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Professor of Real Estate Economics and Public Policy, University of Southern California


Econ Journal Watch
Volume 6, Issue 3, September 2009 PDF Print E-mail

In this issue:

Great apprehensions, prolonged Depression. Writing in 2008 in the American Economic Review, Gauti Eggertsson claims that Hoover instantiated three policy dogmas, and that, by overcoming Hoover’s dogmas, Roosevelt shifted expectations and brought recovery by the end of his first term. A thoroughgoing critique is offered here by Steven Horwitz. (Professor Eggertsson is invited to reply in a future issue.)

The policy views of American Economic Association members. Robert Whaples shares the results of a new survey that includes many new policy-opinion questions.

Economic Notes from Underground. Four confessions:

  • Bruce Benson tells his troubled story—afflicted for 25 years with economic dissociative identity disorder—but it ends happily.
  • David Hakes tells how he complicated the math to get a paper published.
  • Stephen Kinsella tells of having to teach what you don’t believe in.
  • William P. Leonard tells how he teaches one thing in economics courses but, as college administrator, practices unconscionably to the contrary.

Invisible hand—metaphor of moment? Gavin Kennedy replies to Daniel Klein over Smith’s famous phrase.

The Scottish tradition in economic thought: This 1955 lecture by Alec L. Macfie (1898-1980) richly treats two centuries of Scottish economic thinkers and suggests distinctiveness in the line.

Table of Contents with links to articles (pdf)

Download and print entire May 2009 issue (2.84 MB)

 
 
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Quote of the Day

...I fear it is more important to confine one’s efforts to illustrating theoretical developments—to testing received hypotheses rather than searching for explanations of curious economic phenomena....

[ Full Quote ]

Today, I fear it is more important to confine one’s efforts to illustrating theoretical developments—to testing received hypotheses rather than searching for explanations of curious economic phenomena. Again, one can think of honourable exceptions, many of them found in the Journal of Law and Economics. But there is much more room for research approaches based on explanations of how, for example, property rights are perceived, negotiated, and defended in the transport businesses which are our subject matter.

M. E. Beesley, “Transport Research and Economics,” (a reflection on the material that appeared in the first 21 years of Journal of Transport Economics and Policy), Journal of Transport Economics and Policy January 1989, pp. 17-28, at 26.