休克疗法与制度移植:新的争论以及1806年后普鲁士和西南德国改革的启示

经济学界关于休克疗法和渐进主义的争论又有了新的发展,这一次是有关发展中和新兴国家的。法国大革命及其对其他欧洲国家的影响,已经作为一个历史案例,在讨论大爆炸改革策略的优缺点时被屡屡提及。文章为1806年后普鲁士和西南德国改革之间的比较提供了一个特别有趣的历史案例研究,这到目前为止并未得到应有的重视。这个案例研究将揭示社会转型过程中经济和政治之间的深层次互动,因而对不同的经济改革策略的评价不能也不应该脱离对政治初始条件的考量。从最近的改革经验来看,一个特别有趣的发现是,普鲁士可能提供了第一个政府被东易北容克(East-Elbian Junkers)俘获的历史案例。     

The end of economic transition

The transition from plan to market was the largest natural experiment in economics ever. Now, 20 years from the start of transition, all former socialist countries are market economies at the middle stage of economic development, and convergence with neighbours, if not with the developed world, is largely achieved. With hindsight, it is clear that economists have spent too much time debating proper sequencing of reforms and the fine‐tuning of reform packages. At the same time, the magnitude of the output and consumption fall in some countries was vastly underestimated, while the benefits of reforms have taken longer to materialize than expected. Successful practitioners of reform praise perseverance during and after the initial setbacks and willingness to make political compromises. At the conclusion of the natural experiment, transition economics has all but vanished as an academic discipline, although it played a crucial role in the formation of modern political economics.     

The dynamics of retirement saving — theory and reality

Pension problems and reforms are in the foreground of public interest and political action in many countries, yet economic theory offers inadequate support for finding viable solutions, because it is heavily loaded with simplifying concepts and unrealistic assumptions. These concepts and assumptions are briefly summarized in Chapter 1, while a generalized framework based on them is presented in Chapter 2. The basic stationary assumption is then relaxed in Chapter 3 what results in the conclusion that a profound, not just technical, but conceptual innovation is required. Chapter 4 outlines a few major issues and concepts for a more realistic pension economics. A summary is given in Chapter 5.     

ASIAN DEVELOPMENT AND ENVIRONMENTAL DILEMMAS

Rapid economic growth in the Asian-Pacific region provides economic hope for the region's low-income countries but raises international environmental dilemmas and could be unsustainable. The strong international and Asian political support for Asia's economic growth often makes little mention of the environmental issues involved. The natural resources water, air, and soils as well as Asia's conservation of living resources and maintenance of biodiversity are important environmental issues. Tourism development—especially ecotourism—could combine economic development and conservation, but as Asian examples illustrate, it has limitations. Other environmental influences include the rapid urbanisation of Asia and the likelihood of increased international and transboundary conflicts over use of natural resources as economic growth in Asia proceeds. Markets and market reforms are not sufficient to deal with Asia's economic problems. Institutional and other reforms also are needed. One must reject the view that economic growth neglecting the environment is acceptable even in low-income countries. Polluting and degrading the environment now and repairing it later is a dangerous policy to follow, particularly for larger Asian countries. In fact, a strong case exists for high-income countries to support the environmental conservation efforts of low-income countries.     

Foucault on the Marginal Revolution in Economics: Language and the Cartesian Legacy

Scholars have long debated the ‘revolutionary’ character of the ‘Marginal Revolution’ in economics, focusing on theoretical foundations, methodological devices, social context and political aspects. This article offers a new perspective by investigating ontological and epistemological conditions of that intellectual movement. This requires, in turn, a characterization of those conditions, for which purpose we will draw on Foucault's configurations of thought into ‘epistemes’ in The Order of Things. Although not mentioning those conditions, there have been few references in economics to Foucault's approach. They have mainly claimed that he neglected its importance because he did not see it as a ‘revolution’ in The Order of Things. It is argued here that he actually considered it a ‘revolution’ in The Archaeology of Knowledge. A revision of Foucault's account provides some ideas regarding deep philosophical conditions of the emergence of neoclassical theory and defies some usual interpretations of the circumstances that led to the mathematization of economics. The main conclusion is that its revolutionary character did not stem from a change of ontological beliefs, but—just as many historians of economics have defended—it was a methodological revolution. This study suggests a reinterpretation of that event, claiming that it resulted from a new conception of language and a crisis of Descartes's project of a mathematical unifying science. Going beyond that debate, these reflections proffer ideas that deserve an appraisal in economics.     

From economic stagnation to systemic fragility?

Advanced economies are in a rut of slow growth. Growth in emerging economies has also slowed. Explanations are meager and policies have not worked or have made problems worse. The Trump administration of hard-line billionaires will likely exacerbate problems. Jack Rasmus’s book Systemic Fragility in the Global Economy offers a penetrating analysis of economic stagnation in advanced economies by providing a sustained and systemic focus on the role of finance, an analysis that probes further than mainstream economic analysis. Rasmus has made a signal contribution to contemporary economics and provided a vitally important X-ray of the political economy of stagnation.     

From performativity to political economy: index investing,ETFs and asset manager capitalism

As a discipline, political economy has often been reluctant to engage with the details of market devices and practices. This weakens the microfoundations of its analysis of capitalist macro-dynamics and cedes unnecessarily large stretches of intellectual territory to economics. The performativity approach developed by Michel Callon offers a theoretical way out of this dual dilemma. It allows political economists to study ‘the economy’ directly by investigating the links between the diversity of market devices and the diversity of capitalism. The argument is illustrated by an analysis of the gradual, performative evolution of the investment intermediation market, where the traditional high-cost model of active asset management has been challenged by the emergence of a low-cost alternative in the form of index-tracking investment funds. Highlighting the distributive implications of this development, the current article shows that the financial innovation of exchange-traded funds played a crucial part in the completion of the socio-technical agencement of the ‘passive investor’. In contrast to the recently resurgent notion that the two approaches are incompatible, this article insists that the micro-sociological study of market devices fosters the analytical capacity of political economy by opening up new perspectives on the macro-dynamics of contemporary capitalism. In the case at hand, it brings into sharp relief the contours of the emerging constellation of ‘asset manager capitalism’.     

Political markets? Politics and economics in the emergence of markets for biodiversity offsets

This paper analyses the relationship between politics and performativity of economics in the emergence of markets for biodiversity offsets. While the role of economics in constructing markets has been demonstrated by sociology and social studies of science, it has also become apparent that politics plays an important role in the material outcome of economic experiments. Two case studies of the creation of markets for biodiversity offsets are analysed, in the United States and England. The findings suggest that the creation of both markets is rooted in the language, concepts and models of economics. Politics, on the other hand, functions as a mediator of the material expression of those models. Through this mediation effect, similar economic models are performed differently, resulting in a variety of markets. This suggests that the material outcomes of processes of market creation are not defined at the outset, but can be influenced by political processes.     

When Italian economics “Was Second to None”. Luigi Einaudi and the Turin School of Economics

Abstract

The article is dedicated to the work of a group of economists that was an important expression of a fertile season of Italian economics, in the period from the mid-1890s to the end of 1930s, which developed around the figure of Luigi Einaudi, and earlier, around that of his master Cognetti de Martiis. This School expressed a range of thought of high value in the political and economic sphere. In the economic field, the School established a fertile relation between historical–empirical work and economic theory; in the political field it investigated the relation between freedom and economic order.     

Budget surplus goal experiments in Australia and Sweden

From the mid-1990s until the 2008 financial crisis, two countries, each with different political, administrative and capitalist traditions, embarked on a radical macroeconomic policy experiment. Australia and Sweden took earlier New Public Management reforms to an ideological extreme, and pursued a profit-like goal for the public sector, in promising and delivering annual budget surpluses. From a historical institutionalist perspective, we challenge existing public choice theories and the guardian-spender framework to show how fears of crisis, party dynamics and ideological reassessments on the centre-left, and the elevation of finance and economics ministers and ministries resulted in an unlikely political and electoral consensus. Furthermore, this occurred without constitutionalised or officially strict rules, as has been the trend in other countries, but was achieved through less formal yet influential ‘rules of the game’ with stricter interpretations. What is even more perplexing is that Australia and Sweden do not have superior economic records to show for this experiment and experienced the same challenges as other countries during the 2008 financial crisis. Yet, they are still reluctant to definitely abandon the policy.     

回归失落的传统:广义虚拟经济理论的政治经济学解读(I)

政治经济学曾经是经济学科的核心,其重要的标志就是强调国家的富强和政府的经济调控职能。然而,在后来的发展历程中,经济学科逐渐分裂为强调归纳和历史研究的政治经济学范式与推崇纯演绎和数学分析的纯经济学范式。前者延续了早期经济学科的政治经济学视角,强调政治对经济发展的影响作用,并进而对制度尤其是文化因素进行了新的考察;而后者则抛弃了早期经济学科的政治经济学,在过分强调模型分析和数学方法的趋势下,逐渐演变成为一门专注于模型分析的纯粹经济学,在越来越脱离政治经济学的同时,也越来越与现实脱节。本文把政治经济学与当今一些中国学者提出的广义虚拟经济理论相联系,从政治经济学发展的角度对广义虚拟经济理论进行解读。本文认为在政治经济学研究缺失的今天,广义虚拟经济理论是对政治经济学的一种回归;其不仅坚持了传统的政治和文化视角,而且通过"制文化权"等理论的提出,对政治经济学理论体系进行了发展和创新。     

The Fable of the Allegory: The Wizard of Oz in Economics: Comment

Although recent research strongly suggests that L. Frank Baum did not write The Wonderful Wizard of Oz as a monetary or political allegory, the Populist-parable interpretation of his book remains a tremendous teaching tool in economics classes. The author offers some background on the rise and fall of the Populist interpretation, in recognition of students' natural curiosity about Baum's intentions. He also offers a classroom-ready version of the parable that synthesizes several different versions of that interpretation.     

Political Opinions and the TUCE

The TUCE is being widely used in economic education research at the college level. Although it has gained acceptance as a standardized evaluation instrument, it has also become the subject of close scrutiny. Rothman and Scott report on their study to determine whether or not the TUCE “may also measure political attitudes.” The relationship between the students' political opinions and their scores on the TUCE are examined, but other possible explanatory variables (such as previous economics instruction, sex and SAT scores) are also analyzed. The authors discuss possible reasons why “untrained conservatives know more about market systems than do untrained liberals,” and suggest that there are factors other than economic conservatism at work.     

The political economy of legal titling

The libertarian case for legal titling is that formalization of the economic (de facto) rights of those who own land and buildings improves prospects for capitalism and, ultimately, development. Although all rich countries have private property rights, we argue that the success of legal titling depends on a certain kind of state—what we call a property-protecting state—that is often missing in developing countries. We use insights from Austrian economics, public choice, and institutional economics to clarify the political basis for legal titling to improve land tenure security. Evidence from Afghanistan shows that legal titling has not worked because the country does not have a property-protecting state. We suggest focusing on improving political institutions before investing in legal titling. In the meantime, it makes more sense to register land ownership at the community level, without the state.

     

Economics for substantive democracy

In this paper, I sustain that the discourse of economics has become one of the most substantial contributors to the erosion of the democratic ideal. The first argument used in this case against economics concerns its attempt to be considered a neo-naturalistic science; the second, the fact that economics considers democracy contradictory to the expression of its scientific rationality and; the third, the fact that economics crowds out people from decision-making processes by pushing them into the hands of experts. Because partisan political programmes have essentially become economic programmes, economics should contribute to substantive democracy. In order to do so, an alternative discourse to mainstream economics must be proposed. An economics favourable to substantive democracy should, thereby, be political rather than naturalistic, pluralist rather than monist and, instead of crowding out people from decisions processes, should aim at the co-production of economic knowledge with those concerned by the outcome of economic decisions.     

The history of economics as economics?

Abstract

This paper critically evaluates the current decline of the relationship between economics and the history of economics, and proposes a framework called the panorama-cum-scenario model for the practice of the history of economics. Starting with the Hegelian thesis that the history of economics is economics itself, the paper argues that such a relationship is necessary but not sufficient because the history of economics is a metatheory addressed to economic theory. The history of economics needs a panoramic view of the subject and a scenario for the construction, interpretation, and evaluation of the system of economics. The panorama-cum-scenario model enables us to work on the history of economics not only by historical and rational reconstruction but also by global reconstruction. Nietzsche's anti-Hegelian viewpoint and Heidegger's hermeneutical standpoint are useful for identifying the role of historical research in developing economic knowledge based on the panorama-cum-scenario model. Several approaches to the history of economics are examined in light of the panorama-cum-scenario model. Schumpeter's history of economics is interpreted as an example of the panorama-cum-scenario model.     

A tale of two federalisms: Germany,the United States and the ubiquity of centralization

This paper offers a comparison of government centralization in the United States and in Germany. After briefly laying out the history of federalism in both countries, we identify the instruments of centralization at work. It is argued that an initial constitutional framework of competitive federalism does not prevent the long-term centralization of competencies. Against a background of historical evidence, we discuss the political economics of government centralization. It is argued that formal institutions clearly have an effect on the pathways of government centralization, but not necessarily on the broader trend of centralization. The conclusion is reached that preservation of state and local autonomy may eventually hinge on informal political institutions.     

Influencing the perception of what and who is important in ecological economics

In a recent article using citation analysis Hoepner et al. (2012) make strong claims to have identified the most influential works, authors, journals and institutions in a hypothetical field they call environmental and ecological economics. This paper shows that their work is biased by its framing, far from the non-subjective approach they claim and highly sensitive to minor data errors. More than this the exercise can be seen as another example of how ecological economics is susceptible to suppression by a dominant mainstream economic perspective which attempts to override, belittle and dismiss a whole range of alternative thought, including that which is heterodox, interdisciplinary, from the natural sciences and based in the non-economic social sciences. Ecological economics is not the same as agricultural, resource or environmental economics, and if it were it would be pointless. Neither can it be understood or treated as a subfield of resource and environmental economics, as done by Hoepner et al. (2012). I argue that the study promotes a limited perspective on social, environmental and economic problems that includes an implicit political and ideological framing. What is most influential, important or high quality in ecological economics is certainly not defined by such work.     

The Committee on Economic Education: Its Effect on the Introductory Course and Women in Economics

The percentage of women economics majors has stagnated for decades. This is creating a bottleneck in the pipeline of female economists. The Committee on Economic Education (CEE) of the American Economic Association (AEA) is charged with fostering economic understanding and effective teaching. An examination of its structure, membership and activities over the past 35 years, however, suggests that it has narrowed the scope of economic ideas presented in introductory economics and has not convinced instructors of the benefits of a more active learning environment. The task of engaging students in the search for greater knowledge has largely been left to heterodox “visionaries,” members of the profession who have tried to find ways to make economics courses more interesting and inviting to all students, and especially to under-represented groups. We conclude that the CEE’s membership and structure contribute to the small percentage of the increasingly female undergraduate population who major in economics.