nep-pke New Economics Papers
on Post Keynesian Economics
Issue of 2007‒07‒27
three papers chosen by
Karl Petrick
University of the West Indies

  1. Thrift as a Virtue, Historically Criticized By McCloskey, Deirdre
  2. Financial Sector Deepening and Economic Growth: Evidence from Turkey By Ardic, Oya Pinar; Damar, H. Evren
  3. Verification of Citations: Fawlty Towers of Knowledge? By Wright, Malcolm; Armstrong, J. Scott

  1. By: McCloskey, Deirdre
    Abstract: Thrift has been viewed since the blessed Adam Smith as the foundation of economic growth. Economists, the theorists of prudence, wsh it so. But it was not, and is not true. Modern economic growth came from some other source---perhaps the stunning shift 1600-1776 in the rhetoric of economy-talk.
    Keywords: thrift; savings; industrial revolution; growth models;
    JEL: O11 N10
    Date: 2006–06
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:4088&r=pke
  2. By: Ardic, Oya Pinar; Damar, H. Evren
    Abstract: This paper analyzes the effects of financial sector deepening on economic growth using a province-level data set for 1996-2001 on Turkey. This period is associated with a weakly regulated and relatively unsupervised expansion of the banking sector which led to the 2001 financial crisis. Contrary to findings in the previous literature, our results indicate a strong negative relationship between financial deepening-both public and private-and economic growth. In light of the developments in the period of analysis, this result is not surprising, as the main function of the banking sector at that time was to provide financing for the Turkish Treasury, which channeled these funds to the government-albeit mainly for rent distribution purposes. However, it is important to note that the growth of private banking sector needs yet to be examined separately, as government ownership of banks may distort the development of the banking sector as a whole. Yet, it is possible to conclude that financial development may not always contribute to economic growth, and the conditions under which such a contribution takes place should be investigated further.
    Keywords: Financial sector; Economic growth; Panel data; GMM; Turkey
    JEL: G21 O16 O4
    Date: 2006–11
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:4077&r=pke
  3. By: Wright, Malcolm; Armstrong, J. Scott
    Abstract: The prevalence of faulty citations impedes the growth of scientific knowledge. Faulty citations include omissions of relevant papers, incorrect references, and quotation errors that misreport findings. We discuss key studies in these areas. We then examine citations to Estimating nonresponse bias in mail surveys, one of the most frequently cited papers from the Journal of Marketing Research, as an exploratory study to illustrate these issues. This paper is especially useful in testing for quotation errors because it provides specific operational recommendations on adjusting for nonresponse bias; therefore, it allows us to determine whether the citing papers properly used the findings. By any number of measures, those doing survey research fail to cite this paper and, presumably, make inadequate adjustments for nonresponse bias. Furthermore, even when the paper was cited, 49 of the 50 studies that we examined reported its findings improperly. The inappropriate use of statistical-significance testing led researchers to conclude that nonresponse bias was not present in 76 percent of the studies in our sample. Only one of the studies in the sample made any adjustment for it. Judging from the original paper, we estimate that the study researchers should have predicted nonresponse bias and adjusted for 148 variables. In this case, the faulty citations seem to have arisen either because the authors did not read the original paper or because they did not fully understand its implications. To address the problem of omissions, we recommend that journals include a section on their websites to list all relevant papers that have been overlooked and show how the omitted paper relates to the published paper. In general, authors should routinely verify the accuracy of their sources by reading the cited papers. For substantive findings, they should attempt to contact the authors for confirmation or clarification of the results and methods. This would also provide them with the opportunity to enquire about other relevant references. Journal editors should require that authors sign statements that they have read the cited papers and, when appropriate, have attempted to verify the citations.
    Keywords: citation errors; evidence-based research; nonresponse bias; quotation errors; surveys.
    JEL: Y8 C81 B4
    Date: 2007–07
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:4149&r=pke

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