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Full-Text Articles in Other Economics
Historical Political Economy: What Is It?, Jeffrey Jenkins, Jared Rubin
Historical Political Economy: What Is It?, Jeffrey Jenkins, Jared Rubin
ESI Working Papers
In this chapter, we define what historical political economy (HPE) is and is not, classify the major themes in the literature, assess the relative strengths and weaknesses of the literature, and point to future directions. We view HPE as social scientific inquiry which highlights political causes or consequences of historical issues. HPE is different from conventional political economy in the emphasis placed on historical processes and context. While we view HPE in the most inclusive manner reasonable, we define it to exclude works that are either solely of contemporary importance or use historical data without any historical context (e.g., long-run …
The Implications Of Covid-19 On Fear Of Financial Collapse, Alexis Reekie
The Implications Of Covid-19 On Fear Of Financial Collapse, Alexis Reekie
Student Scholar Symposium Abstracts and Posters
By disrupting the general value paradigm, the typical hierarchy of values, individuals directly affected by the COVID-19 virus have realized an overall shift in perspective, indicating a need to understand the effects of the COVID-19 virus on one’s outlook regarding economic anxiety and fear of financial collapse. The possibility of a global health crisis reaching levels of devastation are certainly great and worth investigating. Throughout this research paper I worked to determine the correlation between fear of financial crises and individuals who have been affected by the COVID-19 virus. Utilizing the Chapman Survey of American Fears (FEAR survey) questions pertaining …
Futurological Fodder: On Communicating The Relationship Between Artificial Intelligence, Robotics, And Employment, Michael E. Samers Dr
Futurological Fodder: On Communicating The Relationship Between Artificial Intelligence, Robotics, And Employment, Michael E. Samers Dr
Geography Faculty Publications
This article examines the debate concerning the employment implications of the so-called ‘Fourth Industrial Revolution’ (FIR) or the increasing presence of artificial intelligence and robotics in workplaces. I analyze three ‘genres’ associated with this debate (academic studies including neo-classical and heterodox/post-human approaches, the ‘gray literature’, and popular media) and I argue that together they represent ‘futurological fodder’ or discourses and knowledges that ‘perform’ the FIR and its purported consequences. I contend further that these genres involve a complex mix of ethics and politics, and I conclude with a reflection on the political implications of the FIR debate.
Shocks To Aggregate Demand And Aggregate Supply In The Midst Of Covid-19, Anna M. Gellerman
Shocks To Aggregate Demand And Aggregate Supply In The Midst Of Covid-19, Anna M. Gellerman
Publications and Research
COVID-19 sent shockwaves throughout the economy, changing the amounts of goods and services distributed and altering the demand. This article discusses the negative demand shock and adverse supply shock that the U.S. economy faced in 2020, and the policies that the government implemented to reverse these effects.
How We Think About Economics, Bart J. Wilson
How We Think About Economics, Bart J. Wilson
ESI Publications
"From my casual observation, many economists were surprised at the content of Vernon's Nobel lecture on ecological and constructivist rationality in economics. Having been awarded the prize 'for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms,' I think many expected him to catalogue the major findings of experimental economics in his prize lecture. David Porter has described Vernon as a live, interactive version of the Journal of Economic Literature. But Vernon Smith is no cataloguer. He is a synthesizer, and he synthesizes acutely aware that scientific inquiry is …
Does A Better Running Back Mean More Rushing? Game Theory And The Nfl, Eric Lofquist
Does A Better Running Back Mean More Rushing? Game Theory And The Nfl, Eric Lofquist
Honors Scholar Theses
In this paper I attempt to answer the question of whether or not teams in the National Football League (NFL) rush less with a better running back. This seems counterintuitive, but game theory supposes that this is true. Defenses facing a better running back will generally expect the offense to rush more and therefore defend the run more often. The offense, foreseeing the defense’s actions, will choose to pass more to counteract the run defense. This is the basis of the difference between the strategic effect and the direct effect in mixed strategies. The direct effect is when a player …
Multiple Openings And Competitiveness Of Forward Markets: Experimental Evidence, José Luis Ferreira, Praveen Kujal, Stephen Rassenti
Multiple Openings And Competitiveness Of Forward Markets: Experimental Evidence, José Luis Ferreira, Praveen Kujal, Stephen Rassenti
Economics Faculty Articles and Research
We test the competition enhancing effect of selling forward in experimental Cournot duopoly and quadropoly with multiple forward markets. We find that two forward periods yields competitive outcomes and that the results are very close to the predicted theoretical results for quantity setting duopolies and quadropolies. Our experiments lend strong support to the hypothesis that forward markets are competition enhancing. We then test a new market that allows for endogenously determined indefinitely many forward periods that only close when sellers coordinate on selling a zero amount in a forward market. We find that the outcomes under an endogenous close rule …
Can Nba Teams Benefit From Losing?, Ryan P. Hallisey
Can Nba Teams Benefit From Losing?, Ryan P. Hallisey
Honors Scholar Theses
It has been speculated that franchises in the NBA (national basketball association) lose on purpose because of the benefits that coincide with a team having a poor overall record. Teams that perform the worst are given the highest draft selections in the following season's rookie player draft, thus theoretically improving their chances of becoming a more winning team. Previous economists have used various methodology to prove that NBA teams do in fact lose on purpose; or tank. This paper builds upon this previous methodology to examine the direct impact, negative or positive, that losing on purpose has had on various …
Religious Identity And The Provision Of Public Goods: Evidence From The Indian Princely States, Latika Chaudhary, Jared Rubin
Religious Identity And The Provision Of Public Goods: Evidence From The Indian Princely States, Latika Chaudhary, Jared Rubin
ESI Working Papers
Religious identity affects preferences and can consequently affect policy. We propose two mechanisms through which a ruler's religious identity can affect public good provision: i) greater provision of goods in regions where more subjects are the ruler's co-religionists, and ii) lower provision of goods where private markets provide a substitute to the ruler's co-religionists. Empirically, identifying the causal effect of religious identity on policy is often impossible, since the religious identity of rulers rarely changes over time and place. We address this problem by exploiting the variation in the religion of rulers in the Indian Princely States in the early …
(Review) A Short History Of Ethics And Economics: The Greeks, Spencer J. Pack
(Review) A Short History Of Ethics And Economics: The Greeks, Spencer J. Pack
Economics Faculty Publications
No abstract provided.
Radio Spectrum And The Disruptive Clarity Of Ronald Coase, Thomas W. Hazlett, David Porter, Vernon Smith
Radio Spectrum And The Disruptive Clarity Of Ronald Coase, Thomas W. Hazlett, David Porter, Vernon Smith
ESI Working Papers
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 …
Elections And Economic Turbulence In Brazil: Candidates, Voters, And Investors, Tony Petros Spanakos, Lucio R. Renno
Elections And Economic Turbulence In Brazil: Candidates, Voters, And Investors, Tony Petros Spanakos, Lucio R. Renno
Department of Political Science and Law Faculty Scholarship and Creative Works
The relation between elections and the economy in Latin America might be understood by considering the agency of candidates and the issue of policy preference congruence between investors and voters. The preference congruence model proposed in this article highlights political risk in emerging markets. Certain risk features increase the role of candidate campaign rhetoric and investor preferences in elections. When politicians propose policies that can appease voters and investors, elections may have a limited effect on economic indicators, such as inflation. But when voter and investor priorities differ significantly, deterioration of economic indicators is more likely. Moreover, voter and investor …
Rationality In Economics: Constructivist And Ecological Forms, Vernon L. Smith
Rationality In Economics: Constructivist And Ecological Forms, Vernon L. Smith
ESI Publications
Chapter 1: Rediscovering the Scottish Philosophers
(Review) Self-Interest Before Adam Smith: A Genealogy Of Economic Science, Spencer J. Pack
(Review) Self-Interest Before Adam Smith: A Genealogy Of Economic Science, Spencer J. Pack
Economics Faculty Publications
Pierre Force, Self-Interest Before Adam Smith: A Genealogy of Economic Science (Cambridge: Cambridge University Press, 2003), pp. ix, 279, $65.00. ISBN 0-521 83060-5.
Adam Smith On The Virtues: A Partial Resolution Of The Adam Smith Problem, Spencer J. Pack
Adam Smith On The Virtues: A Partial Resolution Of The Adam Smith Problem, Spencer J. Pack
Economics Faculty Publications
Adam Smith's definition of justice as a moral virtue based on the "passion" of resentment in 'The Theory of Moral Sentiments' (1759), despite seeming contradictions, supports his analysis of an acquisitive, commercial society in 'The Wealth of Nations' (1774) partly by precluding the concept of a just price.
Slavery, Adam Smith’S Economic Vision And The Invisible Hand, Spencer J. Pack
Slavery, Adam Smith’S Economic Vision And The Invisible Hand, Spencer J. Pack
Economics Faculty Publications
Smith was against slavery on moral and economic grounds. The "invisible hand" in societies which allow slavery, operates in such a way that increases in the wealth of the rich, leads to increased misery for the poor free citizens as well as for the slaves themselves. It seems that the beneficial workings of the "invisible hand" are dependent upon commercial societies which arc not based upon the institution of slavery.