The Talmudic Doctrine of "The Benefit of a Pleasure": Psychological Well-Being in Talmudic Literature

A bstract .   In this article, we attempt to analyze the Talmudic notion of well-being in the light of modern hedonic psychology. First, we examine the thoughts of Hebrew "wisdom" and Greek " sophia " concerning the phenomenon of happiness. We then discuss the Talmudic doctrine of "optimality," a concept similar to that of the Pareto improvement. This is followed by a discourse deemed to be of extraordinary significance—the idea of "mutual benefit," which may be described as "super optimum." Thereafter, the doctrine of the "Benefit of a Pleasure" is demonstrated to be a "pleasure-measure" of reciprocal and nonreciprocal happiness. Finally, it is argued, that although Plato, according to Professor Lowry, detailed precise "trade-offs" between degrees of pleasure, pain, and time, it was applied to "moral values" only, whereas the Talmudists posited the existence of a "psychoeconomic" category, in which pleasure itself is equated with money.     

Economics, Sociology, and the "Professional Complex"

A bstract .   This article discusses the relationship between economics and sociology in the context of Parsons's analytical theory of action and systems and his criticisms of orthodox and institutional economics. The article also addresses his view of the importance of the professions to an understanding of the nature of advanced capitalism. The professions are discussed as both an illustration of his theoretical argument and a substantive problem that stimulated the development of his theory. The "professional complex" is an emergent phenomenon in capitalism that modifies its operation and points to the complexity of systems of social action that require to be analyzed without being reduced to one of their elements. This reductionism is evident in orthodox economic theory and also in the more sociologically-oriented approach of institutional economics. Parsons argues that each is a form of what, following Whitehead, he calls the "fallacy of misplaced concreteness." Although Parsons offers a significant critique of dominant approaches in economics, major flaws within his own theory create the appearance that he has simply carried over the deficiencies of orthodox theory into his own general statement of theory. These flaws contribute to major misunderstandings of Parsons's project and, therefore, indicate continuing problems in the relation between economics and sociology.     

The "Sect Effect" in Charitable Giving: Distinctive Realities of Exclusively Religious Charitable Givers

A bstract .   An examination of the charitable giving behavior of 16,442 households reveals intriguing patterns consistent with the club-theoretic approach to religious sect affiliation. The club-theoretic model suggests that individuals with lower socioeconomic standing will rationally be more likely to align themselves with exclusivistic sects. Because sect affiliation is also associated with more obligatory religious contributions, this approach generates novel predictions not anticipated by standard economic models of charitable behavior. Traditional analysis of charitable giving can mask the "sect effect" phenomenon, as low-income giving is dwarfed by the giving of the wealthy. However, the application of a two-stage econometric model—separating the participation decision from the subsequent decision regarding the level of gifting—provides unique insights. Basic socioeconomic factors have significant and opposite associations with different categories of giving, calling into question the treatment of charitable giving as a homogenous activity and supporting the understanding of sect affiliation, and potentially religious extremism, as rational choice phenomena.     

"Breed Out the Unfit and Breed In the Fit"

A bstract    Fisher's virulent positions on such themes as "race degeneration", the necessity of sterilization measures for certain categories of the American population, and his urgent call for the control of the genetic quality of new immigrants are hardly consistent with the opalescent subtlety of academic disputes over the nature of capital and interest. Although Fisher repeats it often: in his work, this question of the nature of capital and interest is directly linked to eugenic assumptions and analysis. This second body of Fisherian work illuminates the strong epistemological and theoretical references in Fisher's work as an economist. This paper addresses this question through three major themes: the constant denunciation of a «racial decay>> of the American population and its corollary: the project of setting up a «scientific humaniculture>>; the plea against the eugenic effects of World War I, and the then haunting question of the closing of the «Golden Door>>.     

Observations on The "Vanity of the Philosopher"

A bstract .   The purpose of this essay is to identify certain points at which the presentation in Vanity appears incomplete or in error, especially as regards the interpretations of Mill and Spencer. It is shown that, while the authors have stated their case well, certain mischaracterizations, misstatements, and omissions seem to allow an alternative overall interpretation. However, another look suggests that, despite these discrepancies, the given interpretation is quite valid.     

Introduction

A bstract .   This symposium was first presented at a session entitled "Noneconomic Objectives in the History of Economic Thought" that was held at the Allied Social Science Association Meetings in January 2002.     

Echoes of Henry George in Modern Analysis

A bstract .   These comments were prepared in response to the session "Echoes of Henry George in Modern Analysis" presented at the 2002 meetings of the Southern Economic Association. Professor Holcombe prepared his comments at this journal's request at a later time.     

Comment on Robert Hall's "Controlling the Price Level"

A bstract .   James Tobin discusses Fisher's compensated dollar plan and Robert Hall's proposal for controlling the price level.     

Comments on William D. Nordhaus's, "Irving Fisher and the Contribution of Improved Longevity to Living Standards"

A bstract    This essay discusses Fisher's contributions to life extension and to human capital theory.     

Economists and the Shadow of "The Other" Before 1914

A bstract    This paper examines how economists from David Hume to Irving Fisher have struggled with the applicability of their analyses to those who differed from them in gender, ethnicity, class, or race. Particular attention is paid to how Fisher's discussion of racial and ethnic differences in capital accumulation and time preference changed between The Rate of Interest (1907 ) and The Theory of Interest (1930 ), and how it drew on earlier work by John Rae (to whom Fisher dedicated both those books).     

Comment on William C. Brainard and Herbert E. Scarf''s "How to Compute Equilibrium Prices in 1891"

A bstract .   In commenting on Brainard and Scarf's essay, the engineer and physicist K. R. Sreenivasan considers why Fisher resorted to hydraulic machines in the first place.     

Protecting Family and Race

A bstract    American economics came of age during the Progressive Era, a time when biological approaches to economic reform were at their high-water mark. Reform-minded economists argued that the labor force should be rid of unfit workers—whom they labeled "unemployables,""parasites," and the "industrial residuum"—so as to uplift superior, deserving workers. Women were also frequently classified as unemployable. Leading progressives, including women at the forefront of labor reform, justified exclusionary labor legislation for women on grounds that it would (1) protect the biologically weaker sex from the hazards of market work; (2) protect working women from the temptation of prostitution; (3) protect male heads of household from the economic competition of women; and (4) ensure that women could better carry out their eugenic duties as "mothers of the race." What united these heterogeneous rationales was the reformers' aim of discouraging women's labor-force participation.     

Does “Health Promotion” Really Promote Health?

A bstract    In his comment on Victor Fuch's essay, the late Alvan Feinstein raised the question of whether government-sponsored programs of "health promotion" are always good for well-being.     

A Note on Walter Block's Defending the Undefendable

A bstract .   Walter Block's amusing and popular Defending the Undefendable offers an intentionally shocking collection of short chapters, each praising a different "rogue" of modern society—including the pimp, slumlord, and corrupt cop—from a libertarian viewpoint. However, Block's defense of the "heroic" counterfeiter is based on faulty economic analysis and is hence completely unwarranted.     

Briefing Paper The Debate about Monetary Policy

The main implications from the discussion above are:

• 1. 

  If the PSBR affects the money supply it should also have a direct influence upon inflation.
• 2. 

  Our research indeed suggests that the PSBR is the root cause of inflation as well as the root cause of monetary growth.
• 3. 

  The government should therefore be less pre-occupied with M3 and lay even greater emphasis on the PSBR.
• 4. 

  It should avoid sinking its energies into money base control. At most some form of money base control is advisable as a precaution.
• 5. 

  To avoid any further money market disturbances the authorities should resort to a floating rate policy for MLR as was formerly the case.

     

Social Anthropology in Economic Literature at the End of the 19th Century: Eugenic and Racial Explanations of Inequality

A bstract .   At the end of the 19^th century, Georges Vacher de Lapouge and Otto Ammon founded a school of thought denominated "social anthropology" or "anthropo-sociology," aimed at placing racism on a scientific basis. Their intent was to create a new discipline into which the themes of biological heredity, natural selection, social stratification, and political organization were to converge. This paper intends to demonstrate the wide resonance that anthroposociology had in the economic literature, analyzing the thought of authors such as Carlos C. Closson, Vilfredo Pareto, and Thorstein Veblen. A particular focus will be on the racial and eugenic arguments used as explanation of social and economic inequality.     

Entrepreneurial Boldness and Excessive Investment

We analyze investment by a population of hyperbolic discounting entrepreneurs. In order to avoid inefficient procrastination, agents with good prospects about their chances of success may choose to forego free information and to invest boldly. This explains an excessive level of investment in the economy. Building on this observation, we show that low risk-free interest rates favor bold entrepreneurship and entry mistakes. Furthermore, public intervention can be socially desirable: Forcing agents to acquire information before deciding whether to invest may reduce competitive interest rates and may be beneficial for all individuals in the economy .

And thus the native hue of resolution Is sicklied o'er with the pale cast of thought, And enterprises of great pith and moment With this regard their currents turn awry, And lose the name of action.                      Hamlet , Act 3: Scene 1.

     

中国“后奥运时代”的体育经济

中国的体育健儿在北京奥运会上取得了空前绝后的成绩。奥运会不仅仅能够使世界更加了解中国,同时也能够促进了中国文化以及经济的发展。中国在进入了"后奥运时代"后,我国的体育经济时代已经开始了大步发展,目前已经步入了一个新的台阶,为今后的体育经济时代提供了一个千载难逢的机会。而对于目前我国如何应对"后奥运时代"的中国体育经济的发展和其中可能发生的问题,作者对此尝试着进行讨论和总结。本文主要讨论的内容是后奥运时代的中国体育经济的发展方向。     

Determinants of Youth Suicide

A bstract .   This study empirically examines determinants of youth (age 15–24) suicide over the 1960–1998 period. It finds that the rate of youth suicide was positively influenced by the divorce rate, the violent crime rate, and the Vietnam War, and negatively influenced by the percent of the total population composed of those age 15–24. The first three variables have been ignored in the research and the latter is at odds with the "conventional wisdom."     

文化产业热潮来袭

这是一个没人关心"文化"但所有人关心"产业"的时代。"文化造富"正演绎着新一轮的悲喜剧浙商创投合伙人李先文最近被朋友称为"拼命三郎"。作为浙江投资圈内最勤奋的投资人之一,他最忙碌的时候平均一天看四个项目、飞三个城市,"忙得连孩子都顾不上生。"李先文开玩笑说。但即使这样,他还是感到很焦虑,"害怕在这个领域被对手超过。"