EconRoots

Today marks a milestone in the history of EconRoots as a podcast. While we have already been blessed with guest appearances from some of the best economists in the field, today we have our first nobel laureate the esteemed Eric Stark Maskin. While we will deal with Maskin important contributions in a later ordinary episode, we are very thankful to Maskin and Copenhagen Business School for awarding us time together doing his spring 2023 visit.Maskin is is an American economist and mathematician. He was jointly awarded the 2007 Nobel Memorial Prize in Economic Sciences with Leonid Hurwicz and Roger Myerson "for having laid the foundations of mechanism design theory".[3] He is the Adams University Professor and Professor of Economics and Mathematics at Harvard University. In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Prize in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually. References:Maskin E, Sen A. The Arrow Impossibility Theorem. Columbia University Press; 2014 pp. 168.

Economics model human behavior within the construct of rationality, but what is rational behavior? In this episode we meet Herbert Simon who shows that instrumental rationality is likely not as smart as bounded rationality, at least from a modeling point of view. He also shows that organizations matter for what is to be considered rational behavior. From here we move to Gary Becker the great proponent of the use of rational choice to almost all areas of the human experience, including the family and crime. We end wth Mirless who shows us that lack of information can lead to moral hazard even without opportunistic intent. In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Prize in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.ReferencesBecker, Gary S. – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2023. Tue. 4 Jul 2023. https://www.nobelprize.org/prizes/economic-sciences/1992/becker/lecture/Becker, Gary S. – Banquet speech. NobelPrize.org. Nobel Prize Outreach AB 2023. Tue. 4 Jul 2023. https://www.nobelprize.org/prizes/economic-sciences/1992/becker/speech/Krueger, Anne O. “The Economics of Discrimination.” Journal of Political Economy, vol. 71, no. 5, 1963, pp. 481–86. JSTOR, http://www.jstor.org/stable/1829018.Mirrlees, James A. – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2023. Tue. 4 Jul 2023. https://www.nobelprize.org/prizes/economic-sciences/1996/mirrlees/lecture/Simon, Herbert A. – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2023. Tue. 4 Jul 2023. https://www.nobelprize.org/prizes/economic-sciences/1978/simon/lecture/

Gender issues in society and particularly feminist economics have gotten a lot of attention in recent times, but what exactly is it? Why is it needed and what is the relation to classical economic theory? Today we are joined by Professor Giandomenica Becchio who is the world leading expert in the history of these ideas. We also talk about how and why certain interesting contributors to economic theory became forgotten, mainly due to race, gender and ideology. In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Prize in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advise that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.References:Becchio, G. (2021). A History of Feminist and Gender Economics. Routledge.

Show notes:Today we tackle a key concept in economics, the idea of market equilibrium, both general and partial. A part of this talk also involves the role of information and that of regulation. We start with polymath Kenneth Joseph Arrow, a key figure in many economic insights. From him we move to a key Chicago school figure and funnyman, George Joseph Stigler. Finally, we star the French economist Gérard Debreu. In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Prize in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.ReferencesKenneth J. Arrow – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2023. Mon. 3 Jul 2023. https://www.nobelprize.org/prizes/economic-sciences/1972/arrow/lecture/Kenneth J. Arrow, Social Choice and Individual Values. Yale University Press, 2012. JSTOR, http://www.jstor.org/stable/j.ctt1nqb90. Kenneth J. Arrow; Gerard Debreu. Existence of an Equilibrium for a Competitive Economy. Econometrica, Vol. 22, No. 3. (Jul., 1954), pp. 265-290.Gerard Debreu – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2023. Mon. 3 Jul 2023. https://www.nobelprize.org/prizes/economic-sciences/1983/debreu/lecture/George J. Stigler – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2023. Mon. 3 Jul 2023. https://www.nobelprize.org/prizes/economic-sciences/1982/stigler/lecture/George J. Stigler – Banquet speech. NobelPrize.org. Nobel Prize Outreach AB 2023. Mon. 3 Jul 2023. https://www.nobelprize.org/prizes/economic-sciences/1982/stigler/speech/George J. Stigler. (2003). Memoirs of an Unregulated Economist. Bibliovault OAI Repository, the University of Chicago Press. George J. Stigler, 1971. "The Theory of Economic Regulation," Bell Journal of Economics, The RAND Corporation, vol. 2(1), pages 3-21, Spring.

Today's episode was recorded in October 2022 at the Market and Society conference. Our honoured guest is Dr. Erwin Dekker. Dr. Dekker is a historian and economist working at the the intersection of culture and economics. He has worked for almost a decade in the department of cultural economics at Erasmus University Rotterdam and Is currently Senior Research Fellow at the Mercatus Center at George Mason University. Dr. Dekker recently put out an impressive biography on Noble Laurette Jan Tinbergen. We highly recommend you pick that up, and today's talk will give you a good idea why.In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Prize in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.References:Dekker, E. (2021). Jan Tinbergen (1903–1994) and the Rise of Economic Expertise. Cambridge University Press.

A large part of the economy is the labor market. Not only is it, along with capital, the standard input in simple production functions, it is also a whole beast of it's own. Just like capital is not just capital, likewise labor is also heterogenous and have unique and important issues relating to matching jobs with skills and people and time; this is what economist call search frictions. In today's episode we discuss the 2010 prize awarded to Peter A. Diamond, Dale T. Mortensen and Christopher A. Pissarides "for their analysis of markets with search frictions". We might also offer up some dating advice based on the insights. In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Prize in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.References:Links to Nobel lectures and banquet speeches:https://www.nobelprize.org/prizes/economic-sciences/2010/diamond/lecture/https://www.nobelprize.org/prizes/economic-sciences/2010/mortensen/facts/https://www.nobelprize.org/prizes/economic-sciences/2010/pissarides/facts/Berlingske article on datinghttps://www.berlingske.dk/aok/oekonomisk-teori-kan-udpege-de-faldgruber-singler-boer-undgaa-og-forklareCBS Podcast: The economics of lovehttps://cbswire.dk/the-economics-of-love/ "Job Creation and Job Destruction in the Theory of Unemployment" (with Dale Mortensen), published in the Review of Economic Studies in 1994.[15] D. Mortensen (1982), 'Property rights and efficiency of mating, racing, and related games.' American Economic Review 72 (5), pp. 968–79.

Today's episode was recorded in October 2022 at the Market and Society conference. Our honored guest is a premier Austrian school economist Professor Peter Boettke. He is widely published and has been instrumental in promoting modern Austrian economics across campuses in the US and globally. He is currently a professor of economics and philosophy at George Mason University; the BB&T Professor for the Study of Capitalism, vice president for research, and director of the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center also at GMU. Professor Boettke is not only a very insightful academic, but he is also a prolific teacher, former successful basketball coach and a great writer. We highly recommend you pick up his book: Living Economics. We are very thankful for his time. In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Prize in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually. References: Boettke, P. J. (2012). Living economics. Oakland, CA: IndependentInstitute. Friedman, M., Friedman, R. D., & Friedman, R. D. (1990). Free to choose. Free to Choose Enterprise. Friedman, M. (2016). 61. Capitalism and Freedom. In Democracy (pp. 344-349). Columbia University Press. MacLean, N. (2018). Democracy in chains: The deep history of the radical right's stealth plan for America. Penguin.

As economics grew into its own as a scientific discipline, two questions became pressing. 1) How to deal with empirical data, particular separating cause and effect, 2) how to give good and predictive policy advice. A large part of the answer came in the form of econometrics. A distinct form of applied science mixing economic theory with statistics and math. In today's episode we talk about three laurates that spearheaded econometrics Ragnar Anton Kittil Frisch who invented the term and has another prize named after him. Jan Tinbergen who's work in dynamic models, statistical identification and macro-economic modeling earned him a place among the most influential first generations econometricians. Finally, we will talk about Wassily Wassilyevich Leontief, who pioneered input-output analysis and sector analysis. This episode is also unique as it features only Europeans – a rare thing indeed in modern economics.In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Prize in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.References:Sløk-Madsen, S. K. (2022). Danish Capitalism in the 20th Century: A Business History of an Innovistic Mixed Economy. Springer Nature.Dekker, E. (2021). Jan Tinbergen (1903–1994) and the Rise of Economic Expertise. Cambridge University Press.Link Ragnar Frisch (Banquet speech and lectures)https://www.nobelprize.org/prizes/economic-sciences/1969/frisch/facts/rg)Link Jan Tinbergen (Banquet speech and lectures)https://www.nobelprize.org/prizes/economic-sciences/1969/tinbergen/lecture/rg)Link Wassily Wassilyevich Leontief (Banquet speech and lectures)https://www.nobelprize.org/prizes/economic-sciences/1973/leontief/speech/

Why do some countries experience growth, while others don't? The answer is that countries are not ordered in the same way, or as an economist would say; their institutional arrangements differ, and that leads to different outcomes. This in not just a theoretical point, it is in fact highly empirically observable. In today's episode we will meet three laurates that made just such observations; Simon Smith Kuznets who are not just famous for two curves, but also for spearheading the creation of essential empirical data, such a national income accounts. Theodore Schultz, an agricultural economist who showed why human capital matters, and finally Douglas North. The first historian to win the price, and a person that teaches us to take time seriously. References: Kuznets, S.S. (1971), Price Lecture, [lecture transcript]. Retrieved from:http://www.nobelprize.org/prizes/economic-sciences/1971/kuznets/lecture/ (www.nobelprize.org/prizes/economic-sciences/1971/kuznets/lecture/)   Kuznets, S.S. (1971). Banquet speech [Speech transcript]. Retrieved from: https://www.nobelprize.org/prizes/economic-sciences/1971/kuznets/speech/ (https://www.nobelprize.org/prizes/economic-sciences/1971/kuznets/speech/) Schultz, T. (1979), Price Lecture, [lecture transcript]. Retrieved from:http://www.nobelprize.org/prizes/economic-sciences/1979/schultz/lecture/ (www.nobelprize.org/prizes/economic-sciences/1979/schultz/lecture/) Schultz, T. (1979). Banquet speech [Speech transcript] Retrieved from: http://www.nobelprize.org/prizes/economic-sciences/1979/schultz/speech/ (www.nobelprize.org/prizes/economic-sciences/1979/schultz/speech/) North, D.C. (1993), Price Lecture, [lecture transcript]. Retrieved from:http://www.nobelprize.org/prizes/economic-sciences/1993/north/lecture/ (www.nobelprize.org/prizes/economic-sciences/1993/north/lecture/) North, D.C. (1993) Banquet speech [Speech transcript]. Retrieved from:http://www.nobelprize.org/prizes/economic-sciences/1993/north/speech/ (www.nobelprize.org/prizes/economic-sciences/1993/north/speech/)    North D. (1991) Institutions; Journal of Economic Perspectives. https://www.jstor.org/stable/i333438 (Vol. 5, No. 1 (Winter, 1991)), pp. 97-112.  North, D.C. (1993), Interview. Retrieved from: http://www.nobelprize.org/prizes/economic-sciences/1993/north/interview/ (www.nobelprize.org/prizes/economic-sciences/1993/north/interview/)

Welcome to EconRoots. A podcast on the history of Economic Thought brought to you by CEPOS and your host Stefan Sløk-Madsen. As a bonus to our regular seasons we aim to bring you exciting interviews with relevant and stimulating economists and scholars within or related to the field of economics. We call these, EconRoots talk.  In today's talk recorded at the APEE conference 2022 in Las Vegas, we are honored to be joined by Michael C. Munger, Professor of Political Science, and Director of the PPE Certificate Program at Duke University. Professor Munger has made tremendous research contributions within the functioning of markets, regulation, and government institutions. He has taught at Dartmouth College, University of Texas, and University of North Carolina, as well as working as a staff economist at the Federal Trade Commission during the Reagan Administration. He is a past President of the Public Choice Society, an international academic society of political scientists and economists with members in 16 countries. He was North American Editor of the journal Public Choice for five years, and is now a Co-Editor of The Independent Review. Dr. Munger has had a profound influence on many young economists today. However today we are here to talk about this Phd supervisor and nobel prize recipient, Douglas C North and the importance of institutions and how they change.   References Hinich, M. J., & Munger, M. C. (1996). Ideology and the theory of political choice. University of Michigan Press. Munger, M. C. (2020). Ideology and the Direction of Causation in the Acquisition and Maintenance of Shared Belief Systems. Kyklos, 73(3), 392-409. North, D. C. (1994). Economic performance through time. The American economic review, 84(3), 359-368.

The economist Tyler Cowen has argued that growth should be a stubborn attachment for economists. In today's episode you will get an idea of why. We start with Solow who's exogenous growth model is highly famous. From him we learn the power of ideas and how they spread to create growth and property from Romer, and finally the inventor of the carbon tax Nordhaus. This is an exciting episode indeed, and full of great reasons why growth matters, we also talk about the coolest wedding an economist can imagine, chartered cities and why light is more important than you might think. References: Jones, C. I. (2019). Paul Romer: Ideas, nonrivalry, and endogenous growth. The Scandinavian Journal of Economics, 121(3), 859-883 Nordhaus, William D. 1997. "Do Real Output and Real Wage Measures Capture Reality? The History of Light Suggests Not." The Economics of New Goods. Edited by Robert J. Gordon and Timothy F. Bresnahan. University of Chicago Press for the National Bureau of Economic Research. 27–70. Nordhaus prize lecture: https://www.nobelprize.org/prizes/economic-sciences/2018/nordhaus/lecture/ (https://www.nobelprize.org/prizes/economic-sciences/2018/nordhaus/lecture/) Nordhaus banquet speech: https://www.nobelprize.org/prizes/economic-sciences/2018/nordhaus/speech/ (https://www.nobelprize.org/prizes/economic-sciences/2018/nordhaus/speech/)  Romer prize lecture: https://www.nobelprize.org/prizes/economic-sciences/2018/romer/lecture/ (https://www.nobelprize.org/prizes/economic-sciences/2018/romer/lecture/)  Solow prize lecture: https://www.nobelprize.org/prizes/economic-sciences/1987/solow/lecture/ (https://www.nobelprize.org/prizes/economic-sciences/1987/solow/lecture/) Solow banquet speech: https://www.nobelprize.org/prizes/economic-sciences/1987/solow/speech/ (https://www.nobelprize.org/prizes/economic-sciences/1987/solow/speech/)  Solow 1957 Technical Change and the Aggregate Production Function

The economist Tyler Cowen has argued that growth should be a stubborn attachment for economists. In today's episode you will get an idea of why. We start with Solow who's exogenous growth model is highly famous. From him we learn the power of ideas and how they spread to create growth and property from Romer, and finally the inventor of the carbon tax Nordhaus. This is an exciting episode indeed, and full of great reasons why growth matters, we also talk about the coolest wedding an economist can imagine, chartered cities and why light is more important than you might think. References: Jones, C. I. (2019). Paul Romer: Ideas, nonrivalry, and endogenous growth. The Scandinavian Journal of Economics, 121(3), 859-883 Nordhaus, William D. 1997. "Do Real Output and Real Wage Measures Capture Reality? The History of Light Suggests Not." The Economics of New Goods. Edited by Robert J. Gordon and Timothy F. Bresnahan. University of Chicago Press for the National Bureau of Economic Research. 27–70. Nordhaus prize lecture: https://www.nobelprize.org/prizes/economic-sciences/2018/nordhaus/lecture/ (https://www.nobelprize.org/prizes/economic-sciences/2018/nordhaus/lecture/) Nordhaus banquet speech: https://www.nobelprize.org/prizes/economic-sciences/2018/nordhaus/speech/ (https://www.nobelprize.org/prizes/economic-sciences/2018/nordhaus/speech/)  Romer prize lecture: https://www.nobelprize.org/prizes/economic-sciences/2018/romer/lecture/ (https://www.nobelprize.org/prizes/economic-sciences/2018/romer/lecture/)  Solow prize lecture: https://www.nobelprize.org/prizes/economic-sciences/1987/solow/lecture/ (https://www.nobelprize.org/prizes/economic-sciences/1987/solow/lecture/) Solow banquet speech: https://www.nobelprize.org/prizes/economic-sciences/1987/solow/speech/ (https://www.nobelprize.org/prizes/economic-sciences/1987/solow/speech/)  Solow 1957 Technical Change and the Aggregate Production Function

Welcome to EconRoots. A podcast on the history of Economic Thought brought to you by CEPOS and your host Stefan Sløk-Madsen. As a bonus to our regular seasons we aim to bring you exciting interviews with relevant and stimulating economists and scholars within or related to the field of economics. We call these, Econ Roots talk.  In today's talk recorded at the APEE conference 2022 in Las Vegas, we are honored to be joined by Dr. Siri A. Terjesen who is Associate Dean and Phil Smith Professor of Entrepreneurship at Florida Atlantic University, and Professor at the Norwegian School of Economics in Bergen, Norway. Dr. Terjesen is a nationally recognized expert within several fields, and e very gifted teacher. In todays talk we ask her what, if anything, the history of economic thought and the economic classics can teach business school students? We also take this much treasured opportunity to talk about gender diversity in boardrooms – a topic Dr. Terjesen knows intimately well and has published important research on. Full disclosure, Dr. Terjesen served on Stefans Phd committee, and was a hard but fair evaluator.    References Examples of Siri's research: https://scholar.google.com/citations?view_op=view_citation&hl=en&user=loPMxzAAAAAJ&citation_for_view=loPMxzAAAAAJ:u5HHmVD_uO8C (Women directors on corporate boards: A review and research agenda) S Terjesen, R Sealy, V Singh, Corporate governance: an international review 17 (3), 320-337 https://scholar.google.com/citations?view_op=view_citation&hl=en&user=loPMxzAAAAAJ&citation_for_view=loPMxzAAAAAJ:RELVpAr6_7wC (Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity) S Terjesen, EB Couto, PM Francisco, Journal of Management & Governance 20 (3), 447-483 https://scholar.google.com/citations?view_op=view_citation&hl=en&user=loPMxzAAAAAJ&citation_for_view=loPMxzAAAAAJ:9yKSN-GCB0IC (Female presence on corporate boards: A multi-country study of environmental context) S Terjesen, V Singh, Journal of business ethics 83 (1), 55-63 https://scholar.google.com/citations?view_op=view_citation&hl=en&user=loPMxzAAAAAJ&citation_for_view=loPMxzAAAAAJ:4UtermoNRQAC (Board diversity: Moving the field forward) RB Adams, J de Haan, S Terjesen, H van Ees, Corporate Governance: An International Review 23 (2), 77-82

Trade is like the air, if it wasn't there, we would die. But most don't think much about it. Well, thank the good creator we have economists, because some of those do think about it. In this episode we explain trade theory by recapping the old greats Adam Smith and David Ricardo. Before moving into the joint recipient in 1977, Bertil Gotthard Ohlin and James Meade. From here we talk about Paul Robin Krugman, today more generally known for punditry, his contribution to new trade theory and economic geometry was well deserved of his 2008 prize. Particularly Meade and and Krugman are in different ways funny to read. We end the episode with a more general talk on the importance of trade. In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Price in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel price is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually. References: Bertil Gotthard Ohlin Prize Lecture (1977): https://www.nobelprize.org/prizes/economic-sciences/1977/ohlin/lecture/ James Meade Banquet Speech (1977): https://www.nobelprize.org/prizes/economic-sciences/1977/meade/speech/ James Meade Prize Lecture (1977): https://www.nobelprize.org/prizes/economic-sciences/1977/meade/lecture/ Paul Robin Krugman Banquet Speech (2008): www.nobelprize.org/prizes/economic-sciences/2008/krugman/speech/ Paul Robin Krugman Prize Lecture (2008): www.nobelprize.org/prizes/economic-sciences/2008/krugman/lecture/

We finish our macro theme for now, with some interesting modern perspectives. Both some important discussion about the need for, and the purpose of, economic modeling; Thomas John Sargant and Christopher A. Sims will take us there. They got the prize jointly in 2011, and disagree on some important points. We start with Robert Mundell – cheeky called the father of the Euro - who got the prize in 1999, whose ideas might be scaringly more relevant these days. In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Prize in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.   References 1971 Princeton tract The dollar and the policy mix is credited with founding https://en.wikipedia.org/wiki/Supply-side_economics (supply-side economics) (Bartlett 1971, p 101). Macroeconomic Features of the French Revolution, jpurnal of political economy Video: https://www.facebook.com/watch/?v=627150095324225 Thomas J. Sargent Banquet Speech (2011): https://www.nobelprize.org/prizes/economic-sciences/2011/sargent/speech/ Thomas J. Sargent Prize Lecture (2011): https://www.nobelprize.org/prizes/economic-sciences/2011/sargent/lecture/ Christopher A. Sims Prize Lecture (2011): https://www.nobelprize.org/prizes/economic-sciences/2011/sims/lecture/ Robert Mundell Banquet Speech (1999): https://www.nobelprize.org/prizes/economic-sciences/1999/mundell/speech/ Robert Mundell Prize Presentation (1999): https://www.nobelprize.org/prizes/economic-sciences/1999/mundell/lecture/

This is the second of a two-part episode on modern macro-economics. In today's episode we talk about Finn Erling Kydland – a Norwegian - and Edward Christian Prescott who got the prize for their joint work on the relation between peoples rational expectations and policy consistency – or rather lack thereof. We continue and end macro (for now) with Edmund Strother Phelps who's keen eye for entrepreneurship and uncertainty drive his macro theory – even if he is often time pro intervention.    In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Price in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel price is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.  References: Finn E. Kydland prize lecture (2004): https://www.nobelprize.org/prizes/economic-sciences/2004/kydland/lecture/ Edward C. Prescott banquet speech (2004): https://www.nobelprize.org/prizes/economic-sciences/2004/prescott/speech/ Edward C. Prescott prize lecture (2004): https://www.nobelprize.org/prizes/economic-sciences/2004/prescott/lecture/ Edmund S. Phelps banquet speech (2006): https://www.nobelprize.org/prizes/economic-sciences/2006/phelps/speech/ Edmund S. Phelps prize lecture (2006): https://www.nobelprize.org/prizes/economic-sciences/2006/phelps/lecture/

This is the first of a two-part episode on modern macro-economics. In today's episode we talk about a distinguished and well rounded British economist Sir John Hicks who got the prize in 1972. We continue with James Tobin who actually got the prize for finance theory, more specifically portfolio selection theory – but he will be mentioned because his many ideas were highly influential on macro, particularly as he was skeptical of rational expectations. We also cover Robert Emerson Lucas Jr. who's work on rational expectations are very important to the field.  In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Price in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.  References: Hicks banquet speech (1972): www.nobelprize.org/prizes/economic-sciences/1972/hicks/speech/ Hicks Nobel lecture: www.nobelprize.org/prizes/economic-sciences/1972/hicks/lecture/ Tobin banquet speech (1981): https://www.nobelprize.org/prizes/economic-sciences/1981/tobin/speech/ (www.nobelprize.org/prizes/economic-sciences/1981/tobin/speech/ ) Tobin prize lecture: www.nobelprize.org/prizes/economic-sciences/1981/tobin/lecture/ Lucas banquet speech (1995): www.nobelprize.org/prizes/economic-sciences/1995/lucas/speech/ Lucas prize lecture: www.nobelprize.org/prizes/economic-sciences/1995/lucas/lecture/

Welcome to Econ Root. A podcast on the history of Economic Thought brought to you by CEPOS and your host Stefan Sløk-Madsen. As a bonus to our regular seasons we aim to bring you exciting interviews with relevant and stimulating economists and scholars within or related to the field of economics. We call these, Econ Roots talk.    In today's talk we are honored to be joined by Professor Deirdre McCloskey. She is a world leading scholar in economic history and economic method. She is the recipient of numerous awards and titles and is popularly known for her work on bourgeois values. In todays talk, which was recorded at September 9 2021 in Copenhagen, we also get some rare and unique personal reflections on the modern history of economics - a lot of which she personally experienced. References -        McCloskey, D. N., & Carden, A. (2020). Leave Me Alone and I'll Make You Rich: How the Bourgeois Deal Enriched the World.University of Chicago Press. -        McCloskey, D. N. (2021): Liberalism Caused the Modern World. Cepos. https://cepos.dk/debat/liberalism-caused-the-modern-world/ (https://cepos.dk/debat/liberalism-caused-the-modern-world/)

In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Price in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel price is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.   In this episode we start to investigate the advent of modern macro-economics. There are giants, and then there are GIANTS. Today's show feature 3 absolute giants within economics! Samuelson who got the second prize. Hayek who were the first non-Keynesian to be awarded the prize. Finally, also Friedman who a protestor told to go home doing the ceremony – but that could have been worse.    References: Caldwell, B. (2008). Hayek's challenge. University of Chicago Press. Friedman Banquet Speech (1976) - https://www.nobelprize.org/prizes/economic-sciences/1976/friedman/speech/#:~:text=It%20is%20a%20great%20honour,to%20which%20a%20scholar%20can (https://www.nobelprize.org/prizes/economic-sciences/1976/friedman/speech/#:~:text=It%20is%20a%20great%20honour,to%20which%20a%20scholar%20can)  Friedman Noble Lecture (1976) - https://www.nobelprize.org/prizes/economic-sciences/1976/friedman/lecture/ (https://www.nobelprize.org/prizes/economic-sciences/1976/friedman/lecture/) Friedman, M., Friedman, R. D., & Adams, J. (1980). Free to choose: A personal statement (Vol. 249). New York: Harcourt Brace Jovanovich. Gamble, A. (2013). Hayek: The iron cage of liberty. John Wiley & Sons. Hayek Banquet Speech (1974) - https://www.nobelprize.org/prizes/economic-sciences/1974/hayek/speech/ (https://www.nobelprize.org/prizes/economic-sciences/1974/hayek/speech/) Hayek Nobel Lecture (1974) - https://www.nobelprize.org/prizes/economic-sciences/1974/hayek/lecture/ (https://www.nobelprize.org/prizes/economic-sciences/1974/hayek/lecture/) Hayek, F. A. (2012). Hayek on Hayek: An autobiographical dialogue. University of Chicago Press. Samuelsson Banquet Speech (1970) - https://www.nobelprize.org/prizes/economic-sciences/1970/samuelson/speech/ (https://www.nobelprize.org/prizes/economic-sciences/1970/samuelson/speech/) Samuelson Nobel Lecture (1970) - https://www.nobelprize.org/uploads/2018/06/samuelson-lecture.pdf (https://www.nobelprize.org/uploads/2018/06/samuelson-lecture.pdf) The textbook “Economics – An introductory Analysis” is originally written by Samuelson, and later co-written by another Laurette, Nordhaus. The first edition was published in 1948. Latest edition is from 2009.   Other stuff: Friedman ceremony video link - https://www.youtube.com/watch?v=QwQioAwm-FI (https://www.youtube.com/watch?v=QwQioAwm-FI) Free to choose playlist  - https://www.youtube.com/watch?v=D3N2sNnGwa4&list=PL4742023192B69941 (https://www.youtube.com/watch?v=D3N2sNnGwa4&list=PL4742023192B69941)

In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Prize in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel Prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured; we will cover all… eventually.    After some Season 2 housekeeping we will in this episode talk on the nature of the Nobel Prize in economics. We introduce the history and method behind it awarding the prize. We discuss its significance in various ways.    References:  Colander, D. (2013). On the ideological migration of the economics laureates. Econ Journal Watch, 10(3), 240-254.  Lindbeck, A. (2007). The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969-2007 (No. 1999-4). Nobel Prize Committee.  Samfundsøkonomen. Nobelprisen i økonomi og nytten for menneskeheden. Nr. 2 September 2017. Jurist og Økonomforbundets Forlag, København.  This podcast is dedicated to my teachers Ole Bruus and Bruce Caldwell. All mistakes and mispronunciations are mine alone and no fault of theirs.  This episode was recorded on september 16th 2021.

Første sæson er slut med dette afsnit. Vi afslutter med et tematisk tilbageblik på sæsonen og ser om nogle af de mange store tænkere vi har stødt på, måske kan gøre os klogere på pandemier og deres håndtering. Har du nogensinde tænkt over, hvad økonomi er for en videnskab? Hvordan opstod den, og hvem var dens grundlæggere? Eller har du interesseret dig for moderne diskussioner om samfundet, herunder ulighed, ressourceforbrug eller konkurrence? Hvis dette er tilfældet, er økonomiens teorihistorie vigtig og nyttig for dig. Den type af diskussioner er nemlig mindst lige så gammel som den økonomiske videnskab selv, og du vil i dens rødder også finde rødderne til de moderne argumenter.   Til dagens afsnit har jeg læst: Aquinas, T. (1485). Summa Theologica. Benzinger Brothers Printers to the Holy Apostolic See. Bastiat, F. (1850). What is Seen and What is Not Seen. Paris: Librairie de Guillaumin et Co. Jevons, W. S. (2012). The Principles of Science: A Treatise on Logic and Scientific Method. New York: Cosimo Classics. Keynes, J. M. (2016). The General Theory of Employment, Interest, and Money. Stellar Classics. Malthus, T. R. (1798). An Essay on the Principle of Population. London: J. Johnson. Marshall, A. (1890). Principles of Economics. London: Macmillan and Co., Limited. Marx, K. (1887). Kapitalen. Moskva: Progress Publishers. Marx, K., & Engels, F. (1848). Det Kommuniske Manifest. Workers' Educational Association: London. Menger, C. (1985). Investigations into the Method of the Social Sciences with Special Reference to Economics. New York: New York University Press. Schumpeter, J. A. (2008). Capitalism, Socialism, and Democracy. New York: Harper Perennial. Smith, A. (2011). The Theory of Moral Sentiments. Salt Lake City: Gutenberg Publishers. Smith, A. (2018). The Welath of Nations. Scotts Valley: CreateSpace Independent Publishing Platform. Veblen, T. (1899). The Theory of the Leisure Class. New York: Macmillan.   I like to dedicate this season to my teachers Ole Bruus and Bruce Caldwell. All mistakes and mispronunciations are mine alone and no fault of theirs.

I dag er vi kommet til en af de vigtigste intellektuelle skoler både inden og uden for økonomi i det 20. århundrede: Chicago-skolen. På dansk tit kaldet monetaristerne. Jeg skriver skoler i flertal, fordi mange lider af den misforståelse, at der er tale om en fælles skole, der deler metode, interesse og mål. Det er ikke rigtigt, der er minimum tre, nok fire, og muligvis flere Chicago-skoler alt efter, hvor fint man deler kagen. Der er markante forskelle i særligt deres fokus og metode valg, og det er noget af det, som vi skal tale om i dag. Store tænkere som Friedman, Becker og Knight vil blive omtalt, og det er intellektuelt imponerende stof, da det økonomiske fakultet på University of Chicago kan bryste sig med 13 nobelpriser! Har du nogensinde tænkt over, hvad økonomi er for en videnskab? Hvordan opstod den, og hvem var dens grundlæggere? Eller har du interesseret dig for moderne diskussioner om samfundet, herunder ulighed, ressourceforbrug eller konkurrence? Hvis dette er tilfældet, er økonomiens teorihistorie vigtig og nyttig for dig. Den type af diskussioner er nemlig mindst lige så gammel som den økonomiske videnskab selv, og du vil i dens rødder også finde rødderne til de moderne argumenter.   Til dagens afsnit har jeg læst: Becker, G. S. (1993). The Economic Way of Looking at Behavior. Journal of Political Economy, s. 385-409. Coase, R. (oktober 1960). The Problem of Social Cost. Journal of Law and Economics, s. 1-44. Friedman, M. (1953). Essays in Positive Economics. Chicago: University of Chicago Press. Friedman, M. (1962). Capitalism and Freedom. Chicago: University of Chicago Press. Friedman, M. (1970). The Social Responsibility of Business is to Increase its Profit. The New York Times Magazine. Friedman, M., & Friedman, R. (1980). Free to Choose: A Personal Statement. San Diego: Harcourt. Hayek, F. A. (1948). Individualism and Economic Order. Chicago: University of Chicago Press. Knight, H. F. (1921). Risk, Uncertainty and Profit. Boston: Houghton Mifflin Company. Knight, F. H. (1982). Freedom and Reform. Indianapolis: Liberty Fund Inc. Levitt, S. D., & Dubner, S. J. (2005). Freakonomics: A Rogue Economist Explores the Hidden Side of Everything. New York: William Morrow. Stigler, G. J. (1971). The Theory of Economic Regulation. The Bell Journal of Economics and Management Science, s. 3-21. Viner, J. (2017). Lectures in Economics 301. Abingdon-on-Thames: Taylor and Francis. Jeg skal beklage en fortalelse i dagens afsnit, hvor jeg på et tidspunkt omtaler Jacob Viner som Henry. I like to dedicate this season to my teachers Ole Bruus and Bruce Caldwell. All mistakes and mispronunciations are mine alone and no fault of theirs.

De fleste gennemgange af økonomiens teorihistorie slutter med Keynes' død. Det gør vores også. Næsten. Vi tager også et temaafsnit om Chicago-økonomerne. Inden vi kommer så langt, vil jeg i dagens afsnit lave et lille eksperiment. Jeg vil komme med et meget kort overslag over nogle af de vigtige teoretiske udviklinger indenfor økonomi fra 1946 og frem til nu. Det er et eksperiment, fordi jeg udelukkende bruger min egen hukommelse med en forudsætning om, at jeg må have huske noget af det væsentligste. Der er sikkert meget, der er glemt, men i hvert fald kommer vi igennem as-if-economics, adfærdsøkonomi, eksperimenter, entreprenørens genfødsel og meget mere. Der er sikkert noget, som jeg har glemt, men så vil det med garanti blive dækket i næste sæson, hvor jeg og min nye medvært Otto Brøns vil tale om alle nobelprismodtagerne i rækkefølge. Glæd dig! Har du nogensinde tænkt over, hvad økonomi er for en videnskab? Hvordan opstod den, og hvem var dens grundlæggere? Eller har du interesseret dig for moderne diskussioner om samfundet, herunder ulighed, ressourceforbrug eller konkurrence? Hvis dette er tilfældet, er økonomiens teorihistorie vigtig og nyttig for dig. Den type af diskussioner er nemlig mindst lige så gammel som den økonomiske videnskab selv, og du vil i dens rødder også finde rødderne til de moderne argumenter. Til dagens afsnit har jeg læst:  Artinger, F., Petersen, M., Gigerenzer, G., & Weibler, J. (2015). Heuristics as Adaptive Decision Strategies in Management. Journal of Organizational Behavior, s. 33-52. Becker, G. S. (1993). The Economic Way of Looking at Behavior. Journal of Political Economy, s. 385-409. Boettke, P. (2017). Don't Be a "Jibbering Idiot": Economic Principles and the Properly Trained Economist. The Journal of Private Enterprise, s. 9-15. Bruni, L., & Sugden, R. (2007). The Road Not Taken: How Psychology Was Removed From Economics, and How It Might Be Brought Back. The Economic Journal, s. 146-173. Camerer, C. (1999). Behavioral Economics: Reunifying Psychology and Economics. Proceedings of the National Academy of Sciences of the USA, s. 10575-10577. Coase, R. (1937). The Nature of the Firm. Economica, s. 386-405. Conlisk, J. (1996). Why Bounded Rationality? Journal of Economic Literature, s. 669-700. De Martino, B., Kumaran, D., Seymour, B., & Dolan, R. J. (2006). Frames, Biases, and Rational Decision-Making in the Human Brain. Science, s. 684-687. Friedman, M. (1953). Essays in Positive Economics. Chicago: University of Chicago Press. Gul, F., & Pesendorfer, W. (2008). The Case for Mindless Economics. The Foundations of Positive and Normative Economics, s. 3-42. Hayek, F. A. (1948). Individualism and Economic Order. Chicago: University of Chicago Press. Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decisions Under Risk. Econometrica, s. 263-291. Kirzner, I. M. (1973). Competition and Entrepreneurship. Chicago: The University of Chicago Press. Shane, S., & Venkataraman, S. (2000). The Promise of Entrepreneurship as a Field of Research. Academy of Management Review, s. 217-226. Smith, V. L. (2003). Constructivist and Ecological Rationality in Economics. The American Economic Review, s. 465-508. Todd, P. M., & Gigerenzer, G. (2007). Environments That Makes Us Smart: Ecological Rationality. Current Directions in Psychological Science, s. 167-171. Williamson, O. (1996). Economics and Organization: A Primer. California Management Review, s. 131-146. I like to dedicate this season to my teachers Ole Bruus and Bruce Caldwell. All mistakes and mispronunciations are mine alone and no fault of theirs.

I dagens afsnit skal vi samle lidt op på en række tænkere og tanker fra det 19. århundrede, som vi ikke har nået at tale om, men som er vigtige. Vi skal tale om Say, hans lov og hans opdagelse af vigtigheden af entreprenørskab. Vi skal tale om Bastiat og hans vigtige advarsel mod politikfejl og særinteresser. Vi skal tale om Parato og udfordringen ved at lave indgreb i samfundet, der ikke skader nogen, og endelig skal vi lige tale lidt mere om Mises, inden vi afslutter med fødslen af virksomhedsøkonomi som en afskilt disciplin fra (politisk) økonomi. Det skal indskydes, at jeg lidt leder efter et dansk ord for management videnskab i dagens afsnit. Det ord er naturligvis erhvervsøkonomi. Har du nogensinde tænkt over, hvad økonomi er for en videnskab? Hvordan opstod den, og hvem var dens grundlæggere? Eller har du interesseret dig for moderne diskussioner om samfundet, herunder ulighed, ressourceforbrug eller konkurrence? Hvis dette er tilfældet, er økonomiens teorihistorie vigtig og nyttig for dig. Den type af diskussioner er nemlig mindst lige så gammel som den økonomiske videnskab selv, og du vil i dens rødder også finde rødderne til de moderne argumenter. Til dagens afsnit har jeg læst: Bastiat, F. (1850). What is Seen and What is Not Seen. Bastiat, F. (1996). Economic Sophisms. Irvington-on-Hudson: Foundation for Economic Education. Ebeling, R. M. (1. maj 2006). Ludwig von Mises: The Political Economist of Liberty, Part 1. Hentet fra Foundation for Economic Education: https://fee.org/articles/ludwig-von-mises-the-political-economist-of-liberty-part-1/ Ebeling, R. M. (1. juni 2006). Ludwig von Mises: The Political Economist of Liberty, Part II. Hentet fra Foundation for Economic Education: https://fee.org/articles/ludwig-von-mises-the-political-economist-of-liberty-part-ii/ Koolman, G. (1971). Say's Conception of the Role of the Entrepreneur. Economica, s. 269-286. Mises, L. v. (1999). Human Action. Auburn: Mises Institute. Mises, L. v. (2003). Epistemological Problems of Economics. Auburn: Ludwig von Mises Institute. Pareto. (1897). The New Theories of Economics. Journal of Political Economy, s. 485-502: https://www.jstor.org/stable/pdf/23722575.pdf?seq=1 (https://www.jstor.org/stable/pdf/23722575.pdf?seq=1) Pareto, V. (1848-1923). The Conscise Encyclopedia of Economics. Carmel: Liberty Fund. Powell, T. C., Rahman, N., & Starbuck, W. H. (2010). European and North American Origins of Competitive Advantage. Advances in Strategic Management, s. 313. Roche, C. G. (1971). Frederic Bastiat: A Man Alone. New Rochelle: Arlington House. Schoorl, E. (2012). Jean-Baptiste Say: Revolutionary, Entrepreneur, Economist. Abingdon: Routledge. Sowell, T. (1973). Say's Law: An Historical Analysis. Princeton: Princeton University Press. Thornton, M. (11. april 2011). Why Bastiat Is Still Great. Hentet fra Mises Institute: https://mises.org/library/why-bastiat-still-great I like to dedicate this season to my teachers Ole Bruus and Bruce Caldwell. All mistakes and mispronunciations are mine alone and no fault of theirs.

Har du nogensinde tænkt over, hvad økonomi er for en videnskab? Hvordan opstod den, og hvem var dens grundlæggere? Eller har du interesseret dig for moderne diskussioner om samfundet, herunder ulighed, ressourceforbrug eller konkurrence? Hvis dette er tilfældet, er økonomiens teorihistorie vigtig og nyttig for dig. Den type af diskussioner er nemlig mindst lige så gammel som den økonomiske videnskab selv, og du vil i dens rødder også finde rødderne til de moderne argumenter. I dagens afsnit skal vi tale om en baron. En baron der af mange anses som det 20. århundredes største økonom, nemlig John Maynard Keynes. Vi kommer til at beskæftige os med ham ift. ham som person og hans tid. Keynes var en kompleks og spændende herre som udover økonomi havde stor passion for kulturliv, aktiehandel og politik, men måske også var en anelse for blåøjet i hans fokusering på den korte bane. Derfor vil vi også beskæftige os med hans kritikere, såsom Hayek, Buchanan og Friedman.  Der er meget mere at vide om Keynes og til de særligt interesserede, har min dygtige underviser Professor Caldwell disse noter: The literature on Keynes is gargantuan; one is tempted to paraphrase Mill on value theory and say that, as far as our knowledge of Keynes is concerned, nothing remains for the present or any future author to clear up. There is first of all The Collected Writings of John Maynard Xeynes, Austin Robinson and Donald Moggridge, eds., 30 volumes (London: Macmillan [for the Royal Economic Society], 1971-89). Confident of their value Keynes seems to have written every thought down, preserving them in notes stuck on a spike on his desk, in diaries and in letters to others. Thus The Collected Writings, in addition to eleven volumes containing all of Keynes' major published writings, include two devoted to correspondence and thirteen covering other "activities." Especially important are volumes 13, 14 and 29 (the last a supplement necessitated by the discovery, in the winter of 1975-76 at Keynes's summer house in Tilton, of a laundry hamper full of papers) on the development and defense of The Treatise on Money and The General Theory. This huge primary source has been a gold mine for Keynes scholars. Even so, the editors have been criticized on occasion for their selectivity, and an additional multi-volume work edited by Rod O'Donnell entitled The Collected Philosophical and Other Writings of J.M. Keynes is now underway.  The starting point in the secondary literature was once Roy Harrod's long (656 pages), eloquent and nuanced paean, The Life of John Maynard Keynes (N.Y.: Harcourt Brace, 1951; N.Y.: Norton, 1982) and Seymour Harris, ed. The New Economics. Keynes' Influence on Theory and Public Policy (N.Y.: Knopf, 1947), the latter a collection of essays by many major economists of the day.  More recently two impressive works have appeared. D.E. Moggridge's (941 pp.) Maynard Keynes: An Economist's Biography (London: Routledge, 1992) is somewhat dry, but comprehensive, and as an economist he is in the position to comment upon a half a century of economists' writings on Keynes, and Keynes' own writings on economics. The historian Robert Skidelsky's three volume life of Keynes is comprehensive and beautifully written: John Maynard Keynes. Hopes Betrayed 1883-1920, Volume 1 (N.Y.: Viking, [1983], 1986),  JMK: The Economist as Saviour 1920-1937, Volume 2 (London: Macmillan, 1992), andJMK. Fighting for Britain, 1937-46 Volume 3 (London: Macmillan, 2000). For a one volume treatment that condenses the three, see Skidelsky's John Maynard Keynes 1883-1946: Economist, Philosopher, Statesman (London: Penguin, 2005). Two comprehensive collections of articles on Keynes are John Maynard Keynes: Critical Assessments, ed. John C. Wood, 4 volumes (London: Croom Helm, 1983), which includes the major articles (150 of...

Har du nogensinde tænkt over, hvad økonomi er for en videnskab? Hvordan opstod den, og hvem var dens grundlæggere? Eller har du interesseret dig for moderne diskussioner om samfundet, herunder ulighed, ressourceforbrug eller konkurrence? Hvis dette er tilfældet, er økonomiens teorihistorie vigtig og nyttig for dig. Den type af diskussioner er nemlig mindst lige så gammel som den økonomiske videnskab selv, og du vil i dens rødder også finde rødderne til de moderne argumenter. I dagens afsnit dykker vi ned i tre vigtige figurer for moderne økonomiske skoler. Vi starter med Alfred Marshall. Han vil nok frabede sig titlen som grundlægger, men hans fænomenale lærebog ”Principles of Economics” var i omkring 100 år den fremmeste økonomitekst og er stadig værd at læse.  Vi tager også fat i Thorstein Veblen. Han grundlægger, hvad vi kender som institutionel økonomi, en særlig amerikansk tradition som er den første selvstændige amerikanske udvikling indenfor økonomien. I dag er USA det vigtigste sted for økonomisk videnskab. Det er en spændende tradition, da den er anti-marxistisk, men også meget kritisk overfor kapitalismen. Endelig skal vi også høre om faderen til evolutionær økonomi, Joseph Schumpeter. Han er i dag særligt kendt for sine teorier om kreativ destruktion som er et nærmest religiøst mantra, når man taler om innovation, hvad mange jo heldigvis gør meget i dag. Til dagens afsnit har jeg læst: Alfred Marshall, The Principles of Economics, 8th ed. (1920) Thorstein Veblen, Theory of the Leisure Class [1899] Malcolm Rutherford, The Institutionalist Movement in American Economics, 1918-1947: Science and Social Control Joseph Schumpeter, Capitalism, Socialism, and Democracy (1942) I like to dedicate this season to my teachers Ole Bruus and Bruce Caldwell. All mistakes and mispronunciations are mine alone and no fault of theirs.

Har du nogensinde tænkt over, hvad økonomi er for en videnskab? Hvordan opstod den, og hvem var dens grundlæggere? Eller har du interesseret dig for moderne diskussioner om samfundet, herunder ulighed, ressourceforbrug eller konkurrence? Hvis dette er tilfældet, er økonomiens teorihistorie vigtig og nyttig for dig. Den type af diskussioner er nemlig mindst lige så gammel som den økonomiske videnskab selv, og du vil i dens rødder også finde rødderne til de moderne argumenter.   I dagens afsnit starter jeg med en lille omvej. I den fortæller jeg lidt om, hvad der menes med skoler indenfor økonomisk tænkning.  Herefter skal vi til et af de øjeblikke, som videnskabshistorikere finder ekstra spændende. Nemlig et teoretisk undfangelsesøjeblik. Et tidspunkt hvor en stor og varig indsigt om verden gøres. En indsigt som har enorme intellektuelle konsekvenser. I dette tilfælde; marginalnytte revolutionen.  Marginalnytte revolutionen handler om, at selvom noget koster det samme, så er værdien ikke ens. Er jeg tørstig, har det stor værdi for mig at slukke min tørst, og jeg køber måske en flaske vand. Men når jeg først har fået slukket tørsten, så er en flaske med samme tørstslukkende indhold pludselig ikke meget værd for mig. Det er marginal nytte og subjektiv værdilære. Det der er særligt spændende ved denne indsigt er, at den gøres samtidigt, men uafhængigt af tre forskellige økonomer, og dem vil jeg fortælle dig om. Jeg vil fortælle dig om Carl Menger som grundlægger den østrigske skole og dens berømte Methodenstreit.Franskmanden Léon Walras som inspirerer til velfærdsøkonomi og William Stanley Jevons der ligeledes bliver instrumental i, hvad der i dag kendes som mikroøkonomi. Til dagens afsnit har jeg læst:  Blaug, M. (1972). Was There a 'Marginal Revolution'? History of Political Economy, 269-280. Boettke, P. J. (2012). Living Economics: Yesterday, Today, and Tomorrow. Oakland: The Independent Institute. Caldwell, B. (2004). Hayek's Challenge: An Intellectual Biography of F. A. Hayek. Chicago: University of Chicago Press. Mirowski, P. (1984). Physics and the 'Marginalist Revolution'. Cambridge Journal of Economics, 361-379. Weintraub, E. R. (2002). Burn the Mathematcs (Tripos). In E. R. Weintraub, How Economics Became a Mathematical Science (pp. 9-42). Durham: Duke University Press.   I like to dedicate this season to my teachers Ole Bruus and Bruce Caldwell. All mistakes and mispronunciations are mine alone and no fault of theirs.

Har du nogensinde tænkt over, hvad økonomi er for en videnskab? Hvordan opstod den, og hvem var dens grundlæggere? Eller har du interesseret dig for moderne diskussioner om samfundet, herunder ulighed, ressourceforbrug eller konkurrence? Hvis dette er tilfældet, er økonomiens teorihistorie vigtig og nyttig for dig. Den type af diskussioner er nemlig mindst lige så gammel som den økonomiske videnskab selv, og du vil i dens rødder også finde rødderne til de moderne argumenter. Nu er vi kommet til en markant herre. Karl Marx grundlæggeren af kommunisme. I dagens afsnit tager jeg primært udgangspunkt i Marx potentielle betydning for økonomisk videnskab. Det gør jeg ved at fortælle om hans liv og tit konfliktfyldte forhold til andre mennesker, jeg dykker ned i hans teorier om historisk determinisme, merværdi og arbejdsværdilærer mm. Jeg slutter afsnittet med lidt overvejelser om Marx's arv i dag.  Marx og særligt hans ”isme” er tit fremhævet som enten en forbryderideologi der bringer død og ødelæggelse, eller som et befriende heltekvad og analytisk nedslagtning af udbyttersamfundet. Få personer i sådanne debatter har faktisk læst Marx. Det synes jeg du skylder dig selv at gøre, ligegyldigt hvor du står.    Til dagens afsnit har jeg læst: Boettke, P. J. (2012). The Forgotten Contribution: Murray Rothbard on Socialism in Theory and Practice. I P. J. Boettke, Living Economics: Yesterday, Today, and Tomorrow. Oakland: The Independent Institute. Mises, L. v. (2016). Economic Calculation in the Socialist Commonwealth. Morrisville: Lulu Press, Inc. Pedersen, T. M. (2019). Karl Marx' bidrag til økonomi, sociologi og historiefilosofi. København: CEPOS. Solzhenitsyn, A. (2002). The Gulag Archipelago 1918-1956. New York: HarperCollins Tucker, R. (1978). The Marx-Engels Reader. New York: Norton. Her har jeg primært læst: ”Preface to A Contribution to the Critique of Political Economy” (1859), pp. 3-6. “The Communist Manifesto”, pp. 473- 500. “Socialism: Utopian and Scientific”, pp. 681-717. ”Das Kapital”, pp. 351-61 & pp. 419-31. I like to dedicate this season to my teachers Ole Bruus and Bruce Caldwell. All mistakes and mispronunciations are mine alone and no fault of theirs.

Har du nogensinde tænkt over, hvad økonomi er for en videnskab? Hvordan opstod den, og hvem var dens grundlæggere? Eller har du interesseret dig for moderne diskussioner om samfundet, herunder ulighed, ressourceforbrug eller konkurrence? Hvis dette er tilfældet, er økonomiens teorihistorie vigtig og nyttig for dig. Den type af diskussioner er nemlig mindst lige så gammel som den økonomiske videnskab selv, og du vil i dens rødder også finde rødderne til de moderne argumenter.   Meget moderne debat handler om grundlæggende holdninger til kapitalismen. En fløj hylder vækst og materielle muligheder. De fremhæver, at markedet ikke bare giver os flere ting, det skaber også fred og fritid. Overfor dem står skeptikerne som er bekymret for ulighed, ressourceforbrug og, at vi mister vores inderlighed i jagten på den næste materielle ting i vores liv. Den debat er ikke ny. Det er Den Store Moderne Debat i økonomiens teorihistorie, og i sæsonens fjerde afsnit viser jeg dens rødder ved at tale om Voltaire og Rousseau. Herfra fortsætter jeg med at vise debatten eksemplificeret i to repræsentanter for den klassiske skole. Den ene, Malthus, anerkender kapitalismens innovative kraft men er bekymret for, at den ikke hurtigt nok får os ud af en mangel på ressourcer. Den anden, Ricardo, viser os at der er fælles fordele i, at lande og virksomheder specialiserer sig og handler med hinanden, da effekten af markedet er større end summen af dets dele.   I den humoristiske ende tager jeg min misudtalelse af navne til nye højder, når jeg i kampens hede flere gange udtaler Rousseau som rosé. Glæd dig til at grine over det.   Til dagens afsnit har jeg læst: Hirschman, A. O. (1977). The Passions and the Interests: Political Arguments for Capitalism before its Triumph. Princeton: Princeton University Press. Malthus, T. (1798). An Essay on the Principle of Population. London. Muller, J. Z. (2002). Voltaire: "A Merchant of a Noble Kind". In J. Z. Muller, The Mind and the Market: Capitalism in Western Thought (pp. 20-50). New York: Anchor Books. Rousseau. (1997). The Discourses and other early political writings. Cambridge: Cambridge University Press. Rousseau, J.-J. (2003). Luxury, Commerce, and the Arts. In H. C. Clark, Commerce, Culture, and Liberty(pp. 392-402). Indianapolis: Liberty Fund. Spiegel, H. W. (1991). Ricardian Economics: Liberalism Enthroned. In H. W. Spiegel, The Growth of Economic Thought (pp. 308-312 & 319-331). Durham: Duke University Press. Stigler, G. (1965). Ricardo and the 93 Per Cent Labor Theory of Value. In G. Stigler, Essays in the History of Economics (pp. 326-404). Chicago: University of Chicago Press. Voltaire. (2003). On Commerce and Luxury. In C. H. Clark, Commerce, Culture, and Liberty (pp. 276-281). Indianapolis: Liberty Fund. Voltaire. (2003). The Man of the World. In H. C. Clark, Commerce, Culture, and Liberty (pp. 271-275). Indianapolis: Liberty Fund. Voltaire. (2003). The Wordling. In C. H. Clark, Commerce, Culture, and Liberty (pp. 265-270). Indianapolis: Liberty Fund. I like to dedicate this season to my teachers Ole Bruus and Bruce Caldwell. All mistakes and mispronunciations are mine alone and no fault of theirs.

Har du nogensinde tænkt over, hvad økonomi er for en videnskab? Hvordan opstod den, og hvem var dens grundlæggere? Eller har du interesseret dig for moderne diskussioner om samfundet, herunder ulighed, ressourceforbrug eller konkurrence? Hvis dette er tilfældet, er økonomiens teorihistorie vigtig og nyttig for dig. Den type af diskussioner er nemlig mindst lige så gammel som den økonomiske videnskab selv, og du vil i dens rødder også finde rødderne til de moderne argumenter. I sæsonens tredje afsnit møder vi Adam Smith. Han ses af mange som skaberen bag moderne økonomisk videnskab med hans store værk om årsagerne til nationers velstand. Men det er ikke søgen efter rigdom der motiverer Smiths tænkning. Det er derimod moral. Jeg vil i dagens afsnit fremlægge, hvordan det hænger sammen. Vi skal også tale om, hvilken person Smith var og om nogle af hans vigtige teoretiske bidrag. Til dagens afsnit har jeg læst: Aquinas, T. (2013). Summa Theologica. In S. Medema, & W. Samuels, The History of Economic Thought (pp. 18-27). New York: Routledge. Smith, A. (1766). The Theory of Moral Sentiments. Smith, A. (1981). An Inquiry into the Nature and Causes of the Wealth of Nations. Indianapolis: Liberty Press. Tribe, K. (2008). "Das Adam Smith Problem" and the origins of modern Smith scholarship. History of European Ideas, 514-525. Viner, J. (1927). Adam Smith and Laissez-Faire. In J. Viner, Essays (pp. 85-113).   I like to dedicate this season to my teachers Ole Bruus and Bruce Caldwell. All mistakes and mispronunciations are mine alone and no fault of theirs.

Har du nogensinde tænkt over, hvad økonomi er for en videnskab? Hvordan opstod den, og hvem var dens grundlæggere? Eller har du interesseret dig for moderne diskussioner om samfundet, herunder ulighed, ressourceforbrug eller konkurrence? Hvis dette er tilfældet, er økonomiens teorihistorie vigtig og nyttig for dig. Den type af diskussioner er nemlig mindst lige så gammel som den økonomiske videnskab selv, og du vil i dens rødder også finde rødderne til de moderne argumenter. I sæsonens andet afsnit gennemgår jeg de to grundlæggende europæiske traditioner som har formet den intellektuelle verden, hvori den økonomiske videnskab opstod – den klassiske og den kristne. Herefter gennemgår jeg de økonomiske skolastikere samt deres fokus på, at økonomien skulle skabe stabilitet i samfundet og fremme frelsen. Heraf opstod nationalstaterne og særinteresserne som finder deres intellektuelle udtryk hos merkantilisterne fra år 1600 og frem. Jeg fokuserer på de franske og de engelske varianter af merkantilismen, men jeg tager også et hurtigt kig på dansk merkantilisme. Vi slutter af med den første selvbevidste økonomiske skole, fysiokraterne.   Du vil opdage, at handelskrig er et gammelt og skadeligt middel samt, at ideen ”pick the winners” reflektererkortsigtede særinteressers sejr over det fælles bedste på længere sigt. Du vil også opdage, at rigdom ikke blot handler om at have mange penge.    Til dagens afsnit har jeg læst: Aquinas, T. (2013). Summa Theologica. In S. Medema, & W. Samuels, The History of Economic Thought(pp. 18-27). New York: Routledge. Glamann, K. (1983). Studier i dansk merkantilisme : omkring tekster af Otto Thott. København: Akademisk Forlag. Heilbroner, R. (1986). The Worldly Philosophers. In A nice intro to the Economic Revolution that spawned more systematic thinking about economics (pp. Chaper 1-2). New York: Simon and Schuster. Luther, M. (1524). On Trade and Usury. Retrieved from Southern Illinois University: https://opensiuc.lib.siu.edu/cgi/viewcontent.cgi?article=5018&context=ocj Magnusson, L. (1994). Mercantilism: The Shaping of Economic Language. London: Routledge. Molesworth, R. (2011). An Account of Denmark : With Francogallia and Some Considerations for the Promoting of Agriculture and Employing the Poor. Carmel: Liberty Fund. Mun, T. (1664). England's Treasure by Foreign Trade. In S. Medema, & W. Samuels, The History of Economic Thought (pp. 35-44). New York: Routledge. Quesnay, F. (2013). Tableau Économique. In S. Medema, & W. Samuels, The History of Economic Thought(pp. 106-108). New York: Routledge. Viner, J. (1991). Mercantilist Thought. In J. Viner, Essays on the Intellectual History of Economics (pp. 262-276). Princeton: Princeton University Press. Weber, M. (1995). Den protestantiske etik og kapitalismens ånd. København: Nansensgade Antikvariat. I like to dedicate this season to my teachers Ole Bruus and Bruce Caldwell. All mistakes and mispronunciations are mine alone and no fault of theirs.

Har du nogensinde tænkt over, hvad økonomi er for en videnskab? Hvordan opstod den, og hvem var dens grundlæggere? Eller har du interesseret dig for moderne diskussioner om samfundet, herunder ulighed, ressourceforbrug eller konkurrence? Hvis dette er tilfældet, er økonomiens teorihistorie vigtig og nyttig for dig. Den type af diskussioner er nemlig mindst lige så gammel som den økonomiske videnskab selv, og du vil i dens rødder også finde rødderne til de moderne argumenter. Til dagens afsnit har jeg læst: Boettke, P. J. (2012). Living Economics. Oakland: Independent Institute. Davies, R. (2019). Extreme Economies: Survival, Failure, Future-Lessons from the World's Limits. New York: Random House. Follett, K. (1989). The Pillars of the Earth. New York: Penguin Random House. Follett, K. (2007). World Without End. New York: Penguin Random House. Frankopan, P. (2019). The New Silk Roads: The Present and Future of the World. New York: Knopf. Varberg, J., Grautze, B., & Kaul, F. (2014). Glasvejen. Skalk. Hayek, F. A. (1948). Individualism and Economic Order. Chicago: University of Chicago Press. Hayek, F. A. (1978). Law, Legislation, and Liberty. Chicago: University of Chicago Press. Leeson, P. T. (2012). Ordeals. The Journal of Law and Economics, 691-714. Marwick, B. (2003). Pleistocene Eschange Network as Evidence for the Evolution of Language. Cambridge Archaeological Journal, 67-81.   I like to dedicate this season to my teachers Ole Bruus and Bruce Caldwell. All mistakes and mispronunciations are mine alone and no fault of theirs.

I denne trailer får du en introduktion til første sæson af EconRoots. En sæson dedikeret til at gennemgå økonomiens teorihistorie og hjælper til at forstå hvor vigtige moderne samfundsdebatter om ulighed, vækst og velfærd har deres rødder.