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Keynes, Russian Economic Thought, and Contemporary Policy 凯恩斯、俄国经济思想与当代政策
History of Economics eJournal Pub Date : 2020-09-04 DOI: 10.2139/ssrn.3686886
Marianne Johnson, A. Kovzik
{"title":"Keynes, Russian Economic Thought, and Contemporary Policy","authors":"Marianne Johnson, A. Kovzik","doi":"10.2139/ssrn.3686886","DOIUrl":"https://doi.org/10.2139/ssrn.3686886","url":null,"abstract":"This paper extends a long tradition of Western analyses of Russian economic thought on Keynes, updating the story through the period that followed the global financial crisis of 2007-2008. We survey contemporary views of Keynesianism by mainstream and traditionalist economists and consider the theoretical and ideological motivations for a domesticated variant of Keynesianism as a “third way,” bridging Western economics and Soviet political economy. As such, this paper provides a survey of the shift in political economy that underpins recent pivot from market liberalism to targeted government management as a solution to Russian economic stagnation. We conclude that it would be an exaggeration to declare that the latest transformation of Russian economic policy ‘Keynesian.’","PeriodicalId":253619,"journal":{"name":"History of Economics eJournal","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125496003","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}
引用次数: 0
Investopedia’s ‘What Is the Keynesian Multiplier?’ Needs to Be Completely Revised to Correct Its Many Errors of Omission and Commission 投资媒体的“什么是凯恩斯乘数?”需要全面修改，以纠正其许多遗漏和错误
History of Economics eJournal Pub Date : 2020-07-19 DOI: 10.2139/ssrn.3655672
M. E. Brady
{"title":"Investopedia’s ‘What Is the Keynesian Multiplier?’ Needs to Be Completely Revised to Correct Its Many Errors of Omission and Commission","authors":"M. E. Brady","doi":"10.2139/ssrn.3655672","DOIUrl":"https://doi.org/10.2139/ssrn.3655672","url":null,"abstract":"Investopedia’s “What is the Keynesian Multiplier “ is fundamentally flawed and needs to be completely rewritten in order to eliminate a number of errors of omission and commission concerning Richard Kahn and J M Keynes. \u0000 \u0000First,Richard Kahn’s article ,published in 1931 in the Economic Journal,was derived from Keynes’s earlier work in his A Treatise on Probability ,1921(Brady,2004) and his May,1929(Kent,2007) arithmetic example ,which follows directly from the mathematical model presented in chapter 26 of the A Treatise on Probability on page 315 in footnote 1.The discussion in the General Theory on pp.122-123 of the theory of the multiplier follows directly from the A Treatise on Probability. \u0000 \u0000Second,Investopedia’s article completely ignores the series of articles written by Keynes in 1937 and 1938 in England on war finance and unemployment, first discussed by Terence Hutchison in 1977,demonstrating that Keynes’s support for deficit finance was strictly limited to the occurrence of a severe recession or depression. \u0000 \u0000Third, Investopedia’s article completely ignores the extensive 250 pages of correspondence in Volume 27 of the Collected Writings of John Maynard Keynes detailing Keynes’s explicit support for deficit finance for the support and maintenance of public infrastructure projects only which would pay for themselves overtime in the long run.The government budget would always be balanced..There would be a separate capital account budget devoted to public infrastructure spending that would have to be in balance in the long run. Only the capital account could be in deficit .Keynes’s clear cut disagreement with supporters of deficit financed tax cuts in England in 1942-1944 is explicit in these two hundred and fifty pages (CWJMK,pp.225-475). \u0000 \u0000Fourth,the belief that M. Friedman showed that there were errors in the logical and mathematical construction of the multiplier has no support.M. Friedman never showed there were any mathematical and logical errors in the multiplier concept.","PeriodicalId":253619,"journal":{"name":"History of Economics eJournal","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115581532","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}
引用次数: 0
Uncertainty and the Limits of Markets 不确定性和市场的局限性
History of Economics eJournal Pub Date : 2020-06-26 DOI: 10.2139/ssrn.3636385
Roni Hirsch
{"title":"Uncertainty and the Limits of Markets","authors":"Roni Hirsch","doi":"10.2139/ssrn.3636385","DOIUrl":"https://doi.org/10.2139/ssrn.3636385","url":null,"abstract":"The article considers the place of the neoclassical equilibrium model as the basis for \u0000current views of markets as fair, efficient, or both. It also points to three threats the model poses for democracy and justice: it ignores the problem of inequality, it suppresses the socio-economic significance of uncertainty, and it conceals its own tradeoff between certainty and equality. Instead, the article lays out Frank Knight’s critical assessment of real markets, which rely on the tacit agreement between a handful of “daring” entrepreneurs and the “risk-averse” masses to bear the uncertainties of business-life in return for a substantially larger share of its direction and rewards. Knight’s influential conclusion, that this agreement mandates a nonmeritocratic social inequality and substantively divides humanity into leaders and followers, should be critically examined.","PeriodicalId":253619,"journal":{"name":"History of Economics eJournal","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133850963","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}
引用次数: 0
A Fundamental Reformation of Neoclassical Economics 新古典经济学的根本性改革
History of Economics eJournal Pub Date : 2020-06-09 DOI: 10.2139/ssrn.3623004
D. Nomidis
{"title":"A Fundamental Reformation of Neoclassical Economics","authors":"D. Nomidis","doi":"10.2139/ssrn.3623004","DOIUrl":"https://doi.org/10.2139/ssrn.3623004","url":null,"abstract":"During the second half of the twentieth-century economic theory moved increasingly away from price theory, which was gradually displaced by more modern trends such as game theory, behavioral-empirical-experimental economics, neuroeconomics, heterodox economics, etc. This was due to serious shortcomings and mistakes of the traditional theory that is based on Neoclassical economics. The correction of those mistakes entails dramatic changes in the Neoclassical theory and its fundamental outcomes, concerning perfect competition, price determination, value theory, income distribution, social welfare, and other major fields of economics. This also results in an integrated theory in which market functions, regardless of the number of firms, i.e. from monopoly to perfect competition. Moreover, by this reformation, traditional price theory regains its self-efficiency, prestige, and dominant position in economics.","PeriodicalId":253619,"journal":{"name":"History of Economics eJournal","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127589836","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}
引用次数: 0
The Trouble with Naïve Keynesianism Naïve凯恩斯主义的麻烦
History of Economics eJournal Pub Date : 2020-06-01 DOI: 10.1111/ecaf.12406
Tony Caporale, M. Poitras
{"title":"The Trouble with Naïve Keynesianism","authors":"Tony Caporale, M. Poitras","doi":"10.1111/ecaf.12406","DOIUrl":"https://doi.org/10.1111/ecaf.12406","url":null,"abstract":"Since the Keynesian Revolution of the 1930s, many prominent economists have argued that a useful policy response to economic depression is to boost government spending. But pressure to spend quickly increases the potential for waste and inefficiency: this is ignored or dismissed in the Keynesian literature. For example, a widely cited cost–benefit analysis of stimulus spending does not even acknowledge the possibility of waste, and some Keynesians go so far as to argue that wasteful spending during a crisis can nonetheless be desirable. Here we extend the typical analysis by accounting explicitly for the leading sources of cost including waste, resource costs, and the excess burden of taxation. Our results suggest that stimulus spending that is largely wasteful is unlikely to generate net wealth. A proper response to economic depression must consider the possibility that government waste can render stimulus spending counterproductive.","PeriodicalId":253619,"journal":{"name":"History of Economics eJournal","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130165261","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}
引用次数: 0
J M Keynes’s Contribution to Solving the Certainty Effect Problem: How Some Philosophers Overlooked Keynes’s Conventional Coefficient of Weight and Risk, C 凯恩斯对解决确定性效应问题的贡献:一些哲学家如何忽视了凯恩斯的传统权重和风险系数，C
History of Economics eJournal Pub Date : 2020-05-24 DOI: 10.2139/ssrn.3609066
M. E. Brady
{"title":"J M Keynes’s Contribution to Solving the Certainty Effect Problem: How Some Philosophers Overlooked Keynes’s Conventional Coefficient of Weight and Risk, C","authors":"M. E. Brady","doi":"10.2139/ssrn.3609066","DOIUrl":"https://doi.org/10.2139/ssrn.3609066","url":null,"abstract":"J M Keynes solved the problems of the certainty, reflection, translation, and preference reversal effects long before these effects were specified in the post world war II literature by psychologists. Keynes recognized in chapter 26 of the A Treatise on Probability (1921; p.313) that all of these effects were a result of non linear probability preferences on the part of the decision maker. \u0000 \u0000An understanding of Keynes’s contribution would have helped philosophers, such as I. Levi and B. Weatherson, to deal with this problem.","PeriodicalId":253619,"journal":{"name":"History of Economics eJournal","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128004158","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}
引用次数: 0
Review Article: Searching for Feasible and Viable Marxian Alternatives to Capitalism 评论文章:寻找可行的马克思主义替代资本主义
History of Economics eJournal Pub Date : 2020-05-20 DOI: 10.2139/ssrn.3749703
Hee-Young Shin
{"title":"Review Article: Searching for Feasible and Viable Marxian Alternatives to Capitalism","authors":"Hee-Young Shin","doi":"10.2139/ssrn.3749703","DOIUrl":"https://doi.org/10.2139/ssrn.3749703","url":null,"abstract":"This article reviews Peter Hudis and Richard Wolff's recent contributions to feasible and viable Marxian alternatives to both capitalism and historical socialism. Both Hudis’ reinterpretation of Marx’s major writings and Wolff’s proposal for building a WSDE-based economy are important attempts at answering various questions surrounding Marxian post-capitalist visions. However, Hudis’ textual analysis fails to make sense of Marx’s contradictory positions toward the Proudhonian utopian project and to fully discuss the importance of worker cooperatives. Wolff’s WSDE-based economy also left many important issues untouched, especially in explaining the relationship between WSDEs and other corporate ownerships and the proper relationship between the state’s planning and the market. This article attempts to address these problems in order to contribute to our collective endeavor for searching for feasible and viable alternatives to existing systems.","PeriodicalId":253619,"journal":{"name":"History of Economics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131128092","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}
引用次数: 0
The Writing and Reception of Risk, Uncertainty and Profit 风险、不确定性和利润的书写与接受
History of Economics eJournal Pub Date : 2020-05-02 DOI: 10.2139/ssrn.3591596
Ross B. Emmett
{"title":"The Writing and Reception of Risk, Uncertainty and Profit","authors":"Ross B. Emmett","doi":"10.2139/ssrn.3591596","DOIUrl":"https://doi.org/10.2139/ssrn.3591596","url":null,"abstract":"\u0000 Risk, Uncertainty and Profit was published in 1921, but started as the doctoral thesis ‘A Theory of Business Profit,’ defended in 1916. The first half of the paper examines the changes in organization and argument that Knight undertook between completing the thesis defense and the book’s publication five years later. The reorganization helped Knight focus attention on uncertainty as the most important aspect of economic life standing between the worlds of perfect and imperfect competition, and to explore more of its implications for both price theory and entrepreneurial judgment. The second half of the paper carries the story forward by examining the reception Risk, Uncertainty and Profit received from 1921 until Knight’s retirement in the early 1950s. The study of its reception uses a database of citations of Knight’s book in economics journals found through a JSTOR search. While Knight’s book is remembered today mostly for its introduction of uncertainty, in the economics literature the book’s treatment of basic price theory is more frequently cited, especially in the leading economics journals of the interwar period. The citation data indicates that the role of Risk, Uncertainty and Profit in economics education at the London School of Economics and the University of Chicago extended and expanded the book’s impact.","PeriodicalId":253619,"journal":{"name":"History of Economics eJournal","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122201040","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}
引用次数: 9
What Did It Mean for Lucas to Set Up ‘Useful’ Analogue Systems? 对卢卡斯来说，建立“有用的”模拟系统意味着什么?
History of Economics eJournal Pub Date : 2020-04-24 DOI: 10.2139/ssrn.3584401
Peter Galbács
{"title":"What Did It Mean for Lucas to Set Up ‘Useful’ Analogue Systems?","authors":"Peter Galbács","doi":"10.2139/ssrn.3584401","DOIUrl":"https://doi.org/10.2139/ssrn.3584401","url":null,"abstract":"This paper provides a look into what Lucas meant by the term ‘analogue systems’ and how he conceived making them useful. It is argued that any model can be regarded as analogue system provided it has remarkable predictive success. The term is thus neutral in terms of usefulness. To be useful, Lucas supposed models to meet further requirements. These prerequisites are introduced in two steps in the paper. First, some properties of ‘useless’ Keynesian macroeconometric models come to the fore as contrasting cases. Second, it is argued that Lucas suggested two assumptions as the keys to usefulness. One is money as causal instrument, and the other is the choice-theoretic framework to describe the causal mechanisms underlying large-scale fluctuations. It is also argued that Lucas advocated these presumptions for he conceived them to be true. Extensive quotes from Lucas’s unpublished materials underpin the claims.","PeriodicalId":253619,"journal":{"name":"History of Economics eJournal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131104618","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}
引用次数: 0
Science Studies and Economics: An Informal History 科学研究与经济学:非正式的历史
History of Economics eJournal Pub Date : 2020-04-14 DOI: 10.2139/ssrn.3575650
E. Weintraub
{"title":"Science Studies and Economics: An Informal History","authors":"E. Weintraub","doi":"10.2139/ssrn.3575650","DOIUrl":"https://doi.org/10.2139/ssrn.3575650","url":null,"abstract":"Duke’s Center for Interdisciplinary Studies in Science and Cultural Theory (CISSCT) hosted a two-year program on “Science Studies and Economics” from 2018-2020. This is a draft of a talk that was to be given in that program in March 2020, but was cancelled with Duke’s coronavirus closure. Written for a general audience, the talk was not directed to economists, philosophers of economics, or historians of economics, but rather toward attendees affiliated with CISSCT. The talk historicizes the difficult relationship between economics and science studies. The absence of detailed references is a result of the talk’s informal nature.","PeriodicalId":253619,"journal":{"name":"History of Economics eJournal","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123372202","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}
引用次数: 2
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