Social and Behavioral Sciences Commons^™

Introduction To The Symposium On 'Financial Risks And Economic Stability In Emerging Market Economies', Lucjan Orlowski

WCBT Faculty Publications

Developing resilience to contagion effects from global financial crises and economic recessions has been an ongoing crucial task for policymakers in emerging market economies. The recent global financial crisis of 2007-2009 has underscored the importance of pursuing disciplined macroeconomic policies and of devising sound macroprudential regulations that would strengthen the immunity of emerging markets and their institutions to various types of risks, including credit, default, sovereign, liquidity and market risks. The studies included in this symposium are not intended to provide a comprehensive overview of financial vulnerabilities in a broad spectrum of emerging markets. Rather, they share a common aim …

Finding Historic Indiana Documents In An Online Environment: Civil War Era And Later 19th Century, Bert Chapman

Libraries Research Publications

This presentation provides information on digitally accessing historic Indiana State and U.S. Government documents from the latter half of the 19th century. Examples of these resources include the periodical Indiana Farmer, Indiana Civil War Governor Oliver Morton's telegraph books, the Official Records of the War of the Rebellion, Indiana Adjutant General Reports, and the Brevier Indiana Law Reports covering Indiana General Assembly proceedings. These collections have been digitized by various Indiana libraries including Purdue University, IUPUI, and Indiana University. Accessing these primary source materials will enable users to gain augmented understanding ot the economic, military, and political issues facing Indiana …

Review Of Remaking The Heartland: Middle America Since The 1950s. By Robert Wuthnow, Randolph Cantrell

Great Plains Research: A Journal of Natural and Social Sciences

Shrinking farm numbers, population losses, and empty storefronts on Main Street have come to be seen as symptoms of an inevitable slide to oblivion for many Heartland communities. Empirical evidence of such decline is easily found, making the trend a favorite topic for journalists. In Remaking the Heartland, Robert Wuthnow offers a very different interpretation of the same trends. His central argument is that Middle America (defined as eight states including most of the Great Plains) has been characterized by adaptation to changing social and economic realities in a way that has made the region a "more vibrant contributor …

Fifty More Years? Reform And Modernisation Of The Oecd, Richard Woodward

Articles

The Organisation for Economic Cooperation and Development is a vital, if frequently unnoticed, cog in the machine of global governance. On the organisation's 50th anniversary, Richard Woodward assesses whether the OECD's reform programme can secure its future in a changing world.

The Marginalist Revolution In Corporate Finance: 1880-1965, Herbert J. Hovenkamp

All Faculty Scholarship

During the late nineteenth and early twentieth centuries fundamental changes in economic thought revolutionized the theory of corporate finance, leading to changes in its legal regulation. The changes were massive, and this branch of financial analysis and law became virtually unrecognizable to those who had practiced it earlier. The source of this revision was the marginalist, or neoclassical, revolution in economic thought. The classical theory had seen corporate finance as an historical, relatively self-executing inquiry based on the classical theory of value and administered by common law courts. By contrast, neoclassical value theory was forward looking and as a result …

The Free-Trade Doctrine And Commercial Diplomacy Of Condy Raguet, Stephen Meardon

Economics Department Working Paper Series

Condy Raguet (1784-1842) was the first Chargé d’Affaires from the United States to Brazil and a conspicuous author of political economy from the 1820s to the early 1840s. He contributed to the era’s free-trade doctrine as editor of influential periodicals, most notably The Banner of the Constitution. Before leading the free-trade cause, however, he was poised to negotiate a reciprocity treaty between the United States and Brazil, acting under the authority of Secretary of State and protectionist apostle Henry Clay. Raguet’s career and ideas provide a window into the uncertain relationship of reciprocity to the cause of free trade.

Opening The System: (Re)Writing Value Theory Discursively, David Kristjanson-Gural

Faculty Journal Articles

In this article I argue that modern and postmodern critics of value theory share the premise that Marx’s theory of value disables the project of emancipatory social change. The modern critics claim the theory is logically flawed and must be either resituated in a consistent logical framework or replaced by a Sraffian alternative. The postmodern critics claim that the theory is necessarily reductionist and excludes or renders secondary important axes of social struggle. I argue that by using a poststructural logic, Marx’s theory of value can be interpreted in a way that both overcomes the perceived consistencies of the modern …

America's Turning Point, Jeffrey Rogers Hummel

Faculty Publications

No abstract provided.

The Question Of Slavery, Jeffrey Rogers Hummel

Faculty Publications

No abstract provided.

Institutional Divergence In Economic Development, Jonathan B. Wight

Economics Faculty Publications

The Anglo-American capitalist model (AACM) encompasses a set of theories and policies that advance the classical objectives of individual autonomy, wealth acquisition, and economic growth. In the twentieth century, the neoclassical goal of short-run Pareto efficiency was added yet remains in possible tension with these other aims. The AACM generally upholds the primacy of markets as the means for achieving its normative ideals through private, decentralized actions, with some exceptions. In the modern political arena this ideology is associated with the Reagan-Thatcher revolution of the 1980s and provides a framework for many who oppose statist solutions to social problems (Steger …

"Introduction" To "Symposium: The Fate Of Anglo-American Capitalism", Sandra J. Peart

Jepson School of Leadership Studies articles, book chapters and other publications

The call for papers in this special issue asked whether there is a future for the robust sort of capitalism favoured by Adam Smith or whether we have reached a limit to Anglo-American capitalism as the engine of human betterment. Contemporary events loomed large late in 2008 and it seemed appropriate to consider whether Anglo-American capitalism was passing away. We were particularly interested in contributions that viewed current economic events through a lens informed by Smith's teaching on institutions, money and economic growth.

Radio Spectrum And The Disruptive Clarity Of Ronald Coase, Thomas W. Hazlett, David P. Porter, Vernon L. Smith

Economics Faculty Articles and Research

In the Federal Communications Commission, Ronald Coase exposed deep foundations via normative argument buttressed by astute historical observation. The government controlled scarce frequencies, issuing sharply limited use rights. Spillovers were said to be otherwise endemic. Coase saw that Government limited conflicts by restricting uses; property owners perform an analogous function via the “price system.” The government solution was inefficient unless the net benefits of the alternative property regime were lower. Coase augured that the price system would outperform. His spectrum auction proposal was mocked by communications policy experts, opposed by industry interests, and ridiculed by policy makers. Hence, it took …

In The Aftermath Of The Financial Crisis Of 2008: What Have We Learned?, Luisa Blanco, Michael Crouch

School of Public Policy Working Papers

In the aftermath of the financial crisis and economic recession of 2008, it is important to reflect not only on its causes, but also on specific policies that can help countries to move towards sustained economic growth. This publication provides a compendium of lectures that intend to do this. The focus of the discussion is around the U.S. (first two chapters) and Latin America (last chapter), which enhances our understanding of the forces at play and the necessary policies that need to be implemented in different regions of the world. Dr. Lee Ohanian points to the strange differences between the …

F. A. Hayek’S Sympathetic Agents, Sandra J. Peart, David M. Levy

Jepson School of Leadership Studies articles, book chapters and other publications

In what follows, we show first that, for Hayek, behavior within the small group – the “small band or troop,” or “micro-cosmos” – is correlated, resulting from agents who are sympathetic one with another. We shall argue that sympathy in this context for Hayek entails the projection of one’s preferences onto the preferences of others. With such correlated agency as the default in small-group situations, Hayek attempts to explain the transition from small groups to a larger civilization. We consider the role of projection in Hayek’s system at length, because projection from the local group characterized by a well-defined preference …

Six Titans Of The Cambridge School: A Review Article, Harvey Gram

Publications and Research

Six volumes in the Great Thinker in Economics Series were chosen by the Editors for this review, which focuses on The Cambridge School of Economics, so very different from the mainstream theory of general economic equilibrium which gives formal expression to Lionel Robbins’ famous definition of the subject as the allocation of scarce means among alternative uses. In recognition of a distinct Cambridge School, the authors of these volumes present a variety of arguments within which three overlapping themes can be discerned: the relationship between ethics and economics; the role of stocks and flows in economic analysis; and the epistemic …

Sweet Diversity: Colonial Goods And The Welfare Gains From Trade After 1492, Jonathan Hersh, Hans-Joachim Voth

Economics Faculty Articles and Research

When did overseas trade start to matter for living standards? Traditional real-wage indices suggest that living standards in Europe stagnated before 1800. In this paper, we argue that welfare rose substantially, but surreptitiously, because of an influx of new goods as a result of overseas trade. Colonial luxuries such as tea, coffee, and sugar transformed European diets after the discovery of America and the rounding of the Cape of Good Hope. These goods became household items in many countries by the end of the 18th century. We use three different methods to calculate welfare gains based on price data and …

Coase, Institutionalism, And The Origins Of Law And Economics, Herbert J. Hovenkamp

All Faculty Scholarship

Ronald Coase merged two traditions in economics, marginalism and institutionalism. Neoclassical economics in the 1930s was characterized by an abstract conception of marginalism and frictionless resource movement. Marginal analysis did not seek to uncover the source of individual human preference or value, but accepted preference as given. It treated the business firm in the same way, focusing on how firms make market choices, but saying little about their internal workings.

“Institutionalism” historically refers to a group of economists who wrote mainly in the 1920s and 1930s. Their place in economic theory is outside the mainstream, but they have found new …

Dormant Ethnobotany: A Case Study Of Decline In Regional Plant Knowledge In The Bull Run Mountains Of Virginia, Susan Rene Leopold

Antioch University Dissertations & Theses

This dissertation introduces and applies the concept of dormant ethnobotany, a concept that helps explain the socio-economic, cultural and ecological aspects and implications of the transition away from active use of ethnobotanical knowledge and the factors that may lead to its re-emergence. Dormant ethnobotany is the study of relationships between people and plants that are inactive, but nonetheless still alive in memories, the historic record, and folklore and thereby capable of reemergence in support of the transition to a more sustainable society. The dissertation extends the field of ethnobotany from its current roots in the dynamic ethnobotany of indigenous peoples. …

The Myth Of Endless Accumulation: A Feminist Inquiry Into Globalization, Growth, And Social Change, Martha Freymann Miser

Antioch University Dissertations & Theses

This theoretical dissertation examines the concept of growth and its core assumption—that the continual accumulation of wealth is both socially wise and ecologically sustainable. The study challenges and offers alternatives to the myth of endless accumulation, suggesting new directions for leadership and social change. The central question posed in this inquiry: Can we craft a more ethical form of capitalism? To answer this question, the study examines conventional and critical globalization studies; feminist scholarship on standpoint, political economy, and power; and the Enlightenment notions of progress and modernism, drawing on a number of works, including Aristotle on the three intelligences, …