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Complementarity and Demand Theory: from the 1920S to the 1940S Jean-Sébastien Lenfant
Complementarity and Demand Theory: From the 1920s to the 1940s Jean-Sébastien Lenfant To cite this version: Jean-Sébastien Lenfant. Complementarity and Demand Theory: From the 1920s to the 1940s. History of Political Economy, Duke University Press, 2006, 38 (Suppl 1), pp.48 - 85. 10.1215/00182702-2005- 017. hal-01771852 HAL Id: hal-01771852 https://hal.archives-ouvertes.fr/hal-01771852 Submitted on 19 Apr 2018 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. Complementarity and Demand Theory: From the 1920s to the 1940s Jean-Sébastien Lenfant The history of consumer demand is often presented as the history of the transformation of the simple Marshallian device into a powerful Hick- sian representation of demand. Once upon a time, it is said, the Marshal- lian “law of demand” encountered the principle of ordinalism and was progressively transformed by it into a beautiful theory of demand with all the attributes of modern science. The story may be recounted in many different ways, introducing small variants and a comparative complex- ity. And in a sense that story would certainly capture much of what hap- pened. But a scholar may also have legitimate reservations about it, because it takes for granted that all the protagonists agreed on the mean- ing of such a thing as ordinalism—and accordingly that they shared the same view as to what demand theory should be. -
Correspondence Slutskii-Frisch, 1925-1936 Transcribed by Mag
Correspondence Slutskii-Frisch, 1925-1936 Transcribed by Mag. Guido Rauscher (Vienna), May 2005 The (incomplete) collection of the correspondence between Ragnar Frisch (1895-1973) and Evgenii Evgenievich Slutskii (1880-1948) consists of 24 items, 11 letters from Slutskii, including the copy of a letter to George Udny Yule (1871-1951) and 13 letters from Frisch. It is deposited at the Department of Manuscripts (Håndskriftsamlingen) of The National Library of Norway (Nasjonalbiblioteket), Oslo. The help of Prof. Olav Bjerkholt, Oslo, in getting access to these materials is gratefully acknowledged. Insertions of the transcriber are enclosed in square brackets. Letter No.1 EES-RF [handwritten] 25.II.1925 Kiev, Nesterovskaja 17/8 Högädle herre! Edert särtryck ur Skandinavisk Aktuarietidskrift (Solution d'un problème du calcul des probabilités) har jag haft nöjet att emottaga vek är jag mycket tacksam för det sändningen. Högaktningsfullt E. Slutski [EES acknowledges receipt of the off-print of the paper Solution d'un problème du calcul des probabilités from Skandinavisk Aktuarietidskrift, Vol 7, 1924., pp.153 - 174 and thanks RF for the consignment.] Letter No.2 EES-RF [handwritten] 26.VI.1926 Sehr geehrter Herr Kollege! Wegen meiner Uebersiedelung aus Kiew nach Moskau ist ihr freundlicher Brief vom 24. April nur heute zu mir angekommen. Für Ihr liebenswürdiges Anerbieten mir ein Exemplar Ihrer Arbeit „Sur un problème d'économie pure“ zugehen zu lassen danke ich Ihnen bestens und sehe dieser Zusendung mit hochgespannten Interesse entgegen. Im Jahre 1915 ist in Giornale degle Economisti meine Arbeit “Sulla teoria del bilancio del consumatore” erschienen, wo ein Versuch gemacht wurde die Gleichgewichtsbedingungen der einzelnen Wirtschaft mit grösserer Strenge, als es bisher geschah, zu ergründen. -
Evidence and Ideology in Macroeconomics: the Case
EVIDENCE AND IDEOLOGY IN MACROECONOMICS: THE CASE OF INVESTMENT CYCLES The indubitable and public symptom of ineffectiveness of a field is the absence of facts.1 1. INTRODUCTION This paper summarizes research on investment cycles, conducted intermittently by the author and associates since the 1960s. The view of economic fluctuations as being predominantly investment cycles was widely held and attracted the attention of prominent economists and econometricians. The work on investment cycles came to a halt around 1960. The reason, as I shall argue below, where shifts in dominant ideologies, not a refutation of the assumed facts. The pursuit of a line of research that is being abandoned by the mainstream may seem quaint and paradoxical to members of a profession that places the highest value on novelty. My decision to d embark on this path was motivated by deeply felt convictions regarding the scientific method and in particular the need to ascertain and quantify relevant facts and to use them in testing theoretical explanations. I am aware of the fact that discussions of methodology are held in low esteem by economists working in substantive fields and much of this distain is justified. The only way to advance science is by doing it, not by uttering pronouncements regarding the methods that others ought to follow. This has been the style of much of the literature on methodology of the past quarter century that has taking its starting point from the philosophy of natural science. In contrast to this, the methodological discussion of the present paper is concrete and intended to justify a particular path taken that was not traveled by the mainstream. -
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BUSINESS AND THE MAKING OF AMERICAN ECONOMETRICS, 1910 – 1940 Thomas A. Stapleford University of Notre Dame (forthcoming in History of Political Economy, June 2017) ABSTRACT From 1910 – 1940, the practice of business and the practice of economics came to inform one another in novel ways, a reconfiguration that included the emergence of econometrics. The core locus for this intersection came from the rise of commercial forecasting—whether analyses of future demand, price and cost fluctuations, or financial markets—based on the analysis of statistical data. Forecasting united a suite of specific interactions with the practice of economics: business support for the construction of specific economic data (making possible new forms of econometric analysis); the creation of a new social role: the economist/business expert with advanced academic training (who engaged in both practices and used each to serve the other); and the consequent development of new knowledge (especially in demand analysis and financial economics). INTRODUCTION Assessing the contributions of businesspersons to econometrics raises two basic questions: who counts as a businessperson, and what do we mean by econometrics? When considering businesspersons in early twentieth-century America, we might imagine bespectacled corporate managers, powerful industrial magnates, conservative New York bankers, or perhaps slick Wall Street brokers. Econometrics, on the other hand, seems the most abstruse part of economics— especially if we picture the later work of the Cowles Commission—conjuring images of dense mathematical equations or complex arguments about proper statistical analysis. If our question is “What direct contribution did bankers and corporate managers make to the major models or theories that populated Econometrica at mid-century?”, then the answer would seem to be “Not much.” Yet that question may be misleading. -
University of Birmingham Revisiting Samuelson's Foundations of Economic Analysis
University of Birmingham Revisiting Samuelson's Foundations of Economic Analysis Backhouse, Roger DOI: 10.1257/jel.53.2.326 License: None: All rights reserved Document Version Publisher's PDF, also known as Version of record Citation for published version (Harvard): Backhouse, R 2015, 'Revisiting Samuelson's Foundations of Economic Analysis' Journal of Economic Literature, vol 53, no. 2, pp. 326-350. DOI: 10.1257/jel.53.2.326 Link to publication on Research at Birmingham portal General rights When referring to this publication, please cite the published version. Copyright and associated moral rights for publications accessible in the public portal are retained by the authors and/or other copyright owners. It is a condition of accessing this publication that users abide by the legal requirements associated with these rights. • You may freely distribute the URL that is used to identify this publication. • Users may download and print one copy of the publication from the public portal for the purpose of private study or non-commercial research. • If a Creative Commons licence is associated with this publication, please consult the terms and conditions cited therein. • Unless otherwise stated, you may not further distribute the material nor use it for the purposes of commercial gain. Take down policy If you believe that this document infringes copyright please contact [email protected] providing details and we will remove access to the work immediately and investigate. Download date: 16. May. 2017 Journal of Economic Literature 2015, 53(2), 326–350 http://dx.doi.org/10.1257/jel.53.2.326 Revisiting Samuelson’s Foundations of Economic Analysis† Roger E. -
Institutional Economics
INSTITUTIONAL ECONOMICS AT COLUMBIA UNIVERSITY Malcolm Rutherford University of Victoria (This Draft: March 2001) This paper draws on archival work using the James Bonbright Papers, J. M. Clark Papers, Joseph Dorfman Papers, Carter Goodrich Papers, Robert Hale Papers, and Wesley Mitchell Papers, all at the Rare Book and Manuscript Library, Columbia University, the Arthur F. Burns Papers at the Eisenhower Library, Abilene, Kansas, and the John R. Commons Papers at the State Historical Society of Wisconsin. My thanks to Lowell Harriss, Aaron Warner, Eli Ginzberg, Donald Dewey, Mark Perlman, Daniel Fusfeld, Mark Blaug, and Walter Neale for sharing their recollections of Columbia. Thanks also to my research assistant Cristobal Young. Any errors are my responsibility. This research has been supported by a Social Science and Humanities Research Council of Canada research grant (project # 410-99-0465). 1 1. Introduction In a number of recent papers I have attempted to outline the nature of the institutionalist movement in American economics in the interwar period (Rutherford 2000a, 2000b, 2000c). At that time institutionalism was a very significant part of American economics. In terms of research output and the production of graduate students, the main centers for institutionalism were the university of Chicago (until 1926 and the departure of J. M. Clark), the University of Wisconsin, the Robert Brookings Graduate School (which existed only briefly between 1923 and 1928), and, after the arrival of Wesley Mitchell in 1913, and J. M. Clark in 1926, Columbia University. Columbia University became the academic home of a large concentration of economists of institutionalist leaning, and other Schools and Departments in the University, particularly Business, Law, Sociology, and Philosophy, also contained many people of similar or related persuasion. -
Econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Syrquin, Moshé Working Paper Simon Kuznets and Russia: An uneasy relation CHOPE Working Paper, No. 2021-13 Provided in Cooperation with: Center for the History of Political Economy at Duke University Suggested Citation: Syrquin, Moshé (2021) : Simon Kuznets and Russia: An uneasy relation, CHOPE Working Paper, No. 2021-13, Duke University, Center for the History of Political Economy (CHOPE), Durham, NC This Version is available at: http://hdl.handle.net/10419/234953 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 Simon Kuznets and Russia: An Uneasy Relation Moshe Syrquin CHOPE Working Paper No. 2021-13 June 2021 Simon Kuznets and Russia: An Uneasy Relation Moshe Syrquin [email protected] June 2021 Abstract: Simon Kuznets was born and educated in Russia and the Soviet Ukraine. -
Econometric Sociey 1930: How It Got Founded
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Bjerkholt, Olav Working Paper Econometric sociey 1930: How it got founded Memorandum, No. 26/2014 Provided in Cooperation with: Department of Economics, University of Oslo Suggested Citation: Bjerkholt, Olav (2014) : Econometric sociey 1930: How it got founded, Memorandum, No. 26/2014, University of Oslo, Department of Economics, Oslo This Version is available at: http://hdl.handle.net/10419/119551 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 MEMORANDUM No 26/2014 Econometric Sociey 1930: How It Got Founded Olav Bjerkholt ISSN: 0809-8786 Department of Economics University of Oslo This series is published by the In co-operation with University of Oslo The Frisch Centre for Economic Department of Economics Research P. -
0 Or Ro .. the HISTORY and DEVELOPMENT of CONSUMER's
0 or ro .. THE HISTORY AND DEVELOPMENT OF CONSUMER'S SURPLUS AND ITS RELEVANCE AS A MEASURE OF WELFARE CHANGE THESIS Presented to the Graduate Council of the North Texas State University in Partial Fulfillment of the Requirements For the Degree of MASTER OF SCIENCE By Richard Murray Anderson, Jr., B. B. A. Denton, Texas August, 1975 Anderson, Richard Murray Jr., The History anadDevelo- M of Consumer's Surplus and Its Relevance as a Measure of Welfare Change, Master of Science (Economics), August, 1975, 118 pages, 20 figures, bibliography, 66 titles. The thesis analyzes the validity of consumer's surplus as a measure of welfare change. The analysis begins by examining the chronological development of the concept. Once an understanding of consumer's surplus is formulated, an evaluation of its use in modern ad hoc problems can be undertaken. Chapter II and III discuss the development of consumer's surplus from Classical economics to its modern reformulations, The concept's application to different problems is discussed in Chapter IV. Chapter V and VI deal with the intergration of consumer's surplus and the compensation principle. The primary conclusion is that the Laspeyres measure, in combination with the compensation test, provides a defini- tive measure of welfare change in a limited situation. TABLE OF CONTENTS LIST OF ILLUSTRATIONS ., ,0 Page 0 0 0 0 00 00 0iv 0 0 0 Chapter I0 INTRODUCTIONIO,, ,0,,0, *,,,,, ,,,, II. THE DEVELOPMENT OF CONSUMER'S SURPLUS, . , * 7 III. MODERN DEVELOPMENT OF CONSUMER'S SURPLUS . 36 IV. MODERN AD HOC APPLICATIONS OF HYPOTHETICAL INCOME VARIATIONS., .,. *.. .. ... 64 V. -
Econometrics, Practice Questions, ECO54 Udayan Roy These Questions Are Based on Chapter 11 of the Ordinary Business of Life by R
Econometrics, Practice Questions, ECO54 Udayan Roy These questions are based on chapter 11 of The Ordinary Business of Life by Roger Backhouse and Chapter 16 of History of Economic Thought, Fourth Edition, by Harry Landreth and David Colander. The latter item was distributed as a handout in class. If you do not have it, please pick up your copy from the economics department’s offices. 1. On the issue of using observed facts to test economic theories, which of the following is correct? a. Most economists believe that their theories of how the economy works must be tested against real-world events and data. However, there is more disagreement on the proper procedure for the use of data to test theories. b. Few economists believe that their theories of how the economy works must be tested against real-world events and data. However, most economists agree on the proper procedure for the use of data to test theories, if such testing is done. c. As economists generally cannot do controlled experiments to test their theories, most economists believe that it is futile to try to use real-world data to test their theories. d. Most economists believe that their theories of how the economy works must be tested against real-world events and data. Most economists agree that the only proper procedure for such testing is to run controlled experiments. 2. According to Ragnar Frisch, a Norwegian economist who became a pioneer of the subject, econometrics a. Is the expression of economic theory in mathematical terms b. Refers to the collection of data to describe an economy quantitatively c. -
Aggregation Problem in Demand Analysis, 1930S-1950S
Aggregation Problem in Demand Analysis, 1930s-1950s Hugo Chu∗ Abstract This article examines the emergence of the representative agent as the outcome of trans- formations that occurred in microeconomics in the 1930s-1950s years, especially in the subfield of demand theory. To tell this story, I begin with a particular historical inter- pretation of this subfield, propounded by Wade Hands and Philip Mirowski in the 1990s, known as the Hotelling-Schultz Impasse. Although this impasse was abandoned by the end of the 1930s, the testing of the Symmetry Restrictions and the validity of the Integra- bility Conditions continued to draw the attention of different research centers. The Cowles Commission, represented by its research director, Tjalling Koopmans, played an impor- tant role during this stage and, more to the point, in the subsequent emergence of the representative agent in microeconomics through their approach to aggregation problem. The significance of Paul Samuelson's introduction of homothetic preferences into General Equilibrium Theory and its connection to Koopmans's writings during the 1950s is also emphasized. Keywords: Representative Agent, Aggregation Problem, Tjalling Koopmans Resumo O presente artigo examina a emerg^enciado agente representativo como resultado da trans- forma¸c~aoque ocorreu na economia nos anos de 1930 a 1950, especialmente no subcampo da teoria da demanda. Para contar essa hist´oria,eu come¸cocom uma interpreta¸c~aohist´orica particular proposta por Wade Hands e Philip Mirowski nos anos de 1990 conhecido como o Impasse de Hotelling-Schultz. Embora esse impasse tenha sido abandonado ao final da d´ecadade 1930, o teste da Restri¸c~aode Simetria e a validade das Condi¸c~oesde Integrabil- idade continuou a chamar aten¸c~aode diferentes centros de pesquisas. -
Curriculum Vitae for James J. Heckman
September 13, 2021 James Joseph Heckman Department of Economics University of Chicago 1126 East 59th Street Chicago, Illinois 60637 Telephone: (773) 702-0634 Fax: (773) 702-8490 Email: [email protected] Personal Date of Birth: April 19, 1944 Place of Birth: Chicago, Illinois Education B.A. 1965 (Math) Colorado College (summa cum laude) M.A. 1968 (Econ) Princeton University Ph.D. 1971 (Econ) Princeton University Dissertation “Three Essays on Household Labor Supply and the Demand for Market Goods.” Sponsors: S. Black, H. Kelejian, A. Rees Graduate and Undergraduate Academic Honors Phi Beta Kappa Woodrow Wilson Fellow NDEA Fellow NIH Fellow Harold Willis Dodds Fellow Post-Graduate Honors Honorary Degrees and Professorships Doctor Honoris Causa, Vienna University of Economics and Business, Vienna, Austria. Jan- uary, 2017. Doctor of Social Sciences Honoris Causa, Lignan University, Hong Kong, China. November, 2015. Honorary Doctorate of Science (Economics), University College London. September, 2013. Doctor Honoris Causis, Pontifical University, Santiago, Chile. August, 2009. Doctor Honoris Causis, University of Montreal.´ May 2004. 1 September 13, 2021 Doctor Honoris Causis, Bard College, May 2004. Doctor Honoris Causis, UAEM, Mexico. January 2003. Doctor Honoris Causis, University of Chile, Fall 2002. Honorary Doctor of Laws, Colorado College, 2001. Honorary Professor, Jinan University, Guangzhou, China, June, 2014. Honorary Professor, Renmin University, P. R. China, June, 2010. Honorary Professor, Beijing Normal University, P. R. China, June, 2010. Honorary Professor, Harbin Institute of Technology, P. R. China, October, 2007. Honorary Professor, Wuhan University, Wuhan, China, 2003. Honorary Professor, Huazhong University of Science and Technology, Wuhan, China, 2001. Honorary Professor, University of Tucuman, October, 1998.