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00 Pre Mod Read Inst Evo
Introduction Geoffrey M. Hodgson* The book is the first of what is hoped to be a series of readers produced by the European Association for Evolutionary Political Economy (EAEPE) through Edward Elgar Publishing. The aim of these volumes is to present an exciting and diverse body of work in economics and related disciplines, to undergraduate students, graduate students and lecturers. Much of this work is not discussed in standard textbooks. Yet it is of enormous importance in understanding the manifest turbulence and transformations in the modern world. With the exception of the present introduction, the essays reprinted here have all been published before. They all appeared in collections of papers presented at successive EAEPE conferences and workshops since 1990. In compiling this reader, key papers have been selected from conference vol- umes between 1990 and 1996 inclusive.1 The papers have been selected not simply on their merit and importance but also to provide a coherent structure for the reader as a whole. Furthermore, the specific focus of this reader is on ‘key concepts’ and that too is reflected in the choice of papers. The first aim of this introductory essay is to place these essays in the historical and theoretical background of recent developments in economics and other social sciences. In recent years there have been enormous changes, especially within and on the fringes of economics itself. Some of these developments are sketched in section 1. Section 2 outlines the conceptual and theoretical foundations of institutional and evolutionary economics. Section 3 briefly summarizes the contents of the essays reprinted here. -
The Institutionalist Reaction to Keynesian Economics
Journal of the History of Economic Thought, Volume 30, Number 1, March 2008 THE INSTITUTIONALIST REACTION TO KEYNESIAN ECONOMICS BY MALCOLM RUTHERFORD AND C. TYLER DESROCHES I. INTRODUCTION It is a common argument that one of the factors contributing to the decline of institutionalism as a movement within American economics was the arrival of Keynesian ideas and policies. In the past, this was frequently presented as a matter of Keynesian economics being ‘‘welcomed with open arms by a younger generation of American economists desperate to understand the Great Depression, an event which inherited wisdom was utterly unable to explain, and for which it was equally unable to prescribe a cure’’ (Laidler 1999, p. 211).1 As work by William Barber (1985) and David Laidler (1999) has made clear, there is something very wrong with this story. In the 1920s there was, as Laidler puts it, ‘‘a vigorous, diverse, and dis- tinctly American literature dealing with monetary economics and the business cycle,’’ a literature that had a central concern with the operation of the monetary system, gave great attention to the accelerator relationship, and contained ‘‘widespread faith in the stabilizing powers of counter-cyclical public-works expenditures’’ (Laidler 1999, pp. 211-12). Contributions by institutionalists such as Wesley C. Mitchell, J. M. Clark, and others were an important part of this literature. The experience of the Great Depression led some institutionalists to place a greater emphasis on expenditure policies. As early as 1933, Mordecai Ezekiel was estimating that about twelve million people out of the forty million previously employed in the University of Victoria and Erasmus University. -
Evaluating the Relevance of Critical Schools of Law and Economics for the Equality Rights of Workers with Disabilities in Canada and the United States
Law and Economics and Equality Rights of Workers with Disabilities 935 Evaluating the Relevance of Critical Schools of Law and Economics for the Equality Rights of Workers with Disabilities in Canada and the United States Ravi A. Malhotra' This article examines the contributions ofmodern Hans eel article. I 'auteur examine les contributions schools oflaw and economics to the equality rights of des e'coles de droit el dc commerce modernes aux workers with disabilities. While neo-classical law and droits d'e'galite des Iravailleurs souffrant d'invalidile. economics generally advocates the supremacy offree Alors que le droit el I'economic neo-classiques markets to operate without government interference defendent habituellemenl la suprematie du marche and legal regulation, many ofthe newer schools oflaw libre pour fonclionner sans ingerence du and economics offer highly creative solutions and gouvernement ni re'gleinentation juridique, un grand dynamic approaches that may offer real hope to people nombre d 'e'coles de droit el de commerce plus recentes with disabilities. The merits and weaknesses of the proposenl des solutions Ires cre'alives el des approches theories oflhese modern schools are discussed in light dymimiques pouvant offrir un veritable espoir aux of the social model of disability. The schools are personnes sauffrant d'invalidite. Les merites el les examinedby drawing on examplesfrom Canadian and lacunes des theories de ces e'coles modernes font American jurisprudence. Specifically, the extent to I"ohjeld'ime discussion a la lumiere dtt modelesocial which the schools provide robust explanations for d'invalidite. I.es e'coles sonl examinees au moyen labour market policy is explored. -
Toward a History of Management Thought
Toward a History of Management Thought Charles Howell SyracuseUniversity The historyof managementthought suffers from a constricteddefinition of its subject.Constituent fields (marketing) and cognate fields (economics and law) areoften neglected in studiesof the subject.The term"thought" tends to be equated to knowledge,and thus given a positivistcast, or describedin instrumentalterms andthereby reduced to a generalizedform of practice.The historyof management thought,in short,invites more expansive treatment than it hashitherto received. Thispaper explores the potential benefits of an enlargeddefinition. The paperfocuses on two economists,Edwin Gay of Harvardand Richard Ely of the University of Wisconsin,who influencedthe developmentof managementthought, and whosecareers illuminate aspects of it that havebeen neglectedin previoushistories. Both are associated with institutionsthat promoted scholarship,education, and public discourse about business and its socialfunction-- institutionswhose role in shapingmanagement thought has received little attention. Both showeda keeninterest in the role of the statein economiclife. Their advocacy of regulatoryand fiscal policies suggests that ideas about techniques of managing grewup alongsideideas about political and social life, andthat in any satisfactory accountof managementthought these two strandsmust be interwoven.Both played a role in the professionalizationof economicsin the early twentiethcentury: their contributionto managementthought highlights interconnections between the two fieldsthat -
El Darwinismo Social Recurrente O La Propuesta De Esterilizar a Las Personas Desempleadas
El darwinismo social recurrente o la propuesta de esterilizar a las personas desempleadas Daniel Raventós 21/01/2018 Un amigo me envía una nota periodística sobre las declaraciones de un diputado conservador del Reino Unido en las que propone esterilizar a los desempleados para que dejen de cobrar ayudas por hijos. El tipo, un tal Ben Bradley, asegura que “Hay cientos de familias en el Reino Unido que ganan más de 60.000 libras en beneficios sin mover un dedo porque tienen tantos hijos (¡y para el resto de nosotros ese es un salario de más de 90.000 libras antes de impuestos!)”. Este simpático pimpollo tiene solamente 28 años. Parece algo horrible y desvergonzado. Pero hay precedentes espectaculares mucho más sonados. La nota enviada por mi amigo me recordó un artículo escrito para Sin Permiso hace casi 8 años al que voy a desempolvar un poco. Situémonos en los años 30 del siglo pasado. Se discutía por entonces en EEUU la conveniencia del subsidio de desempleo. Se acabó implantando en el año 1935, bajo la presidencia de Franklin D. Roosevelt, este subsidio. Hubo grandes debates, antes y después de promulgada la ley, entre políticos, economistas, intelectuales, periodistas y población en general. No ha pasado ni un siglo entero, pero se emitían declaraciones del siguiente tono sobre lo que supondría este subsidio: “La dominación definitiva del socialismo sobre la vida y la industria” (Asociación Nacional de Fabricantes); “Destruirá la iniciativa, desalentando el ahorro y ahogando la responsabilidad individual” (James L. Donnelly, de la Asociación de Fabricantes de Illinois); “En un momento u otro, traerá consigo, ineluctablemente, el final del capitalismo privado” (Charles Denby, Jr., de la Asociación Americana de Abogados). -
From the Progressives to the Institutionalists: What the First World War Did and Did Not Do to American Economics
From The Progressives to The Institutionalists: What the First World War Did and Did Not Do to American Economics Thomas C. Leonard Review essay on Rutherford, Malcolm (2011) The Institutionalist Movement in American Economics, 1918-1947: Science and Social Control, Cambridge University Press, Cambridge, UK, 410 pp. ISBN: 9781107006997. $95. 1. Introduction Let me begin by recognizing Malcolm Rutherford’s achievement here. In 1998, Geoffrey Hodgson, writing in the Journal of Economic Literature, could say that we lacked an adequate history of Institutionalist Economics. No longer. Thanks to Rutherford’s long labors in the archives, begun before the 21st century was, we now have a splendid history of Institutionalist Economics, and more generally, of the Institutionalist movement, and of American economics between the wars. This is a meticulous, carefully crafted, brick by brick reconstruction of an important but misunderstood era in economic and social thought. At its very best moments, you feel like you are peering into a lost world. Rutherford has produced the new standard against which future contributions will be measured, and also to which historians of American economics will be obliged to respond. Our charge in this symposium is to respond. 2. What the book does The structure of the book is straightforward: we are introduced to the founding group and its students, and we are given compelling portraits of some neglected but important figures, Walton Hamilton and Morris Copeland, who stand in for the first and second generations, respectively. Next we proceed to the core of the book, the professional milieu of the Institutionalist economists, the “personal, institutional, and programmatic bases” of the movement in the Institutionalist academic strongholds – Chicago, Wisconsin, Columbia, Amherst, Brookings, and the National Bureau. -
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 -
Imperialism, Racism, and Fear of Democracy in Richard Ely's Progressivism
The Rot at the Heart of American Progressivism: Imperialism, Racism, and Fear of Democracy in Richard Ely's Progressivism Gerald Friedman Department of Economics University of Massachusetts at Amherst November 8, 2015 This is a sketch of my long overdue intellectual biography of Richard Ely. It has been way too long in the making and I have accumulated many more debts than I can acknowledge here. In particular, I am grateful to Katherine Auspitz, James Boyce, Bruce Laurie, Tami Ohler, and Jean-Christian Vinel, and seminar participants at Bard, Paris IV, Paris VII, and the Five College Social History Workshop. I am grateful for research assistance from Daniel McDonald. James Boyce suggested that if I really wanted to write this book then I would have done it already. And Debbie Jacobson encouraged me to prioritize so that I could get it done. 1 The Ely problem and the problem of American progressivism The problem of American Exceptionalism arose in the puzzle of the American progressive movement.1 In the wake of the Revolution, Civil War, Emancipation, and radical Reconstruction, no one would have characterized the United States as a conservative polity. The new Republican party took the United States through bloody war to establish a national government that distributed property to settlers, established a national fiat currency and banking system, a progressive income tax, extensive program of internal improvements and nationally- funded education, and enacted constitutional amendments establishing national citizenship and voting rights for all men, and the uncompensated emancipation of the slave with the abolition of a social system that had dominated a large part of the country.2 Nor were they done. -
The Economics of Business Cycles Numerical Model Role of Fixed Costs
Modern Economy, 2020, 11, 600-608 https://www.scirp.org/journal/me ISSN Online: 2152-7261 ISSN Print: 2152-7245 The Economics of Business Cycles Numerical Model Role of Fixed Costs Gerald Aranoff Ariel University, Ariel, Israel How to cite this paper: Aranoff, G. (2020). Abstract The Economics of Business Cycles Numer- ical Model Role of Fixed Costs. Modern This paper presents a simple numerical model of the economics of business Economy, 11, 600-608. https://doi.org/10.4236/me.2020.112044 cycles with illustrated demand and cost curves. This is a purely theoretical model inspired by the writings of John M. Clark (1884-1963). The model Received: January 16, 2020 shows industry long-run equilibrium ( E (π ) = 0 ) under perfect competition Accepted: February 24, 2020 Published: February 27, 2020 for manufacturers to supply hypothetical fluctuating demand schedules, off- peak and peak, for a single non-durable product such as cement. The model Copyright © 2020 by author(s) and has two plant types: old high fixed-cost PlantL and modern low fixed-cost Scientific Research Publishing Inc. This work is licensed under the Creative PlantK. The model assumes linear total cost curves with absolute capacity lim- Commons Attribution International its for the two plant types. Both plant types have the same SACmin. Under License (CC BY 4.0). perfect competition neither plant type will dominate. The plant assets are as- http://creativecommons.org/licenses/by/4.0/ sumed durable, to last for 50 years, and specific to manufacturing only one Open Access product, Q. The model, with its rigid assumptions, shows that industry com- posed of only modern low fixed-cost PlantsK will increase the amplitude of the business cycle, the range of industry outputs between peak and off-peak, versus an industry composed of only old high fixed-cost PlantsL. -
The Making of the Institutional Theory of Social Costs: Discovering the K
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by UWE Bristol Research Repository The Making of the Institutional Theory of Social Costs: Discovering the K. W. Kapp and J. M. Clark Correspondence* By SEBASTIAN BERGER† ABSTRACT. This article reconstructs the making of the often “over- looked” institutional theory of social costs based on the unexploited correspondence between John Maurice Clark and Karl William Kapp. The reconstruction demonstrates that the institutional argument on social costs was developed as a critique of neoclassical economics and of post-WWII neoliberalism. Introduction While most economists feel at ease to identify the boundaries of the discourse on social costs with the views of Pigou and Coase (see, for example, Aslanbeigui and Medema 1998), the distinct institutional argument developed by John Maurice Clark and Karl William Kapp has been largely eclipsed from the discourse (for efforts to revitalize this argument, see Berger 2012; Elsner, Frigato, and Ramazzotti 2012; Berger and Steppacher 2011; Gerber and Steppacher 2011). Therefore, this article has two main aims. Firstly, it reconstructs the making of the institutional argument based on unexplored archival materials, that is, the unpublished correspondence on social costs between Clark and Kapp. The aim is to analyze for the first time their important collabo- ration, and the development and relation of their arguments. This reveals and corrects imprecisions in the existing literature concerning their use of the term “social costs,” sheds new light on how Clark influenced Kapp, and highlights the uniqueness of their institutional argument as a full-fledged theory of social costs. -
Front Matter In" Wesley Clair Mitchell: the Economic Scientist"
This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Wesley Clair Mitchell: The Economic Scientist Volume Author/Editor: Arthur F. Burns, ed. Volume Publisher: NBER Volume ISBN: 0-87014-052-3 Volume URL: http://www.nber.org/books/burn52-1 Publication Date: 1952 Chapter Title: Front matter in "Wesley Clair Mitchell: The Economic Scientist" Chapter Author: Arthur F. Burns Chapter URL: http://www.nber.org/chapters/c3093 Chapter pages in book: (p. -14 - 0) We Clair Mitchell The Economic'Scientist.' Edited by ARTHUR F. BURNS NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. NEW YORK 1952 S Copyright,1952, by Bureau of Economic Research, Inc. 1819 Broadway, New York 23 All Rights Reserved Typography by Oscar Leventhal, Inc. Presswork and binding by H. Wolff Library of Congress Catalog Card Number: 52-6013 PUBLICATIONS OF THE NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. NUMBER 53 WESLEY CLAIR MITCHELL THE ECONOMIC SCIENTIST '•1 OFFICERS 1952 Harry Scherman, Chairman C. C. Balderston, President Percival F. Brundage, Vice-President George B. Roberts, Treasurer W. J. Carson, Executive Director DIRECTORS AT LARGE Donald R. Beicher, American Telephone and Telegraph Company Oswald W. Knauth, Beau fort, South Carolina Simon Kuznets, University of Pennsylvania H. W. Laidler, Executive Director, League for Industrial Democracy Shepard Morgan, New York City C. Reinold Noyes, Princeton, New Jersey George B. Roberts, Vice-President, National City Bank Beardsley Rumi, New York City Harry Scherman, Chairman, Book-of-the-Month Club George Soule, Bennington College N. I. Stone, Consulting Economist J. Raymond Walsh, New York City Leo Wolman, Columbia University Theodore 0. -
Università Degli Studi Di Siena Quaderni Del Dipartimento
UNIVERSITÀ DEGLI STUDI DI SIENA QUADERNI DEL DIPARTIMENTO DI ECONOMIA POLITICA Luca Fiorito Massimiliano Vatiero Beyond Legal Relations Wesley Newcomb Hohfeld’s Influence on American Institutionalism n. 582 – Dicembre 2009 Abstract - This paper documents Hohfeld’s influence on interwar American institutionalism. We will mainly focus on three leading figures of the movement: John Rogers Commons, Robert Lee Hale, and John Maurice Clark. They regarded Hohfeld’s contribution on jural relations as a preliminary step toward the understanding of the adversarial nature of legal rights. Albeit with substantial differences in style, method and emphasis, Hohfeld’s schema provided a powerful analytical and rhetorical tool for their analysis. Jell Classification:B20, B13, B25, K10 Luca Fiorito, University of Palermo, [email protected] Massimiliano Vatiero, University of Siena, [email protected] The issue Joseph Dorfman once observed that “[Institutionalism] it is not economics in the usual sense, but a slice of the whole development of civilization of the United States since the end of the civil war” (Dorfman 1963, 8). In a quite similar fashion, some contemporary interpreters (Rutherford 2004; Asso and Fiorito 2008) have observed that American interwar institutionalism expressed more an intellectual mood than a clear body of tenets, more a set of general beliefs than a rigorous set of methodologies or propositions about economic theory. Institutionalism was primarily a sociological entity, with an inherently heterogeneous membership, and characterized by a series of loosely related research programmes. Some of these programmes overlapped or complemented each other; some diverged or even conflicted; some others were intrinsically connected to a specific academic center or research institution.