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on Post Keynesian Economics |
| By: | Marcuzzo, Maria Cristina; Sanfilippo, Eleonora |
| Abstract: | The literature on Keynes’s activity as an investor has substantially grown in the last decade (e.g. Chambers and Dimson 2013; Accominotti and Chambers 2016; Chambers and Kabiri 2016; Cristiano, Marcuzzo and Sanfilippo 2018; Marcuzzo and Rosselli 2018; Marcuzzo and Sanfilippo 2016; [2020]2022). The contribution of the present paper is to investigate a specific feature of Keynes’s investment activity on his own account: his preference for American rather than British Investment Trusts. While this feature has also been observed in his investments on behalf of King’s College (Chambers and Kabiri 2016), we focus here on his personal portfolio, and we also provide a set of possible explanations for his preference. We maintain that some reasons have to do with the different structure and characteristics of the Investment Trusts in the two countries. Others relate more closely to the kind of investment policy typically adopted by the American Investment Trusts, which was much more in line with Keynes’s own approach to investment - especially as far as the stocks selection is concerned. Finally, we also attribute a role to his epistemological approach, i.e. the view that, although a full and perfect knowledge is not reachable by individuals due to the radical uncertainty characterizing the environment (“we simply don’t know”, Keynes 1937) and to the limitations of the human mind, reliable information remains, however, a guide for rational decision-making, also in financial markets. Following this approach, as we will show, Keynes preferred to delegate his investment choices in the US stock market to those professionals - the managers of the Investment Trusts - who possessed, in his opinion, the wider set of reliable information on that market, while keeping for himself the investment choices in the UK stock market. |
| Date: | 2024–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:gtre7&r=pke |
| By: | Laidler, David |
| Abstract: | The History of Economics Society was founded at a time when the History of Economic Thought was being eliminated from the Economics post-graduate curriculum in many universities, and was one of the key institutions around which the sub-discipline successfully re-organised itself and continued to develop. Laidler (2003), a paper presented at the Society’s 2002 conference, argued that Economics itself, especially Macroeconomics, was suffering serious damage from this expulsion. It has continued to do so since, and the simple passage of time has now made it appropriate for Historians of Economic Thought to study this question. |
| Date: | 2024–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:zwh7t&r=pke |
| By: | Zuazu-Bermejo, Izaskun |
| Abstract: | Feminist macroeconomics draws on the notion that the gender system is both cause and consequence of macroeconomic structures, outcomes, and policies. In contrast, mainstream and heterodox macroeconomics have done little to integrate gender as an analytical tool in macromodelling. This paper defines the subfield of feminist macroeconomics, explores its origins, and provides a systematic review of its literature. Drawing on Seguino (2013), the paper divides the subfield in three main strands: i) feminist growth theory and gender dimensions of macrolevel policies, ii) macro-modelling and theoretical foundations of the care economy, and iii) social infrastructure and intra-household allocation. The paper discusses potential ways to expand the foci of feminist macroeconomic research, while considers challenges to the subfield, such as methodological issues regarding male-biased metrics and limited data availability, and the tensions with mainstream approaches to gender and the macroeconomy. Finally, the paper contextualizes the subfield in a post-pandemic era. |
| Keywords: | feminist macroeconomics, feminist growth theory, care economy, COVID-19 pandemic, economic methodology |
| JEL: | E0 E12 B54 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifsowp:282996&r=pke |
| By: | Charles, Loïc |
| Abstract: | In the 1990s, history of economics was comprised of a number of national communities. Among the latter the North American community held a dominant position and was quite different from its continental European counterparts. The HES had no counterpart in continental Europe, where national societies were small and recent. While the History of economics society was open to methodological pluralism, European societies were not. Over the past two decades, the growing domination of the continental European community has created a new context in which the identity of the North American community in general and that of the HES in particular has become uncertain. The consequence had been that methodological diversity within the subdiscipline has diminished. We conclude by two suggestions to counter this trend. |
| Date: | 2024–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:782za&r=pke |
| By: | Joseph E. Stiglitz; Andrew Kosenko |
| Abstract: | The paper surveys the recent work on economics of information with endogenous information structures where individuals can directly communicate information with each other. We consider the theoretical work on cheap talk, Bayesian persuasion, and information design, and review the implications of information control and information abundance for mis and disinformation. The relationship between information and market power is particularly important when social media can amplify and maintain harmful fictions that lead to polarization and undermine not only markets, but democratic discourse. We review both the “rational” decision-making paradigm, as well as departures from it, such as cases where decision makers can choose what to know, can allocate their attention in different ways or have behavioral biases that influence their information processing. We note some important connections to legal and media studies and highlight key messages in nontechnical language. |
| JEL: | D82 D86 D9 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:32050&r=pke |