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In this paper we contextualize Carl Menger’s work in relation to the transformations of German political economy from the 1860s to the 1890s. We demonstrate that his Grundsätze (1871) was a ... rationalist and constructivist theory of institutional change expounded by Gustav Schmoller and other Verein economists. The new policy-oriented direction of German political economy carried the day, also due
). Auburn, Alabama: Ludwig von Mises Institute. Boettke , P. J. ( 2018 ). F. A. Hayek: Economics, political economy and social philosophy . London: Palgrave MacMillan. Cheung , S. N. ( 1974 ). A theory of ... change may be Hayek’s (2006 [1944]) central contribution to the theory of interventionism. He explained that “[t[he important point is that the political ideals of a people and its attitude towards
Does political polarization lead to dysfunctional behavior? To study this question, we investigate the attitudes of supporters of Donald Trump and of Hillary Clinton towards each other and how these ... is mainly driven by Clinton voters. This provides the first experimental evidence that political polarization leads to destructive behavior. All data, analysis codes and experimental materials are
economics, political science (e.g. Fréchette et al., 2003) , and psychology (e.g. Rachlin et al., 1980) ? Many experimenters have conducted lab and field experiments. But how many have also conducted ... call, each delving into different subjects on which John has contributed. Topics include auctions, political economy, learning and strategic reasoning, communication, and other-regarding preferences. In
embedded within the interdisciplinary scientific cluster of Philosophy, Politics and Economics (PPE). The book makes a valuable contribution to a better-informed international discourse across the ... . Horn 0 1 0 The German intellectual tradition of ordoliberalism, which is the theme of the book edited by two political economists, Malte Dold (Pomona College , Claremont , USA) and Tim Krieger
its continued relevancy through empirical methods that apply economic theory to pressing, long-standing policy issues. Austrian economics; Relevancy; Robust political economy - Accepted: 10 January ... -standing issues in political economy. In Sect. 2, I define relevant economic research and briefly argue why relevancy should be the goal of economists as social scientists. Section 3 describes the
. This paper addresses that gap for the Markowitz (J Political Econ, 60:151–58, 1952) (M) model of utility which embodies reference-dependent utility, loss aversion and was seemingly the first model to ... : Academic Press. Friedman , Milton, & Savage , Leonard J . ( 1948 ). The utility analysis of choices involving risk . Journal of Political Economy , 56 , 279 - 304 . Gelman , A. , & Rubin , D. ( 1992
: A new framework for monetary policy ? Journal of Economic Perspectives , 11 ( 2 ), 97 - 116 . Boettke , P. J. ( 2018 ). F. A. Hayek: Economics, political economy, and Social Philosophy. London ... review How should political decision-makers address business cycles? Following John Maynard Keynes’s approach, some economists consider the economy inherently unstable because aggregate supply and demand
applied praxeology to contemporary political and economic problems and conclude that a vigorous and growing economic school of thought exists in Madrid. ... new model of economic policy, much more based upon markets than in government intervention. This new economic policy, developed in 1959, was named the Stabilisation Plan. The main political consequence
tendency toward philosophical penetration of economics” (1976: 307; emphasis added). According to Hayek (1976) , these speculations of German economists must have seemed “useless excursions into philosophy ... the economic system. Given the significance of their contribution, one wonders why the German subjectivists were in general neglected by political economists outside the German-speak7 By positing these
There is substantial evidence that women tend to support different policies and political candidates than men. Many studies also document gender differences in a variety of important preference ... It is often claimed that the world, if run by women, would be very different than it is today (Funk & Gathmann, 2015) .1 However, since men have traditionally dominated cultural, political and
then argues that this may be a more general characteristic of large-scale public policy making procedures and illustrates the importance of returning to a market-based political economy at the earliest ... activist government in a post-pandemic political economy may work to perpetuate aspects of the knowledge poor environment that characterises the pandemic itself. 2 Hayek: Simple versus complex systems A
discussed as pure economics replaces political economy in the Interwar period, with the 1938 Paris Congress of “liberal thinkers,” as the Vienna Circle became known, also comparing issues in philosophy. The ... reason for such a situation? Criticisms of classical political economy have to be understood in their French context. In comparison to other countries, this paper details the case of France, besides
discussed as pure economics replaces political economy in the Interwar period, with the 1938 Paris Congress of “liberal thinkers,” as the Vienna Circle became known, also comparing issues in philosophy. The ... reason for such a situation? Criticisms of classical political economy have to be understood in their French context. In comparison to other countries, this paper details the case of France, besides
Austrian economists which sometimes lack sufficient substantiation. The paper indicates how both in their theorizing and in their political activities, the Austrian economists can be seen as reformers ... ( 3 ), 361 - 384 . Boettke , P. J. ( 2018 ). F. A. Hayek: Economics, political economy and social philosophy . London: Palgrave Macmillan. Boettke , P. J. ( 2019 ). What happens when the economic past
. , & Sunder , S. ( 1993 ). Allocative efficiency of markets with zero-intelligence traders: Market as a partial substitute for individual rationality . Journal of Political Economy , 101 , 119 - 137 ... market behavior . Journal of Political Economy , 70 , 111 - 137 . Smith , V. L. ( 1976 ). Experimental economics: Induced value theory . American Economic Review , 66 , 274 - 279 . Smith , V. L. ( 1981
. Journal of Political Economy , 125 ( 3 ), 625 - 653 . Andreoni , J. , & Sanchez , A. ( 2020 ). Fooling myself or fooling observers? Avoiding social pressures by manipulating perceptions of deservingness of ... Economic perspectives , 21 ( 2 ), 153 - 174 . https://doi.org/10.1257/jep.21.2. 153 List , J. A. ( 2007 ). On the interpretation of giving in dictator games . Journal of Political Economy , 115 ( 3 ), 482
. Journal of Political Philosophy , 18 ( 1 ), 101 - 122 . Myers , C Daniel and Tali Mendelberg, Political deliberation , in David Sears Leonie Huddy and Jack Levy, eds., Oxford Handbook of Political ... efficiencyenhancing values such as international integration and globalization, individual freedom and meritocracy (Sandel, 2020) . Nowadays, a political divide opens up between those social groups that have
-value). This difference from Smith might have gone unnoticed to Menger, who considered the Scottish thinker a central figure of classical political economy and defended his legacy in economics and for ... political debates of the times. On the centenary of Adam Smith’s death Menger ([1891] 2016, p. 474) remarked how classical political economy had come to be considered as “capitalistic, atomistic, abstract
to win the Nobel Prize in Economic Sciences. In addition, Lin's career included numerous elected offices, including serving as the president of the American Political Science Association, the Public ... American Political Science Association: Puzzling research questions can now be addressed more systematically. New research questions will open up. We need to expand the type of research methods regularly