DOCSLIB.ORG

Economics and Finance: the Evolution of Economic Science

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Economics and Finance: the Evolution of Economic Science MIT 150 | Economics and Finance: The Evolution of Economic Science POTERBA: Good morning. As many of you may guess, I am not, as your program suggests, Dean Deborah Fitzgerald. She will be joining us and welcoming all of you this afternoon as we start into the second half of our program today. But as Jim Poterba and one of the organizers of the events that we will be going through in the next day and a half, I want to thank you all for braving the snow this morning. I want to thank David and the members of the MIT 150 committee for selecting the Economics Department in the Sloan School to sponsor this symposium. And I would like to thank both the dean of the Sloan School and the dean of Humanities, Arts, and Social Sciences for agreeing to support this exciting adventure. When MIT was founded in 1861, the field of political economy was already taking shape as a well-defined academic discipline. The leading text was John Stuart Mill's Principles of Political Economy, which had been published in 1848. And although in the very early years, economics was not yet on the radar screen of MIT, it arrived soon in the history of the young institution. In 1880, when Francis Amasa Walker was recruited from Yale to come and serve as the third president of MIT, that was a rather unusual thing for an institution of science and technology because Walker was, actually, one of, along with Irving Fisher at Yale, the most distinguished economists in the United States at that point. And Walker would go on to serve as the first president of the American Economic Association for a period of six years in the 1880s. He'd be the president of the American Statistical Association for a span of 17 years in the 1880s and 1890s. And he introduced the first required undergraduate course in economics, or political economy, here at MIT in the 1880s. So the history of economics and the role of economics in MIT'S fundamental fabric goes way back before the origins of the PhD program that MIT created in the early 1940s. I thought as one way of getting a perspective to introduce and set the stage for this 150-year perspective on economics at MIT, it might be useful to hear a little bit about some of the questions that emerged in the early Francis Amasa Walker course, so that showed up on the exams that we have from that era, and to give you a sense of how economics has changed or not changed as the case may be. In 1895, the exam included the question how are the debts between nations settled? What determines the value of gold? A question that certainly seems to have relevance today. In 1896, the year when the bimetalism controversy was raging, how and when may mortgage indebtedness press upon the farmer, and compare the effects of such indebtedness in different parts of the United States? The role of mortgages in the US seems to have been an issue again in the more recent past. And to link to tomorrow's finance symposium, I found this fascinating. The 1896 exam asks illustrate by an example the use of an option by a manufacturer to protect himself against the speculative changes in the price of his raw materials. It actually uses the phrase option in what shows up on the exam. Walker passed away in 1897. Davis R. Dewey, who served as editor of theA merican Economic Review for over 30 years and was another key figure in the history of the MIT Economics Department, continued to teach the political economy course. In 1898, he asked, for example, what arguments have been advanced in favor of a tax on inheritances? Again, a question that nearly 110 years later, we don't quite seem to have settled. Although some issues have changed. In 1899, the question, what are the principal economic advantages of employing children in factories does seem to have [LAUGHTER] moved off the stage. Demonstrating that economists then as now have two hands and have difficulty reaching conclusions, in May of 1901, the exam asked, mention six arguments in favor of the imposition of a protective tariff. In the fall 1901, the next semester, the course asked, what arguments have been advanced against protective tariff duties? We don't have an answer sheet to these exams, unfortunately. We just have the questions. So the history of MIT, as I said, is intertwined with the role of economics. The course then was called Political Economy and Industrial History. And it was basically trying to offer the students an opportunity to learn about the behavior of firms, the role of firms in the economy, and, of course, the role of consumers who are the demanders of those products. And that will provide a focal point for us as we organize our first session this morning. The quick thumbnail sketch going forward from the turn of the 20th century, of course, is probably well known. In 1940, MIT introduced a Master's program in economics moving from a service department offering the undergraduates an exposure to economics to a department that was then focused more on research and graduate training. A year later, introduced a PhD program. Lawrence Klein, who taught for many years at the University of Pennsylvania, was the first graduate student went on to win the Nobel Prize-- not a bad start for a fledgling PhD program. And the rest, in some sense, is history. In the post-war period, MIT, with a band of loyal and dedicated faculty, developed a PhD program which truly transformed the teaching of economics and made MIT a center of research activity in economics that attracted students and faculty from around the world, and has really been a central part of the post-war economics policy theory and educational mission in the broader economics profession. And that in, many ways, is what we are here today to celebrate-- the contributions that MIT as an institution, MIT students, and MIT's faculty have made to the advance of economic science, economic policy, and the design of economic institutions. Today's program is broken into four components. We will begin this morning with a focus on the evolution of economic theory, both at the micro household level and firm level as well as on the understanding of macroeconomics. This afternoon, we'll switch gears to a somewhat more applied focus on macro policy and on regulatory policy. And we have an all-star cast of speakers who will be sharing their thoughts on a variety of these issues with us as we work our way through the day. What I would like to do is to basically introduce our speakers for this morning's panel and then simply to allow them to take charge and to handle their presentations. We have, by the way, set up some microphones in the audience. And we will have time for some questions and answers at the end of the presentation today, so that I hope we'll be able to draw some audience participation. Let me just introduce our panelists as my final task this morning George Akerlof, who will lead off, is the Koshland Professor of Economics at the University of California at Berkeley. He's a 1966 PhD from the Economics Department here at MIT. His work in information economics and more broadly in macroeconomics and behavioral economics has cast an incredibly important influence on the evolution of economic thinking in the last few decades. His paper on the market for lemons has been a perennial favorite both with undergraduates and has had a central role in teaching all of us how to think about the research frontier in information economics. He received the Nobel Prize in 2001, shared the Nobel Prize for his work on the theory of information economics. And he will actually be talking about the role of norms in economics with some illustrations from the field of [INAUDIBLE] Avinash Dixit from Princeton University, the John J. F. Sherrerd University Professor, Emeritus, will be our second speaker. He received his PhD here at MIT in 1968. He is a past president of both the Econometric Society and the American Economic Association. He is a modeler par none who has an unbelievable capacity to distill a range of economic problems to their essence, to construct models which illustrate them, and to enlighten the broader profession and students about the workings of international trade, of growth theory, of a number of different disciplines. He will actually speak about the role of MIT's small models approach to doing economic theory and the influence that it has had on a number of different fields and on the evolution of our disciplines. Jerry Housman, the John and Jennie MacDonald Professor of Economics here at MIT, will be our third speaker. Jerry is an applied microeconomist and an econometrician who received the John Bates Clark medal in the early 1980s for his work in bringing microeconometric tools to bear on a roll of different questions, taxes and labor supply, telecommunications, the role of transfer programs in effecting household behavior. Jerry has blazed a trail which has taught a generation or two generations of economists how to use the theory that we learn in our theory courses and the econometrics and statistical methods that we learn in our econometrics courses, to bring them together to enlighten our understanding of household and firm behavior.
Load more

Recommended publications
  • UC Berkeley UC Berkeley Electronic Theses and Dissertations
    UC Berkeley UC Berkeley Electronic Theses and Dissertations Title The Ware Course: Architecture as a Useful, Liberal, and Fine Art Permalink https://escholarship.org/uc/item/5sh8m1pk Author Block, Kevin Publication Date 2019 Peer reviewed|Thesis/dissertation eScholarship.org Powered by the California Digital Library University of California The Ware Course: Architecture as a Useful, Liberal, and Fine Art By Kevin P. Block A dissertation submitted in partial satisfaction of the requirements for the degree of Doctor of Philosophy in Rhetoric in the Graduate Division of the University of California, Berkeley Committee in charge: Professor Pheng Cheah, Co-Chair Professor Andrew Shanken, Co-Chair Professor David Henkin Associate Professor Winnie Wong Fall 2019 Copyright Page Abstract The Ware Course: Architecture as a Useful, Liberal, and Fine Art by Kevin P. Block Doctor of Philosophy in Rhetoric University of California, Berkeley Professor Pheng Cheah, Co-Chair Professor Andrew Shanken, Co-Chair This dissertation examines the academic career of William Robert Ware (1832-1915), an American architect who became the leading architectural educator in the late nineteenth century. Previous accounts of Ware have focused either on his work as a practicing architect or his role as a department builder at the Massachusetts Institute of Technology and Columbia University, where he imported the Beaux-Arts system of design instruction to the United States. This dissertation, in contrast, interprets archival documents and nineteenth-century architectural theory to situate Ware in relation to a number of core questions and concepts in the broader history of architectural expertise, including the construction of professional authority, the meaning of culture, the use of judgment, and the tension between creative expression and information processing.
    [Show full text]
  • The Neglect of the French Liberal School in Anglo-American Economics: a Critique of Received Explanations
    The Neglect of the French Liberal School in Anglo-American Economics: A Critique of Received Explanations Joseph T. Salerno or roughly the first three quarters of the nineteenth century, the "liberal school" thoroughly dominated economic thinking and teaching in F France.1 Adherents of the school were also to be found in the United States and Italy, and liberal doctrines exercised a profound influence on prominent German and British economists. Although its numbers and au- thority began to dwindle after the 1870s, the school remained active and influential in France well into the 1920s. Even after World War II, there were a few noteworthy French economists who could be considered intellectual descendants of the liberal tradition. Despite its great longevity and wide-ranging influence, the scientific con- tributions of the liberal school and their impact on the development of Eu- ropean and U.S. economic thought—particularly on those economists who are today recognized as the forerunners, founders, and early exponents of marginalist economics—have been belittled or simply ignored by most twen- tieth-century Anglo-American economists and historians of thought. A number of doctrinal scholars, including Joseph Schumpeter, have noted and attempted to explain the curious neglect of the school in the En- glish-language literature. In citing the school's "analytical sterility" or "indif- ference to pure theory" as a main cause of its neglect, however, their expla- nations have overlooked a salient fact: that many prominent contributors to economic analysis throughout the nineteenth and early twentieth centuries expressed strong appreciation of or weighty intellectual debts to the purely theoretical contributions of the liberal school.
    [Show full text]
  • 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
    [Show full text]
  • Massachusetts Institute of Technology Department of Economics Working Paper Series
    Massachusetts Institute of Technology Department of Economics Working Paper Series The Rise and Fall of Economic History at MIT Peter Temin Working Paper 13-11 June 5, 2013 Rev: December 9, 2013 Room E52-251 50 Memorial Drive Cambridge, MA 02142 This paper can be downloaded without charge from the Social Science Research Network Paper Collection at http://ssrn.com/abstract=2274908 The Rise and Fall of Economic History at MIT Peter Temin MIT Abstract This paper recalls the unity of economics and history at MIT before the Second World War, and their divergence thereafter. Economic history at MIT reached its peak in the 1970s with three teachers of the subject to graduates and undergraduates alike. It declined until economic history vanished both from the faculty and the graduate program around 2010. The cost of this decline to current education and scholarship is suggested at the end of the narrative. Key words: economic history, MIT economics, Kindleberger, Domar, Costa, Acemoglu JEL codes: B250, N12 Author contact: [email protected] 1 The Rise and Fall of Economic History at MIT Peter Temin This paper tells the story of economic history at MIT during the twentieth century, even though roughly half the century precedes the formation of the MIT Economics Department. Economic history was central in the development of economics at the start of the century, but it lost its primary position rapidly after the Second World War, disappearing entirely a decade after the end of the twentieth century. I taught economic history to MIT graduate students in economics for 45 years during this long decline, and my account consequently contains an autobiographical bias.
    [Show full text]
  • A Preface to Neoclassical Legal Thought
    University of Pennsylvania Carey Law School Penn Law: Legal Scholarship Repository Faculty Scholarship at Penn Law 6-28-2011 A Preface to Neoclassical Legal Thought Herbert J. Hovenkamp University of Pennsylvania Carey Law School Follow this and additional works at: https://scholarship.law.upenn.edu/faculty_scholarship Part of the Antitrust and Trade Regulation Commons, Business Organizations Law Commons, Corporate Finance Commons, Economic Policy Commons, Economic Theory Commons, Finance Commons, Labor and Employment Law Commons, Law and Economics Commons, Law and Race Commons, Legal History Commons, Policy History, Theory, and Methods Commons, Public Law and Legal Theory Commons, and the Tax Law Commons Repository Citation Hovenkamp, Herbert J., "A Preface to Neoclassical Legal Thought" (2011). Faculty Scholarship at Penn Law. 1867. https://scholarship.law.upenn.edu/faculty_scholarship/1867 This Article is brought to you for free and open access by Penn Law: Legal Scholarship Repository. It has been accepted for inclusion in Faculty Scholarship at Penn Law by an authorized administrator of Penn Law: Legal Scholarship Repository. For more information, please contact [email protected]. Hovenkamp, Neoclassical Legal Thought in the United States July 2011, Page 1 A Preface to Neoclassical Legal Thought Herbert Hovenkamp * Introduction This preliminary essay explores the roots of fundamental changes in American legal thought that began to take hold in the United States after Reconstruction. It is written in contemplation of a larger project that is not yet finished. The term “neoclassical legal thought” seems appropriate to describe this set of developments for a number of reasons. First, neoclassical legal thought overlapped with but also succeeded its predecessor, classical legal thought.
    [Show full text]
  • From Bimetallism to Monetarism: the Shifting Political Affiliation of the Quantity Theory*
    From Bimetallism to Monetarism: the Shifting Political Affiliation of the Quantity Theory* by David Laidler Abstract: The quantity theory of money was associated with the politics of the right in the ‘70s and ‘80s, but a century earlier, particularly in America, it had played an important part in the proposals of the Progressive left. These political associations are examined, and it is argued that a crucial factor in the quantity theory’s apparent migration from left to right was its newly-forged links to the case for monetary policy rules in the interwar years. It was also in the 1930s that the endogenous-money Banking School doctrines deployed by anti-quantity theorists during the monetarist controversy first became mainly associated with the case for discretionary policy, rather than with support for the gold- standard rule, as they had been in earlier times. More generally, shifting scientific opinion about the causes of the Great Depression moved the political centre of gravity of monetary economics to the left from the 1930s onwards, and then back towards the right beginning in the ‘60s, creating an illusion of movement on the quantity theory’s part. ___________________________ *The opening lecture delivered at the 2001 conference of the European History of Economic Thought Society, on “The Influence of Politics on Economic Thought”, held at the Technical University of Darmstadt. This lecture had its origins in an email correspondence with Robert Leeson about post-war Chicago economics, and why the quantity theory should be regarded as a right-wing doctrine. I am grateful to him for the intellectual stimulation, and to Perry Mehrling, Bill Robson, Rick Szostak and Michael Trautwein made many useful comments on an earlier draft.
    [Show full text]
  • The Concept of Indexation in the History of Economic Thought
    The Concept of lndexation in the History of Economic Thought Periods of severe monetary disturbance tend to justment of tax brackets, personal exemptions, asset spawn unorthodox and often ingenious stabilization depreciation schedules, and capital gains. schemes. During such episodes, conventional policies Such comprehensive indexing, Friedman claims, often appear inadequate and the situation seems to would have at least two therapeutic effects. First, he call for extraordinary remedies. Thus, for example, says, “it would reduce the revenue the government the Great Depression of the 1930’s inspired a host of acquires from inflation” thus weakening the govern- novel schemes-including stamped money, taxation of ment’s “incentive to inflate.” Second, and more im- idle hoards, 100 percent reserve requirements behind portant, indexation, in his words, “would reduce the demand deposits, security reserve proposals, com- adverse side effects that effective measures to end modity reserve currency, “social credit” remedies, and inflation would have on output and employment.” the like-all designed to promote the recovery that [8 ; 94] Constituting the most serious obstacle to monetary policy was thought incapable of accomplish- the ending of inflation, these harmful side effects ing by itself. Currently the major economic problem stem from institutional and expectational rigidities is inflation, virulent double-digit inflation seemingly built into the structure of commodity and factor unstoppable by orthodox measures alone. Predict- prices. By preventing
    [Show full text]
  • Eugenics and American Economics in the Progressive Era Thomas C
    “More Merciful and Not Less Effective”: Eugenics and American Economics in the Progressive Era Thomas C. Leonard Oliver Wendell Holmes was made a Progressive lion upon his pithy dis- sent to the U.S. Supreme Court’s landmark decision to overturn a New York statute restricting (male) bakers’ working hours. “The 14th Amend- ment,” said Holmes famously, “does not enact the Social Statics of Mr. Herbert Spencer.”1 Twenty-two years later, in another well-known case, Holmes wrote for the majority, which upheld the constitutionality of a Virginia law proposing involuntary sterilization of persons believed to be mentally retarded—the “feebleminded,” in the jargon of the day. “The principle that sustains compulsory vaccination is broad enough to cover cutting the Fallopian tubes,” Holmes wrote in Buck v. Bell (1927). “Three generations of imbeciles,” Holmes volunteered, “is enough.” How does an opponent of Spencerian Social Darwinism come to en- dorse coercive sterilization of the unfit? This essay argues that, as a mat- ter of history, there is no contradiction in the views that underwrite the Correspondence may be address to Thomas C. Leonard, Department of Economics, Fisher Hall, Princeton University, Princeton, NJ 08544; e-mail: [email protected]. I acknowl- edge with gratitude the constructive criticisms of Malcolm Rutherford, Deirdre McCloskey, David Levy, Sandy Peart, Bob Goldfarb, and seminar participants at the annual meetings of the Eastern Economic Association, and of the History of Economics Society. 1. Lochner v. New York, 198 U.S. 45, 76 (1905) (USSC). As popular as his Lochner dissent was with Progressives, Wendell Holmes was no Progressive.
    [Show full text]
  • Eklanche 1.Pdf
    Prediction and Control: Global Population, Population Science, and Population Politics in the Twentieth Century by Emily R. Merchant A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy (History) in the University of Michigan 2015 Doctoral Committee: Associate Professor John Carson, Chair Professor Barbara A. Anderson Professor Howard Brick Professor Paul N. Edwards Acknowledgements In many ways, this dissertation was a joy to write. I found the topic fascinating when I began writing and it continues to fascinate me today. Going to the archives shaped the story in ways that I did not expect when I wrote the prospectus but that only deepened my interest in and commitment to this project. The enthusiasm of my advisors, research subjects, and interlocutors helped keep my own enthusiasm for the project high, even through difficult and frustrating moments in the archives and while writing. I could not have written this dissertation without the assistance and support of many people and organizations. The seeds of this dissertation were sown in Barbara Anderson's demographic theory and methods courses in the Department of Sociology at the University of Michigan, which I attended in 2008-2009 at the urging of Myron Gutmann. Myron Gut- mann and Barbara Anderson encouraged my critical interest in the history of demography, and this encouragement eventually led me back to the Department of History at the Uni- versity of Michigan, which I had left after earning my M.A. in 2005. I am grateful to John Carson for agreeing to be my advisor at our very first meeting, and to Kali Israel, Farina Mir, Nancy Hunt, and Gabrielle Hecht, who helped me successfully petition for re-admission to the Ph.D.
    [Show full text]
  • Francis Amasa Walker
    BIOGKAPHIGAL MEMOIR FRANCIS AM ASA WALKER. 1840-1897. JOHN S. BILLINGS. READ BEFORE THE NATIONAL ACADEMY OF SCIENCES, APRIL 17, 1902. (21) 209 BIOGRAPHICAL MEMOIR OF FRANCIS AMASA WALKER. FRANCIS AMASA WALKER, member and Vice-President of the National Academy of Sciences, was born in Boston, Mass., July 2, 1840, and died in the same city January 5, 1897. He was a son of Amasa Walker, the well-known teacher and writer, whose studies in political economy had great influence in directing his own line of work. He graduated at Amherst in 1860, and studied law in the office of Devens and Hoar, of Worcester, Mass., until the commencement of the civil war, when he en- listed as sergeant major in the Fifteenth Massachusetts, under the command of -Colonel Devens. He soon received a commission as captain and was rapidly promoted through the several grades to that of brigadier general, serving on the staffs of Generals Couch, Humphreys, Warren, and Hancock, being long connected with the latter, and the author of the History of the Second Army Corps and of the Life of General Hancock. He was severely wounded in 1863, and was captured in 1864 and confined for a time in Libby Prison. After the war he was on the editorial staff of the Springfield Re- publican in 1868 ; was Chief of the Bureau of Statistics in Wash- ington from January, 1869, to February, 1870, and then became Superintendent of the Census. In 1872 he accepted the chair of political economy in the Sheffield Scientific School at New Haven; in 1879 he became Superintendent of the Census, and in 1881 he accepted the presidency of the Massachusetts Institute of Technology, which he held until his death.
    [Show full text]
  • Professional Economists and Policymaking in the United States, 1880-1929
    ABSTRACT Title of Dissertation: IRRELEVANT GENIUS: PROFESSIONAL ECONOMISTS AND POLICYMAKING IN THE UNITED STATES, 1880-1929 Jonathan S. Franklin, Doctor of Philosophy, 2014 Dissertation Directed By: Professor David B. Sicilia, Department of History The rapid establishment and expansion of economics departments in colleges across the United State in the late nineteenth century indicates a significant shift in the way Americans understood economic science and its importance to federal economic policy. This dissertation addresses that phenomenon by explaining how American economists professionalized; and how that process influenced economic policymaking in the U.S. from the formation of the American Economic Association in 1885 to the Great Depression of the 1930s. Chapters alternate between analyzing the dilemmas economists faced while crafting a distinct academic discipline and investing early professional economists’ role in the federal economic policymaking process. Three emerging themes help explain the consistent failure of early U.S. economists to translate modern economic theory to economic policy in a timely fashion. First, public skepticism and the persistence of folk economics proved to be a powerful deterrent to professionally-trained economists’ authority in debates over policy matters. The combination of democratic idealism, populist politics, and skepticism regarding the motivations of professionally-trained economists undercut much of the social prestige professional economists garnered as educated elites. Second, disagreement among professional economists, often brought on by young economists’ efforts to overturn a century’s worth of received wisdom in classical economic theory, fostered considerable dissent within the field. Dissent, in turn, undermined the authority of professional economists and often led to doubt regarding economists’ abilities among the public and policy compromises that failed to solve economic problems.
    [Show full text]
  • Poverty Measurement
    1''<,' ' .... J I ' .. ··· . ./ i (! \ POVERTY MEASUREMENT A THEORETICAL CONTRIBUTION AND APPLICATION TO PORTUGAL 2007 Celso Luis Pereira Nunes Orienta9ao: Professor Doutor Jose Antonio Correia Pereirinha DOUTORAMENTO EM ECONOMIA Juri: Presidente - Reitor da Universidade Tecnica de Lisboa Vogais - Professor Doutor Jose Antonio Correia Pereirinha Professor Doutor Francisco Jose Nascimento Branco Professor Doutor Luis Manuel Antunes Capucha Professora Doutora Elvira Sofia Leite de Freitas Pereira Professor Doutor Francisco Jose Duarte Nunes Lisboa, Dezembro de 2012 Index List of figures and tables ........................................................................................... 3 Agradecimentos ....................................................................................................... 4 Resumo ........................•.......................................................•................................... 5 Abstract ................................................................................................................... 6 INTRODUCTION ................•.............................................•......................................... 7 CHAPTER 1 - POVERTY MEASUREMENT: HISTORICAL DEVELOPMENTS AND PRESENT CHALLENGES ..................•...........•.•.......................................•................................. 1.2 1.1 The roots of the economic thought on poverty ......................................................... 13 1.2 Rediscovering Poverty in the 1960s .........................................................................
    [Show full text]