Economic Theory Commons^™

An Attempt To Reshape Capitalism’S Image, Ross A. Nichols

Gettysburg Economic Review

John Stuart Mill claimed to be a disciple of both Jeremy Bentham and David Ricardo. This was a strange proclamation because each man advocated a competing theory of value; Bentham’s utilitarianism laid the foundation for the utility theory of value and Ricardo developed the labor theory of value. Mill’s goal in attempting to unify these theories of value was to provide a solution for the growing class conflict that plagued capitalism. Class conflict arose as feudalism was phased out and industrial capitalism replaced merchant capitalism as the dominant economic system. The Corn Laws symbolized this competition between classes. Capitalists were …

Resource Adequacy: Should Regulators Worry?, Hernan D. Bejarano, Lance Clifner, Carl Johnston, Stephen J. Rassenti, Vernon L. Smith

Economics Faculty Articles and Research

Regulators have proposed various institutional alternatives to secure network resource adequacy and reasonably priced electric power for consumers. These alternatives prompt many difficult questions: Does the development of Demand Response reduce the need for new capacity? How effectively can a government-mandated Capacity Market foster efficient investment? How does centralized generator commitment (with revenue guarantees) compare to a system in which Generators voluntarily commit themselves with no revenue guarantees? If exclusive distribution contracts were replaced by unregulated retail competition, what would be the effects on investment and market prices? We use laboratory experiments to address these questions.

Comment, Dean D. Croushore

Economics Faculty Publications

No abstract provided.

Ethics And Critical Thinking, Jonathan B. Wight

Economics Faculty Publications

This chapter seeks to demonstrate that investigations in positive economics rely on ethical perspectives and practices, and further, that critical thinking requires a wider ethical viewpoint than normative economics generally permits. Positive economics generally relies, for example, on the unsung virtues of the investigator who demonstrates honesty and transparency in the search for truth. Ethical failures in this regard are not uncommon (DeMartino, 2011). But another unstated ethical perspective appears in the worldview from which a researcher sets out to model behavior. Modelers almost always assume that rationality requires that an economic actor undertake an action in pursuit of a …

The Impact Of Institutional Arrangements On Educational Efficiency, Trevor Collier

Economics and Finance Faculty Publications

Per-pupil expenditures on education in the United States have grown immensely in recent decades, yet student achievement has been stagnant. An abundance of research has sought to solve this enigma, much of it centered on the incentive structure facing administrators. Some recent papers use TIMSS data to analyze the relationship between institutional arrangements—that typically do not vary within a single country—and student achievement. Similarly, we utilize TIMSS 1999 to determine if there is an indirect relationship between institutional arrangements and student achievement, via a relationship with school efficiency. Our results show that the specified link between institutional arrangements and student …

The Implications Of Migration Theory For Distributive Justice, Alexander Sager

Philosophy Faculty Publications and Presentations

This paper explores the implications of empirical theories of migration for normative accounts of migration and distributive justice. It examines neo-classical economics, world-systems theory, dual labor market theory, and feminist approaches to migration and contends that neo-classical economic theory in isolation provides an inadequate understanding of migration. Other theories provide a fuller account of how national and global economic, political, and social institutions cause and shape migration flows by actively affecting people's opportunity sets in source countries and by admitting people according to social categories such as class and gender. These empirical theories reveal the causal impact of institutions regulating …

Interest Rates Empirical Evidence, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Gibson's paradox by Anwar Shaikh, PhD (Unpublished manuscript, June 13, 2007) (22-35_Inte... p. 4)
• Interest rate empirical patterns by Anwar Shaikh, PhD (Unpublished manuscript, June 13, 2007) (22-35_Inte... p. 9)
• Our interest rate theory by Anwar Shaikh, PhD (Unpublished manuscript, June 13, 2007) (22-35_Inte... p. 11)
• Bond arbitrage empirical test by Anwar Shaikh, PhD (Unpublished manuscript, July 20, 2007) (22-35_Inte... p. 19)
• Real long term bond prices by Anwar Shaikh, PhD (Unpublished handwritten notes, August 7, 2012) (22-35_Inte... p. 26).

The Herodotus Paradox, Michael R. Baye, Dan Kovenock, Casper G. De Vries

Economics Faculty Articles and Research

The Babylonian bridal auction, described by Herodotus, is regarded as one of the earliest uses of an auction in history. Yet, to our knowledge, the literature lacks a formal equilibrium analysis of this auction. We provide such an analysis for the two-player case with complete and incomplete information, and in so doing identify what we call the 'Herodotus paradox.'

The Lifeboat Problem, Kai A. Konrad, Dan Kovenock

Economics Faculty Articles and Research

We study an all-pay contest with multiple identical prizes (“lifeboat seats”). Prizes are partitioned into subsets of prizes (“lifeboats”). Players play a two-stage game. First, each player chooses an element of the partition (“a lifeboat”). Then each player competes for a prize in the subset chosen (“a seat”). We characterize and compare the subgame perfect equilibria in which all players employ pure strategies or all players play identical mixed strategies in the first stage. The partitioning of prizes can lead to coordination failure when players employ nondegenerate mixed strategies. In these equilibria some rents are sheltered and rent dissipation is …

Ex Ante Stock Flow Accounts, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2012). Part III: Comments on Argentina (Unpublished manuscript notes).
• Shaikh, A. (2010). Chapter 11: Ex ante stock/flow accounts (Unpublished manuscript).

My Macro Notes, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2010). Keynes notes on Tsoulfidis 2010 (Unpublished manuscript) (p. 2).
• Shaikh, A. (2012). Thessaloniki effective demand state (Unpublished manuscript) (p. 3).
• Ewing, J., & Kanter, J. (2012). EU officials take steps toward centralized banking regulation. International Herald Tribune, p. 16 (p. 3).
• Shaikh, A. (n.d.). Q Lina, unprecedented S/Y (Handwritten notes) (p. 6).
• Ahiakpor, J. C. W. (1995). No paradox of thrift in classical accumulation. Journal of the History of Economic Thought, 17(1), 16–33. Cambridge University Press (p. 7).
• Leijonhufvud, A. (1981). Information and coordination: Essays in macroeconomic theory. Oxford University …

Interest And Finance, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2007). My theory of interest rate (Unpublished manuscript) (22-26_Inte... p. 2).
• Shaikh, A. (2012). Long bonds and interest rate (Unpublished manuscript) (22-26_Inte... p. 3).
• Shaikh, A. (2011). Bond rate of return (Unpublished manuscript) (22-26_Inte... p. 4).
• Shaikh, A. (2012). Points from interest rate theories (Unpublished manuscript) (22-26_Inte... p. 18).
• Panico, C. (1988). Interest and profit in the theories of value and distribution. St. Martin's Press (22-26_Inte... p. 16).
• Shaikh, A. (2012). Competition and finance (Unpublished manuscript) (22-26_Inte... p. 21).
• Shaikh, A. (2012). Long run data list (Unpublished dataset) (22-26_Inte... p. 40).
• Shaikh, A. (2009). …

Nonlinear Dynamics And Stability In A Multigroup Asset Flow Model, Mark Desantis, David Swigon, Gunduz Caginalp

Economics Faculty Articles and Research

The multigroup asset flow model for asset price dynamics incorporates distinct motivations, e. g., trend and fundamentals (value) and assessments of value by different groups of investors. The stability and bifurcation properties are established for the curve of equilibria. We prove that if all trader groups focus on fundamentals, then all equilibria are stable. For systems in which there is one fundamental and one momentum (trend) group, we establish conditions for stability. In particular, an equilibrium that is stable becomes unstable as the time scale on which momentum investors focus diminishes. The computations examine the excursions, which we define as …

An Economic Perspective On Preemption, Keith N. Hylton

Faculty Scholarship

This Essay has two goals. The first is to present an economic theory of preemption as a choice among regulatory regimes. The optimal regime choice model is used to generate specific implications for the court decisions on preemption of products liability claims. The second objective is to extrapolate from the regime choice model to consider its implications for broader controversies about preemption.

Inet Grant Cycle Ii, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes the contents of an unpublished file:

• Inaugural grant cycle ii folder notes by Anwar Shaikh 
• Office of Institutional Giving grant proposal form by Anwar Shaikh 
• Grants application form spring 2011 by Anwar Shaikh 
• Update on your grant application from INET by Institute for New Economic Thinking 
• Email correspondence regarding confirmation of grant resubmission by Anwar Shaikh and Nicholas Alpha 
• Email correspondence regarding grant proposal submission and travel updates by Nicholas Alpha and Anwar Shaikh 
• Submission form checklist handwritten notes by Anwar Shaikh 

Inet Report No. 1,2, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2011, April). Project budget: "Turbulent dynamics and hidden patterns" (A stage II submission to INET) (Manuscript) (23-46_INET... p. 2). New School University Archives.
• Barletta, F. (2012, September 1). The New School financial report (Final) for "Book on turbulent dynamics in advanced economics" (Manuscript) (23-46_INET... p. 3). New School University Archives.
• New School University. (2012, August). Oracle financial system ledger for grant C00000472 (Turbulent dynamics in advanced econ) (Manuscript screen capture with handwritten note by Anwar Shaikh, PhD) (23-46_INET... p. 4). New School University Archives.
• King, R. (2012, July 10). Email correspondence regarding proposal from The …

Interest Rates Nc, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Jacobs, D. P., Farwell, L. C., & Neave, E. H. (1972). Financial institutions (5th ed.). Richard D. Irwin.
• Shaikh, A. (2012). On Wall Street, the rising cost of high-speed trading (Commentary note on Popper).
• Popper, N. (2012). On Wall Street, the rising cost of high-speed trading. The New York Times, p. A1.
• Mramor, D., & Lončarski, I. (n.d.). Traditional, modern and new approach to finance (Unpublished manuscript). University of Ljubljana.
• Kohn, M. (1991). Money, banking, and financial markets. The Dryden Press.
• O'Brien, T. J. (1991). A simple binomial no-arbitrage model of the term structure, with …

Inet Grant Completion, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2012, December 9). Final grant completion report for INET grant ID #IN011-00056 and #IN012-0040 (Memorandum) (2). New School University Archives.
• Institute for New Economic Thinking. (2012, November 29). Grant award letter to Mr. Anwar Shaikh (RE: INO12-00040) (Manuscript) (3, 4). New School University Archives.
• Institute for New Economic Thinking. (2012, November 17). Grant terms and conditions agreement (Grant ID #INO12-00040) (Manuscript signed by Anwar Shaikh, PhD, with a handwritten note dated December 21, 2012) (5, 6). New School University Archives.
• Department of the Treasury, Internal Revenue Service. (2012, November 10). Request for taxpayer identification number …

Competition (Misc), Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Duménil, G., Glick, M., & Lévy, D. (1997). The history of competition policy as economic history. The Antitrust Bulletin, Volume 42, Number 2. Federal Legal Publications, Inc. 
• Shaikh, A. (2011). Eco 104: Competition lecture notes on inter-industry competition and empirical findings (Unpublished manuscript). 
• Treen, M. (2010). Email correspondence regarding Andrew Kliman and crisis theory debates (Unpublished manuscript). 
• Wasshausen, D. (2010). Email correspondence regarding fixed asset accounts and NIPA data problems (Unpublished manuscript). 
• Shaikh, A. (2012). Ricardo's example 93 percent calculation spreadsheet documentation (Unpublished manuscript). 
• Shaikh, A. Handwritten notes on Smithian decomposition, prices of production theory, and …

Foley Festschift, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes.

• Foley, D. K. (Honoree). (2012, April 20–21). Schedule for the symposium in honor of Duncan K. Foley [Unpublished symposium program manuscript].

• Shaikh, A. (2012, April 20–21). Handwritten notes from the symposium in honor of Duncan K. Foley [Unpublished handwritten notes]. Symposium in honor of Duncan K. Foley.

• Shaikh, A. (2012, April 20). Production, circuits of capital, and flows and stocks in national accounts [Unpublished manuscript].

• Shaikh, A. (2011, February 21). Production, circuits of capital, and flows and stocks in national accounts [Unpublished manuscript].