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Societies for the History of Economics <[log in to unmask]>
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Robert Cord <[log in to unmask]>
Date:
Wed, 20 Mar 2019 12:23:46 -0000
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Societies for the History of Economics <[log in to unmask]>
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Dear SHOE List

It is approaching 50 years since Morgenstern published his "Thirteen
Critical Points in Contemporary Economic Theory". In that paper, he
identified the following as being, in his view, amongst the most important
extant problems in economics (in no particular order): 1) Control of
economic variables; 2) Revealed preference theory; 3) Pareto optimum; 4)
Tatonnement; 5) The Walras-Pareto fixation; 6) Allocation of resources; 7)
Substitution; 8) Demand and supply; 9) Indifference curve analysis; 10)
Theory of the firm; 11) Back to Cantillon; 12) Personal and functional
distribution; and 13) Theory relevance.

A quick check of old friend Wikipedia has the following as being unsolved
today, either on just the theoretical side or theory being unable to
explain observed data: 1) Cambridge capital controversy; 2) Transformation
problem; 3) Revealed preference; 4) Tatonnement; 5) Unified models of
human biases; 6) Equity premium puzzle; 7) Dividend puzzle; 8) Improved
Black–Scholes and binomial options pricing models; 9) Problems with the
American option; 10) Home bias in trade puzzle; 11) Equity home bias
puzzle; 12) Backus–Kehoe–Kydland puzzle; 13) Feldstein–Horioka puzzle; 14)
PPP puzzle; and 15) The exchange rate disconnect puzzle.

My question: How accurate/inaccurate is the Wikipedia list?

Many thanks in advance

Bob Cord

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