Core Journals in Economics

This article ranks core journals in economics using the textbook citation method. Rankings are produced from citations in graduate‐level microeconomics, macroeconomics, and econometrics textbooks. Textbooks used in the study were chosen through responses from a survey of professors in top‐tier economics departments. The top nine journals or core journals from this study correlate closely in rank with the results of two comparison studies. Second‐tier journals identified in this study correlate less closely in rank with second‐tier journals in comparison studies.     

On theorizing the complexity of economic systems

Complexity challenges the “normal sciences” because they are based on logical neopositivist epistemologies and, therefore, have difficulty dealing with intelligible yet unpredictable phenomena. This problem is of particular concern to neoclassical economics. Empirical research is making it increasingly clear that economic systems are basically complex systems and, as such, cannot be understood by reduction and simplification. This article discusses a theory of modeling and reasoning about complex economic systems. It first examines “constructivist epistemologies” as a possible foundation for the modeling of complex systems, then presents an embryonic theory of the modeling of complex systems, based on constructivist epistemology. Two modeling tools-of organization by information and of intelligent organizational decision-are proposed. The arguments presented here suggest that economics will have to become a new science of organizational engineering in order to utilize and contribute to the emerging new sciences of complexity.     

The expanding definition of framing and its particular impact on economic experimentation

In both experimental economics and psychology, framing research has focused primarily on the reflection effect. Recently, however, economic research on framing has employed a broader definition which incorporates context and institutional factors in a more general and productive way-a way which is also more consistent with the goals of socio-economics. This paper explores this expanding definition of framing and its particular impact on economic experimentation. A wide range of studies are reviewed to illustrate the influence on economics of the changes in understandings of framing, and to examine some of the evidence for context-dependent choice. Research concerning fairness and institutional framing, social norms, reference points, and non-rational choice is considered. Because of the complementarity between economic experimentation and economic theory, these advances in framing research are viewed as further positive signs of the opening of neoclassical economics to socio-economic premises.     

The individual in economic analysis: toward psychology of economic behavior

“… Economics is supposed to be concerned with real people. It is hard to believe that real people could be completely unaffected by the reach of the self-examination induced by the Socratic question, ‘How should one live?’—a question that is, also a central motivating one for ethics. Can people whom economics studies really be so unaffected by this resilient question and stick exclusively to the rudimentary hard-headedness attributed to them by modern economics?” Amartya Sen, On Ethics & Economics.“… Apart from a few exceptions, the international consensus view within sociology, anthropology, political science and psychology seems to be that agents are not irrational in the way that neoclassical economists presume. The orthodox economic canons of rationality are thus widely rejected elsewhere,” Geoffrey M. Hodgson, Economics and Institutions.“Once we realize that the human mind is everywhere active and imaginative, then we need to understand the routes of this activity if we are to grasp how the human mind works. This is true whether the mind is trying to come to grips with painful reality, reacting to trauma, coping with the everyday or just making things up. Freud called this imaginative activity phantasy, and he argued both that it functions unconsciously and that it plays a powerful role in the organization of a person’s experience. This surely, contains the seeds of a profound insight into the human condition; it is the central insight of psychoanalysis … a pervasive aspect of mental life …. Are we to see humans as having depth—as complex psychological organisms who generate layers of meaning which lie beneath the surface of their own understanding? Or are we to take ourselves as transparent to ourselves?” Jonathan Lear, Open Minded: Working Out the Logic of the Soul.     

Max weber's vision of economic sociology

Max Weber's economic sociology is usually associated with The Protestant Ethic and the Spirit of Capitalism (1904–1905), but in this paper I show that what Weber himself called his “Wirtschaftssoziologie”, or economic sociology, looked quite different and was something that he developed during the last year of his life, 1919–1920. I present and outline Weber's (later) economic sociology and pay particular attention to his ideas of “economic (social) action” and of the three different forms of capitalism (rational capitalism, political capitalism and traditional capitalism). I also show that to Weber, economic sociology was part of a more general science of economics that he often referred to as “social economics” (“Sozialökonomik”). The paper ends with a comparison between the paradigm of economic sociology, which can be found in the work of Max Weber, and the paradigm of what is known as New Economic Sociology.     

Behavioral economics has two ‘souls’: Do they both depart from economic rationality?

In this paper, I argue that behavioral economics, far from being a monolithic theory, consists of two different ‘souls’ and that a fundamental asymmetry exists between them, with regard to the nature of the departures from the economics’ ‘canonical model’ they focus on. While a first class of departures deals with the major cognitive limitations and systematic biases in decision-making affecting economic behavior, a second research area investigates deviations from the classic assumption that economic agents are systematically driven by the pursuit of material self-interest. Even though on methodological grounds the two research areas share a broadly inductive approach – as they both aim at incorporating the major results obtained through several empirical methods (in particular, via experimental work) into formal economic analysis –, I claim that rather different methodological conclusions and regulatory and policy implications can be drawn, depending on the cognitive or social nature of the departures from the standard economic model under study.     

Re-examining the economic roots of public relations

The present global financial/economic crisis affects virtually the whole world and has brought to light a neglected economic context in public relations. To anyone familiar with the field's early history, it is obvious that a large part of that history intertwines with the long struggle between corporate, purely economic, interests and the need to apply public relations to combat public hostility and to gain public favour. This article works with both functional and critical approaches to engage with the particular relevance that the economic context of public relations holds in times of economic downturn. In referring to economic context, it includes the following issues: the economic roots of public relations practice in the historical context, the interactions between public relations theory and theories of economics and political economy, and the importance of economics to public relations practitioners.     

Altruism and economic development: The case of the igbo of South-Eastern Nigeria

The fledgling literature on “humanistic economics” has succeeded in debunking the neoclassical assumption of self-interested behavior and utility maximization. What it has failed to do, or at any rate failed to do satisfactorily, is to explain why people act selfishly sometimes and cooperatively at other times. More specifically, “humanistic economics” does not shed much light on why societies that were known to be cooperative eventually turned to uncooperative modes of behavior. In this paper, a framework for understanding such a behavioral change is developed. This framework is based on a distinction between primary and secondary norms and values. It is argued that under certain conditions, the latter may dominate the former.     

Economics of the firm and economic growth: a hybrid theoretical framework of analysis

Abstract

The main goal of this study is to achieve a critical discussion around the conceptualization of the firm and its role in the dynamic process of economic growth. By reviewing the theoretical matrix of the economics of the firm we go beyond the mainstream economics of the firm proposing a hybrid approach combining evolutionary and population ecology, which is likely to constitute a fruitful path for the conceptualization of the firm in the process of economic growth. Specifically, the analysis confronts the distinct theoretical perspectives around some imperative and controversial issues such as the nature of knowledge and learning and the cognitive capacities of economic agents within the firm. We argue that the economic understanding of growth and development of human societies will strongly benefit from a conceptualization of the firm capable of capturing the spirit of the Knightian firm. Overcoming the shortcomings of the mainstream growth models, which conceive firms as a black box, the proposed hybrid approach recalls the true nature of the firm as an organization. Issues related to the organizational arrangements that sustain the feasibility of productive activities and to the incentive contracts are also taken into account. Although acknowledging some recent important contributions within mainstream economic growth theory to adopt more realistic concepts of the firm, we believe that evolutionary and organizational population perspectives include crucial pointers in developing further research aimed at the construction of economic growth models based on a micro-economic perspective that is closer to the reality of firms.     

The development of economic notions: Single sequence or separate acquisitions?

The conceptions on shops and factories of a group of 3rd-grade children were assessed by means of the Piagetian clinical method. Factorial analysis showed that children's answers about the two economic institutions yielded two distinct factors. Children were then divided into three groups (one control and two experimental); children in the experimental groups were taught, by means of two different training procedures, how the shopkeeper can earn a profit. A post-test interview, one month later, showed that both experimental groups had progressed in the target notion; however, children did not generalize to the factory what they had learned about shops. According to these results, 3rd-graders' thinking about economics consists of separate part-systems, which will eventually become integrated as children grow older.     

Behavioral economics: implications for economic theory and policy

The concerns of behavioral economics are considered in the context of the decentralized, private ownership market economy. Modes of adaptive economizing behavior are outlined and their implications for augmenting the classical paradigm outlined. The role of viability mechanisms that indirectly and adaptively coordinate producers and consumers out of equilibrium is emphasized. The destabilizing nature of the creative intelligence and adaptive economizing transforms the world. The example of internal combustion, its effect on agriculture and transportation and the corollary use of resources provides a timely example.     

Cultural heritage as multi-dimensional,multi-value and multi-attribute economic good: toward a new framework for economic analysis and valuation

The purpose of the paper is to review critical issues concerning the economic dimensions of cultural heritage, in order to show that—tangible and intangible—“cultural economic” goods and services, as provided by cultural institutions, may be analysed and valued in a multi-dimensional, multi-attribute and multi-value socio-economic environment. On this multi-dimensional and multi-attribute setting, a conceptual framework for analysing cultural services and cultural capital is established. The paper is speculative in nature, suggesting new prospective for evaluation and empirical inquiry. The work is divided in three parts. The first part begins by surveying the literature on merit goods, re-examining how different paradigms, neo-classic and more unconventional, have dealt with the issue, and assessing why, and to what extent, merit good is a proper economic notion. The second part focuses on the role merit good theory should play in cultural economics, and specifically how it is possible to integrate the merit good and the mixed good theoretical and conceptual framework. Cultural resources are to be defined ideally as joint merit-mixed good, on a multi-dimensional scenario. Cultural capital offers and “produces” services and functions, providing private, public and merit good elements of benefit (value). The multi-dimensional framework also entails a multi-paradigmatic perspective, bringing together neo-classic and non-neo-classic elements. The last section summarises and concludes that such an established conceptual framework indicates and supports new routes for economic valuation and policy making concerning the cultural field and cultural institutions. Disaggregating cultural activities into many services and functions allows the analysis to focus on single components of “benefit” supplied by cultural institutions and demanded by users. Valuing culture as a non-holistic resource might help economic analysis and decision-making processes. The main emerging results are: (i) the notion of merit good is relevant for cultural economics and cultural policy, and it represents a relevant ideal “metaphor” and an important dimension of value associated to “cultural functions”; (ii) the inclusion of merit good theory gives the possibility to define cultural stock and services as a compelling case of multi-dimensional categorisation of private, public, mixed and collective services, where different theoretical perspectives are integrated with each other as far as possible; (iii) being intrinsically placed in a dynamic and uncertain setting, merit good theory demonstrates to be, in theoretical and policy term, the necessary a priori for the theory and policy of mixed good provision, both at macro and microeconomic level. Policies motivated by the merit good issue should aim at providing the necessary collective tangible and intangible investments on which long run effects of cultural policies rely; (iv) special effort should be devoted to the study of “demands” associated to cultural goods, emphasising the role of valuation analysis, supported by the conceptual framework here developed. The work intends to constitute a point of reference for future research, generating some controversy and stimulating further contributions.     

Assimilationism and Pluralism as Cultural Tools

Most scholarship on assimilationism and pluralism either scientifically assesses their validity as theories or ideologically makes claims about their propriety. Missing is inquiry into how assimilationism and pluralism are not merely about society (as outcomes or ideals) but are used in society, sometimes as “antithetical master-frames.” I therefore do two things here: In Part I, I recast assimilationism and pluralism in terms of two dimensions of concern to people: morality (is assimilating or retaining the right thing to do?) and inclusiveness (which groups are candidates for assimilation or retention?). In Part II, I analyze the use of assimilationist and pluralist frames in three social movements—gay, Deaf Culture, and white separatist.

     

The economists and the primitive societies: A critique of economic imperialism

The extension of economics to topics that lie outside its classical domain is known as ‘economic imperialism’. But there are territories of social science that persist to be largely intractable using the postulates of economic theory: the anthropological subject of primitive societies represents one such territory. This paper describes and discusses the representation of primitive societies by economists from the proto-imperialist model of Smith to the imperialist Posner's model. It maintains that (a) the economists’ attempt at interpretation is highly unsatisfactory and (b) it is possible to offer a different representation of the primitive societies, one more coherent with the anthropological and ethnographical data, and able to show the inadequacy and insubstantiality of many economic categories when applied to those societies.     

Change in intergenerational economic mobility in Norway: conventional versus joint classifications of economic origin

Studies of mobility within both sociology and economics most commonly use a conventional classification of social or economic origin, based on the position of the father only. The questions raised in the paper is whether there has been a trend towards more economic mobility, and whether conclusions about change based on a joint classification of both mother and father differ from those based on conventional classifications. These questions are addressed on the basis of register data on the earnings of the total Norwegian population of mothers, fathers and children from 1967 and onwards. The analyses focus on the earnings of the cohorts born between 1955 and 1970, and their earnings at the age of 34–35. The results do not support the argument in previous research that intergenerational economic mobility has increased in Norway. Moreover, the results based on a conventional approach differ from those based on a joint classification including the earnings of both mother and father. Using the latter approach there is no indication of a trend towards greater openness.     

On critical faith and metacritical agnosticism: Nietzsche,Socrates, and the searches for knowledge

This article articulates a case for methodological pluralism while addressing points of contention between Michael Warren Tumolo’s “A Sublimed Experience of the Rhetoric of Plato’s Republic” and John Peterman’s “Sublimation Therapy: Helping Reason Get Back to a Solid Footing.” This discussion addresses explicit and implicit differences regarding the meaning of knowledge, authorship, advice, texts, method, and discipline. Embedded in this larger framework is a discussion of Nietzschean and Socratic understandings of self-knowledge. This essay resists hierarchical approaches to discipline and method, instead arguing for methodological pluralism in which one aims to be critically faithful and metacritically agnostic. This approach is offered as a way to demonstrate a commitment to disciplinary knowledge and to better know oneself.     

Work history analysis,women and large scale data sets*

This paper describes the methods and concepts which were developed during an analysis of women's work histories contained in a recent large-scale source, the Women and Employment Survey. Large scale longitudinal data are relatively rare in social science although more sources are becoming available but the techniques and methods of approaching such data are lagging behind. The concepts described here were developed in the context of a specific type of work history but they are thought to have general relevance to these data, as are the methods of approach which are also described. The main approach was to classify individuals' longitudinal employment experiences aided by inspection and computer graphical displays. This single variable can be used subsequently in multivariate analyses of the large scale data set. This method provides a micro foundation to macro-sociology or economics.     

On real economic freedom

Among the various concepts of freedom important for economics, ranking or measuring the freedom of choice provided by budget sets has an important place. The volume ranking has strange properties and cannot be justified by unit invariance and symmetry. The pointed distance (of the budget hyperplane from the origin along some line) provides a measure or ranking that coincides with the standard “purchasing power” or real income. The linear price index is practically unavoidable for measuring or ranking freedom. This is applied to the determination of income distribution and taxation implied by the equal freedom of choice of different domains. Concepts of equal or compared potential freedoms and utility-freedom relate freedom analysis to the basic classical concepts of fair allocation (equity-no-envy, egalitarian equivalence, etc.). The crucial difference between the two opposite concepts of invariance in comparisons is emphasized.     

The economic proposals of Charlotte Perkins Gilman and gender budgeting in Italy

Charlotte Perkins Gilman anticipated Amartya Sen's theories on the economy of wellbeing and the theory of the capabilities by placing humanity at the centre of economic politics, the full development of abilities of the entire population and the participation in all the social, economic and political activities of men and women, as a premise for social progress and genuine democracy. In particular, she highlighted the value of women's competences and female innovative contribution towards the achievement of these goals. Today, the European Union considers these issues as a priority but in Italy they are not fully taken into consideration. Gilman, the American authoritative sociologist and economist, defined in 1993 by the Women's Hall of Fame as one of the 10 most influential women of the twentieth century, thanks to her studies and her in-depth analysis of women's real conditions of life, reached the conclusion that the origins of the traditional sexual roles – and of the female ‘natural’ subordination to man – are not due to nature, but to the economic dependence on man. Consequently, she believed that true freedom and effective citizenship for women are possible only with economic independence. Through the denunciation of the myths and traditional stereotypes that tie women to the so-called ‘natural roles’, Gilman showed the damages that the exclusion of women from socioeconomic activities cause to the progress of human society, and proposed the new woman. The new woman is well-educated – and thus endowed with a critical mind – and professionally prepared, and is aware of the necessity of her full citizenship. Women are also aware of the fundamental social value of maternity. Consequently they are aware that the ‘unpaid caring works’ should not be exclusively assigned to women but rather should be shared by both family and society. Gilman's theories and proposals for the social and economic reorganization, and her criticism of the traditional myths and stereotypes, supply a valid contribution to the present gender politics and in particular to the affirmation of gender budgeting in economics. These policies Gilman had indicated in her study Women and economics, published in 1898!