technology. In the short run, however, the outcome depends on human choice and will, in evaluating uncertain information about technologies and the meta-economic efficiency of changing sphereassignments (including possible changing cultural and historical differences in the relative evaluation of public, private, and social goods produced in the three spheres). It can thus be influenced by ideology, specifically through the application of inappropriate relational models to any particular social function or situation. For example, applying economic thinking to communities may undermine them, especially if the social sphere of communities operating under its own relational models is not acknowledged. <p> |
| Keywords: | three social spheres; communities; social goods; relational models; community-sharing; authority-ranking; equality-matching; market-pricing; metaeconomic efficiency |
| JEL: | A10 D20 H10 N00 O10 O30 P00 Z10 |
| Date: | 2006–02–08 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:gunwpe:0195&r=pke |
| By: | Victor Matheson (Department of Economics, College of the Holy Cross); Robert Baade (Department of Economics and Business, Lake Forest College) |
| Abstract: | Hurricane Katrina devastated the city of New Orleans in late August 2005, and debates are now underway across the country concerning strategies for reconstructing the City. A key to redevelopment involves encouraging former citizens and businesses to return. Both of New Orleans’s professional sports teams, the National Football League Saints and the National Basketball Association Hornets, have taken up residence in other cities, and the question of what the city should provide in the way of financial accommodation to encourage them to return should be considered in devising a reconstruction plan. Infrastructure to facilitate professional sports and mega-events constitutes a significant fraction of capital budgets for even the largest cities. New Orleans has hosted a disproportionate share of mega-sports events in the United States given its size and demographics. An important question concerns whether these events have contributed enough to the New Orleans economy to justify reinvestment in infrastructure to restore New Orleans’s place as a leading host of professional sports and mega-events in the United States. A careful review of the evidence suggests that the redevelopment efforts of New Orleans are better directed at first providing infrastructure that will encourage the return of its middle class citizenry and the restoration of its culture. Playing host to professional sports and mega-events does have symbolic significance, but it is arguable that the city cannot afford to invite guests until it has the means to accommodate them. |
| Keywords: | sports, public finance, economic impact, New Orleans, Hurricane Katrina |
| JEL: | H25 H71 H40 L83 Q54 |
| Date: | 2006–02 |
| URL: | http://d.repec.org/n?u=RePEc:hcx:wpaper:0603&r=pke |