Economic Theory Commons^™

Investing In Education: Impact Of Student Financial Stress On Self-Reported Health, Stephen Poplaski, Randy Kemnitz, Cliff A. Robb

Journal of Student Financial Aid

Through the lens of Human Capital theory, the role of financial aid (both amount and type) is explored in the context of student financial stress, and ultimately general student health. Data are taken from a sample of 232 students from a major Midwestern university who were surveyed about their financial attitudes, behavior and knowledge. The presence and amount of federal loans was associated with self-reported financial stress, and the validated stress measure was further associated with students’ self-reported health. A number of personal life events (i.e. job loss) were also associated with higher stress levels. Implications are discussed.

Working Paper No. 21, The Union Of Democracy And Socialism: Towards An Intellectual Biography Of Karl Kautsky, Leo Kendall

Working Papers in Economics

This inquiry seeks to establish that Karl Kautsky’s vision of social democracy considered and incorporated the best of his day’s socialist theory, leading to the creation of a powerful formula that has also proved enduring, leading towards the achievement of socialist goals. Karl Kautsky was influenced by his work with Karl Marx, Eduard Bernstein and Friedrich Engels. During his time with these noted thinkers he created a unique form of socialism that today is termed ‘social democracy’. Kautsky advanced the view that socialism could better survive when it integrated democracy. Socialism cannot have a period of dictatorship for implementation, but …

Working Paper No. 04, Marx And Religion, Lauren Sweger-Hollingsworth

Working Papers in Economics

This inquiry seeks to establish that, in his writings, Karl Marx offers his perspectives on religion. The origins of Marx’s conception of religion can be traced to his family history, adolescence, and time at the University of Berlin. Marx’s criticism of contemporary philosophy offers a penetrating account of his views on religion, proving critical of the individualism and idealism implemented by his contemporaries. In Marx’s judgement, religion offers a false sense of solace in a world marked by abuse. Religion rationalizes domination, sows societal divisions, and preserves oppressive institutions. Marx’s materialist approach focuses on the real-life relations and activities within …

Working Paper No. 05, Proudhon, Bakunin And Anarcho-Socialism, Lauren Sweger-Hollingsworth

Working Papers in Economics

This inquiry seeks to establish that Pierre-Joseph Proudhon and Mikhail Bakunin advanced ideas supporting what can be identified as anarcho-socialism, and the distinctness in their approaches can also be associated with splits that emerged with the First International Workingmen’s Association. For Proudhon, the institution of property entrenches inequality. In Proudhon’s judgement, society must orient towards advancing independence, proportionality, equality, and individual autonomy without limitations from legal structures. In Bakunin’s anarcho-socialist view, society must reject all forms of authority. In Bakunin’s conception of society, economic and political structures must be constructed from base to summit, founded upon the rights of free …

Working Paper No. 13, Friedrich List And National Development, Mitch B. Priestley

Working Papers in Economics

This inquiry seeks to establish that Friedrich List offers an approach to national economic development based upon implementing policies. List conceptualizes and describes a situation wherein the United States, along with Germany and some other Continental European countries, face challenges dissimilar to Britain. List emphasizes an alternate approach towards national development that flies in the face of Adam Smith’s laissez-faire, free-trade prescription, focusing instead upon the powers of production, that he suggests, offer a proper measure of a nation’s wealth. List is a limited protectionist who advocates for national policies suited to a nation based upon its history and level …

Working Paper No. 15, Jevons’ Selective Interpretation Of Bentham, Devin Bales

Working Papers in Economics

This inquiry seeks to establish that in The Theory of Political Economy, W. Stanley Jevons offers a selective interpretation of Jeremy Bentham’s notion of utility. Moreover, Jevons does so in a manner that generates enduring implications for Economics as a science. Special emphasis is placed upon Jevons’ use of Bentham’s understanding of the circumstances that direct pursuits of pleasure and avoidance of pain. Emphasized is that Jevons’ omission of ‘fecundity, purity, and extent’ as quantifiers of utility, creates enduring implications that emerged years after his book’s publication in 1871. What is finally considered are some of the difficulties associated …

Working Paper No. 16, Had We Paid Attention To Keynes?, Saidhbhe Quigley

Working Papers in Economics

This inquiry seeks to establish that a host of problems could have been averted had we paid attention to Keynes. In the view of Keynes (2013, pp. 23-28), the Versailles Treaty was unnecessarily punitive towards Germany. He explains that the terms negotiated during the Paris Peace Conference were at odds with the agreement that took place during the Armistice when both sides decided to lay down their weapons and end fruitless battling. Consequently, following the Wall Street Crash of 1929, Germany registered as one of the most nations most tragically affected by the Great Depression. This is partially because of …

Working Paper No. 17, William Petty And Political Economy, Clarissa Allen

Working Papers in Economics

This inquiry seeks to establish that during the first part of the 1600s, William Petty generated original contributions to political economy. Subsequent to the Irish rebellion and in the wake of the English occupation of Ireland, Petty led a team of surveyors for measuring out areas of Ireland. The survey that he led mapped selected territories and detailed numerous characteristics, thus employing an early, rudimentary, but highly insightful census method. Petty sought to describe his world objectively and quantitatively through the use of numbers, weights, and measures – rather than subjectively. Petty developed a method of calculation still famously known …

Working Paper No. 18, Thomas Piketty On Capital And Inequality, Max Randall

Working Papers in Economics

This inquiry seeks to establish that, in his Capital in the Twenty-First Century, Thomas Piketty advances ideas concerning the origins and implication of economic inequality. Piketty commences his inquiry by considering and detailing wage differences amongst distinct classes of society. This mechanism for the distribution of income is compared across selected nations, and the differing tendencies over time are examined in detail. Distinct from working wages, Piketty considers income effects associated with capital ownership. Adding to this, Piketty shows that effects of inheritance need be considered as capital is passed to successive generations, thereby allowing the accruing of monetary …

Working Paper No. 20, Veblen And The Question Of Sexual Selection, Jenica M. Kramer

Working Papers in Economics

This inquiry seeks to counter a hypothesis recently advanced by Jon D. Wisman; which states that Thorstein Veblen “missed” the opportunity to incorporate sexual selection into his evolutionary economics. To the contrary, I shall argue that Veblen’s vision is not at all lacking and that he intentionally failed to integrate into his evolutionary thinking the animal drive of sexual selection. First-off, I offer an account of Wisman’s thesis and this is followed by a refutation of his argument while making use of Veblen’s key concepts. Tracing the evolution of “conspicuous consumption” to its social inception, I endeavor to reveal the …

Working Paper No. 23, Hyman Minsky And Financial Instability, Gabriel Caballero

Working Papers in Economics

Hyman Minsky can readily be categorized as a post-Keynesian economist, for he advances a purist’s interpretation of John Maynard Keynes’ The General Theory of Employment, Interest and Money. Through employing a rigorous Keynesian framework, Minsky developed an enduring contribution to the literature bearing the title: “The Financial Instability Hypothesis” (1992), that appears as Working Paper No. 74 at the Jerome Levi Institute. In this document Minsky considered forces and variables that induce financial instability—that are also specific to advanced capitalist economies. He challenges the classical economists and the notion that a general equilibrium will prevail. Instead, Minsky goes on to …

Working Paper No. 25, On The Importance Of Contributions By Robert Torrens, Mitchell Veele

Working Papers in Economics

This inquiry seeks to establish that although hardly recognized, Robert Torrens’ contributions prove significant and also provided bases for advances later credited to David Ricardo. In his first published work, An Essay on the External Corn Trade [1815], Torrens discusses at length the negative consequences of Britain’s Corn Laws, based upon the practice of restricting foreign corn imports. Through this prescient work, Torrens should be considered as the first to advance several concepts and principles that prove foundational for classical economic thought. Though attributed to David Ricardo, the principle of comparative advantage was actually first described by Torrens and another …

Working Paper No. 26, Basic Tenets Of The Austrian School Of Economics, Vladislav Yurlov

Working Papers in Economics

The Austrian school of economic thought has offered many ideas throughout its more than century old history. Beginning with Carl Menger’s Principles of Economics, the focus of this school dealt with individuals acting in a society for the benefit of everyone. With liberalism at their core, thinkers such as Friedrich von Wieser, Ludwig von Mises, and Friedrich Hayek saw economics as a practical approach to living. This inquiry seeks to establish that the Austrian school of economics advanced basic tenets. Building off of, and often creating their own ideas, Austrian economists gave rise to the principles of marginalism, significance …

Working Paper No. 27, Processes In Capital Accumulation Leading Towards Inequality, Matthew Perez

Working Papers in Economics

This inquiry considers, compares, and contrasts two different theoretical explanations of processes leading towards capital accumulation and also inequality. First considered is Immanuel Wallerstein’s Historical Capitalism. In this book he advances and stresses that processes leading towards capital accumulation are inherently unequal, as these processes are based upon commodification, proletarization, and jurisdiction. The second part considers the views advanced by Thomas Picketty. In his Capital in the Twenty First Century, Picketty offers a fundamentally different understanding of what drives and leads towards capital accumulation and income inequality. In contrasts to Wallerstein, Picketty explains that the dynamic generating capital …

Working Paper No. 31, Marx And Proudhon: Two Visions Of Socialism, Lillian Garcia

Working Papers in Economics

This inquiry seeks to establish that Karl Marx and Pierre-Joseph Proudhon espoused fundamentally different visions of socialism. Marx regarded Proudhon with initial enthusiasm and joined the left at large in celebrating his 1840 essay, What is Property? However, in 1846, when Proudhon attempted to solve the problems of capitalism in his work, System of Economic of Contradictions or The Philosophy of Poverty, Marx took to his pen for an unsparing attack, authoring his The Poverty of Philosophy. At the crux of their split were two analyses of the status of labor and two competing prescriptions for change. While …

Working Paper No. 34, Rosa Luxemburg And Joan Robinson On The Accumulation Of Capital, Brian Vistica

Working Papers in Economics

This inquiry seeks to establish that both Rosa Luxemburg and Joan Robinson advanced ideas on the accumulation of capital. Related to their social status in their respective eras, each proposed their distinct ideas on the expansion of production and the accumulation of capital. Both scholars bring into consideration the alarming ways that a seemingly ceaseless expansion in turn calls for an expansion of a marketplace for generating sufficient levels of demand for output. These two authors offer historical examples drawn from around the globe, ranging from the commodification of land on the Indian subcontinent to the Opium Wars in China, …

Working Paper No. 24, Economic Thought During Japan’S Meiji Era, Karson M. Pence

Working Papers in Economics

This inquiry seeks to establish that it was Fukuzawa Yukichi who played a key roled in developing ideas that assisted the modernization of Japan, leading up to and especially after the Meiji Reformation of 1868. In An Outline of a Theory of Civilization [1875], Fukuzawa advances a clear understanding that Japan should make the shift from a producer nation to a manufacturer nation, and without having to bear the costs of importing vast sums of foreign capital. Under suspicion that the 250 year rule of the Bakufu left the Japanese economy stagnant and weak, Fukuzawa asserted that the only means …

Working Paper No. 33, Behavioral Assumptions In Jevons And Menger, Yvan Saastamoinen

Working Papers in Economics

In their key works, W. Stanley Jevons (1835-1882) and Carl Menger (1840-1921) introduce crucial behavioral assumptions as these relate to individual and aggregate economic activity. The assumptions found in Jevons’ work primarily focus on the ‘Pain and Pleasure Principle’, originally established by Jeremy Bentham, and how the human characteristic of inevitable variability interacts with basic needs. Subsequently, Menger’s contribution is centered on the idea that the value of a good is inherently subjective and also dependent upon human variability. This inquiry, therefore, seeks to establish that Jevons’ and Menger’s behavioral assumptions led to their being classified as early ‘behavioral’ economists. …

Synergies And Tradeoffs Among Sdgs And Policies (Syntrap) - June 2019, John A. Oldekop

Forest Collaborative Research

Presentation focuses on the following research questions:

1) Under what conditions do policies and programs aimed at achieving SDG 15—in particular by conserving or restoring forests—promote or inhibit achieving other SDGs?

2) Under what conditions do policies and programs aimed at achieving SDGs other than SDG 15 promote or inhibit achieving SDG 15?

3) Under what conditions do various policies and programs aimed at conserving or restoring forests (SDG 15) have synergies or tradeoffs with each other?

4) What policy lessons can be learnt from cases where synergies and tradeoffs have occurred, and how can these lessons be used to …

Forests And Health In Mexico: Preliminary And Pre-Preliminary Work - June 2019, Alejandro López-Feldman

Forest Collaborative Research

Presentation focuses on subjective wellbeing and natural protected areas in Mexico