Journal of Economic Methodology最新文献

{"title":"A deeper struggle for the soul of economics","authors":"Sheila Dow","doi":"10.1080/1350178X.2021.2010282","DOIUrl":"https://doi.org/10.1080/1350178X.2021.2010282","url":null,"abstract":"ABSTRACT\u0000 Kevin Hoover explores retroduction as a means of theorizing in macro-economics, rather than exclusive reliance on deductivism or inductivism. Retroduction is discussed as involving conceptualization with respect to empirical evidence as a means of identifying causal mechanisms as the basis for theory in the form of mathematical models. It is put forward as a preferred alternative to more fundamental reform of macro-economics, whose justification Hoover dismisses as being ‘ideological’. Yet ideology refers to a position on metaphysics such as Hoover himself sets out in terms of open systems, which would significantly extend the scope for retroduction.","PeriodicalId":46507,"journal":{"name":"Journal of Economic Methodology","volume":"18 1","pages":"90 - 93"},"PeriodicalIF":1.2,"publicationDate":"2021-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73985888","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The struggle for the soul of macroeconomics","authors":"K. Hoover","doi":"10.1080/1350178X.2021.2010281","DOIUrl":"https://doi.org/10.1080/1350178X.2021.2010281","url":null,"abstract":"ABSTRACT Critics argued that the 2007–09 financial crisis was failure of macroeconomics, locating its source in the dynamic, stochastic general-equilibrium model and calling for fundamental re-orientation of the field. Critics exaggerated the role of DSGE models in actual policymaking, and DSGE modelers addressed some criticisms within the DSGE framework. But DSGE modelers oversold their success and even claimed that their approach is the sine qua non of competent macroeconomics. The DSGE modelers and their critics renew an old debate over the relative priority of a priori theory and empirical data, classically exemplified in the Measurement without Theory Debate of the 1940s between the Cowles Commission and the National Bureau of Economic Research. The earlier debate is reviewed for its implications for the recent controversy. In adopting the Cowles-Commission position, some DSGE modelers would essentially straight-jacket macroeconomics and undermine economic science and the pursuit of knowledge in an open-minded, yet critical framework.","PeriodicalId":46507,"journal":{"name":"Journal of Economic Methodology","volume":"18 1","pages":"80 - 89"},"PeriodicalIF":1.2,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82370792","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A review on Katzner’s Models, mathematics and methodology in economic explanation, Cambridge University Press 2018","authors":"Aki Lehtinen","doi":"10.1080/1350178X.2021.2006998","DOIUrl":"https://doi.org/10.1080/1350178X.2021.2006998","url":null,"abstract":"ABSTRACT A review of Donald Katzner's book on economic modelling is provided. In addition to characterising the book, I give critical comments on the distinction between primary and secondary assumptions.","PeriodicalId":46507,"journal":{"name":"Journal of Economic Methodology","volume":"182 1","pages":"105 - 109"},"PeriodicalIF":1.2,"publicationDate":"2021-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89004909","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Sugden’s community of advantage","authors":"Geoffrey Brennan, H. Kliemt","doi":"10.1080/1350178x.2021.1993308","DOIUrl":"https://doi.org/10.1080/1350178x.2021.1993308","url":null,"abstract":"Starting from a behavioural-economics critique of standard rational choice theory Sugden seeks to restate the case for classical liberalism. That case has three strands: a refutation of libertarian paternalism; a restatement of standard welfare theorems of economics in terms of opportunity sets; and underlining the role that ‘exchange’ plays in supporting civil liberal society. We explore questions about Sugden’s arguments in connection to all three strands and to relevant pieces of Adam Smith and James Buchanan to which Sugden appeals. Without substantive assumptions Sugden either adopts a view from nowhere or has to implicitly rely on non-negotiable interpersonal respect norms. ARTICLE HISTORY Received 21 July 2021 Accepted 11 October 2021","PeriodicalId":46507,"journal":{"name":"Journal of Economic Methodology","volume":"48 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2021-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90541400","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Learning from Lucas","authors":"T. Sargent","doi":"10.1080/1350178X.2021.1993307","DOIUrl":"https://doi.org/10.1080/1350178X.2021.1993307","url":null,"abstract":"ABSTRACT This paper recollects meetings with Robert E. Lucas, Jr. over many years. It describes how, through personal interactions and studying his work, Lucas taught me to think about economics.","PeriodicalId":46507,"journal":{"name":"Journal of Economic Methodology","volume":"13 1","pages":"17 - 29"},"PeriodicalIF":1.2,"publicationDate":"2021-11-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74306235","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Lucas’s way to his monetary theory of large-scale fluctuations","authors":"Peter Galbács","doi":"10.1080/1350178X.2021.1993306","DOIUrl":"https://doi.org/10.1080/1350178X.2021.1993306","url":null,"abstract":"ABSTRACT This introductory paper offers a look into the intellectual and technical progress that led Robert E. Lucas to his seminal paper entitled Expectations and the neutrality of money. It is argued that the neutrality paper applies the capital-theoretic approach of Lucas’s firm microeconomics of the mid-1960s to the representative agent’s labour supply decision. While emphasizing this similarity, the study gives an overview of the steps through which Lucas changed the basic decision problem of adjusting to price changes from a static Marshallian setting into his neo-Walrasian dynamic stochastic general equilibrium framework. Extensive references to Lucas’s unpublished materials underpin the claims.","PeriodicalId":46507,"journal":{"name":"Journal of Economic Methodology","volume":"29 1","pages":"4 - 16"},"PeriodicalIF":1.2,"publicationDate":"2021-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73958543","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does utilitarianism need a rethink? Review of Louis Narens and Brian Skyrms' The Pursuit of Happiness","authors":"Heather Browning, W. Veit","doi":"10.1080/1350178X.2021.1985755","DOIUrl":"https://doi.org/10.1080/1350178X.2021.1985755","url":null,"abstract":"Blaug, M. (1980). The methodology of economics, or, how economists explain. Cambridge University Press. Caldwell, B. (1982). Beyond positivism: Economic methodology in the twentieth century. Allen & Unwin. Cartwright, N. (1999). The dappled world: A study of the boundaries of science. Cambridge University Press. Chao, H.-K. (2003). Milton Friedman and the emergence of the permanent income hypothesis. History of Political Economy, 35(1), 77–104. https://doi.org/10.1215/00182702-35-1-77 Chao, H.-K. (2007). A structure of the consumption function. Journal of Economic Methodology, 14(2), 227–248. https:// doi.org/10.1080/13501780701394102 De Vroey, M. (2016). A history of macroeconomics from Keynes to Lucas and beyond. Cambridge University Press. Friedman, M. (1956). The quantity theory of money: A restatement. In M. Friedman (Ed.), Studies in the quantity theory of money (pp. 3–21). University of Chicago Press. Friedman, M. (1959). The demand for money: Some theoretical and empirical results. Journal of Political Economy, 67(4), 327–351. https://doi.org/10.1086/258194 Hoover, K. D. (2010). Idealizing reduction: The microfoundations of macroeconomics. Erkenntnis, 73(3), 329–347. https:// doi.org/10.1007/s10670-010-9235-1 Hoover, K. D. (2015). Reductionism in economics: Intentionality and eschatological justification in the microfoundations of macroeconomics. Philosophy of Science, 82(4), 689–711. https://doi.org/10.1086/682917 Jhun, J. (2021). The case of the consumption function: Structural realism in macroeconomics. In T. D. Lyons & P. Vickers (Eds.), Contemporary scientific realism: The challenge from the history of science (pp. 257–283). Oxford University Press. Lucas, R. E., Jr. (2013a). Collected papers on monetary theory. Harvard University Press. Lucas, R. E., Jr. (2013b/1984). Money in a theory of finance. In M. Gillman (Ed.), Collected papers on monetary theory (pp. 161–192). Harvard University Press. Lucas, R. E., Jr. (2013c/1994). Review of Milton Friedman and Anna J. Schwartz, A monetary history of the United States, 1867–1960. In M. Gillman (Ed.), Collected papers on monetary theory (pp. 361–374). Harvard University Press. Lucas, R. E., Jr. (2013d/1996). Nobel lecture: Monetary neutrality. In M. Gillman (Ed.), Collected papers on monetary theory (pp. 375–399). Harvard University Press. Lucas, R. E., Jr. (2013e/2004). Keynote address to the 2003 HOPE Conference: My Keynesian education. In M. Gillman (Ed.), Collected papers on monetary theory (pp. 503–516). Harvard University Press. Lucas, R. E., & Rapping, L. A. (1969). Real wages, employment, and inflation. Journal of Political Economy, 77(5), 721–754. https://doi.org/10.1086/259559 Lucas, R. E., Jr., & Stokey, N. L. (2013/1987). Money and interest in a cash-in-advance economy. In M. Gillman (Ed.), Collected papers on monetary theory (pp. 214–242). Harvard University Press. Sargent, T. J. (2015). Robert E. Lucas Jr.’s collected papers on monetary theory. Journal of Economic Literature, ","PeriodicalId":46507,"journal":{"name":"Journal of Economic Methodology","volume":"23 1","pages":"256 - 261"},"PeriodicalIF":1.2,"publicationDate":"2021-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82998899","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Voluntary agreements","authors":"C. Sunstein","doi":"10.1080/1350178X.2021.1989476","DOIUrl":"https://doi.org/10.1080/1350178X.2021.1989476","url":null,"abstract":"ABSTRACT In philosophy, economics, and law, the idea of voluntary agreements plays a central role. But contractarianism in political philosophy stands (or falls) on altogether different grounds from enthusiasm for contractual ordering in economics and law. Protection of voluntary agreements, and of personal agency, might well be justified on deontological grounds; it should also be supported by welfarists. But when participants in voluntary agreements lack information or suffer from behavioral biases (including adaptive preferences), there is reason to help them, potentially through nudges, mandates, and bans.","PeriodicalId":46507,"journal":{"name":"Journal of Economic Methodology","volume":"173 1","pages":"401 - 408"},"PeriodicalIF":1.2,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79578608","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Introduction to the Review Symposium on Robert Sugden's The Community of Advantage","authors":"J. Vromen, N. Emrah Aydinonat","doi":"10.1080/1350178x.2021.1998755","DOIUrl":"https://doi.org/10.1080/1350178x.2021.1998755","url":null,"abstract":"The publication of Robert Sugden’s The Community of Advantage in 2018 might very well turn out to be a landmark event in welfare economics. In the book, Sugden presents a highly original view on what the main lessons of behavioral economics should be for welfare analyses; a view that radically deviates from the libertarian paternalism underlying the Nudge literature and other views that have been put forward in behavioral welfare economics. All the prevailing versions of behavioral welfare economics somehow want to retain the normative authority of individuals’ preferences (or of a proper subset of individuals’ preferences; preferences that are not clearly flawed by cognitive errors and mistakes). As Sugden cogently argues, the evidence gathered in behavioral economics fails to sustain this deference to preferences. With his own opportunity criterion, Sugden proposes a break with this long-lived tradition in welfare economics. The radicality of Sugden’s view goes beyond this as he argues that the addressee of welfare analysis should not be a fictitious benevolent social planner, but rather citizens, as potential parties to mutually beneficial agreements. We are happy to present this Review Symposium issue on The Community of Advantage in which prominent scholars, all with different outlooks and predilections, comment on the book, prompting Sugden to clarify and sharpen his own views. We want to thank Douglas Bernheim, Geoffrey Brennan, Malte Dold, Hartmut Kliemt, Mozaffar Quizilbash, Mario Rizzo, Cass Sunstein, Johanna Thoma and Robert Sugden for their fine work. Many thanks also to our reviewers for their contribution. Our greatest gratitude goes to Constanze Binder, the guest editor of this Review Symposium. Without her relentless efforts, this issue would not have seen the light. What is more, Constanze’s meticulous comments on earlier drafts of the articles published in this issue surely helped in improving their focus and clarity. Sadly, personal circumstances prevented her from finishing her own contribution in time. We hope that she will publish her own contribution soon and shed her own light on The Community of Advantage.","PeriodicalId":46507,"journal":{"name":"Journal of Economic Methodology","volume":"75 1","pages":"349 - 349"},"PeriodicalIF":1.2,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85776956","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The limits of opportunity-only: context-dependence and agency in behavioral welfare economics","authors":"M. Dold, M. Rizzo","doi":"10.1080/1350178X.2021.1988132","DOIUrl":"https://doi.org/10.1080/1350178X.2021.1988132","url":null,"abstract":"ABSTRACT What should be the ‘informational base’ of welfare economics if one takes the insights from behavioral economics seriously? Sugden proposes individuals’ sets of opportunities. This paper discusses his opportunity criterion and argues that it largely neglects intricate problems of context-dependence and personal agency. We contrast Sugden’s approach with Buchanan’s understanding of choice, which highlights the importance of agentic capabilities to navigate choice sets, particularly in situations where individuals face subtle interdependences between preference formation processes and their situational or social environment. This paper advocates that the informational base of welfare economics may need to go beyond opportunities if it is to command general assent among individuals who have an interest in being sovereign ‘authors of their own lives’. We argue that economists who take individuals interests seriously should not only consider the size of opportunity sets but also individuals’ sense of personal agency when comparing alternative social states.","PeriodicalId":46507,"journal":{"name":"Journal of Economic Methodology","volume":"103 1","pages":"364 - 373"},"PeriodicalIF":1.2,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88042277","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}