Abram
Bergson (1914-2003) In Memoriam
Information
and the Change in the Paradigm in Economics
The
Significance of the Euro in the International Monetary System
Entrepreneurial
Activities in a Veblenian Type Transition Economy
Which
Students Benefit From Graphs In A Principles of Economics Class?
Classification
of 2X2 Games and Strategic Business Behavior
Competitive
Balance and Free Agency in Major League Baseball
A
Comment on "Does the Aggregate Demand Curve Suffer from the Fallacy
of Composition"
Book
Review: Engines of
Enterprise An Economic History of New England
Abram Bergson (1914-2003) In Memoriam
by Lall Ramrattan and Michael Szenberg
The economics profession has lost a great theoretician and ambassador of Soviet economics. Born in Baltimore in 1914, Abram Bergson died in Cambridge, Mass., at the age of 89. He graduated from John Hopkins University in 1933, and Harvard University in 1940, where he became George F. Baker Professor of Economics. During his academic career, Bergson held many governmental positions. He served as an analyst for the Office of Strategic Service, as a member of the reparation committee in Moscow during WWII, and as a member of various military boards during that time. Bergson was a scholar of immeasurable credits and immortal renown, quite deserving of his reputation as Dean of Soviet economics.
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Information
and the Change in the Paradigm in Economics
by Joseph E. Stiglitz
The research for which George Akerlof, Mike Spence, and I are being
recognized is part of a larger research program which, today, embraces
hundreds, perhaps thousands, of researchers around the world. In this
lecture, I want to set the particular work which was cited within this
broader agenda, and that agenda within the broader perspective of the
history of economic thought. I hope to show that Information Economics
represents a fundamental change in the prevailing paradigm within economics.
Problems of information are central to understanding not only market economics
but also political economy, and in the last section of this lecture, I
explore some of the implications of information imperfections for political
processes. More…
The
Significance of the Euro in the International Monetary System
by Robert Mundell
The past
does not always predict the future. If the situation is new, the past
may not be a guide. The euro makes a difference. Because it is likely
to be an alternative, if not a rival for the dollar, the United States
will have to see reform in the light of a dollar-euro world in which currency
power is shared. Both areas will have an interest in a stable international
monetary system, and one managed jointly with Europe and Japan may be
preferable for the United States rather than the instability that could
ensue because of conflict. As far as monetary stability is concerned,
what is good for Europe is likely to be good for the United States and
vice versa. More…
Entrepreneurial
Activities in a Veblenian Type Transition Economy
by Anastassios D. Karayiannis and Allan E. Young
In this paper we apply a Veblenian analysis to the development of specific
entrepreneurial opportunities in the highly adverse world of present day
transition economics. First, we utilize a Veblenian understanding of the
nature of the institutional changes currently underway in these economies
in order to see what light this can shed upon the transition process.
We then seek to identify particular entrepreneurial opportunities in the
production sector of transition economies that flow from the above Veblenian
analysis. Additional entrepreneurial venture possibilities in the consumption
and service sectors of transition economies that arise from a Veblenian
perspective are then developed. Some cautionary public policy notes are
also offered. More…
'The
Game of Life': Using a Student Developed Course Project to Create a Learning
Community in the Classroom
by KimMarie McGoldrick
In the fall of 2000, students in a Women and Gender Issues in Economics
course were asked to develop a program that would enlighten college residents
regarding women in business and the glass ceiling. At the start of the
semester, students were simply told that it would be their responsibility
to develop, plan, and present this hour and a half program. The instructor's
role was that of facilitator, providing feedback, generating summaries
of work completed, identifying issues yet to be tackled, and keeping the
class on task. Students decided to create an interactive game based on
The Game of Life that would follow the life and career decisions of three
women with decidedly different educational backgrounds. Through a variety
of life stages, students showed how decisions are influenced by a variety
of factors (education, location, family, etc.) and those decisions early
in one's life can have compounding effects throughout. This paper describes
the process by which the students decided on mimicking The Game of Life,
how they divided up workloads, generated life stages (with specific topics
to be addressed), and advertised and evaluated their project. Throughout
this discussion it will be evident that students had full ownership of
the project, and the instructor (and author) suggests that this process
is one that is consistent with many of the ideals of an engaged pedagogy.
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Which
Students Benefit From Graphs In A Principles of Economics Class?
by Cynthia D. Hill and Tesa Stegner
Graphical analysis is a key tool used by economics professors, yet
some students may not be at a cogitative level to benefit from a lecture
replete with graphs. This paper addresses this issue by examining whether
students with similar backgrounds, goals and/or characteristics have difficulty
using graphs. Using survey data of principles of economics students, this
paper finds that student grade point average and preference toward math
and logic puzzles have a positive and significant relationship with answering
a graphical question correctly. There are two other findings of particular
interest. Contrary to other studies regarding the success in an economics
class, this study finds no gender differences across students. Additionally,
this paper finds that a student with a mother who has obtained a bachelor
degree is more likely to answer a graphical question correctly than a
student whose mother has not earned a degree. More…
Classification
of 2X2 Games and Strategic Business Behavior
by X. Henry Wang and Bill Z. Yang
This note discusses the classifications of general symmetric and anti-diagonally
symmetric 2x2 games, illustrated with business-related examples. It also
shows how 2x2 games can be used to explain and interpret business strategies
such as "top dog," "fat cat" and "lean-and-hungry
look" (Fudenberg and Tirole, 1984). A strategic move basically changes
a prisoner's dilemma game, coordination game or chicken game into one
with a unique Nash equilibrium that favors the strategic player. More…
Competitive
Balance and Free Agency in Major League Baseball
by Peter
Fishman
In 1976, the Basic Agreement introduced free agency to Major League
Baseball; previously, the reserve clause gave a team indefinite monopolistic
rights to a player's services. Owners claimed that the new system would
enable large market teams to destroy Major League Baseball's competitive
balance. Coasian logic, however, would suggest that player allocation
would not be affected by free agency. Because player distribution would
not change, the Coase Theorem implies that free agency should have no
effect on competitive balance. This paper tests this claim by developing
an econometric model of competitive balance in Major League Baseball.
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A
Comment on "Does the Aggregate Demand Curve Suffer from the Fallacy
of Composition"
by Ben
L. Kyer and Gary E. Maggs
A recent
article in this journal by Professors Saltz, Cantrell, and Horton questioned
the validity and existence of the aggregate demand curve in macroeconomics.
More specifically, the authors contend that "the aggregate demand
problem…is a classic example of the fallacy of composition"
and proceed to investigate this contention within each of four theoretical
arguments that have typically been used to support the negative slope
of the aggregate demand curve. The purpose and assertion of this comment
is that Saltz et.al., have committed several methodological errors in
attempting to establish potential ambiguities contained within the traditional
conceptualization and derivation of the aggregate demand curve. More…
Book
Review
Engines of Enterprise An Economic History of New England
by Sara
Shikhman
Engines
of Enterprise, edited by Peter Temin, supplies a refreshing and intriguing
look at the economic progress of New England throughout its existence.
The five main essays that comprise this book cove the growth of the New
England economy from the colonial period to the present twenty-first century.
Along with just a simple history, however, this book identifies reasons
behind such growth and change. From the low expectations regarding New
England's ability to have any redeemable value, to its leadership during
the industrial revolution and then again during the informational revolution
in recent history. Most importantly, this book becomes an incredibly informative
collection due to its focus on economical changes and economic periods
alone, rather than its sometimes-coinciding historically significant counterparts.More…