University of Birmingham Revisiting Samuelson's Foundations of Economic Analysis
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New Frontiers in Economics This Book Brings Together Essays From
Cambridge University Press 0521836867 - New Frontiers in Economics Edited by Michael Szenberg and Lall Ramrattan Frontmatter More information New Frontiers in Economics This book brings together essays from leading economists analyzing the new directions that subdisciplines of economics have taken in the face of modern economic challenges. The essays represent invention and discovery in the areas of information, macroeconomics and public policies, international trade and development, finance, business, contracts, law, gaming, and government, as these areas of study evolve through the different phases of the scientific process. It offers not only a wealth of factual information on the current state of the economy, but also theoretical and empirical innovations that conceptualize reality and values in different ways from their predecessors. The new concepts presented here can guide practitioners in their search for ways to resolve problems in the various areas. Together, the essays offer the reader a balanced look at the various fields, approaches, and dimensions that comprise future directions in economic theory, research, and practice. The extensive introduction by the editors not only summarizes and reviews the implications of the contributions presented in the volume, but also examines how scientific progress takes place, with special reference to economics and finance. Michael Szenberg is Distinguished Professor of Economics at the Lubin School of Business, Pace University. He is the author or editor of many books, including Economics of the Israeli Diamond Industry (1973) with an Intro- duction by Milton Friedman, which won the Irving Fisher Monograph Award, and Eminent Economists, Their Life Philosophies (1992). Professor Szenberg has received the Kenan Award for excellence in teaching. -
Avinash Dixit Princeton University
This is a slightly revised version of an article in The American Economist, Spring 1994. It will be published in Passion and Craft: How Economists Work, ed. Michael Szenberg, University of Michigan Press, 1998. MY SYSTEM OF WORK (NOT!) by Avinash Dixit Princeton University Among the signals of approaching senility, few can be clearer than being asked to write an article on one's methods of work. The profession's implied judgment is that one's time is better spent giving helpful tips to younger researchers than doing new work oneself. However, of all the lessons I have learnt during a quarter century of research, the one I have found most valuable is always to work as if one were still twenty-three. From such a young perspective, I find it difficult to give advice to anyone. The reason why I agreed to write this piece will appear later. I hope readers will take it for what it is -- scattered and brash remarks of someone who pretends to have a perpetually juvenile mind, and not the distilled wisdom of a middle-aged has-been. Writing such a piece poses a basic problem at any age. There are no sure-fire rules for doing good research, and no routes that clearly lead to failure. Ask any six economists and you will get six dozen recipes for success. Each of the six will flatly contradict one or more of the others. And all of them may be right -- for some readers and at some times. So you should take all such suggestions with skepticism. -
Laws of Wages
LAWS OF WAGES AN ESSAY IN STATISTICAL ECONONICS By Henry Ludwell Moore Economic Cycles Their Law & Cause [1914] Forecasting The Yield & The Price Of Cotton [1917] Generating Economic Cycles [1923] HENRY LUDWELL MOORE Synthetic Economics [I9291 PROFESSOR OF POLITICAL ECONOMY IN COLUMBIA UNIVERSITY 6c I1 progress0 dell' Economia politica dipenderh pel futuro in gran parte dalla ricerca di leggi em- piriche, ricavate dalla statistica, e che si parago- neranno poi colle leggi teoriche note, o che ne faranno conoscere di nuove." PARETO. New Pork: The Mecmillan Company, 1911 TO JOHN BATES CLARK IN ADMIRATION AND AFFECTION I DEDICATE THIS ESSAY CONTENTS PAGE Introduction . 1 CHAPTER I STATISTICAL LAWS A Scatter Diagram . 11 Definition of Terms . 15 Characteristics of Statistical Laws . , . 21 CHAPTER I1 WAGES, MEANS OF SUBSISTENCE, AND THE STANDARD OF LIFE Description of Data . 26 Wages and the Means of Subsistence . 29 Wages and the Standard of Life . 33 Wages of Skilled and of Unskilled Laborers . 39 CHAPTER I11 WAGES AND THE PRODUCTIVITY OF LABOR Description of Data . 45 Fluctuations in the Rate of Wages and in the Value of the Product . , . 46 Fluctuations in the Laborer's Relative Share of the Product and in the Ratio of Capital to Labor . 55 The General Trend of Wages . 61 vii Contents CHAPTER IV WAGES AND ABILITY PAGE An Hypothesis as to the Distribution of Ability. 74 Grounds for the Hypothesis . 76 The Expression of the Gaussian Law in a Form that will facili- tate the Testing of the Differential Theory of Wages . 78 The Standard Population . , . 82 The Application of the Theory of the Standard Population . -
Gottfried Haberler: a Century Appreciation*
__________________________________________________________________________________________________ Gottfried Haberler: A Century Appreciation* Richard M. Ebeling* _____________________________________________________________________________________________________________________________ _____________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________________________________________ _____________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________________ _____________________________________________________________________________ During the first week of July in 1936, an inter- work. Indeed, "Haberler-like methods" became a national conference on the "Problems of Economic catch phrase of the entire conference.1 Change" was held in Annecy, France. It brought Haberler had spent two years carefully together such notable economists as Ludwig von researching and consulting on the various Mises, Wilhelm Ropke, Oskar Morgenstern, Bertil competing theories -
“Exceptional and Unimportant”? Externalities, Competitive Equilibrium, and the Myth of a Pigovian Tradition
“Exceptional and Unimportant”? Externalities, Competitive Equilibrium, and the Myth of a Pigovian Tradition Steven G. Medema* Version 2.3 January 2019 Forthcoming, History of Political Economy * University Distinguished Professor of Economics, University of Colorado Denver. Email: [email protected]. The author has benefitted greatly from comments on earlier drafts of this paper provided by Roger Backhouse, Nathalie Berta, Ross Emmett, Kenji Fujii, Kerry Krutilla, Alain Marciano, Norikazu Takami, participants in the CHOPE workshop at Duke University, the editor, and two anonymous referees. The financial support provided by the National Endowment for the Humanities, the Earhart Foundation, the Institute for New Economic Thinking, and the University of Colorado Denver is gratefully acknowledged. “Exceptional and Unimportant”? Externalities, Competitive Equilibrium, and the Myth of a Pigovian Tradition I. Introduction Economists typically locate the origins of the theory of externalities in A.C. Pigou’s The Economics of Welfare (1920), where Pigou suggested that activities which generate uncompensated benefits or costs—e.g., pollution, lighthouses, scientific research— represent instances of market failure requiring government corrective action.1 According to this history, Pigou’s effort gave rise to an unbroken Pigovian tradition in externality theory that continues to exert a substantial presence in the literature to this day, even with the stiff criticisms of it laid down by Ronald Coase (1960) and others beginning in the 1960s.2 This paper challenges that view. It demonstrates that, in the aftermath of the publication of The Economics of Welfare, economists paid almost no attention to externalities. On the rare occasions when externalities were mentioned, it was in the context of whether a competitive equilibrium could produce an efficient allocation of resources and to note that externalities were an impediment to the attainment of the optimum. -
03 Black 1749.Indd
BOB BLACK Robert Denis Collison Black 1922–2008 Early years ROBERT DENIS COLLISON BLACK, Bob Black to an international circle of friends, was born 11 June 1922 at Morehampton Terrace, Dublin.1 His father, William Robert Black, was company secretary for a small group of companies in the grain trade.2 His mother was Rosa Anna Mary, née Reid. Dublin at the time of Black’s birth was experiencing considerable disturbance, though he rarely alluded to this.3 Black was educated at Sandford Park School, Dublin. However he became disenchanted with the school4 and contrived, astonishingly, to enter Trinity College, Dublin at the age of 15. Even more remarkably, he seems to have managed perfectly well as a 15-year old amongst much older students. He managed to complete two undergraduate degree courses. He enrolled for a commerce degree, but Trinity at that time required those 1 The family moved to Waltham Terrace when Black was fi ve. Bob Black gave a long and detailed interview to Antoin Murphy and Renee Prendergast which was published in his Festschrift. See A. Murphy and R. Prendergast (eds.), Contributions to the History of Economic Thought. Essays in Honour of R. D. C. Black (London, 2000), p. 3. 2 Black gave another interview which is recorded in K. Tribe, Economic Careers. Economics and Economists in Britain 1930–1970 (London, 1997). See Tribe, p. 96, for the occupation of Black’s father. The latter was a considerable expert in his fi eld. I can remember Black telling me how he could sniff a handful of grain and detect its origin. -
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Index accumulation 30, 82–4, 89–90, 93, Buddhism 61 100–103, 105–6, 108–10, 113, Buddhist 10–11 117–21, 123, 155 Afriat, S. 135 Cagan, Phillip 111 anger 20, 23–4, 82, 113, 142, 150 Cambridge Aquinas, St Thomas 17, 64, 69–70 Controversy 113–14, 154 Archimedean 129, 131 equation 119 Aristippus (of Cyrene) 19 model 119–20 Aristotle 12, 16–18, 20, 25, 27–32, 60, Cantril, Hadley 16, 124, 142 64, 70, 88 capitalism 36, 38–9, 44–6, 73, 81, 90, Arrow, Kenneth 102–3, 107, 109, 159–60 Arrow–Debreu model 17, 45, 111, capitalist investment function 104–5 115 Christian 1, 10, 56, 58–62, 88 Arrow–Pratt measure of risk- command economies 45 aversion 6 commend system 82 impossibility theorem 38, 158, communism 44–5, 81, 83, 107, 109 172–8, 180–81, 184 Cynics 16, 18–20, 25 welfare function 173–5, 181 Cyrenaics 12, 18–19 The Art of Happiness (Dalai Lama and Cutler) 10–11 Dasein 65–6 Augustine, St 17, 68–70 Davidson, Paul 111 Aumann, Robert 9 de Condorcet, Marquis 154–5, 174, 181 Aurelius, Marcus 22 Deaton, Angus 16, 124–5, 148–50 delight 14, 20, 40, 54, 71 Backhouse, Roger E. 119–21 demand theory 137 Barro, Robert 112, 149 Democritus 20–21, 24, 26, 101 beings 10, 12, 14, 61–6 deRosset, L. 47–8 benevolence 14, 25, 88 Descartes, René 64, 67 Bentham, Jeremy 4, 8, 17, 31–5, 37, 42, Diogenes 19–21, 25 52, 73, 75, 123, 126–7, 144, 152–3, distributive justice 36 155, 160, 169–70 Dobb, Maurice 7, 75, 119, 154, 162, Bergson welfare function 2, 158–60, 164, 169 169–70, 173, 181 Duesenberry, James 3–4, 145 Bernoulli, Daniel 6, 125–7, 139 dynamic standard commodity (SC) 96 bias 139–41, 143 Blinder, Alan 148 Easterlin, Richard 16, 124, 145–8 Bliss, C. -
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 -
Inequality of What Among Whom?: Rival Conceptions of Distribution In
1 2 3 4 5 INEQUALITY OF WHAT AMONG 6 7 WHOM?: RIVAL CONCEPTIONS OF 8 9 DISTRIBUTION IN THE 20TH 10 ଝ 11 CENTURY 12 13 14 Robert S. Goldfarb and Thomas C. Leonard 15 16 17 ABSTRACT 18 19 Distribution concerns who gets what. But does “who” refer to the 20 personal distribution of income among individuals or the functional 21 distribution of income among suppliers of productive factors? For nearly 150 22 years,Anglophone distribution theory followed the Ricardian emphasis on 23 functional distribution – the income shares of labor,land,and capital. Only 24 beginning in the 1960s,and consolidated by a research outpouring in the 25 early 1970s,does mainstream economics turn to the personal conception 26 of distribution. This essay documents Anglophone (primarily American) 27 economics’ move from functional to personal distribution,and tries to 28 illuminate something of its causes and timing. 29 30 ଝ The authors have benefitted from conversations with and/or suggestions from Steve Baldwin, 31 Rachel Boaz, Bryan Boulier, Barry Chiswick, Carmel Chiswick, Joseph Cordes, Edwin Dean, David 32 Greenberg, Daniel Hamermesh, Pam Labadie, David Lindauer, Ben Okner, Don Parsons, David 33 Pritchett, Malcolm Rutherford and Stephen Smith in the course of writing this paper. We also benefitted 34 from comments during presentations at the Eastern Economic Association meetings March 2002, the 35 History of Economics Society meetings July 2003 and during seminar presentations at George Mason University, George Washington University, and the University of Maryland Baltimore County. 36 37 A Research Annual 38 Research in the History of Economic Thought and Methodology, Volume 23-A, 79–123 Copyright © 2005 by Elsevier Ltd. -
Tjalling C. Koopmans [Ideological Profiles of the Economics Laureates] Daniel B
Tjalling C. Koopmans [Ideological Profiles of the Economics Laureates] Daniel B. Klein, Ryan Daza, and Hannah Mead Econ Journal Watch 10(3), September 2013: 396-399 Abstract Tjalling C. Koopmans is among the 71 individuals who were awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel between 1969 and 2012. This ideological profile is part of the project called “The Ideological Migration of the Economics Laureates,” which fills the September 2013 issue of Econ Journal Watch. Keywords Classical liberalism, economists, Nobel Prize in economics, ideology, ideological migration, intellectual biography. JEL classification A11, A13, B2, B3 Link to this document http://econjwatch.org/file_download/736/KoopmansIPEL.pdf ECON JOURNAL WATCH Klein, Lawrence R. 1987. The ET Interview: Professor L. R. Klein [interview by Roberto S. Mariano]. Econometric Theory 3(3): 409-460. Klein, Lawrence R. 1992a [1981]. Autobiography. In Nobel Lectures: Economic Sciences, 1969–1980, ed. Assar Lindbeck. Singapore: World Scientific Publishing Co. Link Klein, Lawrence R. 1992b [1981]. Some Economic Scenarios for the 1980s. In Nobel Lectures: Economic Sciences, 1969–1980, ed. Assar Lindbeck, 421-442. Singapore: World Scientific Publishing Co. Link Klein, Lawrence R. 1992c. My Professional Life Philosophy. In Eminent Economists: Their Life Philosophies, ed. Michael Szenberg, 180-189. Cambridge, UK: Cambridge University Press. Klein, Lawrence R. 2004. Transcript: Lawrence R. Klein [interview]. Wall Street Journal, September 3. Link Klein, Lawrence R. 2006. Interview. Estudios de Economíca Aplicada 24(1): 31-42. Klein, Lawrence R. 2009. Autobiographical chapter in Lives of the Laureates: Twenty- three Nobel Economists, 5th ed., eds. William Breit and Barry Hirsch, 17-34. -
The Sequel to Eminent Economists , This Book Presents the Ideas Of
Cambridge University Press 978-1-107-04053-3 — Eminent Economists II: Their Life and Work Philosophies Edited by Michael Szenberg , Lall Ramrattan Frontmatter More Information EMINENT ECONOMISTS II Th e sequel to Eminent Economists , this book presents the ideas of some of the most outstanding economists of the past half-century. Th e contributors, repre- senting divergent points of the ideological compass, present their life philoso- phies and refl ect on their conceptions of human nature, society, justice, and the source of creative impulse. Th ese self-portraits reveal details of the economists’ personal and professional lives that capture the signifi cance of the total person. Th e essays represent streams of thought that lead to the vast ocean of econom- ics, where gems of the discipline lie, and the volume will appeal to a wide array of readers, including professional economists, students, and laypersons who seek a window into the heart of this complex fi eld. Michael Szenberg is Distinguished Professor of Economics and Chair, Business and Economics department, Touro College and University System. He is Distinguished Professor Emeritus, Lubin School of Business, Pace University. Professor Szenberg is the recipient of many awards, including the 2013 John R. Commons Award, 2013 Homer and Charles Pace Award, 1983 Kenan Award for excellence in teaching, and the 1971 Irving Fisher Monograph Award. He also served as the editor-in-chief, Emeritus, of Th e American Economist (1973– 2011). Professor Szenberg is the author or coauthor with Lall B. Ramrattan of more than seventeen books and many journal articles and encyclopedia entries. -
A Roundabout Approach to Macroeconomics 2
A Roundabout Approach to Macroeconomics 2 another matter. Here, the time element is a debilitating problem: These expectations, if you can call them that, are baseless. The future is shrouded in an impenetrable fog of uncertainty, leaving the current level of investment spending to be determined by unruly psychological factors—Keynes’s infamous “animal spirits.” The resultant circular flow will gush and ebb and even on average may not entail enough flow to fully employ the labor force. The circular-flow framework, exercised in both its short-run and long-run modes, seems to me to be exactly the wrong framework for understanding and dealing with the A Roundabout Approach to Macroeconomics: time element in macroeconomics. Identifying the polar cases of “no problem” and Some Autobiographical Reflections* “debilitating problem” doesn’t get us any closer to a solution to all those intermediate cases lying between the poles. The tell-tale feature that inevitably characterizes this framework has been recognized in recent years by Robert Solow (1997)—namely the Roger W. Garrison** lack of any “real coupling” (Solow’s term) between the short run and the long run. In Solow’s reckoning, the two runs simply divide our discipline’s subject matter into (1) the problem of maintaining full employment of existing resources and (2) the I. Introduction: Setting the Stage determinants of economic growth. “Roundaboutness” is a concept featured in Austrian capital theory. Homely stories A viable alternative to the Keynesian circular flow framework is the Austrian about the bare-handed catching of fish are a prelude to a discussion of the economy’s means-ends framework.