nep-his 2014-01-17, 22 papers

NEP: New Economics Papers
Business, Economic and Financial History

Edited by: Bernardo Batiz-Lazo
Bangor University
Issue date: 2014-01-17
Papers: 22

Note: Access to full contents may be restricted.
NEP is sponsored by the School of Economics and Finance of Victoria University of Wellington.
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In this issue we have:

  1. West versus East: Early globalization and thr great divergence Rafael Dobado-González; Alfredo García-Hiernaux; David Guerrero-Burbano
  2. Episodes from the Early History of Experimentation in Economics Andreas Ortman
  3. Economic ideas regarding the urban water supply service in The nineteenth century britain José Luis Ramos Gorostiza; Ana Rosado Cubero
  4. Irish Land Bonds: 1891-1938 Nathan Foley-Fisher (Research and Statistics Division, Federal Reserve Board, Washington D.C.) and Eoin McLaughlin (History, Classics & Archaeology, University of Edinburgh)
  5. Dutch Corporate Finance, 1602-1850 de Jong, A.; Jonker, J.; Roëll, A.
  6. La imagen económica de la España del siglo XVII: La mirada extranjera frente a la visión de los arbitristas Luis Perdices de Blas; José Luis Ramos Gorostiza
  7. One hundred years of solitude, accumulation and violence: A comparative historical analysis of the Sierra Nevada of Santa Marta Valley Bedoya Arias, M.E.
  8. Plenty of Land, Land of Plenty. The Agrarian Output of Portugal (1311-20) António Henriques
  9. "Colonial New Jersey’s Paper Money Regime, 1709-1775: A Forensic Accounting Reconstruction of the Data" FARLEY GRUBB
  10. Financing U.S. External Trade, 1790-1819 Javier Cuenca-Esteban
  11. The Formative Years of the Modern Corporation: The Dutch East India Company VOC, 1602-1623 Gelderblom, O.; de Jong, A.; Jonker, J.
  12. Bloody Foreigners! Overseas Equity on the London Stock Exchange, 1869-1928 Richard S.Grossman
  13. Savings banks and cooperative banks in Europe Bülbül, Dilek; Schmidt, Reinhard H.; Schüwer, Ulrich
  14. Spatial Takeoff in the First Industrial Revolution Alex Trew
  15. Border Studies Donzelli, S.
  16. Trade, Self-Governance,and the Provision of Law and Order, with an Application To Medieval English Chartered Towns Angelucci, Charles; Meraglia, Simone
  17. Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten Carmen Reinhart; Kenneth Rogoff
  18. Economic Prospects for the Long Run : a speech at Bard College at Simon’s Rock, Great Barrington, Massachusetts, May 18, 2013 Bernanke, Ben S.
  19. Imperfect but Hard Competition: the Portuguese Banking Sector in the Golden Age (1950-1973) Luciano Amaral
  20. How Are You, My Dearest Mozart? Well-being and Creativity of Three Famous Composers Based on their Letters Karol Jan BOROWIECKI
  21. The Triple Helix as a Highly Charged Intellectual Enterprise Todeva, Emanuela; Etzkiwitz, Henry
  22. Competition/fragmentation in equities markets: A literature survey Gomber, Peter; Sagade, Satchit; Theissen, Erik; Weber, Moritz Christian; Westheide, Christian

Contents.

  1. West versus East: Early globalization and thr great divergence
    Date: 2013-08
    By: Rafael Dobado-González (Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales.)
    Alfredo García-Hiernaux (Dpto. de Fundamentos del Análisis Económico II. Facultad CC. Económicas y Empresariales. Univ. Complutense de Madrid. Campus de Somosaguas, s/n. 28223 POZUELO DE ALARCÓN (MADRID).)
    David Guerrero-Burbano (Centro Universitario de Estudios Financieros, Madrid.)
    URL: http://d.repec.org/n?u=RePEc:ucm:doctra:13-08&r=his
    This paper extends our previous work on grain market integration across Europe and the Americas in the eighteenth and nineteenth centuries (Dobado, García-Hiernaux and Guerrero, 2012). By using the same econometric methodology, we now present: 1) a search for statistical evidence in the East of an “Early Globalization” comparable to the one ongoing in the West by mid eighteenth century; 2) a study on the integration of grain markets in China and Japan and its functioning in comparison to Western countries; 3) a discussion of the relevance of our findings for the debate on the Great Divergence. Our main conclusions are: 1) substantial differences in the degree of integration and the functioning of grain markets are observed between East and West; 2) a certain degree of integration may be reached through different combinations of factors (agents, policies, etc.) and with dissimilar effects on long-run economic growth;! 3) the absence of an “Early Globalization” in the East reveals the existence of some economic and institutional limitations in this part of the world and contributed to its “Great Divergence” with the West from at least the eighteenth century.Este trabajo expande nuestra investigación previa sobre la integración del mercado de granos en Europa y América (Dobado, García-Hiernaux y Guerrero, 2012). Usando la misma metodología econométrica, presentamos ahora: 1) la búsqueda de evidencia estadística en el Este de una “Globalización temprana” semejante a la encontrada en el Oeste desde mediados del siglo XVIII; 2) un estudio de la integración de los mercados en china y Japón y su funcionamiento en comparación con los países occidentales; 3) una discusión de la relevancia de nuestros resultados respecto al debate sobre la “Gran Divergencia”. Nuestras principales conclusiones son: 1) encontramos diferencias sustanciales entre Este y Oeste en lo que a! l grado de integración y al funcionamiento de los mercados de grano se refiere; 2) un cierto grado de integración puede ser alcanzado mediante combinaciones diferentes de factores (agentes, políticas, etc.) y con efectos distintos sobre el crecimiento económico a largo plazo; 3) la ausencia de una “Globalización temprana” en el Este revela la existencia de limitaciones económicas e institucionales en esta parte del mundo y contribuyó a la “Gran Divergencia” con el Oeste desde al menos el siglo XVIII.
    Keywords: Economic history, Market integration, Globalization, Great divergence, Time series analysis, Historia económica, Integración de mercados, Globalización, Gran divergencia, Series temporales.
    JEL: C22 F15 N10 N70
  2. Episodes from the Early History of Experimentation in Economics
    Date: 2013-12
    By: Andreas Ortman (School of Economics, Australian School of Business, the University of New South Wales)
    URL: http://d.repec.org/n?u=RePEc:swe:wpaper:2013-34&r=his
    Keywords: Experimental methods, Early History of Experimentation in Economics
    JEL: B41 C9
  3. Economic ideas regarding the urban water supply service in The nineteenth century britain
    Date: 2013
    By: José Luis Ramos Gorostiza (Departamento de Historia e Instituciones Económicas I. Facultad de Ciencias Económicas y Empresariales. Universidad Complutense de Madrid, Campus de Somosaguas,s/n. 28223 Pozuelo de Alarcón (Madrid) – SPAIN)

    Ana Rosado Cubero (Departamento de Historia e Instituciones Económicas I. Facultad de Ciencias Económicas y Empresariales. Universidad Complutense, Campus de Somosaguas. 28223 Pozuelo de Alarcón (Madrid), Spain.)

    URL: http://d.repec.org/n?u=RePEc:ucm:doctra:13-03&r=his
    By the mid-nineteenth century, along with other network infrastructurestypical of the Second Industrial Revolution, began to take shape the modern system of water supply. The purpose of this paper is to examine the major economic ideas surrounding the beginnings of this new urban service in Britain during the second half of the nineteenth century, which marked a starting point for future analytical developments. First, the socioeconomic importance of improvement of public health through an intensive use of running water. Second, the emergence of the concept of natural monopoly. And finally, the debate about the organization of service management. This interesting case gives us the opportunity to observe the interaction, in both directions, between facts and economic ideas.Hacia mediados del siglo XIX, junto a otras infraestructuras en red propias de la segunda revolución industrial, empezó a configurarse el sistema mod! erno de abastecimiento de agua potable. El propósito de este trabajo es examinar las principales ideas económicas que rodearon los inicios de este novedoso servicio urbano en Gran Bretaña durante la segunda mitad del siglo XIX, y que marcaron un punto de arranque para futuros desarrollos analíticos. Primero, la importancia socioeconómica de la mejora de la salubridad pública a través de un uso intensivo de agua corriente. Segundo, el surgimiento de la noción de monopolio natural. Y tercero, el debate en torno a la mejor forma de organizar la gestión del servicio. Lo interesante del caso es que nos ofrece la posibilidad de observar la interacción, en ambos sentidos, entre hechos e ideas económicas.
    Keywords: Urban water supply, Great Britain, Public health, Natural monopoly, History of economic thought, Abastecimiento urbano de agua, Gran Bretaña, Salud pública, Monopolio natural, Historia del pensamiento económico.
    JEL: B00 B10
  4. Irish Land Bonds: 1891-1938
    Date: 2014-01-08
    By: Nathan Foley-Fisher (Research and Statistics Division, Federal Reserve Board, Washington D.C.) and Eoin McLaughlin (History, Classics & Archaeology, University of Edinburgh)
    URL: http://d.repec.org/n?u=RePEc:edn:esedps:239&r=his
    This paper introduces a new database on Irish land bonds listed on the Dublin Stock Exchange from 1891 to 1938: it outlines the nature of these bonds and presents data on their size, liquidity and market returns. These government-guaranteed bonds arose during a period when the possibility of Irish secession from the United Kingdom appeared ever more likely, and were used to finance the transfer of land ownership from landlords to tenants in Ireland (North & South). Movements in the prices of these bonds can help to understand how financial markets responded to events in the early economic and political history of the Irish Free State, including Irish partition, Independence, Civil War and de facto default. Understanding these issues has contemporary relevance for regions in Spain (Catalonia, Euskadi), Great Britain (Scotland) and Belgium (Flanders).
    Keywords: Irish economic history, land reform, land bonds, Dublin Stock Exchange.
    JEL: N23 N24 N53 N54 G15
  5. Dutch Corporate Finance, 1602-1850
    Date: 2013-06-04
    By: de Jong, A.
    Jonker, J.
    Roëll, A.
    URL: http://d.repec.org/n?u=RePEc:ems:eureri:40333&r=his
    Early Modern Dutch corporate finance had two notable features, a remarkable ease of raising large amounts of capital and a flexible legal framework. Having pioneered new corporate forms with two intercontinental trading companies, Dutch business adopted such forms on a wider scale only during the 18th century, when economic concentration and consolidation led to the appearance of business units large enough to need them. The financial intermediation and legal institutions available also facilitated early industrialization during the 19th century, up to and including the railways. The large export of capital throughout the period under consideration failed to harm economic development at any point or in any way.
    Keywords: corporate finance
    JEL: G3 M00
  6. La imagen económica de la España del siglo XVII: La mirada extranjera frente a la visión de los arbitristas
    Date: 2013-05
    By: Luis Perdices de Blas (Departamento de Historia e Instituciones Económicas I. Facultad de Ciencias Económicas y Empresariales. Universidad Complutense de Madrid, Campus de Somosaguas,s/n. 28223 Pozuelo de Alarcón (Madrid) – SPAIN)

    José Luis Ramos Gorostiza (Departamento de Historia e Instituciones Económicas I. Facultad de Ciencias Económicas y Empresariales. Universidad Complutense de Madrid, Campus de Somosaguas,s/n. 28223 Pozuelo de Alarcón (Madrid) – SPAIN)

    URL: http://d.repec.org/n?u=RePEc:ucm:doctra:13-04&r=his
    The economic image of the seventeenth century Spain: The foreign look versus the viwof the Arbitristas This paper compares the economic image of the seventeenth century Spain we received from the foreign travelers with that offered by the arbitristas, examining the main similarities and differences. Specifically, it analyses the following issues: the consideration of natural resources base, the vision of national character and its relation to productive activities, and the perception of economic situation and the causes of backwardness. The aim is to contrast the view of those who were thinking "from the inside" about the causes of the striking decline of the country, with the free and uncensored look of foreign visitors, which –despite its constraints and limitations– tended to focus on the most striking and different aspects compared to the reality of their own countries.Este trabajo compara la imagen económica de! la España del siglo XVII que nos transmitieron los viajeros extranjeros con la ofrecida por los arbitristas, examinando las principales similitudes y diferencias. En concreto, se detiene en las siguientes cuestiones: la consideración del medio natural, la visión del carácter nacional y de su relación con las actividades productivas, y la percepción de la situación económica y de las causas del atraso. Se trata de contrastar la opinión de aquellos que estaban reflexionando “desde dentro” sobre las causas de la llamativa decadencia del país, con la mirada libre y sin censuras del visitante extranjero, que –pese a sus condicionantes y limitaciones– tendía a fijarse en los aspectos más llamativos y diferentes respecto a la realidad de su propio país de origen.
    Keywords: Travelers, Arbitristas, Economy, Spain, Seventeenth century, History of economic thought, Viajeros, Arbitristas, Economía, España, siglo XVII, Historia del pensamiento económico.
    JEL: B00 B10
  7. One hundred years of solitude, accumulation and violence: A comparative historical analysis of the Sierra Nevada of Santa Marta Valley
    Date: 2013-03-18
    By: Bedoya Arias, M.E.
    URL: http://d.repec.org/n?u=RePEc:ems:euriss:39199&r=his
    This is an analysis of two moments in the Colombian history within a century of difference, where isolation, accumulation and violence interact in a region brought into the worlds’ imaginary by the Colombian novelist Gabriel García Márquez in One Hundred years of Solitude. A valley between four natural borderlines: the Sierra Nevada of Santa Marta, the Perijá hills, the Central and East ‘Cordilleras’ -mountain range- and the Magdalena River in the departments of Cesar and Magdalena (Colombia) part of what was called the department of ‘Magdalena Grande’ was blessed – or perhaps coursed – with wealth in natural resources; plenty of water streams, a unique biodiversity, cultural affluence and immense reserves of one of the purest steam coals. This paper attempts to draw a picture of the superimposed and persistent power structures that apparently facilitate the accumulative processes and imbalances within o! ne century of difference, making use of violence as means to maintain equilibrium. Environment is changed trough politicized violent inflictions over society and nature. The resultant scars are the ones inflicted on a collective memory, as this valley is and will always be recalled by the poetic truth of the narrative of Gabriel García Marquez who recreated this mythic environment as ‘Macondo’. He remembers his own story of early childhood that here serves as an excuse to analyze a region that is again being bled by accumulation.
    Keywords: Colombia, accumulation, banana, coal, extraction enclaves, isolation, political ecology of violence, violence
  8. Plenty of Land, Land of Plenty. The Agrarian Output of Portugal (1311-20)
    Date: 2014-01
    By: António Henriques (Faculdade de Economia, Universidade do Porto)
    URL: http://d.repec.org/n?u=RePEc:por:fepwps:520&r=his
    This article presents a benchmark for Portuguese agrarian output for the 1311-20 decade. This benchmark is built from the supply side, using the value of ecclesiastical tithes, and tested with macro and micro level demand-side information. Compared with existing estimates for contemporary England, real Portuguese per capita agrarian output appears high. This result challenges the received wisdom that by 1320 Portugal was hard-pressed by demographic forces. Instead, it confirms that by 1320, Portugal was a ‘frontier economy’ with a high land/labour ratio and a high per capita output level.
    Keywords: Economic History, Agriculture, Living Standards, Frontier Economy
    JEL: N53
  9. "Colonial New Jersey’s Paper Money Regime, 1709-1775: A Forensic Accounting Reconstruction of the Data"
    Date: 2014
    By: FARLEY GRUBB (Department of Economics,University of Delaware)
    URL: http://d.repec.org/n?u=RePEc:dlw:wpaper:14-05.&r=his
    Forensic accounting techniques are used to construct new data series on emissions, redemptions, and bills outstanding for colonial New Jersey paper money. These components are further separated into the amounts initially legislated and planned, and the amounts actually executed. Not only are these data improvements over the prior data in the literature, but they provide a more complete and nuanced accounting of colonial New Jersey’s paper money regime than what has been done previously for any British North American colony. Enough detail of the forensic accounting exercise is given for scholars to reproduce the data series from the original sources.
    Keywords: bills of credit, colonial money supply, land banks, monetary redemption, paper money
    JEL: E51 N11
  10. Financing U.S. External Trade, 1790-1819
    Date: 2013-12
    By: Javier Cuenca-Esteban (Department of Economics, University of Waterloo)
    URL: http://d.repec.org/n?u=RePEc:wat:wpaper:1308&r=his
    In the "neutrality years" 1793-1807 and beyond, U.S. merchants drew on Spanish-American silver to finance their carrying trade and to settle deficits with Europe and the Far East. The size and direction of these payments must remain unknown, because no records of silver flows were kept until 1821. This paper infers the financial claims and liabilities involved from estimated balances of trade and services at foreign ports by geographic areas. It suggests that the seemingly central role of Spanish silver pesos in financing U.S. deficits with China is only partially explained by legal exchange between the United States and Spain, Spanish America, or Europe. The weight of evidence and argument thus points to any additional silver coin that U.S. merchants may have secured through unofficial exports directly to Spanish America.
    JEL: N71 N73 N75 N76 N77 N41 N43 N45 N46 N47
  11. The Formative Years of the Modern Corporation: The Dutch East India Company VOC, 1602-1623
    Date: 2012-06-23
    By: Gelderblom, O.
    de Jong, A.
    Jonker, J.
    URL: http://d.repec.org/n?u=RePEc:ems:eureri:32952&r=his
    With their legal personhood, permanent capital with transferable shares, separation of ownership and management, and limited liability for both shareholders and managers, the Dutch East India Company (VOC) and subsequently the English East India Company (EIC) are generally considered a major institutional breakthrough. Our analysis of the business operations and notably the financial policy of the VOC during the company’s first two decades in existence shows that its corporate form owed less to foresight than to constant piecemeal engineering to remedy original design flaws brought to light by prolonged exposure to the strains of the Asian trade. Moreover, the crucial feature of limited liability for managers was not, as previously thought, part and parcel of that design, but emerged only after a long period of experimenting with various, sometimes very ingenious, solutions to the company’s financial bottlenecks.
    Keywords: Dutch East India Company, VOC
    JEL: F1 O1 O43
  12. Bloody Foreigners! Overseas Equity on the London Stock Exchange, 1869-1928
    Date: 2014-01
    By: Richard S.Grossman (Department of Economics, Wesleyan University)
    URL: http://d.repec.org/n?u=RePEc:wes:weswpa:2014-001&r=his
    This paper presents data on quantity, capital gains, dividend, and total returns for domestic and overseas equities listed on the London Stock Exchange during 1869-1928. Indices are presented for Africa, Asia, Europe, Latin America, North America, Australia/New Zealand and for the finance, transportation, raw materials, and utilities sectors in each region. Returns and volatility were typically highest in emerging regions and the raw materials sector. Dividend yields were similar across regions and differences in total returns were due largely to disparities in capital gains. Returns of firms in more industrial markets were relatively highly correlated with each other and with developing regions with which they had substantial colonial or trade connections. Contingent liability was most extensively employed where leverage was high and the physical assets were either meager or inaccessible to creditors.
  13. Savings banks and cooperative banks in Europe
    Date: 2013
    By: Bülbül, Dilek
    Schmidt, Reinhard H.
    Schüwer, Ulrich
    URL: http://d.repec.org/n?u=RePEc:zbw:safewh:5&r=his
    Until about 25 years ago, almost all European countries had a so-called three pillar banking system comprising private banks, (public) savings banks and (mutual) cooperative banks. Since that time, several European countries have implemented far-reaching changes in their banking systems, which have more than anything else affected the two pillars of the savings and cooperative banks. The article describes the most important changes in Germany, Austria, France, Italy and Spain and characterizes the former and the current roles of savings banks and cooperative banks in these countries. A particular focus is placed on the German case, which is almost unique in so far as the German savings banks and cooperative banks have maintained most of their traditional features. The article concludes with a plea for diversity of institutional forms of banks and argues that it is important to safeguard the strengths of those types of ba! nks that do not conform to the model of a large shareholder-oriented commercial bank. —
  14. Spatial Takeoff in the First Industrial Revolution
    Date: 2014-01-01
    By: Alex Trew (University of St Andrews)
    URL: http://d.repec.org/n?u=RePEc:san:cdmawp:1401&r=his
    Using the framework of Desmet and Rossi-Hansberg (forthcoming), we present a model of spatial takeoff that is calibrated using spatially-disaggregated occupational data for England in c.1710. The model predicts changes in the spatial distribution of agricultural and manufacturing employment which match data for c.1817 and 1861. The model also matches a number of aggregate changes that characterise the first industrial revolution. Using counterfactual geographical distributions, we show that the initial concentration of productivity can matter for whether and when an industrial takeoff occurs. Subsidies to innovation in either sector can bring forward the date of takeoff while subsidies to the use of land by manufacturing firms can significantly delay a takeoff because it decreases spatial concentration of activity.
    Keywords: Endogenous growth, first industrial revolution, economic geography, structural change.
    JEL: O11 O18 O33 N13 N93 R12
  15. Border Studies
    Date: 2013-11-30
    By: Donzelli, S.
    URL: http://d.repec.org/n?u=RePEc:ems:euriss:50160&r=his
    In the last two decades, a novel interdisciplinary field of inquiry has emerged under the label of Border Studies. This area of research has mainly reflected on the nature and functionalities of borders and boundaries, bringing up discussions on space, politics, economics, and culture. In particular, Border Studies have significantly contributed to the understanding of the role of borders in shaping migratory movements. In order to map this very large field of investigation, numerous state of the art reviews have been published. However, none of the reviews encountered has addressed the following issues: first, the main assumptions informing different theoretical perspectives in Border Studies; second, the application of Border Studies to analyse human mobility in the Global South. Thus, in order to participate in producing a more complete understanding of the knowledge produced in this field, the present paper pursues a! pair of objectives. One objective is to critically present the main theoretical approaches employed in the field of Border Studies, reflecting on their heuristic possibilities and limitations as well as their political implications. The other objective is to explore the intertwining of Border and Migration Studies with a specific focus on Africa, Asia and Latin America, devoting particular attention to the way this body of research has analysed the condition of migrant women workers. Overall, the essay generates suggestions for future significant investigations.
    Keywords: Borders, boundaries, migration, Global South, migrant women workers
  16. Trade, Self-Governance,and the Provision of Law and Order, with an Application To Medieval English Chartered Towns
    Date: 2013-10-23
    By: Angelucci, Charles
    Meraglia, Simone
    URL: http://d.repec.org/n?u=RePEc:tse:wpaper:27726&r=his
    We build a model to investigate the interaction between trade, the supply of law and order, and the nature of governing political institutions. To supply law and order necessary for a representative merchant to create wealth, a ruler (i) appoints officials capable of coercion and (ii) introduces a system of taxation. When potential gains from trade are important, the demand for law and order is high but appointing numerous officials capable of coercion may pave the way to arbitrary and distortive expropriation. Delegating the task of appointing offi- cials to the better-informed merchant lowers the cost of sustaining good market institutions, but exacerbates the latter’s temptation to escape taxation. When gains from trade are instead low delegation never occurs. Our theory provides a rationale for the case of post-Norman Conquest England (1066-1307) where, in parallel with the rise of trade, kings increasingly give in t! o the citizens’ desire of self-governance by granting Charters of Liberties.
    Keywords: Institutions, Law Enforcement, Trade, Delegation, Taxation, Bureaucracy
    JEL: D02 D23 D73 P14 P16
  17. Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten
    Date: 2013-12-24
    By: Carmen Reinhart
    Kenneth Rogoff
    URL: http://d.repec.org/n?u=RePEc:imf:imfwpa:13/266&r=his
    Even after one of the most severe multi-year crises on record in the advanced economies, the received wisdom in policy circles clings to the notion that high-income countries are completely different from their emerging market counterparts. The current phase of the official policy approach is predicated on the assumption that debt sustainability can be achieved through a mix of austerity, forbearance and growth. The claim is that advanced countries do not need to resort to the standard toolkit of emerging markets, including debt restructurings and conversions, higher inflation, capital controls and other forms of financial repression. As we document, this claim is at odds with the historical track record of most advanced economies, where debt restructuring or conversions, financial Repression, and a tolerance for higher inflation, or a combination of these were an integral part of the resolution of significant past debt ! overhangs.
    Keywords: Financial crisis;Sovereign debt;Debt conversion;Debt restructuring;External debt;Public debt;Inflation;Economic growth;Developed countries;Emerging markets;Financial crises, sovereign debt crises, deleveraging, credit cycles, financial repression, debt restructuring
  18. Economic Prospects for the Long Run : a speech at Bard College at Simon’s Rock, Great Barrington, Massachusetts, May 18, 2013
    Date: 2013-05-18
    By: Bernanke, Ben S. (Board of Governors of the Federal Reserve System (U.S.))
    URL: http://d.repec.org/n?u=RePEc:fip:fedgsq:620&r=his
  19. Imperfect but Hard Competition: the Portuguese Banking Sector in the Golden Age (1950-1973)
    Date: 2013
    By: Luciano Amaral
    URL: http://d.repec.org/n?u=RePEc:unl:unlfep:wp575&r=his
    JEL codes:
    Keywords: Network competition, On/off-net pricing, Integration, Call externality
  20. How Are You, My Dearest Mozart? Well-being and Creativity of Three Famous Composers Based on their Letters
    Date: 2014-01
    By: Karol Jan BOROWIECKI (Department of Business and Economics, University of Southern Denmark)
    URL: http://d.repec.org/n?u=RePEc:tcd:tcduee:tep0114&r=his
    The well-being of a person is reflected in the language used. Building on 1,400 letters written by three famous music composers, I obtain well-being indices that span their lifetime. The validity of this methodology is shown by linking the indices with biographical information and through estimation of the determinants of well-being. I find, consistent with the literature, that work-related engagements and accomplishments are positively related with well-being, while poor health or death of a relative is detrimental. I then exploit the data and provide quantitative evidence on the existence of a causal impact of negative emotions on outstanding creativity, an association hypothesized across several disciplines since the Antiquity; however, not yet convincingly established for the case of extraordinary achievers.
    Keywords: Well-being, happiness, positive emotions, negative emotions, creativity, health, labor, composer, letters, methodology, music history.
    JEL: D60 I31 J24 N33 Z11
  21. The Triple Helix as a Highly Charged Intellectual Enterprise
    Date: 2013-09
    By: Todeva, Emanuela
    Etzkiwitz, Henry
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:52834&r=his
    Reflections on the evolution of the Triple Helix movement and the discussions at its latest conference in 2014.
    Keywords: Triple Helix, Intermediation, Governance, Theory and Practice
    JEL: H10 H42 L5 L51 O32 O38
  22. Competition/fragmentation in equities markets: A literature survey
    Date: 2013
    By: Gomber, Peter
    Sagade, Satchit
    Theissen, Erik
    Weber, Moritz Christian
    Westheide, Christian
    URL: http://d.repec.org/n?u=RePEc:zbw:safewp:35&r=his
    Advances in technology and several regulatory initiatives have led to the emergence of a competitive but fragmented equity trading landscape in the US and Europe. While these changes have brought about several benefits like reduced transaction costs, regulators and market participants have also raised concerns about the potential adverse effects associated with increased execution complexity and the impact on market quality of new types of venues like dark pools. In this article we review the theoretical and empirical literature examining the economic arguments and motivations underlying market fragmentation, as well as the resulting implications for investors’ welfare. We start with the literature that views exchanges as natural monopolies due to presence of network externalities, and then examine studies which challenge this view by focusing on trader heterogeneity and other aspects of the microstructure of equity mark! ets. —
    Keywords: Market Structure,Competition,Fragmentation,Liquidity,Market Quality
    JEL: G10

nep-his 2014-01-17, 22 papers

NEP: New Economics Papers
Business, Economic and Financial History

Edited by: Bernardo Batiz-Lazo
Bangor University
Issue date: 2014-01-17
Papers: 22

Note: Access to full contents may be restricted.
NEP is sponsored by the School of Economics and Finance of Victoria University of Wellington.
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In this issue we have:

  1. West versus East: Early globalization and thr great divergence Rafael Dobado-González; Alfredo García-Hiernaux; David Guerrero-Burbano
  2. Episodes from the Early History of Experimentation in Economics Andreas Ortman
  3. Economic ideas regarding the urban water supply service in The nineteenth century britain José Luis Ramos Gorostiza; Ana Rosado Cubero
  4. Irish Land Bonds: 1891-1938 Nathan Foley-Fisher (Research and Statistics Division, Federal Reserve Board, Washington D.C.) and Eoin McLaughlin (History, Classics & Archaeology, University of Edinburgh)
  5. Dutch Corporate Finance, 1602-1850 de Jong, A.; Jonker, J.; Roëll, A.
  6. La imagen económica de la España del siglo XVII: La mirada extranjera frente a la visión de los arbitristas Luis Perdices de Blas; José Luis Ramos Gorostiza
  7. One hundred years of solitude, accumulation and violence: A comparative historical analysis of the Sierra Nevada of Santa Marta Valley Bedoya Arias, M.E.
  8. Plenty of Land, Land of Plenty. The Agrarian Output of Portugal (1311-20) António Henriques
  9. "Colonial New Jersey’s Paper Money Regime, 1709-1775: A Forensic Accounting Reconstruction of the Data" FARLEY GRUBB
  10. Financing U.S. External Trade, 1790-1819 Javier Cuenca-Esteban
  11. The Formative Years of the Modern Corporation: The Dutch East India Company VOC, 1602-1623 Gelderblom, O.; de Jong, A.; Jonker, J.
  12. Bloody Foreigners! Overseas Equity on the London Stock Exchange, 1869-1928 Richard S.Grossman
  13. Savings banks and cooperative banks in Europe Bülbül, Dilek; Schmidt, Reinhard H.; Schüwer, Ulrich
  14. Spatial Takeoff in the First Industrial Revolution Alex Trew
  15. Border Studies Donzelli, S.
  16. Trade, Self-Governance,and the Provision of Law and Order, with an Application To Medieval English Chartered Towns Angelucci, Charles; Meraglia, Simone
  17. Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten Carmen Reinhart; Kenneth Rogoff
  18. Economic Prospects for the Long Run : a speech at Bard College at Simon’s Rock, Great Barrington, Massachusetts, May 18, 2013 Bernanke, Ben S.
  19. Imperfect but Hard Competition: the Portuguese Banking Sector in the Golden Age (1950-1973) Luciano Amaral
  20. How Are You, My Dearest Mozart? Well-being and Creativity of Three Famous Composers Based on their Letters Karol Jan BOROWIECKI
  21. The Triple Helix as a Highly Charged Intellectual Enterprise Todeva, Emanuela; Etzkiwitz, Henry
  22. Competition/fragmentation in equities markets: A literature survey Gomber, Peter; Sagade, Satchit; Theissen, Erik; Weber, Moritz Christian; Westheide, Christian

Contents.

  1. West versus East: Early globalization and thr great divergence
    Date: 2013-08
    By: Rafael Dobado-González (Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales.)
    Alfredo García-Hiernaux (Dpto. de Fundamentos del Análisis Económico II. Facultad CC. Económicas y Empresariales. Univ. Complutense de Madrid. Campus de Somosaguas, s/n. 28223 POZUELO DE ALARCÓN (MADRID).)
    David Guerrero-Burbano (Centro Universitario de Estudios Financieros, Madrid.)
    URL: http://d.repec.org/n?u=RePEc:ucm:doctra:13-08&r=his
    This paper extends our previous work on grain market integration across Europe and the Americas in the eighteenth and nineteenth centuries (Dobado, García-Hiernaux and Guerrero, 2012). By using the same econometric methodology, we now present: 1) a search for statistical evidence in the East of an “Early Globalization” comparable to the one ongoing in the West by mid eighteenth century; 2) a study on the integration of grain markets in China and Japan and its functioning in comparison to Western countries; 3) a discussion of the relevance of our findings for the debate on the Great Divergence. Our main conclusions are: 1) substantial differences in the degree of integration and the functioning of grain markets are observed between East and West; 2) a certain degree of integration may be reached through different combinations of factors (agents, policies, etc.) and with dissimilar effects on long-run economic growth;! 3) the absence of an “Early Globalization” in the East reveals the existence of some economic and institutional limitations in this part of the world and contributed to its “Great Divergence” with the West from at least the eighteenth century.Este trabajo expande nuestra investigación previa sobre la integración del mercado de granos en Europa y América (Dobado, García-Hiernaux y Guerrero, 2012). Usando la misma metodología econométrica, presentamos ahora: 1) la búsqueda de evidencia estadística en el Este de una “Globalización temprana” semejante a la encontrada en el Oeste desde mediados del siglo XVIII; 2) un estudio de la integración de los mercados en china y Japón y su funcionamiento en comparación con los países occidentales; 3) una discusión de la relevancia de nuestros resultados respecto al debate sobre la “Gran Divergencia”. Nuestras principales conclusiones son: 1) encontramos diferencias sustanciales entre Este y Oeste en lo que a! l grado de integración y al funcionamiento de los mercados de grano se refiere; 2) un cierto grado de integración puede ser alcanzado mediante combinaciones diferentes de factores (agentes, políticas, etc.) y con efectos distintos sobre el crecimiento económico a largo plazo; 3) la ausencia de una “Globalización temprana” en el Este revela la existencia de limitaciones económicas e institucionales en esta parte del mundo y contribuyó a la “Gran Divergencia” con el Oeste desde al menos el siglo XVIII.
    Keywords: Economic history, Market integration, Globalization, Great divergence, Time series analysis, Historia económica, Integración de mercados, Globalización, Gran divergencia, Series temporales.
    JEL: C22 F15 N10 N70
  2. Episodes from the Early History of Experimentation in Economics
    Date: 2013-12
    By: Andreas Ortman (School of Economics, Australian School of Business, the University of New South Wales)
    URL: http://d.repec.org/n?u=RePEc:swe:wpaper:2013-34&r=his
    Keywords: Experimental methods, Early History of Experimentation in Economics
    JEL: B41 C9
  3. Economic ideas regarding the urban water supply service in The nineteenth century britain
    Date: 2013
    By: José Luis Ramos Gorostiza (Departamento de Historia e Instituciones Económicas I. Facultad de Ciencias Económicas y Empresariales. Universidad Complutense de Madrid, Campus de Somosaguas,s/n. 28223 Pozuelo de Alarcón (Madrid) – SPAIN)

    Ana Rosado Cubero (Departamento de Historia e Instituciones Económicas I. Facultad de Ciencias Económicas y Empresariales. Universidad Complutense, Campus de Somosaguas. 28223 Pozuelo de Alarcón (Madrid), Spain.)

    URL: http://d.repec.org/n?u=RePEc:ucm:doctra:13-03&r=his
    By the mid-nineteenth century, along with other network infrastructurestypical of the Second Industrial Revolution, began to take shape the modern system of water supply. The purpose of this paper is to examine the major economic ideas surrounding the beginnings of this new urban service in Britain during the second half of the nineteenth century, which marked a starting point for future analytical developments. First, the socioeconomic importance of improvement of public health through an intensive use of running water. Second, the emergence of the concept of natural monopoly. And finally, the debate about the organization of service management. This interesting case gives us the opportunity to observe the interaction, in both directions, between facts and economic ideas.Hacia mediados del siglo XIX, junto a otras infraestructuras en red propias de la segunda revolución industrial, empezó a configurarse el sistema mod! erno de abastecimiento de agua potable. El propósito de este trabajo es examinar las principales ideas económicas que rodearon los inicios de este novedoso servicio urbano en Gran Bretaña durante la segunda mitad del siglo XIX, y que marcaron un punto de arranque para futuros desarrollos analíticos. Primero, la importancia socioeconómica de la mejora de la salubridad pública a través de un uso intensivo de agua corriente. Segundo, el surgimiento de la noción de monopolio natural. Y tercero, el debate en torno a la mejor forma de organizar la gestión del servicio. Lo interesante del caso es que nos ofrece la posibilidad de observar la interacción, en ambos sentidos, entre hechos e ideas económicas.
    Keywords: Urban water supply, Great Britain, Public health, Natural monopoly, History of economic thought, Abastecimiento urbano de agua, Gran Bretaña, Salud pública, Monopolio natural, Historia del pensamiento económico.
    JEL: B00 B10
  4. Irish Land Bonds: 1891-1938
    Date: 2014-01-08
    By: Nathan Foley-Fisher (Research and Statistics Division, Federal Reserve Board, Washington D.C.) and Eoin McLaughlin (History, Classics & Archaeology, University of Edinburgh)
    URL: http://d.repec.org/n?u=RePEc:edn:esedps:239&r=his
    This paper introduces a new database on Irish land bonds listed on the Dublin Stock Exchange from 1891 to 1938: it outlines the nature of these bonds and presents data on their size, liquidity and market returns. These government-guaranteed bonds arose during a period when the possibility of Irish secession from the United Kingdom appeared ever more likely, and were used to finance the transfer of land ownership from landlords to tenants in Ireland (North & South). Movements in the prices of these bonds can help to understand how financial markets responded to events in the early economic and political history of the Irish Free State, including Irish partition, Independence, Civil War and de facto default. Understanding these issues has contemporary relevance for regions in Spain (Catalonia, Euskadi), Great Britain (Scotland) and Belgium (Flanders).
    Keywords: Irish economic history, land reform, land bonds, Dublin Stock Exchange.
    JEL: N23 N24 N53 N54 G15
  5. Dutch Corporate Finance, 1602-1850
    Date: 2013-06-04
    By: de Jong, A.
    Jonker, J.
    Roëll, A.
    URL: http://d.repec.org/n?u=RePEc:ems:eureri:40333&r=his
    Early Modern Dutch corporate finance had two notable features, a remarkable ease of raising large amounts of capital and a flexible legal framework. Having pioneered new corporate forms with two intercontinental trading companies, Dutch business adopted such forms on a wider scale only during the 18th century, when economic concentration and consolidation led to the appearance of business units large enough to need them. The financial intermediation and legal institutions available also facilitated early industrialization during the 19th century, up to and including the railways. The large export of capital throughout the period under consideration failed to harm economic development at any point or in any way.
    Keywords: corporate finance
    JEL: G3 M00
  6. La imagen económica de la España del siglo XVII: La mirada extranjera frente a la visión de los arbitristas
    Date: 2013-05
    By: Luis Perdices de Blas (Departamento de Historia e Instituciones Económicas I. Facultad de Ciencias Económicas y Empresariales. Universidad Complutense de Madrid, Campus de Somosaguas,s/n. 28223 Pozuelo de Alarcón (Madrid) – SPAIN)

    José Luis Ramos Gorostiza (Departamento de Historia e Instituciones Económicas I. Facultad de Ciencias Económicas y Empresariales. Universidad Complutense de Madrid, Campus de Somosaguas,s/n. 28223 Pozuelo de Alarcón (Madrid) – SPAIN)

    URL: http://d.repec.org/n?u=RePEc:ucm:doctra:13-04&r=his
    The economic image of the seventeenth century Spain: The foreign look versus the viwof the Arbitristas This paper compares the economic image of the seventeenth century Spain we received from the foreign travelers with that offered by the arbitristas, examining the main similarities and differences. Specifically, it analyses the following issues: the consideration of natural resources base, the vision of national character and its relation to productive activities, and the perception of economic situation and the causes of backwardness. The aim is to contrast the view of those who were thinking "from the inside" about the causes of the striking decline of the country, with the free and uncensored look of foreign visitors, which –despite its constraints and limitations– tended to focus on the most striking and different aspects compared to the reality of their own countries.Este trabajo compara la imagen económica de! la España del siglo XVII que nos transmitieron los viajeros extranjeros con la ofrecida por los arbitristas, examinando las principales similitudes y diferencias. En concreto, se detiene en las siguientes cuestiones: la consideración del medio natural, la visión del carácter nacional y de su relación con las actividades productivas, y la percepción de la situación económica y de las causas del atraso. Se trata de contrastar la opinión de aquellos que estaban reflexionando “desde dentro” sobre las causas de la llamativa decadencia del país, con la mirada libre y sin censuras del visitante extranjero, que –pese a sus condicionantes y limitaciones– tendía a fijarse en los aspectos más llamativos y diferentes respecto a la realidad de su propio país de origen.
    Keywords: Travelers, Arbitristas, Economy, Spain, Seventeenth century, History of economic thought, Viajeros, Arbitristas, Economía, España, siglo XVII, Historia del pensamiento económico.
    JEL: B00 B10
  7. One hundred years of solitude, accumulation and violence: A comparative historical analysis of the Sierra Nevada of Santa Marta Valley
    Date: 2013-03-18
    By: Bedoya Arias, M.E.
    URL: http://d.repec.org/n?u=RePEc:ems:euriss:39199&r=his
    This is an analysis of two moments in the Colombian history within a century of difference, where isolation, accumulation and violence interact in a region brought into the worlds’ imaginary by the Colombian novelist Gabriel García Márquez in One Hundred years of Solitude. A valley between four natural borderlines: the Sierra Nevada of Santa Marta, the Perijá hills, the Central and East ‘Cordilleras’ -mountain range- and the Magdalena River in the departments of Cesar and Magdalena (Colombia) part of what was called the department of ‘Magdalena Grande’ was blessed – or perhaps coursed – with wealth in natural resources; plenty of water streams, a unique biodiversity, cultural affluence and immense reserves of one of the purest steam coals. This paper attempts to draw a picture of the superimposed and persistent power structures that apparently facilitate the accumulative processes and imbalances within o! ne century of difference, making use of violence as means to maintain equilibrium. Environment is changed trough politicized violent inflictions over society and nature. The resultant scars are the ones inflicted on a collective memory, as this valley is and will always be recalled by the poetic truth of the narrative of Gabriel García Marquez who recreated this mythic environment as ‘Macondo’. He remembers his own story of early childhood that here serves as an excuse to analyze a region that is again being bled by accumulation.
    Keywords: Colombia, accumulation, banana, coal, extraction enclaves, isolation, political ecology of violence, violence
  8. Plenty of Land, Land of Plenty. The Agrarian Output of Portugal (1311-20)
    Date: 2014-01
    By: António Henriques (Faculdade de Economia, Universidade do Porto)
    URL: http://d.repec.org/n?u=RePEc:por:fepwps:520&r=his
    This article presents a benchmark for Portuguese agrarian output for the 1311-20 decade. This benchmark is built from the supply side, using the value of ecclesiastical tithes, and tested with macro and micro level demand-side information. Compared with existing estimates for contemporary England, real Portuguese per capita agrarian output appears high. This result challenges the received wisdom that by 1320 Portugal was hard-pressed by demographic forces. Instead, it confirms that by 1320, Portugal was a ‘frontier economy’ with a high land/labour ratio and a high per capita output level.
    Keywords: Economic History, Agriculture, Living Standards, Frontier Economy
    JEL: N53
  9. "Colonial New Jersey’s Paper Money Regime, 1709-1775: A Forensic Accounting Reconstruction of the Data"
    Date: 2014
    By: FARLEY GRUBB (Department of Economics,University of Delaware)
    URL: http://d.repec.org/n?u=RePEc:dlw:wpaper:14-05.&r=his
    Forensic accounting techniques are used to construct new data series on emissions, redemptions, and bills outstanding for colonial New Jersey paper money. These components are further separated into the amounts initially legislated and planned, and the amounts actually executed. Not only are these data improvements over the prior data in the literature, but they provide a more complete and nuanced accounting of colonial New Jersey’s paper money regime than what has been done previously for any British North American colony. Enough detail of the forensic accounting exercise is given for scholars to reproduce the data series from the original sources.
    Keywords: bills of credit, colonial money supply, land banks, monetary redemption, paper money
    JEL: E51 N11
  10. Financing U.S. External Trade, 1790-1819
    Date: 2013-12
    By: Javier Cuenca-Esteban (Department of Economics, University of Waterloo)
    URL: http://d.repec.org/n?u=RePEc:wat:wpaper:1308&r=his
    In the "neutrality years" 1793-1807 and beyond, U.S. merchants drew on Spanish-American silver to finance their carrying trade and to settle deficits with Europe and the Far East. The size and direction of these payments must remain unknown, because no records of silver flows were kept until 1821. This paper infers the financial claims and liabilities involved from estimated balances of trade and services at foreign ports by geographic areas. It suggests that the seemingly central role of Spanish silver pesos in financing U.S. deficits with China is only partially explained by legal exchange between the United States and Spain, Spanish America, or Europe. The weight of evidence and argument thus points to any additional silver coin that U.S. merchants may have secured through unofficial exports directly to Spanish America.
    JEL: N71 N73 N75 N76 N77 N41 N43 N45 N46 N47
  11. The Formative Years of the Modern Corporation: The Dutch East India Company VOC, 1602-1623
    Date: 2012-06-23
    By: Gelderblom, O.
    de Jong, A.
    Jonker, J.
    URL: http://d.repec.org/n?u=RePEc:ems:eureri:32952&r=his
    With their legal personhood, permanent capital with transferable shares, separation of ownership and management, and limited liability for both shareholders and managers, the Dutch East India Company (VOC) and subsequently the English East India Company (EIC) are generally considered a major institutional breakthrough. Our analysis of the business operations and notably the financial policy of the VOC during the company’s first two decades in existence shows that its corporate form owed less to foresight than to constant piecemeal engineering to remedy original design flaws brought to light by prolonged exposure to the strains of the Asian trade. Moreover, the crucial feature of limited liability for managers was not, as previously thought, part and parcel of that design, but emerged only after a long period of experimenting with various, sometimes very ingenious, solutions to the company’s financial bottlenecks.
    Keywords: Dutch East India Company, VOC
    JEL: F1 O1 O43
  12. Bloody Foreigners! Overseas Equity on the London Stock Exchange, 1869-1928
    Date: 2014-01
    By: Richard S.Grossman (Department of Economics, Wesleyan University)
    URL: http://d.repec.org/n?u=RePEc:wes:weswpa:2014-001&r=his
    This paper presents data on quantity, capital gains, dividend, and total returns for domestic and overseas equities listed on the London Stock Exchange during 1869-1928. Indices are presented for Africa, Asia, Europe, Latin America, North America, Australia/New Zealand and for the finance, transportation, raw materials, and utilities sectors in each region. Returns and volatility were typically highest in emerging regions and the raw materials sector. Dividend yields were similar across regions and differences in total returns were due largely to disparities in capital gains. Returns of firms in more industrial markets were relatively highly correlated with each other and with developing regions with which they had substantial colonial or trade connections. Contingent liability was most extensively employed where leverage was high and the physical assets were either meager or inaccessible to creditors.
  13. Savings banks and cooperative banks in Europe
    Date: 2013
    By: Bülbül, Dilek
    Schmidt, Reinhard H.
    Schüwer, Ulrich
    URL: http://d.repec.org/n?u=RePEc:zbw:safewh:5&r=his
    Until about 25 years ago, almost all European countries had a so-called three pillar banking system comprising private banks, (public) savings banks and (mutual) cooperative banks. Since that time, several European countries have implemented far-reaching changes in their banking systems, which have more than anything else affected the two pillars of the savings and cooperative banks. The article describes the most important changes in Germany, Austria, France, Italy and Spain and characterizes the former and the current roles of savings banks and cooperative banks in these countries. A particular focus is placed on the German case, which is almost unique in so far as the German savings banks and cooperative banks have maintained most of their traditional features. The article concludes with a plea for diversity of institutional forms of banks and argues that it is important to safeguard the strengths of those types of ba! nks that do not conform to the model of a large shareholder-oriented commercial bank. —
  14. Spatial Takeoff in the First Industrial Revolution
    Date: 2014-01-01
    By: Alex Trew (University of St Andrews)
    URL: http://d.repec.org/n?u=RePEc:san:cdmawp:1401&r=his
    Using the framework of Desmet and Rossi-Hansberg (forthcoming), we present a model of spatial takeoff that is calibrated using spatially-disaggregated occupational data for England in c.1710. The model predicts changes in the spatial distribution of agricultural and manufacturing employment which match data for c.1817 and 1861. The model also matches a number of aggregate changes that characterise the first industrial revolution. Using counterfactual geographical distributions, we show that the initial concentration of productivity can matter for whether and when an industrial takeoff occurs. Subsidies to innovation in either sector can bring forward the date of takeoff while subsidies to the use of land by manufacturing firms can significantly delay a takeoff because it decreases spatial concentration of activity.
    Keywords: Endogenous growth, first industrial revolution, economic geography, structural change.
    JEL: O11 O18 O33 N13 N93 R12
  15. Border Studies
    Date: 2013-11-30
    By: Donzelli, S.
    URL: http://d.repec.org/n?u=RePEc:ems:euriss:50160&r=his
    In the last two decades, a novel interdisciplinary field of inquiry has emerged under the label of Border Studies. This area of research has mainly reflected on the nature and functionalities of borders and boundaries, bringing up discussions on space, politics, economics, and culture. In particular, Border Studies have significantly contributed to the understanding of the role of borders in shaping migratory movements. In order to map this very large field of investigation, numerous state of the art reviews have been published. However, none of the reviews encountered has addressed the following issues: first, the main assumptions informing different theoretical perspectives in Border Studies; second, the application of Border Studies to analyse human mobility in the Global South. Thus, in order to participate in producing a more complete understanding of the knowledge produced in this field, the present paper pursues a! pair of objectives. One objective is to critically present the main theoretical approaches employed in the field of Border Studies, reflecting on their heuristic possibilities and limitations as well as their political implications. The other objective is to explore the intertwining of Border and Migration Studies with a specific focus on Africa, Asia and Latin America, devoting particular attention to the way this body of research has analysed the condition of migrant women workers. Overall, the essay generates suggestions for future significant investigations.
    Keywords: Borders, boundaries, migration, Global South, migrant women workers
  16. Trade, Self-Governance,and the Provision of Law and Order, with an Application To Medieval English Chartered Towns
    Date: 2013-10-23
    By: Angelucci, Charles
    Meraglia, Simone
    URL: http://d.repec.org/n?u=RePEc:tse:wpaper:27726&r=his
    We build a model to investigate the interaction between trade, the supply of law and order, and the nature of governing political institutions. To supply law and order necessary for a representative merchant to create wealth, a ruler (i) appoints officials capable of coercion and (ii) introduces a system of taxation. When potential gains from trade are important, the demand for law and order is high but appointing numerous officials capable of coercion may pave the way to arbitrary and distortive expropriation. Delegating the task of appointing offi- cials to the better-informed merchant lowers the cost of sustaining good market institutions, but exacerbates the latter’s temptation to escape taxation. When gains from trade are instead low delegation never occurs. Our theory provides a rationale for the case of post-Norman Conquest England (1066-1307) where, in parallel with the rise of trade, kings increasingly give in t! o the citizens’ desire of self-governance by granting Charters of Liberties.
    Keywords: Institutions, Law Enforcement, Trade, Delegation, Taxation, Bureaucracy
    JEL: D02 D23 D73 P14 P16
  17. Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten
    Date: 2013-12-24
    By: Carmen Reinhart
    Kenneth Rogoff
    URL: http://d.repec.org/n?u=RePEc:imf:imfwpa:13/266&r=his
    Even after one of the most severe multi-year crises on record in the advanced economies, the received wisdom in policy circles clings to the notion that high-income countries are completely different from their emerging market counterparts. The current phase of the official policy approach is predicated on the assumption that debt sustainability can be achieved through a mix of austerity, forbearance and growth. The claim is that advanced countries do not need to resort to the standard toolkit of emerging markets, including debt restructurings and conversions, higher inflation, capital controls and other forms of financial repression. As we document, this claim is at odds with the historical track record of most advanced economies, where debt restructuring or conversions, financial Repression, and a tolerance for higher inflation, or a combination of these were an integral part of the resolution of significant past debt ! overhangs.
    Keywords: Financial crisis;Sovereign debt;Debt conversion;Debt restructuring;External debt;Public debt;Inflation;Economic growth;Developed countries;Emerging markets;Financial crises, sovereign debt crises, deleveraging, credit cycles, financial repression, debt restructuring
  18. Economic Prospects for the Long Run : a speech at Bard College at Simon’s Rock, Great Barrington, Massachusetts, May 18, 2013
    Date: 2013-05-18
    By: Bernanke, Ben S. (Board of Governors of the Federal Reserve System (U.S.))
    URL: http://d.repec.org/n?u=RePEc:fip:fedgsq:620&r=his
  19. Imperfect but Hard Competition: the Portuguese Banking Sector in the Golden Age (1950-1973)
    Date: 2013
    By: Luciano Amaral
    URL: http://d.repec.org/n?u=RePEc:unl:unlfep:wp575&r=his
    JEL codes:
    Keywords: Network competition, On/off-net pricing, Integration, Call externality
  20. How Are You, My Dearest Mozart? Well-being and Creativity of Three Famous Composers Based on their Letters
    Date: 2014-01
    By: Karol Jan BOROWIECKI (Department of Business and Economics, University of Southern Denmark)
    URL: http://d.repec.org/n?u=RePEc:tcd:tcduee:tep0114&r=his
    The well-being of a person is reflected in the language used. Building on 1,400 letters written by three famous music composers, I obtain well-being indices that span their lifetime. The validity of this methodology is shown by linking the indices with biographical information and through estimation of the determinants of well-being. I find, consistent with the literature, that work-related engagements and accomplishments are positively related with well-being, while poor health or death of a relative is detrimental. I then exploit the data and provide quantitative evidence on the existence of a causal impact of negative emotions on outstanding creativity, an association hypothesized across several disciplines since the Antiquity; however, not yet convincingly established for the case of extraordinary achievers.
    Keywords: Well-being, happiness, positive emotions, negative emotions, creativity, health, labor, composer, letters, methodology, music history.
    JEL: D60 I31 J24 N33 Z11
  21. The Triple Helix as a Highly Charged Intellectual Enterprise
    Date: 2013-09
    By: Todeva, Emanuela
    Etzkiwitz, Henry
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:52834&r=his
    Reflections on the evolution of the Triple Helix movement and the discussions at its latest conference in 2014.
    Keywords: Triple Helix, Intermediation, Governance, Theory and Practice
    JEL: H10 H42 L5 L51 O32 O38
  22. Competition/fragmentation in equities markets: A literature survey
    Date: 2013
    By: Gomber, Peter
    Sagade, Satchit
    Theissen, Erik
    Weber, Moritz Christian
    Westheide, Christian
    URL: http://d.repec.org/n?u=RePEc:zbw:safewp:35&r=his
    Advances in technology and several regulatory initiatives have led to the emergence of a competitive but fragmented equity trading landscape in the US and Europe. While these changes have brought about several benefits like reduced transaction costs, regulators and market participants have also raised concerns about the potential adverse effects associated with increased execution complexity and the impact on market quality of new types of venues like dark pools. In this article we review the theoretical and empirical literature examining the economic arguments and motivations underlying market fragmentation, as well as the resulting implications for investors’ welfare. We start with the literature that views exchanges as natural monopolies due to presence of network externalities, and then examine studies which challenge this view by focusing on trader heterogeneity and other aspects of the microstructure of equity mark! ets. —
    Keywords: Market Structure,Competition,Fragmentation,Liquidity,Market Quality
    JEL: G10

On the many failures of (southern) Italy to catch up

In our first entry to the blog of 2014, Anna Missiaia comments on

Regional income inequality in Italy in the long run (1871–2001). Patterns and determinants

by

Emanuele FELICE (claudioemanuele.felice @ uab.cat) Departament d’Economia i d’Història Econòmica, Universitat Autònoma de Barcelona

Please follow us at

http://www.nephis.org

Our followers might notice that among other innovations for this year we will expand the editorial team. In this regard, I wanted to note that Emanuele Felice will be part of the team and Anna had selected his paper before hand.

Some of you might not have picked up on the following reviews of recent business and economic history in the popular press, namely

A)
Fortune Tellers: The Story of America’s First Economic Forecasters
by Walter Friedman, Princeton University Press

Reviewed by Pietra Rivoli in the Financial Times (December 27, 2013)
http://www.ft.com/cms/s/2/8713f95a-6733-11e3-a5f9-00144feabdc0.html#axzz2qwL8djjf

B)

The Making of the Modern British Home: Suburbanisation and its Impact on Working-class Family Life Between the Wars
Peter M. Scott, Oxford University Press

Reviewed by Grace Lees-Maffei in “The Times Higher Education Supplement” (December 12, 2013)
http://www.timeshighereducation.co.uk/books/the-making-of-the-modern-british-home-the-suburban-semi-and-family-life-between-the-wars-by-peter-scott/2009706.article

Kind regards

Bernardo


nep-his 2014-01-10, 11 papers

NEP: New Economics Papers
Business, Economic and Financial History

Edited by: Bernardo Batiz-Lazo
Bangor University
Issue date: 2014-01-10
Papers: 11

Note: Access to full contents may be restricted.
NEP is sponsored by the School of Economics and Finance of Victoria University of Wellington.
To subscribe/unsubscribe follow this link http://lists.repec.org/mailman/options/nep-his

In this issue we have:

  1. Foreign Direct Investments and Intellectual Property Rights. International Intangible Assets in Spain circa 1820–1939 Saiz, Patricio; Castro, Rafael
  2. Ranking Leading Econometrics Journals Using Citations Data from ISI and RePEc Chia-Lin; Michael McAleer
  3. Flexibility and Diversity: the putting-out system in the silk fabric industry of Kiryu, Japan NAKABAYASHI, Masaki
  4. Sovereigns versus banks: credit, crises, and consequences Jorda, Oscar; Schularick, Moritz; Taylor, Alan M.
  5. Social mobility at the top: Why are elites self-reproducing? Elise S. Brezis; Joel Hellier
  6. Swedish Wealth Taxation, 1911–2007 Du Rietz, Gunnar; Henrekson, Magnus
  7. The Democracy abridged: Factors in Restricting Political Competition Konstantin Yanovskiy; Sergey Zhavoronkov; Ilia Zatcovecky; Ekaterina Kudryavceva
  8. Waging War on Poverty: Historical Trends in Poverty Using the Supplemental Poverty Measure Liana Fox; Irwin Garfinkel; Neeraj Kaushal; Jane Waldfogel; Christopher Wimer
  9. La Argentina y la tendencia descendente de la tasa de ganancia (1910-2011) Maito, Esteban Ezequiel
  10. Economic Convergence with Divergence in Environmental Quality? Desertification Risk and the Economic Structure of a Mediterranean Country (1960-2010) Esposito, Piero; Patriarca, Fabrizio; Perini, Luigi; Salvati, Luca
  11. John Bates Clark’s Conception of Capital McCain, Roger

Contents.

  1. Foreign Direct Investments and Intellectual Property Rights. International Intangible Assets in Spain circa 1820–1939
    Date: 2013-07
    By: Saiz, Patricio (Departamento de Análisis Económico: Teoría Económica e Historia Económica. Universidad Autónoma de Madrid)
    Castro, Rafael (Departamento de Análisis Económico: Teoría Económica e Historia Económica. Universidad Autónoma de Madrid)
    URL: http://d.repec.org/n?u=RePEc:uam:wpapeh:201302&r=his
    In this paper, we reflect on the links between the origin and rate of foreign direct investments (FDI) and the granting of intellectual property rights (IPRs) to foreigners in Spain during the nineteenth and the first half of the twentieth century. Our main hypothesis is that the two issues were strongly related during the extension of industrialization in Europe, although distinct interests and goals could have led to different investment and IPR strategies. This was true during the whole period studied, and especially after 1880, when the first globalization emerged, progressively favoring corporative transnational investments and international agreements on IPRs. During both centuries, foreign investors from several North Atlantic countries flooded the Spanish economy, taking thousands of patents and trademarks. Based on outstanding data on FDI and foreign IPRs in Spain, the scope of this complex relation is explored.! In doing so, our hypothesis is confirmed and distinct international strategies and performances in the Spanish economy disentangled. Thus, our study provides a better understanding: 1) of the spread of international capitalism and multinationals, 2) of the competition among pioneers and first followers in the international markets, and 3) of the role of IPRs in that process. Our findings also shed light on the current debates regarding the relation of international investments and the protection of intangible assets in today’s global markets.
    Keywords: foreign investments, patents, trademarks, Spain
    JEL: F21 N73 N74 O34
  2. Ranking Leading Econometrics Journals Using Citations Data from ISI and RePEc
    Date: 2013-12-01
    By: Chia-Lin
    Michael McAleer (University of Canterbury)
    URL: http://d.repec.org/n?u=RePEc:cbt:econwp:14/01&r=his
    The paper focuses on the robustness of rankings of academic journal quality and research impact of 10 leading econometrics journals taken from the Thomson Reuters ISI Web of Science (ISI) Category of Economics, using citations data from ISI and the highly accessible Research Papers in Economics (RePEc) database that is widely used in economics, finance and related disciplines. The journals are ranked using quantifiable static and dynamic Research Assessment Measures (RAMs), with 15 RAMs from ISI and 5 RAMs from RePEc. The similarities and differences in various RAMs, which are based on alternative weighted and unweighted transformations of citations, are highlighted to show which RAMs are able to provide informational value relative to others. The RAMs include the impact factor, mean citations and non-citations, journal policy, number of high quality papers, and journal influence and article influence. The paper highligh! t robust rankings based on the harmonic mean of the ranks of 20 RAMs, which in some cases are closely related. It is shown that emphasizing the most widely-used RAM, the 2-year impact factor of a journal, can lead to a distorted evaluation of journal quality, impact and influence relative to the harmonic mean of the ranks. Some suggestions regarding the use of the most informative RAMs is also given.
    Keywords: Research assessment measures, citations, impact, influence, harmonic mean, robust journal rankings, econometrics
    JEL: C18 C81 Y10
  3. Flexibility and Diversity: the putting-out system in the silk fabric industry of Kiryu, Japan
    Date: 2013-12-23
    By: NAKABAYASHI, Masaki (Institute of Social Science, The University of Tokyo)
    URL: http://d.repec.org/n?u=RePEc:itk:issdps:f166&r=his
    Industrial clusters and factory industries are complements for industrialization and relational contracts between manufactures and subcontractors are organizational basis of such clusters. While standard repeated game models without agentsf risk attitude suggest that relational contracts serve by potential punishment on cheaters, we predict that relational transactions within a cluster help motivate risk-averse premier subcontractors not only potentially punish cheaters. This research studies Kiryu, which had been a kimono weaving cluster and rapidly expanded from the late 19th century being combined with synthetic dying techniques, and shows that premier subcontracting weavers were provided longterm relational contracts and allowed specialization.
    Keywords: Industrial clusters; repeated game; governance of trades; putting-out system; textile industry; Japan
    JEL: L14 L67 N95
  4. Sovereigns versus banks: credit, crises, and consequences
    Date: 2013
    By: Jorda, Oscar (Federal Reserve Bank of San Francisco)
    Schularick, Moritz (University of Bonn)
    Taylor, Alan M. (University of California, Davis)
    URL: http://d.repec.org/n?u=RePEc:fip:fedfwp:2013-37&r=his
    Two separate narratives have emerged in the wake of the Global Financial Crisis. One speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and worries about the risks of lax fiscal policies. However, the two may interact in important and understudied ways. This paper studies the co-evolution of public and private sector debt in advanced countries since 1870. We find that in advanced economies financial stability risks have come from private sector credit booms and not from the expansion of public debt. However, we find evidence that high levels of public debt have tended to exacerbate the effects of private sector deleveraging after crises, leading to more prolonged periods of economic depression. Fiscal space appears to be a constraint in the aftermath of a crisis, then and now.
    Keywords: leverage; booms; recessions; financial crises; business cycles; local projections
    JEL: C14 C52 E51 F32 F42 N10 N20
  5. Social mobility at the top: Why are elites self-reproducing?
    Date: 2013-11
    By: Elise S. Brezis (Azrieli Center for Economic Policy (ACEP), Bar-Ilan University, Israel)
    Joel Hellier (Department of Economics, EQUIPPE, Univ. de Lille and LEMNA, Univ. de Nantes, France)
    URL: http://d.repec.org/n?u=RePEc:inq:inqwps:ecineq2013-312&r=his
    This paper proposes an explanation for the decrease in social mobility that has occurred in the last two decades in a number of advanced economies, as well as for the divergence in mobility dynamics across countries. Within an intergenerational framework, we show that a two-tier higher education system with standard and elite universities generates social stratification, high social immobility and self-reproduction of the elite. Moreover, we show that the higher the relative funding for elite universities, the higher the elite self-reproduction, and the lower social mobility. We also analyse the impacts of changes in the weight of the elite and of the middle class upon social mobility. Our findings provide theoretical bases for the inverted-U profile of social mobility experienced in several countries since World War II and to the “Great Gatsby Curve” relating social mobility to inequality.
    Keywords: Elite, higher education, selection, social mobility, social stratification.
    JEL: I21 J62 O15 Z13
  6. Swedish Wealth Taxation, 1911–2007
    Date: 2014-01-02
    By: Du Rietz, Gunnar (Research Institute of Industrial Economics (IFN))
    Henrekson, Magnus (Research Institute of Industrial Economics (IFN))
    URL: http://d.repec.org/n?u=RePEc:hhs:iuiwop:1000&r=his
    This paper studies the evolution of modern Swedish wealth taxation since its introduction in 1911 until it was abolished in 2007. It offers a thorough description of the rules concerning valuation of assets, deductions/exemptions and tax schedules to characterize effective wealth tax schedules for the period 1911–2006. These rules and schedules are used to calculate marginal and average wealth tax rates for the whole period for a number of differently endowed owners of family firms and individual fortunes. The overall trend in the direct wealth tax was rising until 1971 for owners of large and middle-sized firms and for individuals of similar wealth consisting of non-corporate assets. Average direct wealth tax rates were low until 1934, except for 1913 when a temporary extra progressive defense tax was levied. There were three major tax hikes: in 1934, when the wealth tax was more than doubled, in 1948 when tax rates d! oubled again and in 1971 for owners of large firms and similarly sized non-corporate fortunes. Effective tax rates peaked in 1973 for owners of large firms and in 1983 for individuals with large non-corporate wealth. Reduction rules limited the wealth tax rates from 1934 for fortunes with high wealth/income ratios. The wealth tax on unlisted net business equity was abolished in 1991. Tax rates for wealthy individuals were decreased in 1991 and in 1992 and then remained at 0.51 percent until 2006, depending on whether the reduction rule was applicable. Tax rates for small-firm owners and small individual fortunes were substantially lower, but the tax difference was much smaller when owners of large fortunes could benefit from the reduction rules. The effective wealth tax was much greater if firm owners had to finance wealth tax payments through additional dividend payouts. In such cases the effective total wealth taxes were affected by high marginal income tax rates and peak! ed at extremely high levels in the 1970s and 1980s. Towards the end of the wealth tax regime, aggregate wealth tax revenues were relatively small: it never exceeded 0.4 percent of GDP in the postwar period and amounted to 0.16 percent of GDP in 2006.
    Keywords: Wealth tax; Tax avoidance; Entrepreneurship
    JEL: D31 H20 K34
  7. The Democracy abridged: Factors in Restricting Political Competition
    Date: 2013
    By: Konstantin Yanovskiy (Gaidar Institute for Economic Policy)
    Sergey Zhavoronkov (Gaidar Institute for Economic Policy)
    Ilia Zatcovecky (Samuel Neaman Institute for Advanced Studies in Science and Technology)
    Ekaterina Kudryavceva (Samuel Neaman Institute for Advanced Studies in Science and Technology)
    URL: http://d.repec.org/n?u=RePEc:gai:wpaper:0077&r=his
    “Improvements” in the mechanisms of democracy for making decisions about providing taxpayer-financed public goods can lead the economy in the same direction as authoritarianism. Such a by-product may be insignificant, but, even if so, a tradition of abridging democracy, similarly to an authoritarian tradition of long standing, can lend itself to correction only with great difficulty. There is a series of countries in which the dominance of one party during certain historical periods seemed quite obvious: Japan (1955-1993, but in fact, after a brief break, until 2009), Mexico (1929-2000), Italy (1947-1993), Sweden (1932-1976, as well as 20 out of the 23 years between 1982-2005), Israel (1948-1977), India (until 1977, 1980-1989, 1991-1998, i.e., for practically 46 out of 50 years the country was ruled by a single group), Botswana, and others. Tendencies of placing constraints on competition in the mass media by means o! f taxpayer financing of propaganda in favor of the position of very certain groups and coalitions are international. Today they have spread throughout most democratic countries of the world. This is a situation in which words about “protecting” the competition may imply eliminating it (as, for example, in Israel). Weakening of political and media competition causes weakening of guarantees for property rights; lowering of the transparency of the state, its responsibility and accountability to the electorate and to the taxpayers; Increase in opportunities for deriving revenues for interests groups, and limiting of opportunities (increase in costs) for coordination of steps to be taken by the population so as to protect their own rights and legal interests..
    Keywords: media market, public TV, political competition, property rights
    JEL: D72 D73 D78
  8. Waging War on Poverty: Historical Trends in Poverty Using the Supplemental Poverty Measure
    Date: 2014-01
    By: Liana Fox
    Irwin Garfinkel
    Neeraj Kaushal
    Jane Waldfogel
    Christopher Wimer
    URL: http://d.repec.org/n?u=RePEc:nbr:nberwo:19789&r=his
    Using data from the Consumer Expenditure Survey and the March Current Population Survey, we calculate historical poverty estimates based on the new Supplemental Poverty Measure (SPM) from 1967 to 2012. During this period, poverty as officially measured has stagnated. However, the official poverty measure (OPM) does not account for the effect of near-cash transfers on the financial resources available to families, an important omission since such transfers have become an increasingly important part of government anti-poverty policy. Applying the SPM, which does count such transfers, we find that historical trends in poverty have been more favorable than the OPM suggests and that government policies have played an important and growing role in reducing poverty — a role that is not evident when the OPM is used to assess poverty. We also find that government programs have played a particularly important role in alleviating! child poverty and deep poverty, especially during economic downturns.
    JEL: I32
  9. La Argentina y la tendencia descendente de la tasa de ganancia (1910-2011)
    Date: 2013-12
    By: Maito, Esteban Ezequiel
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:52503&r=his
    This work presents an estimation of the profit rate evolution in Argentina for the period 1910-2011, on the basis of five long time series: real machine fixed capital productivity (1874-2011), real and nominal fixed capital productivity (1910-2011), and real and nominal profit rate on fixed capital (1910-2011). All these series show a tendency to fall, according to Marx´s approach, due to relative increase on investment expenses in relation to labor force´s, which represent the profit source. Like estimations for other countries, the first part of the seventies and later years were signed by a great fall in the profit rate, which later recovery couldn´t reach the previous levels. The tendency of the profit rate to fall take place beyond any change on income distribution, which effects over profitability are more related with short and medium place cycles.
    Keywords: Profit rate – Argentina – Output/Capital ratio – Income distribution – Accumulation
    JEL: E01 E32 O11 O54 P16
  10. Economic Convergence with Divergence in Environmental Quality? Desertification Risk and the Economic Structure of a Mediterranean Country (1960-2010)
    Date: 2013-12-30
    By: Esposito, Piero
    Patriarca, Fabrizio
    Perini, Luigi
    Salvati, Luca
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:52601&r=his
    The present study investigates the relationship between land vulnerability to desertification and the evolution of the productive structure in Italy during the last fifty years (1960-2010). The objectives of the study are two-fold: (i) to present and discuss an original analysis of the income-environment relationship in an economic-convergent and environmental-divergent country and (ii) to evaluate the impact of the (changing) productive structure and selected socio-demographic characteristics on the level of land vulnerability. The econometric analysis indicates that the relationship between per capita GDP and land vulnerability across Italian provinces is completely reverted once we move from a cross section analysis to panel estimates. While economic and environmental disparities between provinces go in the same direction, with richer provinces having a better land, over time the growth process increases the desertifi! cation risk, with the economic structure acting as a significant variable.
    Keywords: Environmental quality, Economic growth, Land degradation, Regional disparities, Italy, Panel data.
    JEL: C23 Q24 Q56 R11
  11. John Bates Clark’s Conception of Capital
    Date: 2013-12-01
    By: McCain, Roger (School of Economics LeBow College of Business Drexel University)
    URL: http://d.repec.org/n?u=RePEc:ris:drxlwp:2013_008&r=his
    This paper revisits the economic theory of John Bates Clark, with specific reference to his concept of capital, which seems very little remembered. For Clark, capital is to be distinguished from capital goods and is a resource that is at once immaterial and, in routine circumstances, permanent. Drawing on the original definition of holism in the writings of General the Right Honorable Jan Christiaan Smuts, it is argued that Clark’s conception is holist rather than (as in the case of other concepts of capital and most other economic theory) reductionist. That is, for Clark capital is an emergent property of a market equilibrium in or near equilibrium. This poses questions as to whether the concept can be extended to other economic forms, such as central planning, or indeed can be applicable to a capitalist economy constantly in the process of self-transformative flux.
    Keywords: Capital; general equilibrium; holism; reductionism
    JEL: B13

nep-his 2013-12-29, 26 papers

NEP: New Economics Papers
Business, Economic and Financial History

Edited by: Bernardo Batiz-Lazo
Bangor University
Issue date: 2013-12-29
Papers: 26

Note: Access to full contents may be restricted.
NEP is sponsored by the School of Economics and Finance of Victoria University of Wellington.
To subscribe/unsubscribe follow this link http://lists.repec.org/mailman/options/nep-his

In this issue we have:

  1. Flip the Switch: The Spatial Impact of the Rural Electrification Administration 1935-1940 Carl Kitchens; Price Fishback
  2. O.M.W. Sprague (the Man who “Wrote the Book” on Financial Crises) and the Founding of the Federal Reserve Hugh Rockoff
  3. All but one: How pioneers of linear economics overlooked Perron-Frobenius mathematics PARYS, Wilfried
  4. ‘Because She Never Let Them In’: Irish Immigration a Century Ago and Today Cormac Ó Gráda
  5. Development, progress and economic growth Bresser-Pereira, Luiz Carlos
  6. Fuentes y métodos para la reconstrucción de PIBs regionales en Colombia. Siglos XIX y XX Mejía Cubillos, Javier
  7. Fiscal Sustainability and the Value of Money: Lessons from the British Paper Pound, 1797-1821. Antipa, P.
  8. QWERTY and the search for optimality Kay, Neil M
  9. American Exceptionalism as a Problem in Global History Robert Allen
  10. Regional income inequality in Italy in the long run (1871–2001). Patterns and determinants Emanuele Felice
  11. Rainfall Risk and Religious Membership in the Late Nineteenth-Century US Philipp Ager; Antonio Ciccone
  12. Urban laboring poor against Infant Mortality at Osaka city of the early 20th century : Who saved babies? Emiko Higami; Kenichi Tomobe; Makoto Hanashima
  13. Persistent effects of empires: Evidence from the partitions of Poland Grosfeld, Irena; Zhuravskaya, Ekaterina
  14. Political Ideology and Economic Growth: Evidence from the French Democracy François Facchini; Mickaël Melki
  15. The Effect of U.S. Health Insurance Expansions on Medical Innovation Jeffrey Clemens
  16. Did Keynes in the General Theory significantly misrepresent J S Mill? Grieve, Roy H
  17. The return of “patrimonial capitalism”: review of Thomas Piketty’s Capital in the 21st century Milanovic, Branko
  18. Bank Deregulation, Competition and Economic Growth: The US Free Banking Experience Philipp Ager; Fabrizio Spargoli
  19. Institutions and prosperity Colin, Jennings
  20. Le Paradoxe d’Allais: Comment lui rendre sa signification perdue? (Allais’s Paradox: How to Give It Back Its Lost Meaning?) Mongin, Philippe
  21. Las instituciones horizontales de gestión colectiva del riego. El fracaso del Sindicato General de Riegos del Turia (1850-1883) Carles Sanchis Ibor
  22. Mafia in the ballot box De Feo, Giuseppe; De Luca, Giacomo
  23. Lock-in, path dependence, and the Internationalization of QWERTY Neil M., Kay
  24. Review of Diffusion Research Sriwannawit , Pranpreya; Sandström, Ulf
  25. Working Paper 184 – Does Oil Wealth Affect Democracy in Africa? Anyanwu John; Andrew E. O. Erhijakpor
  26. Crisis agraria y desigualdad nutricional en Extremadura: una primera aproximación antropométrica a los efectos de la guerra y la posguerra Antonio M. Linares Luján; Francisco M. Parejo

Contents.

  1. Flip the Switch: The Spatial Impact of the Rural Electrification Administration 1935-1940
    Date: 2013-12
    By: Carl Kitchens
    Price Fishback
    URL: http://d.repec.org/n?u=RePEc:nbr:nberwo:19743&r=his
    To isolate the impact of access to electricity on local economies, we examine the impact of the Rural Electrification Administration low-interest loans in the 1930s. The REA provided loans to cooperatives to lay distribution lines to farms and aid in wiring homes. Consequently, the number of rural farm homes electrified doubled in the United States within 5 years. We develop a panel data set for the 1930s and use changes within counties over time to identify the effect of the REA loans on a wide range of socio-economic measures. The REA loans contributed significantly to increases in crop output and crop productivity and helped stave off declines in overall farm output, productivity, and land values, but had much smaller effects on nonagricultural parts of the economy. The ex-ante subsidy from the low interest loans was large, but after the program was completed, nearly all of the loans were fully repaid, and the ultimat! e cost to the taxpayer was relatively low.
    JEL: N12 O13 O38
  2. O.M.W. Sprague (the Man who “Wrote the Book” on Financial Crises) and the Founding of the Federal Reserve
    Date: 2013-12
    By: Hugh Rockoff
    URL: http://d.repec.org/n?u=RePEc:nbr:nberwo:19758&r=his
    O.M.W. Sprague was America’s leading expert on financial crises when America was debating establishing the Federal Reserve. His History of Crises under the National Banking Act is one of the most enduring legacies of the National Monetary Commission; a still frequently cited classic. Since the Commission recommended a central bank, and its recommendation after some modifications became the Federal Reserve System, it might be assumed that Sprague was a strong supporter of establishing a central bank. But he was not. Initially, Sprague favored more limited reforms, a position that he did not abandon until the Federal Reserve became a fait accompli. Here I discuss the sources of Sprague’s opposition to a central bank and the relationship of that opposition to his understanding of the history and structure of the American banking system at the turn of the nineteenth century.
    JEL: B26 N1
  3. All but one: How pioneers of linear economics overlooked Perron-Frobenius mathematics
    Date: 2013-12
    By: PARYS, Wilfried
    URL: http://d.repec.org/n?u=RePEc:ant:wpaper:2013030&r=his
    In the period 1907-1912 the German ‘pure mathematicians’ Oskar Perron and Georg Frobenius developed the fundamental results of the theory of nonnegative matrices. Today Perron-Frobenius mathematics enjoys wide applications in many fields, for example in economics, probability theory, demography and even in Google’s ranking algorithm. In linear economic models of the Leontief-Sraffa type it is often the crucial tool to solve many mathematical economic problems. My paper concentrates on the history of Perron-Frobenius in linear economics, and some related stories. In the 1910s and 1920s, several pioneering publications in linear economics could have benefited from applying Perron-Frobenius results, but failed to do so, even the economic publications authored by the mathematicians Georg Charasoff, Hubert Bray and Robert Remak. Either they didn’t know Perron-Frobenius, or they didn’t realize its usefulness. The onl! y exception was the French Jesuit mathematician Maurice Potron, who used Perron-Frobenius mathematics in the core of his economic model, in many of his writings, as early as 1911. He constructed a sort of disaggregated open input-output system, formulated duality theorems between his quantity system and his price system, and anticipated the Hawkins-Simon conditions. Potron’s economic or mathematical contemporaries didn’t recognize his originality. A general treatment of Charasoff’s economic system needs Perron-Frobenius mathematics, especially Perron’s Limit Lemma. Although some of Charasoff’s mathematical interests (irreducibility, continued fractions) were close to those of Perron or Frobenius, the theory of nonnegative matrices is never explicitly used in Charasoff’s work. It is doubtful whether Charasoff knew the relevant matrix theorems. Probably he just assumed that the properties of his numerical examples with three commodities also hold in the general ca! se with n commodities. Frobenius had been Remak’s doctoral supervisor in 1911. After a forgotten non-mathematical paper in 1918, on the repayment of the national debt, Remak presented his mathematical system of ‘superposed prices’ in 1929, twelve years after Frobenius’ death. With suitable units of measurement, Remak’s system can be handled by Perron-Frobenius tools. However, Remak failed to normalize his units, and provided lengthy proofs of his own. Moreover, he spent most of his mathematical efforts on freak systems in which the most important commodities have zero prices. A few years earlier, in 1922, Bray also had overlooked Perron-Frobenius in a mathematically similar model that studied Cournot’s equations of currency exchange. Contrary to Dorfman’s well-known article on Leontief’s Nobel Prize in 1973, I provide archival evidence that Leontief knew Remak’s results already in the early 1930s, before he submitted a paper containing ideas of input-output theory to Keynes for the Economic Journal in 1933. Keynes quickly rej! ected Leontief’s paper; a few months later Leontief submitted it to Frisch for Econometrica. Frisch formulated a lot of critical remarks on Leontief’s first and revised version in 1933-34. In the light of this criticism, it is highly probable that Leontief simplified and linearized his mathematics, and a few years later he finally started publishing his Nobel Prize winning empirical and theoretical results in American journals. Just like Leontief, Sraffa started related research in the late 1920s. He didn’t discuss his mathematical problems with competent economic colleagues in Cambridge, nor with the specialists of the Econometric Society, but preferred mathematical help from three non-economists: Ramsey, Watson and especially Besicovitch. I suggest that Besicovitch in his early mathematical research in Russia ‘came close’ to Perron-Frobenius results, but it is well-known that he didn’t know Perron-Frobenius, and tried to invent his own proofs for Sraffa in the! 1940s. In the first half of the twentieth century, abstract algebra started to flourish and became a more prestigious and widely researched subject than the ‘old-fashioned’ Perron-Frobenius matrices. In this context, it is less surprising that for many decades even the mathematicians (except Potron) overlooked the usefulness of Perron-Frobenius in linear economics. Results, connections or applications that seem evident after the fact, were not obvious to the original pioneers.
    Keywords: Perron-Frobenius, Charasoff, Potron, Bray, Remak, Leontief, Sraffa, Nonnegative matrices, Input-output analysis
  4. ‘Because She Never Let Them In’: Irish Immigration a Century Ago and Today
    Date: 2013-12-19
    By: Cormac Ó Gráda (University College Dublin)
    URL: http://d.repec.org/n?u=RePEc:ucn:wpaper:201319&r=his
    A century ago, and for most of the twentieth century, Ireland was a land of emigration, not immigration. However, in the space of less than a decade in the 2000s, Ireland was transformed from a homogeneous community, where nonnative residents were in a very small minority, to one in which one-sixth of its inhabitants are foreign-born. The paper will compare immigration and attitudes towards immigrants in the very different Irelands of a century ago and of the present.
  5. Development, progress and economic growth
    Date: 2013-12-09
    By: Bresser-Pereira, Luiz Carlos
    URL: http://d.repec.org/n?u=RePEc:fgv:eesptd:350&r=his
    Progress was an idea of the 18th century; development, a project of the 20th century that continues into the 21st century. Progress was associated with the advance of reason, development with the fulfillment of the five political objectives that modern societies set for themselves: security, freedom, economic well-being, social justice and protection of the environment. Today we can view progress and development as equivalent. Both were products of the capitalist revolution, and of the economic development that began with it. Economic development or growth, in its turn, is the process of capital accumulation with the incorporation of technical progress that, mainly through productive sophistication and the increase of the value of labor, increases wages and improves standards of living. The five objectives that define development, as well as the three social instances existing in society change in an interdependent way.
  6. Fuentes y métodos para la reconstrucción de PIBs regionales en Colombia. Siglos XIX y XX
    Date: 2013-12
    By: Mejía Cubillos, Javier
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:52394&r=his
    This paper summarizes and analyzes the main sources and methods used in the reconstruction of regional GDPs in Colombia for the 19th and 20th centuries. In addition, it is offered a general perspective of the field’s evolution in the coming years.
    Keywords: Colombia; 19th century; 20th century; regional GDP
    JEL: C82 N16 N96 R11 R12
  7. Fiscal Sustainability and the Value of Money: Lessons from the British Paper Pound, 1797-1821.
    Date: 2013
    By: Antipa, P.
    URL: http://d.repec.org/n?u=RePEc:bfr:banfra:466&r=his
    This article explores the determinants of price level fluctuations in Britain during the first suspension of the gold standard over the 1797-1821 period. I find that the contemporary price level was determined by world gold prices and expectations regarding the resumption of the gold standard at the pre-war parity. As the latter hinged on market participants’ expectations concerning the financial burden of the Napoleonic Wars, my contribution establishes the importance of fiscal factors for the determination of the price level.
    Keywords: Fiscal Theory of the Price Level, debt monetization, structural breaks.
    JEL: N13 N23 N43 C22
  8. QWERTY and the search for optimality
    Date: 2013
    By: Kay, Neil M
    URL: http://d.repec.org/n?u=RePEc:edn:sirdps:528&r=his
    This paper shows how one of the developers of QWERTY continued to use the trade secret that underlay its development to seek further efficiency improvements after its introduction. It provides further evidence that this was the principle used to design QWERTY in the first place and adds further weight to arguments that QWERTY itself was a consequence of creative design and an integral part of a highly efficient system rather than an accident of history. This further serves to raise questions over QWERTY’s forced servitude as ‘paradigm case’ of inferior standard in the path dependence literature. The paper also shows how complementarities in forms of intellectual property rights protection played integral roles in the development of QWERTY and the search for improvements on it, and also helped effectively conceal the source of the efficiency advantages that QWERTY helped deliver.
  9. American Exceptionalism as a Problem in Global History
    Date: 2013-12-20
    By: Robert Allen
    URL: http://d.repec.org/n?u=RePEc:oxf:wpaper:689&r=his
    The causes of the USA’s exceptional economic performance are investigated by comparing American wages and prices with wages and prices in Great Britain, Egypt, and India.� Habakkuk’s views on the causes of American industrial pre-eminence are reassessed.� While the USA had abundant natural resources, they did not promote manufacturing since international trade equalized prices in Britain and the USA or American tariffs made resources dearer in the USA.� Wages were higher in the USA than in Britain since labor markets were tightly integrated and labor was drawn to the USA as the continent was settled.� Capital services were also more expensive in USA.� American industrialization required tariffs since virtually all input prices were higher than in Britain and industrial productivity was comparable.� America’s comparative advantage shifted from agriculture to manufacturing after 1895 was industrial productivity! soured.� This was due to a fall in energy prices in the USA, the American policy of mass schooling which increased the supply of skilled adults and induced firms to invent technology to raise their productivity since the supply of child labor was restricted in comparison to Britain, and the great growth of manufacturing investment induced by the tariff which provide a large market for inventions and generated technical knowledge through learning by doing.� Egypt and India could not have industrialized by following American policies since their wages were so low and their energy costs so high that the modern technology that was cost effective in Britain and the USA would not have paid in their circumstances.� The development of Egypt and India required more draconian state intervention than a protective tariff, mass education, and infrastructure investment – the American model.
    Keywords: economic growth, technical change, natural resources, international migration, American exceptionalism
    JEL: F13 F14 N1 N3 N4 N5 N6 N7 O31
  10. Regional income inequality in Italy in the long run (1871–2001). Patterns and determinants
    Date: 2013-12
    By: Emanuele Felice (Departament d’Economia i d’Història Econòmica, Universitat Autònoma de Barcelona)
    URL: http://d.repec.org/n?u=RePEc:aub:uhewps:2013_08&r=his
    The chapter presents up-to-date estimates of Italy’s regional GDP, with the present borders, in ten-year benchmarks from 1871 to 2001, and proposes a new interpretative hypothesis based on long-lasting socio-institutional differences. The inverted U-shape of income inequality is confirmed: rising divergence until the midtwentieth century, then convergence. However, the latter was limited to the centrenorth: Italy was divided into three parts by the time regional inequality peaked, in 1951, and appears to have been split into two halves by 2001. As a consequence of the falling back of the south, from 1871 to 2001 we record s-divergence across Italy’s regions, i.e. an increase in dispersion, and sluggish ß-convergence. Geographical factors and the market size played a minor role: against them are both the evidence that most of the differences in GDP are due to employment rather than to productivity and the observed GD! P patterns of many regions. The gradual converging of regional GDPs towards two equilibria instead follows social and institutional differences – in the political and economic institutions and in the levels of human and social capital – which originated in pre-unification states and did not die (but in part even increased) in postunification Italy.
    Keywords: Italy, regional convergence, long-run economic growth, geography, institutions
    JEL: O11 O18 O52 N13 N14
  11. Rainfall Risk and Religious Membership in the Late Nineteenth-Century US
    Date: 2013-12
    By: Philipp Ager
    Antonio Ciccone
    URL: http://d.repec.org/n?u=RePEc:fda:fdaddt:2013-17&r=his
    Insurance among the members of religious organizations should be more valuable in communities facing greater risk, making membership in religious organizations more attractive in high-risk environments. We examine the link between rainfall risk and church membership as well as seating capacity across US counties in the second half of the nineteenth century. Our results indicate that church membership and seating capacity were significantly larger in counties likely to have been subject to greater rainfall risk. This link is present among the most agricultural counties and among counties with low population densities, but not among less agricultural or more densely populated counties. Among the most agricultural counties, a one-standard-deviation increase in rainfall risk is associated with an increase in church seating capacity of around 32 percent in 1890 and 65 percent in 1860.
  12. Urban laboring poor against Infant Mortality at Osaka city of the early 20th century : Who saved babies?
    Date: 2013-11
    By: Emiko Higami (Graduate School of Economics, Osaka University)
    Kenichi Tomobe (Graduate School of Economics, Osaka University)
    Makoto Hanashima (Institute of areal Studies, Foundation)
    URL: http://d.repec.org/n?u=RePEc:osk:wpaper:1330&r=his
    The average infant mortality rate (IMR) was 155.4 in rural areas in Japan, and IMR in Osaka city was 231.6 during 1906 to 1910. The outstanding level of IMR in Osaka city might have been influenced by somewhat negative urban factors, which we can call the gurban penalty.h Dr. Hiroshi Maruyama discovered the ƒ¿-index in 1938. The ƒ¿-index represents infant mortality number divided by neonatal mortality number. After all, Maruyama set one month after birth as a boundary to divide endogenous and exogenous. The ƒ¿-index shows a qualitative measure of infant mortality. Post neonatal mortality was increased due to acquired diseases such as diarrhea, pneumonia and beriberi. This shows that the effect of the urban penalty was raising the ƒ¿-index. The ƒ¿-index of the industrial zones shows that bad maternal conditions affected endogenous factors. Most mothers suffered from a deficiency of breast-feeding capability. The! first reason was anemia. The second reason was mothersf ignorance about breast-feeding. The third reason was motherfs illnesses. They had to rely on bottle-feeding without any knowledge to handle artificial milk. Those babies often died from diarrhea or pneumonia.
    Keywords: Infant Mortality Rate (IMR), Breast-feeding, ƒ¿-index, diarrhea, visiting nurses
    JEL: J13 N35 R23
  13. Persistent effects of empires: Evidence from the partitions of Poland
    Date: 2013-12
    By: Grosfeld, Irena
    Zhuravskaya, Ekaterina
    URL: http://d.repec.org/n?u=RePEc:cpm:docweb:1311&r=his
    Using spatial RD, we test the persistence of historical partition of Poland among three empires—Russia, Austria-Hungary, and Prussia. The formerly Prussian lands compared with the Russian lands have better infrastructure built during industrialization, resulting in higher support for anticommunist parties. The population of the Austrian compared with Russian lands believes in democracy more because of Austrian decentralized governance. People in the Russian territories are less religious than in the other two empires due to Russian imperial policies undermining trust in the Catholic Church. Both liberals and religious conservatives find higher support in the Austrian compared to the Russian lands.
  14. Political Ideology and Economic Growth: Evidence from the French Democracy
    Date: 2013-11
    By: François Facchini (Université Paris-Sud – Faculté Jean Monnet, CES – Centre d’économie de la Sorbonne – CNRS : UMR8174 – Université Paris I – Panthéon-Sorbonne)
    Mickaël Melki (CES – Centre d’économie de la Sorbonne – CNRS : UMR8174 – Université Paris I – Panthéon-Sorbonne)
    URL: http://d.repec.org/n?u=RePEc:hal:cesptp:halshs-00917617&r=his
    We provide a test of the impact of voters’ political ideology on economic growth and of the role of preferences for government size as a transmission channel. We focus on France from the beginning of its stable democratic experience in 1871. A move of voters’ ideology to the right increases economic growth over total observation period. However, the growth effect of ideology is mediated by voters’ preferences for government size only during the post-World War II period. For reverse causality concerns, we use the political ideology of other historical democracies as an instrument variable for France’s ideology.
    Keywords: Political ideology; economic growth; public spending
  15. The Effect of U.S. Health Insurance Expansions on Medical Innovation
    Date: 2013-12
    By: Jeffrey Clemens
    URL: http://d.repec.org/n?u=RePEc:nbr:nberwo:19761&r=his
    I study the channels through which health insurance influences medical innovation. Following Medicare and Medicaid’s passage, I find that U.S.-based medical-equipment patenting rose by 40 to 50 percent relative to both other U.S. patenting and foreign medical-equipment patenting. Within the United States, increases in medical-equipment patenting were most dramatic in states where the Great Society insurance expansions were largest and in which there were large baseline numbers of physicians per resident. Consistent with historical case studies, Medical innovation’s determinants extend beyond the potential revenues associated with global market size; a physician driven process of innovation-while-doing appears to play a central role. An extrapolation of the evidence suggests that the last half century’s U.S. insurance expansions have driven 25 percent of recent global medical-equipment innovation. In a standard decomposit! ion of health spending growth, this insurance-induced innovation accounts for 15 percent of the long run rise in U.S. health spending in hospitals, physicians’ offices, and other clinical settings.
    JEL: H51 H57 I1 I13 O3 O31
  16. Did Keynes in the General Theory significantly misrepresent J S Mill?
    Date: 2013
    By: Grieve, Roy H
    URL: http://d.repec.org/n?u=RePEc:edn:sirdps:527&r=his
    It has been alleged that J M Keynes, quoting in the General Theory a passage from J S Mill’s Principles, misunderstood the passage in question and was therefore wrong to cite Mill as an upholder of the ‘classical’ proposition that ‘supply creates its own demand’. We believe that, although Keynes was admittedly in error with respect to, so-to-say, the ‘letter’ of Mill’s exposition, he did not mislead readers as to the ‘substance’ of Mill’s conception. The purpose of this paper is to demonstrate that J S Mill did indeed stand for a ‘classical’ position, vulnerable to Keynes’s critique as developed in the General Theory. [This is a revised version of an earlier working paper: 'Keynes, Mill and Say's Law', Strathclyde Papers in Economics, 2000/11]
    Keywords: Keynes and the ‘classics’, John Stuart Mill, Say’s Law,
  17. The return of “patrimonial capitalism”: review of Thomas Piketty’s Capital in the 21st century
    Date: 2013-10
    By: Milanovic, Branko
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:52384&r=his
    Thomas Piketty’s "Capital in the 21st century" may be one of the most important recent economics books. It jointly treats theory of growth, functional distribution of income, and interpersonal income inequality. It envisages a future of relatively slow growth with the rising share of capital incomes, and widening income inequality. This tendency could be checked only by worldwide taxation of capital.
    Keywords: Income distribution, economic growth, taxation
    JEL: D31 D33 E2 E25
  18. Bank Deregulation, Competition and Economic Growth: The US Free Banking Experience
    Date: 2013-12
    By: Philipp Ager (University of Southern Denmark)
    Fabrizio Spargoli (Erasmus University Rotterdam)
    URL: http://d.repec.org/n?u=RePEc:hes:wpaper:0050&r=his
    We exploit the introduction of free banking laws in US states during the 1837-1863 period to examine the impact of removing barriers to bank entry on bank competition and economic growth. As governments were not concerned about systemic stability in this period, we are able to isolate the effects of bank competition from those of state implicit guarantees. We find that the introduction of free banking laws stimulated the creation of new banks and led to more bank failures. Our empirical evidence indicates that states adopting free banking laws experienced an increase in output per capita compared to the states that retained state bank chartering policies. We argue that the fiercer bank competition following the introduction of free banking laws might have spurred economic growth by (1) increasing the money stock and the availability of credit; (2) leading to efficiency gains in the banking market. Our findings suggest th! at the more frequent bank failures occurring in a competitive banking market do not harm long-run economic growth in a system without public safety nets.
    Keywords: Bank Deregulation, Bank Competition, Economic Growth, Financial Development, Dynamic Efficiency, Free Banking
    JEL: G18 G21 G28 N21
  19. Institutions and prosperity
    Date: 2013
    By: Colin, Jennings
    URL: http://d.repec.org/n?u=RePEc:edn:sirdps:488&r=his
    This article reviews ‘Pillars of Prosperity’ by Timothy Besley and Torsten Persson and ‘Why Nations Fail’ by Daron Acemoglu and James Robinson. Both books are focussed on the role of institutions in determining the wealth of nations and the review compares and contrasts the different approaches contained in the two texts. The review also attempts to locate the texts within the broader literature in development and political economics and to link them to other recent work in these areas.
    Keywords: Institutions, Prosperity,
  20. Le Paradoxe d’Allais: Comment lui rendre sa signification perdue? (Allais’s Paradox: How to Give It Back Its Lost Meaning?)
    Date: 2013-06-30
    By: Mongin, Philippe
    URL: http://d.repec.org/n?u=RePEc:ebg:heccah:1021&r=his
    De tous les problèmes conçus par la théorie de la décision, le paradoxe d’Allais est peut-être celui qui aura suscité l’intérêt le plus persistant. La théorie y a consacré assez de travaux techniques remarquables pour qu’il soit désormais possible à l’histoire et à la philosophie des sciences de l’examiner réflexivement. Dans sa partie historique, l’article restitue le contexte d’apparition du paradoxe – le colloque de Paris, en 1952, auquel assistaient les principaux théoriciens de la décision du moment. L’axiomatique de von Neumann et Morgenstern en 1947 leur avait donné des raisons nouvelles d’approuver l’hypothèse de l’utilité attendue, et le contre-exemple d’Allais visait précisément à ébranler leur conviction. Les questions de la controverse étaient de type normatif, mais elles se perdirent quand le "paradoxe d’Allais" gagna tardivement la célébrité dans des travaux des années 1980 qui l! e traitaient comme une simple réfutation empirique. Ils en firent l’enjeu de "théories de l’utilité non-espérée" qu’ils développaient de même sous le seul angle empirique. Dans sa partie philosophique, l’article cherche à évaluer ce déplacement d’interprétation. D’un certain côté, les théoriciens de la décision firent bien de libérer leur travail expérimental des complications du normatif, car ils parvinrent ainsi à des résultats éclairants : l’hypothèse de l’utilité espérée était empiriquement réfutée, la responsabilité principale en revenait à l’axiome d’indépendance de von Neumann-Morgenstern, et l’étape suivante était de transformer adéquatement cet axiome. D’un autre côté, ils eurent tort de négliger un trait fondamental de leur domaine : les comportements observés ne sont informatifs que si les agents sont prêts à les assumer de manière réfléchie, c’est-à-dire à leur prêter une certaine valeur normative. D’après la reconst! ruction proposée ici, Allais ne voulait faire porter les expériences de choix que sur des sujets rationnels, ou bien sélectionnés au départ, ou bien révélés comme tels par l’expérience. L’article développe ces intuitions en revenant aux travaux des années 1970, aujourd’hui très peu connus, qui, sous l’influence d’Allais, proposèrent des traductions expérimentales de la rationalité, et il invite finalement la théorie de la décision à diversifier ses méthodes en s’inspirant de ces tentatives originales. Few problems in decision theory have raised more persisting interest than the Allais paradox. It appears that sufficiently many brilliant works have addressed it from within decision theory proper for history and philosophy of science now to enter stage. In its historical side, the paper recounts the paradox as it arose, i.e., in 1952, at a Paris conference attended by the main decision theorists of the time. They had drawn renewed confidence in expected utility theory (EUT) from the way von Neumann and Morgenstern had axiomati! zed it in 1947, and Allais devised his puzzle precisely to shaken their confidence. The issues between the two camps were normative, but they became lost in the developments of the 1980s that belatedly brought fame to the "Allais paradox". These works restricted the paradox to be a straightforward empirical refutation, turning it into a stake of also exclusively empirically oriented non-EU theories. In its philosophical vein, the paper tries to evaluate this shift of interpretation. To an extent, decision theorists were right because their experimental work was thus freed from a major complication and amenable to illuminating results: EUT was empirically refuted, the independence axiom of von Neumann and Morgentern was the main culprit, and the next theoretical stage was to modify this axiom appropriately. However, they were also wrong in not addressing an essential feature of their field, i.e., that observed behaviour is informative only if agents are prepared to endorse i! t reflectingly, i.e., to endow it with some normative value. As reconstructed here, Allais meant to reserve choice experiments to rational subjects, who were either selected at the outset, or identified as such by the experimental results. The paper tries to flesh out Allais’s intuitions by turning to by now little known works of the 1970s, which under his influence provided experimental renderings of rationality, and it eventually suggests that decision theory might diversify its methods by taking inspiration from these original attempts.
    Keywords: Allais Paradox; expected utility theory; von Neumann-Morgenstern; positive vs normative; experimental economics of decision; rationality
    JEL: B21 B31 B41 C91 D81
  21. Las instituciones horizontales de gestión colectiva del riego. El fracaso del Sindicato General de Riegos del Turia (1850-1883)
    Date: 2013-12
    By: Carles Sanchis Ibor
    URL: http://d.repec.org/n?u=RePEc:seh:wpaper:1309&r=his
    The Spanish collective institutions for irrigation management have become a reiterated reference in the study of common pool resources. However, the success of Spanish irrigators in the local management of water contrasts with an important failure in the management of this common pool resource at the basin scale. During the second half of the ninetieth century, the water users’ associations of the large huertas (market gardens) of eastern Spain seek for the constitution of higher institutions to coordinate water management at the basin or sub-basin level. The aim of this institutional ambition, unsuccessful in this period, was to reduce the number and intensity of conflicts and to achieve a major level of water rights enforcement. This paper describes the case of the Sindicato General de Riegos del Turia, whose short experience (1850-1883) was conditioned by the firm opposition of water users’ from the upper and midd! le Turia, reluctant to join the institutional project. The design of the institution, previous to the model defined by the Water Law of 1866, was based in the transposition, to the basin level, of the successful principles used at the local management of irrigation. The paper focuses on the analysis of the principles of institutional design followed in the creation of the Sindicato, and explores the importance of the up-scaling processes in the development of nested institutions.
    Keywords: irrigation, institutions, commons, water conflicts, nesting principle
    JEL: D02 N53 Q15
  22. Mafia in the ballot box
    Date: 2013
    By: De Feo, Giuseppe
    De Luca, Giacomo
    URL: http://d.repec.org/n?u=RePEc:edn:sirdps:529&r=his
    We study the impact of organized crime on electoral competition. Assuming that the mafia is able to bring votes to the supported party in exchange of money, we show that (i) the strongest party is willing to pay the highest price to secure mafia services; (ii) the volume of electoral trade with the mafia increases with political competition and with the efficiency of the mafia. Studying in detail parliamentary elections in Sicily for the period 1946- 1992, we document the significant support given by the Sicilian Mafia to the Christian Democratic party, starting at least from the 1970s. This is consistent with our theoretical predictions, as political competition became much tighter during the 1970s and the Sicilian mafia experienced an extensive centralization process towards the end of the 1960s, which increased substantially its control of the territory. We also provide evidence that in exchange for its electoral supp! ort the mafia got economic advantages for its activities in the construction industry.
    Keywords: electoral competition, mafia, Cosa Nostra, electoral fraud,
  23. Lock-in, path dependence, and the Internationalization of QWERTY
    Date: 2013
    By: Neil M., Kay
    URL: http://d.repec.org/n?u=RePEc:edn:sirdps:468&r=his
    This paper looks at the emergence of what is described here as the QWERTY family of standards (QWERTY and its international adaptations QZERTY, AZERTY, and QWERTZ). QWERTY has been described as an inferior solution and an accident of history. However, the analysis here finds that each member of the family represented highly efficient adaptations to specific user needs and technical challenges encountered in their own environments. These findings may be seen to have wider implications given QWERTY’s role as paradigm case in the literature on increasing returns and path dependence, and these are pursued in the paper
  24. Review of Diffusion Research
    Date: 2013-12-13
    By: Sriwannawit , Pranpreya (Department of Industrial Economics and Management, Royal Institute of Technology, Stockholm)
    Sandström, Ulf (Department of Industrial Economics and Management, Royal Institute of Technology, Stockholm)
    URL: http://d.repec.org/n?u=RePEc:hhs:kthind:2013_001&r=his
    Despite the fact that diffusion research has existed for more than one century, there is no quantitative review study that covers this subject in a broad and general context. This article reviews diffusion research by providing an extensive bibliometric and clustering analysis. We identify research trails and explain the characteristics of diffusion research using new methods. We contribute a methodology for the use of advanced mapping and clustering techniques in order to describe the research areas. This method produces a fairly good overview of diffusion research and can be applied to any knowledge field to replace or complement the traditional literature review.
    Keywords: adoption; bibliometric; cluster; labeling; publication analysis; quantitative; research front; technology transfer
    JEL: O30 O33
  25. Working Paper 184 – Does Oil Wealth Affect Democracy in Africa?
    Date: 2013-12-19
    By: Anyanwu John (African Development Bank)
    Andrew E. O. Erhijakpor
    URL: http://d.repec.org/n?u=RePEc:adb:adbwps:988&r=his
    Understanding the effect of oil wealth on democracy is important. National democratic institutions provide a check on governmental power and thereby limit the potential of public officials to amass personal wealth and to carry out unpopular policies. Democracy promotion has thus been at the top of the US and West European foreign policy agenda since the end of the Cold War. Recently rising coups d’états attempts and oil discoveries in some African countries, high energy prices and the North African and Middle East situation characterized by revolutions have made the question of the link between oil wealth and democracy timelier than ever. This paper uses recent data on historical oil wealth to provide new evidence on the effect of oil wealth on democracy in Africa from 1955 to 2008. We find that oil wealth is statistically associated with a lower likelihood of democratization when we estimate the relationship in a poo! led cross-sectional and time-series setting. In addition, when estimated using fixed effects, the strong negative statistical association continues to hold. Indeed, this result is robust to the source of oil wealth data, the choice and treatment of the variables set, and the sample selection. Our results also show other interesting and important results. The cross-country evidence examined in the study confirms that the “Lipset/Aristotle/modernization hypothesis” (that prosperity stimulates democracy) is a strong empirical regularity. Also, the propensity for democracy rises with population size, population density, ethnic fractionalization, having British legal origin or colonial heritage, and having a supportive institutional environment in the form of maintenance of the rule of law. However, apart from oil wealth, democracy tends to fall with linguistic fractionalization and rough (mountainous) terrain. Moreover, consistent with the data, North Africa consistently fa! ils to favor democratic development.
  26. Crisis agraria y desigualdad nutricional en Extremadura: una primera aproximación antropométrica a los efectos de la guerra y la posguerra
    Date: 2013-12
    By: Antonio M. Linares Luján (Universidad de Extremadura, Spain)
    Francisco M. Parejo (Universidad de Extremadura, Spain)
    URL: http://d.repec.org/n?u=RePEc:ahe:dtaehe:1311&r=his
    Este trabajo pretende conocer las secuelas que, sobre el estado nutricional neto de los mozos reclutados en Extremadura entre 1926 y 1975, dejaron las crisis alimentarias generadas por la Guerra Civil y por la férrea política de control de precios mantenida por el primer franquismo. Mediante el análisis de los datos extraídos de las Actas de Clasificación y Declaración de Soldados de diez núcleos de población repartidos por la geografía extremeña, nuestra investigación profundiza en la intensidad de dichas crisis, comparando la experiencia del mundo urbano y del mundo rural y estudiando la evolución y el grado de desigualdad nutricional que pudo generar en Extremadura la distinta formación educativa de la población, el recrudecimiento de los movimientos migratorios a partir de mediados de la década de 1950 y la pertenencia a un determinado grupo profesional. Los resultados muestran que, pese a “gozar” ! de la condición de región ocupada durante la contienda y de protagonizar una exitosa recuperación tras la posguerra, la Guerra Civil y la autarquía resultaron especialmente negativas para Extremadura, sobre todo para el mundo rural. Sugieren, asimismo, que la euforia antropométrica de los años cincuenta y sesenta del pasado siglo oculta una distorsión a la baja entre la población de las áreas más agrarias y despobladas de la región: la ocasionada por la crisis de la agricultura tradicional y la consecuente sangría migratoria. Revelan, además, que la guerra y la posguerra incrementaron las diferencias biológicas entre los mozos extremeños, siendo los más pobres, los menos corpulentos y los no alfabetizados los que más sufrieron el impacto del hambre y la escasez. Insinúan, finalmente, que, dentro de los distintos grupos de actividad, fueron los mozos dedicados a la agricultura y a la ganadería los que mostraron un peor desempeño nutricional a lo largo de ! todo el periodo objeto de estudio.
    Keywords: Extremadura, Guerra Civil, posguerra, desigualdad, nivel de vida biológico, estado nutricional neto, estatura, perímetro, peso, índice de masa corporal.
    JEL: J1 N3 I1 I2 I3

nep-hpe 2014-01-24, 13 papers

NEP: New Economics Papers
History and Philosophy of Economics

Edited by: Erik Thomson
University of Manitoba
Issue date: 2014-01-24
Papers: 13

Note: Access to full contents may be restricted.
NEP is sponsored by the School of Economics and Finance of Victoria University of Wellington.
To subscribe/unsubscribe follow this link http://lists.repec.org/mailman/options/nep-hpe

In this issue we have:

  1. Milton Friedman: Constructing an Anti-Keynes Craig Freedman; Geoff C. Harcourt; Peter Kriesler; John Nevilet
  2. Continuity or rupture ? An analysis of some aspects of social philosophy in the works of J.S.Mill, Alfred Marshall and J.M.Keynes Laura Valladão de Mattos
  3. The economics of happiness and psychology of wealth Czapinski, Janusz
  4. Lange’s 1938 Model: Dynamics and the "Optimum propensity to consume" Michaël Assous; Roberto Lampa
  5. Towards a Developmental Turn in Evolutionary Economic Geography? Ron Martin; Peter Sunley
  6. A Formal Proof of Vickrey’s Theorem by Blast, Simp, and Rule Manfred Kerber; Christoph Lange; Colin Rowat
  7. Why myths in neoclassical economics threaten the world economy: a post-Keynesian Manifesto Geoff C. Harcourt; Peter Kriesler; John Nevilet
  8. Capitalist transformation without political participation: German capitalism in the first half of the 19th century Wegner, Gerhard
  9. Entertaining Malthus: Bread, Circuses and Economic Growth Lemin Wu; Rohan Dutta; David K Levine; Nicholas W Papageorge
  10. Appariement: des modèles de Lloyd Shapley à la conception de marchés d’Alvin Roth Francoise Forges; Guillaume Haeringer; Vincent Iehlé
  11. A Note on Cooperative Strategies in Gladiators’ games Jérôme Ballet; Damien Bazin; Radu Vranceanu
  12. A Creepy World Didier Sornette; Peter Cauwels
  13. Recovery from Financial Crises: Evidence from 100 Episodes Carmen M. Reinhart; Kenneth S. Rogoff

Contents.

  1. Milton Friedman: Constructing an Anti-Keynes
    Date: 2013-12
    By: Craig Freedman (Department of Economics, Macquirie University)
    Geoff C. Harcourt (School of Economics, Australian School of Business, the University of New South WalesAuthor-Name: Craig Freedman)
    Peter Kriesler (School of Economics, Australian School of Business, the University of New South WalesAuthor-Name: Craig Freedman)
    John Nevilet (School of Economics, Australian School of Business, the University of New South Wales)
    URL: http://d.repec.org/n?u=RePEc:swe:wpaper:2013-35&r=hpe
    The paper considers Keynes’s major contributions before "The General Theory", namely "A Tract on Monetary Reform" and "A Treatise on Money", and shows that they were close to the views which Friedman would later develop. However, "The General Theory of Employment, Interest and Money" represented a major challenge to the orthodoxy of the time, and it was to this that Friedman radically objected. We identify the main areas in which Keynes departed from the mainstream theory of the time, and show how Friedman attempted to undermine each of Keynes’s major contributions and the extent to which he was successful. Friedman regarded Keynes’s contributions as detrimental to, and a definitive step backward for, the economics profession.
    Keywords: Friedman, Keynes, History of macroeconomics, Macroeconomic policy
    JEL: B22 B31 E6
  2. Continuity or rupture ? An analysis of some aspects of social philosophy in the works of J.S.Mill, Alfred Marshall and J.M.Keynes
    Date: 2013-12-20
    By: Laura Valladão de Mattos
    URL: http://d.repec.org/n?u=RePEc:spa:wpaper:2013wpecon24&r=hpe
    It is argued in this paper that it’s possible to speak of a ‘tradition’ in the field of social and economic philosophy uniting the works of J.S.Mill, Alfred Marshall and John Maynard Keynes. This ‘tradition’ can be characterized by the following concepts: (a) by the rejection of the acquisitive values of capitalism; (b) by the idea that capitalism would be incapable of spontaneously solving the problems of distribution of wealth and poverty; (c) by the idea that, for the sake of the preservation of liberty, diversity and economic efficiency, individual initiative should be free to act wherever it engenders good results, but that the State should intervene whenever the free initiative fails, acting in the good of collectivity; (d) by the belief that it would be possible to make capitalism significantly better by the way of small and gradual changes.
    Keywords: J.S.Mill; Alfred Marshall; J.M.Keynes; social and economic philosophy; social change
    JEL: B12 B13 B2
  3. The economics of happiness and psychology of wealth
    Date: 2013-12
    By: Czapinski, Janusz
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:52897&r=hpe
    The “Easterlin paradox” suggests that there is no link between the economic development of a society and the overall happiness of its members, yet wealthy societies and people are happier than those with low income. Using recent data from Social Diagnosis (www.diagnoza.com) and several surveys on a broader array of countries, I verify a few hypotheses on the relationship between income and psychological well-being at micro and macro levels. The main factor which differentiates the pattern of relationship is the level of income. In poor societies and individuals, income affects well-being but in wealthy societies and individuals, the direction of the relationship is reversed: well-being determines income. Money buys happiness when income is too low to satisfy basic needs, and happiness brings money when income satisfies basic needs.
    Keywords: psychological well-being, happiness, income, economic development
    JEL: I31
  4. Lange’s 1938 Model: Dynamics and the "Optimum propensity to consume"
    Date: 2014-01
    By: Michaël Assous (GREDEG CNRS)
    Roberto Lampa (CONICET (National Scientific and Technical Research Council))
    URL: http://d.repec.org/n?u=RePEc:gre:wpaper:2014-02&r=hpe
    Oskar Lange’s 1938 article “The Rate of Interest and the Optimum Propensity to Consume”, is usually associated with the original IS-LM approach of the late 1930s. However, Lange’s article was not only an attempt to illuminate Keynes’s main innovations but the first part of a wide project that included the development of a theory of economic evolution. This paper aims at showing that Lange’s article can help illuminating critical aspects of this project: in particular, Lange’s idea that a synthesis between Kaldor’s and Kalecki’s theories and that of Schumpeter, might have been possible and that it represented (in intentions) a “modern” and consistent reconstruction of the Marxist theory of the business cycle. Section 1 clarifies Lange’s early reflection on dynamics. Section 2 centers on Lange’s 1938 static model and indicates the effects of a change of saving on investment. Section 3 suggests a dynamic reconstruction from which are addressed important arguments raised by Lange in a series of papers written between 1934 and 1942.
    Keywords: Lange, Kalecki, Marxian theory of the business cycle, marginal propensity to save, non-linearity
    JEL: B22 B24 E32 E12
  5. Towards a Developmental Turn in Evolutionary Economic Geography?
    Date: 2014-01
    By: Ron Martin
    Peter Sunley
    URL: http://d.repec.org/n?u=RePEc:egu:wpaper:1401&r=hpe
    Over the past couple of decades or so, there have been increasing moves within evolutionary theory to move beyond the neo-Darwinian principles of variety, selection and retention, and to incorporate development. This has led to a richer palette of concepts, mechanisms and models of evolution and change, such as plasticity, robustness, evolvability, emergence, niche construction, and selforganisation, This opens up a different framework for understanding evolution. In this paper we set out the main characteristics of the recent and ongoing ‘developmental turn’ in evolutionary theory, and suggest how these might inform a corresponding ‘developmental turn’ in evolutionary economic geography.
    Keywords: Evolutionary economic geography, Generalised Darwinism, Evolutionary developmental biology, Developmental systems theory, Plasticity, Robustness, Evolvability, Emergence, Self organisation
  6. A Formal Proof of Vickrey’s Theorem by Blast, Simp, and Rule
    Date: 2014-01
    By: Manfred Kerber
    Christoph Lange
    Colin Rowat
    URL: http://d.repec.org/n?u=RePEc:bir:birmec:14-01&r=hpe
    Formal methods use computers to verify proofs or even discover new theorems. Interest in applying formal methods to problems in economics has increased in the past decade, but – to date – none of this work has been published in economics journals. This paper applies formal methods to a familiar environment – Vickrey’s theorem on second-price auctions – and provides, as background, an introduction to formal methods.
    Keywords: formal proof, mechanized reasoning, auction theory
    JEL: B41 C63 C88 D44
  7. Why myths in neoclassical economics threaten the world economy: a post-Keynesian Manifesto
    Date: 2013-12
    By: Geoff C. Harcourt (School of Economics, Australian School of Business, the University of New South WalesAuthor-Name: Craig Freedman)
    Peter Kriesler (School of Economics, Australian School of Business, the University of New South WalesAuthor-Name: Craig Freedman)
    John Nevilet (School of Economics, Australian School of Business, the University of New South Wales)
    URL: http://d.repec.org/n?u=RePEc:swe:wpaper:2013-36&r=hpe
    There is a myth underlying neoclassical economic analysis of a ‘Western’ economy, which is that in anything but the relatively short run, defined as the length of a business cycle, the economy reaches an equilibrium position determined entirely by supply side factors and unaffected by measures taken to increase aggregate demand during a slump This myth is not based on any factual analysis, it is simply assumed. It threatens the wellbeing of the world economy because it allows those who hold it to deny there is any need to change the deregulated state of the international financial sector, that caused the global crisis which started in 2007 and the effects of which have persisted ever since. The fundamental myth has a number of corollaries, which are worth calling associated myths. One of the most important is that the composition of spending to increase aggregate demand during a slump is irrelevant, so that it does not matter if the spending is directed towards consumer goods or to increasing physical and human capital. Another is that monetary policy has a more desirable impact on the economy than does fiscal policy. The paper focusses on neo-classical growth theory; comparative static implications are not considered. Finally, the policy implications are discussed.
    Keywords: Financial crisis, Macroeconomic policy, deregulation, neo-classical growth theory
    JEL: E6 E32 O4
  8. Capitalist transformation without political participation: German capitalism in the first half of the 19th century
    Date: 2013
    By: Wegner, Gerhard
    URL: http://d.repec.org/n?u=RePEc:zbw:aluord:1314&r=hpe
    The paper analyzes the political economy of capitalist transformation in Germany during the first half of the 19th century. Current approaches in institutional economics stress the dependency of economic and political institutions in ‘open access orders’, which makes economic freedom without political freedom unsustainable. However, the emergence of capitalism in the German states after 1806 gives an example that economic freedom can precede political freedom, which implies that the political power of the ‘dominant coalition’ remains intact for a longer period of time. The paper argues that the German transformation towards modern capitalism was in stigated by competition among the European states; it was conducive to the monopolization of the coercive power of the state. This competition drove a wedge between the interests of the monarch and his supporting dominant coalition (landed gentry). Accordingly, the monarch had to find a bargain which established capitalist institutions in order to promote economic growth without compromising the interests of the landed gentry. Namely the public administration in Prussia which was deeply influenced by Adam Smith’s ideas organized that bargain; it established economic freedom in various sectors but took the economic interests of the landed gentry into account. At the same time, public administration and the legal system gained more independence from the monarch. In various aspects the sweeping institutional change was Pareto-superior for groups, which made capitalism also acceptable for the elite group. Later institutional improvements have relaxed still existing constraints so that high industrialization which brought the German economy to the top of international markets could take place. —
  9. Entertaining Malthus: Bread, Circuses and Economic Growth
    Date: 2014-01-20
    By: Lemin Wu
    Rohan Dutta
    David K Levine
    Nicholas W Papageorge
    URL: http://d.repec.org/n?u=RePEc:cla:levrem:786969000000000853&r=hpe
  10. Appariement: des modèles de Lloyd Shapley à la conception de marchés d’Alvin Roth
    Date: 2013-12-01
    By: Francoise Forges (LEDa – Laboratoire d’Economie de Dauphine – Université Paris IX – Paris Dauphine, CEREMADE – CEntre de REcherches en MAthématiques de la DEcision – CNRS : UMR7534 – Université Paris IX – Paris Dauphine)

    Guillaume Haeringer (Departament d’Economia i d’Història Econòmica – Universitat Autónoma de Barcelona)
    Vincent Iehlé (LEDa – Laboratoire d’Economie de Dauphine – Université Paris IX – Paris Dauphine, CEREMADE – CEntre de REcherches en MAthématiques de la DEcision – CNRS : UMR7534 – Université Paris IX – Paris Dauphine)

    URL: http://d.repec.org/n?u=RePEc:hal:journl:hal-00822561&r=hpe
    Alvin Roth et Lloyd Shapley ont reçu en 2012 le prix de sciences économiques de la Banque Royale de Suède à la mémoire d’Alfred Nobel, pour leurs travaux sur l’organisation centralisée de certains marchés économiques, qui dépendent de l’appariement d’agents de deux types distincts (des élèves et des écoles, par exemple). Shapley est le co-auteur, avec David Gale, de l’article fondateur du domaine, qui propose un algorithme pour atteindre un appariement stable. Roth a dirigé la restructuration de la procédure d’affectation des internes dans les hôpitaux aux Etats Unis et la conception d’un marché lié à la transplantation de reins. Après avoir rendu compte de ces contributions, nous évoquons aussi le rôle déterminant de Shapley en théorie des jeux.
    Keywords: appariement, conception de marché, jeu coopératif, stabilité
  11. A Note on Cooperative Strategies in Gladiators’ games
    Date: 2013-05-16
    By: Jérôme Ballet (UMI RESILIENCES – Unité mixte internationale Résiliences – Institut de recherche pour le développement [IRD] : UMI236 – Centre ivoirien de recherches économiques et sociales (CIRES) – Université de Cocody (CIV))

    Damien Bazin (GREDEG – Groupe de Recherche en Droit, Economie et Gestion – CNRS : UMR7321 – Université Nice Sophia Antipolis [UNS])
    Radu Vranceanu (Economics Department – ESSEC Business School, THEMA – Théorie économique, modélisation et applications – CNRS : UMR8184 – Université de Cergy Pontoise)

    URL: http://d.repec.org/n?u=RePEc:hal:journl:halshs-00927106&r=hpe
    Gladiatorial combat was in reality a lot less lethal than it is depicted in the cinema. This short paper highlights how cooperative strategies could have prevailed in the arenas, which is generally what happened during the Games. Cooperation in the arena corresponded to a situation of the professionalization of gladiators, who been trained in gladiatorial schools. This case provides an analogy of the conditions under which cooperation occurs in a context of competition between rival companies.
    Keywords: sustainable competition; cooperation rule; gladiatorial combat
  12. A Creepy World
    Date: 2014-01
    By: Didier Sornette
    Peter Cauwels
    URL: http://d.repec.org/n?u=RePEc:arx:papers:1401.3281&r=hpe
    Using the mechanics of creep in material sciences as a metaphor, we present a general framework to understand the evolution of financial, economic and social systems and to construct scenarios for the future. In a nutshell, highly non-linear out-of-equilibrium systems subjected to exogenous perturbations tend to exhibit a long phase of slow apparent stable evolution, which are nothing but slow maturations towards instabilities, failures and changes of regimes. With examples from history where a small event had a cataclysmic consequence, we propose a novel view of the current state of the world via the logical scenarios that derive, avoiding the traps of an illusionary stability and simple linear extrapolation. The endogenous scenarios are "muddling along", "managing through" and "blood red abyss". The exogenous scenarios are "painful adjustment" and "golden east".
  13. Recovery from Financial Crises: Evidence from 100 Episodes
    Date: 2014-01
    By: Carmen M. Reinhart
    Kenneth S. Rogoff
    URL: http://d.repec.org/n?u=RePEc:nbr:nberwo:19823&r=hpe
    We examine the evolution of real per capita GDP around 100 systemic banking crises. Part of the costs of these crises owes to the protracted nature of recovery. On average, it takes about eight years to reach the pre-crisis level of income; the median is about 6 ½ years. Five to six years after the onset of crisis, only Germany and the US (out of 12 systemic cases) have reached their 2007-2008 peaks in real income. Forty-five percent of the episodes recorded double dips. Postwar business cycles are not the relevant comparator for the recent crises in advanced economies.
    JEL: E32 E44 F44 G01 N10 N20

nep-hpe 2014-01-17, 20 papers

NEP: New Economics Papers
History and Philosophy of Economics

Edited by: Erik Thomson
University of Manitoba
Issue date: 2014-01-17
Papers: 20

Note: Access to full contents may be restricted.
NEP is sponsored by the School of Economics and Finance of Victoria University of Wellington.
To subscribe/unsubscribe follow this link http://lists.repec.org/mailman/options/nep-hpe

In this issue we have:

  1. EEthics, Equity and the Economics of Climate Change. Paper 1: Science and Philosophy Nicholas Stern
  2. La imagen económica de la España del siglo XVII: La mirada extranjera frente a la visión de los arbitristas Luis Perdices de Blas; José Luis Ramos Gorostiza
  3. Dutch Corporate Finance, 1602-1850 de Jong, A.; Jonker, J.; Roëll, A.
  4. Religious beliefs and entrepreneurship among Dutch protestants Rietveld, C.A.; van Burg, E.
  5. Economic ideas regarding the urban water supply service in The nineteenth century britain José Luis Ramos Gorostiza; Ana Rosado Cubero
  6. Schumpeter’s Theological Roots? Harnack and the origins of creative destruction Paul Nightingale
  7. Game-theoretic foundations of monetary equilibrium Camera, Gabriele; Gioffré, Alessandro
  8. The Problem of Methodological Pluralism in Ecological Economics Lo, Alex
  9. Approaches to well-being, use of psychology and paternalism in economics Collewet, Marion
  10. When best-replies are not in equilibrium: understanding cooperative behaviour Irenaeus Wolff
  11. Episodes from the Early History of Experimentation in Economics Andreas Ortman
  12. Leadership and conditional cooperation in public good games: What difference does the game make? Edward J Cartwright; Denise Lovett
  13. The Triple Helix as a Highly Charged Intellectual Enterprise Todeva, Emanuela; Etzkiwitz, Henry
  14. The new stage of the state’s concept evolution: example of Russia Alexander Rakviashvili
  15. New Survey Methods de Jong, M.G.
  16. Economic Prospects for the Long Run : a speech at Bard College at Simon’s Rock, Great Barrington, Massachusetts, May 18, 2013 Bernanke, Ben S.
  17. Money, Well-being and Loss Aversion: Does an Income Loss Have a Greater Effect on Well-being than an Equivalent Income Gain? James Banks; Christopher J. Boyce; Gordon D.A. Brown; Andrew E. Clark; Alex M. Wood
  18. Scope and Flaws of the New Neoclassical Synthesis Ronny Mazzocchi
  19. Trust in the monetary authority Bursian, Dirk; Faia, Ester
  20. Some Conceptual and Methodological Issues on Happiness: Lessons from Evolutionary Biology Yew-Kwang NG

Contents.

  1. EEthics, Equity and the Economics of Climate Change. Paper 1: Science and Philosophy
    Date: 2013-10
    By: Nicholas Stern
    URL: http://d.repec.org/n?u=RePEc:lsg:lsgwps:wp84a&r=hpe
    This paper examines a broad range of ethical perspectives and principles relevant to the analysis of issues raised by the science of climate change and explores their implications. A second and companion paper extends this analysis to the contribution of ethics, economics and politics in understanding policy towards climate change. These tasks must start with the science which tells us that this is a problem of risk management on an immense scale. Risks on this scale take us far outside the familiar policy questions and standard, largely marginal, techniques commonly used by economists; this is a subject that requires the full breadth and depth of what economics has to offer and a much more thoughtful view of ethics than economists usually bring to bear. Different philosophical approaches bring different perspectives on understanding and policy, yet they generally point to the case for strong action to manage climate change.
  2. La imagen económica de la España del siglo XVII: La mirada extranjera frente a la visión de los arbitristas
    Date: 2013-05
    By: Luis Perdices de Blas (Departamento de Historia e Instituciones Económicas I. Facultad de Ciencias Económicas y Empresariales. Universidad Complutense de Madrid, Campus de Somosaguas,s/n. 28223 Pozuelo de Alarcón (Madrid) – SPAIN)

    José Luis Ramos Gorostiza (Departamento de Historia e Instituciones Económicas I. Facultad de Ciencias Económicas y Empresariales. Universidad Complutense de Madrid, Campus de Somosaguas,s/n. 28223 Pozuelo de Alarcón (Madrid) – SPAIN)

    URL: http://d.repec.org/n?u=RePEc:ucm:doctra:13-04&r=hpe
    The economic image of the seventeenth century Spain: The foreign look versus the viwof the Arbitristas This paper compares the economic image of the seventeenth century Spain we received from the foreign travelers with that offered by the arbitristas, examining the main similarities and differences. Specifically, it analyses the following issues: the consideration of natural resources base, the vision of national character and its relation to productive activities, and the perception of economic situation and the causes of backwardness. The aim is to contrast the view of those who were thinking "from the inside" about the causes of the striking decline of the country, with the free and uncensored look of foreign visitors, which –despite its constraints and limitations– tended to focus on the most striking and different aspects compared to the reality of their own countries.Este trabajo compara la imagen económica de la España del siglo XVII que nos transmitieron los viajeros extranjeros con la ofrecida por los arbitristas, examinando las principales similitudes y diferencias. En concreto, se detiene en las siguientes cuestiones: la consideración del medio natural, la visión del carácter nacional y de su relación con las actividades productivas, y la percepción de la situación económica y de las causas del atraso. Se trata de contrastar la opinión de aquellos que estaban reflexionando “desde dentro” sobre las causas de la llamativa decadencia del país, con la mirada libre y sin censuras del visitante extranjero, que –pese a sus condicionantes y limitaciones– tendía a fijarse en los aspectos más llamativos y diferentes respecto a la realidad de su propio país de origen.
    Keywords: Travelers, Arbitristas, Economy, Spain, Seventeenth century, History of economic thought, Viajeros, Arbitristas, Economía, España, siglo XVII, Historia del pensamiento económico.
    JEL: B00 B10
  3. Dutch Corporate Finance, 1602-1850
    Date: 2013-06-04
    By: de Jong, A.
    Jonker, J.
    Roëll, A.
    URL: http://d.repec.org/n?u=RePEc:ems:eureri:40333&r=hpe
    Early Modern Dutch corporate finance had two notable features, a remarkable ease of raising large amounts of capital and a flexible legal framework. Having pioneered new corporate forms with two intercontinental trading companies, Dutch business adopted such forms on a wider scale only during the 18th century, when economic concentration and consolidation led to the appearance of business units large enough to need them. The financial intermediation and legal institutions available also facilitated early industrialization during the 19th century, up to and including the railways. The large export of capital throughout the period under consideration failed to harm economic development at any point or in any way.
    Keywords: corporate finance
    JEL: G3 M00
  4. Religious beliefs and entrepreneurship among Dutch protestants
    Date: 2013-10-10
    By: Rietveld, C.A.
    van Burg, E.
    URL: http://d.repec.org/n?u=RePEc:ems:eureri:41554&r=hpe
    Religious beliefs affect the economic behavior of individuals. The aim of this study is to investigate the relation between religious beliefs and entrepreneurship. Empirical evidence that entrepreneurship rates differ among religions suggests that religious beliefs influence the pursuit of entrepreneurship. However, how and which specific religious beliefs play a role in this relationship remains unknown. Therefore, we study the relation between two key religious beliefs and entrepreneurship within one specific branch of Christianity, namely, Protestantism. Using a unique sample of 756 Christian protestant entrepreneurs and employees from the Netherlands, we show that protestant entrepreneurs have a stronger belief than comparable protestant employees that their work is a calling from God and that protestant entrepreneurs are more likely to perceive a duty to add value to society through their occupational work. These results indicate that research on the relation between religion and entrepreneurship is instrumental in explaining the engagement of people in entrepreneurship.
    Keywords: Christianity, beliefs, entrepreneurship, protestantism, religion
    JEL: D21 L20 L26 Z12 Z13
  5. Economic ideas regarding the urban water supply service in The nineteenth century britain
    Date: 2013
    By: José Luis Ramos Gorostiza (Departamento de Historia e Instituciones Económicas I. Facultad de Ciencias Económicas y Empresariales. Universidad Complutense de Madrid, Campus de Somosaguas,s/n. 28223 Pozuelo de Alarcón (Madrid) – SPAIN)

    Ana Rosado Cubero (Departamento de Historia e Instituciones Económicas I. Facultad de Ciencias Económicas y Empresariales. Universidad Complutense, Campus de Somosaguas. 28223 Pozuelo de Alarcón (Madrid), Spain.)

    URL: http://d.repec.org/n?u=RePEc:ucm:doctra:13-03&r=hpe
    By the mid-nineteenth century, along with other network infrastructurestypical of the Second Industrial Revolution, began to take shape the modern system of water supply. The purpose of this paper is to examine the major economic ideas surrounding the beginnings of this new urban service in Britain during the second half of the nineteenth century, which marked a starting point for future analytical developments. First, the socioeconomic importance of improvement of public health through an intensive use of running water. Second, the emergence of the concept of natural monopoly. And finally, the debate about the organization of service management. This interesting case gives us the opportunity to observe the interaction, in both directions, between facts and economic ideas.Hacia mediados del siglo XIX, junto a otras infraestructuras en red propias de la segunda revolución industrial, empezó a configurarse el sistema moderno de abastecimiento de agua potable. El propósito de este trabajo es examinar las principales ideas económicas que rodearon los inicios de este novedoso servicio urbano en Gran Bretaña durante la segunda mitad del siglo XIX, y que marcaron un punto de arranque para futuros desarrollos analíticos. Primero, la importancia socioeconómica de la mejora de la salubridad pública a través de un uso intensivo de agua corriente. Segundo, el surgimiento de la noción de monopolio natural. Y tercero, el debate en torno a la mejor forma de organizar la gestión del servicio. Lo interesante del caso es que nos ofrece la posibilidad de observar la interacción, en ambos sentidos, entre hechos e ideas económicas.
    Keywords: Urban water supply, Great Britain, Public health, Natural monopoly, History of economic thought, Abastecimiento urbano de agua, Gran Bretaña, Salud pública, Monopolio natural, Historia del pensamiento económico.
    JEL: B00 B10
  6. Schumpeter’s Theological Roots? Harnack and the origins of creative destruction
    Date: 2013-12
    By: Paul Nightingale (SPRU, University of Sussex, UK)
    URL: http://d.repec.org/n?u=RePEc:sru:ssewps:2013-15&r=hpe
    Keywords: Schumpeter, Harnack, Qutb, Creative destruction
  7. Game-theoretic foundations of monetary equilibrium
    Date: 2013
    By: Camera, Gabriele
    Gioffré, Alessandro
    URL: http://d.repec.org/n?u=RePEc:zbw:safewp:32&r=hpe
    Monetary theorists have advanced an intriguing notion: we exchange money to make up for a lack of enforcement, when it is difficult to monitor and sanction opportunistic behaviors. We demonstrate that, in fact, monetary equilibrium cannot generally be sustained when monitoring and punishment limitations preclude enforcement – external or not. Simply put, monetary systems cannot operate independently of institutions – formal or informal – designed to monitor behaviors and sanction undesirable ones. This fundamental result is derived by integrating monetary theory with the theory of repeated games, studying monetary equilibrium as the outcome of a matching game with private monitoring. —
    Keywords: Social norms,repeated games,cooperation,payment systems
    JEL: E4 E5 C7
  8. The Problem of Methodological Pluralism in Ecological Economics
    Date: 2014-01-12
    By: Lo, Alex
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:49543&r=hpe
    Methodological pluralism advocates balanced consideration of multiple research methods. The concept rests upon the necessity of choice in the absence of conclusive principles to guide the preference of method. Ecological economics, however, appears to be engaging in a different conception creating confusion as to the scope for intellectual openness. This paper offers clarifications for this concept and a critique. Ecological economics advances a coherent theory crafted along its biophysical worldview and moral commitments. These imperatives guide the choice of method and favour a reduced range of methodological possibilities to the exclusion of neoclassical economic options. If ecological economics is seen as an ideological opposite of neoclassical economics, it would need a selective methodological strategy rather than maintaining methodological diversity. Maintaining diversity may erode the basis of its heterodox criticisms by requiring openness to the orthodox alternatives. Ecological economics has shown difficulty in sustaining its long-standing pluralist commitments while increasingly seeking clear differentiation from its monolithic “enemy”.
    Keywords: Methodological pluralism; methodological diversity; value pluralism; ecological economics; neoclassical economics.
    JEL: B40 Q57
  9. Approaches to well-being, use of psychology and paternalism in economics
    Date: 2014
    By: Collewet, Marion
    URL: http://d.repec.org/n?u=RePEc:zbw:ifwedp:20141&r=hpe
    This paper discusses three approaches to well-being in economics which use insights from psychology to support their position: Scitovsky’s Joyless Economy, happiness economics, and the constitutional approach to happiness in economics. It shows that in the way these approaches make use of psychology, normative choice is involved, and there is room for personal judgement. First, an approach to well-being, as an approach to what is worth pursuing, is necessarily normative. The use of psychological theories to support an approach to well-being relies on a normative step, revealed by the choice of a psychological theory by the economist. Second, personal judgement is often needed to translate the findings of psychology to recommendations for practice. Both things have implications for those theories which define well-being as something different than the fulfillment of individual preferences whatever they are, and therefore yield potential for paternalism. The paternalistic recommendations derived by economists are not based on positive science only, but also rely on personal judgement and normative choice. —
    Keywords: paternalism,well-being,Scitovsky,happiness economics,constitutional approach
    JEL: I31 D71 B21
  10. When best-replies are not in equilibrium: understanding cooperative behaviour
    Date: 2013
    By: Irenaeus Wolff
    URL: http://d.repec.org/n?u=RePEc:twi:respas:0088&r=hpe
    To understand cooperative behaviour in social-dilemma experiments, we need to understand the game participants play not only in monetary but in preference terms. Does a Nash-prediction based on participants’ actual preferences describe their behaviour in a public-good experiment well? And if not, where does the observed behaviour diverge from the prediction? This study provides an environment which allows to answer these questions: when making their contribution decision, participants are informed about their co-playersÕ priorly-elicited conditional contribution preferences. This induces common knowledge of preferences and thereby leads to direct experimental control over the game participants play. Results show that most people play best-responses to their beliefs. At the same time, beliefs in a third of the cases do not correspond to an equilibrium prediction that is based on the elicited conditional-cooperation preferences. Moreover, more often than not, beliefs are empirically inaccurate. This holds true even in a treatment that gives participants the option to look up the set of equilibria of their game.
    Keywords: Public good, social dilemma, Nash-equilibrium, rational beliefs, conditional cooperation, social preferences.
  11. Episodes from the Early History of Experimentation in Economics
    Date: 2013-12
    By: Andreas Ortman (School of Economics, Australian School of Business, the University of New South Wales)
    URL: http://d.repec.org/n?u=RePEc:swe:wpaper:2013-34&r=hpe
    Keywords: Experimental methods, Early History of Experimentation in Economics
    JEL: B41 C9
  12. Leadership and conditional cooperation in public good games: What difference does the game make?
    Date: 2013-12
    By: Edward J Cartwright
    Denise Lovett
    URL: http://d.repec.org/n?u=RePEc:ukc:ukcedp:1324&r=hpe
    We investigate experimentally whether the extent of conditional cooperation in public good games depends on the marginal return to the public good and type of game. The marginal return is varied from 0.2 to 0.4 to 0.8. The ‘standard’ game, in which three players contribute before a follower, is compared with a leader-follower game, in which one player leads and three follow. We find no strong evidence that the marginal return or type of game makes a difference to the extent of conditional cooperation. We also find no evidence that the type of game makes a difference to unconditional contributions. The level of marginal return does, however, have a strong effect on unconditional contributions. Our results highlight the critical role that can be played by leaders in a public good game.
    Keywords: Public good; conditional cooperation; reciprocity; leadership
    JEL: C72 H41
  13. The Triple Helix as a Highly Charged Intellectual Enterprise
    Date: 2013-09
    By: Todeva, Emanuela
    Etzkiwitz, Henry
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:52834&r=hpe
    Reflections on the evolution of the Triple Helix movement and the discussions at its latest conference in 2014.
    Keywords: Triple Helix, Intermediation, Governance, Theory and Practice
    JEL: H10 H42 L5 L51 O32 O38
  14. The new stage of the state’s concept evolution: example of Russia
    Date: 2013-11
    By: Alexander Rakviashvili (Department of Economics, Lomonosov Moscow State University)
    URL: http://d.repec.org/n?u=RePEc:upa:wpaper:0005&r=hpe
    The article is dedicated to the state’s concept evolution. Here is the author’s vision of the state as an abstract notion that describes specific governmental relations, formatted in a result of a long evolution process. The special attention is attracted to the Russian political system and features of the new stage of the state’s evolution.
    Keywords: State, autocracy, democracy, morality.
    JEL: A10 P51 P00
  15. New Survey Methods
    Date: 2013-05-31
    By: de Jong, M.G.
    URL: http://d.repec.org/n?u=RePEc:ems:euriar:40379&r=hpe
    Surveys are widely used by scholars, companies, and public policymakers to generate invaluable insights. Despite the popularity of surveys, there are several biases that can affect the validity of self-reported data. In his inaugural address, Martijn de Jong discusses how new survey methods can help to extract valid information from surveys. Several examples are presented that showcase the relevance of better research design and careful statistical modeling of the response process. In addition, De Jong addresses some commonly held perceptions about the ability to make causal inferences with survey data.
    Keywords: causality, common method bias, common method variance, cross-cultural, item response theory, scale usage, response styles, sensitive questions, social desirability, surveys
  16. Economic Prospects for the Long Run : a speech at Bard College at Simon’s Rock, Great Barrington, Massachusetts, May 18, 2013
    Date: 2013-05-18
    By: Bernanke, Ben S. (Board of Governors of the Federal Reserve System (U.S.))
    URL: http://d.repec.org/n?u=RePEc:fip:fedgsq:620&r=hpe
  17. Money, Well-being and Loss Aversion: Does an Income Loss Have a Greater Effect on Well-being than an Equivalent Income Gain?
    Date: 2014-01
    By: James Banks
    Christopher J. Boyce
    Gordon D.A. Brown
    Andrew E. Clark
    Alex M. Wood
    URL: http://d.repec.org/n?u=RePEc:cep:cepops:39&r=hpe
    Higher income is associated with greater well-being, but do income gains and losses impact on well-being differently? Loss aversion, whereby losses loom larger than gains, is typically examined with relation to decisions about anticipated outcomes. Here, using subjective well-being data from Germany (N = 28,723) and the UK (N = 20,570), we find that experienced falls in income have a larger impact on well-being than equivalent income gains. The effect is not explained by the diminishing returns to well-being of income. Our findings show that loss aversion applies to experienced losses, counteracting suggestions that loss aversion is only an affective forecasting error. Longitudinal studies of the income/well-being relationship may, by failing to take account of loss aversion, have overestimated the positive effect of income for well-being. Moreover, societal well-being may be best served by small and stable income increases even if such stability impairs long-term growth.
    Keywords: Loss aversion, money, income, subjective well-being
    JEL: D03 D31 I31
  18. Scope and Flaws of the New Neoclassical Synthesis
    Date: 2013
    By: Ronny Mazzocchi
    URL: http://d.repec.org/n?u=RePEc:trn:utwpem:2013/13&r=hpe
    The current consensus in macroeconomics represented by the New Neoclassical Synthesis (NNS) is based on dynamically stochastic general equilibrium (DSGE) modeling with Real Business Cycle (RBC) core to which nominal rigidities are added by way of imperfect competition. The claim is that the NNS model is capable of rigorously reproducing observable phenomena and is able to provide a microeconomically well-founded basis for the design of optimal policy rules, since it is amenable to welfare analysis. Nevertheless these results come at the price of many ad-hocery and other shortcomings which are indispensable for intertemporal equilibrium modelling of the current kind. Moreover the NNS did not let us think about the financial crisis and the macroeconomic imbalances that were forming in the years of the Great Moderation.
    JEL: B22 D50 E21 E22
  19. Trust in the monetary authority
    Date: 2013
    By: Bursian, Dirk
    Faia, Ester
    URL: http://d.repec.org/n?u=RePEc:zbw:safewp:14&r=hpe
    Trust in policy makers uctuates signi…cantly over the cycle and a¤ects the transmission mechanism. Despite this it is absent from the literature. We build a monetary model embedding trust cycles; the latter emerge as an equilibrium phenomenon of a game-theoretic interaction between atomistic agents and the monetary authority. Trust a¤ects agentsstochastic discount factors, namely the price of future risk, and through this it interacts with the monetary trans- mission mechanism. Using data from the Eurobarometer surveys we analyze the link between trust and the transmission mechanism of macro and monetary shocks: empirical results are in line with theoretical ones. —
    Keywords: trust evolutionary games,trust driven expectations,monetary transmission mechanism
    JEL: E0 E5
  20. Some Conceptual and Methodological Issues on Happiness: Lessons from Evolutionary Biology
    Date: 2013-08
    By: Yew-Kwang NG (Division of Economics, School of Humanities and Social Sciences, Nanyang Technological University, Singapore, 637332.)
    URL: http://d.repec.org/n?u=RePEc:nan:wpaper:1308&r=hpe
    Despite recent intense interest, happiness studies have been impeded by some conceptual and methodological problems, including viewing happiness (well-being/welfare) as different over different persons, as relative, multi-dimensional, non-cardinally measurable, interpersonally noncomparable and using non-cardinal and interpersonally non-comparable methods of happiness measurement. Using the evolutionary biology of happiness, this paper argues that happiness is absolute, universal, and unidimensional and is also cardinally measurable and interpersonally comparable. This is needed to make choices motivated by reward (pleasure) and punishment (pain) consistent with fitness maximization. However, happiness indices obtained by virtually all existing methods of happiness measurement are largely non-cardinal and non-comparable, making the use of averaging in group happiness indices of dubious philosophical validity. A method of measuring happiness to give cardinal and interpersonally comparable indices is discussed. These may contribute towards the more scientific study of happiness that is based on sounder methodological grounds as well as yielding more useful results.
    Keywords: Evolutionary biology; happiness; interpersonal comparison; measurability; wellbeing; welfare.

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