nep-sog New Economics Papers
on Sociology of Economics
Issue of 2014‒09‒05
two papers chosen by
Jonas Holmström
Axventure AB

  1. The happiness of economists: Estimating the causal effect of studying economics on subjective well-being By Haucap, Justus; Heimeshoff, Ulrich
  2. Schumpeter's Idea of a Universal Science By Bögenhold, Dieter

  1. By: Haucap, Justus; Heimeshoff, Ulrich
    Abstract: This is the first paper that studies the causal effect of studying economics on subjective well being. Based on a survey among 918 students of economics and other social sciences, we estimate the effects of studying in the different fields on individual life satisfaction. Controling for personal characteristics we apply innovative instrumental variable methods developed in labor and conflict economics. We find a positive relationship between the study of economics and individual well-being. Additionally, we also find that income and future job chances are the most important drivers of happiness for participants of our survey. --
    Keywords: Happiness,Life Satisfaction,Economists,Students,Economics Education
    JEL: A11 A13 I21 I31
    Date: 2014
  2. By: Bögenhold, Dieter
    Abstract: This paper deals with methodological principles of Schumpeter’s academic writings. Those principles led Schumpeter to create diverse works and were reflected systematically in some of his writings, where Schumpeter emerged as a theorist of science. Besides working on specific topics, Schumpeter dealt systematically with methodological issues in different works. Schumpeter’s History of Economic Analysis, in particular, must be regarded as the one study among his diverse works, which is considered not only his latest but also his most relevant analysis concerning social sciences and the role of economics in relation to sociology, history and other academic branches. The substantial preface of the History of Economic Analysis can be regarded as a manual on how to refer to different academic branches and integrate them into a coherent universal social science, which is far removed from being an autistic, narrow economic science of some modern representation. Although Schumpeter’s History of Economic Analysis has been extensively printed in several editions, the idea is that the preface especially reveals somewhat neglected thoughts in Schumpeterian discourse. While Schumpeter is mostly regarded as a pioneer of evolutionary economics, this paper argues that Schumpeter could also, perhaps primarily, be interpreted as a well-reasoning institutionalist aiming at a universal social science. From today’s point of view, Schumpeter is a truly interdisciplinary theorist.
    Keywords: economics; sociology; Joseph A. Schumpeter; social science; history of economic thought; methodology
    JEL: A14 B31
    Date: 2014–03

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