[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 2023‒01‒23
papers chosen by
Erik Thomson <http://econpapers.repec.org/RAS/pth72.htm>
University of Manitoba <http://umanitoba.ca/>

   1.
   2. Louis Bachelier's Théorie de la spéculation : The missing piece in
   Walras' general equilibrium
   <https://mail.google.com/mail/u/0/#m_-3540326627084085003_p2> 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>
   3. The late emerging consensus among American economists on antitrust
   laws in the 2nd New Deal (1935-1941)
   <https://mail.google.com/mail/u/0/#m_-3540326627084085003_p3> By Thierry
   Kirat <http://econpapers.repec.org/scripts/search.pf?aus=Thierry%20Kirat>
   ; Frédéric Marty
   <http://econpapers.repec.org/scripts/search.pf?aus=Fr%C3%A9d%C3%A9ric%20Marty>
   4. The Politics of Funding: the Rockefeller Foundation and French
   Economics, 1945–1955
   <https://mail.google.com/mail/u/0/#m_-3540326627084085003_p4> By Serge
   Benest <http://econpapers.repec.org/scripts/search.pf?aus=Serge%20Benest>
   5. The renaissance of ordoliberalism in the 1970s and 1980s
   <https://mail.google.com/mail/u/0/#m_-3540326627084085003_p5> By Krieger,
   Tim <http://econpapers.repec.org/scripts/search.pf?aus=Krieger,%20Tim>;
Nientiedt,
   Daniel
   <http://econpapers.repec.org/scripts/search.pf?aus=Nientiedt,%20Daniel>
   6. Is economic forecasting a science?
   <https://mail.google.com/mail/u/0/#m_-3540326627084085003_p7> By Olivier
   Pilmis
   <http://econpapers.repec.org/scripts/search.pf?aus=Olivier%20Pilmis>
   7. Spontaneous Norms in Law and Economics: A Sketch Typology
   <https://mail.google.com/mail/u/0/#m_-3540326627084085003_p8> By Zdybel,
   Karol B.
   <http://econpapers.repec.org/scripts/search.pf?aus=Zdybel,%20Karol%20B.>
   8. Rational Inattention: A Review
   <https://mail.google.com/mail/u/0/#m_-3540326627084085003_p9> By Bartosz
   Maćkowiak
   <http://econpapers.repec.org/scripts/search.pf?aus=Bartosz%20Ma%C4%87kowiak>
   ; Filip Matějka
   <http://econpapers.repec.org/scripts/search.pf?aus=Filip%20Mat%C4%9Bjka>
   ; Mirko Wiederholt
   <http://econpapers.repec.org/scripts/search.pf?aus=Mirko%20Wiederholt>
   9. The New Speak and Economic Theory or How We Are Being Talked To
   <https://mail.google.com/mail/u/0/#m_-3540326627084085003_p10> By Jean-Paul
   Fitoussi
   <http://econpapers.repec.org/scripts/search.pf?aus=Jean-Paul%20Fitoussi>
   10. Why is economics the only discipline with so many curves going up
   and down? And are they of any use?
   <https://mail.google.com/mail/u/0/#m_-3540326627084085003_p11> By Giovanni
   Dosi <http://econpapers.repec.org/scripts/search.pf?aus=Giovanni%20Dosi>

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

   1.
   2. Louis Bachelier's Théorie de la spéculation : The missing piece in
   Walras' general equilibrium
   <http://econpapers.repec.org/RePEc:hal:spmain: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:spmain:halshs-03815600&r=hpe
   3. The late emerging consensus among American economists on antitrust
   laws in the 2nd New Deal (1935-1941)
   <http://econpapers.repec.org/RePEc:hal:spmain:halshs-03261721>
   By: Thierry Kirat
   <http://econpapers.repec.org/scripts/search.pf?aus=Thierry%20Kirat> (IRISSO
   - Institut de Recherche Interdisciplinaire en Sciences Sociales -
   Université Paris Dauphine-PSL - PSL - Université Paris sciences et lettres
   - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation
   et l’Environnement); Frédéric Marty
   <http://econpapers.repec.org/scripts/search.pf?aus=Fr%C3%A9d%C3%A9ric%20Marty>
(CIRANO
   - Centre interuniversitaire de recherche en analyse des organisations -
   UQAM - Université du Québec à Montréal = University of Québec in Montréal,
   GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS -
   Université Nice Sophia Antipolis (1965 - 2019) - COMUE UCA - COMUE
   Université Côte d'Azur (2015-2019) - CNRS - Centre National de la Recherche
   Scientifique - UCA - Université Côte d'Azur, OFCE - Observatoire français
   des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)
   Abstract: The article presents the late convergence process from
   American economists that led them to support a strong antitrust enforcement
   in the Second New Deal despite their long-standing distrust toward this
   legislation. It presents the path from which institutionalist economists,
   on the one side, and members of the First Chicago School, on the other one,
   have converged on supporting the President F.D. Roosevelt administration
   towards reinvigorating antitrust law enforcement as of 1938, putting aside
   their initial preferences for a regulated competition model or for a
   classical liberalism. The appointment of Thurman Arnold at the head of the
   Antitrust Division in 1938 gave the impetus to a vigorous antitrust
   enforcement. The 1945 Alcoa decision crafted by Judge Hand embodied the
   results of this convergence: in this perspective, the purpose of antitrust
   law enforcement does consist in preventing improper uses of economic power.
   Keywords: Antitrust, Efficiency, Economic Power, Institutional
   Economics, Chicago School, New Deal
   Date: 2021–06–16
   URL: http://d.repec.org/n?u=RePEc:hal:spmain:halshs-03261721&r=hpe
   4. The Politics of Funding: the Rockefeller Foundation and French
   Economics, 1945–1955
   <http://econpapers.repec.org/RePEc:hal:spmain:hal-03779060>
   By: Serge Benest
   <http://econpapers.repec.org/scripts/search.pf?aus=Serge%20Benest> (CSO
   - Centre de sociologie des organisations (Sciences Po, CNRS) - Sciences Po
   - Sciences Po - CNRS - Centre National de la Recherche Scientifique,
   Universitat de Barcelona, Department of Economic History, Institutions,
   Politics and World Economy)
   Abstract: Following World War II, the director of the social sciences
   division at the Rockefeller Foundation, the industrial economist Joseph H.
   Willits, thought it important to extend its activities to Europe,
   especially France. His agenda was to strengthen institutional economics and
   to create modern research centers with a view to stabilizing the political
   situation. In the postwar decade, almost all economic research centers in
   France were funded by the Foundation, which helped provide greater autonomy
   to French economists within academia but failed to reshape French economic
   training and research.
   Date: 2022–06–27
   URL: http://d.repec.org/n?u=RePEc:hal:spmain:hal-03779060&r=hpe
   5. The renaissance of ordoliberalism in the 1970s and 1980s
   <http://econpapers.repec.org/RePEc:zbw:wgspdp:202205>
   By: Krieger, Tim
   <http://econpapers.repec.org/scripts/search.pf?aus=Krieger,%20Tim>;
Nientiedt,
   Daniel
   <http://econpapers.repec.org/scripts/search.pf?aus=Nientiedt,%20Daniel>
   Abstract: The economic tradition of ordoliberalism, understood as the
   theoretical and policy ideas of the Freiburg School, emerged in 1930s and
   1940s Germany. In the years thereafter, it was quickly superseded by
   Keynesianism and other theories imported from the English-speaking world.
   The crisis in Keynesian economics in the mid-1970s led to what has been
   described as a "renaissance of ordoliberal reasoning" (Gebhard
   Kirchgässner) during the late 1970s and the 1980s. The present paper
   describes this development in detail and shows how it affected the academic
   discourse and, more indirectly, policymaking. In academic economics,
   ordoliberal concepts were used to inform debates about pressing issues of
   the day such as unemployment, social security reform, competition policy,
   the provision of public goods, and European integration. There was,
   however, no consensus on the methodological question of whether
   ordoliberalism could be fully integrated into international research
   programs such as the new institutional economics or constitutional
   economics. The paper argues that the renaissance of ordoliberalism failed
   to have a lasting impact on German academic economics and discusses
   possible implications of this finding for the future of the ordoliberal
   research agenda.
   Keywords: Ordoliberalism, Freiburg school, Economic policy, Social
   market economy, Keynesianism, European integration
   JEL: B29 D4 E6 H6 P16
   <http://econpapers.repec.org/scripts/search.pf?jel=B29%20D4%20E6%20H6%20P16>
   Date: 2022
   URL: http://d.repec.org/n?u=RePEc:zbw:wgspdp:202205&r=hpe
   6. Is economic forecasting a science?
   <http://econpapers.repec.org/RePEc:hal:journl:hal-03894747>
   7.
   By: Olivier Pilmis
   <http://econpapers.repec.org/scripts/search.pf?aus=Olivier%20Pilmis> (CSO
   - Centre de sociologie des organisations (Sciences Po, CNRS) - Sciences Po
   - Sciences Po - CNRS - Centre National de la Recherche Scientifique)
   Abstract: Dealing with the scientificity of macroeconomic forecasting,
   the text highlights some of its properties as a production process. First,
   macroeconomic forecasting does not rely solely on the use of econometric
   models, but it is part of a broader division of expert labor. This division
   involves "epistemic participation", namely the inclusion of
   "representatives" of the economy itself. This contrasts with the idea of
   forecasters watching the economy from above. Finally, certain concepts that
   are at the heart of economic forecasting, such as potential GDP,
   demonstrate that the descriptions produced by forecasters can never be
   neutral, but already include political qualifications of economic
   situations.
   Abstract: Abordant la prévision macroéconomique sous l'angle de la
   scientificité qu'on lui prête, ce texte met en lumière certaines de ses
   propriétés en tant que processus de production. D'abord, celui-ci ne repose
   pas exclusivement sur l'utilisation de modèles économétriques, mais
   s'inscrit dans une division plus large du travail d'expertise. Celle-ci
   comprend même certains « représentants » de l'économie elle-même, ce qui
   invite à rompre avec l'idée de prévisionnistes qui observeraient l'économie
   depuis une position surplombante. Enfin, s'intéresser à certains concepts
   qui figurent au cœur de cette activité, comme celui de PIB potentiel,
   souligne que les descriptions produites par la prévision ne sont jamais
   parfaitement neutres mais comprennent déjà des qualifications politiques
   des situations économiques.
   Date: 2022
   URL: http://d.repec.org/n?u=RePEc:hal:journl:hal-03894747&r=hpe
   8. Spontaneous Norms in Law and Economics: A Sketch Typology
   <http://econpapers.repec.org/RePEc:zbw:ilewps:66>
   By: Zdybel, Karol B.
   <http://econpapers.repec.org/scripts/search.pf?aus=Zdybel,%20Karol%20B.>
   Abstract: This article offers a concise typology of spontaneous norms -
   i.e., norms that are formed or sustained through decentralized collective
   behavior in a community. The typology combines three criteria for
   identifying spontaneous norms: (i) implicit formation of (customary) rules,
   as opposed to explicit formation; (ii) enforcement through decentralized
   sanctioning actions, as opposed to enforcement by a special social agent;
   (iii) private interpretation of compliance with rules, as opposed to the
   presence of a public interpreter of compliance. The paper also suggests how
   identified types can be modeled game-theoretically as repeated games. It is
   argued that structural differences between various types of spontaneous
   norms can be best understood as differences in the sequence of play in a
   stage game. Further, the typology is illustrated with examples from legal
   history and legal anthropology. Supposedly dissimilar systems of norms
   (e.g., customary international law and primitive law; norms of warfare and
   domestic social norms) are shown to exhibit structural resemblance.
   Keywords: spontaneous norms, custom, customary law, social norms,
   comparative legal history, typology
   JEL: B41 K00 N40 O17
   <http://econpapers.repec.org/scripts/search.pf?jel=B41%20K00%20N40%20O17>
   Date: 2023
   URL: http://d.repec.org/n?u=RePEc:zbw:ilewps:66&r=hpe
   9. Rational Inattention: A Review
   <http://econpapers.repec.org/RePEc:hal:spmain:hal-03878692>
   By: Bartosz Maćkowiak
   <http://econpapers.repec.org/scripts/search.pf?aus=Bartosz%20Ma%C4%87kowiak>
(CEPR
   - Center for Economic Policy Research - CEPR); Filip Matějka
   <http://econpapers.repec.org/scripts/search.pf?aus=Filip%20Mat%C4%9Bjka>
(CEPR
   - Center for Economic Policy Research - CEPR); Mirko Wiederholt
   <http://econpapers.repec.org/scripts/search.pf?aus=Mirko%20Wiederholt> (ECON
   - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS -
   Centre National de la Recherche Scientifique, CEPR - Center for Economic
   Policy Research - CEPR)
   Abstract: We review the recent literature on rational inattention,
   identify the main theoretical mechanisms, and explain how it helps us
   understand a variety of phenomena across fields of economics. The theory of
   rational inattention assumes that agents cannot process all available
   information, but they can choose which exact pieces of information to
   attend to. Several important results in economics have been built around
   imperfect information. Nowadays, many more forms of information than ever
   before are available due to new technologies, and yet we are able to digest
   little of it. Which form of imperfect information we possess and act upon
   is thus largely determined by which information we choose to pay attention
   to. These choices are driven by current economic conditions and imply
   behavior that features numerous empirically supported departures from
   standard models. Combining these insights about human limitations with the
   optimizing approach of neoclassical economics yields a new, generally
   applicable model.
   Date: 2022
   URL: http://d.repec.org/n?u=RePEc:hal:spmain:hal-03878692&r=hpe
   10. The New Speak and Economic Theory or How We Are Being Talked To
   <http://econpapers.repec.org/RePEc:hal:spmain:hal-03812818>
   By: Jean-Paul Fitoussi
   <http://econpapers.repec.org/scripts/search.pf?aus=Jean-Paul%20Fitoussi>
(ECON
   - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS -
   Centre National de la Recherche Scientifique, LUISS - Libera Università
   Internazionale degli Studi Sociali Guido Carli [Roma])
   Abstract: This article seeks to show how the impoverishment of language
   has changed the course of the evolution of economic theory, much as in 1984
   the Newspeak changed the order of things and the course of the political
   regime. At the origin of such an evolution was the stratagem to act as if
   neoclassical theory was subsequent to Keynesian theory. The inversion of
   the time arrow had far reaching consequences on the development of
   economics. In great part the development of a science depends of the
   scholars who practice it and of its teaching to the new researchers who
   will further develop it. Both depend on the history of thought. The
   consequences on economic policies have been major, especially in Europe. By
   cancelling most of the Keynesian concepts from the Newspeak dictionary, the
   relative weights of the market and the state were changed, which could only
   lead to a preference for liberal, market- oriented, policies.
   Date: 2022
   URL: http://d.repec.org/n?u=RePEc:hal:spmain:hal-03812818&r=hpe
   11. Why is economics the only discipline with so many curves going up
   and down? And are they of any use?
   <http://econpapers.repec.org/RePEc:ssa:lemwps:2023/02>
   By: Giovanni Dosi
   <http://econpapers.repec.org/scripts/search.pf?aus=Giovanni%20Dosi>
   Abstract: Even the most rudimentary training from Economics 101 starts
   with demand curves going down and supply curves going up. They are so
   'natural' that they sound even more obvious than the Euclidian postulates
   in mathematics. But are they? What do they actually mean? Start with
   ''demand curves''. Are they hypothetical 'psychological constructs' on
   individual preferences? Propositions on aggregation over them? Reduced
   forms of actual dynamic proposition of time profiles of prices and demanded
   quantities? Similar considerations apply to ''supply curves'' The point
   here, drawing upon the chapter by Kirman and Dosi, in Dosi (2023), is that
   the forest of demand and supply curves is basically there to populate the
   analysis with double axiomatic notions of equilibria, both 'in the head' of
   individual agents, and in environments in which they operate. And the issue
   is even thornier when dealing with ''curves'' going up and down in
   macroeconomic contexts where one is basically talking of a mystical
   construction of a meta meta meta loci of equilibrium - first, in the head
   of each agent, next, in each market (for goods, for savings, etc.), finally
   in the overall economy. Supply and demand ''curves'', I am arguing, are one
   of the three major methodological stumbling blocks on the way of progress
   in economics - the others being 'utility functions' and 'production
   functions' -. There is an alternative: represent markets and industries how
   they actually works, and model them both via fully fledged Agent Based
   Models and via lower dimensional dynamical systems.
   Keywords: Demand and supply curves; aggregation; costs and prices;
   dynamical systems.
   Date: 2023–01–07
   URL: http://d.repec.org/n?u=RePEc:ssa:lemwps:2023/02&r=hpe

------------------------------
This nep-hpe issue is ©2023 by  <http://econpapers.repec.org/RAS/pth72.htm>Erik
Thomson. It is provided as is without any express or implied warranty. It
may be freely redistributed in whole or in part for any purpose. If
distributed in part, please include this notice.
General information on the NEP project can be found at http://nep.repec.org.
For comments please write to the director of NEP, Marco Novarese
<http://novarese.org/> at <[log in to unmask]>. Put “NEP” in the
subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by
the School of Economics and Finance of Massey University in New Zealand.