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46Th Annual Meetings of the History of Economics Society Book of Abstracts HES 46th Annual Meetings of the History of Economics Society Book of Abstracts Faculty House Columbia University New York City, New York 2 HES 2019 Book of Abstracts Friday, June 21 Session 1A: Moments of Innovation in Economic Thought and Policy The normative foundations of early Neoclassical Economics: John Bates Clark. Felix Schroeter Today, scholars of the history of economic thought broadly recognize that John Bates Clark envisioned Christian ethics to cope with the social grievances that he encountered in his time in the U.S. This may be true at least for his early work before the violent incidents of Chicago´s Haymarket in 1886. Nevertheless, as economist he receives the most appraisal for his later, distinctively theoretical contributions, which succeeded in purging the economic approach to questions of distribution from ethical connotations. The paper demonstrates that in contrast to this common understanding, all of Clark’s writings after Haymarket bear his former ethical impetus. It traces his theory of value, distribution and capital back to the younger Clark’s reformative claim to found the American economy on the principle of just and free exchange. Frank Ramsey’s Place in the History of Mathematical Economics. Pedro Garcia Duarte and Cheryl Misak Frank Ramsey is considered by many economists to be a pioneering figure in modern economics who built a workhorse model that is present in any graduate textbook (the so-called Ramsey-Cass-Koopmans model). Although economists and some historians of economics either acclaim Ramsey’s contributions or criticize them depending on their own inclinations, they disagree on whether Ramsey pioneered the use of a representative agent model or instead employed a social utility function that represents the social planner’s evaluation to the neglect of how it relates to the differences in individual. We intend to clarify the question by further complicating it. It is clear from material other than Ramsey’s two famous papers in the Economic Journal that the standard readings of him, heavily based either on the published materials or on their modern renditions, are simplistic. From the papers Ramsey read to the Apostles, we can see that he was a socialist, who did not think that the utility was the only good, nor that the utility of the working class could be neatly averaged with the utility of the rich. We can also see him struggle with the tension between what is good for the individual and what is good for society. Moreover, we can reconstruct from the minutes a lost paper (‘Mathematical Economics’, read to the Trinity Mathematical Society and the Quintics Society in 1927) that he was skeptical of idealizations such as the representative agent. The question is then: what is Ramsey’s pioneering role in the history of modern mathematical economics? We shall offer a surprising answer. 3 HES 2019 Book of Abstracts Session 1B Session: Factoring ‘Impact’ in H.E.T., Part I: Measurement Observations through the 2-year impact window. Stephen Meardon and José Edwards The recent decision of Clarivate Analytics to suppress its calculated impact factors for HEI, JHET, and EJHET gives historians of economics occasion to rethink what a journal impact factor means and what purpose it serves. Also how to measure what it should mean and what purpose, if any, it should serve. We explain the development of the most common measure of journal impact and the opportuneness of its common abuse. We argue that a journal impact factor should be used as a measure of the average resonance within a scholarly community of the articles published in a given journal. But only insofar as the statistic’s construction (particularly the temporal width of its citation window) puts it in alignment with the citation practices of the scholarly community; and as authors cite, and journal editors encourage citation, for a few particular reasons. They are to attribute properly the claims of an article, to improve an argument by accommodating or refuting the arguments of others, and to make the scholarly conversation more relevant to a larger audience. Towards Measuring Journal Impact––Properly. Melissa Vergara Fernández In this paper I evaluate the Journal Impact Factor using a theory of measurement. I argue that JIF does not stand up to close scrutiny. To measure a concept precisely, our theory of measurement requires correspondence between three steps: the characterisation of the concept, its representation, and the procedures followed to carry out the measurement. Characterisation involves defining the concept: identifying its boundaries, which fixes the features that belong to it. Representation involves defining a metrical system that appropriately represents the concept. The procedures are the rules formulated for applying the metrical system to the tokens. These three steps do not line up together neatly for JIF. There are at least two problems. First, the procedures to measure JIF do not reflect an unequivocal characterisation. Second, the representation strategy of JIF is inappropriate and not justified, given the kind of concept it tries to capture: one without strict boundaries. The bottom line is not that the JIF ought to be eschewed. Sufficient reasons related to how JIF distorts scientists’ incentives have been provided to this end. But path-dependence is a tricky issue––the longevity of querty keyboards demonstrates it. The bottom line is that, given that JIF is unlikely to vanish, we better start giving it some proper scientific basis. Some Clear Evidence that Citation Counts Do Not Measure Quality. James Forder Three papers by Milton Friedman are considered, and the number and character of citations of them analysed. As regards their content, two are directly comparable. These are Friedman's "The Role of Monetary Policy" (AER, 1968), 4 HES 2019 Book of Abstracts which is cited 1,789 times on the ‘Web of Science Core Collection’ as of 28 December 2018; and Friedman's "Monetary Policy" (Proceedings of the American Philosophical Society, 1972), which, by the same date, had been cited nine times. It it is argued that the later, rather less cited, paper is in every respect the better one; and that the reason for the greater citation of the earlier one is that it is falsely believed to be the origin of an important argument. It is concluded that the comparison of these papers offers a dramatic counter- example to the view that citation counts offer a worthwhile measure of the quality or originality of a paper. That proposition is considered further in relation to Friedman's "The Methodology of Positive Economics" (1953). It is argued that in this case, a very high citation count (not measured on the Web of Science) is due to disputes about its meaning. As Friedman himself said, the volume of discussion is indicative of lack of clarity in the paper. Again, then, a very highly cited work is not cited because of its quality. Session 1C Session: Varieties of Marxian Economics Marxian but not Marxist: Albion W. Small’s appraisal on Marx. Guillaume Vallet and Virgile Chassagnon This paper sheds light on the neglected views of Albion W. Small, founder of the department of sociology in Chicago in 1892. More specifically, as he wrote during the ‘Progressive Era’ in the United States and since he had grounding in Political economy, Small was interested in Marx’s ideas. This paper then explains why Small can be affiliated to Marxian, but not Marxist authors. From Small’s appraisal on Marx’s thought, the article raises fundamental issues on the emergence of profit in the workplace, and on the question of the possibility of cooperation between capitalists and workers, what Small believed as necessary and possible. For those reasons, Small’s ideas ring still true today The Theory of Dependence in Economics: history and current debate in Latin America. Isaías Albertin de Moraes and Hugo Márcio Vieira de Almeida Andrade The article lists as unit of analysis the Theory of Dependence that emerged in the 1960s in Latin America. The Theory of Dependency was structured within sociology and economics and its studies innovated by presenting a third- worldview to understand the international economic dynamics. The Theory of Dependency emerged in the mid-1960s with the aim of explaining the failure of the Economic Commission for Latin America and the Caribbean (ECLAC) to develop the region's structuralist proposals (Import substitution industrialization – ISI). The purpose of this article is to analyze the emergence and evolution of the two currents of Dependency Theory: the Weberian and the Marxist. The hypothesis is that both currents continue to be active in Latin America, especially in Brazil, and are being reinvigorated. The Marxist perspective has undergone influences of the 5 HES 2019 Book of Abstracts studies of World-System Economy and the Weberian aspect is updated with the precepts of neo-institutionalism. The research prioritized as technical procedures a systematic approach through the critical evaluation of the bibliographical and documentary data on the subject, especially the works of: Theotonio dos Santos, Ruy Mauro Marini, Andreas Gunder Frank, Vânia Bambirra, Orlando Caput and Roberto Pizarro, with strong Marxist influence; and Fernando Henrique Cardoso and Enzo Faletto, current Weberian. The work is justified by the importance that Dependency Theory continues to have in Latin America, but is rarely studied in the central countries. Peasants, Landlords, and Risk: Moritaro Yamada on the Duality of the Japanese Capitalism. Masaki Nakabayashi Analysis of the Japanese Capitalism by Moritaro Yamada, a representative Marxian economist in Japan in the 1930s, characterized the Japanese economy at that time with a distinctive viewpoint. It first described the Japanese economy as a two-sector economy that contained the capital stock and the consumer goods sectors. Second, it pointed out the duality composed of the modern sector whose productivity was relatively high and the traditional sector whose productivity was relatively low.
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