The article shows that mainstream economics, which now includes such current as new institutional economics, is the result of an evolution shaped by three institutions (capitalism, university and mathematics) by imposing to the profession of economists their founding beliefs. These beliefs are:...

Macroeconomists have emphasized the force of facts in forging a consensus understanding of business cycle fluctuations. According to this view, rival economists could no longer hold disparate views on the topic because “facts have a way of not going away” (Blanchard 2009). But how can...

The vast majority of spatial econometric research relies on the assumption that the spatial network structure is known a priori. This study considers a two-step estimation strategy for estimating the <em>n(n-1)</em> interaction effects in a spatial autoregressive panel model where the spatial dimension...

The classical Chow test for structural instability requires strictly exogenousregressors and a break-point specified in advance. In this paper, we consider twogeneralisations, the one-step recursive Chow test (based on the sequence of studentisedrecursive residuals) and its supremum counterpart,...

This paper investigates the nature of the IV method for tackling endogeneity. By tracing the rise and fall of the method in macroeconometrics and its subsequent revival in microeconometrics, it pins the method down to an implicit model respecification device-breaking the circular causality of...

This study makes a cross sectional case in investigating the validity, or otherwise, of the finance-driven growth hypothesis in the ECOWAS countries using annual data from 1970 to 2008 for seven countries namely: Burkina Faso, Cote d’Ivoire, The Gambia, Ghana, Nigeria, Senegal and Togo. In...

I examine two competing proposals for reforming and reviving confidence in the international monetary regime. Robert Triffin introduced and championed the proposal for centralized reserves. Fritz Machlup championed the proposal for flexible rates originally introduced by Milton Friedman. Triffin...

The main purpose of this paper is to review the lessons of the “Golden Age” with respect to establishing and maintaining full employment in advanced countries. The golden age, generally regarded as spanning 1950-1973 was a unique period in West European economic history. During this period...

Bu çalışmada fizik ve ekonomi arasındaki etkileşim ile ilgili literatür incelenmiştir. Her iki disiplin arasındaki ilişki, bilim tarihinin tekrarlanan konusu olup, son zamanlarda iki alan arasındaki etkileşim fizikçilerin sosyal bilimlerdeki problemler üzerine çalışmaları ile...

As a case study on the status of women in the economics profession, this article analyzes the fascinating career of Anne P. Carter. Prior to 1966 there were no women in the economics faculty at Harvard. In 1966 Carter became the first assistant professor of the Harvard Economics Department but,...