Kevin D Hoover
Biographic Data
| ID | 703871 |
|---|---|
| NAME | Kevin D Hoover |
| GIVEN NAMES | Kevin D |
| FAMILY NAME | Hoover |
| SIGNATURE | HOOVER K D |
| AFFILIATIONS | Duke University |
| ORCID | 0000-0002-0215-2628 |
| VERIFIED | Yes |
| TOTAL WORKS | 31 |
| TOTAL CITATIONS | 82 |
| AUTHOR COUNT | 31 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1990 |
| LATEST PUBLICATION YEAR | 2021 |
| H-INDEX | 5 |
The economics of trade liberalization: Charles S. Peirce and the Spanish Treaty of 1884
In the 1870 s and 1880 s, the scientist, logician, and pragmatist philosopher Charles S. Peirce possessed an advanced knowledge of mathematical economics, having mastered and criticised Cournot as early as 1871. In 1884 he engaged in a multi-round debate with the editors of The Nation over the economics of trade liberalisation in the case of a proposed trade treaty with Spain concerning import tariffs on Cuban and Puerto Rican sugar. While the ma…
First principles, fallibilism, and economics
The Life you do Not Save: Reflections on the Causal Element in the Notion of a Decision's Consequences: Comment
»Vielmehr bietet [der Kommentar] auf höchstem Niveau eine substantielle Auseinandersetzung mit den Hintergründen, den Zusammenhängen, der Theorie und der Praxis des Grundgesetzes. Besseres lässt sich von einem Verfassungskommentar nicht sagen.“ Herbert Günther Staaatsanzeiger für das Land Hessen 2018 (50), 1494–1495
Craufurd D. W. Goodwin (1934–2017)
Craufurd Goodwin
Research Article| February 01 2019 Craufurd Goodwin: Economist as Collector Kevin D. Hoover Kevin D. Hoover Search for other works by this author on: This Site Google History of Political Economy (2019) 51 (1): 187–191. https://doi.org/10.1215/00182702-7289420 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search Site Citation Kevin D. Hoover; Craufurd Goodwin: Economist as Collector. History of Political Economy 1 F…
Keynes and Economics
Research Article| February 01 2019 Keynes and Economics Kevin D. Hoover Kevin D. Hoover Search for other works by this author on: This Site Google History of Political Economy (2019) 51 (1): 83–88. https://doi.org/10.1215/00182702-7289276 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search Site Citation Kevin D. Hoover; Keynes and Economics. History of Political Economy 1 February 2019; 51 (1): 83–88. doi: https://…
Macroeconomics, History of From 1933 to Present
The ontological status of shocks and trends in macroeconomics
Reductionism in Economics: Intentionality and Eschatological Justification in the Microfoundations of Macroeconomics
Macroeconomists overwhelmingly believe that macroeconomics requires microfoundations, typically understood as a strong eliminativist reductionism. Microfoundations aims to recover intentionality. In the face of technical and data constraints macroeconomists typically employ a representative-agent model, in which a single agent solves the microeconomic optimization problem for the whole economy, and take it to be microfoundationally adequate. The …
In the Kingdom of Solovia: The Rise of Growth Economics at Mit, 1956-70
From its flow tide, fueled by the Cold War, to its ebbing with the anti-growth movement and the economic crises of the early 1970s, the "growthmen" of MIT stood at the center of the dominant field in macroeconomics. The history of MIT growth economics is traced from Robert Solow's seminal neoclassical growth model of 1956 through the stabilization of growth theory in the first graduate textbooks
Causal structure and hierarchies of models
Observing Shocks
Macroeconomists have observed business cycle fluctuations over time by constructing and manipulating models in which shocks have increasingly played a greater role. Shock is a term of art that pervades modern economics appearing in nearly one-quarter of all journal articles in economics and in nearly half in macroeconomics. Surprisingly, its rise as an essential element in the vocabulary of economists can be dated only to the early 1970s. We trac…
Craufurd Goodwin and History of Political Economy: A Double Anniversary
History of Political Economy—HOPE to its friends—the first journal entirely devoted to the history of economics, was founded at Duke University in 1969—a little over forty years ago. On 26–27 March 2010 a conference titled “The Uses of Economics: Past and Future” was held to celebrate the fortieth anniversary. The current issue presents the proceedings of that conference. Forty years for a journal is hardly a landmark. Many academic journals are …
Minisymposium on the History of Econometrics: Introduction
The decade 1987 to 1997 was a great one for the history of econometrics. It began with Roy Epstein’s 1987 monograph. Mary Morgan’s classic history was published not long after (in 1990). Other important works soon followed: in addition to journal articles, witness Duo Qin’s 1993 study of the emergence of modern econometric practice, David Hendry and Morgan’s Foundations of Econometric Analysis (1995), which compiled original source materials, and…
The Neoclassical Growth Model and Twentieth-Century Economics
While growth has been a central element of economic thought at least since the physiocrats and Adam Smith, the modern analysis of growth using formal models began only in the middle of the twentieth century. Thanks largely to Robert Solow’s two articles, “A Contribution to the Theory of Economic Growth” (1956) and “Technical Change and the Aggregate Production Function” (1957), growth economics developed into a major area of research in macroecon…
Modern Macroeconomics: Its Origins, Development, and Current State
Book Review| November 01 2009 Modern Macroeconomics: Its Origins, Development, and Current State By Brian Snowdon and Howard R. Vane. Cheltenham: Edward Elgar, 2005. xvi; 807 pp. $60.00. Kevin D. Hoover Kevin D. Hoover Duke University Search for other works by this author on: This Site Google History of Political Economy (2009) 41 (4): 754–756. https://doi.org/10.1215/00182702-2009-055 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn Ema…
The Vanity of the Economist: "A Comment on Peart and Levy's The "Vanity of the Philosopher
In the Vanity of the Philosopher, Sandra Peart and David Levy reconsider "postclassical" economics from the vantage point of Adam Smith's "analytical" egalitarianism. Analytical egalitarianism is assumed, not proved; and Peart and Levy's criticisms of many 19th- and early 20th-century economists, as well as eugenics in general, depend on equivocating between analytical and substantive egalitarianism. They fail to provide a non-question-begging cr…
Does Macroeconomics Need Microfoundations?
As I observed in the first lecture, I chose Pissarides's model as a paradigm of the modern macroeconomic model for a variety of reasons: the clarity of its goals and exposition; the manner in which it attempted to relate its theoretical construction to empirical facts (at least in principle); and, by no means the least important reason, because it was the model that Nancy Cartwright held up as an example of a nomological machine in economics. A n…
Econometrics as Observation: The Lucas Critique and the Nature of Econometric Inference
Kevin Hoover (1955–) received a D.Phil. in economics from Oxford University after an undergraduate major in philosophy, and his work reflects this dual competence. He has contributed both to contemporary economics (especially macroeconomics) and to economic methodology, serving for a decade as the editor of The Journal of Economic Methodology . After more than two decades at the University of California, Davis, Hoover is now a professor of econom…
Introduction: Seven Decades of the IS-LM Model
For some twenty-five years after the end of World War II, the IS-LM model dominated macroeconomics. With the advent of the new classical macroeconomics in the early 1970s, that dominance was at first challenged and then broken. Yet the IS-LM model lives on. While no longer central to the graduate training of most macroeconomists or to cutting-edge macroeconomic research, the IS-LM model continues to be a mainstay of undergraduate textbooks, finds…
Causality: Models, Reasoning, and Inference
How does econometrics differ from statistics? In a recent paper, James Heckman (2000) argues that econometrics, unlike statistics, is primarily concerned with causes. Heckman revives an older tradition. The Cowles Commission in the late 1940s and early 1950s – and indeed, as Hendry and Morgan's (1995) anthology demonstrates, most early econometrics – was explicitly causal. The degree of novelty of Heckman's insight is a measure of how far econome…
Nonstationary Time Series, Cointegration, and the Principle of the Common Cause
Elliot Sober ([2001]) forcefully restates his well-known counterexample to Reichenbach's principle of the common cause: bread prices in Britain and sea levels in Venice both rise over time and are, therefore, correlated; yet they are ex hypothesi not causally connected, which violates the principle of the common cause. The counterexample employs nonstationary data—i.e., data with time-dependent population moments. Common measures of statistical a…
Measuring Causes: Episodes in the Quantitative Assessment of the Value of Money
Research Article| December 01 2001 Measuring Causes: Episodes in the Quantitative Assessment of the Value of Money Kevin D. Hoover; Kevin D. Hoover Search for other works by this author on: This Site Google Michael E. Dowell Michael E. Dowell Search for other works by this author on: This Site Google History of Political Economy (2001) 33 (Suppl_1): 137–161. https://doi.org/10.1215/00182702-33-Suppl_1-137 Cite Icon Cite Share Icon Share Twitter P…
Technology Shocks or Coloured Noise? Why real-business-cycle models cannot explain actual business cycles
Typically real-business-cycle models are assessed by their ability to mimic the covariances and variances of actual business cycle data. Recently, however, advocates of RBC models have used them to fit the historical path of real GDP using the Solow residual as a driving process. We demonstrate that the success of RBC models at matching historical GDP data does not confirm the validity of RBC models. Through simulations we demonstrate that the So…
Why Does Methodology Matter for Economics
In the context of reviewing some of the important recent literature on the methodology of economics, this article argues for the continuity of economics, economic methodology, and philosophy, against the proposition maintained by some so-called pragmatists and the rhetoric program that economics is sui generis and should be immune to criticism rooted in related disciplines. It is argued that since methodological considerations are unavoidable, ef…
Nonstationary Time Series, Cointegration, and the Principle of the Common Cause
Elliot Sober ([2001]) forcefully restates his well-known counterexample to Reichenbach's principle of the common cause: bread prices in Britain and sea levels in Venice both rise over time and are, therefore, correlated; yet they are ex hypothesi not causally connected, which violates the principle of the common cause. The counterexample employs nonstationary data—i.e., data with time-dependent population moments. Common measures of statistical a…
In the Kingdom of Solovia: The Rise of Growth Economics at Mit, 1956-70
From its flow tide, fueled by the Cold War, to its ebbing with the anti-growth movement and the economic crises of the early 1970s, the "growthmen" of MIT stood at the center of the dominant field in macroeconomics. The history of MIT growth economics is traced from Robert Solow's seminal neoclassical growth model of 1956 through the stabilization of growth theory in the first graduate textbooks
Reductionism in Economics: Intentionality and Eschatological Justification in the Microfoundations of Macroeconomics
Macroeconomists overwhelmingly believe that macroeconomics requires microfoundations, typically understood as a strong eliminativist reductionism. Microfoundations aims to recover intentionality. In the face of technical and data constraints macroeconomists typically employ a representative-agent model, in which a single agent solves the microeconomic optimization problem for the whole economy, and take it to be microfoundationally adequate. The …
The Neoclassical Growth Model and Twentieth-Century Economics
While growth has been a central element of economic thought at least since the physiocrats and Adam Smith, the modern analysis of growth using formal models began only in the middle of the twentieth century. Thanks largely to Robert Solow’s two articles, “A Contribution to the Theory of Economic Growth” (1956) and “Technical Change and the Aggregate Production Function” (1957), growth economics developed into a major area of research in macroecon…
After the Revolution: Paul Samuelson and the Textbook Keynesian Model
Research Article| December 01 1995 After the Revolution: Paul Samuelson and the Textbook Keynesian Model Kerry A. Pearce; Kerry A. Pearce Search for other works by this author on: This Site Google Kevin D. Hoover Kevin D. Hoover Search for other works by this author on: This Site Google History of Political Economy (1995) 27 (Supplement): 183–216. https://doi.org/10.1215/00182702-27-Supplement-183 Cite Icon Cite Share Icon Share Facebook Twitter …
Measuring Causes: Episodes in the Quantitative Assessment of the Value of Money
Research Article| December 01 2001 Measuring Causes: Episodes in the Quantitative Assessment of the Value of Money Kevin D. Hoover; Kevin D. Hoover Search for other works by this author on: This Site Google Michael E. Dowell Michael E. Dowell Search for other works by this author on: This Site Google History of Political Economy (2001) 33 (Suppl_1): 137–161. https://doi.org/10.1215/00182702-33-Suppl_1-137 Cite Icon Cite Share Icon Share Twitter P…
Relative Wages, Rationality, and Involuntary Unemployment in Keynes's Labor Market
Research Article| November 01 1995 Relative Wages, Rationality, and Involuntary Unemployment in Keynes's Labor Market Kevin D. Hoover Kevin D. Hoover 1 Search for other works by this author on: This Site Google History of Political Economy (1995) 27 (4): 653–685. https://doi.org/10.1215/00182702-27-4-653 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn Email Permissions Search Site Citation Kevin D. Hoover; Relative Wages, Rationality, a…
Economic Theories, True or False: Essays in the History and Methodology of Economics
Journal Article Economic Theories, True or False?: Essays in the History and Methodology of Economics Get access Economic Theories, True or False ?: Essays in the History and Methodology of Economics. By BLAUG (MARK). (Hampshire: Edward Elgar, 1990. Pp. vi + 250. £38.50 hardback. ISBN 1 85278 376 1.) Kevin D. Hoover Kevin D. Hoover University of California, Davis Search for other works by this author on: Oxford Academic Google Scholar The Economi…
First principles, fallibilism, and economics
Observing Shocks
Macroeconomists have observed business cycle fluctuations over time by constructing and manipulating models in which shocks have increasingly played a greater role. Shock is a term of art that pervades modern economics appearing in nearly one-quarter of all journal articles in economics and in nearly half in macroeconomics. Surprisingly, its rise as an essential element in the vocabulary of economists can be dated only to the early 1970s. We trac…
Why Does Methodology Matter for Economics
In the context of reviewing some of the important recent literature on the methodology of economics, this article argues for the continuity of economics, economic methodology, and philosophy, against the proposition maintained by some so-called pragmatists and the rhetoric program that economics is sui generis and should be immune to criticism rooted in related disciplines. It is argued that since methodological considerations are unavoidable, ef…
The ontological status of shocks and trends in macroeconomics
Minisymposium on the History of Econometrics: Introduction
The decade 1987 to 1997 was a great one for the history of econometrics. It began with Roy Epstein’s 1987 monograph. Mary Morgan’s classic history was published not long after (in 1990). Other important works soon followed: in addition to journal articles, witness Duo Qin’s 1993 study of the emergence of modern econometric practice, David Hendry and Morgan’s Foundations of Econometric Analysis (1995), which compiled original source materials, and…
Causality: Models, Reasoning, and Inference
How does econometrics differ from statistics? In a recent paper, James Heckman (2000) argues that econometrics, unlike statistics, is primarily concerned with causes. Heckman revives an older tradition. The Cowles Commission in the late 1940s and early 1950s – and indeed, as Hendry and Morgan's (1995) anthology demonstrates, most early econometrics – was explicitly causal. The degree of novelty of Heckman's insight is a measure of how far econome…
Keynes and Economics
Research Article| February 01 2019 Keynes and Economics Kevin D. Hoover Kevin D. Hoover Search for other works by this author on: This Site Google History of Political Economy (2019) 51 (1): 83–88. https://doi.org/10.1215/00182702-7289276 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search Site Citation Kevin D. Hoover; Keynes and Economics. History of Political Economy 1 February 2019; 51 (1): 83–88. doi: https://…
Causal structure and hierarchies of models
Craufurd Goodwin and History of Political Economy: A Double Anniversary
History of Political Economy—HOPE to its friends—the first journal entirely devoted to the history of economics, was founded at Duke University in 1969—a little over forty years ago. On 26–27 March 2010 a conference titled “The Uses of Economics: Past and Future” was held to celebrate the fortieth anniversary. The current issue presents the proceedings of that conference. Forty years for a journal is hardly a landmark. Many academic journals are …
The Vanity of the Economist: "A Comment on Peart and Levy's The "Vanity of the Philosopher
In the Vanity of the Philosopher, Sandra Peart and David Levy reconsider "postclassical" economics from the vantage point of Adam Smith's "analytical" egalitarianism. Analytical egalitarianism is assumed, not proved; and Peart and Levy's criticisms of many 19th- and early 20th-century economists, as well as eugenics in general, depend on equivocating between analytical and substantive egalitarianism. They fail to provide a non-question-begging cr…
Technology Shocks or Coloured Noise? Why real-business-cycle models cannot explain actual business cycles
Typically real-business-cycle models are assessed by their ability to mimic the covariances and variances of actual business cycle data. Recently, however, advocates of RBC models have used them to fit the historical path of real GDP using the Solow residual as a driving process. We demonstrate that the success of RBC models at matching historical GDP data does not confirm the validity of RBC models. Through simulations we demonstrate that the So…
Methodological Foundations of Macroeconomics
This book is an investigation of the methodological and epistemological foundations of macroeconomic theory, based on an examination of the theories of Keynes and Lucas. It is divided into two parts. In the first Professor Vercelli discusses the methodological issues which lie behind the conflict among different schools of thought in macroeconomics (equilibrium and disequilibrium, risk and uncertainty, rationality and causality). These issues are…
The New Classical Macroeconomics
Comprises articles published between 1972 and 1992 on new classical macroeconomics. It starts by examining the rational expectations hypothesis and the application of general equilibrium to labour markets and continues with various arguments for the ineffectiveness of government policy
The New Classical Macroeconomics: A Sceptical Inquiry
Journal Article The New Classical Macroeconomics: A Sceptical Inquiry Get access The New Classical Macroeconomics: A Sceptical Inquiry. By KEVIN D. HOOVER. (Oxford and New York: Basil Blackwell, 1989. Pp. xiv + 310. £32.50 hardback. ISBN 0631 146059.) David Demery David Demery University of Bristol Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 100, Issue 399, 1 March 1990, Pages 256–257, htt…
Economic Theories, True or False: Essays in the History and Methodology of Economics
Journal Article Economic Theories, True or False?: Essays in the History and Methodology of Economics Get access Economic Theories, True or False ?: Essays in the History and Methodology of Economics. By BLAUG (MARK). (Hampshire: Edward Elgar, 1990. Pp. vi + 250. £38.50 hardback. ISBN 1 85278 376 1.) Kevin D. Hoover Kevin D. Hoover University of California, Davis Search for other works by this author on: Oxford Academic Google Scholar The Economi…
Methodological Foundations of Macroeconomics
This book is an investigation of the methodological and epistemological foundations of macroeconomic theory, based on an examination of the theories of Keynes and Lucas. It is divided into two parts. In the first Professor Vercelli discusses the methodological issues which lie behind the conflict among different schools of thought in macroeconomics (equilibrium and disequilibrium, risk and uncertainty, rationality and causality). These issues are…
Why Does Methodology Matter for Economics
In the context of reviewing some of the important recent literature on the methodology of economics, this article argues for the continuity of economics, economic methodology, and philosophy, against the proposition maintained by some so-called pragmatists and the rhetoric program that economics is sui generis and should be immune to criticism rooted in related disciplines. It is argued that since methodological considerations are unavoidable, ef…
After the Revolution: Paul Samuelson and the Textbook Keynesian Model
Research Article| December 01 1995 After the Revolution: Paul Samuelson and the Textbook Keynesian Model Kerry A. Pearce; Kerry A. Pearce Search for other works by this author on: This Site Google Kevin D. Hoover Kevin D. Hoover Search for other works by this author on: This Site Google History of Political Economy (1995) 27 (Supplement): 183–216. https://doi.org/10.1215/00182702-27-Supplement-183 Cite Icon Cite Share Icon Share Facebook Twitter …
Relative Wages, Rationality, and Involuntary Unemployment in Keynes's Labor Market
Research Article| November 01 1995 Relative Wages, Rationality, and Involuntary Unemployment in Keynes's Labor Market Kevin D. Hoover Kevin D. Hoover 1 Search for other works by this author on: This Site Google History of Political Economy (1995) 27 (4): 653–685. https://doi.org/10.1215/00182702-27-4-653 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn Email Permissions Search Site Citation Kevin D. Hoover; Relative Wages, Rationality, a…
Technology Shocks or Coloured Noise? Why real-business-cycle models cannot explain actual business cycles
Typically real-business-cycle models are assessed by their ability to mimic the covariances and variances of actual business cycle data. Recently, however, advocates of RBC models have used them to fit the historical path of real GDP using the Solow residual as a driving process. We demonstrate that the success of RBC models at matching historical GDP data does not confirm the validity of RBC models. Through simulations we demonstrate that the So…
Measuring Causes: Episodes in the Quantitative Assessment of the Value of Money
Research Article| December 01 2001 Measuring Causes: Episodes in the Quantitative Assessment of the Value of Money Kevin D. Hoover; Kevin D. Hoover Search for other works by this author on: This Site Google Michael E. Dowell Michael E. Dowell Search for other works by this author on: This Site Google History of Political Economy (2001) 33 (Suppl_1): 137–161. https://doi.org/10.1215/00182702-33-Suppl_1-137 Cite Icon Cite Share Icon Share Twitter P…
Causality: Models, Reasoning, and Inference
How does econometrics differ from statistics? In a recent paper, James Heckman (2000) argues that econometrics, unlike statistics, is primarily concerned with causes. Heckman revives an older tradition. The Cowles Commission in the late 1940s and early 1950s – and indeed, as Hendry and Morgan's (1995) anthology demonstrates, most early econometrics – was explicitly causal. The degree of novelty of Heckman's insight is a measure of how far econome…
Nonstationary Time Series, Cointegration, and the Principle of the Common Cause
Elliot Sober ([2001]) forcefully restates his well-known counterexample to Reichenbach's principle of the common cause: bread prices in Britain and sea levels in Venice both rise over time and are, therefore, correlated; yet they are ex hypothesi not causally connected, which violates the principle of the common cause. The counterexample employs nonstationary data—i.e., data with time-dependent population moments. Common measures of statistical a…
Introduction: Seven Decades of the IS-LM Model
For some twenty-five years after the end of World War II, the IS-LM model dominated macroeconomics. With the advent of the new classical macroeconomics in the early 1970s, that dominance was at first challenged and then broken. Yet the IS-LM model lives on. While no longer central to the graduate training of most macroeconomists or to cutting-edge macroeconomic research, the IS-LM model continues to be a mainstay of undergraduate textbooks, finds…
Does Macroeconomics Need Microfoundations?
As I observed in the first lecture, I chose Pissarides's model as a paradigm of the modern macroeconomic model for a variety of reasons: the clarity of its goals and exposition; the manner in which it attempted to relate its theoretical construction to empirical facts (at least in principle); and, by no means the least important reason, because it was the model that Nancy Cartwright held up as an example of a nomological machine in economics. A n…
Econometrics as Observation: The Lucas Critique and the Nature of Econometric Inference
Kevin Hoover (1955–) received a D.Phil. in economics from Oxford University after an undergraduate major in philosophy, and his work reflects this dual competence. He has contributed both to contemporary economics (especially macroeconomics) and to economic methodology, serving for a decade as the editor of The Journal of Economic Methodology . After more than two decades at the University of California, Davis, Hoover is now a professor of econom…
The Vanity of the Economist: "A Comment on Peart and Levy's The "Vanity of the Philosopher
In the Vanity of the Philosopher, Sandra Peart and David Levy reconsider "postclassical" economics from the vantage point of Adam Smith's "analytical" egalitarianism. Analytical egalitarianism is assumed, not proved; and Peart and Levy's criticisms of many 19th- and early 20th-century economists, as well as eugenics in general, depend on equivocating between analytical and substantive egalitarianism. They fail to provide a non-question-begging cr…
The Neoclassical Growth Model and Twentieth-Century Economics
While growth has been a central element of economic thought at least since the physiocrats and Adam Smith, the modern analysis of growth using formal models began only in the middle of the twentieth century. Thanks largely to Robert Solow’s two articles, “A Contribution to the Theory of Economic Growth” (1956) and “Technical Change and the Aggregate Production Function” (1957), growth economics developed into a major area of research in macroecon…
Modern Macroeconomics: Its Origins, Development, and Current State
Book Review| November 01 2009 Modern Macroeconomics: Its Origins, Development, and Current State By Brian Snowdon and Howard R. Vane. Cheltenham: Edward Elgar, 2005. xvi; 807 pp. $60.00. Kevin D. Hoover Kevin D. Hoover Duke University Search for other works by this author on: This Site Google History of Political Economy (2009) 41 (4): 754–756. https://doi.org/10.1215/00182702-2009-055 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn Ema…
Minisymposium on the History of Econometrics: Introduction
The decade 1987 to 1997 was a great one for the history of econometrics. It began with Roy Epstein’s 1987 monograph. Mary Morgan’s classic history was published not long after (in 1990). Other important works soon followed: in addition to journal articles, witness Duo Qin’s 1993 study of the emergence of modern econometric practice, David Hendry and Morgan’s Foundations of Econometric Analysis (1995), which compiled original source materials, and…
Craufurd Goodwin and History of Political Economy: A Double Anniversary
History of Political Economy—HOPE to its friends—the first journal entirely devoted to the history of economics, was founded at Duke University in 1969—a little over forty years ago. On 26–27 March 2010 a conference titled “The Uses of Economics: Past and Future” was held to celebrate the fortieth anniversary. The current issue presents the proceedings of that conference. Forty years for a journal is hardly a landmark. Many academic journals are …
Causal structure and hierarchies of models
Observing Shocks
Macroeconomists have observed business cycle fluctuations over time by constructing and manipulating models in which shocks have increasingly played a greater role. Shock is a term of art that pervades modern economics appearing in nearly one-quarter of all journal articles in economics and in nearly half in macroeconomics. Surprisingly, its rise as an essential element in the vocabulary of economists can be dated only to the early 1970s. We trac…
In the Kingdom of Solovia: The Rise of Growth Economics at Mit, 1956-70
From its flow tide, fueled by the Cold War, to its ebbing with the anti-growth movement and the economic crises of the early 1970s, the "growthmen" of MIT stood at the center of the dominant field in macroeconomics. The history of MIT growth economics is traced from Robert Solow's seminal neoclassical growth model of 1956 through the stabilization of growth theory in the first graduate textbooks
Macroeconomics, History of From 1933 to Present
The ontological status of shocks and trends in macroeconomics
Reductionism in Economics: Intentionality and Eschatological Justification in the Microfoundations of Macroeconomics
Macroeconomists overwhelmingly believe that macroeconomics requires microfoundations, typically understood as a strong eliminativist reductionism. Microfoundations aims to recover intentionality. In the face of technical and data constraints macroeconomists typically employ a representative-agent model, in which a single agent solves the microeconomic optimization problem for the whole economy, and take it to be microfoundationally adequate. The …
Economics (24 works) · Economic Theory and Institutions (20 works) · Economic Theory and Policy (15 works) · Law (13 works) · Political science (12 works) · Epistemology (11 works) · Philosophy (11 works) · Keynesian economics (10 works) · Computer Science (9 works) · Law (9 works)