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.

The economist Tyler Cowen has argued that growth should be a stubborn attachment for economists. In today’s episode you will get an idea of why. We start with Solow who’s exogenous growth model is highly famous. From him we learn the power of ideas and how they spread to create growth and property from Romer, and finally the inventor of the carbon tax Nordhaus. This is an exciting episode indeed, and full of great reasons why growth matters, we also talk about the coolest wedding an economist can imagine, chartered cities and why light is more important than you might think.

References:

Jones, C. I. (2019). Paul Romer: Ideas, nonrivalry, and endogenous growth. The Scandinavian Journal of Economics, 121(3), 859-883

Nordhaus, William D. 1997. "Do Real Output and Real Wage Measures Capture Reality? The History of Light Suggests Not." The Economics of New Goods. Edited by Robert J. Gordon and Timothy F. Bresnahan. University of Chicago Press for the National Bureau of Economic Research. 27–70.

Nordhaus prize lecture: https://www.nobelprize.org/prizes/economic-sciences/2018/nordhaus/lecture/

Nordhaus banquet speech: https://www.nobelprize.org/prizes/economic-sciences/2018/nordhaus/speech/ 

Romer prize lecture: https://www.nobelprize.org/prizes/economic-sciences/2018/romer/lecture/ 

Solow prize lecture: https://www.nobelprize.org/prizes/economic-sciences/1987/solow/lecture/

Solow banquet speech: https://www.nobelprize.org/prizes/economic-sciences/1987/solow/speech/ 

Solow 1957 Technical Change and the Aggregate Production Function

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, Econ Roots talk. 

In today’s talk recorded at the APEE conference 2022 in Las Vegas, we are honored to be joined by Dr. Siri A. Terjesen who is Associate Dean and Phil Smith Professor of Entrepreneurship at Florida Atlantic University, and Professor at the Norwegian School of Economics in Bergen, Norway. Dr. Terjesen is a nationally recognized expert within several fields, and e very gifted teacher. In todays talk we ask her what, if anything, the history of economic thought and the economic classics can teach business school students? We also take this much treasured opportunity to talk about gender diversity in boardrooms – a topic Dr. Terjesen knows intimately well and has published important research on. Full disclosure, Dr. Terjesen served on Stefans Phd committee, and was a hard but fair evaluator. 

References

Examples of Siri’s research:

Women directors on corporate boards: A review and research agenda

S Terjesen, R Sealy, V Singh, Corporate governance: an international review 17 (3), 320-337

Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity

S Terjesen, EB Couto, PM Francisco, Journal of Management & Governance 20 (3), 447-483

Female presence on corporate boards: A multi-country study of environmental context

S Terjesen, V Singh, Journal of business ethics 83 (1), 55-63

Board diversity: Moving the field forward

RB Adams, J de Haan, S Terjesen, H van Ees, Corporate Governance: An International Review 23 (2), 77-82

Trade is like the air, if it wasn’t there, we would die. But most don’t think much about it. Well, thank the good creator we have economists, because some of those do think about it. In this episode we explain trade theory by recapping the old greats Adam Smith and David Ricardo. Before moving into the joint recipient in 1977, Bertil Gotthard Ohlin and James Meade. From here we talk about Paul Robin Krugman, today more generally known for punditry, his contribution to new trade theory and economic geometry was well deserved of his 2008 prize. Particularly Meade and and Krugman are in different ways funny to read. We end the episode with a more general talk on the importance of trade.

In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Price in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel price 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:

Bertil Gotthard Ohlin Prize Lecture (1977): https://www.nobelprize.org/prizes/economic-sciences/1977/ohlin/lecture/

James Meade Banquet Speech (1977): https://www.nobelprize.org/prizes/economic-sciences/1977/meade/speech/

James Meade Prize Lecture (1977): https://www.nobelprize.org/prizes/economic-sciences/1977/meade/lecture/

Paul Robin Krugman Banquet Speech (2008): www.nobelprize.org/prizes/economic-sciences/2008/krugman/speech/

Paul Robin Krugman Prize Lecture (2008): www.nobelprize.org/prizes/economic-sciences/2008/krugman/lecture/

We finish our macro theme for now, with some interesting modern perspectives. Both some important discussion about the need for, and the purpose of, economic modeling; Thomas John Sargant and Christopher A. Sims will take us there. They got the prize jointly in 2011, and disagree on some important points. We start with Robert Mundell – cheeky called the father of the Euro - who got the prize in 1999, whose ideas might be scaringly more relevant these days.

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

1971 Princeton tract The dollar and the policy mix is credited with founding supply-side economics (Bartlett 1971, p 101).

Macroeconomic Features of the French Revolution, jpurnal of political economy

Video: https://www.facebook.com/watch/?v=627150095324225

Thomas J. Sargent Banquet Speech (2011): https://www.nobelprize.org/prizes/economic-sciences/2011/sargent/speech/

Thomas J. Sargent Prize Lecture (2011): https://www.nobelprize.org/prizes/economic-sciences/2011/sargent/lecture/

Christopher A. Sims Prize Lecture (2011): https://www.nobelprize.org/prizes/economic-sciences/2011/sims/lecture/

Robert Mundell Banquet Speech (1999): https://www.nobelprize.org/prizes/economic-sciences/1999/mundell/speech/

Robert Mundell Prize Presentation (1999): https://www.nobelprize.org/prizes/economic-sciences/1999/mundell/lecture/