[Selections by Humberto Barreto for SHOE list.]
nep-hpe <http://nep.repec.org/nep-hpe.html> New Economics Papers
<http://nep.repec.org/> on History and Philosophy of Economics
Issue of 2023‒09‒25
papers chosen by
Erik Thomson <http://econpapers.repec.org/RAS/pth72.htm>,
University of Manitoba <http://umanitoba.ca/>
------------------------------
1. An Independent European Macroeconomics? A History of European
Macroeconomics through the Lens of the European Economic Review
<https://mail.google.com/mail/u/0/#m_3277920540041151150_p1> By Goutsmedt,
Aurélien
<http://econpapers.repec.org/scripts/search.pf?aus=Goutsmedt,%20Aur%C3%A9lien>
; Truc, Alexandre
<http://econpapers.repec.org/scripts/search.pf?aus=Truc,%20Alexandre>
2. Is it time to reboot welfare economics? Overview
<https://mail.google.com/mail/u/0/#m_3277920540041151150_p2> By Coyle,
Diane <http://econpapers.repec.org/scripts/search.pf?aus=Coyle,%20Diane>
; Fabian, Mark
<http://econpapers.repec.org/scripts/search.pf?aus=Fabian,%20Mark>;
Beinhocker,
Eric
<http://econpapers.repec.org/scripts/search.pf?aus=Beinhocker,%20Eric>;
Besley,
Timothy
<http://econpapers.repec.org/scripts/search.pf?aus=Besley,%20Timothy>;
Stevens,
Margaret
<http://econpapers.repec.org/scripts/search.pf?aus=Stevens,%20Margaret>
3. General Constrained Dynamic Models in Economics - General Dynamic
Theory of Economic Variables - Beyond Walras and Keynes
<https://mail.google.com/mail/u/0/#m_3277920540041151150_p3> By Glötzl,
Erhard
<http://econpapers.repec.org/scripts/search.pf?aus=Gl%C3%B6tzl,%20Erhard>
; Glötzl, Florentin
<http://econpapers.repec.org/scripts/search.pf?aus=Gl%C3%B6tzl,%20Florentin>
; Richters, Oliver
<http://econpapers.repec.org/scripts/search.pf?aus=Richters,%20Oliver>;
Binter,
Lucas <http://econpapers.repec.org/scripts/search.pf?aus=Binter,%20Lucas>
4. Do Replications Make a Difference?
<https://mail.google.com/mail/u/0/#m_3277920540041151150_p4> By Tom Coupé
<http://econpapers.repec.org/scripts/search.pf?aus=Tom%20Coup%C3%A9>; W.
Robert Reed
<http://econpapers.repec.org/scripts/search.pf?aus=W.%20Robert%20Reed>
5. Adam Smith's Perfectly Competitive Market is Not Pareto Efficient: A
Dynamic Perspective
<https://mail.google.com/mail/u/0/#m_3277920540041151150_p5> By Ahmed,
Muhammad Ashfaq
<http://econpapers.repec.org/scripts/search.pf?aus=Ahmed,%20Muhammad%20Ashfaq>
; Nawaz, Nasreen
<http://econpapers.repec.org/scripts/search.pf?aus=Nawaz,%20Nasreen>
------------------------------
1. An Independent European Macroeconomics? A History of European
Macroeconomics through the Lens of the European Economic Review
<http://econpapers.repec.org/RePEc:osf:socarx:cn7am>
By: Goutsmedt, Aurélien
<http://econpapers.repec.org/scripts/search.pf?aus=Goutsmedt,%20Aur%C3%A9lien>
(UC
Louvain - F.R.S-FNRS); Truc, Alexandre
<http://econpapers.repec.org/scripts/search.pf?aus=Truc,%20Alexandre>
Abstract: Economics in Europe has become more international since the
1970s. To a certain extent, this internationalisation is also an
‘Americanisation’ as many European economists have adopted the standards
and approaches of US economics. This prompts an important question: amidst
this convergence, are there any fields that have managed to retain a
distinctively European character? In this article, we use topic modelling
and bibliometric coupling to identify European specialties between 1969 and
2002. We focus on macroeconomic articles published in the European Economic
Review and compare their bibliographic references and textual content to
what has been published in the top 5 journals. Despite economics
internationalization since the 1970s, European macroeconomics displayed
distinct characteristics across two distinct periods. In the late 1970s and
early 1980s, European macroeconomists maintained a certain distance from US
debates centered around rational expectations and new classical economics.
However, they embraced the concept of microfoundations through the lens of
disequilibrium theory, fostering transnational collaborations and offering
a unique framework for addressing various macroeconomic issues.
Nevertheless, both the prominence of new classical economics in the US and
the decline of the disequilibrium approach after the mid-1980s, European
macroeconomics shifted towards closer alignment with US approaches. In the
1990s, Political economy, inspired by pioneering US contributions like
Kydland and Prescott (1977) and Barro and Gordon (1983a, 1983b), emerged in
the 1990s as a new framework offering a common language for many European
macroeconomists. However, specific European challenges like high
unemployment rates and European integration continued to drive research in
distinctive directions.
Date: 2023–08–07
URL: http://d.repec.org/n?u=RePEc:osf:socarx:cn7am&r=hpe
2. Is it time to reboot welfare economics? Overview
<http://econpapers.repec.org/RePEc:ehl:lserod:119787>
By: Coyle, Diane
<http://econpapers.repec.org/scripts/search.pf?aus=Coyle,%20Diane>; Fabian,
Mark <http://econpapers.repec.org/scripts/search.pf?aus=Fabian,%20Mark>;
Beinhocker,
Eric
<http://econpapers.repec.org/scripts/search.pf?aus=Beinhocker,%20Eric>;
Besley,
Timothy
<http://econpapers.repec.org/scripts/search.pf?aus=Besley,%20Timothy>;
Stevens,
Margaret
<http://econpapers.repec.org/scripts/search.pf?aus=Stevens,%20Margaret>
Abstract: The contributions of economists have long included both
positive explanations of how economic systems work and normative
recommendations for how they could and should work better. In recent
decades, economics has taken a strong empirical turn as well as having a
greater appreciation of the importance of the complexities of real-world
human behaviour, institutions, the strengths and failures of markets, and
interlinkages with other systems, including politics, technology, culture
and the environment. This shift has also brought greater relevance and
pragmatism to normative economics. While this shift towards evidence and
pragmatism has been welcome, it does not in itself answer the core question
of what exactly constitutes ‘better’, and for whom, and how to manage
inevitable conflicts and trade-offs in society. These have long been the
core concerns of welfare economics. Yet, in the 1980s and 1990s, debates on
welfare economics seemed to have become marginalised. The articles in this
Fiscal Studies symposium engage with the question of how to revive
normative questions as a central issue in economic scholarship.
Keywords: economic welfare; normative; positive; policy
JEL: I30 I32
<http://econpapers.repec.org/scripts/search.pf?jel=I30%20I32>
Date: 2023–08–25
URL: http://d.repec.org/n?u=RePEc:ehl:lserod:119787&r=hpe
3. General Constrained Dynamic Models in Economics - General Dynamic
Theory of Economic Variables - Beyond Walras and Keynes
<http://econpapers.repec.org/RePEc:pra:mprapa:118314>
By: Glötzl, Erhard
<http://econpapers.repec.org/scripts/search.pf?aus=Gl%C3%B6tzl,%20Erhard>
; Glötzl, Florentin
<http://econpapers.repec.org/scripts/search.pf?aus=Gl%C3%B6tzl,%20Florentin>
; Richters, Oliver
<http://econpapers.repec.org/scripts/search.pf?aus=Richters,%20Oliver>;
Binter,
Lucas <http://econpapers.repec.org/scripts/search.pf?aus=Binter,%20Lucas>
Abstract: For more than 100 years economists have tried to describe
economics in analogy to physics, more precisely to classical Newtonian
mechanics. The development of the Neoclassical General Equilibrium Theory
has to be understood as the result of these efforts. But there are many
reasons why General Equilibrium Theory is inadequate: 1. No genuine
dynamics. 2. The assumption of the existence of utility functions and the
possibility to aggregate them to one “master” utility function. 3. The
impossibility to describe situations as in “Prisoners Dilemma”, where
individual optimization does not lead to a collective optimum. This book
aims at overcoming these problems. It illustrates how not only equilibria
of economic systems, but also the general dynamics of these systems can be
described in close analogy to classical mechanics. To this end, this book
makes the case for an approach based on the concept of constrained
dynamics, analyzing the economy from the perspective of “economic forces”
and “economic power” based on the concept of physical forces and the
reciprocal value of mass. Realizing that accounting identities constitute
constraints in the economy, the concept of constrained dynamics, which is
part of the standard models of classical mechanics, can be applied to
economics. Therefore, it is reasonable to denote such models as General
Constraint Dynamic Models (GCD-Models) Such a framework allows
understanding both Keynesian and neoclassical models as special cases of
GCD-Models in which the power relationships with respect to certain
variables are one-sided. As mixed power relationships occur more frequently
in reality than purely one-sided power constellations, GCD-models are
better suited to describe the economy than standard Keynesian or Neoclassic
models. A GCD-model can be understood as “Continuous Time”, “Stock Flow
Consistent”, “Microfounded”, where the behaviour of the agents is described
with a general differential equation for every agent. In the special case
where the differential equations can be described with utility functions,
the behaviour of every agent can be understood as an individual
optimization strategy. He thus seeks to maximize his utility. However,
while the core assumption of neoclassical models is that due to the
“invisible hand” such egoistic individual behaviour leads to an optimal
result for all agents, reality is often defined by “Prisoners Dilemma”
situations, in which individual optimization leads to the worst outcome for
all. One advantage of GCD-models over standard models is that they are able
to describe also such situations, where an individual optimization strategy
does not lead to an optimum result for all agents. In conclusion, the big
merit and effort of Newton was, to formalize the right terms (physical
force, inertial mass, change of velocity) and to set them into the right
relation. Analogously the appropriate terms of economics are economic
force, economic power and change of variables. GCD-Models allow formalizing
them and setting them into the right relation to each other.
Keywords: Stephen Smale, Problem 8, macroeconomic models, constraint
dynamics, GCD, DSGE, out-of-equilibrium dynamics, Lagrangian mechanics,
stock flow consistent, SFC, demand shock, supply shock, price shock,
intertemporal utility function
JEL: A12 B13 B41 B59 C02 C30 C54 C60 E10
<http://econpapers.repec.org/scripts/search.pf?jel=A12%20B13%20B41%20B59%20C02%20C30%20C54%20C60%20E10>
Date: 2023–06–01
URL: http://d.repec.org/n?u=RePEc:pra:mprapa:118314&r=hpe
4. Do Replications Make a Difference?
<http://econpapers.repec.org/RePEc:cbt:econwp:23/10>
By: Tom Coupé
<http://econpapers.repec.org/scripts/search.pf?aus=Tom%20Coup%C3%A9>
(University
of Canterbury); W. Robert Reed
<http://econpapers.repec.org/scripts/search.pf?aus=W.%20Robert%20Reed>
(University
of Canterbury)
Abstract: This study examines the effect of negative replications on the
citation rates of replicated studies. It makes three contributions. First,
we explain why previous research has not adequately addressed this subject.
Second, we develop a matched difference-in-difference (DID) procedure that
does not assume parallel trends (PT). Previous research has shown that
studies that fail to replicate have different trends prior to replication
than studies that successfully replicate. Given this difference, imposing
the assumption of PT biases estimation of citation effects. Our DID
procedure avoids this bias. Lastly, we study a set of 204 replicated
studies and investigate whether there is a citation penalty associated with
negative replications. Replicated studies are matched with non-replicated
studies, with the matched controls being used to “predict” the
counterfactual citation performance of replicated studies. Our preferred
estimates indicate that studies that fail to replicate receive more
citations than studies that have positive or mixed replications. Our less
preferred estimates, based on looser matching criteria, find evidence of a
citation penalty for negative replications, but the estimated effects are
small and statistically insignificant. We conclude that replications have
not been correcting the scientific record in the manner that proponents
might have hoped.
Keywords: Replications, Citations, Matching, Meta-science,
Self-correcting science
JEL: A11 A14 B41 C18
<http://econpapers.repec.org/scripts/search.pf?jel=A11%20A14%20B41%20C18>
Date: 2023–08–01
URL: http://d.repec.org/n?u=RePEc:cbt:econwp:23/10&r=hpe
5. Adam Smith's Perfectly Competitive Market is Not Pareto Efficient: A
Dynamic Perspective <http://econpapers.repec.org/RePEc:pra:mprapa:118362>
By: Ahmed, Muhammad Ashfaq
<http://econpapers.repec.org/scripts/search.pf?aus=Ahmed,%20Muhammad%20Ashfaq>
; Nawaz, Nasreen
<http://econpapers.repec.org/scripts/search.pf?aus=Nawaz,%20Nasreen>
Abstract: The invisible hand of a perfectly competitive market refers to
the self-regulating behavior of the market where if each consumer and
producer is allowed to freely make their own choices, the market settles at
an efficient outcome which is beneficial to all the individual members of
the society and hence to the society as a whole. Two well-known facets of
the invisible hand are generally mentioned in the economics literature -
the first one is a static picture of a perfectly competitive market, i.e.,
a competitive market is efficient in an equilibrium; and the second one is
that if the competitive market is disturbed from its equilibrium position,
in the absence of a market failure and frictions, the market automatically
settles at a new efficient equilibrium. Existing literature does not
consider the most important dynamic facet of the perfectly competitive
market from perspective of Pareto efficiency, i.e., how efficient is a
perfectly competitive market on the dynamic adjustment path after an
economic shock in the absence of all kinds of frictions and price
rigidities, and if all the ideal conditions are maintained. This research
models the dynamic facet of the market and concludes that Adam Smith's
perfectly competitive market is not Pareto efficient and coordinated
actions of economic agents can result in a level of economic efficiency on
the dynamic adjustment path which is not achievable by a free market
mechanism.
Keywords: Dynamic efficiency, Adjustment Path, Equilibrium, Coordination
JEL: D40 D41 D50 E32
<http://econpapers.repec.org/scripts/search.pf?jel=D40%20D41%20D50%20E32>
Date: 2023–05–04
URL: http://d.repec.org/n?u=RePEc:pra:mprapa:118362&r=hpe
------------------------------
This nep-hpe issue is ©2023 by Erik Thomson
<http://econpapers.repec.org/RAS/pth72.htm>. It is provided as is without
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