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The Macroeconomist as Scientist and Engineer
Mankiw, N. Gregory - 2006
This essay offers a brief history of macroeconomics, together with an evaluation of what has been learned over the past several decades. It is based on the premise that the field has evolved through the efforts of two types of macroeconomist%u2014 those who understand the field as a type of...
Persistent link: https://www.econbiz.de/10012779829
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Marshall'S Economies
Henderson, J. Vernon - 2021
This paper estimates the nature and magnitude of the local externalities from own industry scale, as envisioned by Marshall. Census panel data on individual plants in high-tech and machinery industries across up to 487 countries are utilized, to quantify the direct effects of local external...
Persistent link: https://www.econbiz.de/10013248099
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Adam Smith's "Tolerable Administration of Justice" and the Wealth of Nations
Irwin, Douglas A. - 2014
In the Wealth of Nations, Adam Smith argues that a country's national income depends on its labor productivity, which in turn hinges on the division of labor. But why are some countries able to take advantage of the division of labor and become rich, while others fail to do so and remain poor?...
Persistent link: https://www.econbiz.de/10013044623
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The Incubator of Human Capital : The NBER and the Rise of the Human Capital Paradigm
Goldin, Claudia; Katz, Lawrence F. - 2022
The human capital construct is deep in the bones of economics and finds reference by many classical economists, even if … they did not use the phrase. The term “human capital,” seldom mentioned in economics before the 1950s, increased starting … to 2019, the use of human capital among NBER books increased from 5% to 25%, whereas all economics books changed from 3 …
Persistent link: https://www.econbiz.de/10014100574
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The Contribution of a Monetary History of the United States : 1867 to 1960 to Monetary History
Bordo, Michael D. - 2021
This paper assesses the role of Friedman and Schwartz's "A Monetary History of the United Slates: 1867 to 1960" as a progenitor of research in monetary history. The paper critically surveys the literature on three major themes in the book: monetary disturbances; the domestic monetary framework...
Persistent link: https://www.econbiz.de/10013310581
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Sentiments and Economic Activity : Evidence from U.S. States
Benhabib, Jess - 2017
We examine whether sentiment influences aggregate demand by studying the relationship between the Michigan Survey expectations concerning national output growth and future economic activity at the state level. We instrument for local sentiments with political outcomes, positing that agents in...
Persistent link: https://www.econbiz.de/10012946032
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Confucianism and Preferences : Evidence from Lab Experiments in Taiwan and China
Liu, Elaine - 2013
This paper investigates how Confucianism affects individual decision making in Taiwan and in China. We found that … loving, less loss averse, and more impatient after being primed with Confucianism, whereas Taiwanese subjects became … significantly less present-based and were inclined to be more trustworthy after being primed by Confucianism. Combining the evidence …
Persistent link: https://www.econbiz.de/10013073199
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Making Democracy Work : Culture, Social Capital and Elections in China
Padró i Miquel, Gerard - 2015
This paper aims to show that culture is an important determinant of the effectiveness of formal democratic institutions, such as elections. We collect new data to document the presence of voluntary and social organizations and the history of electoral reforms in Chinese villages. We use the...
Persistent link: https://www.econbiz.de/10013024882
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What Do We Know About Macroeconomics that Fisher and Wicksell Did Not?
Blanchard, Olivier J. - 2010
The answer to the question in the title is: A lot. In this essay, I argue that the history of macroeconomics during the 20th century can be divided in three epochs: Pre 1940. A period of exploration, where macroeconomics was not macroeconomics yet, but monetary theory on one side, business cycle...
Persistent link: https://www.econbiz.de/10013136965
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Anticipating the Great Depression? Gustav Cassel's Analysis of the Interwar Gold Standard
Irwin, Douglas A. - 2011
The intellectual response to the Great Depression is often portrayed as a battle between the ideas of Friedrich Hayek and John Maynard Keynes. Yet both the Austrian and the Keynesian interpretations of the Depression were incomplete. Austrians could explain how a country might get into a...
Persistent link: https://www.econbiz.de/10013118250