Philosophy & Methodology of Economics eJournal最新文献

{"title":"Relative Economics & Mahaveer’s Concepts for Planning and Policy Making","authors":"T. Jain","doi":"10.2139/ssrn.3308558","DOIUrl":"https://doi.org/10.2139/ssrn.3308558","url":null,"abstract":"This is a conceptual paper on the present economic policies and on the fundamentals of relative economics. This paper is intended to promote a holistic thinking and a broader framework for our development. The author looks at some of the important ideas of scholars relating to economic planning and development. The author reviews ideas like Environmental Economics, Ecological Economics, Gram Swarajya. The author proposes that there is a need of a fresh thinking about developmental yardsticks.","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":"605 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117078183","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"There Was No IS-LM Enigma: Both Keynes’s IS-LM(LP) and D-Z Models of Chapters 20 and 21 Together Make Up Keynes’s General Theory","authors":"M. E. Brady","doi":"10.2139/ssrn.3308001","DOIUrl":"https://doi.org/10.2139/ssrn.3308001","url":null,"abstract":"All of J .M .Keynes’s earlier 1933-1935 versions of his IS-LM(LP) model contained a serious inconsistency. These earlier models all incorporated both actual and expected outcomes in the same model. The units did not match up. Keynes solved this problem by himself by splitting off the D-Z model from the IS-LM(LP) model. The D-Z model incorporated an analysis of expected results, expectations, uncertainty, and confidence.The major result that Keynes made use of in his analysis of the D-Z model was the Aggregate Supply Curve, which is a locus of all possible, expected D=Z outcomes. Only one of these expected outcomes could actually occur. The one outcome that actually occurred was called Y. Keynes then combined the actual Aggregate Income or Demand, Y, with r, the nominal long run rate of interest, to form the IS-LM(LP) model.<br><br>The misbelief that IS-LM(LP) had to incorporate expectations in order to actually represent what Keynes meant was a catastrophic error made by the Pseudo Keynesians-Joan Robinson, Austin Robinson, Richard Kahn, and Roy Harrod, as well as by the economics profession at large. Unfortunately, no other economist, except Hugh Townshend, had grasped the necessary connections that had to exist between the two models.","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125737610","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Towards the Next Generation of Scholarship: Challenges and Opportunities for Full Participation in Ph.D. Training in Economics","authors":"Thomas D. Jeitschko","doi":"10.2139/ssrn.3308233","DOIUrl":"https://doi.org/10.2139/ssrn.3308233","url":null,"abstract":"A great advantage of our rigorous doctoral training is that as PhD economists we speak a common language that allows for efficient vetting and quick dissemination of ideas and insights. But what good is sophisticated grammar and a powerful vocabulary if the contents of our narratives are lacking? Our top three “most important” criteria for admissions to economics PhD programs are prior coursework in math, the quantitative GRE score, and prior coursework in economics. To attract top talent and prevent becoming a stagnant discipline that loses the influence we have in society and academia, students’ creativity, originality, and drive should receive more weight.","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121216043","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Schumpeter vs. Keynes Redux: 'Still Not Dead'","authors":"John T. Dalton, Lillian R. Gaeto","doi":"10.2139/ssrn.3301547","DOIUrl":"https://doi.org/10.2139/ssrn.3301547","url":null,"abstract":"Diamond (2009) compares the citation time series for Schumpeter and Keynes from 1956 to 2006. Citations to Schumpeter steadily increase throughout the period, whereas citations to Keynes begin to level off and then trend slightly downward beginning in the 1990s. As a result, citations to Schumpeter begin to outstrip those to Keynes. This paper replicates Diamond (2009) and extends the analysis to 2017, which incorporates citations since the onset of the Great Recession. The replication confirms the results in Diamond (2009). The analysis beyond 2006 shows citations to Schumpeter remain larger than to Keynes, but citations to Keynes undergo a resurgence. The paper argues the Great Recession helped renew interest in Keynes. Google Trends data for Schumpeter and Keynes are compared and provide evidence showing the heightened interest in Keynes during the Great Recession. For example, in the United States, the peak of Keynes's search interest occurs in February 2009, five months after Lehman Brothers declared bankruptcy.","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134323963","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Problem Solver’s Non-Hypocritic Hippocratic Oath","authors":"R. Kashyap","doi":"10.2139/ssrn.3305534","DOIUrl":"https://doi.org/10.2139/ssrn.3305534","url":null,"abstract":"PROBLEM SOLVERS OF ALL KINDS, UNITE! We have nothing to lose but our illusions. (Warning: If we lose our illusions we might be losing everything, if our world is but an illusion !!!)<br><br>~ We will remember that We didn't make the world, and it doesn't have to satisfy our solutions. <br><br>~ We realize that mathematical equations are a minor part of any solution. The major elements should include the ease with which others can understand and replicate our efforts. <br><br>~ Before We rush to try our solutions, We will do our best to think of all the unintended consequences that can arise. That being said, if We see no other options, We will use the solutions We have developed to the best of our abilities, as we look for more complete solutions. <br><br>~ We will not be overly impressed by the tools we have learnt to solve problems though we will boldly use them when deemed absolutely necessary. This implies that even if there are no problems to solve, we need to keep looking for new techniques and more importantly new thoughts or sometimes just old forgotten ones, (that seems like we have an unresolved problem). <br><br>~ We will never sacrifice reality for elegance without explaining why We have done so. <br><br>~ Nor will We give the people who use our solution false comfort about its accuracy. Instead, We will make explicit its assumptions and oversights. <br><br>~ We understand that our work may have enormous effects on society and the economy, many of them beyond our comprehension. <br><br>~ If we print these pages, we will plant at least one tree as soon as possible and many more as often as we can ... if we are convinced ... that it is absolutely necessary ...","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125192717","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Karl Menger as Son of Carl Menger","authors":"Scott Scheall, Reinhard Schumacher","doi":"10.1215/00182702-7202512","DOIUrl":"https://doi.org/10.1215/00182702-7202512","url":null,"abstract":"Little is known about the relationship between Carl Menger, founder of the Austrian School of Economics and one of the three fathers of marginal utility theory, and Karl Menger, whose Vienna Mathematical Colloquium was crucial to the development of mathematical economics. The present paper begins to fill this gap in the literature.","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129919165","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"'Coriolis Effect' of Economic Policies","authors":"M. Bayraktar","doi":"10.2139/ssrn.3290825","DOIUrl":"https://doi.org/10.2139/ssrn.3290825","url":null,"abstract":"Why is it that so many economic policies constantly fall short of their initial intended goals? In the social sciences, unintended consequences are outcomes of a purposeful action that are not intended or foreseen. The law of unintended consequences refers to how economic decisions may have effects that are unexpected. Adam Smith's “invisible hand,” is an example of a positive unintended consequence. For instance, the U.S. government has imposed quotas on imports of steel in order to protect steel companies and steelworkers from the lower-priced competition. But they also make less of the cheap steel available to U.S. automakers. As a result, the automakers have to pay more for steel than their foreign competitors do. In Korea, the towns which adopted the suicide prevention law failed to mitigate the suicide rate or even worsening it. In the state of Maharashtra India, the implementation of the family planning program resulted in strong son preference result in an adverse sex ratio in the state. Daniel Ellsberg's (1972) critique of the “quagmire model,” for U.S.catastrophic entanglement in the Vietnam War. Some Sub-Saharan African countries use agrochemicals that increased the value of harvest but are also associated with increasing costs of human illness. Economic effects of 1929 U.S. Prohibition were largely negative, eliminated thousands of jobs, with one of the unintended economic consequences of Prohibition, was on decreasing government tax revenues. 2010 U. S. Dodd-Frank Act discouraging companies from sourcing 'conflict minerals' from the eastern Democratic Republic of the Congo increased the probability of infant deaths in villages near the regulated ‘conflict mineral’ deposits by at least 143 percent. The law of unintended consequences rarely defined, is that actions of people (especially of government) always have effects that are unintended. In 1692 the English philosopher John Locke urged a parliamentary bill designed to cut the interest from 6 percent to 4 percent that instead of benefiting borrowers, as intended, it would hurt them. French economic journalist Frédéric Bastiat distinguished the seen were the obviously visible consequences of an action or policy. The unseen were the less obvious unintended, consequences. In 1936 by the American sociologist, Robert K. Merton recognized five sources of unanticipated consequences. I am adding the sixth source and refer to it as the \"Coriolis Effect\". The Coriolis force, named after French mathematician Gaspard Gustave de Coriolis (1792–1843). In 1835, Coriolis derived the expression of a force acting in rotating systems, now known as the Coriolis force. Scientists have invented an imaginary clockwise circulation force, called the Coriolis force, to account for the Coriolis effect. In the 1870s, a handful of committed economists hoped to make economics a science as highly regarded as physics applied by Newton’s physical laws of motion to economic science. When Newton's laws are modified t","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116655423","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Final Chapter in Keynes's 'History of the Multiplier Doctrine' Had Already Been Written in the 'A Treatise on Probability' in 1921 in Chapter 26","authors":"M. E. Brady","doi":"10.2139/ssrn.3289830","DOIUrl":"https://doi.org/10.2139/ssrn.3289830","url":null,"abstract":"R J Kent’s 2007 History Of Political Economy article ends with the claim that “…But there certainly are many unanswered questions concerning Keynes’s role in the development of the multiplier…”. Pace Kent, anyone who has read Keynes’s chapter 26 in the A Treatise on Probability in 1921 and compared the mathematical analysis provided there with the mathematical analysis presented in Richard Kahn’s June, 1931 Economic Journal article, will immediately recognize that Kahn’s formal representation is identical to Keynes’s except for the specific variables used by Keynes and Kahn, q for Keynes and k for Kahn.<br><br>There are no more “unanswered questions concerning Keynes’s role in the development of the multiplier…”. Keynes developed the logical and mathematical theory of the multiplier at least 10 years before the publication of Kahn’s article and applied his knowledge by providing an application of the multiplier theory in May of 1929, at least two years before the publication of Kahn’s article, as shown by Kent in his paper.<br><br>Paul Samuelson missed a golden opportunity in his 1977 Journal of Economic Literature to end the mystery of the multiplier, but overlooked Keynes’s technical analysis in his analysis of Keynes’s risk analysis in chapter 26 of the General Theory. The real unanswered question is why it took nine decades for economists to recognize that it was Keynes who showed Kahn how to apply the multiplier and not the other way around. <br>","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122512302","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"On Keynes’s Formal Development of the Logical Theory of the Multiplier in the A Treatise on Probability in 1921: It Was Keynes Who Helped Kahn, Not Kahn Who Helped Keynes","authors":"M. E. Brady","doi":"10.2139/ssrn.3286460","DOIUrl":"https://doi.org/10.2139/ssrn.3286460","url":null,"abstract":"Keynes had completely developed the Logical Theory of the Multiplier in his A Treatise on Probability in 1921 in chapter 26 on page 315 and in footnote 1 on page 315. This same analysis appears in his second, 1908, Fellowship Dissertation at Cambridge University. Keynes, however, had no interest in actually publishing a worked out application of the Logical Theory of the Multiplier where one would use arithmetic to actually calculate a worked out example of the process. As pointed out by Kent, Keynes did work out all of the arithmetic steps involved in the multiplier process in 1929, but also made an arithmetic error which he was not concerned with since he already knew that the Multiplier process was mathematically and logically airtight. <br><br> Keynes left the actual presentation of the arithmetic of a completely worked out example of a Multiplier problem, which would be based on the Logical Theory of the Multiplier that he had already worked out in 1908 and 1921, to Kahn. The mathematics of the Investment multiplier, presented on pp. 114-115 of chapter 10 of the General Theory in 1936, is identical to the mathematics used by Keynes in both 1908 and 1921 with respect to his example involving a series of reinsurances aimed at shifting the risk.<br><br>The main problem in the vast literature of the Keynesian Multiplier concept is that no economist was familiar with Keynes’s Risk model in chapter 26 of the A Treatise on Probability. The only economist in the 20th Century to take Keynes’s risk model seriously was Paul Samuelson in a paper published in 1977 in the Journal of Economic Literature. Unfortunately, Samuelson overlooked the footnote that contained Keynes’s worked out analysis in which he took the limit of a geometrical, infinite, declining series to arrive at a finite single number answer.","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131056128","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Given B. De Finetti’s Conclusion that 'Probability (Objective) Does not Exist', Then Rational Expectations Does not Exist Either","authors":"M. E. Brady","doi":"10.2139/ssrn.3282452","DOIUrl":"https://doi.org/10.2139/ssrn.3282452","url":null,"abstract":"Rational Expectations is an approach to probability and expectations that was initiated by Muth in 1961. Muth’s concept is based on an immense muddle and confusion in his mind about subjective and objective concepts of probability that confuses subjective probability with objective probability. <br><br>Like Nelson Goodman’s Grue concept, where the color green turns into the color blue at some point in the future, at some point rational expectationists claim that subjective probabilities become true, correct, right and objective. This is what they mean by the term rational. Rational is objective and/or true probability. This is impossible and demonstrates a great lack of knowledge about basic theories of probability. There is no existing theory of probability that supports the claims made by rational expectationists. There is no right(wrong), correct, true, or objective probability, probability distribution, or expectation if you assume that you are applying the subjective theory of probability. Likewise, all objective theories of probability deny the existence of subjective probability.<br><br>This approach has infected the entire economics profession since the early 1970’s and created an even more immense muddle than was originally created by Muth in 1961.","PeriodicalId":226815,"journal":{"name":"Philosophy & Methodology of Economics eJournal","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116991160","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}