{"title":"Tackling War-Time Injustices: Ideas of Justice in the Writings of British Economists during the First World War","authors":"Christopher Godden","doi":"10.3790/SCHM.136.4.401","DOIUrl":"https://doi.org/10.3790/SCHM.136.4.401","url":null,"abstract":"","PeriodicalId":36775,"journal":{"name":"Journal of Contextual Economics-Schmollers Jahrbuch","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75273824","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}
Since the 2007–08 crisis, banks in many countries have been facing what seems to be a serious “trust crisis.” This sharp decline in trust in banks and banking as well as the near-collapse of banking systems during the crisis is partly captured by a growing empirical literature. However, this literature presents several shortcomings which reflect a more general lack of theorization of trust in banks. This lack of theorization certainly has much to do with the distance between the economic literature on banks and banking and the sociological and economic literature on trust. This paper aims to bridge this gap by proposing a new conceptual framework, building on new institutional theories. In particular, the paper identifies three related dimensions of trust that seem to have relevance for the banking industry: “relational,” “systemic” and “vertical” trust. While mainstream financial intermediation theory and agency theory provide a good understanding of relational trust, they are less well equipped to deal with the other dimensions of trust. The paper, therefore, builds on heterodox theories of money and debt to build a more comprehensive understanding of trust in banks. The proposed conceptual framework implies a new, institutional approach to banking in economic theory.
{"title":"Trust in Banks: A Tentative Conceptual Framework","authors":"O. Butzbach","doi":"10.3790/SCHM.136.3.303","DOIUrl":"https://doi.org/10.3790/SCHM.136.3.303","url":null,"abstract":"Since the 2007–08 crisis, banks in many countries have been facing what seems to be a serious “trust crisis.” This sharp decline in trust in banks and banking as well as the near-collapse of banking systems during the crisis is partly captured by a growing empirical literature. However, this literature presents several shortcomings which reflect a more general lack of theorization of trust in banks. This lack of theorization certainly has much to do with the distance between the economic literature on banks and banking and the sociological and economic literature on trust. This paper aims to bridge this gap by proposing a new conceptual framework, building on new institutional theories. In particular, the paper identifies three related dimensions of trust that seem to have relevance for the banking industry: “relational,” “systemic” and “vertical” trust. While mainstream financial intermediation theory and agency theory provide a good understanding of relational trust, they are less well equipped to deal with the other dimensions of trust. The paper, therefore, builds on heterodox theories of money and debt to build a more comprehensive understanding of trust in banks. The proposed conceptual framework implies a new, institutional approach to banking in economic theory.","PeriodicalId":36775,"journal":{"name":"Journal of Contextual Economics-Schmollers Jahrbuch","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83891038","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}
Louis Brandeis was the greatest opponent of industrial “bigness,” but not the first. After a brief introduction to his life and intellectual commitment to small scale and decentralization of authority in both production and government, this essay considers Brandeis's ideas about policy toward large firms in the context of the controversy in the United States Supreme Court over the interpretation of the Sherman Antitrust Act between 1890 and 1911. Opponents of bigness (“autonomists”) on the Court believed that allowing the market to determine the size of firms made firms too large and supported direct controls on growth, and opposed the common law rule of reason as an obstacle to limiting the size of firms. In 1911, the Court definitively rejected both these propositions in favor of a policy of efficiency in production and indifference to large scale, interpreting the Sherman Antitrust Act to include the rule of reason and leaving the question of firm size to fair competition alone. Brandeis, surprisingly, supported the Court on both these issues. The essay discusses his reasons for doing so, based in a misreading of the implications of bounded rationality, a concept Brandeis clearly anticipated, his gradual recognition after 1911 of why bigness had succeeded in the United States, and the disappointment this caused him. It concludes with a short speculation on how Brandeis might approach the contemporary problem of climate change.
{"title":"The Last Autonomist: Louis D. Brandeis and the Struggle for Antitrust","authors":"Richard P. Adelstein","doi":"10.3790/SCHM.136.3.285","DOIUrl":"https://doi.org/10.3790/SCHM.136.3.285","url":null,"abstract":"Louis Brandeis was the greatest opponent of industrial “bigness,” but not the first. After a brief introduction to his life and intellectual commitment to small scale and decentralization of authority in both production and government, this essay considers Brandeis's ideas about policy toward large firms in the context of the controversy in the United States Supreme Court over the interpretation of the Sherman Antitrust Act between 1890 and 1911. Opponents of bigness (“autonomists”) on the Court believed that allowing the market to determine the size of firms made firms too large and supported direct controls on growth, and opposed the common law rule of reason as an obstacle to limiting the size of firms. In 1911, the Court definitively rejected both these propositions in favor of a policy of efficiency in production and indifference to large scale, interpreting the Sherman Antitrust Act to include the rule of reason and leaving the question of firm size to fair competition alone. Brandeis, surprisingly, supported the Court on both these issues. The essay discusses his reasons for doing so, based in a misreading of the implications of bounded rationality, a concept Brandeis clearly anticipated, his gradual recognition after 1911 of why bigness had succeeded in the United States, and the disappointment this caused him. It concludes with a short speculation on how Brandeis might approach the contemporary problem of climate change.","PeriodicalId":36775,"journal":{"name":"Journal of Contextual Economics-Schmollers Jahrbuch","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79550703","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}
Abstract We propose that certain classes of economic models best be understood as ‘fictions,’ in the sense promoted by Roman Frigg and others. The structure of the argument parallels that made by Arnon Levy for information in biology. The lesson is that economists are not really all that concerned over the sorts of things, such as the nature of knowledge, that philosophers deem central to epistemology. JEL Codes: B21, B41, D80
{"title":"Information in Economics: A Fictionalist Account","authors":"Philip Mirowski","doi":"10.3790/SCHM.136.1.109","DOIUrl":"https://doi.org/10.3790/SCHM.136.1.109","url":null,"abstract":"Abstract We propose that certain classes of economic models best be understood as ‘fictions,’ in the sense promoted by Roman Frigg and others. The structure of the argument parallels that made by Arnon Levy for information in biology. The lesson is that economists are not really all that concerned over the sorts of things, such as the nature of knowledge, that philosophers deem central to epistemology. JEL Codes: B21, B41, D80","PeriodicalId":36775,"journal":{"name":"Journal of Contextual Economics-Schmollers Jahrbuch","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78289439","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}
Abstract We use boosted regression trees to study the interplay between match quality and Internet use of volunteers. Match quality reflects the congruence of volunteers’ motives for doing volunteer work and their utility experiences. Using data from an online survey questionnaire of volunteers working for the German Red Cross, we find a positive correlation between match quality and social media use and, to a lesser extent, the intensity of volunteering-related Internet use. We study the relative importance of Internet use and other control variables for match quality, the partial dependence of match quality on Internet use and the control variables, and the interaction of Internet use with the control variables. JEL Codes: H41, J22, L31
{"title":"Volunteering, Match Quality, and Internet Use","authors":"E. Emrich, Christian Pierdzioch","doi":"10.22028/D291-23451","DOIUrl":"https://doi.org/10.22028/D291-23451","url":null,"abstract":"Abstract We use boosted regression trees to study the interplay between match quality and Internet use of volunteers. Match quality reflects the congruence of volunteers’ motives for doing volunteer work and their utility experiences. Using data from an online survey questionnaire of volunteers working for the German Red Cross, we find a positive correlation between match quality and social media use and, to a lesser extent, the intensity of volunteering-related Internet use. We study the relative importance of Internet use and other control variables for match quality, the partial dependence of match quality on Internet use and the control variables, and the interaction of Internet use with the control variables. JEL Codes: H41, J22, L31","PeriodicalId":36775,"journal":{"name":"Journal of Contextual Economics-Schmollers Jahrbuch","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74632143","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}
Abstract We conduct incentive-compatible economic experiments to measure norms regarding social appropriateness of bribes in India. We adopt a stylized real world situation (obtaining a driver’s license) in which the possibility to engage in unethical behavior is common. Using coordination game technique to elicit social norms, we measure social appropriateness of engaging in this type of unethical behavior. We find that the social appropriateness ratings of bribing vary with the bribe amount. For smaller bribes, there is a lack of coordination on the modal social appropriateness rating, whereas larger bribes are considered inappropriate by the majority of participants. We also vary the information regarding common behaviors at the driver’s license testing facility by letting participants know in some treatments that bribe-taking by public officials is prevalent. When bribe-giving and bribe-taking are framed as widespread behaviors, participants perceive bribes to be less socially inappropriate. JEL Codes...
{"title":"Social Norms Regarding Bribing in India: An Experimental Analysis","authors":"R. Banerjee, Tushi Baul, Tanya Rosenblat","doi":"10.3790/SCHM.136.2.171","DOIUrl":"https://doi.org/10.3790/SCHM.136.2.171","url":null,"abstract":"Abstract We conduct incentive-compatible economic experiments to measure norms regarding social appropriateness of bribes in India. We adopt a stylized real world situation (obtaining a driver’s license) in which the possibility to engage in unethical behavior is common. Using coordination game technique to elicit social norms, we measure social appropriateness of engaging in this type of unethical behavior. We find that the social appropriateness ratings of bribing vary with the bribe amount. For smaller bribes, there is a lack of coordination on the modal social appropriateness rating, whereas larger bribes are considered inappropriate by the majority of participants. We also vary the information regarding common behaviors at the driver’s license testing facility by letting participants know in some treatments that bribe-taking by public officials is prevalent. When bribe-giving and bribe-taking are framed as widespread behaviors, participants perceive bribes to be less socially inappropriate. JEL Codes...","PeriodicalId":36775,"journal":{"name":"Journal of Contextual Economics-Schmollers Jahrbuch","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78169960","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}
Abstract This paper introduces a value-based approach to economics. It begins with the proposal to change the definition of economics. Whereas the standard approach focuses on the problem of scarcity the value-based approach studies the realization of values. Its subject is the right thing to do in all kinds of situations, like the realization of a good home, good work, and the right goods. In this way economics once again becomes the moral science that classical economists pursued. Important innovations are the notions of “shared goods” and “the willingness to contribute.” The value-based approach stimulates a reading of the story of Robinson Crusoe that is quite different from the standard reading of the story. JEL Codes: Z130
{"title":"Economics Is a Moral Science","authors":"A. Klamer","doi":"10.3790/SCHM.136.2.155","DOIUrl":"https://doi.org/10.3790/SCHM.136.2.155","url":null,"abstract":"Abstract This paper introduces a value-based approach to economics. It begins with the proposal to change the definition of economics. Whereas the standard approach focuses on the problem of scarcity the value-based approach studies the realization of values. Its subject is the right thing to do in all kinds of situations, like the realization of a good home, good work, and the right goods. In this way economics once again becomes the moral science that classical economists pursued. Important innovations are the notions of “shared goods” and “the willingness to contribute.” The value-based approach stimulates a reading of the story of Robinson Crusoe that is quite different from the standard reading of the story. JEL Codes: Z130","PeriodicalId":36775,"journal":{"name":"Journal of Contextual Economics-Schmollers Jahrbuch","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76126842","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}
Abstract This paper is an extensive comment on John Davis’ paper “Economics, Neuroeconomics, and the Problem of Identity“ published in this very journal (Vol. 136, No. 1). So far, the methodological assessments of neuroeconomics by economists vacillate between the Scylla of neuro-reductionism and the Charybdis of Friedman’s instrumentalism. Following Davis’ approach to identity economics, I argue that there is a third way shown by methodological approaches to the neurosciences which are non-reductionist and highlight complex multi-level explanations, including external interactions, such as in distributed cognition theories. I suggest that newly emerging areas of study – such as social neuroscience – can be traced back to G.H Mead’s theory of the individual, with important implications for economics. JEL Codes: B41, D87
{"title":"Performativity, Identity and Economic Naturalism: A Comment on John Davis’ “Economics, Neuroeconomics, and the Problem of Identity”","authors":"Carsten Herrmann-Pillath","doi":"10.3790/SCHM.136.2.227","DOIUrl":"https://doi.org/10.3790/SCHM.136.2.227","url":null,"abstract":"Abstract This paper is an extensive comment on John Davis’ paper “Economics, Neuroeconomics, and the Problem of Identity“ published in this very journal (Vol. 136, No. 1). So far, the methodological assessments of neuroeconomics by economists vacillate between the Scylla of neuro-reductionism and the Charybdis of Friedman’s instrumentalism. Following Davis’ approach to identity economics, I argue that there is a third way shown by methodological approaches to the neurosciences which are non-reductionist and highlight complex multi-level explanations, including external interactions, such as in distributed cognition theories. I suggest that newly emerging areas of study – such as social neuroscience – can be traced back to G.H Mead’s theory of the individual, with important implications for economics. JEL Codes: B41, D87","PeriodicalId":36775,"journal":{"name":"Journal of Contextual Economics-Schmollers Jahrbuch","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78307698","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}
The debate on Keynes glossed over his intention to replace classical economic theory by an approach considering the fact of uncertainty in the sense of “there is no scientific basis on which to form any calculable probability whatever. We simply do not know” (Keynes 1937, p. 214). Keynes takes this into account by replacing the (neo-)classical assumption of perfect rational optimizing behavior by psychologically justified behavioral assumptions. As for the rest, he hangs on to the neoclassical model in a “macroeconomic” sense. Later developments based on the micro foundations of macroeconomics disregard the Keynesian uncertainty problem entirely. Given that uncertainty, Keynesians have not much choice but to accept the older social control style of David Hume, also applied by German Ordnungstheorie (system theory) - and there are no reasons for Keynesians to turn their backs on German Ordnungstheorie.
{"title":"On Uncertainty in Keynesian Macroeconomics and German Ordnungstheorie","authors":"R. Richter","doi":"10.2139/SSRN.2694058","DOIUrl":"https://doi.org/10.2139/SSRN.2694058","url":null,"abstract":"The debate on Keynes glossed over his intention to replace classical economic theory by an approach considering the fact of uncertainty in the sense of “there is no scientific basis on which to form any calculable probability whatever. We simply do not know” (Keynes 1937, p. 214). Keynes takes this into account by replacing the (neo-)classical assumption of perfect rational optimizing behavior by psychologically justified behavioral assumptions. As for the rest, he hangs on to the neoclassical model in a “macroeconomic” sense. Later developments based on the micro foundations of macroeconomics disregard the Keynesian uncertainty problem entirely. Given that uncertainty, Keynesians have not much choice but to accept the older social control style of David Hume, also applied by German Ordnungstheorie (system theory) - and there are no reasons for Keynesians to turn their backs on German Ordnungstheorie.","PeriodicalId":36775,"journal":{"name":"Journal of Contextual Economics-Schmollers Jahrbuch","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79044125","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}
Abstract This paper analyses the role of Lord Robbins’ definition of economics (RDE) emphasizing scarcity and choice, as well as its usefulness for clarifying the foundations of contextual economics. The reasons for RDE’s appeal and some strategic benefits of its flexibility / openness are discussed, along with a brief analysis of some of the criticism which has been raised with respect to the methodological and epistemological background, notably the status of empirics, of introspective knowledge, of motifs and of value judgments. RDE is found to impose restrictions regarding contextual interdependences related to endogeneities of contract enforcement, of preferences, and of technologies. Following David Hume, scarcity moreover will be considered as a contingent contextual condition of the environment rather than an aprioristic starting point of economic analysis. JEL Codes: A10, B13, B41
{"title":"Scarce Means, Competing Ends: Lord Robbins and the Foundations of Contextual Economics","authors":"Richard Sturn","doi":"10.3790/SCHM.136.1.59","DOIUrl":"https://doi.org/10.3790/SCHM.136.1.59","url":null,"abstract":"Abstract This paper analyses the role of Lord Robbins’ definition of economics (RDE) emphasizing scarcity and choice, as well as its usefulness for clarifying the foundations of contextual economics. The reasons for RDE’s appeal and some strategic benefits of its flexibility / openness are discussed, along with a brief analysis of some of the criticism which has been raised with respect to the methodological and epistemological background, notably the status of empirics, of introspective knowledge, of motifs and of value judgments. RDE is found to impose restrictions regarding contextual interdependences related to endogeneities of contract enforcement, of preferences, and of technologies. Following David Hume, scarcity moreover will be considered as a contingent contextual condition of the environment rather than an aprioristic starting point of economic analysis. JEL Codes: A10, B13, B41","PeriodicalId":36775,"journal":{"name":"Journal of Contextual Economics-Schmollers Jahrbuch","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76731611","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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