Bradley W. Bateman Curriculum Vitae
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BIS Working Papers No 136 the Price Level, Relative Prices and Economic Stability: Aspects of the Interwar Debate by David Laidler* Monetary and Economic Department
BIS Working Papers No 136 The price level, relative prices and economic stability: aspects of the interwar debate by David Laidler* Monetary and Economic Department September 2003 * University of Western Ontario Abstract Recent financial instability has called into question the sufficiency of low inflation as a goal for monetary policy. This paper discusses interwar literature bearing on this question. It begins with theories of the cycle based on the quantity theory, and their policy prescription of price stability supported by lender of last resort activities in the event of crises, arguing that their neglect of fluctuations in investment was a weakness. Other approaches are then taken up, particularly Austrian theory, which stressed the banking system’s capacity to generate relative price distortions and forced saving. This theory was discredited by its association with nihilistic policy prescriptions during the Great Depression. Nevertheless, its core insights were worthwhile, and also played an important part in Robertson’s more eclectic account of the cycle. The latter, however, yielded activist policy prescriptions of a sort that were discredited in the postwar period. Whether these now need re-examination, or whether a low-inflation regime, in which the authorities stand ready to resort to vigorous monetary expansion in the aftermath of asset market problems, is adequate to maintain economic stability is still an open question. BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The views expressed in them are those of their authors and not necessarily the views of the BIS. -
The Origins and Evolution of Progressive Economics Part Seven of the Progressive Tradition Series
AP PHOTO/FILE AP This January 1935 photo shows a mural depicting phases of the New Deal The Origins and Evolution of Progressive Economics Part Seven of the Progressive Tradition Series Ruy Teixeira and John Halpin March 2011 WWW.AMERICANPROGRESS.ORG The Origins and Evolution of Progressive Economics Part Seven of the Progressive Tradition Series Ruy Teixeira and John Halpin March 2011 With the rise of the contemporary progressive movement and the election of President Barack Obama in 2008, there is extensive public interest in better understanding the ori- gins, values, and intellectual strands of progressivism. Who were the original progressive thinkers and activists? Where did their ideas come from and what motivated their beliefs and actions? What were their main goals for society and government? How did their ideas influence or diverge from alternative social doctrines? How do their ideas and beliefs relate to contemporary progressivism? The Progressive Tradition Series from the Center for American Progress traces the devel- opment of progressivism as a social and political tradition stretching from the late 19th century reform efforts to the current day. The series is designed primarily for educational and leadership development purposes to help students and activists better understand the foundations of progressive thought and its relationship to politics and social movements. Although the Progressive Studies Program has its own views about the relative merit of the various values, ideas, and actors discussed within the progressive tradition, the essays included in the series are descriptive and analytical rather than opinion based. We envision the essays serving as primers for exploring progressivism and liberalism in more depth through core texts—and in contrast to the conservative intellectual tradition and canon. -
Alfred Marshall on Big Business
ALFRED MARSHALL ON BIG BUSINESS Jaques Kerstenetzky1 This paper is about the way Alfred Marshall, the champion of the family-owned and -managed firm, approached the phenomenon which Alfred Chandler considered as the emergence of a new kind of capitalism and enterprise, characterized by the presence of corporations.2 The examination of the theme involves history and theory. And, following Marshall’s judgment that history is not a purely inductive practice, nor is theory a purely deductive one, it is an opportunity for reflecting on the historical and institutional content of Marshall’s perusal of firm's nature, size, organization and coordination. The task includes the identification of some connections among the work of the two Alfreds. The theme inevitably refers to the classical issue of the dilemma of increasing returns and competition. The dilemma will be presented as the theoretical context and will work as a unifying thread through the paper. The paper is organized in two parts. The first part is an introduction to the Marshallian approach on business organization issues. It shall place Marshall’s work into historical context, and characterize Marshall’s work in a way which is different from how he is read and was incorporated into economic theory by mainstream economics. The second part specifically approaches Industry and Trade, the book in which Marshall discussed business organization in depth.3 1. Introduction to Marshall’s work on business organization 1.1 The historical and theoretical context of Marshall’s work on business organization The historical economic context of Marshall’s writings is the second industrial revolution, hatched in the last quarter of the nineteenth century. -
The Socialization of Investment, from Keynes to Minsky and Beyond
Working Paper No. 822 The Socialization of Investment, from Keynes to Minsky and Beyond by Riccardo Bellofiore* University of Bergamo December 2014 * [email protected] This paper was prepared for the project “Financing Innovation: An Application of a Keynes-Schumpeter- Minsky Synthesis,” funded in part by the Institute for New Economic Thinking, INET grant no. IN012-00036, administered through the Levy Economics Institute of Bard College. Co-principal investigators: Mariana Mazzucato (Science Policy Research Unit, University of Sussex) and L. Randall Wray (Levy Institute). The author thanks INET and the Levy Institute for support of this research. The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. Levy Economics Institute P.O. Box 5000 Annandale-on-Hudson, NY 12504-5000 http://www.levyinstitute.org Copyright © Levy Economics Institute 2014 All rights reserved ISSN 1547-366X Abstract An understanding of, and an intervention into, the present capitalist reality requires that we put together the insights of Karl Marx on labor, as well as those of Hyman Minsky on finance. The best way to do this is within a longer-term perspective, looking at the different stages through which capitalism evolves. -
A REVIEW of IRANIAN STAGFLATION by Hossein Salehi
THE HISTORY OF STAGFLATION: A REVIEW OF IRANIAN STAGFLATION by Hossein Salehi, M. Sc. A Thesis In ECONOMICS Submitted to the Graduate Faculty of Texas Tech University in Partial Fulfillment of the Requirements for the Degree of MASTER OF ARTS Approved Dr. Masha Rahnama Chair of Committee Dr. Eleanor Von Ende Dr. Mark Sheridan Dean of the Graduate School August, 2015 Copyright 2015, Hossein Salehi Texas Tech University, Hossein Salehi, August, 2015 ACKNOWLEDGMENTS First and foremost, I wish to thank my wonderful parents who have been endlessly supporting me along the way, and I would like to thank my sister for her unlimited love. Next, I would like to show my deep gratitude to Dr. Masha Rahnama, my thesis advisor, for his patient guidance and encouragement throughout my thesis and graduate studies at Texas Tech University. My sincerest appreciation goes to, Dr. Von Ende, for joining my thesis committee, providing valuable assistance, and devoting her invaluable time to complete this thesis. I also would like to thank Brian Spreng for his positive input and guidance. You all have my sincerest respect. ii Texas Tech University, Hossein Salehi, August, 2015 TABLE OF CONTENTS ACKNOWLEDGMENTS .................................................................................................. ii ABSTRACT ........................................................................................................................ v LIST OF FIGURES .......................................................................................................... -
Markets in Higher Education: Can We Still Learn from Economics' Founding Fathers?* Abstract
Research & Occasional Paper Series: CSHE.4.06 UNIVERSITY OF CALIFORNIA, BERKELEY http://cshe.berkeley.edu/ MARKETS IN HIGHER EDUCATION: CAN WE STILL LEARN * FROM ECONOMICS’ FOUNDING FATHERS? March 2006 Pedro Nuno Teixeira Assistant Professor of Economics; Research Associate, CEMPRE and CIPES University of Porto and Visiting Scholar, Center for Studies in Higher Education, UC Berkeley Copyright 2006 Pedro Nuno Teixeira, all rights reserved. ABSTRACT Markets or market-like mechanisms are playing an increasing role in higher education, with visible consequences both for the regulation of higher education systems as a whole, as well as for the governance mechanisms of individual institutions. This article traces the history of economists’ views on the role of education, from Adam Smith, John Stuart Mill, Alfred Marshall, and Milton Friedman, to present-day debates about the relevance of market economies to higher education policy. Recent developments in higher education policy reflect both the rising strength of market mechanisms in higher education worldwide, and a certain ambivalence about these developments. The author argues that despite the peculiarities of the higher education sector, economic theory can be a very useful tool for the analysis of the current state of higher education systems and recent trends in higher education policy. Introduction Markets or market-like mechanisms are playing an increasing role in higher education, with visible consequences both for the regulation of higher education (HE) * The author is Assistant Professor in the Economics Department at the University of Porto and Research Associate of CEMPRE (Centre for Macroeconomics and Forecasting) and CIPES (Portuguese National Research Centre on Higher Education Policy). -
Economists As Worldly Philosophers
Economists as Worldly Philosophers Robert J. Shiller and Virginia M. Shiller Yale University Hitotsubashi University, March 11, 2014 Virginia M. Shiller • Married, 1976 • Ph.D. Clinical Psychology, University of Delaware 1984 • Intern, Cambridge Hospital, Harvard Medical School, 1980-1 • Clinical Instructor, Yale Child Study Center, since 2000 • Private practice with children, adults, and families Robert Heilbroner 1919-2005 • His book The Worldly Philosophers: Lives, Times and Ideas of the Great Economic Thinkers, 1953, sold four million copies • Adam Smith, Henry George, Karl Marx, John Stewart Mill, John Maynard Keynes, Thomas Malthus Example: Adam Smith • Theory of Moral Sentiments, 1759 • The Wealth of Nations, 1776 • Did not shrink from moral judgments, e. g., frugality Example: John Maynard Keynes • Economic Consequences of the Peace • The General Theory of Employment, Interest and Money, 1936 Economics as a Moral Science • The kinds of questions economists are asked to opine on are inherently moral • Moral calculus requires insights into the complexities of human behavior • A plea for behavioral economics and a broader focus for economic research Kenneth Boulding 1910-1993 • “We cannot escape the proposition that as science moves from pure knowledge toward control, that is, toward creating what it knows, what it creates becomes a problem of ethical choice, and will depend upon the common values of the societies in which the scientific culture is embedded, as well as of the scientific subculture.” Boulding on the Theory that People Maximize Utility of their Own Consumption • That there is neither malevolence nor benevolence anywhere in the system is demonstrably false. • “Anything less descriptive of the human condition could hardly be imagined.” (from American Economics Association Presidential Address, 1968). -
For Peer Review Journal: Journal of the History of Economic Thought
Cambridge University Press Dunn's "The Economics of John Kenneth Galbraith" For Peer Review Journal: Journal of the History of Economic Thought Manuscript ID: Draft Manuscript Type: Review Article [email protected] Page 1 of 8 Cambridge University Press 1 2 3 Book Review for the Journal of the History of Economic Thought 4 5 6 7 By Cameron M. Weber, PhD student in economics and history at the New School for Social 8 9 Research and Adjunct Faculty, FIT/SUNY and St. John’s University, New York. 10 11 12 February 2013 13 14 15 Email: [email protected], homepage: cameroneconomics.com 16 17 18 For Peer Review 19 Book reviewed: Stephen P. Dunn. The Economics of John Kenneth Galbraith: Introduction, 20 21 Persuasion and Rehabilitation . (Cambridge, New York, Melbourne, Madrid, Cape Town, 22 23 Singapore, Sao Paulo, Delhi, Dubai, Tokyo, Mexico City: Cambridge University Press, 2010), 24 25 26 pp. xx, 477, US$115.00, ISBN 978-0521-51876-5. 27 28 29 Review: 30 31 32 Stephen Dunn describes this book as having its main goal to show that John Kenneth Galbraith’s 33 34 35 (JKG’s) thought has been under-appreciated by both Post-Keynesians and Institutionalists in the 36 37 history of economic thought. But in reality the book is really of two parts, the first is Dunn’s 38 39 very detailed and engaging description of JKG’s thought without tying-in in any systematic way 40 41 42 followers or precursors, the second is to relate JKG’s influence on those that followed him, 43 44 especially in Post-Keynesian Economics. -
Monetary Theory
MONETARY THEORY Henry H. Villard I. I ntroduction In t h e social sciences our accumulated knowledge is so small and the unexplored areas so vast that of necessity we measure progress by the understanding we obtain of particular and pressing problems. Thus Adam Smith did not write primarily as a scholar but rather as a social surgeon to remove from the body politic the surviving malignant remnant of Mercantilism, while the emphasis of Ricardo and Mill on diminishing returns and the rent of land directly reflected their interest in the ulti mately successful campaign of the rising business classes to end the im pediment to further industrialization represented by the Com Laws. In the same way recent monetary theory direcdy reflects the unprece dented depression which rocked the industrialized world during the nine teen-thirties; in the United States, perhaps worse hit than any other country, the increase in productive capital, which had averaged 6 per cent a year for the first three decades of the century, over the ’thirties as a whole was negligible in amount. As a result the center of interest has in general shifted from the factors determining the quantity of money and its effect on the general level of prices to those determining the level of output and employment. In addition, the purely monetary devices for control, on which great store had been laid, were found to be broadly ineffective, taken by themselves, in bringing about recovery from the Great Depression. And finally, as a result of the way in which the war was financed, it seems quite likely that it will prove impossible to use such devices for the effective control of a future boom. -
Exit Keynes the Friedmanite, Enter Minsky's Keynes
One –Pager | N o.42 Levy Economics Institute Exit Keynes the Friedmanite, of Bard College Enter Minsky’s Keynes September 12, 2013 . Brad DeLong recently reposted his 1996 review of John Maynard Keynes’s DeLong raises what, for me, is a version of the same question posed A Tract on Monetary Reform (1924) . DeLong makes the case, quite com - in an April 2011 post : “Why Aren’t Economics Departments Using their pellingly, that Keynes, in this book, provides us with the best monetarist Macroeconomic Slots to Hire People Who Know Walter Bagehot?” More monograph ever written. DeLong leads, however, with a sentence that, recently, a post by Paul Krugman makes the same point: “What really in 2013, he might want to alter: “This may well be Keynes’s best book.” impresses you if you study macro, in particular, is the continuity, so that It was the complete failure of the monetarist framework that led Bagehot and Wicksell and Irving Fisher and, of course, Keynes remain Keynes to deliver his General Theory in 1936. Quite sadly, in 1996 the quite relevant today.” Washington Consensus had effectively embraced the minimalist view of Bagehot, Fisher, Keynes—and, I would add, Minsky—wrote richly of monetary policy responsibilities articulated by Keynes in 1924. And in an economic world strongly at odds with the neoclassical fiction of so doing they set the world up for a 1929-style financial crisis in 2008–9. finance as a veil. These thinkers would arguably have seen the Great As DeLong puts it, Moderation very differently from DeLong à la 1996, with financial mar - ket dynamics, not wage and price swings, driving increasing fluctuations The belief that monetary instability—inflation and deflation— in the macroeconomy, ultimately ending in the brutal global Great is the principal, or at least a principal, cause of other economic Recession of 2008–9. -
Patinkin on Keynes
On Post Keynesian economics and the economics of Keynes1 Roger E. Backhouse University of Birmingham and Erasmus University Rotterdam and Bradley W. Bateman Denison University Version 8 June 2011 1. Introduction Given that it so clearly borrows from the title of Axel Leijonhufvud’s great book (1968), your expectation may well be that we are going to provide a detailed analysis of the analytical errors of Post Keynesian economics, setting up an opposition between Post Keynesian economics and the theory that John Maynard Keynes developed in The General Theory of Employment, Interest and Money (JMK VII [1936]). However, this is 1 This talk, was written for the Keynes Seminar at Cambridge, on 23 May 2011. Section 3 draws on Backhouse (2010a) and section 4 draws extensively on Backhouse and Bateman (2010). Many of the ideas about Keynes are discussed in Backhouse and Bateman (forthcoming). It has been revised following helpful comments from Victoria Chick, Mark Hayes, Tony Lawson and Roberto Scazzieri. It should not be inferred that any of them would endorse the conclusions we reach. 1 of 29 not the line we intend to pursue. Thus we are not challenging interpretations such as the one offered by Mark Hayes (2006) who has sought to identify a consistent theoretical framework within The General Theory. Instead, we wish to challenge the Post Keynesian claim to exclusive rights over Keynes’s legacy – that their ideas are, to use the metaphor popularized by Joan Robinson, the only legitimate progeny of The General Theory and that mainstream Keynesianism is not. Our contention is that to make such a claim is to take a position in relation to The General Theory that is very different from the one that Keynes himself took.2 The Samuelsonian neoclassical synthesis, or the new Keynesian macroeconomics are, we contend, no more Keynes’s bastard progeny than are the various strands of Post Keynesian economics. -
Utilitarianism Without Utility: a Missed Opportunity in Alfred Marshall's Theory of Market Choice
Utilitarianism without Utility: A Missed Opportunity in Alfred Marshall’s Theory of Market Choice Marco Dardi In his early economic writings1 Alfred Marshall analyzed the basic mar- ket choice—whether to accept or turn down a proposed transaction—in terms of an internal confl ict between opposing desires: that of acquiring property or other rights, on the one hand, and that of keeping hold of what is required in exchange, on the other. Transactions in which the forces of the confl icting desires happen to balance constitute the so-called margin of indecision. Indeed, in modern societies practically all transactions are settled by means of money transfers. Thus, the desire for money can be taken to be a common ingredient of all these internal confl icts. In marginal transactions, the desire to keep or acquire the amount of money transferred offsets the net resultant force of all the other desires involved. Conse- quently, if it were possible to measure its force, the desire for money would provide a common measure of the net force of all the various desires, the satisfaction of which is attained through marginal transactions. Lacking such a measurement, we can at least take the amount of money transferred, which is measurable, as a rough, indirect indicator of force. Economics Correspondence may be addressed to Marco Dardi, Via delle Pandette 9, 50127 Firenze, Italy; e-mail: marco.dardi@unifi .it. I wish to thank three anonymous referees for comments and useful suggestions. 1. The relevant texts for the present discussion are the manuscript essays “Value” and “Money” (early 1870s), published in Marshall 1975, vol.