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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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Theory and Measurement : Emergence, Consolidation and Erosion of a Consensus
Biddle, Jeff - 2016
We identify three separate stages in the post-World War II history of applied microeconomic research: A generally non-mathematical period; a period of consensus (from the 1960s through the early 1990s) characterized by the use of mathematical models, optimization and equilibrium to generate and...
Persistent link: https://www.econbiz.de/10012992138
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Economic Imperialism
Lazear, Edward P. - 2000
Economics is not only a social science, it is a genuine science. Like the physical sciences, economics uses a …, economics stresses three factors that distinguish it from other social sciences. Economists use the construct of rational … have allowed economics to invade intellectual territory that was previously deemed to be outside the discipline's realm …
Persistent link: https://www.econbiz.de/10014174221
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Economic Imperialism
Lazear, Edward P. - 2021
Economics is not only a social science, it is a genuine science. Like the physical sciences, economics uses a …, economics stresses three factors that distinguish it from other social sciences. Economists use the construct of rational … have allowed economics to invade intellectual territory that was previously deemed to be outside the discipline's realm …
Persistent link: https://www.econbiz.de/10013311631
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Ricardo's Theory of Comparative Advantage : Old Idea, New Evidence
Costinot, Arnaud - 2012
When asked to name one proposition in the social sciences that is both true and non-trivial, Paul Samuelson famously replied: 'Ricardo's theory of comparative advantage'. Truth, however, in Samuelson's reply refers to the fact that Ricardo's theory of comparative advantage is mathematically...
Persistent link: https://www.econbiz.de/10013107916
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The New Comparative Economics
Djankov, Simeon; Glaeser, Edward L.; Lopez de Silanes, … - 2003
In recent years, comparative economics experienced a revival, with a new focus on comparing capitalist economies. The …
Persistent link: https://www.econbiz.de/10014087197
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Uncertainty as Commitment
Nosal, Jaromir B. - 2013
Time-inconsistency of no-bailout policies can create incentives for banks to take excessive risks and generate endogenous crises when the government cannot commit. However, at the outbreak of financial problems, usually the government is uncertain about their nature, and hence it may delay...
Persistent link: https://www.econbiz.de/10013087435
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Disasters Risk and Business Cycles
Gourio, Francois - 2010
shocks to aggregate uncertainty, I introduce a small, time-varying risk of economic disaster in a standard real business … risk of disaster does not affect the path of macroeconomic aggregates - a "separation theorem" between macroeconomic … variation in risk premia over time, are observationally equivalent to preference shocks. An increase in the perceived …
Persistent link: https://www.econbiz.de/10013150731
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Uncertainty in Environmental Economics
Pindyck, Robert S. - 2007
areas in environmental economics. This paper offers no easy formulas or solutions for treating uncertainty -- to my …
Persistent link: https://www.econbiz.de/10012778137