Arrow, Kenneth Joseph (Born 1921)
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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. -
Zbwleibniz-Informationszentrum
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Cogliano, Jonathan Working Paper An account of "the core" in economic theory CHOPE Working Paper, No. 2019-17 Provided in Cooperation with: Center for the History of Political Economy at Duke University Suggested Citation: Cogliano, Jonathan (2019) : An account of "the core" in economic theory, CHOPE Working Paper, No. 2019-17, Duke University, Center for the History of Political Economy (CHOPE), Durham, NC This Version is available at: http://hdl.handle.net/10419/204518 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 An Account of “the Core” in Economic Theory by Jonathan F. Cogliano CHOPE Working Paper No. 2019-17 September 2019 Electronic copy available at: https://ssrn.com/abstract=3454838 An Account of ‘the Core’ in Economic Theory⇤ Jonathan F. -
A Monetary History of the United States, 1867-1960’
JOURNALOF Monetary ECONOMICS ELSEVIER Journal of Monetary Economics 34 (I 994) 5- 16 Review of Milton Friedman and Anna J. Schwartz’s ‘A monetary history of the United States, 1867-1960’ Robert E. Lucas, Jr. Department qf Economics, University of Chicago, Chicago, IL 60637, USA (Received October 1993; final version received December 1993) Key words: Monetary history; Monetary policy JEL classijcation: E5; B22 A contribution to monetary economics reviewed again after 30 years - quite an occasion! Keynes’s General Theory has certainly had reappraisals on many anniversaries, and perhaps Patinkin’s Money, Interest and Prices. I cannot think of any others. Milton Friedman and Anna Schwartz’s A Monetary History qf the United States has become a classic. People are even beginning to quote from it out of context in support of views entirely different from any advanced in the book, echoing the compliment - if that is what it is - so often paid to Keynes. Why do people still read and cite A Monetary History? One reason, certainly, is its beautiful time series on the money supply and its components, extended back to 1867, painstakingly documented and conveniently presented. Such a gift to the profession merits a long life, perhaps even immortality. But I think it is clear that A Monetary History is much more than a collection of useful time series. The book played an important - perhaps even decisive - role in the 1960s’ debates over stabilization policy between Keynesians and monetarists. It organ- ized nearly a century of U.S. macroeconomic evidence in a way that has had great influence on subsequent statistical and theoretical research. -
Sudhir Anand and Amartya Sen "Tell Me What You Eat,"
CONSUMPTION AND HUMAN DEVELOPMENT: CONCEPTS AND ISSUES Sudhir Anand and Amartya Sen 1. Introduction "Tell me what you eat," remarked Anthelme Brillat -Savarin nearly two hundred years ago, "and I will tell you what you aye." The idea that people can be known from their consumption behaviour has some plausibility. Eating enough and well nourishes us; over- eating renders us obese and unfit; education can make us wiser (or at least turn us into learned fools); reading poetry can make us sensitive; keeping up with the Joneses can overstretch our resources; and an obsession with fast cars may make us both "quicke and dead." There are few things more central than consumption to the lives that people variously lead. AIrrr~ ~nsumption is not the ultimate end of our lives. We seek consumption for a purpose, or for various purposes that may be simultaneously entertained. The role of consumption in human lives // cannot be really comprehended without some understanding of the ends that are pursued through consumption activities." tlur ends are enormously diverse, varying from nourishment to amusement, from living long to living well, from isolated self-fulfilment to interactive socialization. The priorities of human development, with which the Human Development Reports are concerned, relate to some basic human ends, 1 For a general introduction to the contemporary literature on consumption, see Angus Deaton and John Muellbauer, Economics and Consumer Behavior (Cambridge: Cambridge University Press, 1980). Consumption & Human Development Page 2 Background paper/ HDR1998 /UNDP Sudhir Anand & Amartya Sen and there is scope for scrutinizing how the prevailing consumption act i vi ties serve those ends. -
Download The
SPECIAL ANALYSIS NATIONAL HIGH SCHOOL DEBATE TOPIC 1964-65 WHAT POLICY FOR CONTROL Of \WEAPONS SYSTEMS WOULD BEST INSURE THE PROSPECTS FOR WORLD PEACE? PUBLISHED AND DISTRIBUTED BY THE AMERICAN ENTERPRISE INSTITUTE g_g;-J��,�� 1012 FOURTEENTH STREET, N.W., WASHINGTON, D. C., 20005 EXECUTIVE 3·8205 THE AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH, established in 1943, is o nonpartisan research and educational organization which studies notional policy problems. Institute publications toke two major forms: 1. LEGISLATIVE AND SPECIAL ANALYSES - factual analyses of current legislative proposals and other public policy issues before the Congress prepared with the help of recognized experts in the academic world and in the fields of low and government. A typical analysis features: (1) pertinent background, (2) o digest of significant elements, and (3) o discussion, pro and con, of the issues. The reports reflect no policy position in favor of or against specific proposals. 2. LONG-RANGE STUDIES - basic studies of major notional problems of significance for public policy. The Institute, with the counsel of its Advisory Boord, utilizes the services of competent scholars, but the opinions expressed ore those of the authors and represent no policy position on the port of the Institute. ADVISORY BOARD Poul W. McCracken, Chairman Professor, School of Business Administration, University of Mi chi gon Kori Brandt Stanley Parry Director Professor, Deportment Food Research Institute of Politicol Science Stanford University University of Notre Dome Milton Friedman Roscoe Pound Poul S. Russell Distinguished Professor Emeritus Service Professor of Economics Harvard University University of Chicago E. Blythe Stoson Gottfried Hoberler Deon Emeritus, Low School Golen L. -
The Winners of the Blue Planet Prize 2009 Professor Hirofumi Uzawa
The Winners of the Blue Planet Prize 2009 Professor Hirofumi Uzawa (Japan) Lord (Nicholas) Stern of Brentford (UK) 2009 Blue Planet Prize Professor Hirofumi Uzawa Lord (Nicholas) Stern of Brentford (Japan) (UK) Member of The Japan Academy Professor, The London School of Economics Professor Emeritus, The University of Tokyo GIFT: This Blue Planet we live on Is blessed to hold life In the universe full of stars brilliantly shining We humankind Are we spending the days by embracing from deep in our heart? The happiness of being born on this blue planet of life As a tiny life born on this planet Caring other lives, cherishing each other Are we pursuing in full, the meaning of our lives? By truly giving our appreciation To the blessings of the “planet of life” Earth It is our great pleasure If the fi lm this time Served you to think About the happiness of living on this blue planet Selected from the Slide Show Presented at the Opening By extending your thoughts of the Awards Ceremony To the gifts from the “planet of life” Earth 151 Their Imperial Highnesses Prince and Princess Akishino His Imperial Highness Prince Akishino congratulates congratulate the laureates at the Congratulatory Party the laureates The prizewinners receive their trophies from Chairman Seya Professor Hirofumi Uzawa Lord (Nicholas) Stern of Brentford Dr. Hiroyuki Yoshikawa, Chairman of the Selection Committee explains the rationale for the determina- tion of the year's winners Hiromichi Seya, Chairman of the Foundation Professor Ichiro Kanazawa, President, Science Council of delivers the opening address Japan (left) and Mr. -
Econ 753 Syllabus
Economics 753: Applied Econometrics – Fall 2017 Monday/Wednesday 9:05–10:30 am & Lab Monday 10:30-11:30 Gordon Hall 303-304 Michael Ash, [email protected] 306 Crotty, Office hours: Tue 10-11:30; Wed 10:30-12 Robert Pollin, [email protected] 313 Gordon, 577-0819, Office Hours: Tue 2-4 or by appt. http://courses.umass.edu/econ753 http://courses.umass.edu/econ753/econ753.pdf COURSE SYLLABUS “There is no royal road to science, and only those who do not dread the fatiguing climb of its steep paths have a chance of gaining its luminous summits.”—Karl Marx The purpose of this course is to help you become comfortable and creative as empirical economic researchers. We will therefore introduce a series of econometric techniques and models by observing life in the trenches, i.e., working through how practitioners have approached econometric problems and built models as a vehicle for addressing substantive questions. We also put stress on communicating econometric results and descriptive statistics in ways that are illuminating, persuasive, and rigorous. But we will also ask the question: what does it mean to be rigorous with econometrics and with statistics in general? Indeed, early in the course, we will even address so basic a methodological question as that raised by John Maynard Keynes himself in the infancy of econometrics—whether the entire enterprise was worth pursuing. Finally, in the course of your studying and then doing real-world econometrics, we aim to get you to become comfortable, and perhaps even proficient, in least one major statistical software package and with manipulating data sets. -
TECHNOLOGY and GROWTH: an OVERVIEW Jeffrey C
Y Proceedings GY Conference Series No. 40 Jeffrey C. Fuhrer Jane Sneddon Little Editors CONTENTS TECHNOLOGY AND GROWTH: AN OVERVIEW Jeffrey C. Fuhrer and Jane Sneddon Little KEYNOTE ADDRESS: THE NETWORKED BANK 33 Robert M. Howe TECHNOLOGY IN GROWTH THEORY Dale W. Jorgenson Discussion 78 Susanto Basu Gene M. Grossman UNCERTAINTY AND TECHNOLOGICAL CHANGE 91 Nathan Rosenberg Discussion 111 Joel Mokyr Luc L.G. Soete CROSS-COUNTRY VARIATIONS IN NATIONAL ECONOMIC GROWTH RATES," THE ROLE OF aTECHNOLOGYtr 127 J. Bradford De Long~ Discussion 151 Jeffrey A. Frankel Adam B. Jaffe ADDRESS: JOB ~NSECURITY AND TECHNOLOGY173 Alan Greenspan MICROECONOMIC POLICY AND TECHNOLOGICAL CHANGE 183 Edwin Mansfield Discnssion 201 Samuel S. Kortum Joshua Lerner TECHNOLOGY DIFFUSION IN U.S. MANUFACTURING: THE GEOGRAPHIC DIMENSION 215 Jane Sneddon Little and Robert K. Triest Discussion 260 John C. Haltiwanger George N. Hatsopoulos PANEL DISCUSSION 269 Trends in Productivity Growth 269 Martin Neil Baily Inherent Conflict in International Trade 279 Ralph E. Gomory Implications of Growth Theory for Macro-Policy: What Have We Learned? 286 Abel M. Mateus The Role of Macroeconomic Policy 298 Robert M. Solow About the Authors Conference Participants 309 TECHNOLOGY AND GROWTH: AN OVERVIEW Jeffrey C. Fuhrer and Jane Sneddon Little* During the 1990s, the Federal Reserve has pursued its twin goals of price stability and steady employment growth with considerable success. But despite--or perhaps because of--this success, concerns about the pace of economic and productivity growth have attracted renewed attention. Many observers ruefully note that the average pace of GDP growth has remained below rates achieved in the 1960s and that a period of rapid investment in computers and other capital equipment has had disappointingly little impact on the productivity numbers. -
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. -
Bounded Rationality and Correlated Equilibria Fabrizio Germano, Peio Zuazo-Garin
Bounded Rationality and Correlated Equilibria Fabrizio Germano, Peio Zuazo-Garin To cite this version: Fabrizio Germano, Peio Zuazo-Garin. Bounded Rationality and Correlated Equilibria. 2015. halshs- 01251512 HAL Id: halshs-01251512 https://halshs.archives-ouvertes.fr/halshs-01251512 Preprint submitted on 6 Jan 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. Working Papers / Documents de travail Bounded Rationality and Correlated Equilibria Fabrizio Germano Peio Zuazo-Garin WP 2015 - Nr 51 Bounded Rationality and Correlated Equilibria∗ Fabrizio Germano† and Peio Zuazo-Garin‡ November 2, 2015 Abstract We study an interactive framework that explicitly allows for nonrational behavior. We do not place any restrictions on how players’ behavior deviates from rationality. Instead we assume that there exists a probability p such that all players play rationally with at least probability p, and all players believe, with at least probability p, that their opponents play rationally. This, together with the assumption of a common prior, leads to what we call the set of p-rational outcomes, which we define and characterize for arbitrary probability p. We then show that this set varies continuously in p and converges to the set of correlated equilibria as p approaches 1, thus establishing robustness of the correlated equilibrium concept to relaxing rationality and common knowledge of rationality. -
Retail Inventory Behavior and Business Fluctuations
ALAN S. BLINDER Princeton University Retail Inventory Behavior and Business Fluctuations THE enigmatic behavior of the U.S. economy during the 1980 recession makes it more imperative than ever that some of the mystery that sur- rounds inventory behavior be solved. On the surface, the economy seems to have reacted quite differently to what appear to be rather similar exter- nal shocks (principally, rapid increases in oil prices) in 1973-75 and in 1979-80. However, if one abstracts from inventory behavior and focuses on final sales, the two recessions look rather similar. Several observations confirm this. First, the briefest recession in U.S. history was also the first in which inventory investment did not swing sharply toward liquidation between the peak and the trough. Second, if one judges the contraction by real final sales instead of real GNP, the 1980 recession was actually far deeper than the "severe" 1973-75 recession.1 And third, the way the 1980 recession was concentrated into a single quarter seems less unusual if one looks at real final sales instead of real GNP. In the 1973-75 reces- I thank Danny Quah for exceptional research assistance. I also thank Gregory Mankiw and Leonard Nakamura for research assistance and Stephenie Sigall and Phyllis Durepos for quickly and efficiently typing the paper. I am grateful to mem- bers of the Brookingspanel and to a numberof colleagues for helpful discussions on this research. I apologize to those I leave out when I mention Angus S. Deaton, David Germany, Wayne Gray, F. Owen Irvine, Jr., Louis J. -
Game Theory with Translucent Players
Game Theory with Translucent Players Joseph Y. Halpern and Rafael Pass∗ Cornell University Department of Computer Science Ithaca, NY, 14853, U.S.A. e-mail: fhalpern,[email protected] November 27, 2012 Abstract A traditional assumption in game theory is that players are opaque to one another—if a player changes strategies, then this change in strategies does not affect the choice of other players’ strategies. In many situations this is an unrealistic assumption. We develop a framework for reasoning about games where the players may be translucent to one another; in particular, a player may believe that if she were to change strategies, then the other player would also change strategies. Translucent players may achieve significantly more efficient outcomes than opaque ones. Our main result is a characterization of strategies consistent with appro- priate analogues of common belief of rationality. Common Counterfactual Belief of Rationality (CCBR) holds if (1) everyone is rational, (2) everyone counterfactually believes that everyone else is rational (i.e., all players i be- lieve that everyone else would still be rational even if i were to switch strate- gies), (3) everyone counterfactually believes that everyone else is rational, and counterfactually believes that everyone else is rational, and so on. CCBR characterizes the set of strategies surviving iterated removal of minimax dom- inated strategies: a strategy σi is minimax dominated for i if there exists a 0 0 0 strategy σ for i such that min 0 u (σ ; µ ) > max u (σ ; µ ). i µ−i i i −i µ−i i i −i ∗Halpern is supported in part by NSF grants IIS-0812045, IIS-0911036, and CCF-1214844, by AFOSR grant FA9550-08-1-0266, and by ARO grant W911NF-09-1-0281.