{"title":"The Neuroeconomics of Depth of Strategic Reasoning","authors":"G. Coricelli, R. Nagel","doi":"10.1400/140333","DOIUrl":"https://doi.org/10.1400/140333","url":null,"abstract":"Bounded rational behaviour is commonly observed in experimental games and in real life situations. Neuroeconomics can help to understand the mental processing underlying bounded rationality and out-of-equilibrium behaviour. Here we report results from a recent study on the neural basis of limited steps of reasoning in a competitive setting – the beauty contest game. We describe how a cognitive hierarchy model fits both behavioural and brain data.","PeriodicalId":38602,"journal":{"name":"History of Economic Ideas","volume":"18 1","pages":"1000-1009"},"PeriodicalIF":0.0,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66588495","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 Critical Steps in the Transition from the Treatise to the General Theory : An Alternative Interpretation Motivated by the Work of Toshiaki Hirai","authors":"Geoff Tily","doi":"10.1400/140330","DOIUrl":"https://doi.org/10.1400/140330","url":null,"abstract":"Paper takes Toshiaki Hirai’s (2007) Keynes’s Theoretical Development: From the Tract to the General Theory as motivation for a re-evaluation of the transition between the Treatise and General Theory. Hirai’s work is important because he frees the transition from the ‘Keynesian’ interpretation, under which Keynes is thought to discover the rationale for fiscal policy and move to ‘output adjustment’ from ‘price adjustment’. I go further and argue that previous interpretations have greatly misunderstood the nature of the General Theory. Keynes was primarily concerned with the cause of economic malfunction, and monetary measures for its prevention. The processes central to both the Treatise and the General Theory concerned interest, investment and saving. The transition concerned the abandoning of the classical and long-run equilibrium relationship that underpinned the Treatise and the move to the «psychological propensities» – the marginal propensity to consume, the marginal efficiency of capital and the schedule of liquidity preference – that were foundation to the General Theory. The steps that led to this discovery are detailed and the importance of the contributions of Keynes’s colleagues are re-evaluated in the light of the reduced emphasis on fiscal considerations.","PeriodicalId":38602,"journal":{"name":"History of Economic Ideas","volume":"18 1","pages":"61-94"},"PeriodicalIF":0.0,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66588481","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":"J. M. Keynes, thinker of economic complexity","authors":"Roberto Marchionatti","doi":"10.1400/148273","DOIUrl":"https://doi.org/10.1400/148273","url":null,"abstract":"The paper reconstructs Keynes’s conception of the nature and method of economics focusing on The Theory of Probability and The General Theory and shows that Keynes’s theoretical work as an economist was an attempt to cope with the complexity of the economic world and the organic interdependence of the economic variables. Keynes offers a theoretical framework where the macroscopic outcome of the model is the result of the interaction of heterogeneous and not fully rational agents that revise their behaviour as they accumulate information. In the presence of true uncertainty the interactions of agents generate macro-instability and out-ofequilibrium paths. This approach has much in common with the approaches to complexity that have recently emerged.","PeriodicalId":38602,"journal":{"name":"History of Economic Ideas","volume":"18 1","pages":"115-146"},"PeriodicalIF":0.0,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66594799","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 Complex View of Complex Systems Science","authors":"R. Serra","doi":"10.1400/148267","DOIUrl":"https://doi.org/10.1400/148267","url":null,"abstract":"The science of complex systems is no longer new, and it is therefore appropriate to critically analyze some of the major results which have been achieved. A brief sketch of the development of complex systems science is presented, followed by a discussion of some of its core concepts (the emphasis is on concepts rather than on tools and specific applications). The viewpoint taken in this paper is that complexity science is concerned with the organization properties of nonlinear systems, and on concepts which are general enough to hold for wide classes of systems. A discussion of the relevance of complexity for the study of social systems is also presented as well as some remarks concerning possible future developments.","PeriodicalId":38602,"journal":{"name":"History of Economic Ideas","volume":"18 1","pages":"1000-1026"},"PeriodicalIF":0.0,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66594783","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":"Neoliberalism under debate","authors":"D. Cavalieri","doi":"10.1400/155808","DOIUrl":"https://doi.org/10.1400/155808","url":null,"abstract":"The neoliberal economic and political practice is still worldwide present. But deregulation is no longer very popular. New rules are imposed. Easy consumer credit and excessive issues of financial liabilities are recognized as directly responsible for the crisis. Neoliberal policies ultimately failed to encourage investment, to strengthen productivity and to promote diversification. They did not induce higher economic growth and increased financial stability. They did not succeed in reducing poverty, exploitation and inequalities, in relieving public debt, in lowering the volatility of international capital flows and in sustaining the environment. Almost unbelievably, however, they were able to survive these misadventures. They simply changed their name, from conservatives to libertarians, which sounds much better, and carried on. During the global crisis, merchant banks, insurance companies and big corporations with financial difficulties asked everywhere for state support. And they got it. Bailouts became the norm, bankruptcies were reduced to sporadic exceptions.","PeriodicalId":38602,"journal":{"name":"History of Economic Ideas","volume":"18 1","pages":"1000-1010"},"PeriodicalIF":0.0,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66595922","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":"From «the Loaf of Bread» to «Commodity-Fetishism»: a ‘New Interpretation’ of the Marx-Sraffa connection","authors":"S. Perri","doi":"10.1400/140329","DOIUrl":"https://doi.org/10.1400/140329","url":null,"abstract":"Sraffa’s unpublished papers have attracted again the attention of different scholars on the relationship between Marx’s and Sraffa’s economic theories. In his notes, as far as the theory of value is concerned, Sraffa states that the «delicate point» is the analysis of the relation between the wage rate and the rate of profit when wages partecipate in the distribution of surplus. Sraffa establishes a bridge among the ‘macro’ conception of a given surplus to be divided between the different social classes and the ‘micro’ analysis of the prices of the different commodities by equalizing the value of the net product to the labour employed in its production. From this perspective Sraffa’s analysis can be linked to the ‘New Interpretation’ approach to the transformation of values into prices of production.","PeriodicalId":38602,"journal":{"name":"History of Economic Ideas","volume":"18 1","pages":"33-60"},"PeriodicalIF":0.0,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66588427","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":"Complexity, the Santa Fe approach, and non-equilibrium economics","authors":"W. Arthur","doi":"10.1400/148277","DOIUrl":"https://doi.org/10.1400/148277","url":null,"abstract":"Over the last twenty or more years a different way of doing economics has been slowly emerging. It goes by several names: complexity economics, agent-based computational modeling, generative economics, Santa Fe economics, and each of these has its own style, its own followers, and its own nuances. What I want to do in this paper is to recount my own involvement with what has happened, and the part that the Santa Fe Institute has played. And I also want to ask what this new movement in economics is: what complexity economics really is. After two centuries of studying equilibria – patterns of consistency that call for no further behavioral adjustments – economists are beginning to study the unfolding of patterns in the economy. That is, we are starting to study the economy out of equilibrium. This way of doing economics calls for an algorithmic approach. When viewed out of equilibrium, the economy reveals itself not as deterministic, predictable and mechanistic; but as process-dependent, organic and evolving.","PeriodicalId":38602,"journal":{"name":"History of Economic Ideas","volume":"18 1","pages":"1000-1018"},"PeriodicalIF":0.0,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66594845","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 Impact of Agent-Based Models in the Social Sciences after 15 Years of Incursions","authors":"F. Squazzoni","doi":"10.1400/148280","DOIUrl":"https://doi.org/10.1400/148280","url":null,"abstract":"This paper provides an overview on the impact of agent-based models in the social sciences. It focuses on the reasons why agent-based models are seen as important innovations in the recent decades. It is aimed to evaluate the impact of this innovation on various disciplines, such as economics, sociology, anthropology, and behavioural sciences. It discusses the advances it contributed to achieve and illustrates some comparatively new fields to which it gave rise. Finally, it emphasizes some research issues that need to be addressed in the future.","PeriodicalId":38602,"journal":{"name":"History of Economic Ideas","volume":"18 1","pages":"197-234"},"PeriodicalIF":0.0,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66594859","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":"Complexity and emergence in economics: the road from Smith to Hayek (via Marshall and Schumpeter)","authors":"J. Metcalfe","doi":"10.1400/148269","DOIUrl":"https://doi.org/10.1400/148269","url":null,"abstract":"The purpose or this essay is to make the connection between the idea of complexity and the work of four major economists, Smith, Marshall, Schumpeter and Hayek. The bridge is provided by innovation, in the form of emergent novelties, and the division of labour in the form of a system of parts and connections. A major role in complexity analysis is played by the uneven growth of knowledge, and by the rules which simultaneously establish economic order while generating challenges to the prevailing order in the form of invading innovations.","PeriodicalId":38602,"journal":{"name":"History of Economic Ideas","volume":"18 1","pages":"1000-1031"},"PeriodicalIF":0.0,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66594792","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 Diffusion of the Ideas of Saint-Simon in the Hellenic State and Their Reception Thereby (1825-1837)","authors":"Christos Baloglou","doi":"10.1400/113216","DOIUrl":"https://doi.org/10.1400/113216","url":null,"abstract":"The purpose of this paper is to bring to light that specific persons occupied to transfer into the Greek milieu the ideas and doctrines of Saint-Simon, after his death in 1825. Saint-Simon’s name and doctrines were known to the Greek scholars of the Diaspora and especially to A. Corais’s circle. In 1833, when King Otho came to Greece, a group of Saint-Simonians fugitives ahead by Gustave d’Eichthal took shelter in Nauplion, the first capital-town of Greece. Eichthal proposed the establishment of the Bureau of Public Finance, inspired by Saint-Simon’s idea of a foundation of a «chambre d’industrie», which would play an advisory role in the Ministry of Commerce, as Saint-Simon described in his Du systeme industriel (1821). Despite the fact that the Bureau of Public Finance had an ambitious beginning, it was not as fruitful as expected. It is worth stressing out that Saint-Simon’s ideas have not been positively welcomed by the academic institutions.","PeriodicalId":38602,"journal":{"name":"History of Economic Ideas","volume":"17 1","pages":"1000-1025"},"PeriodicalIF":0.0,"publicationDate":"2009-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66582358","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}