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In this paper we trace the evolution of the lender of last resort doctrine--and its implementation--from the nineteenth century through the panic of 2008. We find that typically the most influential economists "fight the last war": formulating policy guidelines that would have dealt effectively...
Persistent link: https://www.econbiz.de/10012457834
recent economics research on prominent ideas in moral psychology. First, the theory that morality is ultimately economically … politico-economic outcomes influence each other if they engage with research in economics …
Persistent link: https://www.econbiz.de/10014512133
This paper estimates the nature and magnitude of the local externalities from own industry scale, as envisioned by Marshall. Census panel data on individual plants in high-tech and machinery industries across up to 487 countries are utilized, to quantify the direct effects of local external...
Persistent link: https://www.econbiz.de/10012471426
This essay offers a brief history of macroeconomics, together with an evaluation of what has been learned over the past …
Persistent link: https://www.econbiz.de/10012466316
In this chapter, I consider the benefits of viewing history through an evolutionary lens. In recent decades, a field of … to explain the history of human societies. I then turn to a discussion of how an evolutionary perspective provides … important insights into a range of phenomena within economics, including a deeper understanding of human capital, innovation …
Persistent link: https://www.econbiz.de/10012481254
Like today, one hundred years ago air pollution was a matter of grave concern in the world's most polluted cities. In …
Persistent link: https://www.econbiz.de/10014528368
Ensuring that a firm has sufficient liquidity to finance valuable projects that occur in the future is at the heart of the practice of financial management. Yet, while discussion of these issues goes back at least to Keynes (1936), a substantial literature on the ways in which firms manage...
Persistent link: https://www.econbiz.de/10012459161
The intellectual response to the Great Depression is often portrayed as a battle between the ideas of Friedrich Hayek and John Maynard Keynes. Yet both the Austrian and the Keynesian interpretations of the Depression were incomplete. Austrians could explain how a country might get into a...
Persistent link: https://www.econbiz.de/10012461060
We identify three separate stages in the post-World War II history of applied microeconomic research: A generally non …
Persistent link: https://www.econbiz.de/10012456423