Ideological Profiles of the Economics Laureates · Econ Journal Watch
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A Revisionist History of Regulatory Capture WILLIAM J
This chapter will appear in: Preventing Regulatory Capture: Special Interest . Influence and How to Limit it. Edited by Daniel Carpenter and David Moss. Copyright © 2013 The Tobin Project. Reproduced with the permission of Cambridge University Press. Please note that the final chapter from the Cambridge University Press volume may differ slightly from this text. A Revisionist History of Regulatory Capture WILLIAM J. NOVAK A Revisionist History of Regulatory Capture WILLIAM J. NOVAK PROFESSOR, UNIVERSITY OF MICHIGAN SCHOOL OF LAW The idea of regulatory capture has controlled discussions of economic regulation and regulatory reform for more than two generations. Originating soon after World War II, the so-called “capture thesis” was an early harbinger of the more general critique of the American regulatory state that dominated the closing decades of the 20th century. The political ramifications of that broad critique of government continue to be felt today both in the resilient influence of neoliberal policies like deregulation and privatization as well as in the rise of more virulent and populist forms of anti-statism. Indeed, the capture thesis has so pervaded recent assessments of regulation that it has assumed something of the status of a ground norm – a taken-for-granted term of art and an all-purpose social-scientific explanation – that itself frequently escapes critical scrutiny or serious scholarly interrogation. This essay attempts to challenge this state of affairs by taking a critical look at the emergence of regulatory capture theory from the perspective of history. After introducing a brief account of the diverse intellectual roots of the capture idea, this essay makes three interpretive moves. -
Artificial Intelligence, Automation, and Work
Artificial Intelligence, Automation, and Work The Economics of Artifi cial Intelligence National Bureau of Economic Research Conference Report The Economics of Artifi cial Intelligence: An Agenda Edited by Ajay Agrawal, Joshua Gans, and Avi Goldfarb The University of Chicago Press Chicago and London The University of Chicago Press, Chicago 60637 The University of Chicago Press, Ltd., London © 2019 by the National Bureau of Economic Research, Inc. All rights reserved. No part of this book may be used or reproduced in any manner whatsoever without written permission, except in the case of brief quotations in critical articles and reviews. For more information, contact the University of Chicago Press, 1427 E. 60th St., Chicago, IL 60637. Published 2019 Printed in the United States of America 28 27 26 25 24 23 22 21 20 19 1 2 3 4 5 ISBN-13: 978-0-226-61333-8 (cloth) ISBN-13: 978-0-226-61347-5 (e-book) DOI: https:// doi .org / 10 .7208 / chicago / 9780226613475 .001 .0001 Library of Congress Cataloging-in-Publication Data Names: Agrawal, Ajay, editor. | Gans, Joshua, 1968– editor. | Goldfarb, Avi, editor. Title: The economics of artifi cial intelligence : an agenda / Ajay Agrawal, Joshua Gans, and Avi Goldfarb, editors. Other titles: National Bureau of Economic Research conference report. Description: Chicago ; London : The University of Chicago Press, 2019. | Series: National Bureau of Economic Research conference report | Includes bibliographical references and index. Identifi ers: LCCN 2018037552 | ISBN 9780226613338 (cloth : alk. paper) | ISBN 9780226613475 (ebook) Subjects: LCSH: Artifi cial intelligence—Economic aspects. Classifi cation: LCC TA347.A78 E365 2019 | DDC 338.4/ 70063—dc23 LC record available at https:// lccn .loc .gov / 2018037552 ♾ This paper meets the requirements of ANSI/ NISO Z39.48-1992 (Permanence of Paper). -
Economic Choices
ECONOMIC CHOICES Daniel McFadden* This Nobel lecture discusses the microeconometric analysis of choice behavior of consumers who face discrete economic alternatives. Before the 1960's, economists used consumer theory mostly as a logical tool, to explore conceptually the properties of alternative market organizations and economic policies. When the theory was applied empirically, it was to market-level or national-accounts-level data. In these applications, the theory was usually developed in terms of a representative agent, with market-level behavior given by the representative agent’s behavior writ large. When observations deviated from those implied by the representative agent theory, these differences were swept into an additive disturbance and attributed to data measurement errors, rather than to unobserved factors within or across individual agents. In statistical language, traditional consumer theory placed structural restrictions on mean behavior, but the distribution of responses about their mean was not tied to the theory. In the 1960's, rapidly increasing availability of survey data on individual behavior, and the advent of digital computers that could analyze these data, focused attention on the variations in demand across individuals. It became important to explain and model these variations as part of consumer theory, rather than as ad hoc disturbances. This was particularly obvious for discrete choices, such as transportation mode or occupation. The solution to this problem has led to the tools we have today for microeconometric analysis of choice behavior. I will first give a brief history of the development of this subject, and place my own contributions in context. After that, I will discuss in some detail more recent developments in the economic theory of choice, and modifications to this theory that are being forced by experimental evidence from cognitive psychology. -
The Life and Times of Gordon Tullock
Public Choice (2012) 152:3–27 DOI 10.1007/s11127-011-9899-3 The life and times of Gordon Tullock Charles K. Rowley · Daniel Houser Received: 24 October 2011 / Accepted: 25 October 2011 / Published online: 10 November 2011 © Springer Science+Business Media, LLC 2011 Abstract Gordon Tullock is a founding father of public choice. In an academic career that has spanned 50 years, he forged much of the research agenda of the public choice program and he founded and edited Public Choice, the key journal of public choice scholarship. Tullock, however did much more than this. This Special Issue of Public Choice honors Gordon Tullock in precisely the manner that he most values: the creation of new ideas across the vast range of his own scholarly interests. Keywords Gordon Tullock · Tullock’s life · Tullock’s times Si monumentum requiris, circumspice 1 Innocence of youth Gordon Tullock was born in Rockford, Illinois on February 13, 1922. His father, George Tullock, was a hardy Midwesterner of Scottish ancestry. His mother, Helen, nee Crumb, was of equally hardy Pennsylvania-Dutch stock. His father’s elder brother, Tom, and his two children, also lived in Rockford, but some distance away. So Gordon had no close and continuing relationship with them. Both of Gordon’s grandfathers died before he was old enough to remember them. Both of his grandmothers ‘lived with us for some time, but fortunately not at the same time’ (Tullock 2009:1) Rockford, often referred to as the ‘Forest City’, was a mid-sized city with a 64,000 pop- ulation in 1922, when Gordon Tullock was born. -
Review of Economics Imperialism Versus Multidisciplinarity John B
Marquette University e-Publications@Marquette Economics Faculty Research and Publications Economics, Department of 1-1-2016 Review of Economics Imperialism versus Multidisciplinarity John B. Davis Marquette University, [email protected] Accepted version. History of Economic Ideas, Vol. 24, No. 3 (2016): 77-94. DOI. © 2016 Fabrizio Serra Editore. Used with permission. Forthcoming in History of Economic Ideas Economics imperialism versus multidisciplinarity John B. Davis, Marquette University and University of Amsterdam 2015 STOREP Conference Plenary Lecture Shifting Boundaries: Economics in the Crisis and the Challenge of Interdisciplinarity June 11-13, 2015 Abstract: This paper examines the implications of Chicago School economist Edward Lazear’s 2000 defense of economics imperialism using standard trade theory. It associates that defense with interdisciplinarity or the idea that the sciences are relatively autonomous, but treats this defense as a mask for a more conventional imperialist strategy of promoting Chicago School neoclassicism. Lazear’s argument actually created a dilemma for Chicago regarding how it could espouse interdisciplinarity while operating in a contrary way. I argue that the solution to this dilemma was for neoclassicism to rebuild economics imperialism around neoclassicism as a theory that sees the world in its own image in a performative manner. This strategy, however, suffers from a number of problems, which upon examination ultimately lead us to multidisciplinarity or the idea that the sciences can have transformative effects on one another. This latter conception can be associated with a complexity economics approach as an alternative view of the relation between the sciences. The paper argues that this view provides a basis for pluralism in economics. -
(1899-1992) Born in Austria in 1899, Nobel Prize-Winning Economist Friedrich Von Hayek Was an Advocate of Free-Market Capitalism
Friedrich von Hayek 1 (1899-1992) Born in Austria in 1899, Nobel Prize-winning economist Friedrich von Hayek was an advocate of free-market capitalism. He is known for his criticism of the prevailing economic theories of the 20th century, Keynesian economic models and socialism. Excerpt from The Commanding Heights by Daniel Yergin and Joseph Stanislaw, 1998 ed., pp. 141-144. In retrospect, it was the awarding of the 1974 Nobel Prize in economics that first captured, almost by chance, the great intellectual change. The Swedish academy wanted to honor Gunnar Myrdal, distinguished Keynesian, a father of development economics, and a great figure of Swedish socialism. But the grantors, worried about the appearance of choosing so local a favorite, decided that they ought to balance the ticket with a more conservative figure, and they awarded the prize to Myrdal jointly with Friedrich von Hayek. A good part of the economics profession was scandalized by the choice of Hayek; many economists in the United States, if polled, would have hardly even considered him an economist. He was regarded as right-wing, certainly not mainstream, even something of a crank as well as a fossil from an archaic era.... Yet the award documented the beginning of a great shift in the intellectual center of gravity of the economies profession toward a restoration of confidence in markets, indeed a renewed belief in the superiority of markets over other ways of organizing economic activity. Within a decade and a half, the shift would be largely complete. And the eventual victory of this viewpoint was really a tale of two cities—Vienna and Chicago. -
Contents Commons Forum
Summer 2011 No. 11 ince the end of the 13th IASC Global Conference conference was a unique demonstration of that in Hyderabad, the Executive Council has balance since it was the first meeting in our history Sapproved one global conference and two that was sponsored by a practitioner organization. meetings. The next Global Conference will be at the foot of Mount Fuji in Kitafuji, Japan, in the summer This number of the Digest showcases some of the of 2013; in addition, the Asian Regional Meeting will highlights of the Hyderabad meeting: excerpts from be held Ulan Bator, Mongolia, in June 2012, and our the speech of Shri Jairam Ramesh, Minister of the 1st Thematic Meeting on “knowledge commons” is Environment and Forests in India; the final conference scheduled for September 2012 in Louvain-La-Nouve, report from the Foundation for Ecological Security Belgium. Our European meeting (“Shared Resources (FES) presented by Jagdeesh Rao Puppala, and a in a Rapidly Changing World”) will be held in Plovdiv, thoughtful report on the Hyderabad meeting from Bulgaria, this coming September. Kate Ashbrook, general secretary of the English Open Spaces Society. This special edition of The Commons Digest focuses on our extremely successful meeting in Hyderabad This issue includes, as always, the valuable updates this past January. The first article is the splendid to the Digital Library of the Commons (DLC) at Indiana presidential address given by Dr. Ruth Meinzen-Dick, University, compiled by Emily Castle, Director of the in which she highlighted recent milestones in the DLC. history and work of IASC. The first milestone was Elinor Ostrom’s 2009 Nobel Prize in Economic Sciences for Finally, please read the invitation to join IASC written her work on the commons; Dr. -
Why Is There No Milton Friedman Today? · Econ Journal Watch
Discuss this article at Journaltalk: http://journaltalk.net/articles/5808 ECON JOURNAL WATCH 10(2) May 2013: 210-213 Why Is There No Milton Friedman Today? Richard A. Posner1 LINK TO ABSTRACT The short answer to the question posed by Econ Journal Watch is that Milton Friedman combined, with enormous success both within the economics pro- fession and in the society at large, three distinct roles. He was an analyst, using conventional analytical methods, of technical issues in macroeconomics, such as business cycle economics (with emphasis on the role of money), inflation and deflation, international exchange rates, and the consumption function. He was an advocate on economic grounds of specific public policies, such as an end to conscription, a negative income tax (of which the Earned Income Tax Credit is a variant, adding a work requirement surprisingly absent from Friedman’s proposal), and school vouchers. And he was a public intellectual/guru/philosopher, ad- vocating in books, magazines, op-ed pages, and electronic media a politically controversial return to libertarian (equivalently, free-market, laissez-faire, classical- liberal) economic policy. Friedman also made an influential contribution to economic methodology in arguing that an economic theory should be tested by its predictive accuracy alone, without regard to the realism or unrealism of its assumptions (Friedman 1953). The argument is questionable because, owing to the difficulty of assessing such consequences (reliable experiments concerning economic behavior are very difficult to conduct), economists have tended to rely heavily—certainly Friedman did—on assumptions, often assumptions based on priors rooted in ideology, personality, or other subjective factors. -
The Portfolio Optimization Performance During Malaysia's
Modern Applied Science; Vol. 14, No. 4; 2020 ISSN 1913-1844 E-ISSN 1913-1852 Published by Canadian Center of Science and Education The Portfolio Optimization Performance during Malaysia’s 2018 General Election by Using Noncooperative and Cooperative Game Theory Approach Muhammad Akram Ramadhan bin Ibrahim1, Pah Chin Hee1, Mohd Aminul Islam1 & Hafizah Bahaludin1 1Department of Computational and Theoretical Sciences Kulliyyah of Science International Islamic University Malaysia, 25200 Kuantan, Pahang, Malaysia Correspondence: Pah Chin Hee, Department of Computational and Theoretical Sciences, Kulliyyah of Science, International Islamic University Malaysia, 25200 Kuantan, Pahang, Malaysia. Received: February 10, 2020 Accepted: February 28, 2020 Online Published: March 4, 2020 doi:10.5539/mas.v14n4p1 URL: https://doi.org/10.5539/mas.v14n4p1 Abstract Game theory approach is used in this study that involves two types of games which are noncooperative and cooperative. Noncooperative game is used to get the equilibrium solutions from each payoff matrix. From the solutions, the values then be used as characteristic functions of Shapley value solution concept in cooperative game. In this paper, the sectors are divided into three groups where each sector will have three different stocks for the game. This study used the companies that listed in Bursa Malaysia and the prices of each stock listed in this research obtained from Datastream. The rate of return of stocks are considered as an input to get the payoff from each stock and its coalition sectors. The value of game for each sector is obtained using Shapley value solution concepts formula to find the optimal increase of the returns. The Shapley optimal portfolio, naive diversification portfolio and market portfolio performances have been calculated by using Sharpe ratio. -
Ten Nobel Laureates Say the Bush
Hundreds of economists across the nation agree. Henry Aaron, The Brookings Institution; Katharine Abraham, University of Maryland; Frank Ackerman, Global Development and Environment Institute; William James Adams, University of Michigan; Earl W. Adams, Allegheny College; Irma Adelman, University of California – Berkeley; Moshe Adler, Fiscal Policy Institute; Behrooz Afraslabi, Allegheny College; Randy Albelda, University of Massachusetts – Boston; Polly R. Allen, University of Connecticut; Gar Alperovitz, University of Maryland; Alice H. Amsden, Massachusetts Institute of Technology; Robert M. Anderson, University of California; Ralph Andreano, University of Wisconsin; Laura M. Argys, University of Colorado – Denver; Robert K. Arnold, Center for Continuing Study of the California Economy; David Arsen, Michigan State University; Michael Ash, University of Massachusetts – Amherst; Alice Audie-Figueroa, International Union, UAW; Robert L. Axtell, The Brookings Institution; M.V. Lee Badgett, University of Massachusetts – Amherst; Ron Baiman, University of Illinois – Chicago; Dean Baker, Center for Economic and Policy Research; Drucilla K. Barker, Hollins University; David Barkin, Universidad Autonoma Metropolitana – Unidad Xochimilco; William A. Barnett, University of Kansas and Washington University; Timothy J. Bartik, Upjohn Institute; Bradley W. Bateman, Grinnell College; Francis M. Bator, Harvard University Kennedy School of Government; Sandy Baum, Skidmore College; William J. Baumol, New York University; Randolph T. Beard, Auburn University; Michael Behr; Michael H. Belzer, Wayne State University; Arthur Benavie, University of North Carolina – Chapel Hill; Peter Berg, Michigan State University; Alexandra Bernasek, Colorado State University; Michael A. Bernstein, University of California – San Diego; Jared Bernstein, Economic Policy Institute; Rari Bhandari, University of California – Berkeley; Melissa Binder, University of New Mexico; Peter Birckmayer, SUNY – Empire State College; L. -
Nicholas Kaldor
PROFILES OF WORLD ECONOMISTS 26 NICHOLAS KALDOR NICHOLAS KALDOR – ONE OF THE FIRST CRITICS OF MONETARISM doc. Ing. Ján Iša, DrSc. Known in economic circles as one of the thought in several fields, but it was his work founders of Post-Keynesianism, Nicholas on the theory of distribution and economic Kaldor (1908–1986) ranks among the worl- growth that stirred the greatest reaction. d's foremost economists of the second half Less well-known, however, is Kaldor's con- of the 20th century. Kaldor contributed to tribution to monetary theory, which has long the development of modern economic been standing quietly in the background. Nicholas Kaldor was born in Budapest on 12 May 1908. rous Third World countries, as well as an advisor to central His father was a lawyer and his mother came from wealthy banks and to the United Nations Economic Commission for business family. Although his father had wanted him to Latin America. Most significant, however, was his role as an study law, Kaldor opted for economics. He began his studi- advisor to Labour finance ministers from 1964 to 1968 and es at the University of Berlin in 1925 and then after two 1974 to 1976. After completing his two-year mission in years moved to the London School of Economics (LSE), Geneva in 1949, Kaldor began to work at Cambridge Uni- from which he graduated in 1930. He remained at the LSE versity and became, as John Maynard Keynes had been, a as lecturer until 1947, during which time his colleagues inc- fellow of King's College, Cambridge. -
Putting Auction Theory to Work
Putting Auction Theory to Work Paul Milgrom With a Foreword by Evan Kwerel © 2003 “In Paul Milgrom's hands, auction theory has become the great culmination of game theory and economics of information. Here elegant mathematics meets practical applications and yields deep insights into the general theory of markets. Milgrom's book will be the definitive reference in auction theory for decades to come.” —Roger Myerson, W.C.Norby Professor of Economics, University of Chicago “Market design is one of the most exciting developments in contemporary economics and game theory, and who can resist a master class from one of the giants of the field?” —Alvin Roth, George Gund Professor of Economics and Business, Harvard University “Paul Milgrom has had an enormous influence on the most important recent application of auction theory for the same reason you will want to read this book – clarity of thought and expression.” —Evan Kwerel, Federal Communications Commission, from the Foreword For Robert Wilson Foreword to Putting Auction Theory to Work Paul Milgrom has had an enormous influence on the most important recent application of auction theory for the same reason you will want to read this book – clarity of thought and expression. In August 1993, President Clinton signed legislation granting the Federal Communications Commission the authority to auction spectrum licenses and requiring it to begin the first auction within a year. With no prior auction experience and a tight deadline, the normal bureaucratic behavior would have been to adopt a “tried and true” auction design. But in 1993 there was no tried and true method appropriate for the circumstances – multiple licenses with potentially highly interdependent values.