17 votes

Why does the Solow Model matter for undergraduate students?

I disagree that: a) The core curriculum should not include things that are relevant only for those pursuing graduate school. b) A university degree should necessarily focus only on career outcomes ...
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  • 5,434
15 votes

Is Marx considered an important classical economist?

Among economic historians, Marx is often considered the most important economist of the 19th century. His attempts to provide a systematic explanation of the functioning of capitalism was on a far ...
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  • 492
13 votes

Contest: earliest written instance of economic thought

I was recently amazed to discover instances of computational social choice in The Nine Chapters on the Mathematical Art, the Chinese counterpart of Euclid's element, written by several generations of ...
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10 votes

Is money capital?

"...capitalists buy and sell money as though it were a productive economic good." No they don't. They buy and sell currency, because the price of currency fluctuates (due to imagination and/or ...
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10 votes

Why does the Solow Model matter for undergraduate students?

I second/third/whatever the objection to the "ideal careers" put forth here. Data Analyst - Most of these jobs will go to comp-sci graduates, especially as artificial intelligence and machine ...
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  • 1,798
9 votes

Contest: earliest written instance of economic thought

Game Theory in the Talmud by Robert J. Aumann discusses a bankruptcy problem and a variety of fair division problems of a contested sum from the Talmud, a document written roughly between 200 and 500 ...
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8 votes
Accepted

A timeline on the the key achievements of Economics and its evolution

I don't think I can really do this question justice. A lot of us probably have different things that come to mind when we think of the history of economics. I tend to take an academic interpretation ...
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  • 6,407
8 votes

Why does the Solow Model matter for undergraduate students?

Adding to previous answers ... The basic Solow model is an example of a class of long-term macroeconomic models in which output is a function of inputs of two or more factor inputs and the ratios of ...
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  • 7,270
7 votes
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What are some reasons for decline of georgism?

Warren Samuels addresses this issue in his article "Why the Georgist Movement Has Not Succeeded: A Speculative Memorandum." In summary he argues first that Georgism did not succeed because of the ...
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7 votes

What causes the "imperialism of economics" and how did it start?

I find the following quotes to be interesting: "[Political economy is] a branch of the science of a statesman or legislator [with the objective to provide] a plentiful revenue or subsistence for ...
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  • 16.6k
7 votes

Is Marx considered an important classical economist?

Marx is indeed an influential classical economist, however he added almost nothing to economics as a discipline. His theories of labor value, exploitation and modes of production were all articulated ...
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7 votes

Why does the Solow Model matter for undergraduate students?

I think that the main reason why the Solow model is a must in every undergrad curriculum is the Solow residual. The fact that the bulk of the differences of per capita income between countries is not ...
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7 votes

How does John Stuart Mill distinguish between "wealth" and "riches"?

I can only speculate on what Mill meant, but it seems to me that This is mostly a figure of speech. People sometimes say things like "I have no money, but I am wealthy in other ways", ...
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  • 26.7k
6 votes
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What did Adam Smith mean by "putting [the pins] into the paper"?

Alecos is correct that Smith is talking about packaging, but I don't believe that "paper" refers to a paper bag. Straight pins used to be sold on sheets of paper (usually as sets of a dozen), through ...
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6 votes
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Book for Bretton Woods conferences and gold standard

Covering the historical part, you may want to look at: 1) The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order which appears to be written in a "...
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6 votes

How was the year 1925 chosen as a dividing point in the history of economic thought?

tl;dr: It is most likely an arbitrary date because they had to set some year. In fact the year 1925 is not even a strict guideline but only loose criterion. As such the year was not set due to some ...
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6 votes

Most notable papers in Economics in 2021

This is an opinion question, but I'll give my opinion. In terms of methods, I like Arkhangelsky et al.'s synthetic diff-in-diff. In terms of applied economics, I liked Goncalves and Mello's study of ...
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6 votes

Most notable papers in Economics in 2021

I think the randomized trial of mask effectiveness is one of the most notable economic papers in 2021. This is not a pure economics paper and it is published in science that does not specialize in ...
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  • 1,425
6 votes

Most notable papers in Economics in 2021

Some papers that interested me this year (in game theory): Subgame-perfect equilibrium in games with almost perfect information: Dispensing with public randomization They show the seminal result of ...
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5 votes

What was Milton Friedman's opinion of Supply-side economics?

Friedman's involvement with the Reagan administration was only as an advisor, he was not part of the administration as a cabinet member or on the budget committee (roles he was offered), specifically ...
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5 votes

Contest: earliest written instance of economic thought

Fair division: from cake cutting to dispute resolution (Brams (1996)) claims that the following text from Hesiod’s Theogony (sometime in 750 and 650 BCE) is the earliest recorded example of an envy-...
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5 votes

Reading list: history of economic thought / political economy

My app is acting odd and won't allow me to comment, but here's my follow up comment. Yeah, for sure! My list consists of this: Wealth of Nations - Adam Smith Capital - Karl Marx Principles of ...
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5 votes
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Who said that growth would stop because of satiation?

In an essay entitled Economic Possibilities for Our Grandchildren, Keynes famously argued that people would one day only need to work 15 hours per week (see bottom of p 4). This was linked to an ...
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  • 7,270
5 votes
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What have been the main developments in macroeconomics and financial economics since the 2008 financial crisis?

Well, in macroeconomics, namely in DSGE modelling, VOXEU has recently published a report on its uses by Central Banks (CBs), and future lines of improvement, which academics have been tackling but ...
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5 votes
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Who is the first one to equate "rational" with "complete and transitive preference"?

As pointed in the comments this was done by Ragnar Frisch. At least Barten and Böhm. (1982) as well as Johansen (1969) attribute these axioms to one of these two publications: Frisch, Ragnar (...
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  • 43.6k
5 votes

Most notable papers in Economics in 2021

Despite the fact that I am tired of reading paper's on natural experiments, there is one contribution in this field that captured my attention. Not only the topic is fascinating (Switzerland offered ...
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  • 2,692
5 votes
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What are the primary differences between the Chicago and Austrian school of economics?

Before answering, I think it is worth while to slightly discuss what the schools of thought are and what they aren't. Schools of thought in economics refers to the methodological framework they prefer....
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  • 43.6k
4 votes
Accepted

Is Marx considered an important classical economist?

There is a major disciplinary specification problem here: “who is an economist?” At the time Marx was active as an author (including posthumously with Engels) the field of knowledge was known as “...
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4 votes
Accepted

What is Islamic Banking?

Both another answer and the OP have linked to the wikipedia article on the matter. I think the following passage from the article sums adequately the situation (bold mine): "The term “Islamic ...
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4 votes
Accepted

Isoquant creator

A recently published (and perhaps the only one) paper on the matter is Lloyd, P. (2012). The Discovery of the Isoquant. History of Political Economy, 44(4), 643-661. From the Introduction : "The ...
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