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State Versus Private Ownership
Shleifer, Andrei - 2021
costs must be strong. In essence, this is the case for capitalism over socialism, explaining the dynamic vitality' of free … enterprise. The great economists of the 1930s and 1940s failed to see the dangers of socialism in part because they focused on … the role of prices under socialism and capitalism and ignored the enormous importance of ownership as the source of …
Persistent link: https://www.econbiz.de/10013239155
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Why Doesn't Capitalism Flow to Poor Countries?
Di Tella, Rafael - 2014
corruption, which is more widespread in poor countries, reduces more the electoral appeal of capitalism than that of socialism …
Persistent link: https://www.econbiz.de/10012751901
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“If You Compete with Us, We Shan't Marry You” the (Mary Paley and) Alfred Marshall Lecture
Pande, Rohini; Roy, Helena - 2023
Alfred Marshall and Mary Paley Marshall are often described as the first academic economist couple. Both studied at Cambridge University, where Paley became one of the first women to take the Tripos exam and the first female lecturer in economics, with Marshall’s encouragement. But in later...
Persistent link: https://www.econbiz.de/10014346412
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On the Origins of "a Monetary History"
Rockoff, Hugh - 2010
This paper explores some of the scholarship that influenced Milton Friedman and Anna J. Schwartz's quot;A Monetary Historyquot;. It shows that the ideas of several Chicago economists -- Henry Schultz, Henry Simons, Lloyd Mints, and Jacob Viner -- left clear marks. It argues, however, that the...
Persistent link: https://www.econbiz.de/10012760564
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A Plucking Model of Business Cycles
Dupraz, Stephane - 2019
In standard models, economic activity fluctuates symmetrically around a “natural rate” and stabilization policies can dampen these fluctuations but do not affect the average level of activity. An alternative view—labeled the “plucking model” by Milton Friedman—is that economic...
Persistent link: https://www.econbiz.de/10012861677
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A Classical View of the Business Cycle
Belongia, Michael - 2020
In the 1920s, Irving Fisher extended his previous work on the Quantity Theory to describe, through an early version of the Phillips Curve, how changes in the money stock could be associated with cyclical movements in output, employment, and inflation. At the same time, Holbrook Working designed...
Persistent link: https://www.econbiz.de/10012839715
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The Political Economy of Ideas : On Ideas Versus Interests in Policymaking
Mukand, Sharun - 2018
We develop a conceptual framework to highlight the role of ideas as a catalyst for policy and institutional change. We make an explicit distinction between ideas and vested interests and show how they feed into each other. In doing so the paper integrates the Keynes-Hayek perspective on the...
Persistent link: https://www.econbiz.de/10012922972
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Keynes on the Sequencing of Economic Policy : Recovery and Reform in 1933
Edwards, Sebastian - 2018
On December 31 1933, The New York Times published an open letter from John Maynard Keynes to President Franklin D. Roosevelt. In it Keynes encouraged FDR to expand public works through government borrowing. He also criticized FDR's exchange rate policy, and argued that there was a need for lower...
Persistent link: https://www.econbiz.de/10012925904
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Short-Run and Long-Run Effects of Milton Friedman's Presidential Address
Hall, Robert E. - 2018
The immediate effect of Friedman's 1968 AEA presidential address on the economics profession was the introduction of an adaptive term in the Phillips curve that shifted the curve, as Friedman proposed, based on expected inflation. Initial formulations suggested that the shift was less than...
Persistent link: https://www.econbiz.de/10012931438
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Depression for Economists
de Quidt, Jonathan - 2016
Major depressive disorder (MDD) is one of the most prevalent mental illnesses worldwide. Existing evidence suggests that it has both economic causes and consequences, such as unemployment. However, depression has not received significant attention in the economics literature. In this paper, we...
Persistent link: https://www.econbiz.de/10012976995