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1.
Joseph T. Salerno 《The Review of Austrian Economics》2010,23(1):1-16
Carl Menger pioneered a unique theoretical research method which served as the foundation of the early Austrian school of
economics. Menger’s causal-realist analysis was revived and formalized just before and after World War 2 by Ludwig von Mises
as the “praxeological method.” Murray Rothbard, a student of von Mises’, utilized the method in formulating a comprehensive
system of economic theory in his treatise, Man Economy, and State published in the early 1960s. Rothbard’s treatise became the foundational work for the “Austrian revival” in the 1970s. In
this paper, we address several issues related to the role of Menger’s method in modern economics. First, ample evidence is
adduced that von Mises and Rothbard each expressed a surprising ambivalence with respect to his own work in relation to the
early Austrian school. Second, von Mises viewed Rothbard’s treatise as beginning a new epoch in economic theory. Third, contrary
to the conventional view, a careful analysis of his treatise shows that Rothbard drew heavily on the contemporary neoclassical
literature in developing his theoretical system and that his intent was never to set up a heterodox movement to challenge
mainstream economics. Rather, his main aim was to consistently apply the praxeological method to rescue economics from what
he considered the alien methodology of positivism, which was imported into economics after World War 2. Lastly, I will tentatively
suggest that the term “Austrian economics” as the designation for the intellectual movement that coalesced in the early 1970s
may now have outlived its usefulness. This term, which initially served an important strategic purpose in promoting the revival
of the broad Mengerian tradition, may have come to obscure the meaning and importance of the praxeological research paradigm
that Menger originated. 相似文献
2.
In their recent article in the Quarterly Journal of Austrian Economics, Bagus and Howden (2010) present “quibbles” with fractional-reserve free banking. Specifically, they raise what they call “unaddressed issues” in
this system, with a particular emphasis on Selgin (1988). We deem their arguments to be more substantial than “quibbles” and see them as part of a longstanding debate about fundamental
aspects of monetary theory. We respond to their objections and attempt to specify how debate between the two sides might proceed
more productively. 相似文献
3.
Steven Horwitz 《The Review of Austrian Economics》2011,24(2):171-184
This paper honors Don Lavoie’s work on the relationship between theory and history in Austrian economics by using the current
recession as an example of many of the ideas found in his paper on the “Interpretive Dimension of Economics.” More specifically,
I start from the premise that all history comes from theory because it is theory that guides what we count as “facts” or “data.”
From Menger onward, a core element of the Austrian approach has been to see the purpose of theory as rendering human action
and its unintended consequences intelligible. We do that by telling historical narratives where theory is the logical glue
that holds the story together. I look at the Austrian story of the Great Recession in light of these ideas. What the Great
Recession demonstrates is that the core theoretical elements of Austrian business cycle theory are narrower than we might
think, but that consciously recognizing the contingent elements gives the theory additional flexibility to explain more of
various real-world crises when augmented by additional ideal typifications properly used. 相似文献
4.
Constitutional economics proposes and pursues a solution to public-policy problems, one that supplies rules designed to narrow
the opportunity set of rational politicians. This work proposes and pursues “rational policy” as a complementary strategy
to solve public-policy problems, where rational policy is public-policy that actualizes Adam Smith’s simple system of natural
liberty. When individuals pursue their objectives by means of exchange in Smith’s simple system of natural liberty, they foster
the growth of per-capita income. By contrast, all limitations on liberty limit the growth of per-capita income. The paper
concludes by presenting two implications that follow from these conclusions.
JEL classification: B31, H1 相似文献
5.
Stefano Fiori 《Constitutional Political Economy》2010,21(2):145-170
Herbert A. Simon acknowledged Friedrich A. Hayek as a founder of the notion of bounded rationality; yet Simon considered Hayek’s
perspective incomplete, and, more in general, their views on market mechanisms, planning, and organization exhibit considerable
differences. The comparison between these authors sheds light on Simon’s interpretation of planning, which emerges within
his theory of organization (and not in traditional debates on socialism). Contrary to Hayek, he maintained that planning,
in specific circumstances, is more advantageous than the market; and in both administration and organization, it involves
a decentralized structure based on near independent sub-units. Decentralization of decisions also appears in social planning,
which evolves through continuous interactions among planners (i.e., agents and institutions), and it is a process connoted
by the absence of “fixed goals”. Finally, Simon defined modern economies more in terms of “organizational economies” than
in those of “market economies” and this highlights a further difference with respect to the Austrian economist. This leads
to analysis of the nature of organizations as hierarchical and “near-decomposable” structures, which refers to Simon’s theory
of complexity and gives an epistemological explanation to the relation between centralization and decentralization. 相似文献
6.
This article discusses the problem of “thought experiments” in Austrian economics and takes as a starting point Lawrence Moss’
argument on the divide between the older Austrian economists—for whom thought experiments were crucial—and the new generation
that, in Moss’ view, has “abandoned” such methods. The article is an attempt not only to bridge this alleged divide but also
to contribute to the development of the Austrian methodology. It is argued that what may be perceived as “abandonment” bolsters
rather than precludes the role of thought experiments in the Austrian paradigm. The article identifies an entire family of
comparative and counterfactual analysis research strategies available to the Austrians, all enjoying a solid epistemological
and methodological grounding. The “comparative-counterfactual analytics” pattern threads together the conjectural histories,
spontaneous orders and empirical case studies of the contemporary Austrians, with the classic tradition of older works. Consequently,
the recent evolution of Austrian scholarship should not be seen as an aberration or abandonment but as a deliberate, natural
and commendable development.
相似文献
Anthony J. EvansEmail: |
7.
Jason Potts 《The Review of Austrian Economics》2007,20(2-3):123-135
This paper offers an extension of the distinction of [Kohn, Cato Journal, 24:303–339 (2004)] between the two paradigms of modern economic theory—value and exchange—as derived from the generic–operant framework
of [Dopfer and Potts, The general theory of economic evolution, Routledge, London, (2007)]. I argue that Austrian and evolutionary economics can be analytically unified about a general framework of rule coordination
and change that I shall call the generic value paradigm. This is an analytic generalization of Kohn’s “exchange paradigm” that will allow us to redefine his conception of the “value
paradigm” as the operational value paradigm in terms of the economics of known and fully exploited opportunities. The generic value paradigm, in turn, underpins the
economics of the growth of knowledge and the evolution of the economic order as an open-system process due to the origination,
adoption, and retention of novel generic rules. Austrian economics is then circumscribed as a special case of the more general
“generic” analysis of the coordination and evolution of economic rules.
相似文献
8.
Robert Ashford 《Forum for Social Economics》2011,40(3):361-370
This article holds that widespread, practical access to capital acquisition is essential for sustainable widespread economic
prosperity and democracy. The founders of the U.S.A. agreed that sustainable democracy required widespread ownership of land
to provide a viable earning capacity sufficient to support robust participation in democratic government. The importance of
widespread land ownership to individual prosperity and sustainable democracy was supported not only by the prevailing philosophical
views of property, it was also apparent to the common man and woman. Compared to Europe, America offered widespread access
to land ownership, higher wages, better work conditions, cheaper staples and greater individual freedom, equal opportunity,
prosperity, and political participation. This conviction that widespread access to ownership is a necessary condition for
widespread prosperity and sustainable democracy continued throughout most of the nineteenth century, but today public discourse
reveals virtually no trace of this once universally held opinion. This article suggests that the disappearance of this conviction
can be traced to an erroneous view shaped by neoclassical economics and Keynesian economics. According to this view, (1) the
disappearance of the American frontier and industrialization made the goal of widespread capital ownership either impractical
or of little or no economic significance and (2) by way of technological advance, sufficient earning capacity and consumer
demand to promote growth and sustain democracy can be achieved, without widespread ownership, primarily through jobs and welfare.
Although differing in many respects, both mainstream schools, along with Adam Smith’s classical economics, share one common
but unstated economic assumption: the broader distribution of capital acquisition (in itself) has no fundamental relationship
to the fuller employment of people and capital, the broader distribution of greater individual earning capacity, and growth.
Contemporary thinking, shaped by these economic schools, also tacitly assumes that widespread capital ownership is not essential
for the sustainable individual earning capacity needed to support robust democracy. This erroneous “ownership-neutrality assumption”
(1) contradicts both the views of America’s founders and the colonial experience, and (2) provides theoretical justification
for structuring capital markets and capital acquisition transactions to unfairly and dysfunctionally favor existing owners
at the expense of broader ownership distribution, more widely shared prosperity, greater efficiency, ecologically friendly
growth, and a vital democracy. America’s conscientious founders would be shocked by the diminished importance of the distribution
of ownership in the mainstream analysis of prices, efficiency, production, growth, and democracy. Rather than enhancing democracy,
they would view the “ownership-neutrality assumption” of mainstream economics as contributing to its deterioration and corruption.
They would openly search for economic analysis built on an alternate assumption more consistent with their understanding of
the requisite conditions for sustainable democracy. This article advances an economic analysis that suspends the ownership-neutrality
assumption, replaces it with a “broader-ownership-growth assumption,” and suggests a voluntary market strategy for substantially
broadening capital ownership, enhancing individual earning capacity, and providing the widespread economic prosperity needed
for robust democracy. 相似文献
9.
Andrew T. Young 《The Review of Austrian Economics》2012,25(2):77-92
The US time structure of production during the 2002 through 2009 business cycle is characterized empirically using industry-level
input-output data. An industry’s total industry output requirement (TIOR) is proposed as a metric for “roundaboutness”. I
find that the time structure of production lengthened following the Federal Reserve’s 2002 expansionary deviation from the
Taylor rule and then contracted during the Great Recession. Value added growth in the most-roundabout of US industries accelerated
relative to that of the least-roundabout industries. Heading into the Great Recession, value-added growth in the most-roundabout
industries contracted early and turned negative in 2007 while value-added growth in the least-roundabout industries remained
positive until 2009. The stylized facts of the time structure of production are consistent with Austrian Business Cycle Theory. 相似文献
10.
George Selgin 《The Review of Austrian Economics》2012,25(2):131-148
Despite its title, Philipp Bagus and David Howden’s critique of The Theory of Free Banking does more than merely “quibble” with that book’s arguments; their criticisms of those arguments are such as to suggest that
the very foundation upon which my defense of free banking rests is deeply flawed. Here, I defend my work against Bagus and
Howden’s criticisms, by showing that they rest upon careless or disingenuous readings of my arguments and a poor grasp of
basic monetary economics. 相似文献
11.
David Ellerman 《Forum for Social Economics》2000,29(2):33-48
I argue that math, like love, can cover a multitude of sins, and I use the neoclassical object of adoration, the Arrow-Debreu
model, as the case in point. It is commonplace that the Arrow-Debreu (AD) model of general equilibrium does not describe the
real world, but it is equally commonplace to accept it as representing the pure logic of the competitive capitalist economy
in an idealized world free of transactions costs. I show that the AD model fails even as an idealized model; it actually mistakes
the logic of pure capitalism. Unlike McKenzie’s model of idealized general equilibrium under constant returns to scale, Arrow
and Debreu claim to have shown the existence of competitive equilibrium under decreasing returns to scale and positive pure
profits. The AD model (again unlike the McKinzie model) needs to assign the profits to individuals and this is done using
the notion of “ownership of the production set.” But this notion suffers from a fatal ambiguity. If Arrow and Debreu interpret
it to mean “ownership of a corporation” then a simple argument in the form “labor can hire capital or capital can hire labor”
defeats the alleged necessity of assigning residual claimancy to the corporation. A given corporation may or may not end up
exploiting a set of production opportunities (represented by a production set) depending on whether it hires in labor and
undertakes production or hires out its capital to others (all by assumption at the parametrically given prices). In the latter
case, residual claimancy is elsewhere. There is no such property right as “ownership of a production set” in a private property
market economy. The legal party which purchases or already owns all the inputs used up in production has the defensible legal
claim on the outputs: there is no need to also “purchase the production set.” At any set of prices that allow positive pure
profits, anyone in the idealized AD model could bid up the price of the inputs and thus try to reap a smaller but still positive
profit. Therefore,pace Arrow and Debreu, there could be no equilibrium with positive pure profits. In the Appendix, the property rights fallacy
that afflicts the AD model is shown to also afflict orthodox capital theory and corporate finance theory.
World Bank
The findings, interpretations and conclusions expressed in this paper are entirely those of the author and should not be attributed
in any manner to the World Bank, to its affiliated organizations or to the members of its Board of Directors or the countries
they represent. 相似文献
12.
Mark D. White 《Forum for Social Economics》2010,39(1):53-60
This note points out a neglected parallel between the philosophies of Adam Smith and Immanuel Kant related to their views
on self-interest, morality, and society. First, I explain the distinction between Kant’s perfect and imperfect duties, and
how they result from his moral philosophy. Next, I summarize Smith’s two major perspectives on human behavior, as presented
in The Theory of Moral Sentiments and The Wealth of Nations, and discuss the apparent conflict between them. Finally, I use Kant’s two types of duties, along with his concept of the
kingdom of ends, to explicate my interpretation of the relationship between Smith’s two strains of thought. By explaining
these dual aspects of Kant’s ethical system in relation to Smith, I hope to give a new perspective on the apparent duality
in Smith’s thought, as well as help bring out the oft-neglected social aspects of Kant’s. 相似文献
13.
Enrico Marelli 《International Review of Economics》2006,53(1):16-48
This paper begins with a review of the literature on the labour market’s impact of globalisation.
An interesting case-study is provided by the province of Brescia, an industrial area in Northern Italy, where both de-localisation
and immigration have been two important means of reducing the pressure of labour demand on the locally scarce human resources.
The conclusion is that, in order to preserve competitive positions in the long run, it is worthy to consider the qualitative
consequences, e.g. the indispensable changes in the structure of production, rather than focusing on the quantitative effects
on domestic employment.
This paper was presented at the International Conference on “Developments in Economic Theory and Policy, Institutions and
European Integration”, Bilbao, 15–17 July, 2004. It is part of a wider research: see the Working Paper by Albertini and Marelli
(2003). The sections prepared by S.Albertini, referring to organisational change and human resources management implications,
are not included in this final paper. I am grateful to anonymous referees for helpful comments. 相似文献
14.
The service industry in China is underdeveloped, in comparison with not only the past experience of developed countries at
the similar level of GDP per capita, but also other similar developing countries at present. We define this deviation of China’s
service industry from the development trend in other countries as the “development deviation puzzle,” and propose a conceptual
framework based on the “manufacturing cost disease” hypothesis to understand the reasons behind this puzzle. We test our hypothesis
using the data from the urban cluster in Yangtze River Delta. The results indicate that labor productivity growth in service
industry is driven by capital investment and the “development deviation puzzle” is indeed rooted in the “manufacturing cost
disease.” Our analysis suggests that, to correct the underdevelopment of service industry, the strategy of investment-driven
industrialization and urbanization must be changed. Expansion of producer services is important in increasing the intensities
of human capital and foreign investment. 相似文献
15.
Increasing foreign direct investment (FDI) flows accompanied with globalization have raised the concern of a “race to the
bottom” phenomenon in environmental protection. This is because footloose investors of “dirty” industries tend to relocate
to “pollution havens” of the developing world. However when pollutant is transboundary (as in the case of greenhouse gases),
the source country’s incentive to relocate and the recipient country’s willingness to host such industries are not straightforward.
This article studies the relationship between FDI and environmental regulation using a North–South market share game model
in a two-country setting, when pollution is transboundary. Contrary to the pollution haven hypothesis, our model shows that
if market sizes of the two countries are small, FDI will raise the emission standard of the host country, resulting in a “race-to-the-top”
phenomenon; but if market sizes are large enough, FDI will not change the emission standard of the South (from its laxest
form), a finding that is consistent with the “regulatory chill” argument. Equilibrium FDI is contingent on the fixed cost
of FDI, as the traditional proximity–concentration tradeoff theory predicts. 相似文献
16.
This paper examines the dynamics of income distribution and convergence in Latin America during the period 1960 to 2000. Our
results, based on the intradistribution dynamics approach, reveal a “twin peaks” dynamics, which echoes findings reported
for the OECD, the Asia Pacific Basin and worldwide. Notable differences, however, are found between the income dynamics in
Latin America and in these other regions. Further, our findings indicate that physical capital investment and health capital
serve to explain Latin America’s “twin peaks” polarization. Other factors, such as geographical proximity, trade openness
and human capital, are also found to help explaining it to some extent.
We gratefully acknowledge the helpful comments and suggestions of the referee. 相似文献
17.
Using the reputation model of Kreps (1982), Vickers (1986) and Barro(1986), we develop a dynamic game model with incomplete
information to examine the relations between the managers of state-owned enterprises(SOEs) in China and the government as
the enterprise’s owner. Employing the model, we show that even a noncoopertive manager will not intrude the owner’s interests
until the last period of his term in order to maximize his long term utility. The paper also discusses some phenomenona in
state-owned enterprises in China, such as “insiders’ control”, “59 phenomenon” and excess on-the-job consumption.
相似文献
18.
David Howden 《The Review of Austrian Economics》2010,23(2):165-182
Informational cascades can be used to augment the existing Austrian business cycle theory. As first-order users of knowledge
know the direct causes of a price change, they transmit this knowledge to second-order users through the price system. Banks
with direct knowledge of the sources of the fresh liquidity during a credit-induced boom have knowledge of the boom’s artificial
and unsustainable nature. Higher order users lack this direct knowledge and hence continue investing largely ignorant of underlying
developments. When first-order users of knowledge sense the boom has run its course, they exit the market, sending a strong
signal to higher order knowledge users that the boom has ended—a fragile situation built upon an informational cascade begins
collapsing. Simultaneously, the boom is characterized by an influx of capital and knowledge into the financial sector owing
to increased profits relative to the real economy stemming from Cantillon effects surrounding the credit injection. As knowledge
pertaining to real production has also exited, the bust commences with a misallocated productive structure requiring equilibration
to become consistent with consumers’ wants. Actions which inhibit this knowledge from returning to the productive structure
will unnecessarily lengthen the time to recovery. 相似文献
19.
This paper's goal is to construct a positive theory of economic fairness. Using the theoretical schema developed by Hurwicz
and others, the paper makes precise the notions of an “institution,” “fairness fraiming,” and “institutional framing.” Four
fairness propositions yield an important corollary: the economic environment, the operative institution and history give meaning
to the often used FORMAL PRINCIPLE OF DISTRIBUTIVE JUSTICE (“equals should be treated equally, and unequals unequellay, in
proportion to relevant similarities and differences”). We support these four propositions and corollary by an analysis of
laboratory, survey, and anecdotal evidence. Finally we describe a number of areas for future research.
The authors would like to thank Allen Buchanan, James Buchanan, Joel Feinberg, Elizabeth Hoffman, David Schmitz, Linda Schnabel
Stizer, Vernon Smith, Richard Wagner, the participants in the Aspen Institute's Conference on “Local Justice and Fair Allocation”,
the members of the Industrial Organization Workshop of the Department of Economics at the University of Arizona, and panel
participants at the Public Choice Society Meeting for their help and comments at various stages of this paper's preparation.
Responsibility for errors is the authors' alone. 相似文献