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Full-Text Articles in Political Economy

Techniques, Technologies And Politics Of Crisis And Post-Crisis Economics: Anglo-American Macroeconomics And Alternatives, Jeffrey K. Hass Dec 2014

Techniques, Technologies And Politics Of Crisis And Post-Crisis Economics: Anglo-American Macroeconomics And Alternatives, Jeffrey K. Hass

Sociology and Anthropology Faculty Publications

This paper attempts a critical appraisal of one core debate and theories in economics about the 2008 crisis and post-2008 economic growth and stagnation. In addition to examining formal publications, this essay also examines serious blogs by high-profile economists who are core participants in public discourse over economic policy. Drawing on the general logic of economic sociology and political economy — in particular, an appreciation for more complex microfoundations of economic practice (e.g. power and culture) and institutions—this paper addresses three issues about theoretical frameworks and claims about post-crisis growth or lack thereof: 1) Techniques: economists’ discourses focus primarily ...


Real-Time Forecasting, Dean D. Croushore Jan 2011

Real-Time Forecasting, Dean D. Croushore

Economics Faculty Publications

This chapter will discuss real-time forecasting in a macroeconomic policy context. I will begin by talking about the Survey of Professional Forecasters (SPF), a survey of private-sector forecasters. Next, I will discuss research on real-time data analysis and its importance in forecasting. Finally, I will discuss real-time forecasting in the 1990s.


Between Apprehension And Support: Social Dialogue, Democracy, And Industrial Restructuring In Central And Eastern Europe, Aleksandra Sznajder Lee Mar 2010

Between Apprehension And Support: Social Dialogue, Democracy, And Industrial Restructuring In Central And Eastern Europe, Aleksandra Sznajder Lee

Political Science Faculty Publications

This article explores the attitudes of trade union organizations to restructuring and privatization of their enterprises to strategic foreign investors in Central and Eastern Europe's biggest steel producers: Poland, Czech Republic, Romania, and Slovakia. Contrary to advocates of insulating technocratic decision-makers from social partners, this article argues that higher quality of democracy and concomitant social dialogue carried out at the level of the sector with union organizations that are autonomous of the government in power (as was the case in the Czech Republic and Poland), are associated with greater restructuring and with support for privatization to strategic foreign investors ...


Von Der Avantgarde Zu Den Verlierern Des Postkommunismus: Gewerkschaften Im Prozess Der Restrukturierung Der Stahlindustrie In Mittel- Und Osteuropa, Aleksandra Sznajder Lee, Vera Trappmann Jan 2010

Von Der Avantgarde Zu Den Verlierern Des Postkommunismus: Gewerkschaften Im Prozess Der Restrukturierung Der Stahlindustrie In Mittel- Und Osteuropa, Aleksandra Sznajder Lee, Vera Trappmann

Political Science Faculty Publications

Der Beitrag analysiert die Gründe für die Schwächung der Gewerkschaften in Mittel- und Osteuropa auf betrieblicher Ebene. Am Beispiel der Stahlindustrie in Polen, Rumänien und der Slowakei zeigt er, dass die Gewerkschaften Legitimität und Unterstützung bei den Belegschaften aufgrund ihrer Verwicklung in die Restrukturierung der Unternehmen verloren haben, und zwar aus je unterschiedlichen Gründen. In der Slowakei und Rumänien haben sich die betrieblichen Gewerkschaftsvertreter zusammen mit Regierungsangehörigen an den Betrieben privatwirtschaftlich bereichert und die Unternehmen so in den Bankrott geführt, während in Polen die Gewerkschaften versucht haben, die Profitabilität der Unternehmen zu erhalten, auf Kosten der Arbeitsplätze. Der neoliberale Kurs ...


Political Economy, Sandra J. Peart, David M. Levy Jan 2010

Political Economy, Sandra J. Peart, David M. Levy

Jepson School of Leadership Studies articles, book chapters and other publications

Political economy describes how human societies are organized by exchange. The critical issue for political economists is the interaction between self-directed decision making and the incentives that turn decisions into approved outcomes. In this interaction, political economists see a key role for leadership, a role that depends upon our common concern for others (Robbins, 1981). There are three roles, then, for leadership in the political economist’s model: self-directed decision making, incentive making, and establishing the criteria for approved outcomes.


From Economic Crisis To Reform: Imf Programs In Latin America And Eastern Europe By Grigore Pop-Eleches (Book Review), Aleksandra Sznajder Lee Oct 2009

From Economic Crisis To Reform: Imf Programs In Latin America And Eastern Europe By Grigore Pop-Eleches (Book Review), Aleksandra Sznajder Lee

Political Science Faculty Publications

Grigore Pop-Eleches’s book on the interaction of international and domestic determinants of IMF-style reforms in developing countries makes a significant contribution to international and comparative political economy literature. His effort to capture the dynamics of the contentious and complex relationship between the IMF and developing countries/emerging markets inLatin AmericaandEastern Europerepresents mid-range theorizing at its best. The author combines insights from international and comparative political economy literatures to pursue complementary questions. From the international effect perspective: what role do economic crises play in the initiation and implementation of IMF-backed economic reform? Is the IMF impartial in its policy and ...


The Influence Of Campaign Expenditures On Virginia House Of Delegates Electoral Success, Christopher Jones, James Monks Jan 2009

The Influence Of Campaign Expenditures On Virginia House Of Delegates Electoral Success, Christopher Jones, James Monks

Economics Faculty Publications

For decades economists and political scientists have sought to identify variables that influence the electoral success of public officials. Most of the existing literature focuses on the determinants of federal elections. This study examines elections to the Virginia House of Delegates and finds that campaign expenditures, incumbency status, party affiliation, and district voting tendencies all are significant predictors of electoral success. Additionally, this study finds that the returns to campaign expenditures, in terms of the additional votes that they generate, vary based on incumbency, party affiliation, number of opponents in the race, and over time.


Adam Smith And The Place Of Faction, Sandra J. Peart, David M. Levy Jan 2009

Adam Smith And The Place Of Faction, Sandra J. Peart, David M. Levy

Jepson School of Leadership Studies articles, book chapters and other publications

Our approach to faction focuses on Smith’s account of the interrelation between social distance and small group cohesion. We make the case that social distance is not necessarily constant in Smith’s system. As social distance shrinks, sympathy becomes more habitual and the affection we have for others increases (Peart and Levy, 2005b). Factions reduce social distance, and this gives them power and makes them dangerous. By modifying social distance, they created a disconnect between behavior of which we approve (cooperation) and consequences of which we disapprove. It is in this context that we find virtuous behavior with deleterious ...


2008 Hes Presidential Address: We're All "Persons" Now: Classical Economists And Their Opponents On Marriage, The Franchise, And Socialism, Sandra J. Peart Jan 2009

2008 Hes Presidential Address: We're All "Persons" Now: Classical Economists And Their Opponents On Marriage, The Franchise, And Socialism, Sandra J. Peart

Jepson School of Leadership Studies articles, book chapters and other publications

My purpose is to paint a broad brush narrative—it will have some visual representations as well—of how nineteenth-century political economists and their critics confronted a set of basic and related questions: Are men and women equally capable of self governance? Are they equally able to decide when and whom to marry and how many children to have? Can they be trusted equally to cast a ballot? Is their right to property inviolate or might new arrangements be designed and adopted for the production and distribution of wealth?

This is a story interwoven with extraordinary characters: John Stuart Mill ...


The Subtlety Of Political Risk With Foreign Direct Investment: The Case Of The Vietnamese Sugar Industry, Tom Arnold, Bonnie Buchanan, Janice Lo Jan 2006

The Subtlety Of Political Risk With Foreign Direct Investment: The Case Of The Vietnamese Sugar Industry, Tom Arnold, Bonnie Buchanan, Janice Lo

Finance Faculty Publications

Political risk entails more than a host country taking advantage of investment from foreign sources. A more subtle form of political risk is attributable to the host government's mismanagement of policies that may be intended to attract foreign direct investment, but may have unintended consequences. A perfect example is the ''One Million Tonne Sugar Program " sponsored by the government of Vietnam during the mid-1990s. What appears to be a very lucrative investment for foreign investors becomes a financial disaster due to the inability of the government to allocate resources efficiently and police its borders from smugglers.


Slavery, Economics And Constitutional Ideals, Edward L. Ayers Jan 2002

Slavery, Economics And Constitutional Ideals, Edward L. Ayers

History Faculty Publications

As we think about endings, however, it is also useful to think about beginnings. That is what President Abraham Lincoln did in his Second Inaugural Address, delivered just five weeks before the surrender at Appomattox and his own assassination soon thereafter. All knew, he said reflecting sadly and thoughtfully on how the Civil War came about, that slavery was, "somehow," the cause. In fact, "somehow," however, lay puzzles, contradictions, and questions. The connections between slavery and the Civil War have concerned Americans ever since the events at Appomattox.


Theory, Application And The Canon: The Case Of Mill And Jevons, Sandra J. Peart Jan 2001

Theory, Application And The Canon: The Case Of Mill And Jevons, Sandra J. Peart

Jepson School of Leadership Studies articles, book chapters and other publications

Whatever disputes remain about the nature and content of the "canon" of economics, it is widely accepted that the boundary of economic science was narrowed throughout the nineteenth century (Winch 1972). This chapter offers a partial explanation for that narrowing in the methodological developments that occurred during the second half of the century. For reasons of practicality in the face of pronounced "multiplicity of cause," John Stuart Mill called, In his 1836 Essay On the Definition of Political Economy; and on the Method of Investigation Proper to It, and again in his 1843 Logic, for a separate and specialized science ...


A Rejoinder To Abraham Hirsch, Samuel Hollander, Sandra J. Peart Jan 2000

A Rejoinder To Abraham Hirsch, Samuel Hollander, Sandra J. Peart

Jepson School of Leadership Studies articles, book chapters and other publications

The dispute between Hollander and Peart, and Hirsch, turns on the nature and role of verification in Mill’s perception of the appropriate method for Political Economy. Professor Hirsch maintains against us that, for Mill, the models constructed by political economists are insulated from verification. His case is based on two counterclaims. First, that when Mill writes of “verification” in Book III of the Logic, he has in mind a procedure differing from that appropriate for Political Economy, which allows only “indirect verification” (outlined in Book VI). Hirsch finds that Hollander and Peart confuse the two. Secondly, since the contexts ...


John Stuart Mill's Method In Principle And In Practice: A Review Of The Evidence, Samuel Hollander, Sandra J. Peart Jan 1999

John Stuart Mill's Method In Principle And In Practice: A Review Of The Evidence, Samuel Hollander, Sandra J. Peart

Jepson School of Leadership Studies articles, book chapters and other publications

We believe an additional, and contrasting, interpretation of Mill’s method is supported by the evidence. For in our view Mill insisted on the possibility of theory modification in the light of inadequacies revealed by empirical evidence, and also held that the central behavioral axiom is not of universal relevance but is pertinent only to the local circumstances of contemporary Great Britain and America—and, even so, qualified as we shall see—that axiom itself is empirically based. On our reading, there is more in common between his research strategy and that of Milton Friedman than is sometimes granted, at ...


Low Inflation: The Surprise Of The 1990s, Dean D. Croushore Jul 1998

Low Inflation: The Surprise Of The 1990s, Dean D. Croushore

Economics Faculty Publications

For most of the 1990s, forecasters have been predicting an upturn in inflation. Yet, over that same period, the United States has experienced stable or declining inflation. Why have forecasts been at odds with reality? And why does it matter? In this article, Dean Croushore considers some answers to these questions and explains why inflation is the economic surprise of the decade.


Exercise The Power Of The Purse With Hussein, Porcher L. Taylor Iii Jan 1997

Exercise The Power Of The Purse With Hussein, Porcher L. Taylor Iii

School of Professional and Continuing Studies Faculty Publications

In the same shrewd diplomatic spirit displayed by the Pentagon in its recent purchase of a squadron of MIG-29 fighter jets from Moldova in order to preempt the sale of the planes to Iran, the U.S. should offer to buy Iraq's entire biochemical weapons arsenal and then destroy it in place. Let's call this emerging instrument of U.S. foreign policy "preemptive economic diplomacy."


Introducing: The Survey Of Professional Forecasters, Dean D. Croushore Nov 1993

Introducing: The Survey Of Professional Forecasters, Dean D. Croushore

Economics Faculty Publications

Forecasts play a crucial role in the economy. Businesses won't hire workers as readily if they think the economy may go into a recession soon. Long-term interest rates will rise if people in the financial markets expect inflation to increase. And firms are less likely to borrow money for new investment spending today if they think interest rates will soon decline.

Forecasts are important for many decisions, but not many people have the knowledge and experience to forecast economic variables well. It makes sense, therefore, for people to rely on the forecasts of experts. One easy way to get ...


Jean Ensminger. Making A Market: The Institutional Transformation Of An African Society (Book Review), Sandra F. Joireman Jan 1993

Jean Ensminger. Making A Market: The Institutional Transformation Of An African Society (Book Review), Sandra F. Joireman

Political Science Faculty Publications

The publication of Making a Market marks yet another excellent contribution to the field from the Cambridge Series on Political Economy. Similar to the other volumes in the series, it emphasizes the interaction of political structures and institutions with economic change. Yet whereas most of the previous volumes in the series have been written by political scientists or economists, this book stands out as unique in that it is written from an anthropological perspective. Unusual as this is, the book gives an extremely sophisticated and readable application of the new institutional economics to the developing world.


Robert H. Bates And Anne O. Kruger (Eds.). Political And Economic Interactions In Economic Policy Reform (Book Review), Sandra F. Joireman, Winston Wells Jan 1993

Robert H. Bates And Anne O. Kruger (Eds.). Political And Economic Interactions In Economic Policy Reform (Book Review), Sandra F. Joireman, Winston Wells

Political Science Faculty Publications

This volume is a welcome attempt to combine extremely disparate regional literature on structural adjustment programs. The empirical research for the book was conducted in such a way as to generate truly economic hypotheses and conclusions. Bates and Krueger commissioned eight teams of researchers; each composed of at least one political scientist and an economist. The teams' initial agenda was to unravel the puzzle of why good economics means bad politics in relation to these structural adjustment programs. To meet that end, the teams were asked to investigate three phases surrounding the adjustment programs: Informed by current theories of interest ...


What Are The Costs Of Disinflation?, Dean D. Croushore May 1992

What Are The Costs Of Disinflation?, Dean D. Croushore

Economics Faculty Publications

The Federal Reserve can use monetary policy to reduce the inflation rate, a process known as disinflation. Are the benefits of disinflation worth the costs? Proponents of disinflation argue that the long-run benefits of price stability, including lower interest rates, increased economic efficiency, and perhaps faster economic growth, greatly exceed the short-run costs. Opponents, of course, claim the opposite, usually arguing that the short-run costs in terms of higher unemployment and lost output would be immense.


How Big Is Your Share Of Government Debt?, Dean D. Croushore Nov 1990

How Big Is Your Share Of Government Debt?, Dean D. Croushore

Economics Faculty Publications

In evaluating the government's financial position, taxpayers need to account not only for its debt, but also for its ownership of tangible assets. Each taxpayer has a share of the government's net worth that is positive; however, the share was larger 10 years ago. While the real net debt tripled, this huge rise in government indebtedness generated no similar gain in government assets. Taxpayers will be paying interest on this debt with little hope of higher future returns from government assets to help pay it off. It is recommended that the government adopt a capital-budgeting system. This system ...


Government Financial Policy And Capital, Dean D. Croushore Oct 1987

Government Financial Policy And Capital, Dean D. Croushore

Economics Faculty Publications

Economists have long been concerned about the best way to finance government deficits. Finding the proper fiscal policy and monetary policy mix is a crucial decision. When government debt grows too fast, interest rates rise and capital is crowded out. If the money growth rate is excessive, inflation occurs.

The study of this issue at the theoretical level requires a model which incorporates the following features: (1) modeling money and bonds as endogenous financial assets, whose rates of return are determined in general equilibrium, (2) examination of the utility maxi mization decisions of individuals, so that welfare analysis of alternative ...


The Fruits Of Merchant Capital: Slavery And Bourgeois Property In The Rise And Expansion Of Capitalism (Book Review), Edward L. Ayers Jan 1983

The Fruits Of Merchant Capital: Slavery And Bourgeois Property In The Rise And Expansion Of Capitalism (Book Review), Edward L. Ayers

History Faculty Publications

Review of the book,The Fruits of Merchant Capital: Slavery and Bourgeois Property in the Rise and Expansion of Capitalism by Elizabeth Fox-Genovese and Eugene D. Genovese. New York: Oxford University Press, 1983.