Front Matter In" Wesley Clair Mitchell: the Economic Scientist"
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Edward S. Shaw* Simon Kuznets Remarked in His Capital in The
Edward S. Shaw* Simon Kuznets remarked in his Capital in rate. There is physical wealth, its ownership The American Economy, " ... extrapolation of represented by an homogeneous financial asset inflationary pressures over the next thirty in the form of common stock or "equity," and years raises a specter of intolerable conse there is wealth in the form of real money bal quences.... "1 Fifteen of the thirty years are ances. Accumulation of physical and monetary over, and inflation has accelerated. The central wealth derives from a constant rate of saving concern of this paper is whether Kuznets' pre for the community. Inflation occurs because the diction of "intolerable consequences" for capital growth rate of nominal money exceeds the markets and capital accumulation is on track or growth rate of real money demanded. patently wrong. 2 The inflation is immaculate because its pace Monetary theory distinguishes between "im is constant and perfectly foreseen and because maculate" inflation, "clean" inflation, and the inflation tax on real money balances is com "dirty" inflation. It is the last of these that pensated precisely by a deposit-rate of interest Kuznets dreaded and that we have endured. The on money. It is fully anticipated, and it does not first section below deals very briefly with dif impose a relative penalty on the money form of ferences between the three styles of inflation. wealth. Money-wage rates rise faster than out The second section is a catalogue of ways in put prices in the degree that labor productivity which dirty inflation may obstruct and distort is growing. -
00 Pre Mod Read Inst Evo
Introduction Geoffrey M. Hodgson* The book is the first of what is hoped to be a series of readers produced by the European Association for Evolutionary Political Economy (EAEPE) through Edward Elgar Publishing. The aim of these volumes is to present an exciting and diverse body of work in economics and related disciplines, to undergraduate students, graduate students and lecturers. Much of this work is not discussed in standard textbooks. Yet it is of enormous importance in understanding the manifest turbulence and transformations in the modern world. With the exception of the present introduction, the essays reprinted here have all been published before. They all appeared in collections of papers presented at successive EAEPE conferences and workshops since 1990. In compiling this reader, key papers have been selected from conference vol- umes between 1990 and 1996 inclusive.1 The papers have been selected not simply on their merit and importance but also to provide a coherent structure for the reader as a whole. Furthermore, the specific focus of this reader is on ‘key concepts’ and that too is reflected in the choice of papers. The first aim of this introductory essay is to place these essays in the historical and theoretical background of recent developments in economics and other social sciences. In recent years there have been enormous changes, especially within and on the fringes of economics itself. Some of these developments are sketched in section 1. Section 2 outlines the conceptual and theoretical foundations of institutional and evolutionary economics. Section 3 briefly summarizes the contents of the essays reprinted here. -
The Institutionalist Reaction to Keynesian Economics
Journal of the History of Economic Thought, Volume 30, Number 1, March 2008 THE INSTITUTIONALIST REACTION TO KEYNESIAN ECONOMICS BY MALCOLM RUTHERFORD AND C. TYLER DESROCHES I. INTRODUCTION It is a common argument that one of the factors contributing to the decline of institutionalism as a movement within American economics was the arrival of Keynesian ideas and policies. In the past, this was frequently presented as a matter of Keynesian economics being ‘‘welcomed with open arms by a younger generation of American economists desperate to understand the Great Depression, an event which inherited wisdom was utterly unable to explain, and for which it was equally unable to prescribe a cure’’ (Laidler 1999, p. 211).1 As work by William Barber (1985) and David Laidler (1999) has made clear, there is something very wrong with this story. In the 1920s there was, as Laidler puts it, ‘‘a vigorous, diverse, and dis- tinctly American literature dealing with monetary economics and the business cycle,’’ a literature that had a central concern with the operation of the monetary system, gave great attention to the accelerator relationship, and contained ‘‘widespread faith in the stabilizing powers of counter-cyclical public-works expenditures’’ (Laidler 1999, pp. 211-12). Contributions by institutionalists such as Wesley C. Mitchell, J. M. Clark, and others were an important part of this literature. The experience of the Great Depression led some institutionalists to place a greater emphasis on expenditure policies. As early as 1933, Mordecai Ezekiel was estimating that about twelve million people out of the forty million previously employed in the University of Victoria and Erasmus University. -
Trends in Factor Shares: Facts and Implications
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Karabarbounis, Loukas; Neiman, Brent Article Trends in factor shares: Facts and implications NBER Reporter Provided in Cooperation with: National Bureau of Economic Research (NBER), Cambridge, Mass. Suggested Citation: Karabarbounis, Loukas; Neiman, Brent (2017) : Trends in factor shares: Facts and implications, NBER Reporter, National Bureau of Economic Research (NBER), Cambridge, MA, Iss. 4, pp. 19-22 This Version is available at: http://hdl.handle.net/10419/178760 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu systematically benefit firstborns and help 2 S. Black, P. Devereux, and K. Adolescent Behavior,” Economic Inquiry, Trends in Factor Shares: Facts and Implications explain their generally better outcomes. -
Econometrics As a Pluralistic Scientific Tool for Economic Planning: on Lawrence R
Econometrics as a Pluralistic Scientific Tool for Economic Planning: On Lawrence R. Klein’s Econometrics Erich Pinzón-Fuchs To cite this version: Erich Pinzón-Fuchs. Econometrics as a Pluralistic Scientific Tool for Economic Planning: On Lawrence R. Klein’s Econometrics. 2016. halshs-01364809 HAL Id: halshs-01364809 https://halshs.archives-ouvertes.fr/halshs-01364809 Preprint submitted on 12 Sep 2016 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. Documents de Travail du Centre d’Economie de la Sorbonne Econometrics as a Pluralistic Scientific Tool for Economic Planning: On Lawrence R. Klein’s Econometrics Erich PINZÓN FUCHS 2014.80 Maison des Sciences Économiques, 106-112 boulevard de L'Hôpital, 75647 Paris Cedex 13 http://centredeconomiesorbonne.univ-paris1.fr/ ISSN : 1955-611X Econometrics as a Pluralistic Scientific Tool for Economic Planning: On Lawrence R. Klein’s Econometrics Erich Pinzón Fuchs† October 2014 Abstract Lawrence R. Klein (1920-2013) played a major role in the construction and in the further dissemination of econometrics from the 1940s. Considered as one of the main developers and practitioners of macroeconometrics, Klein’s influence is reflected in his application of econometric modelling “to the analysis of economic fluctuations and economic policies” for which he was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 1980. -
Off to a Good Start: the Nber and the Measurement of National Income
NBER WORKING PAPER SERIES OFF TO A GOOD START: THE NBER AND THE MEASUREMENT OF NATIONAL INCOME Hugh Rockoff Working Paper 26895 http://www.nber.org/papers/w26895 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 March 2020 Many thanks are due to Katharine Abraham who discussed a previous draft when it was presented at the 2020 annual meeting of the American Economic Association in a session celebrating the 100th anniversary of the Bureau, and to Claudia Goldin for many helpful comments. The remaining errors are mine. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2020 by Hugh Rockoff. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Off to a Good Start: The NBER and the Measurement of National Income Hugh Rockoff NBER Working Paper No. 26895 March 2020 JEL No. B0,N12 ABSTRACT The creation of the National Bureau of Economic Research was a response to the bitter controversies over the distribution of income that roiled the United States during the Progressive Era. Thanks to Malcolm Rorty, a business economist, and Nahum I. Stone, an independent socialist economist, a “Committee on the Distribution of Income” was created; what might be considered the first name of the Bureau. -
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Working Paper History as heresy: unlearning the lessons of economic orthodoxy O'SULLIVAN, Mary Abstract In spring 2020, in the face of the covid-19 pandemic, central bankers in rich countries made unprecedented liquidity injections to stave off an economic crisis. Such radical action by central banks gained legitimacy during the 2008-2009 global financial crisis and enjoys strong support from prominent economists and economic historians. Their certainty reflects a remarkable agreement on a specific interpretation of the Great Depression of the 1930s in the United States, an interpretation developed by Milton Friedman and Anna Schwartz in A Monetary History of the United States (1963). In this article, I explore the origins, the influence and the limits of A Monetary History’s interpretation for the insights it offers on the relationship between theory and history in the study of economic life. I show how historical research has been mobilised to show the value of heretical ideas in order to challenge economic orthodoxies. Friedman and Schwartz understood the heretical potential of historical research and exploited it in A Monetary History to question dominant interpretations of the Great Depression in their time. Now that [...] Reference O'SULLIVAN, Mary. History as heresy: unlearning the lessons of economic orthodoxy. Geneva : Paul Bairoch Institute of Economic History, 2021, 38 p. Available at: http://archive-ouverte.unige.ch/unige:150852 Disclaimer: layout of this document may differ from the published version. 1 / 1 FACULTÉ DES SCIENCES DE LA SOCIÉTÉ Paul Bairoch Institute of Economic History Economic History Working Papers | No. 3/2021 History as Heresy: Unlearning the Lessons of Economic Orthodoxy The Tawney Memorial Lecture 2021 Mary O’Sullivan Paul Bairoch Institute of Economic History, University of Geneva, UniMail, bd du Pont-d'Arve 40, CH- 1211 Genève 4. -
Speech--Chairman Ben S. Bernanke
For release on delivery 9:30 a.m. EDT May 8, 2010 Commencement Address: The Economics of Happiness Remarks by Ben S. Bernanke Chairman Board of Governors of the Federal Reserve System at the University of South Carolina Columbia, South Carolina May 8, 2010 I want to begin by thanking the Board of Trustees of the University of South Carolina, President Pastides, and this year’s graduates for the great honor of addressing this commencement ceremony. Although I was born just across the border in Augusta, Georgia, I considered South Carolina my home from early childhood until I married and took my first academic job after graduate school. During most of that time, my family lived in Dillon, a couple of hours’ drive from here. I have had several occasions to visit Dillon and other places in the Carolinas since I got into government work, and I am both amazed and proud about the remarkable economic and social progress that has occurred since I grew up here. South Carolina, like America, is always reinventing itself, despite new and, it sometimes seems, ever more difficult challenges. I always find it difficult to choose a topic for a commencement talk. I am an economist, but my experience has been that people in a celebratory frame of mind are usually not that interested in an economics lecture. (I can’t quite understand why not.) Instead, they are generally looking for something more personal and inspirational. So I thought I would split the difference between an economics lecture and inspirational remarks and speak briefly about what economics and social science more generally have to say about personal happiness, and what those ideas imply both for economic policymaking and the choices each of you will make as you leave college for other pursuits. -
From the Progressives to the Institutionalists: What the First World War Did and Did Not Do to American Economics
From The Progressives to The Institutionalists: What the First World War Did and Did Not Do to American Economics Thomas C. Leonard Review essay on Rutherford, Malcolm (2011) The Institutionalist Movement in American Economics, 1918-1947: Science and Social Control, Cambridge University Press, Cambridge, UK, 410 pp. ISBN: 9781107006997. $95. 1. Introduction Let me begin by recognizing Malcolm Rutherford’s achievement here. In 1998, Geoffrey Hodgson, writing in the Journal of Economic Literature, could say that we lacked an adequate history of Institutionalist Economics. No longer. Thanks to Rutherford’s long labors in the archives, begun before the 21st century was, we now have a splendid history of Institutionalist Economics, and more generally, of the Institutionalist movement, and of American economics between the wars. This is a meticulous, carefully crafted, brick by brick reconstruction of an important but misunderstood era in economic and social thought. At its very best moments, you feel like you are peering into a lost world. Rutherford has produced the new standard against which future contributions will be measured, and also to which historians of American economics will be obliged to respond. Our charge in this symposium is to respond. 2. What the book does The structure of the book is straightforward: we are introduced to the founding group and its students, and we are given compelling portraits of some neglected but important figures, Walton Hamilton and Morris Copeland, who stand in for the first and second generations, respectively. Next we proceed to the core of the book, the professional milieu of the Institutionalist economists, the “personal, institutional, and programmatic bases” of the movement in the Institutionalist academic strongholds – Chicago, Wisconsin, Columbia, Amherst, Brookings, and the National Bureau. -
Nine Lives of Neoliberalism
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Plehwe, Dieter (Ed.); Slobodian, Quinn (Ed.); Mirowski, Philip (Ed.) Book — Published Version Nine Lives of Neoliberalism Provided in Cooperation with: WZB Berlin Social Science Center Suggested Citation: Plehwe, Dieter (Ed.); Slobodian, Quinn (Ed.); Mirowski, Philip (Ed.) (2020) : Nine Lives of Neoliberalism, ISBN 978-1-78873-255-0, Verso, London, New York, NY, https://www.versobooks.com/books/3075-nine-lives-of-neoliberalism This Version is available at: http://hdl.handle.net/10419/215796 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative -
Imperialism, Racism, and Fear of Democracy in Richard Ely's Progressivism
The Rot at the Heart of American Progressivism: Imperialism, Racism, and Fear of Democracy in Richard Ely's Progressivism Gerald Friedman Department of Economics University of Massachusetts at Amherst November 8, 2015 This is a sketch of my long overdue intellectual biography of Richard Ely. It has been way too long in the making and I have accumulated many more debts than I can acknowledge here. In particular, I am grateful to Katherine Auspitz, James Boyce, Bruce Laurie, Tami Ohler, and Jean-Christian Vinel, and seminar participants at Bard, Paris IV, Paris VII, and the Five College Social History Workshop. I am grateful for research assistance from Daniel McDonald. James Boyce suggested that if I really wanted to write this book then I would have done it already. And Debbie Jacobson encouraged me to prioritize so that I could get it done. 1 The Ely problem and the problem of American progressivism The problem of American Exceptionalism arose in the puzzle of the American progressive movement.1 In the wake of the Revolution, Civil War, Emancipation, and radical Reconstruction, no one would have characterized the United States as a conservative polity. The new Republican party took the United States through bloody war to establish a national government that distributed property to settlers, established a national fiat currency and banking system, a progressive income tax, extensive program of internal improvements and nationally- funded education, and enacted constitutional amendments establishing national citizenship and voting rights for all men, and the uncompensated emancipation of the slave with the abolition of a social system that had dominated a large part of the country.2 Nor were they done. -
The Economics of Business Cycles Numerical Model Role of Fixed Costs
Modern Economy, 2020, 11, 600-608 https://www.scirp.org/journal/me ISSN Online: 2152-7261 ISSN Print: 2152-7245 The Economics of Business Cycles Numerical Model Role of Fixed Costs Gerald Aranoff Ariel University, Ariel, Israel How to cite this paper: Aranoff, G. (2020). Abstract The Economics of Business Cycles Numer- ical Model Role of Fixed Costs. Modern This paper presents a simple numerical model of the economics of business Economy, 11, 600-608. https://doi.org/10.4236/me.2020.112044 cycles with illustrated demand and cost curves. This is a purely theoretical model inspired by the writings of John M. Clark (1884-1963). The model Received: January 16, 2020 shows industry long-run equilibrium ( E (π ) = 0 ) under perfect competition Accepted: February 24, 2020 Published: February 27, 2020 for manufacturers to supply hypothetical fluctuating demand schedules, off- peak and peak, for a single non-durable product such as cement. The model Copyright © 2020 by author(s) and has two plant types: old high fixed-cost PlantL and modern low fixed-cost Scientific Research Publishing Inc. This work is licensed under the Creative PlantK. The model assumes linear total cost curves with absolute capacity lim- Commons Attribution International its for the two plant types. Both plant types have the same SACmin. Under License (CC BY 4.0). perfect competition neither plant type will dominate. The plant assets are as- http://creativecommons.org/licenses/by/4.0/ sumed durable, to last for 50 years, and specific to manufacturing only one Open Access product, Q. The model, with its rigid assumptions, shows that industry com- posed of only modern low fixed-cost PlantsK will increase the amplitude of the business cycle, the range of industry outputs between peak and off-peak, versus an industry composed of only old high fixed-cost PlantsL.