共查询到20条相似文献,搜索用时 43 毫秒
1.
Jochen Hartwig 《European Journal of the History of Economic Thought》2013,20(4):725-739
Abstract The American Post Keynesians – those who attach importance to the capital ‘P’ and the absence of a hyphen between ‘post’ and ‘Keynesian’– claim to be Keynes' most literal interpreters or the ‘truest’ Keynesians (Holt et al. 1998: 17). This paper compares the Post Keynesian interpretation of the Principle of Effective Demand, i.e. the D/Z-model, with Keynes' own presentation in chapter 3 of the General Theory– and finds substantial differences. A re-interpretation of the D/Z-model is offered that would bring it into line with chapter 3. 相似文献
2.
Bert Mosselmans 《European Journal of the History of Economic Thought》2013,20(4):565-582
Abstract Quetelet's contribution to statistics has received adequate attention in Stigler (1986, 1999) and Porter's (1986) seminal works on the history of that scientific discipline. 24 Our contribution investigates Quetelet's influence on economic methodology. Other scholars have already investigated his influence on econometrics and empirical economics (Morgan 1990, Stigler 1999), but we argue that his influence on theoretical economics should be considered significant as well. We devote attention to Quetelet's concept of the ‘average man’. For this purpose we briefly summarize Quetelet's methodology and examine the evolution of his ideas as expressed in his published works. We then investigate his influence on Jevons's ‘calculus of pleasures and pains’ and on the statistical investigations of the German historical school. We argue that the history of statistics, and especially Quetelet's contribution, should not be neglected by historians of economic thought as it provides important insights into the development of economic methodology. 相似文献
3.
Nicolò De Vecchi 《European Journal of the History of Economic Thought》2013,20(2):233-258
Abstract Hayek did not review the General Theory, but he criticized it in Profits, Interest and Investment (1939) and in part IV of The Pure Theory of Capital (1941). First, he showed that only exceptionally does greater consumption favour investment and employment. Second, he rejected Keynes's liquidity preference and maintained that only in an ‘extreme case’ might it be said that Keynes's theory of the rate of interest is valid. Although he correctly identified the gist of Keynes's theoretical innovation, his criticisms were already implicitly answered in the General Theory. 相似文献
4.
The Exchange Market Pressure (EMP) index, developed by Eichengreen et al. (1994), is widely used as a tool to signal whether pressure on a currency is softened or warded off through monetary authorities’ interventions or, rather, a currency crisis has originated. In this article we show how the index is sensitive to some assumptions behind the aggregation of the information available (exchange rates, interest rates and reserves), especially when emerging countries are involved. Specifically, we address the way exchange rate variations are computed and the impact of different definitions of the reserves, and we question the constancy of the weights adopted. These issues compound with the choice of a fixed threshold when crisis episodes are identified through the EMP index. As a result, one should exert caution in subsequent econometric analyses where a dependent binary variable is built to identify crisis periods. 相似文献
5.
Norbert J. Michel 《Applied economics》2013,45(23):3169-3174
This article revisits the spending response to the 2001 US tax rebates by focussing on two key aspects of how tax policy researchers use the Consumer Expenditure Survey (CEX). These two attributes, which are often overlooked, are as follows: the measures used for consumption and the ‘outlier’ criteria applied to the data. First, I reproduce the results in Johnson et al. (2006), which (using the CEX) concluded that households immediately spent 20–40% of their rebates on nondurable consumption goods. Then, I show how making two changes – both of which are relied upon in the literature – affects their results. These adjustments reduce the estimated magnitude of the rebate's impact by as much as 100%. 相似文献
6.
Jocelyn Poirel 《European Journal of the History of Economic Thought》2013,20(3):448-466
Abstract The aim of this paper is to provide a rational reconstruction of Beveridge's theory of unemployment published in 1909. First and foremost, it shows that his theory of unemployment is coherent – what Beveridge refers to as ‘the reserve of labour’ represents ‘unemployment’ as a whole; unemployment is due to the imperfection of the labour market and associated friction and the organisation of the labour market is necessary. Second, it suggests that as early as 1909, a negative relationship already existed between unemployment and job vacancies and that the segmentation of the labour market and imperfect information are key factors of friction. The first part of the paper provides a reconstruction of Beveridge's theory of the reserve of labour (1909) including causes and factors of unemployment and unemployment policies. The second part shows that certain founding principles of the ‘Beveridge curve’ (Beveridge 1944 [1953]) were already to be found in his 1909 book and that links can be established between Beveridge (1909), Phelps (1970) and Pissarides (2000). 相似文献
7.
Frank R. Gunter 《The Journal of economic education》2013,44(4):386-396
The critical roles of entrepreneurs in creating, operating, and destroying markets, as well as their importance in driving long-term economic growth are still generally either absent from principles of economics texts or relegated to later chapters. The primary difficulties in explaining entrepreneurship at the principles level are the lack of a universally accepted definition, a plausible explanation of the demand for entrepreneurship, and a diagram that summarizes the impact of entrepreneurship on market equilibrium and growth—a definition, a story, and a picture. This article discusses how the notion of the stationary state associated with Schumpeter (1911/1983), Knight (1921/1971), and Weber (1930/2002) can provide a framework for integrating the entrepreneur into the early part of principles of economics courses. 相似文献
8.
《Forum for Social Economics》2012,41(1):30-45
Abstract Emil Lederer was characterized as the “leading academic socialist of Germany in the 1920’s” by Joseph Schumpeter and was a highly respected economist of his time. However, most aspects of his work remain totally unexplored. This paper focuses on Emil Lederer’s theory of economic fluctuations defending the thesis that certain aspects of Lederer’s conceptualization of economic fluctuations underwent considerable modifications when his 1925 article Konjunktur und Krisen is compared with his 1938 book Technical Progress and Unemployment, a shift unacknowledged so far in the literature. In his first attempt to tackle the issue, in Konjunktur und Krisen (1925), Lederer had constructed an explanation consistent with the so-called “disproportionality theory” introduced by Tugan-Baranowsky (codified as “early Lederer”). However, Lederer’s conception of the business cycle during the 1930s and especially in his major work Technical Progress and Unemployment underwent considerable modifications. Lederer’s (1938) analysis is, apparently, very ‘Schumpeterian’ (codified as “late Lederer”). In this version of his theory, the cycle is explained by supply-side factors, and more specifically by technical change. Additionally, Lederer’s view on the role of financial institutions (credit and banks) with regards to business cycles is analysed. Lederer avoided attributing a causative role to monetary factors. The interrelation between ‘real’ factors and financial institutions constitutes an essential element in his analysis of the business cycle. 相似文献
9.
The theoretically necessary and sufficient condition for the correspondence between ‘revealed’ comparative advantage and pre-trade relative prices derived by Hillman (1980) is analysed empirically for virtually all countries of the world over an extended period of time. This yields 10 stylized facts, including that (i) violations of the Hillman condition are small as a share of the number of observations, but substantial as a share of the value of world exports, (ii) violations occur relatively frequently in the period 1970–1984 and more rarely in the period 1985–1997 and (iii) violations occur foremost in primary product and natural resource intensive sectors and for countries in Africa, the Middle East, Latin America and Central and Eastern Europe. An additional bonus of verifying the Hillman condition in empirical research is its ability to identify erroneously classified trade flows. 相似文献
10.
Camille Baulant 《Journal of economic issues》2017,51(3):651-662
Emerging countries around the world have been growing fast over the last thirty years, with most of these countries basing their economic development on a state capitalism. Within these countries, there is a concentration of wealth in the hands of a few people. This fact confirms the analysis of Thorstein Veblen (1898) who shows the gap that exists between the vested interest of the rich and the unmet needs of the poor. The world happiness report (Helliwell, Layard and Sachs 2016) also shows for the emerging economies a gap between the world rank in economic growth and in wellbeing. I propose a new paradigm of development for two emerging economies, Brazil and South Africa, by putting human development in the center of economic development and by using different approaches in economics and psychology. My analysis links the theories of Carl Shapiro and Joseph E. Stiglitz regarding “efficiency wages” (1984) with the complexity approach (Le Moigne 1995). This approach combines the results of positive psychology (Kahneman 2011) with the role of local institutions for improving the economic development of emerging economies (Deaton 2016). In the first section of the article, I examine definitions of economic and human wealth. In the second section, I analyze the gaps that exist between the standard-of-living ranking and the wellbeing ranking for both Brazil and South Africa in order to present meso-happiness indexes linking the micro- and macro-levels of human wealth. In the last section, I analyze the way local institutions in Brazil and South Africa could create dynamic links for these countries’ efficient functioning in the world economy. 相似文献
11.
Daniele Tavani Peter Flaschel Lance Taylor 《International Review of Applied Economics》2011,25(5):519-538
We introduce the results of a non-parametric estimate of the US wage-Phillips Curve into a simplified version of the model of the wage-price spiral by Flaschel and Krolzig (2008). Making use of Okun’s law, the non-linearity in the wage inflation-employment relation translates into a non-linearity in the so-called ‘distributive curve’ of the economy. Exploiting the observed non-linearity in extending an otherwise standard demand-distribution model (Taylor 2004), we provide a dynamical analysis both in wage-led and profit-led effective demand regimes. In a profit-led scenario, shown to be the empirically relevant case for the US economy, there are two stable equilibria of Goodwin (1967) growth cycle type, identified as a stable depression and a stable boom, and a saddle-path stable equilibrium in between them. Both stable steady states are surrounded by trajectories that cycle counterclockwise around their basins of attraction. The obtained type of growth fluctuations can be verified by a long phase cycle estimation for the US economy using a method developed by Kauermann, Teuber and Flaschel (2008). 相似文献
12.
The presence of deterministic or stochastic trend in US GDP has been a continuing debate in the literature of macroeconomics. Ben-David and Papell (1995) found evidence in favour of trend stationarity using the secular sample of Maddison (1991). More recently, Murray and Nelson (2000) correctly criticized this finding arguing that the Maddision data are plagued with additive outliers (AO), which bias inference towards stationarity. Hence, they propose to set the secular sample aside and conduct inference using a more homogeneous but shorter time-span post-WWII sample. In this article we re-visit the Maddison data by employing a test that is robust against AO's. Our results suggest the US GDP can be modelled as trend stationary process 相似文献
13.
《Applied economics》2012,44(24):3065-3088
This article estimates a simple univariate model of expectation or opinion formation in continuous time adapting a ‘canonical’ stochastic model of collective opinion dynamics (Weidlich and Haag, 1983; Lux, 1995, 2009a). This framework is applied to a selected data set on survey-based expectations from the rich EU business and consumer survey database for 12 European countries. The model parameters are estimated through Maximum Likelihood (ML) and numerical solution of the transient probability density functions for the resulting stochastic process. The model's success is assessed with respect to its out-of-sample forecasting performance relative to univariate Time Series (TS) models of the Autoregressive Moving Average model, ARMA(p,?q) and Autoregressive Fractionally Integrated Moving Average, ARFIMA(p,?d,?q) varieties. These tests speak for a slight superiority of the canonical opinion dynamics model over the alternatives in the majority of cases. 相似文献
14.
John Smithin 《Journal of post Keynesian economics》2018,41(1):139-155
Moseley’s (2016) Money and Totality focuses on two important issues: (a) the nature and significance of Marx’s notion of the “circuit of money capital” and (b) the solution to the “transformation problem”. The former question, in particular, makes this book important not only for Marx specialists but also for other dissenting economists. Recall that in writings before the General Theory Keynes (1933a, 1933b), in particular, made allusion to the Marxian circuit via the concept of the monetary theory of production. However, these references did not survive in the published version in 1936. Nor was Keynes at all confident on this topic in debate the following year. It is therefore important to both Marx scholars and other heterodox economists to inquire exactly how the Marxian circuit was supposed to work. A starting point is to write out the scheme from Capital Vol. 2 (Marx, 1885/1976) in full, M – C?…?P … C’ –?M’, and try to explain what the magnitudes (M’ – M) and (C’ – C), are supposed to represent. This is indeed one of Moseley’s main tasks in this thought-provoking book. 相似文献
15.
Francisco Jareño 《Applied economics》2013,45(24):3159-3171
This study is focussed on estimating the real interest and inflation sensitivity in Spanish market, proposing an extension of the Stone (1974) two-factor model and controlling for size and growth of the companies [Fama and French (1993) three-factor model], because of its importance in the stock sensitivity shown by previous literature. I also study the classical explanatory factors of the stock sensitivity: leverage and liquidity level of the firms. The Spanish stock response is similar to the response in other markets, and the ‘size’ is higher than ‘growth’ effect. 相似文献
16.
The article applies the LM univariate unit root test recently developed by Lee and Strazicich (2003, 2004) to re-examine the validity of trend stationary in the inflation rates of 11 OECD and Asian countries using a longer span of historical data. Our empirical findings are favourable to the trend stationary of the inflation rates when we control the structural breaks in series, and therefore they point to the absence of hyperinflation in the majority of the countries. The results indicate that shocks to inflation rates are temporary and soon converge, with the inflation rates being trend stationary. Hence, most structural breaks in the inflation rate occur around the Great Depression, World War I, World War II, and energy shock periods. For the convergence effect, we repeat the unit root tests utilized above for smaller sub-samples so as to provide a robust analysis. The outcomes show that by selecting a longer data span, we can catch more powerful convergent evidence. Overall, some policy implications are obtained in this article. 相似文献
17.
《China Economic Journal》2013,6(1):15-23
This paper aims to illustrate how an equilibrium exchange rate of the Yuan would contribute to China's achievement of non-inflationary full employment – defined as internal balance by James Meade in 1951, as well as the balance of international payments. In terms of Meade's model, China currently has both excess demand and a payments surplus, so that it would benefit from revaluation, which helps curb internal inflation and the external foreign surplus simultaneously. For China, specifically, revaluation would support combating price increases and facilitate a shift of resources into consumption and raising living standards. The paper also examines three common reasons advanced by groups in favor of avoiding appreciation of the RMB, finding none of them theoretically or empirically convincing. The pursuit of both growth/employment and price stability objectives makes China unable to afford having an undervalued exchange rate. 相似文献
18.
Olivier Brette 《Journal of economic issues》2017,51(2):503-510
The British historian Edward P. Thompson ([1971, 1991] 1993) developed the concept of “moral economy” to analyze the food riot in eighteenthcentury England. I aim to elaborate on the concept of moral economy of the common people by combining Thompson’s insights with those developed by Veblenian institutional economists. I highlight the commonalities between Thompsonian history and Veblenian economics in terms of both questions addressed and methodological principles endorsed. Finally, I emphasize the complementarities between these two bodies of work, and suggest some ways to exploit them in order to better understand the evolution of the moral economy of the common people over time. 相似文献
19.
In this article we examine the persistence nature of Taiwan's aggregate output fluctuations by using the ‘innovation regime-switching’ (IRS) model in which the effect of an innovation may be permanent or transitory, depending on an unobservable state variable that follows a first order Markov chain. By applying the IRS model to Taiwan's real GDP data, we find that during the 1961 to 2000 period 61% (39%) of the real output shocks are likely to have permanent (transitory) effects. Moreover, the innovations in the officially identified expansion (contraction) are more likely to have a permanent (transitory) effect. These results are similar to those found in many studies of US real output fluctuations, e.g. Beaudry and Koop (1993), Kim and Nelson (1999) and Kuan et al. (2005). However, we also find that Taiwan's output dynamics have changed drastically ever since year 2000. In particular, the shocks to real GDP have become more likely to have only transitory effect, even during the period of post-2001:IV expansion. 相似文献
20.
《China Economic Journal》2013,6(1):17-28
The study re-examined the time series properties and regional disparities in Chinese inflation by extending the work of Chong, Zhang, and Feng (2011). For this purpose we employed the Lagrange Multiplier (LM) unit root test with one structural break and two structural breaks suggested by Lee and Strazicich (2003, 2004) and a recently developed ADF type unit root test with two structural breaks of Narayan and Popp (2010). We found that national, urban and rural series of the overall inflation series, clothing, and food, national series of education and residence and the rural series of residence and education are stationary. We also found regional disparity in Chinese inflation, but the disparities existed only in education inflation series. 相似文献