America's New Ideology: "Industrial Policy"

A bstract . A crisis is afflicting traditional liberal economists. The crisis policy devised by John Maynard (Lord) Keynes , which seemed to work well during World War II and in postwar reconstruction, met its nadir in 1975. Contrary to Keynesian theory, formalized in the Phillips Curve argument that inflation and mass unemployment are mutual trade offs, double digit inflation and record unemployment made further deficit spending an impossible policy. Some Keynesians, switched to a new ideology, "industrial policy" , a form of piecemeal planning likely to eventuate in a new protectionism. Analogous to the supply side economics ideology, industrial policys' adoption by many leading Democrats could drive many Keynesian economists from the Democratic party.     

Forward to Basics in Economics

For nearly half a century since Keynes's supposed rebuttal of classical economics, economists and politicians have been pre-occupied with 'demand side' efforts to maintain full employment and output by spending more than they can raise in taxes. The evident failure of 'demand side' economics has at last reached the Keynesian economists. Some are beginning to reject 'demand side' economics as inadequate and to argue for the return of 'supply and demand'.     

Parsonian Economic Sociology

A bstract .   This article focuses on Parsonian economic sociology and its actual or potential bridges and contributions to contemporary economics. These bridges are methodological or epistemological and theoretical or substantive ones. A relevant instance of the methodological bridges is socioeconomic holism, epitomized in the systems approach to economy and society. An important case of the theoretical bridges is sociological institutionalism. The holistic systems approach is a pertinent methodological bridge in that it treats the economy as an integral element of society as a larger system, and consequently treats economics as part of the complex of social sciences. Sociological institutionalism is an important theoretical bridge to (especially institutional) economics by virtue of its emphasis on social institutions and their economic significance. Some other methodological and theoretical bridges of Parsonian economic sociology to contemporary economics are also identified and discussed.     

Uncertainty, Conventional Behavior, and Economic Sociology

A bstract    This paper addresses the problem of the conceptualization of social structure and its relationship to human agency in economic sociology. The background is provided by John Maynard Keynes's writings on uncertainty and conventional behavior on the stock market, and the analysis consists of a comparison of the social ontologies of the French Intersubjectivist School and the Economics as Social Theory Project in the light of these observations. The theoretical argument is illustrated with concrete examples from a prominent study of the stock market boom of the 1990s.     

J.M.KEYNES: AN EMPEROR WITHOUT CLOTHES (ONE NON-ECONOMIST'S VIEW OF ANOTHER)

Central bank policy causes economic dislocation and recession. Keynes's work assumes away much of what is important in economic analysis. As a result, Keynesian conclusions on how to deal with recessions are wrong.     

Keynesian economics in the twenty-first century1

The Keynesian theory as set out by Keynes embodied an Achilles heel which he himself half understood but chose to ignore. It is also ignored by “post-Keynesians” and “New Keynesians”. The trouble is not in the labour market but in the goods market, where The General Theory, at least up to Chapter 19, definitely assumes perfect competition. But on that assumption the possibility of a Keynesian recession requires that employers behave with highly inconsistent expectations. Once, however, the assumption of perfect competition in the goods market is replaced by imperfect competition or oligopoly, the Keynesian theory re-emerges not only as robust, but also totally relevant to the 21st century.     

H. G. J. as a Chronicler of the Keynesian Revolution: His Search of a Non Revolutionary Account

Repeatedly throughout his career, and especially when giving special invited lectures to national gatherings of economists, Harry Johnson reexamined the impact of Keynes's General Theory and its parallels with the revival of the quantity theory of money. This paper explores Johnson's changing view of the recent history of macroeconomics and particularly of the Keynesian Revolution, a term that he found problematic.     

A keynesian macro-econometric model of the UK: 1955–1984

In this paper we present a small Keynesian macro-economic model in which wage-price determination is linked to the working of goods and money markets. By explicitly treating the Keynes effect we derive a general expression for the employment-money supply elasticity, and draw the IS-LM loci in the employment-interest rate space Our empirical specification allows for short-run disequilibrium dynamic adjustments around the static long-run relations predicted by the theoretical model. By careful use of our specification search strategy we obtain a statistically sound econometric model, which exhibits sensible long-run properties. A remarkable finding implied by our estimates is that equilibrium unemployment is negatively affected by both money supply and incomes policy.     

No End to the Consensus in Macroeconomic Theory? A Methodological Inquiry

After the acrimonious debates between the New Classical and New Keynesian economists in the 1980s and 1990s, a consensus developed, namely, the New Neoclassical Synthesis. However, the 2007 credit crunch exposed the severe limitations of this approach. This article presents a methodological analysis of the New Neoclassical Synthesis and how the paradigmatic heuristic of the representative agent, namely, market clearing subject to sticky prices, excluded the Keynesian notion of involuntary unemployment arising from lack of effective demand. It shows these models may be modified to produce Keynesian results, but are ruled out of consideration by proponents of the New Neoclassical approach by weak incommensurability. It concludes that because of this the New Neoclassical Synthesis, in spite of its failure to explain the sub‐prime crisis, is likely to resist successfully the resurgence in Keynesian economics.     

现金持有理论综述

现金持有问题的相关论述最早可以追溯到凯恩斯(1936)的货币需求理论。尽管凯恩斯的货币需求理论也能部分解释企业的现金持有决策,但它毕竟探讨的是宏观经济学的视角,因而还称不上真正微观企业的现金持有理论。文章将目前流行的解释现金持有的理论进行梳理,对它们进行回顾、分析和提炼。     

Microeconomics After Keynes: Post Keynesian Economics and Public Policy

Post Keynesian economics has mainly focused on macroeconomic issues and ignored microeconomic policy issues. This paper begins to remedy this gap. It outlines the main principles of the Post Keynesian approach, distinguishes them from neoclassical economics, explains how these principles can be applied to microeconomic issues, and then draws out some policy implications that differ markedly from neoclassical theory on the issues of health care and productivity growth.     

Theory and history in marketing

This article presents a theoretical foundation for marketing based on the ideas of the Austrian school of economists. After a discussion of the methodological foundations of Austrian economics, which reject the statistical and experimental methods of the physical sciences as the means to verify theory in the social sciences, the article presents the Austrians' principle of methodological individualism, which provides the basis for a theory of entrepreneurship and marketing.     

Theorizing TQM: An Austrian and Evolutionary Economics Interpretation

Born out of management practice, the principles of TQM (total quality management) have had a profound and unparalleled impact on modern business history. However, as a body of practical knowledge, TQM has been largely atheoretical. As a consequence, this important management philosophy has remained amorphous and shrouded in considerable conceptual haziness and ambiguity. Recent theorizing, primarily emphasizing the application of organizational behaviour theories to TQM, has begun to provide greater clarity, but much work remains to be done. This paper attempts to contribute to this nascent theory‐building literature by employing theory from market process economics (MPE), namely, Austrian and evolutionary economics, which explains how processes of dynamic change, adaptation, and learning are driven by entrepreneurial creativity. We contend that the patterns in this body of theory match, to a remarkable degree, the patterns of practical knowledge contained in the TQM literature. We demonstrate this ‘pattern‐matching’ by showing that MPE effectively provides the theoretical underpinnings of TQM’s three main principles — customer focus, continuous improvement and teamwork — as well as the respective TQM topics of customer perceptions, adaptation in dynamic environments, and knowledge creation. Having established MPE as a credible theoretical lens for interpreting TQM, it can be used to clarify fuzzy areas that have remained in the TQM literature with the potential to take us beyond what we know now. We illustrate this with three examples that show how we can resolve debates in TQM over incentive systems, recognize that TQM embraces methodological pluralism in the collection and analysis of data, and highlight hidden dangers that attend benchmarking. While MPE has no monopoly on theoretical interpretations of TQM, it is unique in its ability to comprehensively cover the incredible breadth of this practical body of knowledge, and in its interpretation of TQM as a dynamic economic endeavour.     

Social Provisioning Process and Socio‐Economic Modeling

The radical difference between orthodox and heterodox economics emanates from the different views of the capitalist socio‐economic system. Economics as the science of social provisioning felicitously describes the heterodox view that the economy is part of the evolving social order; social agency is embedded in the social and cultural context; a socio‐economic change is driven by technical and cultural changes; and the provisioning process is open‐ended. Such a perspective on the economy offers ample methodological and theoretical implications for modeling the capitalist economy in a realistic manner. It lends itself especially to the micro‐macro synthetic approach. Thus the objective of this article is twofold: 1) to examine how the concept of the social provisioning process can be clarified and expanded by virtue of recent development in heterodox methodology and 2) to discuss how methodological development would nourish the heterodox modeling and theorizing of the capitalist social provisioning process.     

Economic growth and environmental impact: evaluating alternatives

The environment is no longer to be considered a free good, whether it is utilized for economic growth or is affected by it.This is an exploratory paper attempting to depict a conceptual framework for policy planning embodying growth, environmental and societal variables. The aim is to identify a comprehensive framework and suggest an operationally feasible set of methodologies and processes. In view of the limitations of the current theoretical andmethodological framework, the suggested heuristic approach is an attempt to develop and specify a realistic and convenient process for operational purposes. Moreover, any future developments in theory, methodology, measurement and information is considered to be complementary to, rather than competing with, the proposed framework. The contention is that while the on-going research undertakings are expected to improve the theoretical and methodological framework of the existing body of doctrine, there appears to be a need for a systematic operational framework for policy planning keeping in prospects realism, reasonableness andcertain balances. Sufficient flexibility should be maintained to adjust the particular aspects of the system in light of new information and experience.In summary, the issues of growth and the resultant environmental and societal implications are expounded upon and a conceptual framework is suggested for the process of national priority setting.The desirability of continued growth for the developed and developing countries is predicated upon the premise that environmental and societal variables are to be explicitly embodied in the allocation process so that the composition, structure and the rates of economics growth are compatible with the quality of life (Q/L).     

Identifying the new Keynesian Phillips curve

Phillips curves are central to discussions of inflation dynamics and monetary policy. The hybrid new Keynesian Phillips curve (NKPC) describes how past inflation, expected future inflation, and a measure of real aggregate demand drive the current inflation rate. This paper studies the (potential) weak identification of the NKPC under Generalized Method of Moments and traces this syndrome to a lack of higher‐order dynamics in exogenous variables. We employ analytic methods to understand the economics of the NKPC identification problem in the canonical three‐equation, new Keynesian model. We revisit the empirical evidence for the USA, the UK, and Canada by constructing tests and confidence intervals based on the Anderson and Rubin ( 1949 ) statistic, which is robust to weak identification. We also apply the Guggenberger and Smith ( 2008 ) LM test to the underlying NKPC pricing parameters. Both tests yield little evidence of forward‐looking inflation dynamics. Copyright © 2008 John Wiley & Sons, Ltd.     

初探物流金融的经济学原理

运用经济学的基本理论对金融物流进行初步研究探讨。指出信用是物流金融业务运作的基础，并就物流金融服务的整合提出了建议。     

Economic Religion and the Worship of Progress

In contemporary thought, the terms “secular” and “religious” are polar opposites. They are held to occupy separate domains. But that view is mistaken. Religious belief organizes society around fundamental ideas about ethics and existence. This article examines the way economic belief systems function as religions. Economic thought in various forms (Marxist, Keynesian, neoclassical) is brimming with implicit religious meaning. Instead of belief in an afterlife and heaven, modern economics promises heaven on earth in the form of continuous material progress. Adherents of competing economic ideologies often promote them with the energy of religious zealots. Thus, modern societies are still organized around religious principles, but they are now hidden from sight. This article shows how the religious dimension of the modern worship of economic progress is rooted in Christian theology: Calvinism in the United States and Lutheranism in the Nordic countries, which are famous for their own brand of social democracy. In recent decades, secular faith in the religion of economic progress has begun to falter. The failures of mainstream economics to warn of impending crisis has reduced its credibility, even among economists. More importantly, the rise of environmentalism as a religion has vastly increased the number of citizens who question the goal of material progress. The attack on economic religion may have also undermined the credibility of mainstream political parties, partially explaining Brexit in England and the election of Donald Trump in the United States.     

“东方凯恩斯”管仲的经济哲思——浅谈管仲与凯恩斯经济思想之略同

本文以管仲的经济思想为基础,通过对比管仲与凯恩斯在宏观管理和市场经济中类似的经济理论,从而找寻先哲留下的智慧。     

When Heterodoxy Becomes Orthodoxy: Ecological Economics in The New Palgrave Dictionary of Economics

Modern ecological economics emerged in opposition to mainstream economics as a scientific approach with many key heterodox features. Among these are an open systems perspective, transdisciplinarity, and radical criticism of the conventional representation of economic process. The term “ecological economics” was included internationally in the second edition (2008) of The New Palgrave Dictionary of Economics, the most prestigious and widely used dictionary of economics. In our view, however, the entry does little to facilitate understanding of the heterodox features, and theoretical and methodological controversies that have developed in ecological economics over the last two decades.