[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 2022‒11‒07
papers chosen by
Erik Thomson <http://econpapers.repec.org/RAS/pth72.htm>
University of Manitoba <http://umanitoba.ca/>
------------------------------

   1. Probability, prudence, danger: Thomas Aquinas on the building of the
   lexicon of risk
   <https://mail.google.com/mail/u/0/#m_-1161383705431351560_p1> By Pierre
   Januard
   <http://econpapers.repec.org/scripts/search.pf?aus=Pierre%20Januard>
   2. INTRODUCTION A L'ANALYSE ECONOMIQUE DE LA GUERRE
   <https://mail.google.com/mail/u/0/#m_-1161383705431351560_p2> By Jacques
   Fontanel
   <http://econpapers.repec.org/scripts/search.pf?aus=Jacques%20Fontanel>
   3. The Moral Theory of Value ; A Gift Lemma
   <https://mail.google.com/mail/u/0/#m_-1161383705431351560_p3> By Mughal,
   Adil Ahmad
   <http://econpapers.repec.org/scripts/search.pf?aus=Mughal,%20Adil%20Ahmad>
   4. Complexity research in economics: past, present and future
   <https://mail.google.com/mail/u/0/#m_-1161383705431351560_p4> By Nomaler,
   Önder
   <http://econpapers.repec.org/scripts/search.pf?aus=Nomaler,%20%C3%96nder>
   ; Verspagen, Bart
   <http://econpapers.repec.org/scripts/search.pf?aus=Verspagen,%20Bart>
   5. La estructura lógica de la teoría del equilibrio general dinámico
   estocástico <https://mail.google.com/mail/u/0/#m_-1161383705431351560_p5>
    By Tobón Arias, Alexander
   <http://econpapers.repec.org/scripts/search.pf?aus=Tob%C3%B3n%20Arias,%20Alexander>
   6. Louis Bachelier's Théorie de la spéculation : The missing piece in
   Walras' general equilibrium
   <https://mail.google.com/mail/u/0/#m_-1161383705431351560_p6> By Nicole
   El Karoui
   <http://econpapers.repec.org/scripts/search.pf?aus=Nicole%20El%20Karoui>
   ; Antoine Parent
   <http://econpapers.repec.org/scripts/search.pf?aus=Antoine%20Parent>;
Pierre-Charles
   Pradier
   <http://econpapers.repec.org/scripts/search.pf?aus=Pierre-Charles%20Pradier>
   7. Crédito, producción y consumo en la teoría monetaria de Hawtrey (1919)
   <https://mail.google.com/mail/u/0/#m_-1161383705431351560_p7> By Villarreal
   Restrepo, Carlos Andrés
   <http://econpapers.repec.org/scripts/search.pf?aus=Villarreal%20Restrepo,%20Carlos%20Andr%C3%A9s>
   8. Trade Acceptances, Financial Reform, and the Culture of Commercial
   Credit, 1915-1920
   <https://mail.google.com/mail/u/0/#m_-1161383705431351560_p9> By Myles,
   Jamieson
   <http://econpapers.repec.org/scripts/search.pf?aus=Myles,%20Jamieson>
   9. Politicians, bankers and the Great Depression: The Spanish banking
   crisis of 1931
   <https://mail.google.com/mail/u/0/#m_-1161383705431351560_p10> By
Jorge-Sotelo,
   Enrique
   <http://econpapers.repec.org/scripts/search.pf?aus=Jorge-Sotelo,%20Enrique>
   10. Can Economics Become More Reflexive ? Exploring the Potential of
   Mixed-Methods
   <https://mail.google.com/mail/u/0/#m_-1161383705431351560_p11> By
   Rao,Vijayendra
   <http://econpapers.repec.org/scripts/search.pf?aus=Rao,Vijayendra>

------------------------------

   1. Probability, prudence, danger: Thomas Aquinas on the building of the
   lexicon of risk
   <http://econpapers.repec.org/RePEc:hal:wpaper:halshs-03787210>
   By: Pierre Januard
   <http://econpapers.repec.org/scripts/search.pf?aus=Pierre%20Januard> (PHARE
   - Philosophie, Histoire et Analyse des Représentations Économiques - UP1 -
   Université Paris 1 Panthéon-Sorbonne)
   Abstract: The Latin terms commonly used to signify 'risk' are absent
   from Thomas Aquinas's economic writings. Instead, Aquinas offers a lexicon
   of probability, prudence and danger. This ternary lexicon brings with it a
   triple universalisation of risk: first, a universalisation through
   activity, including the activity of analysis considered as part of economic
   activity; second, a universalisation through the agents, since everyone-the
   observer, the co-contractors, the prince and the population-is affected by
   the risk; and, finally, a partial universalisation of its definition, since
   the lexicon indicates a risk which is not yet restricted by calculation, as
   the modern notion is, although some distinctions are already made by
   Aquinas. However, the lexicon only describes a risk of loss and does not
   take into account chance of gain.
   Keywords: Thomas Aquinas,scholastics,danger,probability,prudence,risk
   Date: 2022–09–24
   URL: http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03787210&r=
   2. INTRODUCTION A L'ANALYSE ECONOMIQUE DE LA GUERRE
   <http://econpapers.repec.org/RePEc:hal:journl:hal-03780322>
   By: Jacques Fontanel
   <http://econpapers.repec.org/scripts/search.pf?aus=Jacques%20Fontanel>
(CESICE
   - Centre d'études sur la sécurité internationale et les coopérations
   européennes - UGA - Université Grenoble Alpes - IEPG - Sciences Po Grenoble
   - Institut d'études politiques de Grenoble - UGA - Université Grenoble
   Alpes)
   Abstract: The economic analysis of war remains deeply dependent on
   expressed or underlying philosophical reflections. Political economy was
   based on philosophical reflections on life in society, from the
   mercantilists in search of the power of the Prince to the Marxists,
   resolute opponents of the class struggle inherent in capitalism, passing
   through humanist, anarchist, statist or socialist analyses often grouped
   together under the inaccurate Marxist name of "utopian socialists" and
   Keynesian reflections giving the State a role that is today rendered so
   difficult because of regionalization and globalization. The transition from
   political economy to economic science has progressively disconnected
   formalized analyses from all forms of conflict between states or within
   nations. It testifies to the importance still given today to the "invisible
   hand" and to liberal neo-classical analyses that still value self-interest
   and the police state as fundamental and optimal bases of economic life.
   However, the 20th century shows the permanence of conflicts and wars. It is
   essential today, in order to understand the economy of today, to integrate
   into economic reflections the functioning of political systems which, under
   declarations favorable to the functioning of the market economy, continue
   to exert influences that are similar to mercantilist type policies.
   Economic development goes hand in hand with the power of the state and vice
   versa.
   Abstract: L'analyse économique de la guerre reste profondément
   dépendante de réflexions philosophiques exprimées ou sous-jacentes.
   L'économie politique était fondée sur des réflexions philosophiques portant
   notamment sur la vie en société, des mercantilistes à la recherche de la
   puissance du Prince aux marxistes adversaires résolus de la lutte des
   classes inhérente au capitalisme, en passant par les analyses humanistes,
   anarchistes, étatiques ou socialistes souvent regroupées sous la
   dénomination marxiste inexacte de «socialistes utopiques » et les
   réflexions keynésiennes donnant à l'Etat un rôle qui lui est aujourd'hui
   rendu si difficile du fait de la régionalisation et de la globalisation. Le
   passage de l'économie politique à la science économique a progressivement
   déconnecté les analyses formalisées de toutes les formes de conflits entre
   les Etats ou à l'intérieur des Nations. Il témoigne de l'importance
   accordée encore aujourd'hui à la « main invisible » et aux analyses
   néo-classiques libérales qui valorisent toujours l'intérêt personnel et
   l'Etat gendarme comme bases fondamentales et optimales de la vie
   économique. Pourtant, le XXe siècle met en évidence la permanence des
   conflits et des guerres. Il est aujourd'hui essentiel, pour comprendre
   l'économie d'aujourd'hui, d'intégrer dans les réflexions économiques le
   fonctionnement de systèmes politiques lesquels, sous les déclarations
   favorables au fonctionnement de l'économie de marché, continuent à exercer
   des influences qui s'apparentent à des politiques de type mercantiliste. Le
   développement économique va de pair avec la puissance de l'Etat et vice
   versa.
   Date: 2022
   URL: http://d.repec.org/n?u=RePEc:hal:journl:hal-03780322&r=
   3. The Moral Theory of Value ; A Gift Lemma
   <http://econpapers.repec.org/RePEc:pra:mprapa:114825>
   By: Mughal, Adil Ahmad
   <http://econpapers.repec.org/scripts/search.pf?aus=Mughal,%20Adil%20Ahmad>
   Abstract: Aside from the calculating and always troublesome utilitarian
   ethic, a moral theory of value can better serve as a desirable form of the
   veil of ignorance analogy on the part of the arbitration of allocation
   procedures. Philosopher Soren Kierkegaard suggested a 'moral absolute' that
   achieves a 'teleological suspension of the ethical'. This suspension or the
   veil of ignorance can be formulated as a randomization of allocation
   procedures across agents in a given preference space; such that, a truly
   self-interested gain is unpriced and therefore a true gift, that is, a gift
   without an obligation.
   Keywords: Moral value, self-interest, the gift, invariance of domain,
   social preferences, unpriced preferences
   JEL: B4 C0 C70 C78 C9 D6
   <http://econpapers.repec.org/scripts/search.pf?jel=B4%20C0%20C70%20C78%20C9%20D6>
   Date: 2022–09
   URL: http://d.repec.org/n?u=RePEc:pra:mprapa:114825&r=
   4. Complexity research in economics: past, present and future
   <http://econpapers.repec.org/RePEc:unm:unumer:2022023>
   By: Nomaler, Önder
   <http://econpapers.repec.org/scripts/search.pf?aus=Nomaler,%20%C3%96nder>
(RS:
   GSBE other - not theme-related research, Mt Economic Research Inst on
   Innov/Techn); Verspagen, Bart
   <http://econpapers.repec.org/scripts/search.pf?aus=Verspagen,%20Bart> (RS:
   GSBE MGSoG, RS: GSBE other - not theme-related research, Mt Economic
   Research Inst on Innov/Techn, RS: UNU-MERIT Theme 1)
   Abstract: In this paper, we provide a brief overview of the field of
   complexity research in economics, and discuss directions of research that
   we consider to be promising in terms of solving open issues. We start the
   survey of the field with the research that emerged in the 1990s, when under
   the influence of earlier developments in the natural sciences (e.g.,
   thermodynamics and chaos theory), the term complexity became in fashion to
   refer to theoretical ideas about how "ordered" patterns at an aggregate
   level can emerge from interaction between heterogenous agents at the
   microeconomic level. This gave rise to the notion of self-organization in
   dissipative systems, or "order at the edge of chaos" to describe economic
   dynamics. Because disequilibrium plays a large role in these theories,
   these ideas worked very well in combination with a Schumpeterian view of
   the economy, which also stresses disequilibrium. In the current literature,
   economic complexity is mainly used to refer to the application of
   quantitative methods based on networks that can be created on the basis of
   very fine-grained data on production or trade. These data are used to
   produce aggregate measures of development, as well as to describe how
   production structures may evolve over time. This literature developed
   largely disconnected to the earlier complexity literature. The new economic
   complexity paradigm is largely void of economic theory, and instead aims to
   provide a set of data reduction techniques that are used to characterize
   development. With regard to outlook for complexity research in
   (Schumpeterian) economics, on the one hand, we feel that the potential for
   analyzing the economy as a dissipative, out-of-equilibrium system has not
   been fully exploited yet. In particular, we propose that - in line with the
   field of "Big History" (which aims to describe and analyze a coarse history
   of the universe since the Big Bang) - there is work to be done on the
   larger issues in economics, in particular climate change and sustainability.
   JEL: B52 O30 O31 O33
   <http://econpapers.repec.org/scripts/search.pf?jel=B52%20O30%20O31%20O33>
   Date: 2022–07–07
   URL: http://d.repec.org/n?u=RePEc:unm:unumer:2022023&r=
   5. La estructura lógica de la teoría del equilibrio general dinámico
   estocástico <http://econpapers.repec.org/RePEc:col:000196:020477>
   By: Tobón Arias, Alexander
   <http://econpapers.repec.org/scripts/search.pf?aus=Tob%C3%B3n%20Arias,%20Alexander>
   Abstract: Resumen: El objetivo de este documento de trabajo es proponer
   una estructuración lógica de la teoría del equilibrio general dinámico
   estocástico o teoría DSGE. Para tal fin, se presentan las seis fases que
   configuran su evolución, buscando responder al paradigma de las
   fluctuaciones económicas o business cycle. Se muestra que existen dos
   linajes en dicha evolución: por un lado, aquel que proviene de Brock y
   Mirman (1972) y, por otro lado, aquel que proviene de Dixit y Stiglitz
   (1977). Sobre la base de esta distinción, se discute la naturaleza de la
   teoría del equilibrio general dinámico estocástico en su versión actual
   llamada “nueva síntesis neoclásica†o “modelo nuevo keynesiano†. Si
   bien esta versión reivindica una adhesión al pensamiento de Keynes, se
   aporta evidencia para rechazar tal pretensión. Se concluye que la teoría
   del equilibrio general dinámico estocástico es esencialmente una
   metodología empírica, cuyo contenido teórico se reduce a los principios
   tradicionales de la teoría neoclásica walrasiana. Abstract: The aim of this
   working paper is to propose a logical structure of the dynamic stochastic
   general equilibrium theory or DSGE theory. To this end, the six phases of
   its evolution are presented, aiming to address the paradigm of economic
   fluctuations or business cycle. It is shown that there are two lineages in
   this evolution: the one from Brock and Mirman (1972), and that which comes
   from Dixit and Stiglitz (1977). Based on this distinction, the dynamic
   stochastic general equilibrium theory is discussed, known in its current
   version as “new neoclassical synthesis†or “new Keynesian model†.
   While this version claims an adherence to Keynes’s thought, evidence is
   provided to reject such a claim. It is concluded that dynamic stochastic
   general equilibrium theory is essentially an empirical methodology, whose
   theoretical content is reduced to the traditional principles of the
   Walrasian neoclassical theory.
   Keywords: Historia de la macroeconomía, nuevos clásicos, nuevos
   keynesianos, DSGE, nueva síntesis neoclásica
   JEL: B22 E13 E32 E50
   <http://econpapers.repec.org/scripts/search.pf?jel=B22%20E13%20E32%20E50>
   Date: 2022–07–12
   URL: http://d.repec.org/n?u=RePEc:col:000196:020477&r=
   6. Louis Bachelier's Théorie de la spéculation : The missing piece in
   Walras' general equilibrium
   <http://econpapers.repec.org/RePEc:hal:cesptp:halshs-03815600>
   By: Nicole El Karoui
   <http://econpapers.repec.org/scripts/search.pf?aus=Nicole%20El%20Karoui>
(LPSM
   (UMR_8001) - Laboratoire de Probabilités, Statistique et Modélisation - SU
   - Sorbonne Université - CNRS - Centre National de la Recherche
   Scientifique - UPCité - Université Paris Cité); Antoine Parent
   <http://econpapers.repec.org/scripts/search.pf?aus=Antoine%20Parent> (LED
   - Laboratoire d'Economie Dionysien - UP8 - Université Paris 8
   Vincennes-Saint-Denis, OFCE - Observatoire français des conjonctures
   économiques (Sciences Po) - Sciences Po - Sciences Po, CAC-IXXI, Complex
   Systems Institute); Pierre-Charles Pradier
   <http://econpapers.repec.org/scripts/search.pf?aus=Pierre-Charles%20Pradier>
(CES
   - Centre d'économie de la Sorbonne - UP1 - Université Paris 1
   Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)
   Abstract: We propose a revisited view of Louis Bachelier's contribution
   to economic analysis. Conventional wisdom presents Bachelier as the
   founding father of modern financial theory. We show that Bachelier's work
   is constructed to respond to a gap in the Walrasian general equilibrium,
   where the options market is verbosely introduced but not modeled. By
   providing a price formation theory for the missing options market,
   Bachelier undoubtedly presents himself as the heir apparent of the
   mathematical economics tradition founded by Walras. Indeed, Bachelier's
   methodological stance is clearly formed on the "rational method" of Walras,
   proceeding by mathematical demonstration from postulates that we make
   explicit. We show additionally how Walras and Bachelier in pre-WW2 France
   reached to the same audience. We propose to name this augmented general
   equilibrium model the Walras-Bachelier model of intertemporal general
   equilibrium in the presence of risk. This theory prefigures the
   Arrow-Debreu model, with some differences which we make clear.
   Keywords: General equilibrium,Financial markets,Option
   pricing,Bachelier,Walras
   Date: 2022–10
   URL: http://d.repec.org/n?u=RePEc:hal:cesptp:halshs-03815600&r=
   7. Crédito, producción y consumo en la teoría monetaria de Hawtrey (1919)
   <http://econpapers.repec.org/RePEc:col:000196:020476>
   By: Villarreal Restrepo, Carlos Andrés
   <http://econpapers.repec.org/scripts/search.pf?aus=Villarreal%20Restrepo,%20Carlos%20Andr%C3%A9s>
   Abstract: Resumen: El objetivo de este documento de trabajo es realizar
   una interpretación de la teoría monetaria de Hawtrey (1919). Este autor
   define la cantidad de dinero como el crédito bancario, cuya circulación
   entre comerciantes, productores y consumidores provoca cambios no
   proporcionales en los precios monetarios. Se trataría entonces de una
   teoría monetaria que defiende la hipótesis de una demanda de dinero
   endógena. De esta manera, la teoría monetaria de Hawtrey rechaza la
   neutralidad del dinero, por lo cual se tiene un sustento teórico para
   explicar el origen de las crisis financieras. Abstract: The aim of this
   working paper is to present the monetary theory of Hawtrey (1919). This
   author defines the quantity of money as credit, whose circulation among
   merchants, producers and consumers causes non-proportional changes in
   monetary prices. In this way, Hawtrey's monetary theory rejects the
   neutrality of money, which is why there is theoretical support to explain
   the origin of financial crises.
   Keywords: Hawtrey, crédito, teoría monetaria, teoría cuantitativa del
   dinero, neutralidad del dinero
   JEL: B13 E13 E42 E50
   <http://econpapers.repec.org/scripts/search.pf?jel=B13%20E13%20E42%20E50>
   Date: 2021–09–08
   URL: http://d.repec.org/n?u=RePEc:col:000196:020476&r=
   8. Trade Acceptances, Financial Reform, and the Culture of Commercial
   Credit, 1915-1920
   <http://econpapers.repec.org/RePEc:gnv:wpaper:unige:164262>
   9.
   By: Myles, Jamieson
   <http://econpapers.repec.org/scripts/search.pf?aus=Myles,%20Jamieson>
   Abstract: In her seminal work on insider lending, Naomi Lamoreaux
   describes the shift to impersonal lending in late nineteenth century New
   England. Although orthodox banking theory prescribed investing in “real
   bills”, they were in short supply, so reformers focused instead on
   establishing new objective lending criteria. This article examines the
   nationwide campaign by financial reformers in the 1910s to do what banking
   reformers in New England had not: convince businesses across the U.S. to
   abandon prevailing commercial credit practices and adopt “trade
   acceptances”—the quintessential real bill—in their stead. To financial
   reformers, the Federal Reserve System offered an institutional means of
   reducing distributors’ dependence on mercantile credit and incentivizing
   banks to invest in real bills. Once underway, campaigners argued that trade
   acceptances would foster good business practices and stabilize the
   financial system and relied on trade associations and the federal
   government to disseminate this message. Some businesses obliged, but many
   opposed trade acceptances, casting them as contrary to the American culture
   of credit. The campaign did not eradicate established credit practices or
   supplant the promissory note and failed to incentivize non-member state
   banks to become Fed members. Instead, its significance lay in industrial
   finance companies’ use of trade acceptances as collateral to secure
   financing for the distribution and mass consumption of consumer durables.
   <p>
   Keywords: Impersonal lending, Bills of exchange, Money market, Culture
   of credit, Federal Reserve System.
   JEL: N00 N22 N72
   <http://econpapers.repec.org/scripts/search.pf?jel=N00%20N22%20N72>
   Date: 2022
   URL: http://d.repec.org/n?u=RePEc:gnv:wpaper:unige:164262&r=
   10. Politicians, bankers and the Great Depression: The Spanish banking
   crisis of 1931 <http://econpapers.repec.org/RePEc:zbw:eabhps:2201>
   By: Jorge-Sotelo, Enrique
   <http://econpapers.repec.org/scripts/search.pf?aus=Jorge-Sotelo,%20Enrique>
   Abstract: This paper contributes to the literature on moral hazard,
   lending of last resort and the political origins of banking crises. Drawing
   on newly accessed quantitative and qualitative archival sources the paper
   documents how a bank - Banco de Cataluña - formed a coalition with the
   Dictatorship of Primo de Rivera (1923-30) in order to depart from the
   framework of "constructive ambiguity" that characterized central bank
   lending of last resort in Spain. As a result, the bank developed a uniquely
   risky portfolio and incurred in insider lending to internationally exposed
   firms at the onset of the Great Depression. The fall of the Dictatorship
   and democratic transition, the collapse of international trade, and global
   deflation during 1929-31 made fragilities emerge causing the bank to fail.
   Keywords: moral hazard,lender of last resort,Great Depression
   JEL: N24 E58 G01
   <http://econpapers.repec.org/scripts/search.pf?jel=N24%20E58%20G01>
   Date: 2022
   URL: http://d.repec.org/n?u=RePEc:zbw:eabhps:2201&r=
   11. Can Economics Become More Reflexive ? Exploring the Potential of
   Mixed-Methods <http://econpapers.repec.org/RePEc:wbk:wbrwps:9918>
   By: Rao,Vijayendra
   <http://econpapers.repec.org/scripts/search.pf?aus=Rao,Vijayendra>
   Abstract: This paper argues that Economics can learn from Cultural
   Anthropology and Qualitative Sociologyby drawing on a judicious mix of
   qualitative and quantitative methods to become more “reflexive.” It
   arguesthat reflexivity, which helps reduce the distance between researchers
   and the subjects of their research, has four keyelements: cognitive
   empathy, the analysis of narratives (potentially enhanced by machine
   learning), understandingprocess, and participation (involving respondents
   in research). The paper provides an impressionistic andnon-comprehensive
   review of mixed-methods relevant to development economics and
   discrimination to illustrate these points.
   Keywords: Human Rights,Gender and Development,Financial Sector
   Policy,Social Cohesion,ICT Applications
   Date: 2022–01–28
   URL: http://d.repec.org/n?u=RePEc:wbk:wbrwps:9918&r=

------------------------------
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