{"title":"A Survey on the Evolution of Keynes' Economic Thought","authors":"Barkin Cihanli","doi":"10.2139/ssrn.3903272","DOIUrl":"https://doi.org/10.2139/ssrn.3903272","url":null,"abstract":"There has been on-going controversy about the evolution of John Maynard Keynes’ thought on economic theory among economists of different schools of thought. Even though Keynes have always been considered a revolutionary in economic thought in relation with his ideas in the General Theory, Keynes did not always think about the economic thought the way he did in the General Theory. Some economists have argued that Keynes’ training in economics in Cambridge had made him subscribe to the Classical economics in his earlier years. Some has furthered this argument that Keynes’ Treatise on Money (1930) contained elements of the Classical economic theory, whereas others have opposed that Keynes have dropped the Classical economic theory by the time he wrote the Treatise and seemed to be in the process of developing what later became known as the Keynesian economics. However, there remain fundamental questions to be answered : What kind of economics training did Keynes receive in his earlier years as a student? To what extent had Keynes’ thought gone through a dramatic change in the successive years? How different was his economic thought in the Treatise on Money (1930)? How different was the Treatise from the General Theory (1936)? This essay surveys that Keynes started to acknowledge the shortcomings of the Classical economic theory by the time he wrote the Treatise on Money. Later on, when he gave the inaugural Finlay lecture at UCD titled National Self-Sufficiency(1933), there were even more distinct evidence in favor of his deviation from the Classical Theory. As a result, the goal of this paper is to argue that the Treatise and the National Self-Sufficiency pieces were the two primary sources that demonstrate the evolutionary path for the production of the General Theory. This is a significant issue to address, because this argument falls in line with different interpretations of the origins of the Keynesian economics, specifically the Post Keynesian line of thought which will be analyzed in detail in this paper.","PeriodicalId":249498,"journal":{"name":"PSN: Liberal Market Economies (Topic)","volume":"127 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124214876","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 Relationship Between Capital Account Liberalization and Economic Growth: Does Doing Business Environment Matter?","authors":"Zahra Dehghan Shabani, R. Shahnazi","doi":"10.2139/ssrn.3918806","DOIUrl":"https://doi.org/10.2139/ssrn.3918806","url":null,"abstract":"Capital is one of the most critical components affecting economic growth. In this way, capital account liberalization is effective on economic growth. Theoretical foundations and empirical evidence showed various effects of capital account liberalization on economic growth for reasons such as differences in the institutional structure. This study investigates the threshold effect of doing business on the impact of capital account liberalization on economic growth using the Panel threshold model in 138 countries and three income groups from 2005 to 2018. The results showed that capital account liberalization on the economic growth is negative when doing business is less than the threshold level. Still, this relationship is positive after the threshold level of doing business in 138 countries, low-income and middle-income groups. Also, the effect of capital account liberalization on economic growth is positive in high-income groups when the doing business is less or upper than a threshold level.","PeriodicalId":249498,"journal":{"name":"PSN: Liberal Market Economies (Topic)","volume":"90 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125477844","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}
Institute of Economic Affairs Submitter, Anwesha Ghosh
{"title":"Women Workers in the Gig Economy in India : An Exploratory Study","authors":"Institute of Economic Affairs Submitter, Anwesha Ghosh","doi":"10.2139/ssrn.3944205","DOIUrl":"https://doi.org/10.2139/ssrn.3944205","url":null,"abstract":"While post-Fordism and neo-liberalism changed the way labour was viewed, technology and wide spread digitization has built upon the same principles, giving way to a new form of work – the Gig Economy. Over the last decade, ‘on-demand’ work guided by app-based platforms such as Uber, Ola, Urban Company, Zomato, etc. have become fairly common in urban India. These platforms have built upon the existing large informal economy fuelled by growing digitization and affordability of gadgets such as smartphones. Gig economy thrives upon the idea of ‘flexibility’, allowing people to work as ‘independent contractors’ who have the ‘choice’ of working when they want to, how they want to and where they want to.","PeriodicalId":249498,"journal":{"name":"PSN: Liberal Market Economies (Topic)","volume":"79 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125077541","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":"Beyond Property or Beyond Piketty?","authors":"S. Reddy","doi":"10.2139/ssrn.3738391","DOIUrl":"https://doi.org/10.2139/ssrn.3738391","url":null,"abstract":"Capital and Ideology represents a significant further statement from Thomas Piketty. The arguments made by the \"New Piketty\" are largely compatible with those of his previous Capital in the Twenty-First Century, but reflect broadening of scope and deepening of causal analysis, most markedly through the adoption of a world historical perspective. The result is a fuller offering for understanding inequality's pattern in the world, why it exists and how we can best respond to it. The book presents a wide range of arguments, which do not on first glance appear unified. This review essay distills these into six propositions, describes and evaluates each in turn, and identifies some threads that link them. In the process, it provides a critical assessment of Capital and Ideology.","PeriodicalId":249498,"journal":{"name":"PSN: Liberal Market Economies (Topic)","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127248884","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":"A Methodological Critique of New Keynesian and DSGE Models","authors":"Narciso Túñez Area","doi":"10.2139/ssrn.3616896","DOIUrl":"https://doi.org/10.2139/ssrn.3616896","url":null,"abstract":"New Keynesian and DSGE models fail to portray Keynes’ insights in many respects. The intention of this paper is to offer a critical review of the so-called New Consensus Macroeconomics related to the understanding of the theoretical underpinning in The General Theory in which money plays a crucial role. The nature of money as having zero elasticity of substitution invalidates the applicability of Walras’ Law in disequilibrium and renders the Keynesian unemployment equilibrium hypothesis a theoretical coherent possibility.","PeriodicalId":249498,"journal":{"name":"PSN: Liberal Market Economies (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124066704","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":"Capital Market Liberalization and Equity Market Interdependence","authors":"Renée Fry-McKibbin, Ziyu Yan","doi":"10.2139/ssrn.3612457","DOIUrl":"https://doi.org/10.2139/ssrn.3612457","url":null,"abstract":"This paper uses tests drawn from the literature on financial market contagion measured by changes in higher-order comoments to establish the patterns in the interdependence between equity markets in Shanghai and Shenzhen with Hong Kong as mainland China liberalized their capital market. On the announcement of the opening of the Shanghai market correlations rise, but subside by the launch. Following the launch changes in coskewness, cokurtosis and covolatility emerge. The liberalization process is complete by mid-September 2016.","PeriodicalId":249498,"journal":{"name":"PSN: Liberal Market Economies (Topic)","volume":"76 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120980980","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":"A Comment the ‘New’ History of American Capitalism","authors":"Phillip W. Magness","doi":"10.2139/ssrn.3438828","DOIUrl":"https://doi.org/10.2139/ssrn.3438828","url":null,"abstract":"This essay reviews the \"New History of Capitalism\" (NHC) literature with specific attention to its claims about the relationship between capitalism and slavery. While others have critiqued severe deficiencies in the empirical dimensions of this literature, I focus upon the shortcomings in its conceptualization of \"capitalism.\" In addition to being plagued by definitional imprecision surrounding its use of the term that causes NHC scholars to conflate the slave system with laissez-faire economic doctrines, this literature generally neglects the close historical association between classical economists and abolitionism. The ensuing confusion over the intellectual history of capitalism and its relationship to the emergence of economics as a social science leads several practitioners in the NHC literature to unwittingly adopt a modern iteration of the \"King Cotton\" economic thesis that was advanced by radical pro-slavery \"fire eaters\" on the eve of the American Civil War. While the two service opposite objectives with regards to slavery itself, they are shown to adopt eerily similar diagnoses of slavery's economic position in the world. As with its Confederate-era precursor, the NHC variant of this thesis errs in its attempt to reduce the complexities of an economy to a simplistic causal relationship based upon a single slave-produced crop.","PeriodicalId":249498,"journal":{"name":"PSN: Liberal Market Economies (Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125606881","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 Brazilian Connection in Milton Friedman's 1967 Presidential Address and 1976 Nobel Lecture","authors":"M. Boianovsky","doi":"10.2139/ssrn.3214899","DOIUrl":"https://doi.org/10.2139/ssrn.3214899","url":null,"abstract":"The paper investigates the role played by Friedman’s interpretation of the Brazilian inflation in his 1967 formulation of the natural rate hypothesis and in his 1976 discussion of indexation and other institutional arrangements in the face of chronic inflation. It is argued that, as an empirical economist and in the absence of evidence from industrialized countries, Friedman found in the Brazilian 1964-66 stabilization episode significant support for his argument about inflation acceleration and a shifting Phillips curve. Friedman’s interest in the Brazilian inflationary economy prompted him to visit the country in 1973. The context and implications of Friedman’s Brazilian travel are also tackled in the paper.","PeriodicalId":249498,"journal":{"name":"PSN: Liberal Market Economies (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128830077","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":"Some International Evidence for Keynesian Economics Without the Phillips Curve","authors":"R. Farmer, Giovanni Nicolò","doi":"10.17016/FEDS.2019.032","DOIUrl":"https://doi.org/10.17016/FEDS.2019.032","url":null,"abstract":"Farmer and NicolA² (2018) show that the Farmer Monetary (FM)-Model outperforms the three-equation New-Keynesian (NK)-model in post -war U.S. data. In this paper, we compare the marginal data density of the FM-model with marginal data densities for determinate and indeterminate versions of the NK-model for three separate samples using U.S., U.K. and Canadian data. We estimate versions of both models that restrict the parameters of the private sector equations to be the same for all three countries. Our preferred specification is the constrained version of the FM-model which has a marginal data density that is more than 40 log points higher than the NK alternative. Our findings also demonstrate that cross-country macroeconomic differences are well explained by the different shocks that hit each economy and by differences in the ways in which national central banks reacted to those shocks.","PeriodicalId":249498,"journal":{"name":"PSN: Liberal Market Economies (Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114650157","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":"Economics’ Wisdom Deficit and How to Reduce It","authors":"John F. Tomer","doi":"10.2139/ssrn.3283274","DOIUrl":"https://doi.org/10.2139/ssrn.3283274","url":null,"abstract":"As is well understood, the values inherent in the dominant neoclassical economic paradigm are self-interest and optimization. These are the values that guide individuals and policymakers in advanced capitalist economies in their economic decision making. As a consequence, the economics discipline, arguably, is insufficiently oriented to helping people and organizations make wise choices, choices about what is really and truly in people’s best interests. In other words, there is strong reason to believe that economics has a wisdom deficit. This paper draws on great philosophers such as Aristotle to explain what wisdom is and why, although economics is concerned with the normative aspect of decision making, economics has too infrequently been used to help people or their societies make wise decisions. This paper is also concerned with how a society’s economic decision-making processes can be improved in order that these processes incorporate a much greater dose of wisdom. One relevant question here is: can we learn with the help of philosophers, psychologists, and organization researchers how to make economic decisions that apply the practical wisdom that Aristotle advocated? This paper’s overall purpose is first to point the way toward greater decision-making wisdom, and second to propose one method for improving the wisdom of important economic related decision making. Hopefully, this paper will serve to put the issue of decision-making wisdom higher on the agenda of economists and, as a consequence, lead to wiser decisions in the economic sphere, thereby reducing the wisdom deficit.","PeriodicalId":249498,"journal":{"name":"PSN: Liberal Market Economies (Topic)","volume":"136 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130730439","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}