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Orthodox and Heterodox Economics in Recent Economic Methodology
Erasmus Journal for Philosophy and Economics, Volume 8, Issue 1, Spring 2015, pp. 61-81. http://ejpe.org/pdf/8-1-art-4.pdf Orthodox and heterodox economics in recent economic methodology D. WADE HANDS University of Puget Sound Abstract: This paper discusses the development of the field of economic methodology during the last few decades emphasizing the early influence of the “shelf” of Popperian philosophy and the division between neoclassical and heterodoX economics. It argues that the field of methodology has recently adopted a more naturalistic approach focusing primarily on the “new pluralist” subfields of experimental economics, behavioral economics, neuroeconomics, and related subjects. Keywords: orthodoX, heterodoX, neoclassical, economic theory, economic methodology JEL Classification: A12, B41, B49, B50 Myself when young did have ambition to contribute to the growth of social science. At the end, I am more interested in having less nonsense posing as knowledge (Frank Knight, 1956). At the time I was finishing graduate school, there was no real “field” of economic methodology. There were of course methodological writings by influential economists (e.g., Robbins 1932, 1952; Friedman 1953; Samuelson 1964, 1965), but these works were seldom of the same intellectual quality as the research that had made these economists famous as economists. There were also brief discussions of economics in influential books on the philosophy of science (e.g., Hempel 1965, AUTHOR’S NOTE: This paper began as a lecture delivered at the XVII Meeting on Epistemology of the Economic Sciences, School of Economic Sciences, University of Buenos Aires, Buenos Aires, Argentina, October 6-7, 2011. It was subsequently published in Perspectives on epistemology of economics: essays on methodology of economics (Lazzarini and Weisman 2012). -
Positivism and the Separation of Law and Economics
Columbia Law School Scholarship Archive Faculty Scholarship Faculty Publications 1996 Positivism and the Separation of Law and Economics Avery W. Katz Columbia Law School, [email protected] Follow this and additional works at: https://scholarship.law.columbia.edu/faculty_scholarship Part of the Business Organizations Law Commons, and the Law and Economics Commons Recommended Citation Avery W. Katz, Positivism and the Separation of Law and Economics, 94 MICH. L. REV. 2229 (1996). Available at: https://scholarship.law.columbia.edu/faculty_scholarship/610 This Essay is brought to you for free and open access by the Faculty Publications at Scholarship Archive. It has been accepted for inclusion in Faculty Scholarship by an authorized administrator of Scholarship Archive. For more information, please contact [email protected]. POSITIVISM AND THE SEPARATION OF LAW AND ECONOMICS Avery Wiener Katz* INTRODUCION The modem field of law and economics - that is, the application of economic analysis to legal subjects other than trade and business reg- ulation - is now over thirty years old, but it remains controversial in the legal academy and, to a lesser extent, in the profession at large. Since its beginnings in the early 1960s, the economic approach has pro- voked substantial opposition and antagonism. The sources of this resis- tance, however, are a matter of dispute. Many economists and economi- cally influenced lawyers attribute it to more traditional lawyers' reluctance to learn a new and unfamiliar set of concepts and techniques. Critics of the economic approach offer a variety of other explanations. Some are skeptical of the utility of abstract theoretical modeling in the social sciences,' others object to economics' central behavioral assump- tion of rational choice,2 still others criticize economics' supposed liber- tarian politics and ideological allegiance to laissez-faire. -
Poverty Traps and Safety Nets
Poverty Traps and Safety Nets Christopher B. Barrett Department of Applied Economics and Management Cornell University and John G. McPeak Maxwell School of Citizenship and Public Affairs Syracuse University December 2003 revised version Prepared for “Poverty, Inequality and Development: A Conference in Honor of Erik Thorbecke,” October 10-11, 2003, at Cornell University, Ithaca, NY, USA. We thank Alain de Janvry and Ravi Kanbur for their invitation to participate in this event, Erik Thorbecke for his ongoing inspiration to so many of us, Michael Carter, Stefan Dercon and Dan Maxwell for helpful discussions that have informed parts of this paper, Alok Bhargava, Jan Willem Gunning, Martin Ravallion and conference participants for helpful comments, and Erin Lentz, Andrew Mude and Jacqueline Vanderpuye-Orgle for excellent research assistance. This work has been made possible, in part, by support from the United States Agency for International Development (USAID), through grant LAG-A-00-96-90016-00 through the BASIS CRSP, grants DAN-1328-G-00-0046-00 and PCE-G-98-00036-00 through the Pastoral Risk Management Project of the Global Livestock CRSP, and grant HFM-A-00-01-00132-00 to the Strategies and Analyses for Growth and Access (SAGA) cooperative agreement. The views expressed here and any remaining errors are mine and do not represent any official agency. Copyright 2003 by Christopher B. Barrett. and John G. McPeak All rights reserved. Readers may make verbatim copies of this document for non-commercial purposes by any means, provided that this copyright notice appears on all such copies. Poverty Traps and Safety Nets Erik Thorbecke has been a leader among development economists for decades and an inspiration to those of us who have had the privilege to work with him and to witness his creativity, commitment and industriousness first hand. -
Evaluating the Atheoretical Turn in Economics 1
Form and Function: Evaluating the Atheoretical Turn in Economics Meredith M. Paker Nuffield College University of Oxford meredith.paker@nuffield.ox.ac.uk Prepared for Philosophy and Methodology of Economics Economic and Social History June 2017 1 Introduction Since the late 1990s, research in economics has increasingly employed “atheoretical” exper- imental and quasi-experimental methods.1 As laboratory and field experiments became more accepted in the discipline, paralleling the rise of behavioral economics, statistical quasi-experimental methods were developed and standardized. These tools, including difference-in-difference, regression discontinuity, and instrumental variable approaches, have made quasi-experimental analyses of natural or institutional variation more ac- cessible, popular, and persuasive. Experimentally-based approaches are now common throughout the discipline and are especially prominent in empirical microeconomic re- search, where they have displaced structural and theory-driven work in fields such as labor, education, and public economics.2 Two main reasons are often cited for the growth of work in experimental economics. First, experimentally-based methods are seen as “atheoretic” when compared with tradi- 1. “Economists are prone to fads, and the latest is machine learning,” The Economist, November 2016, http://www.economist.com/news/finance-and-economics/21710800-big-data-have-led- latest-craze-economic-research-economists-are-prone, In addition to an increase in machine learning methods, the figure shows a remarkable upward trend in laboratory, randomized control trial, difference-in-difference, and regression discontinuity approaches. 2. John Rust, “Comments on ‘Structural vs. Atheoretic Approaches to Econometrics’ by Michael Keane,” Journal of Econometrics 156, no. 1 (2010): p. 21. 1 tional structural methods that make a priori parametric assumptions.3 Second, structural modeling is difficult, time consuming, and less likely to be appreciated by academic jour- nals looking for intuitive and easily-explained work. -
A Synthesis of Law and Economics John Cirace
SMU Law Review Volume 44 | Issue 3 Article 4 1990 A Synthesis of Law and Economics John Cirace Follow this and additional works at: https://scholar.smu.edu/smulr Recommended Citation John Cirace, A Synthesis of Law and Economics, 44 Sw L.J. 1139 (1990) https://scholar.smu.edu/smulr/vol44/iss3/4 This Article is brought to you for free and open access by the Law Journals at SMU Scholar. It has been accepted for inclusion in SMU Law Review by an authorized administrator of SMU Scholar. For more information, please visit http://digitalrepository.smu.edu. A SYNTHESIS OF LAW AND ECONOMICS by John Cirace I. INTRODUCTION ~E purpose of this Article is to effect a synthesis of law and econom- is that is acceptable to both lawyers and economists; in other words, 1 2 r1.aosynthesis acceptable to those who think like and have values of lawyers as well as those who think like3 and have values4 of economists. Section One discusses the criticisms that lawyers and economists make of each other's values and methodology, and outlines a way to synthesize these conflicting values and different methodologies. * Professor of Economics, The City University of New York; Adjunct Professor of Law, Brooklyn Law School. Harvard University, B.A., 1962; Stanford Law School, J.D., 1967; Columbia University, Ph.D., 1975. I wish to thank the students in my Law & Econom- ics classes at Brooklyn Law School, Spring, 1989 and Spring, 1990; their unremitting criticism of economic analysis of law for its nearly total disregard of equitable considerations continu- ally forced me to rethink my assumptions and approach. -
Why Does Methodology Matter for Economics? Reviewed Work(S)
Review: Why Does Methodology Matter for Economics? Reviewed Work(s): The Methodology of Economics: Or How Economists explain. by Mark Blaug's The Inexact and Separate Science of Economics. by Daniel Hausman's Economics: Mathematical Politics or Science of Diminishing Returns. by Alexander Rosenberg The Principles of Economics: Some Lies My Teachers told me. by Lawrence A. Boland Kevin D. Hoover The Economic Journal, Vol. 105, No. 430. (May, 1995), pp. 715-734. Stable URL: http://links.jstor.org/sici?sici=0013-0133%28199505%29105%3A430%3C715%3AWDMMFE%3E2.0.CO%3B2-7 The Economic Journal is currently published by Royal Economic Society. Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/about/terms.html. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at http://www.jstor.org/journals/res.html. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. The JSTOR Archive is a trusted digital repository providing for long-term preservation and access to leading academic journals and scholarly literature from around the world. The Archive is supported by libraries, scholarly societies, publishers, and foundations. -
Presenting Complex Economic Theories to Judges 2008
Presenting Complex Economic Theories to Judges 2008 Unclassified DAF/COMP(2008)31 Organisation de Coopération et de Développement Économiques Organisation for Economic Co-operation and Development 16-Dec-2008 ___________________________________________________________________________________________ English, French DIRECTORATE FOR FINANCIAL AND ENTERPRISE AFFAIRS COMPETITION COMMITTEE Unclassified DAF/COMP(2008)31 Cancels & replaces the same document of 02 December 2008 TECHNIQUES FOR PRESENTING COMPLEX ECONOMIC THEORIES TO JUDGES French English, JT03257559 Document complet disponible sur OLIS dans son format d'origine Complete document available on OLIS in its original format DAF/COMP(2008)31 FOREWORD This document comprises proceedings in the original languages of a Roundtable on Techniques for Presenting Complex Economic Theories to Judges held by the Competition Committee (Working Party No. 3 on Co-operation and Enforcement) in February 2008. It is published under the responsibility of the Secretary General of the OECD to bring information on this topic to the attention of a wider audience. This compilation is one of a series of publications entitled "Competition Policy Roundtables". PRÉFACE Ce document rassemble la documentation dans la langue d'origine dans laquelle elle a été soumise, relative à une table ronde sur les Techniques Permettant d’Exposer des Théories Economiques Complexes à des Juges qui s'est tenue en février 2008 dans le cadre du Comité de la concurrence (Groupe de Travail No. 3 sur la coopération et l’application de la loi). Il est publié sous la responsabilité du Secrétaire général de l'OCDE, afin de porter à la connaissance d'un large public les éléments d'information qui ont été réunis à cette occasion. -
WIDER Special Issue: Inequality and Poverty in China
World Institute for Development Economics Research No. 2/2007 Why the Poorest Countries four distinct traps that between them account for the problem, each requiring a distinct remedy. I also argue are Failing and What Can that globalization, though it has been benign for the be Done About it majority of the developing world, is not working for the bottom billion and is not likely to do so. On by Paul Collier the contrary, it is liable to make them increasingly marginalized. So what are the key policy issues? One is that Africa has failed to develop jobs in export manufactures, the strategy that has been transforming Asia. Bangladesh has generated nearly three million jobs by exporting garments. If Kenya could do the same, it would be transformed. But Asia’s success has made it harder for Africa to get started. It will help by granting Africa better access to developed country markets. At present most of the G8 countries impose tariffs on imports of garments from Africa. There is one exception: the US. The US allows Kenya to export shirts duty-free into its market. Europe does not. Even the few African countries that are allowed duty-free access into Europe get blocked by absurd technical © Friedrich Stark / Das Fotoarchiv. / Still Pictures / Still Fotoarchiv. / Das Stark Friedrich © requirements: Lesotho sells thousands of shirts to America, but they do not satisfy the regulations of the European Union. As a result, over the last five years Africa’s garments exports to Europe have declined while increasing sevenfold to the US. The G8 could easily adopt a common set of rules for these African exports that would generate jobs across the region. -
Economic Freedom and Inequality in the Art Market: the Case of the Commercial Gallery
arts Article Economic Freedom and Inequality in the Art Market: The Case of the Commercial Gallery Ronit Milano Department of the Arts, Ben-Gurion University of the Negev, Beer-Sheva 8410501, Israel; [email protected] Received: 13 August 2020; Accepted: 4 December 2020; Published: 8 December 2020 Abstract: This article aims to consider the contemporary art market vis-à-vis the concept of economic freedom. Drawn from a larger study, this paper offers a glimpse of the political function of the art market, which is essentially an economic field. What I demonstrate is an inevitable clash between a free market and between political constructions that effect levels of freedom—concentrating on the parameter of inequality. The article focuses on the case of commercial art galleries, and analyzes their operation under neoliberal conditions, which represent the implementation of the idea of freedom in the economic field. Subsequently, I demonstrate the how high levels of concentration in the art market erode the levels of the equality of the players in the field. Ultimately, I argue that this case offers an example of the more general operation of the art market, which follows neoliberal principles, and thereby undermines the concept of economic freedom that is intrinsic to them. Keywords: art market; neoliberalism; freedom; equality; concentration; competition 1. Introduction Before moving to its new home in Manhattan’s Meatpacking District in 2015, the Whitney Museum celebrated its last show in the Breuer building with a high-profile retrospective of works by the American celebrity artist Jeff Koons. This lavish exhibition, which featured artworks worth half-a-billion dollars, received leadership support from Gagosian Gallery, which represents Koons. -
Quantification of Harm to Competition by National Courts and Competition Agencies 2011
Quantification of Harm to Competition by National Courts and Competition Agencies 2011 The OECD Competition Committee held a roundtable on Quantification of Harm to Competition by National Courts and Competition Agencies in February 2011. This document includes an executive summary, an aide-memoire of that discussion as well as the documents from the meeting: a background note prepared for the OECD Secretariat by Hans W. Friederiszick and Elisabeth Fugger, written submissions by Chile, France, Germany, Greece, Hungary, Italy, Japan, New Zealand, the Slovak Republic, Spain, Sweden, the United Kingdom, the United States, the European Union, Indonesia, the Russian Federation and BIAC; as well as a contribution from Prof. Herbert Hovenkamp. The Committee discussed the assessment of harm that anticompetitive conduct causes to competition as well as to private parties. Harm to competition is a wider concept, encompassing detriment to the economy as a whole, whereas private damages are financial losses suffered by individual victims of the conduct. The discussion revealed that there is little disagreement about the quantitative methods to use for these purposes, but some disagreement about whether it is useful for competition agencies to bother quantifying harm in the first place. The discussion further showed that among the agencies that quantify harm, they have multiple reasons for doing so, including advocacy, quality control, case prioritisation and fine setting. Remedies in Merger Cases (2011) Private Remedies (2006) Remedies and Sanctions -
Curriculum Vitae Carol Lee Graham
CURRICULUM VITAE CAROL LEE GRAHAM CURRENT POSITIONS Leo Pasvolsky Senior Fellow, Global Economy and Development Program, The Brookings Institution College Park Professor, School of Public Policy, University of Maryland Expertise: poverty, inequality, subjective well-being, economics of happiness; development economics Regions: Latin American, Africa, Eastern Europe; (some) U.S. PREVIOUS POSITIONS Professor, School of Public Policy, University of Maryland, 2005-2008. Co-Director, Center on Social and Economic Dynamics, and Senior Fellow, Economic Studies, The Brookings Institution, 1998-2006. Vice President and Director, Governance Studies Program, The Brookings Institution, July 2002-June 2004. Visiting Professor, Department of Economics, Johns Hopkins University, 1999-2000 Special Advisor to the Deputy Managing Director, International Monetary Fund Fall, 2001. Special Advisor to the Executive Vice President, Inter-American Development Bank, 1997-98. Visiting Fellow, World Bank, Office of the Chief Economist and Vice Presidency for Human Resources, 1994-95. Participated in design and implementation of safety net programs in Latin America and Eastern Europe. Developed comparative research project on political sustainability of reform. Georgetown University, Department of Government, Adjunct Professor, 1990-1994. Guest Scholar, Foreign Policy Studies, The Brookings Institution, 1990 - 1994. Research on safety nets and the sustainability of economic reform in Latin America, Africa, and Eastern Europe. Funded by World Bank, IDB, and the MacArthur Foundation. Duke University, Department of Political Science, Assistant Professor, August 1989 - May 1990. Carol Lee Graham/2 of 22 02/03/15 EDUCATION 1980-1984 Princeton University - A.B. (High Honors) Woodrow Wilson School of Public and International Affairs 1985-1986 The Johns Hopkins University School of Advanced International Studies - M.A. -
The Role of Agriculture in Economic Development
DEPARTMENT OF AGRICULTURAL AND RESOURCE ECONOMICS DIVISION OF AGRICULTURE AND NATURAL RESOURCES UNIVERSITY OF CALIFORNIA AT BERKELEY WORKING PAPER NO. 814 THE ROLE OF AGRICULTURE IN ECONOMIC DEVELOPMENT: VISIBLE AND INVISIBLE SURPLUS TRANSFERS by Paul Winters International Potato Center, Lima Alain de Janvry and Elisabeth Sadoulet University of California at Berkeley and Kostas Stamoulis FAO, Rome Copyright © 1996 by Paul Winters, Alain de Janvry, Elisabeth Sadoulet, and Kostas Stamoulis. All rights reserved. Readers may make verbatim copies of this document for non-commercial purposes by any means, provided that this copyright notice appears on all such copies. CALIFORNIA AGRICULTURAL EXPERIMENT STATION GIANNINI FOUNDATION OF AGRICULTURAL ECONOMICS APRIL, 1997 The Role of Agriculture in Economic Development: Visible and Invisible Surplus Transfers by Paul Winters International Potato Center, Lima Alain de Janvry and Elisabeth Sadoulet University of California at Berkeley and Kostas Stamoulis FAO, Rome Abstract The financial surplus of agriculture has been central to theories of the role of agriculture in economic development. Morrisson and Thorbecke (MT) have used a constant-price social accounting matrix (SAM) framework to rigorously measure the financial surplus of agriculture and decompose the mechanisms of surplus extraction. History and theory have, however, stressed the role of prices as an invisible transfer mechanism in addition to the visible transfers identified in the SAM framework. We extend the MT approach by defining and measuring the real surplus of agriculture and decomposing the mechanisms of surplus extraction between visible and invisible financial transfers. Using an archetype computable general equilibrium model for poor African nations, we trace the generation, transfer, and use of an agricultural surplus created by a productivity gain in agriculture.