Some Wittgensteinian Reservationas About Neuroeconomics, 2010 SelectedWorks
Some Wittgensteinian Reservationas About Neuroeconomics, Greg Hill
Abstract: In Economic Theory and Cognitive Science, Don Ross proposes a radical reconstruction of neoclassical economics, retaining its rational-choice framework while substituting neural networks and other “mechanisms” for people as the prototypical decision-making agents. This essay describes some of the difficulties that arise when concepts belonging to what Wittgenstein called the human “form of life” are invoked to explain the behavior of such sub-personal “agents” as parts of the brain. The result is a misbegotten conception of “agency” and a “cyborg economics” the subject matter of which bears little relation to what economists and ordinary people mean by “making a ...
An Examination Of Non-Linear Relationships Between Intellectual Property Rights Protection And Growth, Brian R. Lemak
Gettysburg Economic Review
This paper examines the possibility of a non-linear relationship existing between intellectual property rights protection (IPR) and gross domestic product (GDP) growth rates. A theoretical justification is developed for the potential existence of a non-linear relationship in terms of a quadratic relationship. This is then examined using panel data from 191 countries and taken in 5 year intervals, although the data had many missing observations. Results indicate there is statistically significant evidence that a quadratic relationship exists between IPR and GDP growth, however there are reservations about this evidence due to a dearth of observations in countries with very weak ...
China And Brazil: Potential Allies Or Just Brics In The Wall?, 2010 Montclair State University
China And Brazil: Potential Allies Or Just Brics In The Wall?, Anthony Petros Spanakos
Department of Political Science and Law Faculty Scholarship and Creative Works
Brazil is an increasingly important actor in global governance and for China specifically. Sino-Brazilian relations have deepened considerably but they remain concentrated in areas of trade and investment. There is also considerable overlap in interests between the two countries in other areas, such as diplomatic and political relations. At the same time, China must manage carefully important differences that exist over the enlargement of the UN and the potential challenge to the Brazilian industry.
Government’S Diminishing Benefits From Inflation, 2010 San Jose State University
Government’S Diminishing Benefits From Inflation, Jeffrey Rogers Hummel
No abstract provided.
If A Pure Market Economy Is So Good, Why Doesn’T It Exist? The Importance Of Changing Preferences Versus Incentives In Social Change, Jeffrey Rogers Hummel, Edward P. Stringham
Jeffrey Rogers Hummel
Many economists argue that a pure market economy cannot come about because people will always have incentives to use coercion (Cowen and Sutter, 2005; Holcombe, 2004). We maintain that these economists leave out an important factor in social change. Change can come about by altering incentives or preferences, but since most neoclassical economists ignore changing preferences, they too quickly conclude that change is impossible. History shows that social change based on changes in preferences is common. By recognizing that preferences need not be constant, political economists can say much more about changing the world.
Capm In Up And Down Markets: Evidence From Six European Emerging Markets, 2010 University of Gothenburg
Capm In Up And Down Markets: Evidence From Six European Emerging Markets, Jianhua Zhang, Clas Wihlborg
Business Faculty Articles and Research
The pricing of equity in six European emerging capital markets is analysed using both the conventional CAPM and a ‘conditional’ CAPM wherein up and down markets are separated. International influences on the stock markets are also analysed. The empirical evidence from a sample of 1,131 firms from the six markets indicates that there exists a significant relationship between beta and returns when up and down markets are separated. The international CAPM performs well in some markets that have become increasingly integrated with the world market. The general implication of the analysis is that beta can be a useful risk-measure ...
Financial Liberalization And Banking Crises: A Cross-Country Analysis, 2010 Milken Institute
Financial Liberalization And Banking Crises: A Cross-Country Analysis, Apanard P. Angkinand, Wanvimol Sawangngoenyuang, Clas Wihlborg
Business Faculty Articles and Research
Several studies indicate that financial liberalization contributes to the likelihood of a financial crisis. We focus on banking crises and argue that they are most likely to occur after an intermediate degree of liberalization. Using a recently updated dataset for financial reforms in 48 countries between 1973 and 2005, we find an inverted U-shaped relationship between liberalization and the likelihood of crisis. We ask whether the relationship remains when institutional characteristics of countries and dynamic effects of liberalization are considered. The empirical results indicate that the relationship between liberalization and banking crises depends strongly on the strength of capital regulation ...
How Are Inflation Expectations Formed By Consumers, Economists And The Financial Market?, 2010 Claremont McKenna College
How Are Inflation Expectations Formed By Consumers, Economists And The Financial Market?, Shaun Khubchandani
CMC Senior Theses
Inflation expectations have been of great interest to economists because they predict how agents in an economy set prices and react to changes in various macroeconomic variables. The existence of Keynesian liquidity traps in Japan and the United States have helped emphasize the importance of inflation expectations, especially when monetary policy is rendered ineffective and there is almost perfect substitutability between money and bonds due to the zero bound condition of interest rates. Given the canonical theories of rational and adaptive expectations, this paper will use a simple model of the economy to measure the effect of various macroeconomic variables ...
Continuity Of Fdi: Determinants And Effects On Growth, 2010 Colby College
Continuity Of Fdi: Determinants And Effects On Growth, Loredana Popescu
The literature on foreign direct investment (FDI) provides evidence on the relation from FDI to growth in the presence of some absorptive qualities such as existing level of development, financial market depth, trade policies and human capital thresholds. The analysis of FDI inflows in the literature so far does not include an investigation of discontinuity, or of lack of steady positive flows. Discontinuities are expected to depend on development levels and risk factors in the host country as they proxy for attractiveness of the target to the foreign investor. This paper investigates the continuity of FDI with its determinants and ...
On The Intergenerational Persistence Of Work Hours, 2009 Universidad Carlos III de Madrid
On The Intergenerational Persistence Of Work Hours, Manuel Toledo
Manuel E Toledo
This paper studies the intergenerational persistence of work hours. In particular, I look at the correlation of hours between fathers and sons in the U.S. Using data from the Panel Study of Income Dynamics, I find a strong persistence in the permanent component of hours worked. I investigate the extent this correlation is explained by (i) persistence in wages, (ii) correlation in leisure preferences, and (iii) intergenerational wealth transfers. I also examine the role of work effort on the transmission of earnings across generations. To this end I provide a quantitative model of intergenerational transmission of human capital and ...
The 1905 Einstein Equation In A General Mathematical Analysis Model Of Quasars, 2009 DePaul University and Columbia College Chicago
The 1905 Einstein Equation In A General Mathematical Analysis Model Of Quasars, Byron E. Bell
Byron E. Bell
No abstract provided.
The Making Of A Radical Economist, 2009 University of California, Los Angeles
The Making Of A Radical Economist, Howard J. Sherman
HOWARD J SHERMAN
This article answers two questions. First, how do radical economists develop? Second, how do radical departments develop? In order to answer these two questions, I use my own experience in becoming a radical economist and my own experience in developing a radical department.
The Roller Coaster Economy: Financial Crisis, Great Recession, And The Public Option, 2009 University of California, Los Angeles
The Roller Coaster Economy: Financial Crisis, Great Recession, And The Public Option, Howard J. Sherman
HOWARD J SHERMAN
Measuring Poverty And Human Capital Development In Sudan, 2009 Department of Economics. Al Neelain University, Khartoum, Sudan
Measuring Poverty And Human Capital Development In Sudan, Professor Issam A.W. Mohamed
Professor Issam A.W. Mohamed
Catastrophes in Sudan are of many dimensions. Food security is a chronic and intrinsic problem in Sub Saharan Africa which is a fact recognized by the international society. Political instability, civil wars and finally recent secession of its Southern part is another fact which may be taken as a vivid example for other regions of that previously largest African country to be followed. The present paper introduces an analysis and assessment of measurements for human development indices in Sudan. It is empirically concluded that human welfare is invisible. The parameters are very low. Strategies are needed to provide for basic ...
Evaluating Reforms In Canadian Chicken Marketing Mechanisms Using A Linear-Quadratic Inventory Model, Abdessalem Abbassi, Jean-Philippe Gervais
Marketing institutions in supply managed industries are evolving due to broad globalization pressures. The output and sales decisions of chicken processing firms under two different pricing mechanisms are modeled using a linear-quadratic inventory model. Decision rules lead to structural equations that relate output and sales to their own lagged values, lagged inventories and lagged prices and cost indicators. A Generalized Method of Moments (GMM) estimator is applied to the system of equations. The null hypotheses no adjustment costs in processing and no role for inventories in marketing are rejected. We simulate the impacts of reforming the chicken pricing mechanism, moving ...
Fiscal Decentralization And Fiscal Consolidations In Emerging Market Economies, 2009 University of Wales, Bangor
Fiscal Decentralization And Fiscal Consolidations In Emerging Market Economies, John Thornton
Results using event study analysis based on a data panel of expenditure and revenue developments in emerging market economies during 1972–2001 indicate that subnational governments supported fiscal consolidation efforts by cutting their capital expenditure and increasing their revenues.
Government Size And The Stability Of Output: Evidence From Emerging Market Economies, 2009 University of Wales, Bangor
Government Size And The Stability Of Output: Evidence From Emerging Market Economies, John Thornton
Fata ́ s and Mihov (2001a, b) reported a negative and statistically significant relation between government size and output variability in a cross-section of 20 Organization for Economic Cooperation and Development (OECD) countries and concluded that large governments stabilize output. This conclusion does not appear to be valid for Emerging Market Economies (EMEs). Results from cross-section and combined cross-section and time series regressions for a sample of 21 EMEs for the period 1970 to 2001 indicate that the relation between government size and output volatility is statistically significant and positive.
Who Chooses To Adopt Fiscal Responsibility Laws? Evidence From Emerging Market Economies, 2009 University of Wales, Bangor
Who Chooses To Adopt Fiscal Responsibility Laws? Evidence From Emerging Market Economies, John Thornton
In recent years, at least 10 emerging market economies have sought to anchor their fiscal frameworks in fiscal responsibility laws. Key factors in the decision appear to include a prior improvement in fiscal discipline, particularly in the context of a federal fiscal system, substantial ethnic fractionalization and vulnerability to adverse shocks, such as real exchange rate volatility and inflation.
Fiscal Sustainability In A Panel Of Asian Countries, 2009 University of Wales, Bangor
Fiscal Sustainability In A Panel Of Asian Countries, John Thornton
Panel cointegration techniques indicate that government revenue (REV) and expenditure (EXP) in a panel of five Asian economies for the period 1974 to 2001 were nonstationary and cointegrated series. However, the cointegration coefficient was significantly less than unity, indicating ‘weak’ fiscal sustainability and the likelihood that policy measures would be needed to put the public finances on a more sustainable basis
Black Tuesday And Graying The Legitimacy Line For Governmental Intervention: When Tomorrow Is Just A Future Yesterday, 2009 Chapman University School of Law
Black Tuesday And Graying The Legitimacy Line For Governmental Intervention: When Tomorrow Is Just A Future Yesterday, Donald J. Kochan
Donald J. Kochan
Black Tuesday in October 1929 marked a major crisis in American history. As we face current economic woes, it is appropriate to recall not only the event but also reflect on how it altered the legal landscape and the change it precipitated in the acceptance of governmental intervention into the marketplace. Perceived or real crises can cause us to dance between free markets and regulatory power. Much like the events of 1929, current financial concerns have led to new, unprecedented governmental intervention into the private sector. This Article seeks caution, on the basis of history, arguing that fear and crisis ...