A Thoroughly Embodied Economics: A Review of Personalist Economics by Edward J. O'Boyle

In a debate on the future of monetary policy and the displacement of money, Woodford argued that, even if innovations should lead to a situation in which the banks' demand for reserves at the central bank is zero, the central bank can still influence the economy's interest rates because its liability is the economy's unit of account. This paper deals with these topics by considering the implications of emphasizing the function of money as unit of account. In the analysis of money from this perspective, social, institutional and economic factors play a crucial role. Money is a social and historical relation. Therefore, the displacement of money and central banks, though possible, is a complex process involving economic, social and political factors, not merely the result of innovations. The paper also looks at some aspects of Kaldor's theory, which is centered on the fundamental importance of money as unit of account.     

Baland,J.-M., Bourguignon,F., Platteau,J.-P. and T. Verdier,The Handbook of Economic Development and Institutions

Journal of Economics -     

2005年诺贝尔经济学奖得主--罗伯特·J.奥曼学术思想述评

罗伯特·J.奥曼(Robert J.Aumann)教授是2005年度诺贝尔经济学奖得主之一,其研究领域主要涉及博弈论、预期效用理论和完全竞争经济理论.奥曼教授对这些研究领域内许多理论的构筑和发展都作出了重要贡献.本文对奥曼教授的主要学术思想进行了简要梳理和评论.     

The Economics of American Higher Education,ed., William E. Becker and Darrell R. Lewis

The author describes a protocol for classroom experiments for courses that introduce undergraduates to signaling games. Signaling games are conceptually difficult because, when analyzing the game, students are not naturally inclined to think in probabilistic, Bayesian terms. The experimental design explicitly presents the posterior frequencies of the unobserved events. The protocol's emphasis on the posterior enhances convergence to the equilibrium prediction, relative to a treatment in which posterior frequencies are not explicitly computed. This convergence reinforces the development of the theory in subsequent lecture periods.     

Review of Nicolai J. Foss,The Austrian School and Modern Economics: Essays in Reassessment,Copenhagen: Handelshojskolens Forlag, 1994, 229 pp.

The Review of Austrian Economics -