[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 2023‒09‒18
papers chosen by
Erik Thomson <http://econpapers.repec.org/RAS/pth72.htm>,
University of Manitoba <http://umanitoba.ca/>
------------------------------
1. What would be a sustainable liberalism ?
<https://mail.google.com/mail/u/0/#m_8732736031241389276_p1> By Claude
Gamel <http://econpapers.repec.org/scripts/search.pf?aus=Claude%20Gamel>
2. Keynes and the drunkard under the lamp post: Making sense of Palley
<https://mail.google.com/mail/u/0/#m_8732736031241389276_p2> By Heise,
Arne <http://econpapers.repec.org/scripts/search.pf?aus=Heise,%20Arne>
3. The first graduate school of Latin American economic studies
(ESCOLATINA) between "autochthonous" and international logics (1956-1964)
<https://mail.google.com/mail/u/0/#m_8732736031241389276_p3> By Klüger,
Elisa
<http://econpapers.repec.org/scripts/search.pf?aus=Kl%C3%BCger,%20Elisa>
; Morin, Johanna Gautier
<http://econpapers.repec.org/scripts/search.pf?aus=Morin,%20Johanna%20Gautier>
; Rossier, Thierry
<http://econpapers.repec.org/scripts/search.pf?aus=Rossier,%20Thierry>
4. On the Problem of the Purchasing Power of Money by A. A. Konüs and S.
S. Byushgens: Translation and Commentary
<https://mail.google.com/mail/u/0/#m_8732736031241389276_p4> By Valentin
Zelenyuk
<http://econpapers.repec.org/scripts/search.pf?aus=Valentin%20Zelenyuk>;
Erwin
Diewert
<http://econpapers.repec.org/scripts/search.pf?aus=Erwin%20Diewert>
5. Kokovtsov V.N.: life and activity
<https://mail.google.com/mail/u/0/#m_8732736031241389276_p5> By Belykh,
Andrey (Белых, Андрей)
<http://econpapers.repec.org/scripts/search.pf?aus=Belykh,%20Andrey%20(%D0%91%D0%B5%D0%BB%D1%8B%D1%85,%20%D0%90%D0%BD%D0%B4%D1%80%D0%B5%D0%B9)>
6. The Cambridge capital controversies (CCC) as market and firm
structure controversies: modern neoclassical interpretation
<https://mail.google.com/mail/u/0/#m_8732736031241389276_p6> By Review,
Blind <http://econpapers.repec.org/scripts/search.pf?aus=Review,%20Blind>
7. POLITICAL KUZNETS CURVE: THE EFFECT OF DEMOCRATIZATION AND COLLECTIVE
ACTION ON INCOME DISTRIBUTION
<https://mail.google.com/mail/u/0/#m_8732736031241389276_p7> By Matveev,
Ilya (Матвеев, Илья)
<http://econpapers.repec.org/scripts/search.pf?aus=Matveev,%20Ilya%20(%D0%9C%D0%B0%D1%82%D0%B2%D0%B5%D0%B5%D0%B2,%20%D0%98%D0%BB%D1%8C%D1%8F)>
; Konovalov, Ilya (Коновалов, Илья)
<http://econpapers.repec.org/scripts/search.pf?aus=Konovalov,%20Ilya%20(%D0%9A%D0%BE%D0%BD%D0%BE%D0%B2%D0%B0%D0%BB%D0%BE%D0%B2,%20%D0%98%D0%BB%D1%8C%D1%8F)>
8. From Statistical Physics to Social Sciences: The Pitfalls of
Multi-disciplinarity
<https://mail.google.com/mail/u/0/#m_8732736031241389276_p8> By
Jean-Philippe
Bouchaud
<http://econpapers.repec.org/scripts/search.pf?aus=Jean-Philippe%20Bouchaud>
9. The FOMC versus the Staff: Do Policymakers Add Value in Their Tales?
<https://mail.google.com/mail/u/0/#m_8732736031241389276_p9> By Ilias
Filippou
<http://econpapers.repec.org/scripts/search.pf?aus=Ilias%20Filippou>; James
Mitchell
<http://econpapers.repec.org/scripts/search.pf?aus=James%20Mitchell>; My
T. Nguyen
<http://econpapers.repec.org/scripts/search.pf?aus=My%20T.%20Nguyen>
------------------------------
1. What would be a sustainable liberalism ?
<http://econpapers.repec.org/RePEc:hal:journl:halshs-03982653>
By: Claude Gamel
<http://econpapers.repec.org/scripts/search.pf?aus=Claude%20Gamel> (LEST
- Laboratoire d'Economie et de Sociologie du Travail - AMU - Aix Marseille
Université - CNRS - Centre National de la Recherche Scientifique)
Abstract: In France, liberalism is not a well-known philosophy, which is
even often caricatured. After more than thirty years of personal academic
research, the idea of developing a "sustainable" version of liberalism came
to me slowly, which finally led to a book recently published (2021). The
current text outlines the four basic components of which the book is the
result (I) and the perspective adopted – Rawlsian "property-owning
democracy" rather than Hayekian "rules of just conduct" (II). In fact, my
(socially) sustainable liberalism is a true puzzle, in so far it aims to
combine pieces borrowed from four authors – Hayek and Rawls, but also Sen
and Van Parijs (III). In conclusion, such a liberalism could not be a
completely sustainable one, because of course it concerns justice in
society, but it is not enough to deal with other important challenges to be
met in the contemporary world (IV).
Abstract: Le libéralisme est en France une philosophie mal connue et
souvent caricaturée. À l'issue de plus de trente ans de recherches
universitaires personnelles, l'idée de développer une version « soutenable
» du libéralisme s'est peu à peu imposée, conclue par la publication
récente d'un ouvrage (2021). Le présent texte expose d'abord les quatre «
ingrédients » dont cet ouvrage est le résultat (I), puis l'angle d'attaque
adopté-la « démocratie de propriétaires » de Rawls, plutôt que « les règles
de juste conduite » de Hayek (II). Mon libéralisme (socialement) soutenable
est en fait un véritable puzzle qui cherche à emboiter des pièces
empruntées à quatre auteurs-Hayek et Rawls, mais aussi Sen et Van Parijs
(III). En conclusion, un tel libéralisme ne pourrait être complètement
soutenable, car il aborde certes la question de la justice en société, mais
cela ne suffit pas pour traiter d'autres défis importants que le monde
contemporain a à relever (IV).
Keywords: rules of just conduct, property-owning democracy, labour,
capabilities, basic income, capacités, revenu de base, règles de juste
conduite, démocratie de propriétaires, travail
Date: 2023–03
URL: http://d.repec.org/n?u=RePEc:hal:journl:halshs-03982653&r=hpe
2. Keynes and the drunkard under the lamp post: Making sense of Palley
<http://econpapers.repec.org/RePEc:zbw:cessdp:103>
By: Heise, Arne
<http://econpapers.repec.org/scripts/search.pf?aus=Heise,%20Arne>
Abstract: In a recent article, Tom Palley begins his critique of
Keynesian economics with the well-known story of a drunkard who, when
searching for his lost keys, looks not in the darkness of the nearby lawn
where he misplaced them, but instead under the light cone of a lamp post
because, when asked, he replies that's where the light is. This story
serves as a metaphor for the field of economics attempting to understand
the workings of the capitalist economy solely through the lens of Keynesian
economics. However, this endeavour is ultimately futile as comprehending
capitalism requires a different analytical approach: acknowledging social
conflict as an essential component of capitalism's nature better addressed
by Kaleckian macroeconomics. I attempt to illustrate that Palley is
accurate in emphasizing the paradigmatic differences and even
incommensurabilities between Keynes' monetary production paradigm and the
Marxian-Kaleckian social conflict paradigm. This suggests that any
classification under the umbrella term "post-Keynesianism" is misleading.
However, Palley is mistaken in his assertion that this distinction aligns
Keynes' economics with neoclassical (mainstream) economics, as the
acceptance or rejection of social conflict is not the only fault line in
terms of ontology. There are other ontological divisions that can exist.
Or, to use the metaphor, the lamp post can be moved to different areas of
the lawn, indicating different ontological perspectives.
Keywords: Keynes, social conflict, effective demand, monetary production
JEL: A14 B40 B51 E11 E12
<http://econpapers.repec.org/scripts/search.pf?jel=A14%20B40%20B51%20E11%20E12>
Date: 2023
URL: http://d.repec.org/n?u=RePEc:zbw:cessdp:103&r=hpe
3. The first graduate school of Latin American economic studies
(ESCOLATINA) between "autochthonous" and international logics (1956-1964)
<http://econpapers.repec.org/RePEc:ehl:lserod:120060>
By: Klüger, Elisa
<http://econpapers.repec.org/scripts/search.pf?aus=Kl%C3%BCger,%20Elisa>
; Morin, Johanna Gautier
<http://econpapers.repec.org/scripts/search.pf?aus=Morin,%20Johanna%20Gautier>
; Rossier, Thierry
<http://econpapers.repec.org/scripts/search.pf?aus=Rossier,%20Thierry>
Abstract: After World War II, international organizations and research
institutes dedicated to the development of local expertise thrived in Latin
America. The desire to produce appropriate knowledge to solve the region's
socio-economic problems raised the question of the intellectual and
material autonomy of these organizations. This article combines
intellectual and social history to investigate the early years of the first
Graduate School of Latin American Economic Studies (ESCOLATINA), founded in
Chile in 1956. The mixture of archival research, collective biography, and
sequence analysis allows us to examine the tensions between, on the one
hand, the quest for epistemic autonomy and rapprochement with other social
sciences, and, on the other hand, the influence of the US model of graduate
schools of economics together with the dependence on foreign resources and
experts. The history of ESCOLATINA also reveals how the academic and
political environment in Chile shaped the school and transformed it over
time.
Keywords: academic autonomy; collective biography; ESCOLATINA; sequence
analysis; transnational expertise
JEL: J1 <http://econpapers.repec.org/scripts/search.pf?jel=J1>
Date: 2023–07
URL: http://d.repec.org/n?u=RePEc:ehl:lserod:120060&r=hpe
4. On the Problem of the Purchasing Power of Money by A. A. Konüs and S.
S. Byushgens: Translation and Commentary
<http://econpapers.repec.org/RePEc:qld:uqcepa:189>
By: Valentin Zelenyuk
<http://econpapers.repec.org/scripts/search.pf?aus=Valentin%20Zelenyuk>
(School
of Economics and Centre for Efficiency and Productivity Analysis (CEPA) at
The University of Queensland, Australia); Erwin Diewert
<http://econpapers.repec.org/scripts/search.pf?aus=Erwin%20Diewert>
(University
of British Columbia & University of New South Wales)
Abstract: In 1939, Econometrica published an English translation of
Konüs (1924). Since then, Konüs (1924 [1939]) has become a classic work on
the theory of the cost of living index, inspiring many other studies in the
field. On the other hand, very few scholars have had the opportunity to
read another, equally important, work by Konüs (co-authored with Byushgens)
published in 1926 by the same Institute. This other paper of Konüs also
pioneered several fundamental concepts and results in economics (including
duality theory, the theory of inverse demand functions and the theory of
exact index numbers), yet somehow it appears that it has never been
translated into English (or any other language). We bridge this gap by
offering a translation and a commentary on this important paper.
Keywords: Price Index, Inflation measurement, Purchasing Power of Money
JEL: C43 E30
<http://econpapers.repec.org/scripts/search.pf?jel=C43%20E30>
Date: 2023–01
URL: http://d.repec.org/n?u=RePEc:qld:uqcepa:189&r=hpe
5. Kokovtsov V.N.: life and activity
<http://econpapers.repec.org/RePEc:rnp:wpaper:w20220103>
By: Belykh, Andrey (Белых, Андрей)
<http://econpapers.repec.org/scripts/search.pf?aus=Belykh,%20Andrey%20(%D0%91%D0%B5%D0%BB%D1%8B%D1%85,%20%D0%90%D0%BD%D0%B4%D1%80%D0%B5%D0%B9)>
(The
Russian Presidential Academy of National Economy and Public Administration)
Abstract: This work describes life and activity of Vladimir Nikolaevich
Kokovtsov, prime-minister (1911-1914) and minister of finance (1904-1905,
1906-1914) of the Russian Empire. In the history of the Russian Empire, of
the USSR and of the Russian Federation, Kokovtsov was the only statesman to
combine the position of minister of finance and of prime-minister. Though
there are a number of works and several PhD theses devoted to Kokovtsov – a
key actor of his time, a general evaluation of his personality and his
influence on the economic development of Russia in the beginning of the
20th century is yet to be made. Filling this gap is the main goal of this
work. The object of investigation is Kokovtsov’s political biography, his
economic and financial policy, and his efforts to reasonably limit military
expenditures. The work is based on both personal materials left by Vladimir
Kokovtsov (memoirs, letters), and official documents. Several archived
materials – memos on financial matters of military defense made up by
Kokovtsov – are published for the first time. The author verifies
authenticity of the sources and confirms or refutes some facts presented by
Kokovtsov using an array of modern methods of historical science including
the principle of historicism, principle of classification,
comparative-historical method, and some others. Beyond doubt, Vladimir
Nikolaevich Kokovtsov was an outstanding statesman. He was not a politician
in the traditional sense. On the contrary, he served his country as an
“honest bureaucrat”. Steadfast observation of laws, honesty, efficient
financial policy, love for Russia – all these characteristics describe his
personality.
Keywords: history of Russia, V.N. Kokovtsov, economic policy, finances,
20th century, military expenditures
JEL: N13 N23 O23
<http://econpapers.repec.org/scripts/search.pf?jel=N13%20N23%20O23>
Date: 2021–11
URL: http://d.repec.org/n?u=RePEc:rnp:wpaper:w20220103&r=hpe
6. The Cambridge capital controversies (CCC) as market and firm
structure controversies: modern neoclassical interpretation
<http://econpapers.repec.org/RePEc:osf:osfxxx:xequg>
By: Review, Blind
<http://econpapers.repec.org/scripts/search.pf?aus=Review,%20Blind>
Abstract: How dynamic stochastic general equilibrium (DSGE) models,
widely used in mainstream macroeconomics, revive neoclassical capital
theory parables and the uniform rate of interest is analyzed. While
Arrow-Debreu-McKenzie (ADM) general equilibrium models disallow such a
revival, DSGE has agents re-optimizing at each period, along with separate
intra-period budget constraints, which then result in first-order
conditions that lead to the resurrection of capital aggregation and the
traditional neoclassical capital theory. Despite these initially positive
results for neoclassicals, the Cambridge capital controversies (CCC) can be
re-cast in form of market and firm structure: quasi-complete contract
versus incomplete contract and ADM-style complete market versus DSGE-style
incomplete market. In both a theory of the firm and 'ADM versus DSGE, ' the
question is: why do agents choose the inferior market structure (incomplete
contract and DSGE-style incomplete market) that leads to lower expected
time-discounted utility? In this sense, CCC is alive even in neoclassical
macroeconomics.
Date: 2023–08–09
URL: http://d.repec.org/n?u=RePEc:osf:osfxxx:xequg&r=hpe
7. POLITICAL KUZNETS CURVE: THE EFFECT OF DEMOCRATIZATION AND COLLECTIVE
ACTION ON INCOME DISTRIBUTION
<http://econpapers.repec.org/RePEc:rnp:wpaper:w20220158>
By: Matveev, Ilya (Матвеев, Илья)
<http://econpapers.repec.org/scripts/search.pf?aus=Matveev,%20Ilya%20(%D0%9C%D0%B0%D1%82%D0%B2%D0%B5%D0%B5%D0%B2,%20%D0%98%D0%BB%D1%8C%D1%8F)>
(The
Russian Presidential Academy of National Economy and Public
Administration); Konovalov, Ilya (Коновалов, Илья)
<http://econpapers.repec.org/scripts/search.pf?aus=Konovalov,%20Ilya%20(%D0%9A%D0%BE%D0%BD%D0%BE%D0%B2%D0%B0%D0%BB%D0%BE%D0%B2,%20%D0%98%D0%BB%D1%8C%D1%8F)>
(The
Russian Presidential Academy of National Economy and Public Administration)
Abstract: Economic inequality is often portrayed as an objective fact
that can only be changed by redistributive policies. This leads economists
to link inequality to other strictly economic factors – first and foremost,
economic growth. This approach is based on Simon Kuznets’ famous hypothesis
on the association between growth and inequality. This association has long
been treated as economic in nature: after a certain level of economic
development is reached, inequality begins to decline. However, in this
paper, we deal with theories that refuse to consider inequality to be a
purely economic phenomenon. We focus on Daron Acemoglu and James Robinson’s
model that indicates the Kuznets curve having a political nature. This
model treats inequality as a result of the conflict between masses and
elites, and suggests searching for a strategic compromise by building
democratic institutions. We investigate the model’s assumptions and through
studying empirical works we indicate possible ways to advance Acemoglu and
Robinson’s theory. We conclude that the model’s basic structure is sound,
however, its development requires detailed case studies, not just general
econometric analysis. We also claim that Acemoglu and Robinson’s model
should involve a more nuanced understanding of the causes and effects of
collective action both before and after democratization.
JEL: D31 H23 D74
<http://econpapers.repec.org/scripts/search.pf?jel=D31%20H23%20D74>
Date: 2021–11–11
URL: http://d.repec.org/n?u=RePEc:rnp:wpaper:w20220158&r=hpe
8. From Statistical Physics to Social Sciences: The Pitfalls of
Multi-disciplinarity
<http://econpapers.repec.org/RePEc:arx:papers:2308.02895>
By: Jean-Philippe Bouchaud
<http://econpapers.repec.org/scripts/search.pf?aus=Jean-Philippe%20Bouchaud>
Abstract: This is the English version of my inaugural lecture at
Coll\`ege de France in 2021, available at
https://www.youtube.com/watch?v=bxktplKMhKU. I reflect on the difficulty
of multi-disciplinary research, which often hinges of unexpected
epistemological and methodological differences, for example about the
scientific status of models. What is the purpose of a model? What are we
ultimately trying to establish: rigorous theorems or ad-hoc calculation
recipes; absolute truth, or heuristic representations of the world? I argue
that the main contribution of statistical physics to social and economic
sciences is to make us realise that unexpected behaviour can emerge at the
aggregate level, that isolated individuals would never experience. Crises,
panics, opinion reversals, the spread of rumours or beliefs, fashion
effects and the zeitgeist, but also the existence of money, lasting
institutions, social norms and stable societies, must be understood in
terms of collective belief and/or trust, self-sustained by interactions, or
on the contrary, the rapid collapse of this belief or trust. The Appendix
contains my opening remarks to the workshop ``More is Different'', as a
tribute to Phil Anderson.
Date: 2023–08
URL: http://d.repec.org/n?u=RePEc:arx:papers:2308.02895&r=hpe
9. The FOMC versus the Staff: Do Policymakers Add Value in Their Tales?
<http://econpapers.repec.org/RePEc:fip:fedcwq:96636>
By: Ilias Filippou
<http://econpapers.repec.org/scripts/search.pf?aus=Ilias%20Filippou>; James
Mitchell
<http://econpapers.repec.org/scripts/search.pf?aus=James%20Mitchell>; My
T. Nguyen
<http://econpapers.repec.org/scripts/search.pf?aus=My%20T.%20Nguyen>
Abstract: Using close to 40 years of textual data from FOMC transcripts
and the Federal Reserve staff's Greenbook/Tealbook, we extend Romer and
Romer (2008) to test if the FOMC adds information relative to its staff
forecasts not via its own quantitative forecasts but via its words. We use
methods from natural language processing to extract from both types of
document text-based forecasts that capture attentiveness to and sentiment
about the macroeconomy. We test whether these text-based forecasts provide
value-added in explaining the distribution of outcomes for GDP growth, the
unemployment rate, and inflation. We find that FOMC tales about
macroeconomic risks do add value in the tails, especially for GDP growth
and the unemployment rate. For inflation, we find value-added in both FOMC
point forecasts and narrative, once we extract from the text a broader set
of measures of macroeconomic sentiment and risk attentiveness.
Keywords: monetary policy; sentiment; uncertainty; risk; forecast
evaluation; FOMC meetings; textual analysis; machine learning; quantile
regression
JEL: F31 G11 G15
<http://econpapers.repec.org/scripts/search.pf?jel=F31%20G11%20G15>
Date: 2023–08–30
URL: http://d.repec.org/n?u=RePEc:fip:fedcwq:96636&r=hpe
------------------------------
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