[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 2022‒05‒16
papers chosen by
Erik Thomson <http://econpapers.repec.org/RAS/pth72.htm>
University of Manitoba <http://umanitoba.ca/>
------------------------------
1. Labour by Design: Contributions of David Card, Joshua Angrist, and
Guido Imbens <https://mail.google.com/mail/u/0/#m_8138872094467201387_p1>
By Peter Hull
<http://econpapers.repec.org/scripts/search.pf?aus=Peter%20Hull>; Michal
Koles\'ar
<http://econpapers.repec.org/scripts/search.pf?aus=Michal%20Koles%5C%27ar>
; Christopher Walters
<http://econpapers.repec.org/scripts/search.pf?aus=Christopher%20Walters>
2. The Philosophical interpretation of Fragility as an Economics concept
<https://mail.google.com/mail/u/0/#m_8138872094467201387_p2> By Tweneboah
Senzu, Emmanuel
<http://econpapers.repec.org/scripts/search.pf?aus=Tweneboah%20Senzu,%20Emmanuel>
3. Historical Time and the Current State of Post-Keynesian Growth Theory
<https://mail.google.com/mail/u/0/#m_8138872094467201387_p3> By Ettore
Gallo <http://econpapers.repec.org/scripts/search.pf?aus=Ettore%20Gallo>
; Mark Setterfield
<http://econpapers.repec.org/scripts/search.pf?aus=Mark%20Setterfield>
4. Dale W. Jorgenson: An Intellectual Biography
<https://mail.google.com/mail/u/0/#m_8138872094467201387_p4> By John G.
Fernald
<http://econpapers.repec.org/scripts/search.pf?aus=John%20G.%20Fernald>
5. Waves of Neoliberalism: Revisiting the Authoritarian patterns of
capitalism in South America (1940-1990), part I
<https://mail.google.com/mail/u/0/#m_8138872094467201387_p5> By César
Castillo-García
<http://econpapers.repec.org/scripts/search.pf?aus=C%C3%A9sar%20Castillo-Garc%C3%ADa>
6. The crooked timber that bore fruit: Peruvian fascist intellectuals of
the 1930s and the echoes of their influence nowadays
<https://mail.google.com/mail/u/0/#m_8138872094467201387_p6> By César
Castillo-García
<http://econpapers.repec.org/scripts/search.pf?aus=C%C3%A9sar%20Castillo-Garc%C3%ADa>
7. Fundamental Uncertainty as Model Uncertainty
<https://mail.google.com/mail/u/0/#m_8138872094467201387_p7> By Owen F.
Davis
<http://econpapers.repec.org/scripts/search.pf?aus=Owen%20F.%20Davis>
8. Gravity at Sixty: The Workhorse Model of Trade
<https://mail.google.com/mail/u/0/#m_8138872094467201387_p8> By Yoto V.
Yotov
<http://econpapers.repec.org/scripts/search.pf?aus=Yoto%20V.%20Yotov>; Yoto
V. Yotov
<http://econpapers.repec.org/scripts/search.pf?aus=Yoto%20V.%20Yotov>
9. Is the Price Right? The Role of Morals, Ideology, and Tradeoff
Thinking in Explaining Reactions to Price Surges
<https://mail.google.com/mail/u/0/#m_8138872094467201387_p9> By Elias,
Julio <http://econpapers.repec.org/scripts/search.pf?aus=Elias,%20Julio>
; Lacetera, Nicola
<http://econpapers.repec.org/scripts/search.pf?aus=Lacetera,%20Nicola>;
Macis,
Mario <http://econpapers.repec.org/scripts/search.pf?aus=Macis,%20Mario>
------------------------------
1. Labour by Design: Contributions of David Card, Joshua Angrist, and
Guido Imbens <http://econpapers.repec.org/RePEc:arx:papers:2203.16405>
By: Peter Hull
<http://econpapers.repec.org/scripts/search.pf?aus=Peter%20Hull>; Michal
Koles\'ar
<http://econpapers.repec.org/scripts/search.pf?aus=Michal%20Koles%5C%27ar>
; Christopher Walters
<http://econpapers.repec.org/scripts/search.pf?aus=Christopher%20Walters>
Abstract: The 2021 Sveriges Riksbank Prize in Economic Sciences in
Memory of Alfred Nobel was awarded to David Card "for his empirical
contributions to labour economics" and to Joshua Angrist and Guido Imbens
"for their methodological contributions to the analysis of causal
relationships." We survey these contributions of the three laureates, and
discuss how their empirical and methodological insights transformed the
modern practice of applied microeconomics. By emphasizing research design
and formalizing the causal content of different econometric procedures, the
laureates shed new light on key questions in labour economics and advanced
a robust toolkit for empirical analyses across many fields.
Date: 2022–03
URL: http://d.repec.org/n?u=RePEc:arx:papers:2203.16405&r=
2. The Philosophical interpretation of Fragility as an Economics concept
<http://econpapers.repec.org/RePEc:pra:mprapa:112736>
By: Tweneboah Senzu, Emmanuel
<http://econpapers.repec.org/scripts/search.pf?aus=Tweneboah%20Senzu,%20Emmanuel>
Abstract: The foundation upon which this paper was submitted is to
rigorously conceptualize the adoption, and the interpretation in the use of
the term ‘Fragility’ in a strict economics perspective, to avoid the
continual arbitrary interpretation of the terminology that confuses its
explanation power in a strict economic context to that of political economy
as a school of thought within the Lexicon of the School of Social Sciences.
Keywords: Fragility, Concept, Interpretation, Pedagogy, Economics,
Political Economy
JEL: A2 E6 F4 G1 H5 P0
<http://econpapers.repec.org/scripts/search.pf?jel=A2%20E6%20F4%20G1%20H5%20P0>
Date: 2022–04
URL: http://d.repec.org/n?u=RePEc:pra:mprapa:112736&r=
3. Historical Time and the Current State of Post-Keynesian Growth Theory
<http://econpapers.repec.org/RePEc:new:wpaper:2204>
By: Ettore Gallo
<http://econpapers.repec.org/scripts/search.pf?aus=Ettore%20Gallo>
(Department
of Economics, New School for Social Research); Mark Setterfield
<http://econpapers.repec.org/scripts/search.pf?aus=Mark%20Setterfield>
(Department
of Economics, New School for Social Research)
Abstract: This paper discusses Joan Robinson’s remarks on the importance
of historical time in economic analysis. On the one hand, Joan Robinson
expressed skepticism with equilibrium analysis as such, arguing that as
soon as economists take into account the uncertainty of expectations,
history needs to replace equilibrium. On the other, Robinson stressed that,
while building economic models, one must be aware that it is historical
time rather than logical time that rules reality, warning against the
methodological mistake of confusing comparisons of equilibrium positions
with a movement between them. We argue that these criticisms point to the
possibility of thinking in terms of two different ‘levels’ of historical
time – a higher (fundamentalist) level, and a practical (and more
analytically tractable) lower level. Using this distinction, we provide a
taxonomy of existing strands of post-Keynesian growth theory that are
consistent with the concept of low-level historical time. It is shown that
despite appearances to the contrary, much post-Keynesian growth theory
displays fidelity to Joan Robinson’s concern with the importance of
historical time.
Keywords: Historical time, economic growth, provisional equilibrium,
traverse, shifting equilibrium
JEL: B31 B41 E11 E12 O41
<http://econpapers.repec.org/scripts/search.pf?jel=B31%20B41%20E11%20E12%20O41>
Date: 2022–04
URL: http://d.repec.org/n?u=RePEc:new:wpaper:2204&r=
4. Dale W. Jorgenson: An Intellectual Biography
<http://econpapers.repec.org/RePEc:fip:fedfwp:94101>
By: John G. Fernald
<http://econpapers.repec.org/scripts/search.pf?aus=John%20G.%20Fernald>
Abstract: Dale W. Jorgenson has been a central contributor to a wide
range of economic and policy issues over a long and productive career. His
research is characterized by a tight integration of economic theory,
appropriate data that matches the theory, and sound econometrics. His
groundbreaking work on the theory and empirics of investment established
the research path for the economics profession. He is a founder of modern
growth accounting: Official statistics in many countries, including the
United States, implement Jorgenson’s methods. Relatedly, without
Jorgenson’s unflagging efforts, consistent industry KLEMS datasets for many
countries—which have been widely used in recent decades for growth
accounting, econometrics, and other applications—would not exist. Jorgenson
is also a pioneer in econometric modeling of producer and consumer behavior
and of econometrically estimated, intertemporal general equilibrium
modeling for policy analysis.
Keywords: Dale Jorgenson; investment; growth accounting
JEL: B21 B31 D20 O40
<http://econpapers.repec.org/scripts/search.pf?jel=B21%20B31%20D20%20O40>
Date: 2022–03–30
URL: http://d.repec.org/n?u=RePEc:fip:fedfwp:94101&r=
5. Waves of Neoliberalism: Revisiting the Authoritarian patterns of
capitalism in South America (1940-1990), part I
<http://econpapers.repec.org/RePEc:new:wpaper:2205>
By: César Castillo-García
<http://econpapers.repec.org/scripts/search.pf?aus=C%C3%A9sar%20Castillo-Garc%C3%ADa>
(Department
of Economics, New School for Social Research)
Abstract: This paper is the first part of a reconstruction of the
evolution of neoliberalism in Peru throughout its different historical
waves. The Peruvian case was an ideological precursor of the South American
neoliberal authoritarianism before the 1950s. In this regard, I challenge a
standard historical narrative that states neoliberalism is an outcome of
the transfer of ideas like the case of the Chilean Chicago-Boys and their
other Latin American counterparts (Valdés 1995). The Peruvian experience
also constituted an opening episode of the deep transnational connection
between the main neoliberal networks (Walter Lippmann Colloquium and the
Mont Pèlerin Society) and Latin American economic experts. Since late
1940s, neoliberal intellectuals have implemented institutions and a
hegemonic discourse affecting current economic affairs in Peru. They played
a role in influencing public opinion through political relations and media
outlets and directly devising economic policies. The discourse and actions
of the neoliberals in Peru have left institutional legacies targeting
topics as economic systems, the fiscal and monetary policies, the role of
the State, development policies, the private initiative and foreign aid.
Date: 2022–04
URL: http://d.repec.org/n?u=RePEc:new:wpaper:2205&r=
6. The crooked timber that bore fruit: Peruvian fascist intellectuals of
the 1930s and the echoes of their influence nowadays
<http://econpapers.repec.org/RePEc:new:wpaper:2206>
By: César Castillo-García
<http://econpapers.repec.org/scripts/search.pf?aus=C%C3%A9sar%20Castillo-Garc%C3%ADa>
(Department
of Economics, New School for Social Research)
Abstract: In contrast to European and other Latin American experiences,
researchers understand Peruvian fascism as a simple mimicry (a political
alternative of the 1930s that regimes and movements look to replicate) or
the product of transnational propaganda looking for public support to
Mussolini and Franco. To avoid this reductionism, this paper proposes a
double-sided definition based on Vajda (1976) and Paxton (1998) to
understand fascism as a movement and an ideology. That enables us to
identify the Peruvian fascism by studying the actions and ideas of three
intellectuals who sympathized with it: José de la Riva-Agüero, Raúl Ferrero
Rebagliatti, and Víctor Andrés Belaúnde. I argue that their discourse is a
symbiosis between Peruvian authoritarian political tradition and European
fascisms. Even though these fascist intellectuals did not create a strong
political movement, they incepted political concepts regarding social
policy, the government, the nation, the relations between State and the
church, and anti-Marxism in public discussion. As a result, they passed on
elements of the political repertory supported by the current new right-wing
populism in Peru.
Date: 2022–04
URL: http://d.repec.org/n?u=RePEc:new:wpaper:2206&r=
7. Fundamental Uncertainty as Model Uncertainty
<http://econpapers.repec.org/RePEc:new:wpaper:2207>
By: Owen F. Davis
<http://econpapers.repec.org/scripts/search.pf?aus=Owen%20F.%20Davis>
(Department
of Economics, New School for Social Research)
Abstract: Economic agents must form models of their environments in
order to develop expectations and make decisions, yet these models are
certain to be misspecified. An agent aware of their own inability to
perfectly capture the structural relationships of their observed world will
entertain model uncertainty. Under the plausible assumptions that the
“true” model is not known to the decision-maker and the decision-maker
knows this—known as the M-open case in Bayesian statistics—uncertainty over
propositions becomes numerically irreducible. The notion of model
uncertainty is developed with reference to Post Keynesian theories of
fundamental uncertainty as well as relevant areas of study within decision
theory, including the growing literature on unawareness. The model
uncertainty view poses challenges for both literatures and provides a novel
justification for the types of uncertainty associated with Knight and
Keynes.
Keywords: Fundamental uncertainty, model uncertainty, decision theory,
Post Keynesian
JEL: C11 D81 E12
<http://econpapers.repec.org/scripts/search.pf?jel=C11%20D81%20E12>
Date: 2022–04
URL: http://d.repec.org/n?u=RePEc:new:wpaper:2207&r=
8. Gravity at Sixty: The Workhorse Model of Trade
<http://econpapers.repec.org/RePEc:ces:ceswps:_9584>
By: Yoto V. Yotov
<http://econpapers.repec.org/scripts/search.pf?aus=Yoto%20V.%20Yotov>; Yoto
V. Yotov
<http://econpapers.repec.org/scripts/search.pf?aus=Yoto%20V.%20Yotov>
Abstract: On the eve of its 60th anniversary, the gravity model of trade
is a ‘celebrity’, due to its intuitive appeal, solid theoretical
foundations, and remarkable empirical success. Yet, many economists still
view gravity simply as an intuitive but naive reduced-form estimating
equation and apply it without guidance from theory, while others are
skeptical about its usefulness for counterfactual projections. The
objective of this paper is to offer a historical overview of its evolution
from an a-theoretical application to an estimating computable general
equilibrium (E-CGE) model, which can be nested in more complex frameworks.
Along the way, I address some misconceptions about the gravity model,
summarize the current best practices for gravity estimations, and highlight
some properties that have made gravity so successful.
Keywords: structural gravity, evolution, theory, estimation general
equilibrium
JEL: F13 F14 F16
<http://econpapers.repec.org/scripts/search.pf?jel=F13%20F14%20F16>
Date: 2022
URL: http://d.repec.org/n?u=RePEc:ces:ceswps:_9584&r=
9. Is the Price Right? The Role of Morals, Ideology, and Tradeoff
Thinking in Explaining Reactions to Price Surges
<http://econpapers.repec.org/RePEc:iza:izadps:dp15238>
By: Elias, Julio
<http://econpapers.repec.org/scripts/search.pf?aus=Elias,%20Julio>
(Universidad
del CEMA); Lacetera, Nicola
<http://econpapers.repec.org/scripts/search.pf?aus=Lacetera,%20Nicola>
(University
of Toronto); Macis, Mario
<http://econpapers.repec.org/scripts/search.pf?aus=Macis,%20Mario> (Johns
Hopkins University)
Abstract: Price surges often generate social disapproval and requests
for regulation and price controls, but these interventions may cause
inefficiencies and shortages. To study how individuals perceive and reason
about sudden price increases for different products under different policy
regimes, we conduct a survey experiment with Canadian and U.S. residents.
Econometric and textual analyses indicate that prices are not seen just as
signals of scarcity; they cause widespread opposition and strong and
polarized moral reactions. However, acceptance of unregulated prices is
higher when potential economic tradeoffs between unregulated and controlled
prices are salient and when higher production costs contribute to the price
increases. The salience of tradeoffs also reduces the polarization of moral
judgments between supporters and opponents of unregulated pricing. In part,
the acceptance of free price adjustments is driven by people's overall
attitudes about the function of markets and the government in society.
These findings are corroborated by a donation experiment, and they suggest
that awareness of the causes and potential consequences of price increases
may induce less extreme views about the role of market institutions in
governing the economy.
Keywords: price surges, price controls, preferences, morality, tradeoffs
JEL: C91 D63 D91 I11
<http://econpapers.repec.org/scripts/search.pf?jel=C91%20D63%20D91%20I11>
Date: 2022–04
URL: http://d.repec.org/n?u=RePEc:iza:izadps:dp15238&r=
------------------------------
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