[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 2022‒09‒26
papers chosen by
Erik Thomson <http://econpapers.repec.org/RAS/pth72.htm>
University of Manitoba <http://umanitoba.ca/>
------------------------------
1. Milton Friedman: An Early Advocate of Dollarization?
<https://mail.google.com/mail/u/0/#m_2521622158202892929_p1> By Emilio
Ocampo
<http://econpapers.repec.org/scripts/search.pf?aus=Emilio%20Ocampo>
2. Transatlantic Roads to Mont Pèlerin: "Old Chicago" and Freiburg in a
World of Disintegrating Orders
<https://mail.google.com/mail/u/0/#m_2521622158202892929_p2> By Kolev,
Stefan
<http://econpapers.repec.org/scripts/search.pf?aus=Kolev,%20Stefan>; Köhler,
Ekkehard A.
<http://econpapers.repec.org/scripts/search.pf?aus=K%C3%B6hler,%20Ekkehard%20A.>
3. On The History and The Mathematics of The Wold-Juréen (1953) Utility
Function, And Its Basis For The Modeling of Giffen Behavior
<https://mail.google.com/mail/u/0/#m_2521622158202892929_p3> By Sproule,
Robert
<http://econpapers.repec.org/scripts/search.pf?aus=Sproule,%20Robert>
4. La política económica neoclásica en América Latina: génesis y
consecuencias de cuatro décadas perdidas en el desarrollo latinoamericano,
1980-2020 <https://mail.google.com/mail/u/0/#m_2521622158202892929_p4>
By Sánchez-Masi, Luis
<http://econpapers.repec.org/scripts/search.pf?aus=S%C3%A1nchez-Masi,%20Luis>
5. A possibilist justification of the ontology of counterfactuals and
forecasted states of economies in economic modelling
<https://mail.google.com/mail/u/0/#m_2521622158202892929_p5> By Imko
Meyenburg
<http://econpapers.repec.org/scripts/search.pf?aus=Imko%20Meyenburg>
6. Popular Personal Financial Advice versus the Professors
<https://mail.google.com/mail/u/0/#m_2521622158202892929_p6> By James J.
Choi
<http://econpapers.repec.org/scripts/search.pf?aus=James%20J.%20Choi>
------------------------------
1. Milton Friedman: An Early Advocate of Dollarization?
<http://econpapers.repec.org/RePEc:cem:doctra:836>
By: Emilio Ocampo
<http://econpapers.repec.org/scripts/search.pf?aus=Emilio%20Ocampo>
Abstract: Milton Friedman’s longstanding advocacy in favor of floating
exchange rates has contributed to a mistaken belief that he opposed
currency board regimes or outright dollarization. Nothing could be further
from the truth. Over a period of almost five decades Friedman consistently
made it clear that he favored floating exchange rates for advanced nations
but not for developing nations. In fact, he was one of the earliest
advocates of dollarization for countries suffering from high and chronic
inflation such as Argentina. Interestingly, it is rarely known that one of
the earliest debates on the advantages and disadvantages of dollarization
and currency boards took place in 1973 in Washington, D.C., during a
Congressional Hearing which pitted Friedman against Argentine economist
Ricardo Arriazu. The purpose of this brief note is to trace the evolution
of Friedman’s thinking on the subject from the mid 1950s until his death
and the events that influenced it.
Keywords: Milton Friedman, Foreign Exchange Rate Regimes, Currency
Boards, Dollarization, Monetary Policy, Argentina
JEL: B2 B17 B3 B22 B27 F31 F32 O24
<http://econpapers.repec.org/scripts/search.pf?jel=B2%20B17%20B3%20B22%20B27%20F31%20F32%20O24>
Date: 2022–08
URL: http://d.repec.org/n?u=RePEc:cem:doctra:836&r=
2. Transatlantic Roads to Mont Pèlerin: "Old Chicago" and Freiburg in a
World of Disintegrating Orders
<http://econpapers.repec.org/RePEc:zbw:cbscwp:309>
By: Kolev, Stefan
<http://econpapers.repec.org/scripts/search.pf?aus=Kolev,%20Stefan>; Köhler,
Ekkehard A.
<http://econpapers.repec.org/scripts/search.pf?aus=K%C3%B6hler,%20Ekkehard%20A.>
Abstract: This paper depicts the co-evolution of the political economies
of the "Old Chicago" and Freiburg Schools. These communities within the
"laissez-faire within rules" research program and the long-standing
"thinking-in-orders" tradition emerged in the 1930s and culminated in the
1940s into a surprisingly coherent stream of institutional economic
thought, crystallizing around the personalities of Henry C. Simons and
Walter Eucken. We show how, in an age of disintegration of national and
international orders of economy and society, the political economists at
Chicago and Freiburg underwent a double transition: From students of
equilibrium to students of order, as well as from students of various
positive orders to defenders of a specific normative order. The normative
order of the economy on both sides of the Atlantic was the competitive
order and its rules-based framework. Along with shared angst amid
disintegrating orders, personal transatlantic connections between the two
communities are identified, starting in Berlin during the 1920s. We
highlight the special role of Friedrich A. Lutz who, from the mid-1930s to
Eucken's passing in 1950 and beyond, served as a lifeline between the
isolated Freiburg School and US economists. Lutz's activities are embedded
in a narrative of transatlantic conversations around Friedrich A. Hayek and
the early meetings of the Mont Pèlerin Society.
Keywords: Neoliberalism,Chicago School,Freiburg School,Mont Pèlerin
Society,Henry C. Simons,Walter Eucken,Friedrich A. Lutz,Friedrich A. Hayek
JEL: A11 B25 B31 H11 P16
<http://econpapers.repec.org/scripts/search.pf?jel=A11%20B25%20B31%20H11%20P16>
Date: 2021
URL: http://d.repec.org/n?u=RePEc:zbw:cbscwp:309&r=
3. On The History and The Mathematics of The Wold-Juréen (1953) Utility
Function, And Its Basis For The Modeling of Giffen Behavior
<http://econpapers.repec.org/RePEc:zbw:esprep:263912>
By: Sproule, Robert
<http://econpapers.repec.org/scripts/search.pf?aus=Sproule,%20Robert>
Abstract: Twenty years ago, Peter Moffatt (2002) posed this general
question: “Is Giffen behavior compatible with the axioms of consumer
theory?” The present paper addresses this very same question, but only as
it applies to the Wold-Juréen (1953) utility function. In this paper, we
demonstrate that the Wold-Juréen (1953) utility function exhibits both
Giffenity and compatibility with the axioms of consumer theory. Our
singular interest in the Wold-Juréen (1953) utility function stems from the
fact that this utility function continues to be the preeminent theoretical
benchmark in the study of Giffenity.
Keywords: Wold-Juréen (1953) utility function,Slutsky
decomposition,Giffen Behavior,Axioms of Consumer Theory
JEL: A22 A23 D11
<http://econpapers.repec.org/scripts/search.pf?jel=A22%20A23%20D11>
Date: 2022
URL: http://d.repec.org/n?u=RePEc:zbw:esprep:263912&r=
4. La política económica neoclásica en América Latina: génesis y
consecuencias de cuatro décadas perdidas en el desarrollo latinoamericano,
1980-2020 <http://econpapers.repec.org/RePEc:pra:mprapa:114296>
By: Sánchez-Masi, Luis
<http://econpapers.repec.org/scripts/search.pf?aus=S%C3%A1nchez-Masi,%20Luis>
Abstract: The aim of this article is to examine the effectiveness of
economic policies based on neoclassical principles which have been
implemented in most of Latin American countries since the eighties. Since
then, the region has been losing relative importance in the world. The lag
in the last “four lost decades” es quite general and compelling. Rather
than eliminating the asymmetric relationship between developed and
underdeveloped countries, the historical evidence suggests it is
perpetuated by the neoclassical economic policy. In Latin America the
neoclassical principles such as free market and international free trade
have tended to preserve the same productive structure, thus promoting an
erratic development, which depends on the demand and prices of primary
products. Until now, no underdeveloped country has reached the first world
by applying economic policies based on neoclassical principles. The Asian
countries which performed that transition applied policies and strategies
opposed to neoclassical principles. Raul Prebisch’s analyses about the
inconsistency of neoclassical economic policy with Latin American reality
are today as valid as seven decades ago. However, for the great majority of
Latin American economists is simply inconceivable that basic principles of
neoclassical theory may produce adverse effects on underdeveloped
countries. Latin America must rethink the economic policy and strategy for
attaining its development.
Keywords: Latin America; economic policy; neoclassical economics
JEL: N16 O24
<http://econpapers.repec.org/scripts/search.pf?jel=N16%20O24>
Date: 2022–07–01
URL: http://d.repec.org/n?u=RePEc:pra:mprapa:114296&r=
5. A possibilist justification of the ontology of counterfactuals and
forecasted states of economies in economic modelling
<http://econpapers.repec.org/RePEc:hal:wpaper:hal-03751205>
By: Imko Meyenburg
<http://econpapers.repec.org/scripts/search.pf?aus=Imko%20Meyenburg> (ARU
- Anglia Ruskin University)
Abstract: Economists, like any other social scientist, apply various
methodologies and theories in their research to ultimately tell true
stories about the world we live in. Moreover, and specifically, they use
counterfactual modelling and forecasting to also construct narratives of
possible or future states of the economy, which evade classical empirical
validation but nonetheless could be true. In this paper, we firstly claim
that there is an intuitive notion that those statements about possible
states of the economy, or its future state, could be true even in the
absence of this empirical validation. To solve this problem, we will make
use of modal logic and Lewisian possible world semantics, the idea that
statements containing possibilities and necessities are true if they are
true in some or all logically possible worlds. Furthermore, we argue that
we can be ontologically committed to these postulated possible or future
states of economies via commitment to said possible worlds. In other words,
possible world semantics allows us to formally analyse our intuitions about
the truthfulness of possibility statements arrived by from the use of
postulated entities, economies, and worlds.
Keywords: ontology,semantics,forecasts,epistemology,modelling,possible
worlds,possible worlds JEL classification: B1,B16,B23,B59
Date: 2022–08–18
URL: http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03751205&r=
6. Popular Personal Financial Advice versus the Professors
<http://econpapers.repec.org/RePEc:nbr:nberwo:30395>
By: James J. Choi
<http://econpapers.repec.org/scripts/search.pf?aus=James%20J.%20Choi>
Abstract: I survey the advice given by the fifty most popular personal
finance books and compare it to the prescriptions of normative academic
economic models. Popular advice frequently departs from normative
principles derived from economic theory, which should motivate new
hypotheses about why households make the financial choices they do, as well
as what financial choices households should make. Popular advice is
sometimes driven by fallacies, but it tries to take into account the
limited willpower individuals have to stick to a financial plan, and its
recommended actions are often easily computable by ordinary individuals. I
cover advice on savings rates, the advisability of being a wealthy
hand-to-mouth consumer, asset allocation, non-mortgage debt management,
simultaneous holding of high-interest debt and low-interest savings, and
mortgage choices.
JEL: D14 D15 G11 G4 G5
<http://econpapers.repec.org/scripts/search.pf?jel=D14%20D15%20G11%20G4%20G5>
Date: 2022–08
URL: http://d.repec.org/n?u=RePEc:nbr:nberwo:30395&r=
------------------------------
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