Day: June 23, 2019

What was mainstream macroeconomics before it was overthrown? Was it neoclassical?

From http://www.tomsargent.com/research/Lucas_review_Sargent_15.pdf

Sargent on history as written by the late switchers, saying I thought of that too; said so in a footnote, in a seminar or as an aside. But Sargent was at Berkeley, knowing who is against everything he, Lucas and others said

From http://www.tomsargent.com/research/romers3.pdf Reactions to the Berkeley story Thomas J. Sargent October 21, 2002

Nobel Prize in Economic Sciences 2009 (An institutional economics prize)

Kempton - ideas Revolutionary

Elinor Ostrom (“for her analysis of economic governance, especially the commons”) and Oliver E. Williamson (“for his analysis of economic governance, especially the boundaries of the firm”) are the 2009 winners of the Nobel Prize in Economic Sciences.

“Economic governance: the organization of cooperation

Elinor Ostrom has demonstrated how common property can be successfully managed by user associations. Oliver Williamson has developed a theory where business firms serve as structures for conflict resolution. Over the last three decades these seminal contributions have advanced economic governance research from the fringe to the forefront of scientific attention.

Economic transactions take place not only in markets, but also within firms, associations, households, and agencies. Whereas economic theory has comprehensively illuminated the virtues and limitations of markets, it has traditionally paid less attention to other institutional arrangements. The research of Elinor Ostrom and Oliver Williamson demonstrates that economic analysis can shed light on…

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THE GUARDED GATE: BIGOTRY, EUGENICS, AND THE LAW THAT KEPT TWO GENERATIONS OF JEWS, ITALIANS, AND OTHER EUROPEAN IMMIGRANTS OUT OF AMERICA by Daniel Okrent

Doc's Books

Image result for photo of ellis island circa 1910

(Ellis Island, NY)

Recently I learned that the Trump administration finally concluded a tariff deal with Mexico which had a number of components related to illegal immigration into the United States.  Apart from Trump’s stupefying rhetoric surrounding his “wall” and other asinine comments like, “why are we having so many people from these shithole countries come here,” immigration and race have become litmus tests for certain politicians.  This political atmosphere in the United States makes Daniel Okrent’s new book, THE GUARDED GATE: BIGOTRY, EUGENICS, AND THE LAW THAT KEPT TWO GENERATIONS OF JEWS, ITALIANS, AND OTHER EUROPEAN IMMIGRANTS OUT OF AMERICA an important contribution to the background history of our current views of people who are trying to escape tyranny and poverty and come to the United States.  Okrent focuses on what he describes as the “perverse form of ‘science’ [that] gave respectability to the drastic limits Imposed on the…

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