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Full-Text Articles in Social and Behavioral Sciences
Adam Smith And Entangled Political Economy, Maria Paganelli
Adam Smith And Entangled Political Economy, Maria Paganelli
Maria Pia Paganelli
Entangled Political Economy, the idea that the economy and the polity are a nexus of interrelations often with unplanned outcomes, is close to the concept of economics that Adam Smith presents, a concept which was not shaped by strict discipline barriers. I show that Adam Smith analyzes the nature and causes of the wealth of nations by analyzing the interaction of the economy with politics, ethics, and the law. In particular, Smith presents each of these systems as a network of relations with all the other systems: the economy is entangled not just with the polity, but also with other …
David Hume On Monetary Policy: A Retrospective Approach, Maria Pia Paganelli
David Hume On Monetary Policy: A Retrospective Approach, Maria Pia Paganelli
Maria Pia Paganelli
Monetary policy is a modern idea of which David Hume is generally considered a precursor. Moreover, thanks to Milton Friedman and Robert Lucas, he is often presented as one of the first and most illustrious endorser of monetarism. This paper argues against this view, and in agreement with Joseph Schumpeter, that Hume’s contribution to economics, while not insignificant, cannot claim any real novelties. It offers an interpretation of Hume as a descendant of a pre-modern understanding of money rather than a forerunner of modern monetary ideas, and as a scholar exposing common ideas of his time rather than a prophet …
The Causal Effect Of Market Priming On Trust: An Experimental Investigation Using Randomized Control, Omar Al-Ubaydli, Daniel Houser, John Nye, Maria Paganelli, Xiaofei Pan
The Causal Effect Of Market Priming On Trust: An Experimental Investigation Using Randomized Control, Omar Al-Ubaydli, Daniel Houser, John Nye, Maria Paganelli, Xiaofei Pan
Maria Pia Paganelli
We report data from laboratory experiments where participants were primed using phrases related to markets and trade. Participants then participated in trust games with anonymous strangers. The decisions of primed participants are compared to those of a control group. We find evidence that priming for market participation affects positively the beliefs regarding the trustworthiness of anonymous strangers and increases trusting decisions.
Are Two Knaves Better Than One? Every Man A Knave: Hume, Buchanan, And Musgrave's View On Economics And Government, Andrew Farrant, Maria Paganelli
Are Two Knaves Better Than One? Every Man A Knave: Hume, Buchanan, And Musgrave's View On Economics And Government, Andrew Farrant, Maria Paganelli
Maria Pia Paganelli
It is commonplace to view market agents as self-interested knaves, while government agents are either as knaves or public-spirited angels. What are the consequences of these different motivational assumptions in modeling governmental and market behavior? We compare David Hume, James M. Buchanan, and Richard Musgrave. We claim that Hume, the only one thinking consistently in terms of the worst-case, offers a second best solution for both the government and the economy, which may turn out to be the best possible solution given human nature. Because of the reciprocal check, two knaves are better than one. More is preferred to less …
The Causal Effect Of Market Priming On Trust: An Experimental Investigation Using Randomized Control, Omar Al-Ubaydli, Daniel Houser, John Nye, Maria Pia Paganelli, Xiaofei Sophia Pan
The Causal Effect Of Market Priming On Trust: An Experimental Investigation Using Randomized Control, Omar Al-Ubaydli, Daniel Houser, John Nye, Maria Pia Paganelli, Xiaofei Sophia Pan
Maria Pia Paganelli
We report data from laboratory experiments where participants were primed using phrases related to markets and trade. Participants then participated in trust games with anonymous strangers. The decisions of primed participants are compared to those of a control group. We find evidence that priming for market participation affects positively the beliefs regarding the trustworthiness of anonymous strangers and increases trusting decisions.
Are Two Knaves Better Than One? Every Man A Knave: Hume, Buchanan, And Musgrave's View On Economics And Government, Andrew Farrant, Maria Pia Paganelli
Are Two Knaves Better Than One? Every Man A Knave: Hume, Buchanan, And Musgrave's View On Economics And Government, Andrew Farrant, Maria Pia Paganelli
Maria Pia Paganelli
It is commonplace to view market agents as self-interested knaves, while government agents are either as knaves or public-spirited angels. What are the consequences of these different motivational assumptions in modeling governmental and market behavior? We compare David Hume, James M. Buchanan, and Richard Musgrave. We claim that Hume, the only one thinking consistently in terms of the worst-case, offers a second best solution for both the government and the economy, which may turn out to be the best possible solution given human nature. Because of the reciprocal check, two knaves are better than one. More is preferred to less …