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Economic History Commons

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2016

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Articles 1 - 23 of 23

Full-Text Articles in Economic History

Pegxit Pressure: Evidence From The Classical Gold Standard, Kris James Mitchener, Gonçalo Pina Nov 2016

Pegxit Pressure: Evidence From The Classical Gold Standard, Kris James Mitchener, Gonçalo Pina

Economics

We develop a simple model that highlights the costs and benefits of fixed exchange rates as they relate to trade, and show that negative export-price shocks reduce fiscal revenue and increase the likelihood of an expected currency devaluation. Using a new high-frequency data set on commodity-price movements from the classical gold standard era, we then show that the model’s main prediction holds even for the canonical example of hard pegs. We identify a negative causal relationship between export-price shocks and currency-risk premia in emerging market economies, indicating that negative export-price shocks increased the probability that countries abandoned their pegs.


19th Century American Children's Book Trade Directory, American Antiquarian Society Sep 2016

19th Century American Children's Book Trade Directory, American Antiquarian Society

The Magazine of Early American Datasets (MEAD)

Based upon the unparalleled collection of Children's Literature held at the American Antiquarian Society, this comprehensive directory contains 2,600 entries documenting the activity of individuals and firms involved in the manufacture and distribution of childrens books in the United States chiefly between 1821 and 1876.

Nationally known firms such as McLoughlin Bros. and non-profit publishers like the American Sunday-School Union are included, as well as prominent educational pioneers such as Elizabeth Palmer Peabody, Samuel Griswold Goodrich, and William Bentley Fowle. The directory also reflects the dynamic growth of childrens book production in the major publishing centers of Boston ...


Mathew Carey Papers Names Index Database, American Antiquarian Society Sep 2016

Mathew Carey Papers Names Index Database, American Antiquarian Society

The Magazine of Early American Datasets (MEAD)

Mathew Carey (1760-1839), publisher, economist, and humanitarian, was born in Dublin, Ireland. He came to the United States in 1784 after involvement in Irish revolutionary activities and took up his trade as a printer, publishing the Pennsylvania Herald and the periodical, The American Museum. His book publishing ventures prospered and his firm was a leader in American printing and publishing in the period 1795 to 1835. Carey was an active proponent of the protective tariff, as well as an ardent champion of oppressed minorities in Europe, especially after his retirement from business in 1821. His business was thereafter conducted by ...


Williamsburg Brickmaker Humphrey Harwood's Ledger (1773-1793), Wendy E. Lucas 4505624, Noel D. Campbell Aug 2016

Williamsburg Brickmaker Humphrey Harwood's Ledger (1773-1793), Wendy E. Lucas 4505624, Noel D. Campbell

The Magazine of Early American Datasets (MEAD)

This file contains processed data from Humphrey Harwood’s Ledger B, folios 1-102. Entries in the ledger suggest that at least 128 folios existed in Ledger B, as well as Ledgers A and C. Ledger B records some of Harwood’s activities between 1776 through his death in 1788, and beyond to 1793, as recorded by William Harwood. For this file, we extracted and processed most of the data available in the ledger, but we were unable to understand the activities recorded in a handful of small accounts, which we omitted. Therefore, this file technically is a processed extract or ...


What Motivates Farmers To Apply Phosphorus At The “Right” Time? Survey Evidence From The Western Lake Erie Basin, Wendong Zhang, Robyn S. Wilson, Elizabeth Burnett, Elena G. Irwin, Jay F. Martin Aug 2016

What Motivates Farmers To Apply Phosphorus At The “Right” Time? Survey Evidence From The Western Lake Erie Basin, Wendong Zhang, Robyn S. Wilson, Elizabeth Burnett, Elena G. Irwin, Jay F. Martin

Economics Publications

Phosphorus loadings from the Maumee River watershed have significantly compromised the Lake Erie ecosystem, as evidenced by the most severe harmful algal bloom in Lake Erie in 2015 and the shut-down of Toledo drinking water supply in 2014. Despite government payments for adoption of voluntary conservation practices, excess nutrient runoff from agricultural production remains a substantial challenge. The right timing of nutrient application is a critical best management practice (BMP). Using a unique survey of 2540 farmer respondents in the Maumee River watershed, this paper analyzes how socio-psychological, socio-demographic, and field-based spatial characteristics impact farmers' adoption of timing-related best practices ...


George Washington's Shipping Invoices From London Factors 1754-1772, Wendy E. Lucas 4505624, Noel D. Campbell Aug 2016

George Washington's Shipping Invoices From London Factors 1754-1772, Wendy E. Lucas 4505624, Noel D. Campbell

The Magazine of Early American Datasets (MEAD)

From 1754-1772, Washington marketed his crop on the consignment system. He shipped his tobacco to British 'factors' who would sell it for him on the British market, often for re-export to continental Europe. With his tobacco (and at other times during the year), Washington would send correspondence including a list of items he wished his factors to purchase for him with the tobacco revenues and ship to Virginia. The factors would attempt to fulfill Washington's purchase requests, based on product availability and their knowledge of his tastes and willingness to spend. After deducting shipping costs, insurance charges, duties and ...


John Nash: A Personal Remembrance (Introduction To The John Forbes Nash Jr. Memorial Special Issue), Vernon Smith Jul 2016

John Nash: A Personal Remembrance (Introduction To The John Forbes Nash Jr. Memorial Special Issue), Vernon Smith

Economics Faculty Articles and Research

In January of 2011, three years after his 80th birthday, Games and Economic Behavior published a special issue to honor John Nash. In their introductory note, the editors, Avinash Dixit, Ehud Kalai and Stephen Morris wrote: “We are delighted to have the privilege of coordinating this expression of the whole profession's admiration and appreciation of John Nash and his work, and look forward to a repeat in ten or even twenty years' time.”

This wish was sadly interrupted by tragedy. On their way back from the ceremony awarding John the Abel Prize in mathematics, John and his wife Alicia ...


The Integrity Of Financial Analysts: Evidence From Asymmetric Responses To Earnings Surprises, Rui Lu, Wenxuan Hou, Henry Oppenheimer, Ting Zhang Jul 2016

The Integrity Of Financial Analysts: Evidence From Asymmetric Responses To Earnings Surprises, Rui Lu, Wenxuan Hou, Henry Oppenheimer, Ting Zhang

Economics and Finance Faculty Publications

This paper investigates the integrity of financial analysts by examining their recommendation responses to large quarterly earnings surprises. Although there is no significant difference in recommendation changes between affiliated and unaffiliated analysts in response to positive earnings surprises, affiliated analysts are more reluctant than unaffiliated analysts to downgrade stock recommendations in response to negative earnings surprises. The evidence implies that conflicts of interest undermine the integrity of financial analysts. We further examine the effects of reputation concern and the Global Research Analyst Settlement as informal and formal mechanisms, on restoring analysts’ integrity. The results show that the positive bias in ...


Development Of Utility Theory And Utility Paradoxes, Timothy E. Dahlstrom Jun 2016

Development Of Utility Theory And Utility Paradoxes, Timothy E. Dahlstrom

Lawrence University Honors Projects

Since the pioneering work of von Neumann and Morgenstern in 1944 there have been many developments in Expected Utility theory. In order to explain decision making behavior economists have created increasingly broad and complex models of utility theory. This paper seeks to describe various utility models, how they model choices among ambiguous and lottery type situations, and how they respond to the Ellsberg and Allais paradoxes. This paper also attempts to communicate the historical development of utility models and provide a fresh perspective on the development of utility models.


Daniel Defoe’S Literary Economies: The Shifting Role Of Narrative Uncertainty, Speculation, And Providence In Robinson Crusoe And Roxana., Terese J. Swords Jun 2016

Daniel Defoe’S Literary Economies: The Shifting Role Of Narrative Uncertainty, Speculation, And Providence In Robinson Crusoe And Roxana., Terese J. Swords

Lawrence University Honors Projects

In my honors project, I analyze how Daniel Defoe’s first novel, Robinson Crusoe (1719), and his last, Roxana (1724), offer shifting economic commentary regarding England’s emerging 18th century credit economy. This shift does not come as too much of a surprise, as his first and last novel straddle the historic moment of the South Sea Bubble’s burst. Therefore, Defoe’s works, when analyzed sequentially, capture the evolving attitude towards value and credit that was occurring throughout all of England.

In my first chapter, “Crusoe’s Post Facto Journal Editing: ‘How wonderfully we are delivered when we ...


Grandparents: The Silent Engine Behind China’S Economic Growth, Singapore Management University Jun 2016

Grandparents: The Silent Engine Behind China’S Economic Growth, Singapore Management University

Perspectives@SMU

Migrant workers leave behind children to be taken care of by the elderly in villages – it is a win-win arrangement for all involved


Defending A Mixed Economy, Herbert J. Hovenkamp May 2016

Defending A Mixed Economy, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

This essay reviews Jacob S. Hacker's and Paul Pierson's very engaging book, American Amnesia: How the War on Government Led Us to Forget what Made America Prosper (2016).


The Trans-Pacific Partnership And Vietnam, Duong Nhu Hung, Tran Quang Dang May 2016

The Trans-Pacific Partnership And Vietnam, Duong Nhu Hung, Tran Quang Dang

Asian Management Insights

Opening up a bold new world for Vietnam’s trade and industry may not be so easy.


From Hard Money To Branch Banking California Banking In The Gold Rush Economy, Larry Schweikart, Lynne Pierson Doti Apr 2016

From Hard Money To Branch Banking California Banking In The Gold Rush Economy, Larry Schweikart, Lynne Pierson Doti

Economics Faculty Articles and Research

In Gold Rush–era California, banking and the financial sector evolved in often distinctive ways because of the Gold Rush economy. More importantly, the abundance of gold on the West Coast provided an interesting test case for some of the critical economic arguments of the day, especially for those deriving from the descending—but still powerful—positions of the “hard money” Jacksonians.


Working Paper No. 35, The Machine Process In Industry And Society: A Veblenian Approach, Emily Pitkin Mar 2016

Working Paper No. 35, The Machine Process In Industry And Society: A Veblenian Approach, Emily Pitkin

Working Papers in Economics

This inquiry considers Thorstein Veblen’s understanding of the machine process and some of its influences. In particular, this paper explores relationships between the machine process and industry, noting the powerful influences of standardization of outputs as well as inputs. In addition, this paper considers some of the implications of the machine process on workers, considering particularly the tendency of the machine process to enforce routines and some of the related effects on “habitual thinking.” Finally, the machine process and its relation to society will be discussed with a focus on its effects on value systems, examining also the ways ...


Regional Economic Development―A Survey Of Theories In The Past Two Centuries (1800-2000), Xiaohong Quan Jan 2016

Regional Economic Development―A Survey Of Theories In The Past Two Centuries (1800-2000), Xiaohong Quan

Faculty Publications

The purpose of this paper is to survey the evolution of theories in the field of regional economic development in the past two centuries (1800-2000) before the new millennium. Theories from the ‘spacial’ dimension and from the ‘economic’ dimension are understood as the classical foundation of the field. Important theories are identified and discussed for regional economic development. Specifically, the topics examined here first center around the mechanisms behind regional economic growth, answering questions such as why growth happens in certain regions, why growth can shift to other places, and what factors or environments can foster growth in certain regions ...


Usa, Sebastian Braun Jan 2016

Usa, Sebastian Braun

World Languages and Cultures Publications

Approximately 5.1 million people in the U.S., or 1.7% of the total population, identify as Native American or Alaska Native alone or in combination with another ethnic identity. Around 2.5 million, or 0.8% of the population, identify as American Indian or Alaska Native only.1 Five hundred and sixty-six tribal entities were federally-recognized at the beginning of 2015,2 and most of these have recognized national homelands. Twenty-three per cent of the Native population live in American Indian areas or Alaska Native villages. The state with the largest Native population is California; the place with ...


Easing The Encumbered Subject: Security, Speculation, And Capitalist Subjectivity, Kevin S. Amidon, Daniel A. Krier Jan 2016

Easing The Encumbered Subject: Security, Speculation, And Capitalist Subjectivity, Kevin S. Amidon, Daniel A. Krier

World Languages and Cultures Publications

Go to Online Edition

Edited by Daniel Krier, Iowa State University and Mark P. Worrell, SUNY Cortland

Capitalisms’ Future: Alienation, Emancipation and Critique frames 21st century economic and social possibilities in a dialogue between two forms of critical social theory: Marx’s critique of political economy that analyzes capitalism and the critique of political psychology that analyzes authoritarianism. Contributions from social theorists in sociology, philosophy, and cultural studies are brought together to dissect and critique capitalist crises, left-liberalism, left-Thatcherism, resistance to risk-pooling, idealist philosophy, undemocratic social character, status wages and authoritarian spectacles. Throughout, Marx’s centrality to critical social theory ...


Re-Imagining Antitrust: The Revisionist Work Of Richard S. Markovits, Herbert J. Hovenkamp Jan 2016

Re-Imagining Antitrust: The Revisionist Work Of Richard S. Markovits, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

This review discusses Richard Markovits’ two volume book "Economics and the Interpretation" and "Application of U.S. and E.U. Antitrust Law" (2014), focusing mainly on Markovits’ approaches to antitrust tests of illegality, pricing offenses, market definition and the assessment of market power, and his important work anticipating unilateral effects theory in merger cases. Markovits argues forcefully that the Sherman and Clayton Acts were intended to employ different tests of illegality. As a result, even when they cover the same practices, such as mergers, exclusive dealing, or tying, they address them under different tests. He then shows how he would ...


The Emergence Of Classical American Patent Law, Herbert J. Hovenkamp Jan 2016

The Emergence Of Classical American Patent Law, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

One enduring historical debate concerns whether the American Constitution was intended to be "classical" -- referring to a theory of statecraft that maximizes the role of private markets and minimizes the role of government in economic affairs. The most central and powerful proposition of classical constitutionalism is that the government's role in economic development should be minimal. First, private rights in property and contract exist prior to any community needs for development. Second, if a particular project is worthwhile the market itself will make it occur. Third, when the government attempts to induce development politics inevitably distorts the decision making ...


Subreption, Radical Institutionalism, And Evolutionary Economics, John B. Hall, Alexander Dunlap, Joe Mitchell-Nelson Jan 2016

Subreption, Radical Institutionalism, And Evolutionary Economics, John B. Hall, Alexander Dunlap, Joe Mitchell-Nelson

Economics Faculty Publications and Presentations

This inquiry seeks to establish the importance of subreption as an approach to economic and social evolution that also proves integral to the tradition of radical institutionalism. We relate subreption’s etymology and appearances in Roman, Canon and Scots Law, as well as in Philosophy, to its applications found in writings advanced by Thorstein Veblen and carried on later as William Dugger details the rise of corporate hegemony. Understood as an approach derivable from selected philosophical writings of Immanuel Kant, in social science subreption is suggested to occur through the introduction of an outside value that sets off a form ...


Intellectual Property In Plant Breeding: Comparing Different Levels And Forms Of Protection, Sergio H. Lence, Dermot J. Hayes, Julian M. Alston, John Stephen C. Smith Jan 2016

Intellectual Property In Plant Breeding: Comparing Different Levels And Forms Of Protection, Sergio H. Lence, Dermot J. Hayes, Julian M. Alston, John Stephen C. Smith

Economics Publications

Welfare trade-offs between intellectual property (IP) protections provided by patents and by plant variety protection (PVP) are explored. PVP breeders’ exemption weakens IP protection, but may speed the transfer of research gains across firms. A model is developed assuming firms optimise research given existing IP protection. A baseline scenario supporting each system is used to perform welfare analysis, and study how the balance is altered between systems. Survey data suggest patents are more appropriate for longer-term, higher-risk research, whereas PVP is better suited for traditional breeding. A scenario where patents and licensing co-exist dominates PVP in all commercially relevant areas.


Trends And Determinants Of Us Farmland Values Since 1910: Evidence From The Iowa Land Value Survey, Wendong Zhang, Zachariah Beek Jan 2016

Trends And Determinants Of Us Farmland Values Since 1910: Evidence From The Iowa Land Value Survey, Wendong Zhang, Zachariah Beek

Economics Publications

Valued at 2.31 trillion US dollars in 2016, farm real estate (land and structures) accounted for 85% of total US farm assets; in addition, farm real estate also represents the largest single item in a typical farmer’s investment portfolio. As a result, changes in its values have been a perennial interest to policy-makers, farmers, researchers and investors alike. Focusing on Iowa, a Midwestern state at the heart of the Corn Belt, and using annual data since 1950 from the Iowa Land Value Survey, this article analyses what drives the changes in land values in Iowa and across the ...