This article offers a historical analysis of the contributions of U.S. interwar agricultural economics to the economics of information. Concerned with improving the circulation of information on agricultural markets, agricultural economists analyzed the relationship between agents’ information and the behavior of prices on agricultural commodity exchanges, thus anticipating modern debates on informational efficiency. We show that these debates were part of a more general context of agricultural market reform led by the U.S. administration to improve the production and diffusion of economic information. We argue that such reforms were a prerequisite for theoretical discussions on information, and established institutional tools that are still active today, such as the USDA market news service.
{"title":"\"The Eyes and Ears of the Agricultural Markets\": A History of Information in Interwar Agricultural Economics","authors":"Thomas Delcey, Guillaume Noblet","doi":"10.2139/ssrn.3938209","DOIUrl":"https://doi.org/10.2139/ssrn.3938209","url":null,"abstract":"This article offers a historical analysis of the contributions of U.S. interwar agricultural economics to the economics of information. Concerned with improving the circulation of information on agricultural markets, agricultural economists analyzed the relationship between agents’ information and the behavior of prices on agricultural commodity exchanges, thus anticipating modern debates on informational efficiency. We show that these debates were part of a more general context of agricultural market reform led by the U.S. administration to improve the production and diffusion of economic information. We argue that such reforms were a prerequisite for theoretical discussions on information, and established institutional tools that are still active today, such as the USDA market news service.","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125799672","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Paul Samuelson was fond of labeling mathematical models with extremely strong and empirically unrealistic assumptions, "Santa Claus" economics. But there was one economic result that, in Samuelson’s view, could not be captured even in a Santa Claus world: the Coase theorem, an object of his repeated derision. His friend George Stigler, though, had no such problems and, indeed, was perhaps the biggest cheerleader for the theorem. This paper examines their respective treatments of the Coase theorem in an effort to explain their contrasting positions. In doing so, it suggests that their views on appropriate degrees of abstraction--and perhaps the limits of their theoretical imaginations--were conditioned in part by the results to which that abstraction led.
{"title":"In Search of Santa Claus: Samuelson, Stigler, and Coase Theorem Worlds","authors":"Steven G. Medema","doi":"10.2139/ssrn.3932616","DOIUrl":"https://doi.org/10.2139/ssrn.3932616","url":null,"abstract":"Paul Samuelson was fond of labeling mathematical models with extremely strong and empirically unrealistic assumptions, \"Santa Claus\" economics. But there was one economic result that, in Samuelson’s view, could not be captured even in a Santa Claus world: the Coase theorem, an object of his repeated derision. His friend George Stigler, though, had no such problems and, indeed, was perhaps the biggest cheerleader for the theorem. This paper examines their respective treatments of the Coase theorem in an effort to explain their contrasting positions. In doing so, it suggests that their views on appropriate degrees of abstraction--and perhaps the limits of their theoretical imaginations--were conditioned in part by the results to which that abstraction led.","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129656618","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
As part of an article symposium on Partha Dasgupta and Sanjeev Goyal’s “Narrow Identities” (2019, Journal of Institutional and Theoretical Economics), John B. Davis reflects on the variety of social identities and the implications this variety has for social identity analysis.
作为Partha Dasgupta和Sanjeev Goyal的“狭隘身份”(2019年，《制度与理论经济学杂志》)文章研讨会的一部分，John B. Davis反思了社会身份的多样性以及这种多样性对社会身份分析的影响。
{"title":"Deepening and Widening Social Identity Analysis in Economics","authors":"John B. Davis","doi":"10.23941/ejpe.v14i2.619","DOIUrl":"https://doi.org/10.23941/ejpe.v14i2.619","url":null,"abstract":"As part of an article symposium on Partha Dasgupta and Sanjeev Goyal’s “Narrow Identities” (2019, Journal of Institutional and Theoretical Economics), John B. Davis reflects on the variety of social identities and the implications this variety has for social identity analysis.","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122574349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Joan Robinson’s infatuation with Mao’s China remains the most controversial episode of the Cambridge economist’s life. Drawing on the literatures on observation in science and economics, and economists’ travels, we aim at overcoming the dichotomy between Robinson as a ‘political pilgrim’ and as a ‘development economist’. Instead, we take a closer look at her observation practices, her literary choices, and her position within different political and intellectual communities. The structure of the paper is quasi-chronological: each trip to China is described in its own right, but also treated as an entry point to shed light on a particular aspect of Robinson’s engagement with the country.
{"title":"Reports from China: Joan Robinson as Observer and Travel Writer, 1953-78","authors":"M. Boianovsky, G. Serra","doi":"10.2139/ssrn.3927379","DOIUrl":"https://doi.org/10.2139/ssrn.3927379","url":null,"abstract":"Joan Robinson’s infatuation with Mao’s China remains the most controversial episode of the Cambridge economist’s life. Drawing on the literatures on observation in science and economics, and economists’ travels, we aim at overcoming the dichotomy between Robinson as a ‘political pilgrim’ and as a ‘development economist’. Instead, we take a closer look at her observation practices, her literary choices, and her position within different political and intellectual communities. The structure of the paper is quasi-chronological: each trip to China is described in its own right, but also treated as an entry point to shed light on a particular aspect of Robinson’s engagement with the country.","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128171089","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This is the introduction a Symposium on Carl Menger on the Centenary of his Death. Our introduction includes a short biographical sketch of Carl Menger's life as well as a summary of the contribtuions to the symposium by Sandra J. Peart, Günther Chaloupek, Erwin Dekker, and Sandye Gloria.
{"title":"Introduction to a Symposium on Carl Menger on the Centenary of his Death","authors":"Reinhard Schumacher, Scott Scheall","doi":"10.2139/ssrn.3912709","DOIUrl":"https://doi.org/10.2139/ssrn.3912709","url":null,"abstract":"This is the introduction a Symposium on Carl Menger on the Centenary of his Death. Our introduction includes a short biographical sketch of Carl Menger's life as well as a summary of the contribtuions to the symposium by Sandra J. Peart, Günther Chaloupek, Erwin Dekker, and Sandye Gloria.","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114479621","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Massive amounts of confusion exists regarding the definition of Islamic Economics. This has blocked progress in terms of the development of the discipline, since there is no agreement on what its proper subject matter and methodology is. This paper shows that the confusion arises because of our attempts to borrow foundational concepts and methodology from conventional capitalist economics. Modern economists advertise their discipline as a positive, objective, and factual science. However, it is actually a branch of moral philosophy, built on concealed moral foundations of competition, selfishness, individualism, and hedonism. Islamic economics cannot be built on such foundations. We can build the discipline of Islamic Economics on the diametrically opposite foundations of cooperation, generosity, brotherhood of mankind, and social responsibility. Instead of the methodology of Newtonian physics currently in use, we need to use the methodology of Ibne-Khaldun, created for studying the process of social change. With new moral foundations, and a new methodology, it is possible to rebuild Islamic Economics on new foundations. As a first step towards doing so, we examine thirty different definitions of Economics available in the literature. We show that most of them are in harmony with our conceptualization of new foundations for the discipline. Most of the remaining can be harmonized by considering them as specialized branches of the broad definition of Islamic Economics. It is hoped that achieving consensus on goals and methods for Islamic Economics will open the path to rapid progress in the field.
{"title":"Rebuilding Islamic Economics on New Foundations","authors":"A. Zaman","doi":"10.26414/a3068","DOIUrl":"https://doi.org/10.26414/a3068","url":null,"abstract":"Massive amounts of confusion exists regarding the definition of Islamic Economics. This has blocked progress in terms of the development of the discipline, since there is no agreement on what its proper subject matter and methodology is. This paper shows that the confusion arises because of our attempts to borrow foundational concepts and methodology from conventional capitalist economics. Modern economists advertise their discipline as a positive, objective, and factual science. However, it is actually a branch of moral philosophy, built on concealed moral foundations of competition, selfishness, individualism, and hedonism. Islamic economics cannot be built on such foundations. We can build the discipline of Islamic Economics on the diametrically opposite foundations of cooperation, generosity, brotherhood of mankind, and social responsibility. Instead of the methodology of Newtonian physics currently in use, we need to use the methodology of Ibne-Khaldun, created for studying the process of social change. With new moral foundations, and a new methodology, it is possible to rebuild Islamic Economics on new foundations. As a first step towards doing so, we examine thirty different definitions of Economics available in the literature. We show that most of them are in harmony with our conceptualization of new foundations for the discipline. Most of the remaining can be harmonized by considering them as specialized branches of the broad definition of Islamic Economics. It is hoped that achieving consensus on goals and methods for Islamic Economics will open the path to rapid progress in the field.","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124296372","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"'It Could, and Maybe Should, Have Been Our Finest Hour. It Hasn’t Been That.' On the Economics of Pandemics, (Some) Economists Losing Their Trade-Off Marbles, and the Dire Consequences","authors":"A. Ortmann","doi":"10.2139/ssrn.3908838","DOIUrl":"https://doi.org/10.2139/ssrn.3908838","url":null,"abstract":"On the economics of pandemics, (some) economists losing their trade-off marbles, and the dire consequences. Also, what if it happens again?!","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121999166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Marathi Abstract: सन 1991 च्या मुक्त आर्थिक धोरणाच्या माध्यमातून आलेले जगातिकीकरण मुळात कुणाच्या फायद्याचे ठरणार आहे याचा अजूनही पुर्णपणे आढावा घेण्यात आलेला नाही. देशातील शेती, उद्योग आणि सेवा क्षेत्राचा विकास व्हावा हाच जर हेतू असेल तर आर्थिक कल्याणाचे भारताचे स्वप्न पुर्ण होण्यास वेळ लागणार नाही. परंतू या मुक्त धोरणातून मुठभर लोकांचे कल्याण जोपासले जाणार असेल तर देशातील अन्य जनतेच्या भविष्यावर याचा फार दुरगामी परिणाम होणार आहे. यातून भारत आणि इंडिया संघर्ष हा अटळ राहणार आहे. समय, अंतर आणि मूल्य हîा तीन महत्त्वाच्या आयामांच्या दृष्टिकोनातून जागतिकीकरणाचा विचार केल्या जातो. त्यामुळेेच ‘‘जागतिकीकरण ही एक मिश्र संकल्पना असून त्याचा प्रभाव फार दुरवर पसरलेला आहे. हे आश्चर्य नसून त्याचे अनेक मनोभावीक अनुमान लावण्यात आले आहेत. हा विषय राजकारणात ताजा आहे, जागतिकीकरणाचा उपयोग जगातील लोकांना आर्थिक संपन्नता प्राप्त करण्यासाठी केला जातो. तर एकीकडे यावर असाही दोष लावला जातो की, यामुळेे अनेक नवीन प्रश्न निर्माण होत आहेत.’’ डाॅ. आंबेडकरांनी शेतीच्या राष्ट्रीयीकरणावर भर दिला होता. परंतु मुक्त आर्थिक धोरणात शेतीचे खाजगीकरण करण्यात येऊन शेतीला कोणत्याही सोयी सुविधा सरकार देवू इच्छित नाही. सरकारने आदिवासींच्या जमिनी विक्रीला काढण्याचे नवे धोरण सुरू केले आहे. तसेच ‘सेझ’ च्या माध्यमातून सुपीक जमिनी मोठ्या कंपन्यांना मातीमोल भावाने विकल्या जात आहेत.‘‘नवीन आर्थिक धोरणापासून अपेक्षित असलेले फायदे पंधरा कोटी दलितांपर्यंत पोहचले नाहीत. प्रशासनाने मंजूर केलेला निधी दलितांसारख्या वंचित घटकापर्यंत पोहचल्याचा सबळ पुरावा अद्याप हाती आलेला नाही.’’ English Abstract: It is unknown at this time what he will do after leaving the post. If the aim is to develop the country's agriculture, industry, and services, then India's dream of economic well-being will not take long to come true. But if this free policy is to protect the welfare of a handful of people, it will have a far-reaching effect on the future of other people in the country. This will make the India-India conflict inevitable. Globalization is considered from the perspective of three important dimensions of time, distance, and value. That is why "globalization is a mixed concept and its impact is far-reaching." This is not surprising, but many psychological speculations have been made. The subject is fresh in politics, globalization is being used by the people of the world to achieve economic prosperity. On the one hand, it is blamed on the fact that it raises a lot of new questions. " Dr. Ambedkar had emphasized on nationalization of agriculture. But the government does not want to privatize agriculture in a free economic policy. The government has introduced a new policy to sell tribal lands. Also, through SEZs, fertile lands are being sold to big companies at exorbitant prices. The expected benefits from the new economic policy have not reached the 15 crore Dalits. There is no strong evidence that the funds sanctioned by the administration have reached the deprived sections like Dalits.
马拉地语摘要： सन 1991 च्या मुक्त आर्थिक धोरणाच्या माध्यमातून आले जगातिकीकरण मुळात कुणाच्या फायद्याचे ठरणार आहे याचा अजूनही पुर्णपणे आढावा घेण्यात आलेा नाी.देशातील शेती, उद्योग आणि सेवाक्षेत्राचा विकास व्हावा हाच जर हेतू असेल तर आर्थिकल्यााणाचे भारताचे स्वप्न पुर्ण होण्यास वेळलागणार नाही.परंतू या मुक्त धोरणातून मुठभर लोकांचे कल्याण जोपासल जाणार असेल तर देशातील अन्य जनतेच्या भविष्यावर याचा फार दुरगामी परिणाम होणार आहे.यातून भारत आणि इंडिया संघर्ष हा अटळ राहणार आहे.समय, अंतर आणि मूल्य हîा तीन महत्वाच्या आयामांच्यादृष्टिकोनातून जागतिकीकरणाचा विचार केल्या जातो.त्यामुळेेच ''जागतिकीरण ही एक मिश्र संकल्पना असून त्याचा प्रभाव फार दुरवर पसरेला आहे。हे आश्चर्य नसून त्याचे अनेक मनोभावीक अनुमानलावण्यात आल आहेत.हिना विषयराजकारणात ताजा आहे, जागतिकीकरणा उपयोग जगातील लोकांना आर्थिक संपन्नता प्राप्त करण्यासाठीकलेा जातो.तर एकीकडे यावर असाही दोष लावला जातो की, यामुळे अनेक नवीन प्रश्न निर्माण होत आहेत''.डाॅ.आंबेडकरांनी शेतीच्या राष्ट्रीयीकरणावर भद िला होता。परंतु मुक्त आर्थिक धोरणात शेतीचे खाजगीकरण करण्यात येऊन शेतीलाकोणत्याही सोयी सुविधा सरकार देवू इच्छित नाही.सरकारने आदिवासींच्या जमिनी विक्रलीा काढण्याचे नवे धोरण सुरू केले आहे.तसेच ‘सेझ’ च्या माध्यमातून सुपीक जमिनी मोठ्या कंपन्यांना मातीमोल भावाने विकल्या जात आहेत.‘‘नवीन आर्थिक धोरणापासून अपेक्षित असलेले फायदे पंधरा कोटी दलितांपर्यंत पोहचले नाहीत.प्रशासनाने मंजूर केलेा निधीदलितंासारख्या वंचित घटकापर्यंत पोहचल्याचासबळ पुरावा अद्यापाहाती आलेलानाही.''.英文摘要：目前还不知道他卸任后会做什么。如果目的是发展国家的农业、工业和服务业，那么印度的经济繁荣之梦用不了多久就会实现。但如果这项免费政策是为了保护少数人的福利，那么它将对国内其他人的未来产生深远影响。这将使印印冲突不可避免。全球化是从时间、距离和价值这三个重要维度来考虑的。所以说，"全球化是一个混合概念，其影响是深远的"。这并不奇怪，但也有许多心理上的猜测。这个话题在政治上是新鲜的，全球化被世界人民用来实现经济繁荣。一方面，人们指责它提出了许多新问题。"安贝德卡博士曾强调农业国有化。但政府不想在自由经济政策中将农业私有化。政府出台了一项出售部落土地的新政策。此外，通过经济特区，肥沃的土地被高价卖给了大公司。新经济政策的预期收益并未惠及 1500 万达利特人。没有确凿证据表明政府拨付的资金已经惠及达利特人等贫困阶层。
{"title":"जागतिकीकरण आणि दलित समाज (Globalization and Dalit Society)","authors":"Dr. Rakshit Bagde","doi":"10.2139/ssrn.3901758","DOIUrl":"https://doi.org/10.2139/ssrn.3901758","url":null,"abstract":"Marathi Abstract: सन 1991 च्या मुक्त आर्थिक धोरणाच्या माध्यमातून आलेले जगातिकीकरण मुळात कुणाच्या फायद्याचे ठरणार आहे याचा अजूनही पुर्णपणे आढावा घेण्यात आलेला नाही. देशातील शेती, उद्योग आणि सेवा क्षेत्राचा विकास व्हावा हाच जर हेतू असेल तर आर्थिक कल्याणाचे भारताचे स्वप्न पुर्ण होण्यास वेळ लागणार नाही. परंतू या मुक्त धोरणातून मुठभर लोकांचे कल्याण जोपासले जाणार असेल तर देशातील अन्य जनतेच्या भविष्यावर याचा फार दुरगामी परिणाम होणार आहे. यातून भारत आणि इंडिया संघर्ष हा अटळ राहणार आहे. समय, अंतर आणि मूल्य हîा तीन महत्त्वाच्या आयामांच्या दृष्टिकोनातून जागतिकीकरणाचा विचार केल्या जातो. त्यामुळेेच ‘‘जागतिकीकरण ही एक मिश्र संकल्पना असून त्याचा प्रभाव फार दुरवर पसरलेला आहे. हे आश्चर्य नसून त्याचे अनेक मनोभावीक अनुमान लावण्यात आले आहेत. हा विषय राजकारणात ताजा आहे, जागतिकीकरणाचा उपयोग जगातील लोकांना आर्थिक संपन्नता प्राप्त करण्यासाठी केला जातो. तर एकीकडे यावर असाही दोष लावला जातो की, यामुळेे अनेक नवीन प्रश्न निर्माण होत आहेत.’’ डाॅ. आंबेडकरांनी शेतीच्या राष्ट्रीयीकरणावर भर दिला होता. परंतु मुक्त आर्थिक धोरणात शेतीचे खाजगीकरण करण्यात येऊन शेतीला कोणत्याही सोयी सुविधा सरकार देवू इच्छित नाही. सरकारने आदिवासींच्या जमिनी विक्रीला काढण्याचे नवे धोरण सुरू केले आहे. तसेच ‘सेझ’ च्या माध्यमातून सुपीक जमिनी मोठ्या कंपन्यांना मातीमोल भावाने विकल्या जात आहेत.‘‘नवीन आर्थिक धोरणापासून अपेक्षित असलेले फायदे पंधरा कोटी दलितांपर्यंत पोहचले नाहीत. प्रशासनाने मंजूर केलेला निधी दलितांसारख्या वंचित घटकापर्यंत पोहचल्याचा सबळ पुरावा अद्याप हाती आलेला नाही.’’ English Abstract: It is unknown at this time what he will do after leaving the post. If the aim is to develop the country's agriculture, industry, and services, then India's dream of economic well-being will not take long to come true. But if this free policy is to protect the welfare of a handful of people, it will have a far-reaching effect on the future of other people in the country. This will make the India-India conflict inevitable. Globalization is considered from the perspective of three important dimensions of time, distance, and value. That is why \"globalization is a mixed concept and its impact is far-reaching.\" This is not surprising, but many psychological speculations have been made. The subject is fresh in politics, globalization is being used by the people of the world to achieve economic prosperity. On the one hand, it is blamed on the fact that it raises a lot of new questions. \" Dr. Ambedkar had emphasized on nationalization of agriculture. But the government does not want to privatize agriculture in a free economic policy. The government has introduced a new policy to sell tribal lands. Also, through SEZs, fertile lands are being sold to big companies at exorbitant prices. The expected benefits from the new economic policy have not reached the 15 crore Dalits. There is no strong evidence that the funds sanctioned by the administration have reached the deprived sections like Dalits.","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128449673","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In recent academic and to some extent public debates, mainstream economics has been accused of excessive mathematization. The rejection of mathematical and other formal methods is often cited as a crucial trait of Austrian economics. Based on a systematic discussion of potential benefits and potential drawbacks of formalization in economics, the paper concludes that - contrary to the received view - the most prominent representatives of Austrian economists including Carl Menger, Ludwig Mises, and Friedrich August Hayek neither provide a justification for a rejection of formalization tout court nor actually reject it. Those Neo- Austrians who do, seem to rely on an unconvincing Sprachgeist argument traceable to Friedrich Wieser.
{"title":"Sprachgeist and Realisticness: The Troubled Relationship between (Austrian) Economics and Mathematics Revisited","authors":"Alexander Linsbichler","doi":"10.2139/ssrn.3897919","DOIUrl":"https://doi.org/10.2139/ssrn.3897919","url":null,"abstract":"In recent academic and to some extent public debates, mainstream economics has been accused of excessive mathematization. The rejection of mathematical and other formal methods is often cited as a crucial trait of Austrian economics. Based on a systematic discussion of potential benefits and potential drawbacks of formalization in economics, the paper concludes that - contrary to the received view - the most prominent representatives of Austrian economists including Carl Menger, Ludwig Mises, and Friedrich August Hayek neither provide a justification for a rejection of formalization tout court nor actually reject it. Those Neo- Austrians who do, seem to rely on an unconvincing Sprachgeist argument traceable to Friedrich Wieser.","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124079218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Post Keynesian Economics has shifted away and even renegade from Keynes' original research program, i.e., the Unemployment Equilibrium thesis, endogenous money and liquidity preference determination of interest rate in which money and uncertainty play a fundamental part. This paper attempts to bring back the Keynesian counter-revolution spirit into Post Keynesian Monetary Theory by introducing a Non-Compensatory Disequilibrium Framework (NCDF) that allows structural breaks in budget constraints that lead to a model where Walras’ Law does not hold.
{"title":"Structural Change in Post Keynesian Monetary Theory: A Non-Compensatory Disequilibrium Framework","authors":"Narciso Túñez Area","doi":"10.2139/ssrn.3897826","DOIUrl":"https://doi.org/10.2139/ssrn.3897826","url":null,"abstract":"Post Keynesian Economics has shifted away and even renegade from Keynes' original research program, i.e., the Unemployment Equilibrium thesis, endogenous money and liquidity preference determination of interest rate in which money and uncertainty play a fundamental part. This paper attempts to bring back the Keynesian counter-revolution spirit into Post Keynesian Monetary Theory by introducing a Non-Compensatory Disequilibrium Framework (NCDF) that allows structural breaks in budget constraints that lead to a model where Walras’ Law does not hold.","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124332855","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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