Social and Behavioral Sciences Commons^™

The Big Bills Are Still There: What Stands Between Credentials And Calling?, Paul R. Koch

Scholar Week 2016 - present

In 1996, the late Mancur Olson, of the University of Maryland, wrote an article in the Journal of Economic Perspectives entitled "Big Bills Left on the Sidewalk." The title refers to an old joke among economists about whether or not market processes of voluntary exchange exhaust all possibilities for mutually beneficial trades. Olson went on to draw a distinction between marketable human capital, where the development of skills and habits normally increases money income in a direct manner, and public good human capital, where income is affected indirectly through the effect on public policies and institutions. Consistent with the traditional …

It May Work In Practice, But Does It Work In Theory? Explaining The Trend Towards “Do-It-Yourself” Economics, Paul R. Koch

Scholar Week 2016 - present

In 1986, the late David Henderson, the former chief economist at the Organization for Economic Co-Operation and Development (OECD), published a book entitled Innocence and Design: The Influence of Economic Ideas on Policy, which were based on his Reith Lectures from the previous year. In this book, he outlined the elements of a concept which he defined as “do-it-yourself economics,” which emphasized a case-by-case approach to economic policy, as opposed to one that was associated with a comprehensive vision or theory. Some of the following statements constitute examples of “DIY economics” at work:

• Industries or activities can be classified as …

Commanding Heights 20 Years On: What Remains In Light Of Recent Events?, Paul R. Koch

Scholar Week 2016 - present

In the spring of 2002, the Public Broadcasting System in the United States aired a three-part, six-hour series entitled, “Commanding Heights: The Battle for the World Economy.” These programs, which were based on the book of the same title by Daniel Yergin and Joseph Stanislaw, covered the debate over economic theories in the 20^th century (“The Battle of Ideas”), the transition from state-dominated to market-oriented economies in the last two decades of this century (“The Agony of Reform”), and the various dimensions of the latest wave of globalization (“The New Rules of the Game”). This series is a reflection …

Preaching The Same Message: Economic Populism On Both Sides Of The Atlantic, Paul R. Koch

Scholar Week 2016 - present

In a lecture delivered at Illinois Wesleyan University three years ago, Gro Harlem Brundtland, the former Prime Minister of Norway and Director-General of the World Health Organization, observed that Americans who maintain that “Washington is the problem,” and Europeans who assert that “Brussels is the problem,” are essentially making the same argument. Since the global financial crisis of the late 2000’s, many discussions of economic policy around the world have centered around the rise of “populist” sentiments. Examples of these developments would include the “Brexit” process in the United Kingdom, the "America First” agenda of the Trump Administration in the …

Teaching Comparative Economics In A Study-Abroad Program, Paul Koch

Scholar Week 2016 - present

Instruction in the field of comparative economics has changed dramatically over the past few decades. Once primarily a comparison of market capitalism and planned socialism, courses in this area now focus on the “varieties of capitalism,” including those manifestations which still retain a significant degree of governmental involvement. The continent of Europe provides an excellent case study in these contrasts. The International Business Institute (IBI) provides an excellent opportunity to teach these subjects in the context of the nations and regions under consideration.