EconRoots

Today marks a milestone in the history of EconRoots as a podcast. While we have already been blessed with guest appearances from some of the best economists in the  field, today we have our first nobel laureate the esteemed Eric Stark Maskin. While we will deal with Maskin important contributions in a later ordinary episode, we are very thankful to Maskin and Copenhagen Business School for awarding us time together doing  his spring 2023 visit.

Maskin is is an American economist and mathematician. He was jointly awarded the 2007 Nobel Memorial Prize in Economic Sciences with Leonid Hurwicz and Roger Myerson "for having laid the foundations of mechanism design theory".[3] He is the Adams University Professor and Professor of Economics and Mathematics at Harvard University.

In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Prize in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.

References:

Maskin E, Sen A. The Arrow Impossibility Theorem. Columbia University Press; 2014 pp. 168.

Economics model human behavior within the construct of rationality, but what is rational behavior? In this episode we meet Herbert Simon who shows that instrumental rationality is likely not as smart as bounded rationality, at least from a modeling point of view. He also shows that organizations matter for what is to be considered rational behavior. From here we move to Gary Becker the great proponent of the use of rational choice to almost all areas of the human experience, including the family and crime. We end wth Mirless who shows us that lack of information can lead to moral hazard even without opportunistic intent.  

In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Prize in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.

References

Becker, Gary S. – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2023. Tue. 4 Jul 2023. https://www.nobelprize.org/prizes/economic-sciences/1992/becker/lecture/

Becker, Gary S. – Banquet speech. NobelPrize.org. Nobel Prize Outreach AB 2023. Tue. 4 Jul 2023. https://www.nobelprize.org/prizes/economic-sciences/1992/becker/speech/

Krueger, Anne O. “The Economics of Discrimination.” Journal of Political Economy, vol. 71, no. 5, 1963, pp. 481–86. JSTOR, http://www.jstor.org/stable/1829018.

Mirrlees, James A. – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2023. Tue. 4 Jul 2023. https://www.nobelprize.org/prizes/economic-sciences/1996/mirrlees/lecture/

Simon, Herbert A. – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2023. Tue. 4 Jul 2023. https://www.nobelprize.org/prizes/economic-sciences/1978/simon/lecture/

Gender issues in society and particularly feminist economics have gotten a lot of attention in recent times, but what exactly is it? Why is it needed and what is the relation to classical economic theory? Today we are joined by Professor Giandomenica Becchio who is the world leading expert in the history of these ideas. We also talk about how and why certain interesting contributors to economic theory became forgotten, mainly due to race, gender and ideology.

In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Prize in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advise that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.

References:

Becchio, G. (2021). A History of Feminist and Gender Economics. Routledge.

Show notes:

Today we tackle a key concept in economics, the idea of market equilibrium, both general and partial. A part of this talk also involves the role of information and that of regulation. We start with polymath Kenneth Joseph Arrow, a key figure in many economic insights. From him we move to a key Chicago school figure and funnyman, George Joseph Stigler. Finally, we star the French economist Gérard Debreu. 

In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Prize in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.

References

Kenneth J. Arrow – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2023. Mon. 3 Jul 2023. https://www.nobelprize.org/prizes/economic-sciences/1972/arrow/lecture/

Kenneth J. Arrow, Social Choice and Individual Values. Yale University Press, 2012. JSTOR, http://www.jstor.org/stable/j.ctt1nqb90.

Kenneth J. Arrow; Gerard Debreu. Existence of an Equilibrium for a Competitive Economy. Econometrica, Vol. 22, No. 3. (Jul., 1954), pp. 265-290.

Gerard Debreu – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2023. Mon. 3 Jul 2023. https://www.nobelprize.org/prizes/economic-sciences/1983/debreu/lecture/

George J. Stigler – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2023. Mon. 3 Jul 2023. https://www.nobelprize.org/prizes/economic-sciences/1982/stigler/lecture/

George J. Stigler – Banquet speech. NobelPrize.org. Nobel Prize Outreach AB 2023. Mon. 3 Jul 2023. https://www.nobelprize.org/prizes/economic-sciences/1982/stigler/speech/

George J. Stigler. (2003). Memoirs of an Unregulated Economist. Bibliovault OAI Repository, the University of Chicago Press.

George J. Stigler, 1971. "The Theory of Economic Regulation," Bell Journal of Economics, The RAND Corporation, vol. 2(1), pages 3-21, Spring.

Today’s episode was recorded in October 2022 at the Market and Society conference. Our honoured guest is Dr. Erwin Dekker. Dr. Dekker  is a historian and economist working at the the intersection of culture and economics. He has worked for almost a decade in the department of cultural economics at Erasmus University Rotterdam and Is currently Senior Research Fellow at the Mercatus Center at George Mason University. Dr. Dekker recently put out an impressive biography on Noble Laurette Jan Tinbergen. We highly recommend you pick that up, and today’s talk will give you a good idea why.

In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Prize in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.

References:

Dekker, E. (2021). Jan Tinbergen (1903–1994) and the Rise of Economic Expertise. Cambridge University Press.

A large part of the economy is the labor market. Not only is it, along with capital, the standard input in simple production functions, it is also a whole beast of it’s own. Just like capital is not just capital, likewise labor is also heterogenous and have unique and important issues relating to matching jobs with skills and people and time; this is what economist call search frictions. In today’s episode we discuss the 2010 prize awarded to Peter A. Diamond, Dale T. Mortensen and Christopher A. Pissarides "for their analysis of markets with search frictions". We might also offer up some dating advice based on the insights.

In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Prize in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.

References:

Links to Nobel lectures and banquet speeches:

https://www.nobelprize.org/prizes/economic-sciences/2010/diamond/lecture/

https://www.nobelprize.org/prizes/economic-sciences/2010/mortensen/facts/

https://www.nobelprize.org/prizes/economic-sciences/2010/pissarides/facts/

Berlingske article on dating

https://www.berlingske.dk/aok/oekonomisk-teori-kan-udpege-de-faldgruber-singler-boer-undgaa-og-forklare

CBS Podcast: The economics of love

https://cbswire.dk/the-economics-of-love/

•  "Job Creation and Job Destruction in the Theory of Unemployment" (with Dale Mortensen), published in the Review of Economic Studies in 1994.[15] 

• D. Mortensen (1982), 'Property rights and efficiency of mating, racing, and related games.' American Economic Review 72 (5), pp. 968–79.

Today’s episode was recorded in October 2022 at the Market and Society conference. Our honored guest is a premier Austrian school economist Professor Peter Boettke. He is widely published and has been instrumental in promoting modern Austrian economics across campuses in the US and globally. He is currently a professor of economics and philosophy at George Mason University; the BB&T Professor for the Study of Capitalism, vice president for research, and director of the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center also at GMU. Professor Boettke is not only a very insightful academic, but he is also a prolific teacher, former successful basketball coach and a great writer. We highly recommend you pick up his book: Living Economics. We are very thankful for his time.

In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Prize in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.

References:

Boettke, P. J. (2012). Living economics. Oakland, CA: Independent

Institute.

Friedman, M., Friedman, R. D., & Friedman, R. D. (1990). Free to choose. Free to Choose Enterprise.

Friedman, M. (2016). 61. Capitalism and Freedom. In Democracy (pp. 344-349). Columbia University Press.

MacLean, N. (2018). Democracy in chains: The deep history of the radical right's stealth plan for America. Penguin.

As economics grew into its own as a scientific discipline, two questions became pressing. 1) How to deal with empirical data, particular separating cause and effect, 2) how to give good and predictive policy advice. A large part of the answer came in the form of econometrics. A distinct form of applied science mixing economic theory with statistics and math. In today’s episode we talk about three laurates that spearheaded econometrics Ragnar Anton Kittil Frisch who invented the term and has another prize named after him. Jan Tinbergen who’s work in dynamic models, statistical identification and macro-economic modeling earned him a place among the most influential first generations econometricians. Finally, we will talk about Wassily Wassilyevich Leontief, who pioneered input-output analysis and sector analysis. This episode is also unique as it features only Europeans – a rare thing indeed in modern economics.

In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Prize in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.

References:

Sløk-Madsen, S. K. (2022). Danish Capitalism in the 20th Century: A Business History of an Innovistic Mixed Economy. Springer Nature.

Dekker, E. (2021). Jan Tinbergen (1903–1994) and the Rise of Economic Expertise. Cambridge University Press.

Link Ragnar Frisch (Banquet speech and lectures)

https://www.nobelprize.org/prizes/economic-sciences/1969/frisch/facts/rg)

Link Jan Tinbergen (Banquet speech and lectures)

https://www.nobelprize.org/prizes/economic-sciences/1969/tinbergen/lecture/rg)

Link Wassily Wassilyevich Leontief (Banquet speech and lectures)

https://www.nobelprize.org/prizes/economic-sciences/1973/leontief/speech/

Why do some countries experience growth, while others don’t? The answer is that countries are not ordered in the same way, or as an economist would say; their institutional arrangements differ, and that leads to different outcomes. This in not just a theoretical point, it is in fact highly empirically observable. In today’s episode we will meet three laurates that made just such observations; Simon Smith Kuznets who are not just famous for two curves, but also for spearheading the creation of essential empirical data, such a national income accounts. Theodore Schultz, an agricultural economist who showed why human capital matters, and finally Douglas North. The first historian to win the price, and a person that teaches us to take time seriously.

References:

Kuznets, S.S. (1971), Price Lecture, [lecture transcript]. Retrieved from:www.nobelprize.org/prizes/economic-sciences/1971/kuznets/lecture/  

Kuznets, S.S. (1971). Banquet speech [Speech transcript]. Retrieved from: https://www.nobelprize.org/prizes/economic-sciences/1971/kuznets/speech/

Schultz, T. (1979), Price Lecture, [lecture transcript]. Retrieved from:www.nobelprize.org/prizes/economic-sciences/1979/schultz/lecture/

Schultz, T. (1979). Banquet speech [Speech transcript] Retrieved from: www.nobelprize.org/prizes/economic-sciences/1979/schultz/speech/

North, D.C. (1993), Price Lecture, [lecture transcript]. Retrieved from:www.nobelprize.org/prizes/economic-sciences/1993/north/lecture/

North, D.C. (1993) Banquet speech [Speech transcript]. Retrieved from:www.nobelprize.org/prizes/economic-sciences/1993/north/speech/   

North D. (1991) Institutions; Journal of Economic Perspectives. Vol. 5, No. 1 (Winter, 1991), pp. 97-112. 

North, D.C. (1993), Interview. Retrieved from: www.nobelprize.org/prizes/economic-sciences/1993/north/interview/

Welcome to EconRoots. A podcast on the history of Economic Thought brought to you by CEPOS and your host Stefan Sløk-Madsen. As a bonus to our regular seasons we aim to bring you exciting interviews with relevant and stimulating economists and scholars within or related to the field of economics. We call these, EconRoots talk. 

In today’s talk recorded at the APEE conference 2022 in Las Vegas, we are honored to be joined by Michael C. Munger, Professor of Political Science, and Director of the PPE Certificate Program at Duke University. Professor Munger has made tremendous research contributions within the functioning of markets, regulation, and government institutions. He has taught at Dartmouth College, University of Texas, and University of North Carolina, as well as working as a staff economist at the Federal Trade Commission during the Reagan Administration. He is a past President of the Public Choice Society, an international academic society of political scientists and economists with members in 16 countries. He was North American Editor of the journal Public Choice for five years, and is now a Co-Editor of The Independent Review. Dr. Munger has had a profound influence on many young economists today. However today we are here to talk about this Phd supervisor and nobel prize recipient, Douglas C North and the importance of institutions and how they change.

References

Hinich, M. J., & Munger, M. C. (1996). Ideology and the theory of political choice. University of Michigan Press.

Munger, M. C. (2020). Ideology and the Direction of Causation in the Acquisition and Maintenance of Shared Belief Systems. Kyklos, 73(3), 392-409.

North, D. C. (1994). Economic performance through time. The American economic review, 84(3), 359-368.