Jevons, and Mender Re-homogenized, Jaffé 20 Years: A Comment on Peart

Abstract . Response to Sandra J. Peart, “Jevons and Menger Re-homogenized?: Jaffé After 20 Years,” 1998. The American Journal of Economics and Sociology 57(July): 307-325.     

Cournot vs. Walras: A reappraisal through simulations

Best-reply behavior in Cournot oligopolies generally leads to Cournot-Nash equilibrium, but imitative behavior selects the Walrasian equilibrium as the unique stochastically stable state. Previous work (Alós-Ferrer, 2004) showed that in the presence of memory, imitative behavior leads to a non-trivial dynamics selecting all quantities between the Cournot and Walrasian outcomes. However, the scope of previous results was limited to specific assumptions on demand and cost functions, and did not provide information on the shape of the distribution of outcomes. We use computational simulations to address these limitations. We show that the selection result for non-trivial memory holds beyond the set of well-behaved Cournot games previously analyzed. Further, we find that, in Cournot games, the limit distribution of long-run outcomes is highly skewed towards the Walrasian quantity. Although longer memory increases the importance of the Cournot equilibrium, the competitive outcome remains the dominant prediction.     

The Vanity of the Economist: A Comment on Peart and Levy's The “Vanity of the Philosopher”*

Abstract . In the Vanity of the Philosopher, Sandra Peart and David Levy reconsider “postclassical” economics from the vantage point of Adam Smith's “analytical” egalitarianism. Analytical egalitarianism is assumed, not proved; and Peart and Levy's criticisms of many 19^th‐ and early 20^th‐century economists, as well as eugenics in general, depend on equivocating between analytical and substantive egalitarianism. They fail to provide a non–question‐begging critique of eugenics.     

Léon Walras and Social Justice

A bstract . Léon Walras strongly believed that without an equitable distribution of wealth there could be no social justice. Though he defended the right of private property , he considered that land was a special case and that it belonged to all the community. His social reform involved the nationalization of land , the abolition of taxation on wages , the curbing of monopoly power , and the promotion of a strong cooperative movement. He insisted that the only way the working class could regain their freedom was by becoming property owners. The influence of Henry George on Walras' thinking is obvious. They both shared the same humanitarian ideals, and both believed in a capitalist system working side by side with the social reforms they advocated.     

The 'Socialism' of Léon Walras and His Economic Thinking

A bstract . Léon Walras was one of the few outstanding 19th century economists who, though as a theoretician belonged to the mainstream of orthodox economics , expressed views which at one time were considered to be too radical. He advocated in particular the nationalization of land as the solution to the social problem. This would generate sufficient revenue to government to enable it to do away with taxing income derived from wages and salaries. As a result workers would be in a position to invest their untaxed income and thus acquire their rightful share in the national wealth. Contrary to what many have argued, such 'socialistic' policy was not incompatible with Walras' theoretical model of perfect competition. In the absence of private ownership of land and natural resources , there would be no place for big enterprises and monopolies. His great compromise was: allow social reforms in the realm of distribution, but promote lassser-faire in the production of goods and services. Walras was convinced that if, on top of a radical land reform, the State sought to secure the working of a free competitive system , then the economic system could function very closely to the theoretical model. Though there are flaws in his proposals, his ideas no longer appear as preposterous as they did in his own time.     

Hume and Facts, Logic and Values: A Comment on Cord's Argument

A bstract . Steven B. Cord argues for a moral standard based ultimately on the obligation to treat things as what they are. However, this makes morally good behavior impossible for anyone who does not know what something is. Since ought implies can, a principle relied on by Cord in his derivation of natural rights from his ultimate premise, and since no human being is omniscient. Cord's argument is invalid. Further, it runs directly counter to intuitively based moral judgments about right action under conditions of uncertain knowledge.     

The Jevons double coincidence condition and local uniqueness of money: An example

Jevons’s double coincidence of wants condition is derived as the result of household level transaction costs in general equilibrium where N   commodities are traded at (1/2)N(N−1)$(1/2)N(N-1)$ commodity-pairwise trading posts. Each household experiences a set-up cost on entering an additional trading post. Budget constraints are enforced at each trading post separately implying demand for a carrier of value between trading posts, commodity money. General equilibrium consists of prices so that each trading post clears. Existence and local uniqueness of commodity money in equilibrium can follow from the scale economy implied by the household set-up cost.     

Bell, Merton and Mills as Veblen Critics: A Comment

A bstract . Professors Tilman and Simich offer some thought provoking and reasoned criticisms of the analysis and applications of Veblen's social theory by Bell, Merton and Mills. However, while Tilman and Simich identify some key concepts and ideas central to Veblen's social theory development, they fail to articulate the inner logic of Veblen's paradigm which integrates and amplifies the individual concepts and ideas: the genetic, evolutionary development of the life process. Veblen's evolutionary paradigm not only challenges but threatens the very legitimacy of much of orthodox analysis in such disciplines as sociology, economics and political science.     

Institutional Change and Projections: A Comment

This comment is in response to Frederic L. Pryor (2000). The Millennium Survey: How Economists View the U.S. Economy in the 21^st Century. The American Journal of Economics and Sociology. 59 (January), pp. 3-33.     

Knut Wicksell and the Classical Economists on Money, Credit, Interest and Price Level: A Comment on Ahiakpor

ABSTRACT This is an invited response to James C. W. Ahiakpor, Wicksell on the Classical Theories on Money, Credit, Interest and the Price Level. American Journal of Economics and Sociology 58 (July); 435-457. Wicksell's contribution was to introduce Böhm-Bawerk's theory of capital into a monetary setting.     

Henry George on Land Ownership: A Comment on Pullen

Did George alienate many by presenting his reform program as the institution of a new form of restricted land possession rather than as the retention of traditional ownership with a substantial land tax imposed? It seems doubtful, yet the distinction merits further exploration and the peculiar and hard‐to‐implement nature of the tax and the difficulty of reconciling it with George's distrust of government needs to be stressed. Ideally, George might have preferred complete government ownership of land but his policy proposals were pragmatically adapted to the realities of his own society. The extent of the egalitarianism and aid to the landless implied in his program is questioned.     

Henry George's Land Reform: A Comment on Pullen

Henry George described his proposal to tax land rent as tantamount to abolition of the private ownership of land . However, Pullen's suggestion that it might better be described as conditional, modified, or restricted ownership falls foul of the fact that all ownership is conditional, modified, or restricted in some sense. Whereas, for George, the private ownership of labor products may be positively justified on grounds of equity, and is subject only to conditions that apply to ownership in general, the private ownership of land may be permitted , but only on grounds of social utility, and only if a radical condition (social appropriation of most of its rent) is met that satisfies the demands of equity.     

Culture, Economic Development, and Quality of Life: A Speculative Comment on the Case of Kerala, India

Abstract . Kerala State, India, had a per capita income of abott $290 for 1985, about the same as other Indian states. But Kerala has a Physical Quality of Life Index of 79 (compared to 43 for India). Saudi Arabia has a per capita income of $8,850 for 1985 but a PQLI of 28. How come? Of course, per capita income does not measure income distribution and India is a plural democracy while Saudi Arabia is an authoritarian monarchy. But the critical factor may well be culture.     

Social Science and Social Policy: A Comment

A bstract . The notion that a social science can be value-free ignores the fact that the concepts upon which the social sciences remain dependent cannot possibly be. The emphasis upon methodology, mainly responsible for that position continues, but in recent years it has been paired with emphasis upon policy, applied social science. Value free social policy is within possibility— but it would be irrelevant.     

On the Analytics of Wicksell: A Comment on Abiakpor

Three essential concepts of Wicksell's contributions are probed. (1) Wicksell's commingling of a barter economy with a money economy led to a logical pitfall in his cumulative-process paradigm. (2) Wicksell sought to deduce a cumulative process involving price-level movements from an economy without money and, therefore, without a general price level. (3) Wicksell's idealized pure credit system can be logically reconciled with his law of the demand for money creating its own supply.     

The End of Prophecy: A Comment on Pryor's Study

This comment is in response to Frederic L. Pryor (2000). The Millennium Survey: How Economists View the U.S. Economy in the 21^st Century. The American Journal of Economics and Sociology. 59 (January), pp. 3-33.     

The Most Influential DEA Publications: A Comment on Seiford

In a recent paper in Journal of Productivity Analysis, Seiford (1996) assessed some DEA publications as being the most influential by interviewing a sample of researchers in an attempt to establish a consensus. In this note I compare Seiford's ranking with an alternative bibliometric ranking based on the Social Science Citation Index. The alternative quantitative ranking is very different from Seiford's qualitative ranking.     

格兰杰因果性检验评述

格兰杰因果性检验是计量经济学中最常用的因果性检验方法，但是因为种种原因，目前很多实证研究存在着对该检验方法的模糊认识和不正确运用。本文回顾了格兰杰因果性检验的发展脉络，对国内目前在实际运用格兰杰因果性时存在的一些问题进行了讨论。