Teaching the history of economic thought

The main purpose of this survey is to present the results of a questionnaire recently sent to historians of economic thought. This questionnaire — presented in the appendix - was devised so as to provide data on the approaches and experiences of teaching the history of economic thought in a wide range of universities throughout the world.

A summary of the most significant results is presented in section 2 of this survey. Section 1 provides a general introduction to the methodological context of the discussion of problems concerning the teaching of the discipline.     

Understanding the demand-side of economic change: a contribution to formal evolutionary theorizing

An outstanding fact of capitalist change in the last few centuries is the ongoing emergence of new consumption alternatives which accompany income and productivity growth in expanding economies. Far from satiating consumers, exponential economic growth seems to stimulate human desires by providing novelty and variety embodied in a persuasive flow of unsettling goods. Although this is a well-known fact characteristic of capitalist change, little attention has been paid by modern growth theorists to the understanding of demand-side phenomena related to the increasing significance of consumption activities in our societies. Against this background, in this article, we show that as soon as we start drawing the demand-side contour of economic change, new phenomena appear which enrich our understanding of economic growth and structural change. By using ‘replicator dynamics’ systems, consumption dynamics are formally linked to the ongoing generation of innovations in capitalist economies. Certain emergent properties concerning economic growth and structural change and several policy implications follow.     

THE CITATION IMPACT OF FEMINIST ECONOMICS

Abstract

Feminist economics is a transformative project. However, transformation generates resistance. Feminist economics can be deliberately excluded, co-opted through an uncritical application of rational choice theory, or ignored. And feminist economics can be listened to: when the United Nations consults feminist economists; when feminist economists publish in widely read journals; when a student finds inspiration in a Feminist Economics article. All of these are ways feminist economics can, and has, influenced the profession. After ten years of discourse, it is possible to take stock and assess the impact of feminist economics. This article provides a partial assessment through a consideration of citations of the journal Feminist Economics, describing its impact on mainstream economics, heterodox economics, and other disciplines. While the overall project of feminist economics encompasses much more than just one journal, studying the citations for Feminist Economics is a first step toward assessing the influence of the entire corpus.     

Economic importance and statistical significance: Guidelines for communicating empirical research

Abstract

A critical objective for many empirical studies is a thorough evaluation of both substantive importance and statistical significance. Feminist economists have critiqued neoclassical economics studies for an excessive focus on statistical machinery at the expense of substantive issues. Drawing from the ongoing debate about the rhetoric of economic inquiry and significance tests, this paper examines approaches for presenting empirical results effectively to ensure that the analysis is accurate, meaningful, and relevant for the conceptual and empirical context. To that end, it demonstrates several measurement issues that affect the interpretation of economic significance and are commonly overlooked in empirical studies. This paper provides guidelines for clearly communicating two distinct aspects of “significance” in empirical research, using prose, tables, and charts based on OLS, logit, and probit regression results. These guidelines are illustrated with samples of ineffective writing annotated to show weaknesses, followed by concrete examples and explanations of improved presentation.     

Altruism in individual and joint-giving decisions: What's gender got to do with it?

Abstract

This paper uses dictator experiments to examine gender differences in altruistic behavior in the United States when decisions are made individually and jointly. In anonymous individual giving to charity, women give substantially more than men, and in paired settings, mixed-sex groups give the most while all male pairs give the least. Evidence supports social information and negotiation effects as participants change giving toward that of their partners. Social image effects are found only in mixed-sex groups, indicating a gender-based component to the value of the social signal sent. Although men and women appear to have similar influence, the positive social image effect pushes giving in mixed-sex pairs above the sum of the members' individual gifts because the less altruistic partners (usually men) adjust their giving upward more than the more altruistic partners (usually women) reduce giving. Therefore, increasing women's participation in traditionally male spheres of decision making may result in more altruistic economic behavior.     

Jevons's Theory of Political Economy and the ‘Marginalist Revolution’ *

Very many statements have been made about the (non-)existence and characterisation of the ‘marginal revolution’ but it is urged here that detailed study of the relevant texts is far more valuable than the making of grand statements about such matters. In particular, a close reading of Jevons's Theory of Political Economyis proposed as an antidote to over-easy generalisation. Jevons by no means rejected all elements of classical theory. He did not propose a catallatic revolution; he attributed such an emphasis to earlier authors and himself stressed the role of production. It is shown that Jevons was very aware of the necessarily general equilibrium nature of his theory but that he was simply not able to cope with it satisfactorily; it is suggested that this explains, at least in part, his fluctuating and apparently inconsistent statements relating utility and labour to value. Jevons certainly attempted to sketch a complete marginal productivity theory of distribution, even if he was far from successful in providing one.     

Economic Calculation: Private Property or Several Control?

Abstract

As the centenary of the 1917 Russian revolution approaches, it is worth reviewing the past 100 years’ discussion amongst economists on the possibility—or otherwise—of economic planning under socialism. The socialist calculation debate is of fundamental importance, not merely as a specialist application of economic ideas, but as an investigation of the foundations of economic activity. Every economic action is premised upon calculation, every choice depends upon an assessment of the costs and benefits of each alternative between which the agent must choose. The view of that choice and its attendant calculation is constitutive of the schools of thought—Marxian, neoclassical and Austrian—which have contributed to the debate. An understanding of the calculation debate is therefore required to understand how these paradigms stand in relation to each other. This article addresses one aspect of that debate—the claim by Austrian economists that socialism is impossible because the absence of private property in the means of production precludes economic calculation. The article suggests that several control rather than private property is required for economic calculation, and that several control is consistent with public ownership of the means of production. The Austrian argument on this point, therefore, is without force.     

Orthodox Core–Heterodox Periphery? Contrasting Citation Networks of Economics Departments in Vienna

ABSTRACT

The notion of an ‘orthodox core–heterodox periphery’ structure and the extent of interdisciplinary links have been widely discussed, and partially investigated bibliometrically, within economic discourse. We extend this research by applying tools from social network analysis to citation data of three economics departments located in Vienna, two mainstream and one non-mainstream, to assess their relative citation patterns. We show that both mainstream economics departments follow the asserted core–periphery pattern and have a mono-disciplinary research focus, while the citation network of the non-mainstream department has a polycentric structure and is both more heterodox and interdisciplinary. These findings suggest that discussions about the future of heterodox economics should pay more attention to the organizational level and seek allies from other disciplines.     

Migration and Americanization: The special case of Belgian economics*

One of the distinguishing features of Belgian economics is that, from the early 1920s, so many of Belgium's best economists pursued postgraduate studies at top American universities, a case of ‘temporary’ migration. This was made possible by the fellowships granted by the Commission for Relief in Belgium, a legacy of the First World War. After a stay in the US of a few years, most returned to Belgium. However, they maintained strong links with the US. Also, they tried to recreate in Belgium the most valuable elements of their American experience. It would lead to a strong and early Americanization of Belgian economics. Moreover, they were at the forefront of several initiatives to organize economics on a European scale, such as the European Economic Review and the European Economic Association.