dunnettreader + economic_policy   36

Paul Pfleiderer a Chameleons: The Misuse of Theoretical Models in Finance and Economics (2014) | Stanford Graduate School of Business
Chameleons: The Misuse of Theoretical Models in Finance and Economics
By Paul Pfleiderer
March 2014Working Paper No. 3020
Finance
In this essay I discuss how theoretical models in finance and economics are used in ways that make them “chameleons” and how chameleons devalue the intellectual currency and muddy policy debates. A model becomes a chameleon when it is built on assumptions with dubious connections to the real world but nevertheless has conclusions that are uncritically (or not critically enough) applied to understanding our economy. I discuss how chameleons are created and nurtured by the mistaken notion that one should not judge a model by its assumptions, by the unfounded argument that models should have equal standing until definitive empirical tests are conducted, and by misplaced appeals to “as-if” arguments, mathematical elegance, subtlety, references to assumptions that are “standard in the literature,” and the need for tractability.

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financial_system  downloaded  macroeconomics  economic_policy  economic_theory  economic_models 
april 2017 by dunnettreader
Reading: Barry Eichengreen (2011): Economic History and Economic Policy via Brad DeLong
Barry Eichengreen (2011): Economic History and Economic Policy - EHA Presidential Address 2011
As you read, formulate your answers to the following questions:
1. What does Eichengreen think are the uses of history, as shown in the use of history in trying to understand the macroeconomic crisis that began in 2008?
2.What does Eichengreen think are the abuses of history, as shown in the use of history in trying to understand the macroeconomic crisis that began in 2008?
3.What rules and approaches does Eichengreen arrive it for future people trying to use history better?
Downloaded via iPhone to DBOX
monetary_policy  historiography-postWWII  QE  fiscal_policy  unemployment  historiography-19thC  economic_history  economic_policy  Keynesianism  speech  FX-rate_management  downloaded  central_banks  Great_Depression  historiography  FX  austerity  financial_system  financial_crisis  financial_regulation  Minsky  historiography-20thC  FX-misalignment  Great_Recession  inflation 
january 2017 by dunnettreader
Antonella Alimento - Beyond the Treaty of Utrecht: Véron de Forbonnais's French Translation of the British Merchant (1753): History of European Ideas: Vol 40, No 8
Pages 1044-1066 | Published online: 06 Nov 2014
http://dx.doi.org/10.1080/01916599.2014.968331
This study focuses on the cultural and political context from which stemmed the French translation of the British Merchant. The paratextual and macrostructural interventions that characterised Le négotiant anglois clearly demonstrate that the translator, Véron de Forbonnais, used his work to set out his own epistemological method and his way of looking at inter-state relations. With the book, Forbonnais had distanced himself from Gournay by rejecting the idea that in order for France to prosper in a situation of international competition the government needed to adopt a muscular strategy that included the adoption of a navigation act modelled on the one enacted by Britain in 1660. At the same time, Forbonnais warned French decision-makers that signing commercial treaties with the maritime powers might also be prejudicial to national economic interests. Forbonnais supplied qualified French readers not only with an annotated edition of the British Merchant but also with a translation of Davenant's Of the Use of Political Arithmetick. In so doing, he proposed to his audience a type of governance based on a competent use of statistics. In conclusion, I will argue that in Le négotiant anglois Forbonnais anticipated the key political and economical tenets of his project of ‘monarchie commerçante’, which he later set out in the Principes et observations æconomiques (1767) in order to counter the rise of the epistemology and plans for a ‘royaume agricole’ put forward by the physiocratic movement.
Keywords: British Merchant, Gournay, Davenant, navigation act, treaties of commerce, ‘balance du commerce’
article  paywall  18thC  intellectual_history  political_economy  international_political_economy  France  British_foreign_policy  economic_theory  economic_policy  Physiocrats  commerce  mercantilism  competition-interstate  Navigation_Acts  trade-agreements  trade-policy  Gournay  Davenant  translation  reception_history  French_government  enlightened_absolutism  balance_of_power  statistics  government-data 
december 2016 by dunnettreader
Ida Nijenhuis - For the Sake of the Republic: The Dutch Translation of Forbonnais's Elémens du commerce | History of European Ideas: Vol 40, No 8 (2014)
History of European Ideas
Volume 40, 2014 - Issue 8: Translation, reception and Enlightened Reform: The case of Forbonnais in eighteenth-century political economy
For the Sake of the Republic: The Dutch Translation of Forbonnais's Elémens du commerce
Ida Nijenhuis
Pages 1202-1216 | Published online: 03 Nov 2014
http://dx.doi.org/10.1080/01916599.2014.968339
The open access article from the special issue on Forbonnais - downloaded to Tab S2
article  downloaded  political_economy  intellectual_history  18thC  French_Enlightenment  economic_theory  economic_policy  translation  Dutch  commerce  commerce-doux  mercantilism  Bolingbroke  maritime_powers 
december 2016 by dunnettreader
Thomas Palley » A Theory of Economic Policy - Lock-in and Lock-out via Hysterisis (WP October 2016)
A Theory of Economic Policy Lock-in and Lock-out via Hysterisis: Rethinking Economists’ Approach to Economic Policy
This paper explores lock-in and lock-out via economic policy. It argues policy decisions may near-irrevocably change the economy’s structure, thereby changing its performance. That causes changed economic outcomes concerning distribution of wealth, income and power, which in turn induces locked-in changes in political outcomes. That is a different way of thinking about policy compared to conventional macroeconomic stabilization theory. The latter treats policy as a dial which is dialed up or down, depending on the economy’s state. Lock-in policy is illustrated by the euro, globalization, and the neoliberal policy experiment. - downloaded via iPhone to DBOX
inequality-wealth  political_economy  inequality  neoliberalism  downloaded  economic_policy  elites-political_influence  distribution-wealth  macroeconomics  paper  path-dependency  business_cycles 
october 2016 by dunnettreader
Joseph Joyce - Capital Flows and Financial Crises | Capital Ebbs and Flows - Oct 2016
Prof at Wellesley. The impact of capital flows on the incidence of financial crises has been recognized since the Asian crisis of 1997-98. Inflows before the crisis contributed to…
Pretty much my position re Chile's controls in 1990s - FDI good, portfolio vulnerable to hot money, bad, especially foreign-denominated debt, but also bank deposits attracted by interest rates but easily reversed. But they're finding that it's not just the flows that are destabilizing -- exchange rate appreciation comes with foreign capital buying debt assets as well. So much for developing local bond markets? -- See links to papers, tracking not just macro level but B-schools looking at firm-level incentives, who goes in for leverage, etc.
economic_history  financial_crisis  financialization  emerging_markets  capital_flows  FDI  capital_markets  sovereign_debt  FX-misalignment  FX  economic_policy  from instapaper
october 2016 by dunnettreader
P Aghion, C Hepburn, A Teytelboym, D Zenghelis - Path dependence, innovation and the economics of climate change (Policy Report 2014) | Grantham Research Institute on climate change and the environment
Grantham Research Institute on Climate Change and the Environment and ESRC Centre for Climate Change Economics and Policy at London School of Economics and Political Science.
The authors of the report – Professor Philippe Aghion (Harvard University), Professor Cameron Hepburn (University of Oxford), Dr Alexander Teytelboym (University of Oxford) and Dimitri Zenghelis (LSE)Innovation is required to transform our fossil-fuelled economy into a clean, low-carbon economy. But economic models of climate change have overlooked the role of innovation. By taking innovation fully into account, a whole new set of policy conclusions are drawn. This report finds that the longer governments wait to promote clean energy innovation, the greater the eventual cost to the environment and the economy. Increased public support for clean innovation should therefore be a priority. Government policies to promote low-carbon innovation may only need to be in place for a limited time because, once a low-carbon pathway has been kick-started, the economy will become ‘locked-in’ to that low-carbon pathway with no further intervention needed. -- downloaded via Air - added to Evernote
paper  downloaded  Evernote  climate  Innovation  green_economy  green_finance  path-dependence  technology  innovation-government-supported  infrastructure  renewables  economic_growth  economic_sociology  economic_policy  energy  energy-markets 
october 2016 by dunnettreader
Dani Rodrik and Arvind Subramanian - Why Did Financial Globalization Disappoint? | IMF Staff Papers - Jan 2009
IMF Staff Papers (2009) 56, 112–138. doi:10.1057/imfsp.2008.29; published online 6 January 2009 -- The stylized fact that there is no correlation between long-run economic growth and financial globalization has spawned a recent literature that purports to provide newer evidence and arguments in favor of financial globalization. We review this literature and find it unconvincing. The underlying assumptions in this literature are that developing countries are savings-constrained; that access to foreign finance alleviates this to boost investment and long-run growth; and that insofar as there are problems with financial globalization, these can be remedied through deep institutional reforms. In contrast, we argue that developing economies are as or more likely to be investment- than savings-constrained and that the effect of foreign finance is often to aggravate this investment constraint by appreciating the real exchange rate and reducing profitability and investment opportunities in the traded goods sector, which have adverse long-run growth consequences. It is time for a new paradigm on financial globalization, and one that recognizes that more is not necessarily better. Depending on context and country, the appropriate role of policy will be as often to stem the tide of capital inflows as to encourage them. Policymakers who view their challenges exclusively from the latter perspective risk getting it badly wrong. - downloaded pdf to Note
paper  downloaded  IMF  international_political_economy  international_finance  global_economy  emerging_markets  LDCs  capital_flows  investment  investment-government  development  economic_growth  economic_policy  economic_reform  access_to_finance  capital_controls  FX-misalignment  FX-rate_management  economic_theory  macroeconomics  international_economics  financial_economics  financial_sector_development 
may 2016 by dunnettreader
Brad DeLong - Robber Barons: Honest Broker/Hoisted from 1998
Matthew Josephson called them 'Robber Barons'. He wanted readers to think back to their European history classes, back to thugs with spears on horses who did…
Instapaper  political_economy  economic_history  US_history  US_economy  US_politics  economic_growth  economic_policy  economy-structure  investment  19thC  20thC  pre-WWI  entre_deux_guerres  robber_barons  Gilded_Age  Progressive_Era  from instapaper
february 2016 by dunnettreader
Noah Smith - The Next Big Idea in Economic Growth - Bloomberg Feb 2016
neoliberalism is fundamentally an old idea. We’ve been trying to boost economic freedom for decades now, and there’s a good possibility that all the low-hanging fruit has been picked. So what else is there? Looking around, I see the glimmer of a new idea forming. I’m tentatively calling it “New Industrialism.” Its sources are varied -- they include liberal think tanks, Silicon Valley thought leaders and various economists. But the central idea is to reform the financial system and government policy to boost business investment. Business investment -- buying equipment, building buildings, training employees, doing research, etc. -- is key to growth. It’s also the most volatile component of the economy, meaning that when investment booms, everything is good. The problem is that we have very little idea of how to get businesses to invest more. Unfortunately, net U.S. business investment has been more or less in decline for decades:
Pocket  US_economy  US_politics  economic_growth  economic_policy  economy-structure  investment  investment-government  from pocket
february 2016 by dunnettreader
Brad DeLong - Liberal Activism!: Federal Reserve Jackson Hole 2015 Weblogging Edition
Roundup of arguments against raising interest rates, starting with Summers. Krugman sees a split among the MIT-educated crowd of whether you're an insider with e.g. the Fed and IMF or an outsider like Summers and Krugman. Brad speculates it may be a combination of (1) Krugman's theory that "everybody wants to be Paul Volker" so wants "normalized" interest rates so they can (try to) conduct "normal" economic policy and (2) the Fed especially, being immersed in views coming from the banking sector, which still has significant input. He turns to a study from the Boston Fed -- Roger T. Johnson: Historical Beginnings: The Federal Reserve: "On June 23, 1913, President Wilson appeared before a joint session of Congress and presented his program... -- which goes into the gory details of the intense organized opposition to the creation of the Fed from the banks, and the structures that gave banks important ownership and policy influence. Downloaded pdf of Johnson study to Note
Instapaper  US_politics  economic_policy  monetary_policy  Fed  Congress  banking  lobbying  interest_rates  regulatory_capture  Krugman  Summers  downloaded 
august 2015 by dunnettreader
Is the Glass Half Empty Or Half Full? : Issues in Managing Water Challenges and Policy Instruments | IMF Staff Discussion Notes No. 15/11, June 08, 2015
Author/Editor: Kalpana Kochhar ; Catherine A. Pattillo ; Yan Sun ; Nujin Suphaphiphat ; Andrew Swiston ; Robert Tchaidze ; Benedict J. Clements ; Stefania Fabrizio ; Valentina Flamini ; Laure Redifer ; Harald Finger -- Summary: This paper examines water challenges, a growing global concern with adverse economic and social consequences, and discusses economic policy instruments. Water subsidies provided through public utilities are estimated at about $456 billion or 0.6 percent of global GDP in 2012. The paper suggests that getting economic incentives right, notably by reforming water pricing, can go a long way towards encouraging more efficient water use and supporting needed investment, while enabling policies that protect the poor. It also discusses pricing reform options and emphasizes an integrated and holistic approach to manage water, going beyond the water sector itself. The IMF can play a helpful role in ensuring that macroeconomic policies are conducive to sound water management. -- Subject(s): Water resources | Economic policy | Subsidies | Water supply | Supply and demand | Policy instruments | Fund role -- paper summary in F&D issue, June 2015 (downloaded to Note) -- didn't download Staff Discussion Note
paper  IMF  water  development  LDCs  emerging_markets  aid  public_finance  economic_policy  economic_reform  economic_sociology  subsidies  sustainability  poverty  access_to_services  utilities  incentives  incentives-distortions  investment  infrastructure  public-private_partnerships  public_goods  downloaded  Aiviq 
july 2015 by dunnettreader
Montfort Mlachila, René Tapsoba, and Sampawende Tapsoba - A Quest for Quality [of economic growth] -- Finance & Development, June 2015, Vol. 52, No. 2
Despite consensus in the economics profession that growth alone does not lead to better social outcomes (Ianchovichina and Gable, 2012), quality growth still lacks a rigorous definition or formal quantification. In a recent paper, we develop a quality of growth index (QGI) that captures both the intrinsic nature of growth and its social dimension. Our premise is that not all growth produces favorable social outcomes. How growth is generated is critical to its sustainability and ability to create decent jobs, enhance living standards, and reduce poverty. We aim in our design of the QGI to capture these multidimensional features of growth by focusing on its very nature and desired social outcomes. -- in F&D issue downloaded as pdf to Note
article  development  economic_growth  political_economy  LDCs  emerging_markets  GDP  GDP-alternatives  inequality  participation-economic  inclusion  marginalized_groups  access_to_services  access_to_finance  SMEs  micro-enterprises  Innovation  innovation-government_policy  rent-seeking  informal_sectors  living_standards  poverty  health_care  education  sustainability  unemployment  common_good  statistics  economic_policy  economic_sociology  economic_reform  downloaded 
july 2015 by dunnettreader
VOX ebook -The Age of Global Value Chains: Maps and Policy Issues | VOX, CEPR’s Policy Portal -July 2015
João Amador, Filippo di Mauro -- Global value chains (GVCs) - referring to the cross-border flows of goods, investment, services, know-how and people associated with international production networks - have transformed the world. Their emergence has resulted in a complete reconfiguration of world trade, bearing a strong impact on the assessment of competitiveness and economic policy. The contributions to this eBook are based on research carried out within the scope of the Eurosystem Competitiveness Research Network (CompNet), bringing together participants from EU national central banks, universities and international organisations interested in competitiveness issues. The mapping of GVCs and full awareness about their implications are essential to informed public debate and improved economic policy.-- downloaded pdf to Note
books  global_economy  cross-border  globalization  supply_chains  global_value_chains  economic_sociology  trade-policy  competitiveness  competition-interstate  manufacturing  transport  transaction_costs  tax_policy  business_practices  business_processes  economic_policy  development  development-impact  labor_standards  Labor_markets  downloaded 
july 2015 by dunnettreader
B. Akitoby, Sanjeev Gupta, A. Senhadji - How fiscal policy can support medium- to long-term growth | VOX, CEPR’s Policy Portal - 18 July 2015
Bernardin Akitoby, Sanjeev Gupta, Abdelhak Senhadji -- IMF Research staff -- There has been a heated debate about the effectiveness of fiscal policy as a countercyclical tool but little evidence on how it can support growth. This column shows that fiscal policy can lift medium- and long-term growth in both advanced and developing economies. But all fiscal reforms are not equal in their growth dividend. Successful reforms are often part of a broader reform package and can balance the growth-equity trade-off.
Instapaper  fiscal_policy  fiscal_space  economic_theory  Keynesian  New_Keynesian  macroeconomics  economic_models  economic_growth  economic_policy  reform-economic  inequality  unemployment  countercyclical_policy  from instapaper
july 2015 by dunnettreader
Peter Draper, Andreas Freytag, and Sarah Al Doyaili - Why Should Sub-Saharan Africa Care about the Doha Development Round? — Economics E-Journal - May 08, 2013
(Published in Special Issue Multilateral Trade Liberalization and Regional Integration under Stress – Workshop in Honor of Prof. Dr. Rolf J. Langhammer) -- In recent years sub-Saharan Africa, notwithstanding the global financial crisis, has increased its share in global trade and investment flows. This has led to an appreciable improvement in development levels, albeit off a small base. However, these patterns are still dominated by commodity flows and investment, and remain marginal on the global stage. Increased trade and investment flows, particularly related to network services, would be of great benefit to the sub-continent. Yet many domestic regulatory constraints remain. Furthermore, substantial international market distortions, particularly in agricultural trade, inhibit economic diversification into more value-adding activities. The Doha development round could, if concluded, go a long way towards addressing these barriers. Ultimately it could prove more consequential to the sub-continent’s development trajectory than regional economic integration. The latter, whilst important, is shallow and too reliant on institution-intensive forms mimicking the European Union. Overall therefore this paper motivates for an African trade agenda focused on concluding the Doha round.-- didn't download
paper  e-journal  economic_growth  regional_blocs  Sub-Saharan_Africa  trade-policy  trade-agreements  WTO  FDI  agriculture  development  economic_policy 
july 2015 by dunnettreader
Brad DeLomg - German Economic Thought and the European Crisis - Washington Center for Equitable Growth - July 2017
It is a commonplace among Anglo-Saxon economists that Saxon-Saxon “ordoliberalism” was a post-World War II success only because somebody else–the United… DeLong remarks on his link to the article on why the European Crisis was inevitable given German economic theory -- that the German economists have attributed the country's economic success to ordoliberalism and German virtue when it was based on an incredibly favorable environment and policy postures by the US as global hegemon. Instapaper
Instapaper  economic_history  Germany  international_monetary_system  global_economy  post-WWII  trade-policy  global_imbalance  hegemony  Marshall_Plan  sovereign_debt  export-led  Germany-Eurozone  ordoliberalism  Keynesianism  austerity  budget_deficit  FX  FX-misalignment  Greece-Troika  economic_theory  economic_culture  economic_policy  macroeconomics  from instapaper
july 2015 by dunnettreader
Werner Plumpe - The hour of the expert - economic expertise over 4 centuries - Eurozine - October 2012
What constitutes economic expertise? Looking at how European politics has answered this question over the last four centuries, Werner Plumpe argues that, at any given time, economic expertise is judged according to its coincidence with the conjuncture. -- Original in German -- Translation by Samuel Willcocks -- First published in Merkur 9-10/2012 (German version); Eurozine (English version) -- quite amusing, but nice overview that isn't excessively Anglo oriented
economic_history  economic_theory  expertise  sociology_of_knowledge  social_sciences  positivism  social_sciences-post-WWII  macroeconomics  economic_models  17thC  18thC  19thC  20thC  21stC  Europe-Early_Modern  intellectual_history  grand_narrative  narrative-contested  political_economy  economic_culture  economic_policy  capitalism  capitalism-varieties  capitalism-systemic_crisis  laisser-faire  cameralism  government-roles  business_cycles  business-and-politics  Keynesianism  neoclassical_economics  Austrian_economics  liberalism-19thC  finance_capital  bank_runs  financial_crisis  regulation  Marxism  public_enterprise  public_goods  infrastructure  market_fundamentalism  downloaded 
july 2015 by dunnettreader
Arthur Goldhammer - The Old Continent Creaks | Democracy Journal: Summer 2015
not so long ago (the EU) was praised by some as a model of ingenious institutional innovation and cooperative transnational governance, while simultaneously denounced by others as an insidious instrument for subjecting ostensibly democratic states to the imperious dictates of capitalism in its latest “neoliberal” form? For 2 generations after World War II, memories of the devastating consequences of nationalism trumped economic rivalries, giving technocrats maneuvering room to devise continental strategies for economic growth that nevertheless enabled member states to maintain sufficient control over social policy to satisfy voter demands. For decades, this arrangement held.By the mid-1980s, however, enormous changes in the global economy forced the European Community to reinvent itself in order to remain competitive. The original balance between national sovereignty and technocratic government at the European level was altered, limiting the ability of member states to set their own economic policy. But today’s convergent crises raise the question of whether the European Union that replaced the European Community needs to reinvent itself yet again. And if so, is reinvention possible at a time when many Europeans, and especially those for whom World War II is a distant memory, feel that the EU is exacerbating nationalist enmities rather than calming them? -- downloaded pdf to Note
article  Europe  20thC  21stC  EU  EU_governance  technocracy  nation-state  nationalism  regional_blocs  sovereignty  democracy_deficit  political_participation  opposition  globalization  competition-interstate  Eurozone  economic_policy  fiscal_policy  monetary_policy  sovereign_debt  downloaded 
july 2015 by dunnettreader
Steve Cecchetti and Kim Schoenholtz - Interview with Otmar Issing — Money, Banking and Financial Markets - April 2015
President, Center for Financial Studies, Goethe University; former member of the Executive Board of the European Central Bank; former member of the Executive Board of the Deutsche Bundesbank. -- remarkably smug about how well the ECB was able to handle the immediate crisis and the steps they've taken re monetary_policy and strengthening financial supervision within the constraints of EU and ECB treaty and authority limits -- unsurprisingly he wants to raise interest rates and normalize policy since he thinks we're already seeing build up of asset prices, risk etc that he thinks were responsible for the global financial crisis.
economic_policy  monetary_policy  central_banks  ECB  interest_rates  ZLB  yield  asset_prices  spreads  EU  Eurozone  Germany-Eurozone  financial_crisis  bubbles  financial_regulation  macroprudential_regulation  macroprudential_policies 
april 2015 by dunnettreader
Steve Cecchetti and Kim Schoenholtz - Is 2% still the solution? — Money, Banking and Financial Markets - March 2015
Finally, as we discussed in an earlier post, the move to a common inflation target across countries is a useful form of international monetary policy coordination. It is highly doubtful that the leading central banks would simultaneously agree to shift to a new common target in a relatively narrow time frame. Our bottom line: If policymakers had it to do over again, they could very well opt for a higher inflation target. But, given where we stand today, such a fundamental change in the policy framework, both nationally and internationally, is very unlikely. Rather, the belief that academic economists and central bankers can convince their elected officials and publics that 3% or 4% – rather than 2% – is the solution may be the real delusion. -- copied to Pocket
economic_theory  macroeconomics  monetary_policy  economic_policy  central_banks  QE  ZLB  inflation  inflation-expectations  interest_rate-natural  interest_rates  Pocket 
april 2015 by dunnettreader
Arnold C. Harberger - The Search for Relevance in Economics - The Richard Ely Lecture | JSTOR - The American Economic Review (May 1993)
Arnold C. Harberger, Professor of Economics, UCLA & Catholic University of Chile -- The American Economic Review, Vol. 83, No. 2, Papers and Proceedings of the Hundred and Fifth Annual Meeting of the American Economic Association (May, 1993), pp. 1-16 -- focus is on "practicing economists" (e.g, in central banks, IFIs, government departments and agencies, especially in developing countries) on analogy to "practitioners of medicine" within the medical profession. The medical profession is demonstrably better at both preparing their members in graduate school for what they will undertake in the real world, and in producing ongoing research, publications etc by academics that are relevant to practitioners. Follows on the heels of a high status Krueger Commission on Graduate Education, which reflected some of the problems he identifies, such as graduates with highly developed technical, principally math, skills, but little training in how to apply to real world problems that won't be framed in a way the technical skills can be readily applied. Lots of overlap from both the Commission and Harberger with the criticisms of economic education post the 2008 financial crisis. Although the sense that there was a consensus re the economic theories that needed to be taught seems to not have yet been challenged, at least to the same degree as 15 years later. The issue, rather, was "relevance" -- which doesn't seem to have improved in 15 years, but now made worse by challenges to the core content and failure to incorporate "specialties" like finance and agent-based modeling into the "core" or Kuhn's normal science. -- downloaded pdf to Note
article  jstor  economic_theory  economic_sociology  sociology_of_knowledge  professionalization  policy  economic_models  economic_policy  education-higher  policymaking  political_economy  development 
april 2015 by dunnettreader
Janet L. Yellen, “Behavioral Economics and Economic Policy in the Past and Future” (September 2007 speech) - President and CEO, Federal Reserve Bank San Francisco
Panel on: “Behavioral Economics and Economic Policy in the Past and Future”
Federal Reserve Bank of Boston Conference: “Implications of Behavioral Economics for Economic Policy”, Boston, Massachusetts, September 28, 2007 -- linked to as good literature overview for behavioral_economics and its uses -- downloaded pdf to Note
speech  Yellen  Fed  central_banks  monetary_policy  fiscal_policy  economic_policy  behavioral_economics  economic_theory  economic_sociology  macroeconomics  microfoundations  incentives  incentives-distortions  lit_survey  bibliography  downloaded 
february 2015 by dunnettreader
F.A. Hayek - A Free Market Monetary System and The Pretense of Knowledge - Books | Mises Institute
Here are two of Hayek's greatest essays in one volume. The book begins with Hayek's most excellent essay on money. It is also his most radical. He plainly says that central banks cannot be reformed. There can never be sound money so long as they are in charge. He calls for their complete abolition, no compromises accepted. He wants the market in charge of money from top to bottom. His words predicting crisis followed by wild swings in valuation are up to the minute. He also relates the quality of money with the recurrence of crisis, showing an excellent application of Austrian theory. Hayek was deeply influenced by Mises, and this shows here in the area of money. The second essay is "The Pretense of Knowledge," his shocking Nobel speech that explained why the very idea of government in our times is unintellectual, presumptuous, and untenable. He is as critical of socialism as he is of interventionism. He shows that the state is not capable of doing all that it is charged with doing, and why conceding it any role in social and economic management is dangerous to liberty. -- copyright Mises Institute 2009 -- downloaded pdf to Note
books  etexts  20thC  Hayek  intellectual_history  economic_theory  social_theory  Austrian_economics  monetary_policy  central_banks  gold_standard  epistemology-social  information-markets  economic_policy  downloaded 
february 2015 by dunnettreader
Jeff Horn - Economic Development in Early Modern France: The Privilege of Liberty, 1650–1820 (release date for hardback mid-Feb 2015) | European history after 1450 | Cambridge University Press
Privilege has long been understood as the constitutional basis of Ancien Régime France, legalising the provision of a variety of rights, powers and exemptions to some, whilst denying them to others. In this fascinating new study however, Jeff Horn reveals that Bourbon officials utilized privilege as an instrument of economic development, freeing some sectors of the economy from pre-existing privileges and regulations, while protecting others. He explores both government policies and the innovations of entrepreneurs, workers, inventors and customers to uncover the lived experience of economic development from the Fronde to the Restoration. He shows how, influenced by Enlightenment thought, the regime increasingly resorted to concepts of liberty to defend privilege as a policy tool. The book offers important new insights into debates about the impact of privilege on early industrialisation, comparative economic development and the outbreak of the French Revolution. **--** 1. Introduction: profits and economic development during the Old Régime *--* 2. Privileged enclaves and the guilds: liberty and regulation *--* 3. The privilege of liberty put to the test: industrial development in Normandy *--* 4. Companies, colonies, and contraband: commercial privileges under the Old Régime *--* 5. Privilege, liberty, and managing the market: trading with the Levant *--* 6. Outside the body politic, essential to the body economic: the privileges of Jews, Protestants and foreign residents *--* 7. Privilege, innovation, and the state: entrepreneurialism and the lessons of the Old Régime *--* 8. The reign of liberty? Privilege after 1789 -- look for pdf of Intro once released
books  find  political_economy  economic_history  political_history  17thC  18thC  19thC  France  privileges-corporate  economic_culture  economic_policy  development  monarchy  profit  entrepreneurs  guilds  trading_companies  trade-policy  regulation  industrialization  industrial_policy  Colbert  Colbertism  urban_development  urban_elites  commerce  commercial_interest  French_government  Huguenots  Jews  colonialism  French_Empire  colonies  corporate_finance  monopolies  Levant  MENA  Ottomans  liberties  liberty  Ancien_régime  Louis_XIV  Louis_XV  Louis_XVI  French_Revolution  French_Revolutionary_Wars  Napoleonic_Wars  Restoration-France  bourgeoisie  haute_bourgeoisie  markets  markets-structure  foreign_trade  foreign_policy  foreigners-resident 
february 2015 by dunnettreader
Hyeng-Joon Park - Korea’s Post-1997 Restructuring: An Analysis of Capital as Power | forthcoming in Review of Radical Political Economics (2015) pp. 1-44 | bnarchives
This paper aims to transcend current debates on Korea’s post-1997 restructuring, which rely on a dichotomy between domestic industrial capital and foreign financial capital, by adopting Nitzan and Bichler’s capital-as-power perspective. Based on this approach, the paper analyzes Korea’s recent political economic restructuring as the latest phase in the evolution of capitalist power and its transformative regimes of capital accumulation. -- Keywords: differential accumulation dominant capital chaebols transnationalization strategic sabotage -- Subjects: BN State & Government, BN Institutions, BN Power, BN International & Global, BN Region - Asia, BN Business Enterprise, BN Value & Price, BN Crisis, BN Production, BN Conflict & Violence, BN Money & Finance, BN Distribution, BN Comparative, BN Capital & Accumulation, BN Policy, BN Class, BN Labour, BN Growth -- downloaded from author's blog to Note
article  international_political_economy  capital_as_power  globalization  Korea  East_Asia  20thC  21stC  economic_history  1990s  2000s  2010s  Asian_crisis  Asia_Pacific  international_finance  FDI  finance_capital  financialization  emerging_markets  oligopoly  chaebols  crony_capitalism  industry  production  capitalism  capitalism-systemic_crisis  capitalization  accumulation  distribution-income  distribution-wealth  cross-border  trade  productivity-labor_share  class_conflict  labor_share  Labor_markets  unions  violence  economic_growth  sabotage-by_business  business-and-politics  business-norms  power-asymmetric  public_policy  public_goods  corporate_finance  corporate_ownership  investment  banking  political_culture  economic_culture  economic_reform  economic_policy  democracy  opposition  downloaded  EF-add 
october 2014 by dunnettreader
Capitalist Revolutionary — Roger E. Backhouse, Bradley W. Bateman | Harvard University Press
The Great Recession of 2008 restored John Maynard Keynes to prominence. After decades when the Keynesian revolution seemed to have been forgotten, the great British theorist was suddenly everywhere. The NYT asked, “What would Keynes have done?” The FT wrote of “the undeniable shift to Keynes.” Le Monde pronounced the economic collapse Keynes’s “revenge.” Two years later, following bank bailouts and Tea Party fundamentalism, Keynesian principles once again seemed misguided or irrelevant to a public focused on ballooning budget deficits. In this readable account, Backhouse and Bateman elaborate the misinformation and caricature that have led to Keynes’s repeated resurrection and interment since his death in 1946. Keynes’s engagement with social and moral philosophy and his membership in the Bloomsbury Group of artists and writers helped to shape his manner of theorizing. Though trained as a mathematician, he designed models based on how specific kinds of people (such as investors and consumers) actually behave—an approach that runs counter to the idealized agents favored by economists at the end of the century. Keynes wanted to create a revolution in the way the world thought about economic problems, but he was more open-minded about capitalism than is commonly believed. He saw capitalism as essential to a society’s well-being but also morally flawed, and he sought a corrective for its main defect: the failure to stabilize investment. Keynes’s nuanced views, the authors suggest, offer an alternative to the polarized rhetoric often evoked by the word “capitalism” in today’s political debates.
books  kindle-available  intellectual_history  20thC  entre_deux_guerres  economic_theory  macroeconomics  Great_Depression  gold_standard  public_finance  unemployment  capitalism  moral_philosophy  political_economy  economic_culture  economic_reform  economic_policy  probability  behavioral_economics  microfoundations  neoclassical_economics  Keynes  Keynesianism  Great_Recession  investment 
september 2014 by dunnettreader
Philip T. Hoffman, Gilles Postel-Vinay, Jean-Laurent Rosenthal - Surviving Large Losses: Financial Crises, the Middle Class, and the Development of Capital Markets (2009) | Harvard University Press
Since they're experts on especially French economic history from the 17thC onwards, the political economy approach should be interesting. **--** 1. The Political Economy of Financial Crises. -- 2. Information and Crises. -- 3. Crises and the Middle Class. -- 4. What Happens after Crises. -- 5. Financial Intermediaries and the Demand for Change. -- 6. Governments and the Demand for Reform. -- Conclusion: The Lessons of History
books  kindle-available  economic_history  economic_policy  political_economy  financial_system  financial_crisis  financial_sector_development  capital_markets  banking  middle_class  leverage  debtors  creditors  sovereign_debt  reform-economic  reform-political  distribution-wealth 
september 2014 by dunnettreader
Suzanne J. Konzelmann - The political economics of austerity | Cambridge Journal of Economics 2013
Birkbeck, University of London. -- The 2007/08 financial crisis has reignited the debate about economic austerity. With the aim of understanding why a government would pursue such a policy in the current context of persistent economic recession, this article traces the social, political and economic developments that have together shaped the evolution of ideas about austerity, from the earliest theorising by the classical political economists some 300 years ago. Throughout the historical narrative, important analytical themes revolve around the arguments used to justify austerity—notably appeals to ethics and morality (reinforced by misleading analogies drawn between government budgets and the accounts of firms and households). These include concerns about inflation and the observed relationship between inflation and unemployment; ‘Ricardian equivalence’ and ‘non-Keynesian’ effects of austerity; and the correlation between public debt levels and economic growth. The class analytics of austerity—who bears the burden of austerity and who benefits—and the process by which alternative ideas penetrate the mainstream and reconstitute the conventional wisdom are also important analytical themes. -- downloaded pdf to Note
article  intellectual_history  political_economy  economic_theory  economic_sociology  economic_policy  17thC  18thC  19thC  20thC  21stC  Great_Recession  austerity  business_cycles  business-and-politics  ideology  macroeconomics  fiscal_policy  monetary_policy  inflation  unemployment  moral_economy  historical_sociology  class_conflict  public_opinion  public_finance  sovereign_debt  economic_growth  debt  debtors  creditors  intermediation  Labor_markets  downloaded  EF-add 
september 2014 by dunnettreader
Friedrich August von Hayek - Prize Lecture: The Pretence of Knowledge -- Nobel Prize 1974
MLA style: "Friedrich August von Hayek - Prize Lecture: The Pretence of Knowledge". Nobelprize.org. Nobel Media AB 2014. Web. 9 Aug 2014. <http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1974/hayek-lecture.html> -- uses stagflation to attack demand side theories with a hint of liquidationism -- more interesting is his take on Popper and limits to positivism and quantitative methodologies -- can theirize certain patterns and examine empirical evidence re those patterns, but can't predict quantitative outcomes -- though stresses complexity, seems to be an issue of incomplete data (by definition inaccessible since it's in the heads of masses of heterogeneous agents reacting to their own, constantly changing, limited information) rather than emergent properties and complexity dynamics
intellectual_history  20thC  post-WWII  social_sciences-post-WWII  economic_theory  markets  information-markets  Labor_markets  unemployment  inflation  economic_policy  demand  empiricism  uncertainty  epistemology  positivism  quantitative_methods  philosophy_of_science  philosophy_of_social_science  Popper  Hayek  determinism  emergence  equilibrium  complexity  EF-add  scientism  scientific_method  sociology_of_knowledge 
august 2014 by dunnettreader

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