scholarly journals Entangled Economists

2020 ◽  
Vol 12 (2) ◽  
Author(s):  
Erwin Dekker
Keyword(s):  
Social Responsibility ◽  
Division Of Labor ◽  
Nobel Prize ◽  
Econometric Models ◽  
Decision Models ◽  
Empirical Science ◽  
Economic Science ◽  
Subsequent Work ◽  
Utility Measurement ◽  
The 1950S

It is 50 years since the first Nobel Prize in economics was awarded to Jan Tinbergen and Ragnar Frisch. This article analyzes the collaborations between these pioneers of econometrics which spanned four decades and various subfields in economics, based on records of their correspondence. It is demonstrated that, while Frisch was largely responsible for theoretical breakthroughs, Tinbergen was responsible for making them public and popularizing them. This is especially relevant for understanding the development of econometric models in the 1950s, decision models of the 1950s, and subsequent work on utility measurement. This division of labor is analyzed in relation to the goals they pursued in their research and their respective perfectionistic (Frisch) and pragmatic (Tinbergen) approaches to economic science. Both men shared a sense of deep social responsibility, but differences in their personalities and approaches to science generated important differences in scientific recognition and policy influence. Although they are both widely remembered for helping to turn economics into a quantitative empirical science, this article shows that they were motivated by separate personal and political goals which shaped their scientific approaches.

The Business of Business Is Business: How Businesses Serve Society

2021 ◽  
pp. 13-29
Author(s):  
Jason Brennan ◽  
William English ◽  
John Hasnas ◽  
Peter Jaworski
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Division Of Labor ◽  
Charitable Giving ◽  
Business People ◽  
Core Service ◽  
Democratic Societies ◽  
Corporate Social

There is a division of labor in modern democratic societies. The main way businesses serve society is by producing products and services people want at prices they can afford to pay. A good business exercises corporate social responsibility simply by delivering its core service. There is a role for charitable giving and other causes, but having a well-crafted corporate social responsibility campaign is no substitute for ethics. Indeed, one of the dangers of the focus on corporate social responsibility is that business people might rationalize that unethical ways of making money are acceptable because the business later donates time or money to “good causes.” But ethics is primarily about how a business makes money, not what it does with the money it makes.

scholarly journals A Nobel Prize for Game Theorists: The Contributions of Harsanyi, Nash and Selten

1997 ◽  
Vol 11 (3) ◽  
pp. 159-174 ◽  
Author(s):  
Faruk Gul
Keyword(s):  
Game Theory ◽  
Asymmetric Information ◽  
Economic Analysis ◽  
Nobel Prize ◽  
Detailed Account ◽  
Theoretical Research ◽  
The 1950S

The purpose of this essay is to celebrate the contributions of John C. Harsanyi, John F. Nash, and Reinhard Selten to economics. The emphasis is on tracing the influence of their work on economic analysis rather than giving a detailed account of each of their contributions. The three researchers are identified with the three most important ideas in game theory: equilibrium, asymmetric information, and credibility. These three ideas have dominated not only theoretical research but also numerous other fields within economics since the 1950s.

Optimal Strategy of Social Responsibility and Quality Effort in Service Supply Chain with Quality Preference

2018 ◽  
Vol 35 (03) ◽  
pp. 1850018 ◽  
Author(s):  
Cui-Hua Zhang ◽  
Peng Xing ◽  
Jin Li
Keyword(s):  
Game Theory ◽  
Supply Chain ◽  
Social Responsibility ◽  
Numerical Simulations ◽  
Optimal Strategy ◽  
Mathematical Reasoning ◽  
Optimal Strategies ◽  
Utility Functions ◽  
Decision Models ◽  
Service Supply Chain

We investigate the optimal strategy of service supply chain (SSC) including one integrator and two suppliers under a two-layer game structure. Service integrator decides social responsibility and service price, while the two service suppliers with quality preference determine their quality efforts, respectively. By analyzing the two-layer game structure and eight different scenarios of decision models (i.e., CD, DD, ICD, IDD, ISD, SCD, SDD, and SSD), we establish members’ utility functions under different decision models. Meanwhile, based on game theory, the optimal strategies of SSC are obtained. Mathematical reasoning and numerical simulations show that, firstly, quality preference has impact on optimal strategy and members’ utilities under different constraints. Secondly, utility of supply chain with integrator as a leader is greater than the case with suppliers as the leader.

Der Nutzen der Mesoökonomie für ökonomische Paradigmenbildung am Beispiel der Agrarökonomie

2012 ◽  
Vol 63 (3) ◽  
Author(s):  
Stefan Mann
Keyword(s):  
Nobel Prize ◽  
Economic History ◽  
Special Section ◽  
Welfare Economics ◽  
Agricultural Economics ◽  
Added Value ◽  
Economic Science ◽  
Empirical Analyses

SummaryIn order to check the potentials of mesoeconomic research, the example of agricultural economics serves as a case in point to look for advances which contributed to progress in general economic science. In the literature of economic history, the pioneer work by J. H. v. Thünen catches the eye, while T. W. Schultz is a classic Agricultural Economist who won the Nobel Prize. A special section is devoted to mathematical progress within Agricultural Economics and the role of agricultural economists in welfare economics. It is concluded that a high added value can be generated through restricting empirical analyses to a particular sector.

scholarly journals A Portfolio of Nobel Laureates: Markowitz, Miller and Sharpe

1993 ◽  
Vol 7 (1) ◽  
pp. 159-169 ◽  
Author(s):  
Hal Varian
Keyword(s):  
Nobel Prize ◽  
Portfolio Theory ◽  
Economic Science ◽  
Quantitative Finance ◽  
Nobel Laureates ◽  
History Of

Three pioneers of quantitative finance have now been justly honored: Harry Markowitz, Merton Miller, and William Sharpe received the Nobel Prize in Economic Science in 1990. From today's perspective it is hard to understand what finance was like before portfolio theory. Here I attempt to provide a very brief history of the quantitative revolution in finance, drawing upon P. Bernstein's Capital Ideas (1992) and accounts of the three Nobel laureates.

Nobel Laureate: On James Buchanan's Contributions to Public Economics

1988 ◽  
Vol 2 (4) ◽  
pp. 165-179 ◽  
Author(s):  
Thomas Romer
Keyword(s):  
Nobel Prize ◽  
Public Economics ◽  
Nobel Laureate ◽  
Economic Science ◽  
Nobel Committee ◽  
James Buchanan ◽  
Gradual Transformation ◽  
The Way

The 1986 Nobel Prize in economic science was awarded to James Buchanan. What the Nobel committee recognized in making its award was Buchanan's central role in the gradual transformation of the way economists and political scientists study governments and their relationship to the governed. In this essay, I will focus on Buchanan's contributions to public economics, especially his linking of economic and political concerns. Table 1 lists the 21 works by James Buchanan cited in this essay.

scholarly journals Lettere scientifiche e non solo tra un premio Nobel e un giovane scienziato

2020 ◽  
Author(s):  
Laura Colli
Keyword(s):  
Nobel Prize ◽  
Technical Data ◽  
Avant Garde ◽  
Joint Publication ◽  
Accademia Dei Lincei ◽  
The 1950S ◽  
Nobel Prize Laureate

The book presents the correspondence, from the 1950s to the end of the following decade, between the Nobel Prize laureate, Giulio Natta, and a young Enzo Ferroni, who will be then one of the founders of "chemistry applied to restoration". Almost sixty years later, this research has made it possible to recover the memory of Ferroni as an avant-garde scientist also in the field of macromolecules and the possibility offered to him by Natta of a prestigious role as a researcher at his institute in Milan. The archives, even the scientific ones, can reserve surprises of this kind: they are prolific in technical data but also reveal traces of humanity. The volume also includes the joint publication of the two chemists and seven articles by Ferroni presented by Natta at the Accademia dei Lincei.

scholarly journals Just Caring for Caregivers: What Society and the State Owe to Those Who Render Care

2015 ◽  
Vol 1 (2) ◽  
Author(s):  
Alison Reiheld
Keyword(s):  
Social Responsibility ◽  
Division Of Labor ◽  
The State ◽  
Paid Work ◽  
Public Concern ◽  
The World ◽  
Private Matter ◽  
State Of Affairs ◽  
Distributed Scheme

Traditional considerations of justice for those who require caregiving have centered on what is due to the dependent person. However, considerations of justice also bear strongly on what is due to the caregiver. I focus on unpaid dependency work, too long treated as a private matter rather than a public concern. More is owed to those who render care: the division of labor is unjust, the nature of dependency work creates vulnerabilities for caregivers, and unpaid caregivers are disadvantaged in the world of paid work. Obligations to mitigate these facts are ultimately based on the truth that all members of society at some point in their lives benefit from caregiving and that noncaregivers benefit unfairly from the heavy distribution of dependency work to a small number of certain kinds of individuals. It is necessary to ask which agents of justice are responsible for remedying this state of affairs, and how. I propose a distributed scheme of obligation in which members of society and the state, as arbiter of social responsibility, share responsibility for the remedy. It is incumbent upon us as a society to refrain from making vulnerable the most essential among us, to reap benefits without sowing unjust burdens.

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