Econ Journal Watch: Scholarly Comments On Academic Economics

Econ Journal Watch
Scholarly Comments on Academic Economics

Volume 10, Issue 3, September 2013
CHARACTER ISSUES
SPECIAL PROJECT SPECIAL PROJECT
THE IDEOLOGICAL MIGRATION OF THE ECONOMICS LAUREATES
IN MEMORIAM 217
The Ideological Migration of the Economics Laureates: Introduction and
Overview
Daniel B. Klein 218-239
On the Ideological Migration of the Economics Laureates
David Colander 240-254
Ideological Profiles of the Economics Laureates
Daniel B. Klein, Ryan Daza, Hannah Mead, Niclas Berggren, Jason Briggeman, Benny
Carlson, Viviana Di Giovinazzo, Ib E. Eriksen, J. Daniel Hammond, E. C. Pasour Jr.,
and Arild Sther 255-682
Economics Laureates Responses to Questionnaire on Ideological
Migration A1-A19
In Memoriam
The Ideological Migration of the
Economics Laureates:
Introduction and Overview
Daniel B. Klein
1
LINK TO ABSTRACT
The present article is part of a 465-page project that fills the September 2013
issue of Econ Econ Journal Journal Watch Watch. The project is an investigation of the 71 individuals
who, from 1969 through 2012, were awarded the Sveriges Riksbank Prize in
Economic Sciences in Memory of Alfred Nobel. For each such Nobel laureate, we
investigate whether he or she changed in ideological views, outlook, and character,
particularly as those are expressed in political and policy judgments. Ninety percent
of the pages of this project are filled by the ideological profiles of the 71 laureates.
In this article, I consider ideological change particularly with respect to
classical liberal sensibilities. The basic idea of the investigation is to gauge whether
the laureate, over the course of his or her adult years, either (1) grew more classical
liberal, (2) grew less classical liberal, or (3) neither grew more nor grew less classical
liberal. Most of the laureates have not been found to have either grown more or less
classical liberal. Among the others who have been found to change in that respect,
a greater number grew more classical liberal than grew less classical liberal.
I speak of ideological change as migration, a geographic metaphor for policy/
political views. But I talk migration in a narrowed, qualified way: Here, someone
I deemnot to have migrated means only that I do not deemhe or she to have either
grown more classical liberal or grown less classical liberal. The views of one who
has not migrated with respect to classical liberalism may have changed in other,
orthogonal ways.
2
Discuss this article at Journaltalk:
http://journaltalk.net/articles/5813
ECON JOURNAL WATCH 10(3)
September 2013: 218-239
1. George Mason University, Fairfax, VA 22030.
2. Likewise, if some of a persons views became more classical liberal, and some less, with the overall result
being a wash in terms of classical liberalism, I suppose such person, too, would not be deemed a migrant,
at least for the purposes of this article. But I do not see any of the laureates to be such a case.
VOLUME 10, NUMBER 3, SEPTEMBER 2013 218
Figure 1 offers a report of ideological migrations among the economics
laureates. Fifty of the 71 laureates are not listed in Figure 1. Such absence represents
only that I do not know the individual to have migrated during adulthood; such
absence does not represent a firm opinion that the individual (e.g., Leonid
Kantorovich) did not migrate. For a few, such as Robert Lucas, Merton Miller,
Lawrence Klein, Arthur Lewis, and Edward Prescott, I have a hunch that they grew
at least a bit more classical liberal, but the meagerness of my knowledge, particularly
about their earlier years, keeps me from including them in the figure. I do not have
any particular hunches for additional migrants in the other directionif I had to
suggest the most likely, it would be Maurice Allais. Overall, the profiles perhaps
suggest that the proportion of our ignorance to our knowledge is not so high as to
undercut whatever meaning might be found in the entire set of 71 laureates.
Figure 1. Ideological migrations of economics laureates who grew
either more or less classical liberal
Grew more classical liberal A lot more
James Buchanan
Ronald Coase
Robert Fogel
Friedrich Hayek
Franco Modigliani
Douglass North
Vernon Smith
More, but not a lot
Kenneth Arrow
James Mirrlees
Theodore Schultz
Amartya Sen
A bit more
Milton Friedman
Eric Maskin
Edmund Phelps
Thomas Sargent
George Stigler
Grew less classical liberal A lot less
Ragnar Frisch
Bertil Ohlin
Less, but not a lot Peter Diamond
A bit less
John Hicks
Paul Krugman
My first goal here is to explain what I mean by Figure 1. Whether the results
shown there hold any significance is perhaps rather doubtful, and is for the reader
to decide. I will touch upon some of the many points to consider. For those who
are fascinated by the individual and how he (or she) makes sense of things, how
he reckons what is most important, who he most admires and emulates, how he
develops his primary duties, and how he makes his way in the worldand how
all that relates to his ideological character and outlookthe profiles might be of
interest, even if read entirely apart from the problem-ridden, perhaps silly formu-
lations imposed here.
KLEIN
219 VOLUME 10, NUMBER 3, SEPTEMBER 2013
Here I write as the projects principal investigator and chief author. Of the 71
profiles, I am sole author of five and coauthor (always with Ryan Daza and often
also Hannah Mead) of 58.
Authors of the eight other profiles are as follows: Niclas Berggren (writing
the profiles of James M. Buchanan and Bertil Ohlin), Jason Briggeman (Paul
Krugman and Amartya Sen), Benny Carlson (Gunnar Myrdal), J. Daniel Hammond
(Milton Friedman), E. C. Pasour (Theodore W. Schultz), and Arild Sther and Ib
E. Eriksen (Ragnar Frisch). Viviana Di Giovinazzo has provided a selection and
translation of material by Franco Modigliani. Finally, David Colander serves as
Overseeing Referee and independent commentator, a role described below.
Some concepts and questions
Classical liberal: The Stanford Encyclopedia of Philosophy contains an entry
on Liberalism by Gerald Gaus and Shane D. Courtland (2011). In reproducing
the following passage I suppress the citations contained within it:
For classical liberalssometimes called the old liberalismliberty
and private property are intimately related. From the eighteenth century
right up to today, classical liberals have insisted that an economic system
based on private property is uniquely consistent with individual liberty,
allowing each to live her lifeincluding employing her labor and her
capitalas she sees fit. Indeed, classical liberals and libertarians have
often asserted that in some way liberty and property are really the same
thing; it has been argued, for example, that all rights, including liberty
rights, are forms of property; others have maintained that property is
itself a form of freedom. A market order based on private property is
thus seen as an embodiment of freedom. Unless people are free to make
contracts and to sell their labour, or unless they are free to save their
incomes and then invest them as they see fit, or unless they are free to
run enterprises when they have obtained the capital, they are not really
free. (Gaus and Courtland 2011; first italics added)
Similar characterizations of classical liberalism are readily available, for example, in
The New Palgrave Dictionary of Economics (Dahrendorf 2008). For a good overview, see
Friedrich Hayeks encyclopedia entry Liberalism (Hayek 1978).
By the term classical liberal, I mean maintaining a presumption of liberty. By
liberty, I mean others, including the government, not messing with ones stuff.
By ones stuff, I mean ones person and property, understood in a way that
IDEOLOGICAL MIGRATION OF THE ECONOMICS LAUREATES
implies freedom of voluntary association and contract. Liberty is the flipside of
commutative justice, abstaining from what is anothers, as put by Adam Smith
(1976/1790, 269). These formulations presuppose configurations of ownership,
and the configurations presupposed here are ones that are congruent with the
thought of David Hume, Adam Smith, and other liberals of the eighteenth and
nineteenth centuries. Among the economics laureates, classical liberalism is
particularly well represented by Milton Friedman and Friedrich Hayek, both of
whomdescribed themselves as liberal (e.g., see Friedman 1962, 5-6, on the rightful
and proper label, and Hayek 1960).
3
Growing more/growing less classical liberal: The migrations reported
in Figure 1 are about growing more or growing less classical liberal: They do not
necessarily mean moving into or moving out of the ideological territory designated
Classical Liberalism. Franco Modigliani, for example, never resided in that terri-
tory, so to speak. But, by moving from fascist and socialist to a more mainstream
social-democratic outlook, Modigliani moved in directions that brought himcloser
to that territory, closer than he had been; he grew more classical liberal. The point
is made also by the inverse example of Ragnar Frisch. Frisch, too, never resided in
Classical Liberalism, but he moved further away from that territory; he grew less
classical liberal.
What of original structuring of ideological sensibilities? We are
especially interested in views undergoing restructuring (along the lines of more or
less classical liberal, that is). For example, although we are quite sure that Gary
Becker now has views that he did not have after finishing college at Princeton (by
which time he had outgrown what was apparently an only superficial inclination
toward socialism), for example, strongly favoring drug liberalization, we have little
information to the effect that he had had contrary views, that he underwent a
change or restructuring in his thinking. In this respect our idiom of growing more
classical liberal is misleading, for in an important sense Becker did grow more
classical liberal. But, so far as I can tell, the development was primarily that of going
from not really having considered views to having classical liberal views; it was
a development of structuring, not restructuring. Such a development is not here
regarded as migration. The matter relates to how old the laureate has to be for his
story to count as migration.
3. I use classical liberal rather than libertarian in part to get away fromthe image that some have projected
onto libertarian, an image that entails stark distinctions, all-or-nothing modes of reasoning, insufficient
attention to problems in formulating liberty as a principle, and brittle claims for such a principle. Classical
liberalism maintains a presumption of libertyit admits of exceptionsand it is comfortable anchoring
discussion in the status quo, being oriented more toward reform than toward any notion of an ideal or just
arrangement.
KLEIN
When does adulthood start? The profiles certainly take an interest in
available information about the laureates earliest, even teenage, views, as well as
in the political inclinations of the laureates family and upbringing. But to make it
into Figure 1, at least one of several conditions must hold. One condition is that
the earlier views, which subsequently underwent change, were those of someone
who was at least 22 years old. Another condition is that views were expressed
in print, as were those of Franco Modigliani in his late teenage years. Another
is that the individual, in later years, spoke in a definite, significant way of having
undergone an experience of rethinking of his viewsthe way that Hayek, Ronald
Coase, and James Buchanan did. I exclude from Figure 1 some individuals who
seemto have been inclined one way in college, but not with great commitment, and
who shortly thereafter, perhaps in graduate school, moved away from their college
views. Robert Lucas, Edward Prescott, and Gary Becker are examples of such cases
not included in Figure 1.
Stepping back
My character and outlook is classical liberal (or, pragmatic libertarian), and
in that regard I have changed little since my college years, though I have grown
particularly enamored of Adam Smith. I am an example of ideological persistence.
My ambition to study the ideological migration of intellectuals goes back
perhaps 25 years. With collaborators, I acted on the ambitionwith the result
that our hard drives now store quite extensive unpublished material. (Sigh.) The
motivation was to provide a form of meta-evidence for the wisdom of classical
liberalism. By meta-evidence I mean evidence consisting of patterns (in this case,
longitudinal patterns)
4
in how people estimate and judge evidence about policy/
political issues. All along I have been aware of some of the problems in purporting
such meta-evidence, but I had thought that the problems were not too damaging.
Over the years, however, the problems I had recognized, as well as others, loomed
larger in my mind. Now, for me, the meta-evidence motivation is only a shadow of
its initial self. Meanwhile, other motivations can perhaps justify the present project.
I share this personal history as a way to introduce what follows: An elaboration
of the initial meta-evidence motivation, followed by a discussion of the many
problems with the meta-evidence motivation, followed by other motivations for
4. Another project in meta-evidence for the wisdom of classical liberalism is discussed in Klein (2012).
Also, thoughnot presented as such, the work of BryanCaplan(2007, ch. 3) onhowthe views of economists
and of the more Enlightened Public differ from the views of others can be read as another project in
meta-evidence for the wisdomof classical liberalism.
the project. I then conclude with further description of howthe project was carried
out.
The initial motivation for the project: Meta-
evidence for the wisdom of classical liberalism
John Stuart Mill expounds utilitarianism in his 1863 book Utilitarianism, and
he sees the need to put certain preferences (and their fulfillment, producing
corresponding pleasures) above others. He writes:
Of two pleasures, if there be one to which all or almost all who have
experience of both give a decided preference, irrespective of any
feeling of moral obligation to prefer it, that is the more desirable
pleasure. If one of the two is, by those who are competently acquainted
with both, placed so far above the other that they prefer it, even though
knowing it to be attended with a greater amount of discontent, and
would not resign it for any quantity of the other pleasure which their
nature is capable of, we are justified in ascribing to the preferred
enjoyment a superiority in quality, so far outweighing quantity as to
render it, in comparison, of small account. (Mill 1863)
5
If we think of an individual choosing policy or political views (or beliefs or
judgments), and then we invoke some notion of demonstrated preference, we can
see how Mills argument about preference superiority lends itself to an argument
about policy-views superiority (although I would advise dropping the condition:
irrespective of any feeling of moral obligation to prefer it). That is, if, among
those who are competently acquainted with two contrary positions on an issue,
one of the positions is consistently chosen, then that is the superior position.
Even more than is the case with preferences in music, film, or food, pref-
erences in politics tend to get locked in; after the age of 25 or 30 they tend to persist
throughout the life span. As Thomas Jefferson put it, few, in their after-years, have
occasion to revise their college opinions (1984/1814, 1341). Moreover, they tend
to become more firmly locked in as the years pass, which may be reason to regard
a restructuring occurring at age 35 as more significant than one occurring at age 22.
Accordingly, the observer may wish to discount somewhat some of the migrations
reported in Figure 1, including those of Hayek, Coase, Buchanan, and Bertil Ohlin,
each having experienced his principal movement before age 30.
5. Mill also states the idea, more briefly, in his diary entry of March 23, 1854 (Mill 1988/1910, 663).
KLEIN
Much scholarly research shows that individuals rarely undergo fundamental
change in political outlook after the age of 25. At the end of this article I append
a compendium of quotations about lock-in and persistence, the authorities quoted
being Aristotle, David Hume, Adam Smith, Jefferson, Arthur Schopenhauer,
Oscar Wilde, M. Kent Jennings, Richard G. Niemi, Marvin Minsky, Duane F.
Alwin, Ronald L. Cohen, Theodore M. Newcombe, David O. Sears, and Carolyn
L. Funk.
6
The power and prevalence of the forces toward lock-inor against
restructuring ones sensibilitiesgive significance to the uncommon individuals
who overcome such forces, who in fact change their political views, particularly
later in life. The significance stems in part from the great limitations in our ability
to imagine what it is like to do something, such as riding a bicycle, we have never
done, or being something, such as a Catholic, we have never been. We may see
some other person do it or be it, but it is by the imagination only that we can form
any conception of what are his sensations, and It is the impressions of our own
senses only, not those of his, which our imaginations copy (Smith 1976/1790,
9). It is difficult for our imagination to work with impressions that we lack. Mill
spoke of those who are competently acquainted with both of two competing
preferences. Some facets of knowing an idea may be possible only by having had
the living experience of believing it. Just as I may not know the merit of riding a
bicycle without ever having done so, I may not know the merit of embracing or
espousing a certain policy position without ever having done so. Accordingly, we
are more likely to attribute to someone competent acquaintance with both of two
competing ideological views if he has in fact lived both. Economists speak of the
experience characteristics of a good (Nelson 1974), Michael Polanyi speaks of
personal or inarticulate or tacit knowledge (Polanyi 1962; 1963; 1967), and Hume
(e.g., 1896/1739, book II, part III, section III) and Smith (1976/1790, 16-17, 165)
speak of the inseparability of judging and sentiment (including emotions and
passions), and hence the inseparability of knowledge and sentiment. But even if one
has never read these authors or others who write along similar lines, a human being
knows intuitivelythat is, fromexperience!that experience is a special source of
knowledge.
We take as empirical fact that the Iron Curtain blocked geographical
migration principally in one direction.
7
That empirical pattern and our reasoning
6. For a nice graphical presentation distinguishing six models of life-course stability (or lack thereof)
including impressionable years, persistence, and increasing persistencesee Alwin (1994, 142ff.).
7. Nathan Ashby provides more generalized empirical findings about migration and economic freedom,
among the lower 48 states of the United States (Ashby 2007) and among different nations (Ashby 2010).
about experience and demonstrated preference, and associated maxims and
presumptions (not axioms), might tell us something about which side was superior.
In analogous fashion, one might assert an empirical pattern in ideological
migration, that it goes preponderantly in a certain direction, as evidence for the
greater wisdom of that direction. That we should draw a lesson from people
reconsidering their socialist views and moving away from collectivism is the theme
of the six autobiographical essays contained in The God That Failed (Crossman
1949). There are countless works about a particular individual restructuring his
or her outlook and moving away from the left. That theme rises in many works
on twentieth century intellectuals (see Diggins 1975; Nash 1976; ONeill 1982;
Hollander 2006; Fleming 2009) and in collections of autobiographical essays (see
Crossman 1949; Bunzel 1988; Eberstadt 2007; Block 2010). Another migration
pattern is in evidence on a website housing Testimonials by former libertarians
and objectivists (Huben 2007).
My own classical liberal orientation leads me to avoid left versus right and
liberal versus conservative. I looked at migration in terms of growing more or
less classical liberal. Also, any investigation should look only at intellectuals
authorswho actually put their policy and political judgments on the record and
thereby make themselves accountable for their judgments in a way that non-
intellectuals do not.
8
If it could be shown, empirically, that most intellectuals who
migrated (either growing more classical liberal or less) after young adulthood have
gone in the classical liberal direction, then that empirical finding, coupled with
the theory sketched here, would provide a sort of meta-evidence for classical
liberalism. Or so I thought when, years ago, I developed ambitions to undertake
such a project. Again, I had been aware of certain problems with the idea from the
start, but over time the problems loomed larger.
Problems with the argument that migration
patterns constitute meta-evidence
One could propose that, within the period of several hundred years of the
modern world, and within stable political orders, up to the present moment, there
has been some entire population of intellectuals, and aim to provide evidence
of migration patterns within such population. I do not want to say more about
the notion of tracking ones growing more/less classical liberal, except to add one
remark. I believe there is a syndrome of apostasy, usually fairly youthful, from
8. I give some discussion to the incentives that come with going on the record in Klein (2012, 1253-1254).
KLEIN
classical liberal or libertarian ideasthat is, sometimes people see certain simple
formulas, get attached to them for a while, come to decide that they are simplistic,
and then give them up to one degree or another. None of the economics Nobel
laureates is an example of such syndrome, but if one were to approach that whole
population of intellectuals, such a sub-pattern of migration would have to be
figured in.
In raising problems with the meta-evidence argument, I will focus on the
investigation undertaken here, of the 71 economics laureates. Many of the prob-
lems would also afflict any wider investigation.
Problem 1: The most immediate problem with touting our investigation as
evidence for the wisdom of classical liberalism is that, even if one accepted the
judgments displayed in Figure 1 and the corresponding claimthat a preponderance
of Nobel economics migrants are those who grew more classical liberal, there is
no firm basis for saying that, as regards such migration, the set of 71 economists is
representative of some larger population of economists. Maybe some other sample
of eminent economists, such as past presidents of the American Economic
Association, would yield different results. Moreover, there is no firm basis for
saying that the larger population of economists is representative of some still larger
population of intellectualsstudying economics or being an economist may be
special in some way, as some have alleged.
9
Worries about the choice of the set
of individuals to be investigated, based on ad hominem arguments, are sound and
proper: I have an axe to grind and I chose the set with a pretty good sense of what
the results would be.
Problem 2: Even if one granted the results for the 71 laureates, and even if
one granted that they are representative of some larger population of economists
or even all intellectuals of the historical span corresponding to the collective adult
experiences of the 71 individuals, say, the span from 1920 to 2013, one might
argue that that slice of history is special, and notably for rude awakenings to
disadvantages of contravening classical liberal principles, resulting in migrations
especially in the classical liberal direction, and hence is not representative of a
population of intellectuals extending outside such historical bounds.
Problem 3 (really, a family of problems): Never mind the empirics of
ideological migrationhow sound is the argument that enhanced wisdom is
indicated by an individuals migration? In offering the initial argument I provided
9. George Stigler (1959, 527) said that studying economics makes one conservative. Many have
suggested economists are especially market oriented (quotations from Frdric Bastiat, Gunnar Myrdal,
Stigler, Paul Krugman, Deirdre McCloskey, and Robert Kuttner are offered in Klein and Stern 2007,
309-311). Economists are measurably more classical liberal than others in the social sciences and
humanities (see Klein and Stern 2005, 283-286).
a passage from John Stuart Mill. But two paragraphs later Mill acknowledges
difficulties:
Capacity for the nobler feelings is in most natures a very tender plant,
easily killed, not only by hostile influences, but by mere want of
sustenance. Men lose their high aspirations as they lose their intel-
lectual tastes, because they have not time or opportunity for indulging
them; and they addict themselves to inferior pleasures, not because
they deliberately prefer them, but because they are either the only ones
to which they have access, or the only ones which they are any longer
capable of enjoying. It may be questioned whether any one who has
remained equally susceptible to both classes of pleasures, ever
knowingly and calmly preferred the lower; though many, in all ages,
have broken down in an ineffectual attempt to combine both. (Mill
1863)
In 2003 I conducted a survey of the memberships of six scholarly
associations. I asked the respondents, the vast majority of whom had Ph.D.s, and
the substantial majority of which had careers in academia, to answer eighteen policy
questions. The eighteen questions were, in fact, asked twice: First, what did you
think when you were 25 years old? Second, what do you think now? The prime
impetus for the survey (link to the survey instrument) was to see whether people
who had migrated tended to go in the classical liberal direction, as opposed to the
contrary direction. As it happens, the results, though confirming that most people
change little after the age of 25, did not provide evidence that migration, when it
happens, tends to go in the classical liberal directionthe data show migration
pretty evenly split between the two directions. The results took some of the wind
out of my sails.
10
I could attempt to discount the results along the lines of Mills
remarks about access and capability of enjoyment: The respondents, as dues-
paying members of certain professional scholarly associations and, for most, as
academics, perhaps are immersed in a certain milieu with certain pressures. But
more than anything my tendency has been to back off of the meta-evidence
argument.
Mill, at any rate, holds on to his basic argument about preferences generally,
and he proposes that we count noses:
On a question which is the best worth having of two pleasures, or
which of two modes of existence is the most grateful to the feelings,
10. The now data from the survey is used in numerous publications by Charlotta Stern and myself. The
when-25 data fromthe survey has never been released or used in published work.
KLEIN
apart from its moral attributes and from its consequences, the judg-
ment of those who are qualified by knowledge of both, or, if they
differ, that of the majority among them, must be admitted as final. (Mill
1863)
So, one can question the basic argument about migration and wisdom. A
person might believe the better idea of two ideas, but for bad reasons. Once his
reasons are found bad, he migrates to a different idea, even though other good
reasons justify the first. Such might not be the tendency, but certainly it can happen.
Ones discourse may be addressed to numerous publics, and the more
prominent one becomes the larger and more numerous the publics become. We
have good cause to throw out politiciansand, correspondingly, in our
investigation it is reason to discount the case of Ohlin, who led a political party
in Sweden. But the reasons for throwing out politicians in fact pertain to a good
extent to all intellectuals, especially ambitious and prominent ones, like those who
win Nobel Prizes. As a speakers discourse situation grows more complex, he might
growmore susceptible to various kinds of intellectual corruption. But, also, we wise
analysts might interpret the same words he speaks differently. Where we say he
stands depends not only on his words but also on the publics they are addressed
to. Furthermore, the character we think represented by where he stands on issues
might depend on the place and prominence he holds.
Other possible problems: Perhaps some intellectuals like to change their
mind, maybe for the notoriety in doing so, or maybe fromsheer boredom. Perhaps
intellectuals, with age, tend to gravitate toward the status quo. Perhaps some
ideologies are more susceptible to lock-in than others. These and other points are
worth thinking about, but I press on.
Other motivations for the project
The problems might be so great that the project does not work as evidence
for the wisdom of classical liberalism. Still, there are other motivations to fall back
on. Adam Smith would have us strive to make a becoming use of what is our
own, and he would say that we do that by serving universal benevolence. To gain
understanding of what universal benevolence means, and how to serve it, we
need to have encounters with exemplars, to dwell in the minds of great men and
womenit is in sympathy with them, regarding the propriety of policy actions and
policy speech-acts, that our approbation or disapprobation of such things is
enshrouded (Smith 1790, part IV). We need to see how they exercised judgment
about the most important thingsincluding the most important aspects of human
betterment, the most important interpretations to employ in puzzling over such
matters, the most important problems, troubles, or challenges, the most important
formulations of a particular issue, the most important positions on the issue, the
most important arguments for a position, the most important grounds or evidence
for an argument, and so on. Every most important refers to what is most
important among the whole universe of things to consider, so a judgment of what
is most important, and howthings stack up, relates to the judges widest knowledge
of things. All such judgments are made in service to purposes and duties that are, as
it were, intellectually primordial. The individual person experiments in judgment,
and commitments form. The character takes shape. How an exemplar develops
through time is something we can learn from regardless of any considerations of
patterns of ideological migration.
Other motivations include:
The profiles might spark contemplation about the relation between
economics and other areas of scholarshippolitics, ethics, morals,
aesthetics, psychology, and so on.
The profiles provide material for thinking about character types
among economists, or for developing a characterology of economics.
The profiles might help us in pondering the notion that studying
economics tends to make one more classical liberal.
By reading about the 71 individuals, we learn about important
trajectories over the past hundred yearsin politics, economics,
cultureand in a variety of countries. Intellectual biography is a
pleasurable way to approach history.
For one who wants to learn about Trygve Haavelmos political views,
his profile is a handy source. The profiles offer individual ideological
portraits.
How the project was carried out
I coordinated the writing of the 71 profiles. Of those authored by Ryan Daza,
Hannah Mead, and myself, the process usually worked as follows: Mead got the
ball rolling by assembling primary information and a short profile of the laureate.
I would review and rewrite and add material, and then pass it to Daza, who would
usually then scour a wide range of materials and expand the document substantially.
I would again review and rewrite. The Managing Editor of Econ Journal Watch,
Jason Briggeman, though not listed as coauthor on any of these profiles, played a
significant role by suggesting improvements to the profiles as drafted.
KLEIN
Again, eight of the profiles are written by people other than (some com-
bination of) Daza, Mead, and myself. In those profiles, the portrait painted
generally sustains the migrations that I indicate in my Table 1 above, with the
exception of J. Daniel Hammonds profile of Milton Friedman, who, I say, grew
more classical liberal during the last 50 years of his long life.
The questionnaire: A questionnaire was sent by email to the laureates,
and twelve of them graciously provided responses: Kenneth Arrow, Ronald Coase
(who, sadly, has since passed away), Peter Diamond, Eric Maskin, James Mirrlees,
Roger Myerson, Edward Prescott, Thomas Schelling, William Sharpe, Vernon
Smith, Robert Solow, and Michael Spence. The response of each is incorporated
into his profile. Also, we have created a special document containing only the
twelve responses (link).
The Overseeing Referee: Internal reviewat Econ Journal Watch, for material
authored by an editor of the journal, requires approval by two of the other editors;
this project has received such approval. Almost all EJW material is also externally
refereed.
11
But for this project it would have been cumbersome to arrange a special
referee for each of the 71 profiles. Instead we aimed to recruit an Overseeing
Referee, who would fulfill the following role:
1. The Overseeing Referee would observe the production process, by
sharing the Dropbox folder in which all of the drafts of all of the work
was saved, by being copied on important messages among
collaborators, and by having an open channel by telephone and email
to me, the principal investigator.
2. The Overseeing Referee would read material and offer feedback.
3. The Overseeing Referee would write an independent report on the
final product, a report to be published as part of the project. The
Overseeing Referee would have complete control over his report; it
would be published exactly as he wished it to be. The report would
offer commentary on the project and assess the integrity of its
execution.
Professor David Colander of Middlebury College agreed to serve as Over-
seeing Referee. His report is included in the project (link). We are extremely
grateful to him for his generous participation.
The electronic bundling of the 71 profiles: We have opted to bundle all
71 profiles into a single document called Ideological Profiles of the Economics
11. More specifically, the journals policy is that all material located in the six thematic sections other than
Watchpad is externally reviewed (which, in the case of comments, might take the form of a reply from
the commented-on authors). The present project is located in the Character Issues section of the journal.
The journal website provides descriptions of the seven sections of the journal (link).
Laureates (link). We have provided links inside the document for navigating
among the profiles.
Appendix 1: Selected Quotations on the Lock-
in of Ideological Sensibilities
Aristotle, in the Nicomachean Ethics (book II, ch. 1):
For playing the harp makes both good and bad harpists, and it is
analogous in the case of builders and all the rest; for building well
makes good builders, and building badly makes bad ones. That is
why we must perform the right activities, since differences in these
imply corresponding differences in the states. It is not unimportant,
then, to acquire one sort of habit or another, right from our youth. On
the contrary, it is very important, indeed all-important.
David Hume (1896/1739, 116):
All those opinions and notions of things, to which we have been
accustomd from our infancy, take such deep root, that tis impossible
for us, by all the powers of reason and experience, to eradicate them;
and this habit not only approaches in its influence, but even on many
occasions prevails over that which arises from the constant and
inseparable union of causes and effects.
David Hume (1896/1739, 453):
It has been provd at large, that the influence of belief is at once to
inliven and infix any idea in the imagination, and prevent all kind of
hesitation and uncertainty about it. Both these circumstances are
advantageous. By the vivacity of the idea we interest the fancy, and
produce, tho in a lesser degree, the same pleasure, which arises from
a moderate passion. As the vivacity of the idea gives pleasure, so its
certainty prevents uneasiness, by fixing one particular idea in the mind,
and keeping it from wavering in the choice of its objects. Tis a quality
of human nature, which is conspicuous on many occasions, and is
common both to the mind and body, that too sudden and violent
a change is unpleasant to us, and that however any objects may in
themselves be indifferent, yet their alteration gives uneasiness. As tis
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the nature of doubt to cause a variation in the thought, and transport
us suddenly from one idea to another, it must of consequence be the
occasion of pain. This pain chiefly takes place, where interest, relation,
or the greatness and novelty of any event interests us in it.
Adam Smith (1976/1790, 158):
The opinion which we entertain of our own character depends entirely
on our judgments concerning our past conduct. It is so disagreeable to
think ill of ourselves, that we often purposely turn away our view from
those circumstances which might render that judgment unfavourable.
Rather than see our own behaviour under so disagreeable an aspect,
we too often, foolishly and weakly, endeavour to exasperate anew
those unjust passions which had formerly misled us; we endeavour
by artifice to awaken our old hatreds, and irritate afresh our almost
forgotten resentments: we even exert ourselves for this miserable
purpose, and thus persevere in injustice, merely because we once were
unjust, and because we are ashamed and afraid to see that we were so.
Thomas Jefferson (1984/1814, 1341):
[F]ew, in their after-years, have occasion to revise their college
opinions.
Arthur Schopenhauer (1974/1851, 60):
It is quite natural for us to maintain a defensive and negative attitude
to every new opinion on whose subject we have already given a firm
judgment. For such an opinion makes a hostile encroachment on the
hitherto exclusive system of our convictions, disturbs the peace and
consolation derived therefrom, expects us to undertake fresh
exertions, and declares as wasted all our previous efforts.
Oscar Wilde (1913/1891, ch. 2):
We degenerate into hideous puppets, haunted by the memory of the
passions of which we were too much afraid, and the exquisite temp-
tations that we had not the courage to yield to. Youth! Youth! There is
absolutely nothing in the world but youth!
M. Kent Jennings and Richard G. Niemi (1981, 74):
The persistence exhibited across the eight-year span was rather
remarkable for a number of orientations, especially in the parental
generation Thus, while we would emphasize the apparent openness
to change, there is no gainsaying the evidence of lifelong persistence.
[D]iscontinuities occurred more frequently in early than in later
adulthood. Almost invariably, by any measure, there was less stability
among the young than among their parents. To this extent theories
that describe young adulthood as a time of structuring and
restructuring of the political self are supported. Similarly, the theories
of hardening associated with the middle years receive support.
David O. Sears (1983, 108):
The first goal of this essay has been to pose the question of persistence
of early-acquired political dispositions, suggest how it might best be
conceptualized, and present a brief summary of the best available
evidence in determining persistence. As a crude baseline, this review
suggests that some combination of a persistence and an
impressionable years viewpoint best represents the course of basic
symbolic predispositions over the lifespan.
Marvin Minsky (1986, 68):
[It is] singularly hard to change the agents we might want most to
changethe ones that, in our infancy, helped shape our longest-
lasting self-ideals. These agents are hard to change because of their
special evolutionary origin. The long-term stability of many other
mental agencies depends on howslowly we change our images of what
we ought to be like. Few of us would survive if, left to random chance,
our most adventurous impulses could tamper freely with the basis of
our personalities. Why would that be such a bad thing to do? Because
an ordinary change of mind can be reversed if it leads to a bad result.
But when you change your self-idealsthen nothing is left to turn you
back.
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Marvin Minsky (1986, 180):
12
[Once] a scheme persists for long enough, it gets to be extremely hard
to changenot because of limitations inherent in itself or in the
agency that developed it, but because of how the rest of the society
depends upon its present form.
M. Kent Jennings (1990, 347-348):
People do not generally change as much later on as they do during the
pivotal first decade of adult life. People do tend to conserve what they
have, what they are familiar with, what they have become habituated
to. Thus, the composition of the crystals involved in the
crystallization process can make a substantial difference over the
ensuing years for individuals as well as for the polity.
Duane F. Alwin, Ronald L. Cohen, and Theodore M. Newcomb (1991, 60):
Whether measured by their attitudes toward political issues, their
voting preferences, their opinions toward various public figures, or
their party identifications, Bennington women who were relatively
conservative while in college remained relatively conservative a
quarter-century later, and those who were relatively nonconservative
while in college remained nonconservative in 196061.
David O. Sears and Carolyn L. Funk (1999, 1):
[R]espondents were measured on four occasions between 1940 and
1977, from roughly age 30 to retirement age. These partisan attitudes
were highly stable over this long period Examination of the
trajectories of the individual attitudes reveals that the most common
pattern was constancy across timeThere was evidence of increasing
attitude crystallization through the life span, infusing core
predispositions with increasing psychological strength over time.
12. See also Minsky (1986, 46, 65, 146, 154, 175, 178, 210, 254).
Appendix 2: Ideological Ascriptions to
Laureates Late Views
In Figure 2 I ascribe to each laureate, in his or her late years, a rough location
in an ideological space ranging from most classical liberal to least classical
liberal. The rows indicate my confidence, or lack thereof, in doing so.
Figure 2. Ideological ascriptions to the laureates late views
(1) (2) (3) (4) (5) (6) (7) (8) (9)
most classical liberal least classical liberal
Most confident
Becker
Coase
Friedman
Hayek
Smith
Frisch
Leontief
Tinbergen
Somewhat confident Miller
Buchanan
Mundell
Ostrom
Stigler
Lucas
North
Prescott
Schultz
Schelling
Fogel
Heckman
Maskin
Tobin
Mirrlees
Ohlin
Samuelson
Akerlof
Arrow
Diamond
Kahneman
Krugman
Modigliani
Sen
Solow
Stiglitz
Stone
Not confident
Markowitz
Scholes
Kydland
Merton
Sargent
Williamson
Harsanyi
Hicks
Phelps
Kuznets
Myerson
Roth
Sharpe
Engle
Hurwicz
McFadden
Meade
Mortensen
Pissarides
Shapley
Sims
Spence
Vickrey
Granger
Haavelmo
Klein
Lewis
Simon
Koopmans
Myrdal
Kantorovich
Least confident
Allais
Nash
Selten Debreu Aumann
The columns represent gradations of being classical liberal. Such
discretization might seem sometimes to exaggerate differences (say, between
Becker and Stigler?), as boundaries have to be drawn somewhere. The same point
pertains to the rows (and, the listing of names within each cell is merely
alphabetical).
In filling out the table, I began by locating certain laureates, and then, as I
progressed, I located a laureate in part in relation to others I had previously located
(sometimes revising, of course). There is no question that I have been able to locate
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the Americans most confidently, and no doubt according to sensibilities in some
respects distinctively American, and then tried to incorporate the non-Americans
in some suitable way. My doubts in having done so have been figured into the
confidence rating (that is, the row) given with the placing of each name.
Appendix 3: Acknowledgments
It is Jason Briggemans job, as Managing Editor, to make Econ Journal Watch
work, but the cleaning and fixing and dressing of this large project was an
exceptional task. I owe Jason huge thanks for his protean work in pulling every-
thing together under a deadline that was cruelly short.
I am grateful to all of the scholars who have authored or coauthored profiles
in this project, Paul Mueller and Jeremy Horpedahl for editorial help, to the twelve
laureates who responded to the questionnaire, and to David Colander for serving
as Overseeing Referee. Other individuals who helped with particular profiles are
thanked in footnotes.
I need to add that I amvery grateful to Ted Balaker for years of collaboration
on the topic of ideological migration. We worked along lines not confined to the
economics laureates. Stephen Davies also worked extensively with Ted and me,
and has greatly enriched my thinking on the topic of ideological migration. The
three of us have produced many ideological profiles of intellectuals, profiles that
are still unpublished. I hope that this project will spark new life in our joint efforts.
I owe thanks also to a few people who led me to the focus on the Nobel
economics laureates. First, I thank Nils Karlson and Niclas Berggren for inviting
me to speak on ideological migration at the 2009 Stockholm meeting of the Mont
Pelerin Society. In my presentation I explained that the project with Balaker and
Daviesat that time vast and open-ended in empirical scopewas floundering,
that it suffered from grave problems, notably of empirical tractability. After I had
made my presentation, Karen Horn made a presentation on her superb book based
on conversations with ten Nobel economists (Horn 2009). In her presentation she
remarked on migration patterns among those interviewed. Terence Kealey then
urged me to undertake an investigation confined to the Nobel economists. I thank
Karen and Terence for the idea of such a project.
References
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Individual Differences Over the Adult Life Span. In Life-Span Development and
Behavior, vol. 12, eds. David L. Featherman, Richard M. Lerner, and Marion
Perlmutter, 135-185. Hillsdale, N.J.: Lawrence Erlbaum Associates.
Alwin, Duane F., Ronald L. Cohen, and Theodore M. Newcomb. 1991.
Political Attitudes Over the Life Span: The Bennington Women After Fifty Years.
Madison: University of Wisconsin Press.
Aristotle. 1999. Nicomachean Ethics, 2nd ed., trans. Terence Irwin. Indianapolis:
Hackett.
Ashby, Nathan J. 2007. Economic Freedom and Migration Flows Between U.S.
States. Southern Economic Journal 73(3): 677-697.
Ashby, Nathan J. 2010. Freedom and International Migration. Southern Economic
Journal 77(1): 49-62.
Block, Walter, ed. 2010. I Chose Liberty: Autobiographies of Contemporary Libertarians.
Auburn, Ala.: Ludwig von Mises Institute. Link
Bunzel, John, ed. 1988. Political Passages: Journeys of Change Through Two Decades,
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Caplan, Bryan. 2007. The Myth of the Rational Voter: Why Democracies Choose Bad
Policies. Princeton, N.J.: Princeton University Press.
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& Brothers.
Dahrendorf, Ralf. 2008. Liberalism and Economics. In The New Palgrave Dictionary
of Economics, 2nd ed., eds. Steven N. Durlauf and Lawrence E. Blume.
Basingstoke, UK: Palgrave Macmillan. Link
Diggins, John P. 1975. Up from Communism. New York: Harper & Row.
Eberstadt, Mary, ed. 2007. Why I Turned Right: Leading Baby Boom Conservatives
Chronicle Their Political Journeys. New York: Threshold Editions.
Fleming, John V. 2009. The Anti-Communist Manifestos: Four Books That Shaped the
Cold War. New York: Norton.
Friedman, Milton. 1962. Capitalism and Freedom. Chicago: University of Chicago
Press.
Gaus, Gerald, and Shane D. Courtland. 2011. Liberalism. In The Stanford
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Study of Language and Information, Stanford University (Stanford, Calif.).
Link
Hayek, Friedrich A. 1960. Why I Am Not a Conservative. In The Constitution of
Liberty, 397-411. Chicago: University of Chicago Press.
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Economics and the History of Ideas, 119-151. Chicago: University of Chicago
Press.
Hollander, Paul. 2006. The End of Commitment: Intellectuals, Revolutionaries, and
Political Morality in the Twentieth Century. Lanham, Md.: Ivan R. Dee.
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Horn, Karen Ilse. 2009. Roads to Wisdom: Conversations with Ten Nobel Laureates in
Economics. Cheltenham, UK: Edward Elgar.
Huben, Mike, ed. 2007. Testimonials of Former Libertarians and Objectivists.
Critiques of Libertarianism, October 25. Link
Hume, David. 1896 [1739]. A Treatise of Human Nature, ed. L. A. Selby-Bigge.
Oxford: Clarendon Press. Link
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Writings, ed. Merrill D. Peterson, 1339-1343. New York: Library of America.
Jennings, M. Kent. 1990. The Crystallization of Orientations. In Continuities in
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Democracies, eds. M. Kent Jennings and Jan W. van Deth, et al., 313-348. New
York: Walter de Gruyter.
Jennings, M. Kent, and Richard G. Niemi. 1981. Generations and Politics: A Panel
Study of Young Adults and Their Parents. Princeton, N.J.: Princeton University
Press.
Klein, Daniel B. 2012. The Forsaken-Liberty Syndrome: Looking at Published
Judgments to Say Whether Economists Reach a Conclusion. American Journal
of Economics and Sociology 71(5): 1250-1272.
Klein, Daniel B., and Charlotta Stern. 2005. Professors and Their Politics: The
Policy Views of Social Scientists. Critical Review 17(3-4): 257-303. Link
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Daniel Klein is the editor of Econ Journal Watch, a professor of
economics at George Mason University (where he leads a
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Liberal Interpretation (Oxford University Press, 2012). His email
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A. L. Macfie. Oxford: Oxford University Press.
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Economics 73(4): 522-532.
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Hamilton, Kent & Co. Link
About the Author
Go to archive of Character Issues section
Go to September 2013 issue
KLEIN
On the Ideological Migration of
the Economics Laureates
David Colander
1
LINK TO ABSTRACT
As Dan Klein (2013) explains in the introduction, the stated goal of the
project is relatively simpleto see if there has been a migration away from, or
toward, classical liberal thinking by Nobel Prize-winning economists during the
course of their adult lives. Of course, simple statements can raise highly complex
sets of issues, and simplicity of statement can, and often does, hide multiple layers
of complexity. One of my goals in this essay to peel back a couple of those layers,
and thereby provide some nuance and context with which the results of the project
should be understood.
A second goal is more straightforward. I was brought on to the project to
serve what Dan described as an overseer role, by which is meant a referee who
reviews a project as it is being carried out, rather than during the journals peer
reviewing process or in the discussion process that occurs after publication. As I
will discuss below, including an overseer is, I believe, a useful way to carry out a
project such as this. One reason it is useful is that Dan is associated with strong
libertarian views, and that association might lead the reader to interpret any results
he arrives at as reflecting his views. A built-in reviewer provides the reader with
some assurance that the projects conclusions do not unduly reflect the particular
ideological bias of the project director.
2
I will discuss that overseer goal in more
detail below, but let me state here at the beginning that I did not detect any strong
ECON JOURNAL WATCH 10(3)
September 2013: 240-254
1. Middlebury College, Middlebury, VT 05753.
2. I say unduly because the bias can never be totally removed. The overseer is likely chosen froma set of
candidates who the project director believes will be seen as relatively fair by others, but within that set, it is
only logical that he would choose someone who he believes is most likely to be sympathetic to the goals of
the project.
ideological bias in how Dan arrived at his conclusions. The conclusions that the
project reaches, given the definitions of terms that the project used, are reasonable
conclusions given my reading of the evidence. But, as Dan also concludes, those
conclusions are very much based on the definitions used, and, in my view, have few
implications about how studying economics affects economists policy views.
General overview of the project
As I stated above, the goal of the project is to answer the question: Has
there been a migration away from, or toward, classical liberalism in the thinking of
Nobel Prize-winning economists? To answer that question one must define classical
liberal, and therein lies the rub. The way in which one defines the term has major
implications for the conclusions one arrives at. In accepting the task of overseer
I queried Dan on what he meant by classical liberal. Here is what I wrote him:
I think the definition of classical liberal is hard to specifyand how
one defines it will likely influence results. I associate classical liberal
with methodology, not policy views. I tend to regard Keynes as
methodologically belonging in the classical liberal tradition, (Millian
variety) whereas his policy views differed significantly from Hayeks
who is also a classical liberal. So I will probably be questioning the
possibility of coming to a conclusion in what I write.
His response was the following:
OK, classical liberal may not be a great termfor the pattern of policy
judgment I mean when I speak of becoming more classical liberal, or
moving in the classical liberal direction. But this is just an issue of the
name for the movement I mean, yes? Would you be more comfortable
with libertarian or strong presumption of liberty? (My personal
favorite is to talk about someones views towards governmentalizing
social affairs, but Im reluctant to try to make that work.) I am a bit
reluctant to use laissez faire, and even more reluctant to use free
markets (the latter, because of the markets part). Whatever terms
are used, the question I have for you is: You do agree that talking about
movements towards/away from libertarian views/a presumption of
liberty/laissez faire is meaningful, yes?
COLANDER
I responded that yes, I do, and, although that is not how I would define a classical
liberal, I did know what he meant. I report this interchange because it goes to
interpretation of results. The focus of the study is on how an economists
presumption about governments useful involvement in policy changed over their
adult life. Did it shift toward favoring a more or less classical liberal view,
interpreted in Dans libertarian sense?
Different conceptions of classical liberalism
Although I accepted Dans use of the term classical liberal, I told him that
I would spend part of my essay explaining my conception of the term and how
it differs from his. I do so because how the concept libertarian relates to the
concept classical liberal goes to the heart of many of the interpretative differences
that I have with Dan. As I understand his view he sees political views as closely
tied to ones understanding of economic theory and science. Thus, for Dan, if an
economist becomes more classical liberal, the economist is becoming more pro-
market. I see classical liberalism in a different wayI see it as far less focused
on any particular political views, and far more focused on blending a belief in the
importance of individual liberty with a methodology for interpreting what that
belief implies for policy. It is as, or more, concerned with how one approaches
problems, and how one reaches the particular political views one has, than it is
with what political views one has. As a person becomes more classically liberal, it is
harder and harder to guess where he or she will come out on policy issues without
a full understanding of the policy context.
What that means is that, for me, classical liberals in my sense of the term
cannot be ranked on their political beliefs. Reading the views of many of the Nobel
Prize winners, views that are nicely presented in the summary section of this
project, and also in the survey answers that the project includes, I suspect that I
would classify more of the economists as classical liberal than would Dan, and that
we would probably rank their classical liberal natures quite differently as well.
Actually, by design, the project only tangentially considers the classical
liberalness of the economists in either of our interpretations. Its main focus is on
the first order differencedid they become more or less classically liberal over
time. But that first order change is also affected by the definition of classical
liberalism one uses. Let me just consider one example. Ken Arrow notes that:
I have some trouble defining what is my ideology, and how is it
manifest in my scholarly or other behavior. I have and have had a set
of values. I dont think they have changed in a fundamental sense, but
the changing issues in society have certainly led to different emphases.
In some sense, underlying any ideology has been an epistem-
ology, one which has emphasized the uncertainty of knowledge and
the difficulties of communicating it. This has always inhibited any
extreme commitment on my part to a set of values or to a policy; there
is always something on the other side. (Arrow 2013)
This, to me, is a statement consistent with classical liberal methodology, and, if he
held those views throughout his career, which I think he has, it would lead me to
classify Arrow as classical liberal, and to see no change in Arrows ranking on my
definition, despite his having changed his policy views towards ones which are less
supportive of government intervention.
Using my interpretation of classical liberal would have likely led to a change
in my specification of Milton Friedman, who, early on was more of a Knightian,
who I regard as a strong advocate of classical liberal methodology but also strongly
pro-market. But Friedman moved away from a Knightian methodological ap-
proach and started advocating positions in a way that did not capture and convey
the inherent complexity of the policy positions he favored. For this reason I see
Friedman as having moved away fromclassical liberalism(Colander and Freedman
2011). Just as someone might justify autocracy as necessary to save democracy
from those who would destroy it, my conjecture is that Friedman justified his
movement away from classical liberal methodology to himself by a lesser of two
evils argument. He saw himself fighting to support what he saw as the goals of
classical liberalism, but found it necessary to abandon its methodology to save the
system. That decision, in my view, may have been understandable, but it makes him
less of a classical liberal.
Friedmans migration away from a classical liberal methodology likely had
much to do with Friedman assuming a different rolethat of a public intellectual
advocating the market, a role that is difficult to combine with a classical liberal
methodology. Paul Krugman exhibited a similar movement as he became a public
intellectual advocating demand-side modern liberal (as opposed to classical liberal)
policies. This means that by my definition, Krugman would have been classified
as having grown significantly less classical liberal, not just slightly less classical
liberal. The classification of Vernon Smith as having become more classical liberal,
however, would not have changed. But the reason for that classification would
have been different. For me, his answer to the question of whether he had moved
in either direction (using the notion of ideological space) which was that he has
moved more and more out of that space (V. Smith 2013) fits my view of classical
liberalism.
COLANDER
I am not arguing that classical liberals do not have a set of values that guide
their policy views nor that they dont support liberty and property rights. They
do, but, theirs are broad values that ideally reflect the values that Adam Smiths
impartial observer might arrive at (Smith 1790). Arrow, in his answer to the ques-
tionnaire, nicely sums up a view that I believe is consistent with the underlying
moral values of classical liberals. He writes:
To the extent that I have strong moral commitments, they are freedom
for all humans and a respect for the values and opinions of others.
With regard to the first, under the heading of freedom, I include
economic viability (income, in a modern economy). The freedom to
make choices in a market economy demands the ability to choose
jobs and goods. I therefore have a built-in belief that reducing income
inequality is not in contradiction to economic freedom but part of
it. More concretely I found race discrimination, perfectly open in my
younger days, to be an evil even if grounded in widespread popular
support. (Arrow 2013)
In my view a classical liberal has a strong ideological support of individual
freedom built into his or her ideology. Arrow states that. But, like Arrow, I see
it as much more difficult to draw definite policy conclusions from that support
of freedom than I believe Dan sees it. Specifically, there is much less specificity
about what individual freedom means, since the individual is shaped by society.
In libertarian thought, and in neoclassical economics, there seems to be a strong
presumption that humans somehow exist almost independent of society, and thus
freedom can be defined relatively simply. Freedom means letting people do what
they want, and having what Dan calls a presumption of liberty. He writes: By
the termclassical liberal I mean maintaining a presumption of liberty. By liberty I
mean others, including the government, not messing with ones stuff (Klein 2013,
220).
I have a much more nuanced view of classical liberal thought, freedom, and
liberty. For example, John Stuart Mill talked about how individuals are influenced
by society, and, for me, that influence undermines any simple definition of freedom
or liberty. For me a classical liberal is open to many more policies and collective
intrusions into the economic system than is a libertarian, as long as those collective
intrusions are well thought-out, reflect the desired goals of the large majority of
individuals, are based on a belief in equality of opportunity, are consistent with the
legitimate constitutional order, and are consistent with the individuals moral code.
John Stuart Mill is my example of highly refined classical liberal sensibilities.
In my methodological interpretation, for classical liberals an individuals
utility function is not given; it is shaped by society, which means that concepts
of freedom must be integrated into an evolutionary framework in which there are
higher and higher levels of meta-preferences, meta-meta-preferences, and the like.
Talking about freedom in such an evolutionary framework is much more difficult
than it is when talking about freedom assuming individuals are independent of
society. Thus, a classical liberal can believe in freedom, but can also believe that it
is important to have an environment in which an individual is encouraged to reflect
on his or her current views and tastes in order to discover his or her truer views
and tastes. Elsewhere (Colander and Chong 2009), I have argued that developing
a choice architecture of freedom in the system should be a central goal of liberal
policy.
For me, how one reaches a policy position is as important as what the policy
position is. Thus, I would adapt Mills discussion of the quality of pleasures (Mill
1863; quoted in Klein 2013, 223), to the quality of political positions. A political
position arrived at through a deep and reflective consideration of all the very
complicated issues, and a strong attempt to be a transparent honest broker, is
a quite different political position than an otherwise identical political position
arrived at in less considered ways.
Classical liberal methodology is not natural in most peopleit is a learned
approach that involves training in moral philosophy. It requires separating out
ones own values from societys values as best one can. It requires significant study
and reflection. Despite the fact that most consideration of economics
philosophical foundations has been eliminated from economics training, some
such consideration remains part of general intellectual training. Thus, as econo-
mists age and learn, I would expect that they would become more methodologically
classical liberal. Thus, on my methodological dimension, I would see a much
stronger movement toward classical liberalism than Dan finds on his libertarian
dimension, because, for me, classical liberalism is a philosophy of openness and
intellectual honesty. Dans honest discussion of his initial motivation for this
project, and how he backed away from that motivation over time, reflects to me a
movement toward a classical liberal methodology on his part.
The science and art of economics
The above issues are messy, and classical liberals recognized the messiness.
They also recognized that ideological views shaped their understanding and their
policy views. To deal with that tendency, they distinguished the art of economics
from the science of economics. The science of economics was the study of what is,
COLANDER
normative economics was the study of what should be, and the art of economics was
the study of how to achieve the goals specified in normative economics, given what we have learned
in the science of economics.
The science of economics addressed how the economy works without any
concern about policy whatsoever. Its goal was to arrive at facts and theorems
that were conclusions that would be unobjectionable to any trained economist.
Theorems and facts have no policy implications. These scientific conclusions
would not be based on value judgments and would be independent of goals. Since
arriving at a policy position involved specifying value judgments, the science of
economics would not arrive at any policy conclusion. For example, the science of
economics might explain how, given specific assumptions, market rationing might
work efficiently, given peoples tastes. But any conclusions would be abstract, and
would not lead to any particular policy position, since the assumptions underlying
the formal proof do not match reality. Peoples tastes are not given, efficiency is
not a final goal, and a consideration of moral issues was not part of that scientific
analysis. So the science of economics had nothing directly to say about policy.
Policy, for classical liberals, required going beyond science. It required a careful
consideration of ones normative goals, and reflection on the implications of
eliminating assumptions upon which theorems were based. Doing that was an art
that used insights from the science of economics but was not itself truly part of the
science of economics. Policy involved moral and ethical dimensions that science
did not.
The art of economics, where all policy existed, required a scope and method
that went far beyond economic science. Its methodology was not the methodology
of science. Scientific economics came to no conclusion about policy, because poli-
cy was far too complicated to arrive at conclusions based on analytic understanding
alone. Applied policy economics did not try to be value-free science, but instead
tried to be an honest broker economics, considering all arguments and doing
its best to explain its reasoning in arriving at a position. The results of the art of
economics were precepts, not theorems or facts, and classical liberals could differ
widely on policy positions.
As I have discussed in a number of articles (Colander 2009; 2011; 2013a)
later economists blended the normative, positive, and art branches of their field
in a way that discouraged the classical liberal separation of policy and scientific
analysis. Economists started talking about policy as if policy conclusions followed
from science. That undermined what I call the honest broker approach to policy,
which recognizes that policy requires ideological and institutional judgments about
which reasonable people might differ.
Are Nobel winners an appropriate sample?
This differentiation between art and science raises a second issue about the
study: the choice of Nobel Prize winners as the sample group. I see that choice
as a reasonable one, not because Nobel Prize winners have any special knowledge
of policyI dont think they dobut because Nobel Prize winners are extremely
bright economists, and because they comprise a sample that will generate broad
interest from the lay public. But it is important to note the problems with the
sample. A large problem with the sample is that the prize is specifically awarded
in Economic Sciences, not in, say, applied policy. As I have argued elsewhere
(Colander 2013b), getting a Nobel Prize does not signify anything about the
recipients insight into policy issues. Thus, there is no reason winners should have
a sophisticated understanding of the art of economics, and of the difficulties of
drawing policy implications from scientific conclusions. They might have that
sophisticated understanding, since they are often brilliant, but it is not assured.
3
Other influences on perceived migration
Although there is no reason that the Nobel Prize winners should have
expertise in the methodology of the art of economics, especially early in their
careers, a number of them probably had expertise because of interest and early
training. That likely includes Ken Arrow, Gunnar Myrdal, Paul Samuelson, George
Stigler, Amartya Sen, F. A. Hayek, and John Hicks, among others. Others, such
as James Buchanan, Vernon Smith, Franco Modigliani, Ragnar Frisch, Peter
Diamond, and Paul Krugman, were probably less acquainted with it in their early
training. But as they matured and entered into policy debates, I suspect that they
learned by doing, and that learning may well account for some of their migration
on Dans dimension. I think this is what Dan has in mind when the thinks of
political migration. It is the a-ha moment when economists see that, even though
3. Actually, the economics Nobel is not given only for science. Like the economics profession, the Nobel
Prize committee waffles about the relationship between theory and policy, and it attempts to blend the
two much more than would be appropriate were its members following a classical liberal methodology.
One can see this waffling in Assar Lindbecks discussion of the Nobel economics prize selection criteria.
Although he carefully states that economic science is the primary criteria, he then blends applied policy into
it, without any discussion of how policy and science might require different skills and expertise. He writes
When considering what should be regarded as a worthy contribution, it is probably correct to say that the
selection committee has looked, in particular, at the originality of the contribution, its scientific and practical
importance, and its impact on scientific work. To provide shoulders on which other scholars can stand, and
thus climb higher, has been regarded as an important contribution. To some extent, the committee has also
consideredthe impact onsociety at large, including the impact onpublic policy (Lindbeck 2001, emphases
in original).
COLANDER
ones primary concern might be about social justice for all, policies of government
control might not be the best way to resolve that concern. One recognizes that
there are very subtle arguments for markets that popular discussions of policy and
many economic models miss.
4
This learning-by-doing aspect likely created a current that pushed the
migration toward more support of markets as they aged. When one is young, and
untrained in the limitations of theory, there is likely a tendency to think that policy
will be as effective in practice as it is in ones models. Then, as one ages, and one
recognizes that practice is quite different fromtheory, one becomes less convinced
about the effectiveness of well-intentioned policy. Thus, the migration Dan is
capturing may be the maturing process captured by the adage that if you are young
and not liberal, then you have no heart, but if you are old and not conservative, then
you have no brain.
Another set of influences on the migration involves the tenor of the times.
In many ways, the policy thinking of the Nobel Prize winners reflects the changing
times. This would suggest that as opposed to their being a monotonic migration,
there was actually significant fluctuation in views, and the migration that is detected
reflects the tenor of the times and when one takes ones observations. Four of
the seven of those who Dan classifies as having grown a lot more classically
liberal (Klein 2013, 219) were born between 1910 and 1920. That would place
their formative years in the 1930s, which was a period of questioning the market.
As Samuelson (1946, 187) put it, in the 1930s activism swept the profession like
new disease on a South Sea island. Then, in the 1970s, the pendulum swung the
other way, and economists of that time likely followed the pendulum. So much of
what is being captured in the migration may well be tenor-of-the-times effects. In
principle, one would want to filter out the tenor-of-the-times effects, and that filter
would likely reduce the implication that there is a natural tendency for economists
to support the market more as they age.
One more influence on migration is the public intellectual effect discussed
above. There is much demand for public figures who will take a strong stand one
way or another on issues. Those economists willing to meet that demand will win
fame and can significantly influence policy. Both Friedman and Krugman fall in
that category, and thus one can question how much of the change seen in their
political views reflects their changing role. The difference in interpretation between
Dan Klein (2013, 230) and Dan Hammond (2013), concerning Friedman, likely
reflects differences in views on those issues. I also would have been tempted to
4. There are higher level a-ha moments in which one recognizes that there are subtler and subtler
arguments that can be made in support of either a government or market focus. Thus, overall policy views
either in favor or against government intervention are difficult to make.
include Samuelson as having become less classical liberal over time, as he operated
as a public figure foil to Friedman, and in doing so I suspect that he took pro-
government positions that were stronger than he would have otherwise taken.
The process
Let me next turn to a discussion of the general role of an overseer and how
I played that role. One of the major reasons I agreed to do this project was that I
saw the overseer model as innovative and useful for this type of study. I think it
can become a model for future research on projects dealing with a squishy topic,
where the terms are not well defined and where formal empirical validation of the
argument is essentially impossible.
In Analytical Economics, Nicolas Georgescu-Roegen discussed the problem
for economics of dealing with squishy, or what he calls dialectic, topics. He defines
dialectic concepts as concepts surrounded by a penumbra within which they
overlap with their opposites, and he distinguishes these from what he calls
arithmomorphic concepts which are unambiguously bounded and formthe grist
for scientific study (Georgescu-Roegen 1966, 145). Science deals with arithmo-
morphic concepts and has its own methodology to drive researchers toward the
truth. Science uses logic and empirical testing to keep researchers honest.
The art of economics does not shy away from dialectic topics, and there
has been far too little discussion about the methodology appropriate for the art of
economics. The problemis that dialectic subjects preclude pure logic and empirical
testing, so they inevitably become soft and squishy. This leads many scientists to
avoid them, leaving them to the humanists. You can see this in the questionnaire
response by Arrow (2013) where he says that he has had a preference for well-
formulated problems (this is a limitation, not a boast), where at least what I am
saying is clear.
Having an overseer as part of ones project design is a means of directly
recognizing and dealing with the squishiness in the art of economics. To include
an overseer is to embed an irritant in the research project who the project director
knows will have an independent voice, whose job it is to call the project director
out if he or she deviates from an honest broker role. This project design makes
the project director far less likely to skim over issues that might undermine the
results. In principle, the give between the overseer and the project director would
take place even without an overseer. But it would be long delayed, and would take
place in journals. Unfortunately, such interchanges can often take years.
5
5. Econ Journal Watch was created in part to foster such interchanges, and its Sounds of Silence list (link)
is evidence that such interchanges often do not take place.
COLANDER
One reason why such interchanges do not take place is that journals typically
have audiences that are ideologically similar to the editors and authors, and
academic writers tend to feel no need to respond to comments from individuals
with a different ideological slant. This means that the discussion of project results
is primarily done by people who essentially agree with the projects premise, leaving
big issues undiscussed. My point is that the intellectual checks and balances
embodied in peer review and the journal-article medium dont work well with
squishy topics such as this. Having an overseer makes some interchange part of the
process and thereby improves the checks and balances of the process.
When I was asked to play the overseer role, I thought immediately of the
Delphi method, which is a structured communication technique of systematic,
interactive forecasting (Dalkey and Helmer 1963). It assumes that conclusions
froma structured group of independent individuals tends to be more accurate than
those from unstructured groups, and relies on checks and balances of independent
experts. Thus, it is similar to the overseer design.
For the overseer structure to work, one wants an overseer who is neither
overly committed to the same views nor to the opposite views, who is independent
of the author, and who is given a free hand. I suspect I was chosen by Dan as
overseer for the same reason that I am often invited to conferences of both the
right and the left. I am known as a gadfly. When the right wants a token on the
left they often include me, and when the left wants a token on the right they often
include me, since I fit in neither group but am sympathetic to both.
My actual input into the project was small. This is Dans project. He copied
me on all the considerable correspondence, and gave me shared access to the files
of essays as they were being written, surveys, and figures once he had them. When
I thought I might add something I passed along an email, but those instances were
few. In one email, I encouraged him to leave the authors of profiles free to write
what they want, and not to try to guide them. In another, when timing issues led
Dan to consider dropping a planned diagram locating the Nobel economists on
his classical liberal scale, I encouraged him to include it, even if it would be highly
imperfect. I am pleased to say that, other than in the asking and structuring of
the question itself, I saw nothing in the process that I would consider unfair or
influenced by his views.
6
He was an efficient project manager who seemed to me to
be an honest broker.
6. No one can escape the ideological views inherent in the questions they ask. Libertarians tend to ask
this migration question much more than others. I suspect they do this because they believe it will show
movement toward political support of the market. Even if the evidence is squishy and almost nothing
firm can be drawn from the conclusions, they sense that the highly tentative conclusions will likely be
interpreted by people as supporting their views.
To say that he was an honest broker is not to say that he is right in his
classifications. For the most part I do not have a good enough knowledge of the
Nobel Prize-winning economists political views, independent from what I have
read here, to have much input on where they should be ranked and how they have
changed. This includes the two with whom I did my dissertation, Bill Vickrey and
Edmund Phelps. Political views and policy are not a normal topic of conversation
among economists, and economists views are often not apparent from their
scientific work. This is as it should be, as I discussed above.
To provide an additional check on Dans rankings, I suggested to Dan that
we turn to a broader group of economists who would likely have more infor-
mationthe email list of the Societies for the History of Economics (SHOE), of
which I ama member. I wrote to the list subscribers, telling themof the project and
listing the laureates who had been tentatively classified as growing more classical
liberal or less classical liberal (Colander 2013c).
7
I asked them (1) whether any
of Dans initial classifications stood out as not fitting their expectations and (2)
whether there were other Nobel Prize winners who they would see as having
migrated in their policy views and hence should be included in the list.
The SHOE list includes economists on both the right and the left, so I see
the composite list to be relatively politically neutral. Dan joined the list and thus
had access to all the discussion that I had. Once the specifics of the project were
clarified (because of my poor specification, some thought initially that Dan meant
economists changing their views when they won the Nobel Prize, not over their
lifetime), there were few significant suggested changes.
Lars Jonung (2013) of Lund University argued that Ohlin remained a social
liberal throughout his life, true to his views as they emerged in the 1930s and
thus should be in the no-change grouping. Carlos Rodrguez Braun (2013) of
the Universidad Complutense suggested that perhaps Hicks and Allais could be
mentioned in the sense of changing sides, the one siding more and the other less
close to Hayeks ideas as years went by. There were also discussions about Hayeks
classification and movement. But overall, there were not significant arguments for
changing classifications.
7. The process of classifying was ongoing, and it changed as the project progressed and more information
was uncovered. Because of tight deadlines, my essay was written based on an early draft of Dans essay,
withDankeeping me informedabout changes. Compared tothe initial versionsharedat SHOE, inthe final
version there were three economists added as having become more classically liberal (Mirrlees, Sargent,
and Sen), one economist elevated in the extent of becoming more classical liberal (Arrow), and one added
as having become less classical liberal (Hicks). It should, however, be remembered that the large majority
of Nobel Prize winners were classified as not having changed their views one way or the other, and so the
visual presentation of only those who changed their views one way or another makes it look as if there is
more tendency for change than there was.
COLANDER
A pleasant divertissement
Dans conclusion that there is a slight tendency for the sample group, over
the period considered, to have become more classical liberalin the sense of
favoring markets more and state intervention less seems to be a reasonable one.
But what are we are to make of Dans conclusion? My suggestion is: Not much.
Mason Gaffney of the University of California, Riverside, in a reply to my posting
to the SHOE list, provided what I think is a reasonable perspective. He wrote:
Id love to pitch in, out of respect for you two, but this evokes the
mythical Apple of Discord that led to the Trojan War, with too
many undefined terms (including migrate), too much space for
opinionizing, and the specter of too many learned and talented people
distracted from higher and better uses of their time. So, with all
respect, Ill pass. (Gaffney 2013)
I responded, My view is not that different from yours, but I see it as a pleasant
divertissement.
Seeing a research project as a divertissement should not undermine its
interest to lay people, since they are often more interested in divertissements than
they are in serious research. In many ways the Nobel Prize is itself a divertissement
which attracts an enormous amount of interest. Thus, I suspect considering the
migration in Nobel Prize winners policy views will be of interest to readers.
Economics plays an important role in policy, and that role is too little examined. So
a little divertissement considering it can be worthwhile, as long as one does not take
the results too seriously.
References
Arrow, Kenneth. 2013. Email correspondence with Daniel Klein, April 14.
Colander, David. 2009. What Was It That Robbins Was Defining? Journal of the
History of Economic Thought 31(4): 437-448.
Colander, David. 2011. Applied Policy, Welfare Economics, and Mills Half-
Truths. In The Elgar Companion to Recent Economic Methodology, eds. John B.
Davis and D. Wade Hands. Cheltenham, UK: Edward Elgar.
Colander, David. 2013a (forthcoming). Creating Humble Economists: ACode of
Ethics for Economists. In The Oxford Handbook of Professional Economic Ethics,
eds. George DeMartino and Deirdre McCloskey. Oxford: Oxford University
Press.
Colander, David. 2013b. Searching for Keys Under a Streetlight: Why Journalists
Shouldnt Turn to Nobel Prize Winners for Expertise in Policy. Presented at
the Allied Social Science Associations Annual Meeting, January 4.
Colander, David. 2013c. Policy View Changes of Nobel Prize Winners. Message
to the Societies for the History of Economics email list (shoe@yorku.ca),
August 26. Link
Colander, David, and AndrewChong. 2010. The Choice Architecture of Choice
Architecture: Toward a Non-Paternalistic Nudge Policy. Journal of Economic
Analysis 1(1): 42-48. Link
Colander, David, and Craig Freedman. 2011. The Chicago Counter-Revolution
and the Loss of the Classical Liberal Tradition. Presented at the Summer
Institute for the History of Economic Thought, University of Richmond
(Richmond, Va.), June 24. Link
Dalkey, Norman, and Olaf Helmer. 1963. An Experimental Application of the
DELPHI Method to the Use of Experts. Management Science 9(3): 458-467.
Gaffney, Mason. 2013. Re: Policy View Changes of Nobel Prize Winners.
Message to the Societies for the History of Economics email list (shoe@
yorku.ca), August 26. Link
Georgescu-Roegen, Nicolas. 1966. Analytical Economics: Issues and Problems.
Cambridge, Mass.: Harvard University Press.
Hammond, J. Daniel. 2013. Milton Friedman [Ideological Profiles of the
Economics Laureates]. Econ Journal Watch 10(3): 325-332. Link
Jonung, Lars. 2013. SV: [SHOE] Policy View Changes of Nobel Prize
WinnersA Nordic Comment. Message to the Societies for the History of
Economics email list (shoe@yorku.ca), August 26. Link
Klein, Daniel B. 2013. The Ideological Migration of the Economics Laureates:
Introduction and Overview. Econ Journal Watch 10(3): 218-239. Link
Lindbeck, Assar. 2001. The Sveriges Riksbank Prize in Economic Sciences in
Memory of Alfred Nobel 19692007. In The Nobel Prize: The First 100 Years,
eds. Agneta Wallin Levinovitz and Nils Ringertz. London: Imperial College
Press.
Mill, John Stuart. 1863. Utilitarianism. London: Parker, Son, and Bourn. Link
Rodrguez Braun, Carlos. 2013. Re: Policy View Changes of Nobel Prize
Winners. Message to the Societies for the History of Economics email list
(shoe@yorku.ca), August 26. Link
Samuelson, Paul A. 1946. Lord Keynes and the General Theory. Econometrica
14(3): 187-200.
COLANDER
David Colander is College Professor at Middlebury College.
He has authored, co-authored, or edited over 40 books
(including a principles and intermediate macro text) and 150
articles on a wide range of topics. He is a former President of
both the Eastern Economic Association and History of
Economic Thought Society and is, or has been, on the editorial
boards of numerous journals. He is currently completing a
book (with Roland Kupers) for Princeton University Press
titled Complexity and the Art of Public Policy: Solving Societys Problems from the Bottom Up.
His email address is colander@middlebury.edu.
Smith, Adam. 1976 [1790]. The Theory of Moral Sentiments, eds. D. D. Raphael and
A. L. Macfie. Oxford: Oxford University Press. Link
Smith, Vernon L. 2013. Email correspondence with Daniel Klein, April 19.
About the Author
Ideological Profiles of the
Economics Laureates
LINK TO ABSTRACT
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604-616 AF:KMR: />G by Jason Briggeman
616-617 (EHR= /. /A:IE>R by Daniel B. Klein, Ryan Daza, and Hannah Mead
617-621 3BEEB:F ". /A:KI> by Daniel B. Klein, Ryan Daza, and Hannah Mead
622-624 $>K;>KM A. /BFHG by Daniel B. Klein, Ryan Daza, and Hannah Mead
624-625 CAKBLMHIA>K A. /BFL by Daniel B. Klein, Ryan Daza, and Hannah Mead
626-632 2>KGHG (. /FBMA by Daniel B. Klein, Ryan Daza, and Hannah Mead
632-640 .H;>KM ). /HEHP by Daniel B. Klein and Ryan Daza
641-644 A. )B<A:>E /I>G<> by Daniel B. Klein, Ryan Daza, and Hannah Mead
644-649 #>HK@> &. /MB@E>K by Daniel B. Klein
650-658 &HL>IA !. /MB@EBMS by Daniel B. Klein, Ryan Daza, and Hannah Mead
658-660 .B<A:K= /MHG> by Daniel B. Klein and Ryan Daza
660-666 &:G 0BG;>K@>G by Daniel B. Klein and Ryan Daza
666-670 &:F>L 0H;BG by Daniel B. Klein and Ryan Daza
671-676 3BEEB:F 2B<DK>R by Daniel B. Klein, Ryan Daza, and Hannah Mead
677-679 +EBO>K !. 3BEEB:FLHG by Daniel B. Klein, Ryan Daza, and Hannah Mead
IDEOLOGICAL PROFILES OF THE ECONOMICS LAUREATES
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 257
George A. Akerlof
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ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 258
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R>:KL. 0A> <A:EE>G@> ?HK MA> +;:F: :=FBGBLMK:MBHG, :EHG@ PBMA MA>
1./. CHG@K>LL :G= HNK /.+L, BL MH BGO>GM : G>P :G= ;>MM>K AF>KB<:G
O>KLBHG H? MA> <:IBM:EBLM @:F>. (AD>KEH? :G= /ABEE>K 2009;)
AD>KEH? A:L LB@G>= I>MBMBHGL HIIHLBG@ F:KBCN:G: IKHAB;BMBHG, HIIHLBG@ MA>
BNLA M:Q <NML, LNIIHKMBG@ MA> ">=>K:E .><HO>KR A<M, LNIIHKMBG@ MA> f,NKIE> $>:EMA
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,E:G,g :G= >G=HKLBG@ &HAG '>KKR ?HK IK>LB=>GM ($>=>G@K>G >M :E. 2010; 'HMEBDH??
2011). AD>KEH? P:L HG> H? ?HNK *H;>E ><HGHFBLML MH CHBG :G :FB<NL ;KB>? BG LNIIHKM
H? MA> L><MBHG H? MA> ,:MB>GM ,KHM><MBHG :G= A??HK=:;E> C:K> A<M MA:M fK>JNBK>L,
PBMA <>KM:BG >Q<>IMBHGL, :EE AF>KB<:GL PAH <:G :??HK= : FBGBFNF E>O>E H? A>:EMA
BGLNK:G<> >BMA>K INK<A:L> LN<A BGLNK:G<> HK I:R : I>G:EMR MH MA> 1GBM>= /M:M>L
0K>:LNKRg (.HL>G >M :E. 2012, 1).
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:G= $NF:G />KOB<>L, >M :E., O. /M:M> H? "EHKB=:, >M :E. 3:LABG@MHG, .C.:
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Maurice Allais
;R :GB>E B. 'E>BG, .R:G :S:, :G= $:GG:A )>:=
):NKB<> AEE:BL (1911d2010) P:L ;HKG BG "K:G<> MH I:K>GML PAH HPG>= :
LF:EE K>M:BE ;NLBG>LL BG ,:KBL. %G 1915, PA>G AEE:BL P:L HGER MAK>>, ABL ?:MA>K =B>=
PABE> : IKBLHG>K H? P:K BG #>KF:GR. AEE:BL PHNE= K>?E><M: f)R RHNMA, BG=>>= FR
>GMBK> EB?>, P:L =>>IER F:KD>= ;R MABL, =BK><MER :G= BG=BK><MERg (AEE:BL 1989).
AEE:BL ;>@:G ABL <:K>>K BG >G@BG>>KBG@. "HEEHPBG@ MA> #K>:M >IK>LLBHG,
AHP>O>K, A> MNKG>= :ELH MH ><HGHFB<L. AEE:BL A:= OBLBM>= MA> 1GBM>= /M:M>L BG 1933
:?M>K @K:=N:MBG@ ?KHF MA> T<HE> ,HERM><AGBJN>. $> PKHM> :;HNM MA> >QI>KB>G<>:
%G MA> LNFF>K H? 1933 % A:= OBLBM>= MA> 1GBM>= /M:M>L, MA>G BG MA>
@KBI H? MA> #K>:M >IK>LLBHG, : O>KR :LMHGBLABG@ IA>GHF>GHG ?HK
PAB<A GH @>G>K:EER :<<>IM:;E> >QIE:G:MBHG A:= ;>>G ?HNG=. % A:= :ELH
;>>G O>KR <EHL> MH MA> LH<B:E NGK>LM PAB<A A:= ;KHD>G HNM BG "K:G<>
?HEEHPBG@ MA> >E><MBHGL H? 1936.
3A:M <HNE= ;> : ;>MM>K P:R H? IK>I:KBG@ ?HK MA> :?M>KF:MA H? MA>
P:K MA:G MH MKR MH ?BG= : LHENMBHG MH MA> ?NG=:F>GM:E IKH;E>F H? :GR
><HGHFR, G:F>ER how to promote the greatest feasible economic efficiency while
ensuring a distribution of income that would be generally acceptable.
0ANL, FR OH<:MBHG :L :G ><HGHFBLM P:L GHM =>M>KFBG>= ;R FR
>=N<:MBHG, ;NM ;R <BK<NFLM:G<>L. %ML INKIHL> P:L MH >G=>:OHK MH E:R
MA> ?HNG=:MBHG HG PAB<A :G ><HGHFB< :G= LH<B:E IHEB<R <HNE= ;>
O:EB=ER ;NBEM. (AEE:BL 1992, 234, >FIA:LBL BG HKB@BG:E)
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 264
NKBG@ 3HKE= 3:K %%, AEE:BL ?BKLM P:L <HFF:G=>K H? :G :KMBEE>KR NGBM, MA>G
K>MNKG>= MH <BOBEB:G PHKD =NKBG@ MA> #>KF:G H<<NI:MBHG H? "K:G<> (AEE:BL 1989).
AEE:BL L:B= BG ABL 1988 *H;>E E><MNK>: f%G &NER 1940, :?M>K FR =>FH;BEBS:MBHG, %
K>LNF>= :@:BG FR =NMB>L :L :G >G@BG>>K BG MA> /M:M> FBGBG@ :=FBGBLMK:MBHG :M
*:GM>L, BG MA> SHG> H<<NIB>= ;R MA> #>KF:G AKFR. BNM FR IK>-P:K <HG<>KGL A:=
<HFIE>M>ER <A:G@>=. "HK F>, PBMA :EE MA> BEENLBHGL H? RHNMA (% P:L HGER 29 :M MA>
MBF>), BM P:L <E>:K MA:M MA> ;>LM % <HNE= =H P:L MH <HGMKB;NM> MH IK>I:K> ?HK MA> IHLM-
P:K I>KBH=g (AEE:BL 1992, 233-234).
AEE:BL ;><:F> : IKH?>LLHK H? ><HGHFB<L :M MA> !<HE> *:MBHG:E /NI[KB>NK> =>L
)BG>L BG 1944 :G= K>F:BG>= BG MA:M IHLBMBHG MA>K>:?M>K (AEE:BL 1989). A?M>K 3HKE=
3:K %%, AEE:BLiL PHKD HG <:IBM:E :G= BGM>K>LM K:M>L PHNE= :LLBLM "K>G<A IE:GG>KL BG
=>O>EHIBG@ EHG@-M>KF ><HGHFB< LMK:M>@B>L (0>E>@K:IA 2010). AEE:BL >O>GMN:EER PHG
MA> *H;>E ,KBS>, BG 1988, f?HK ABL IBHG>>KBG@ <HGMKB;NMBHGL MH MA> MA>HKR H? F:KD>ML
:G= >??BGM NMBEBS:MBHG H? K>LHNK<>L.g
AEE:BL :MM>G=>= MA> ?HNG=BG@ F>>MBG@ H? MA> )HGM ,>E>KBG /HMR BG 1947. AM
MA> F>>MBG@ MA> @KHNI PHKD>= HG :G= IK>L>GM>= : /M:M>F>GM H? ABFL, PAB<A P:L
@>G>K:EER :;HNM MA> :=O:G<>F>GM H? <E:LLB<:E EB;>K:E L<AHE:KLABI :G= MAHN@AM. %G ABL
ABLMHKR H? MA> /HMR, .. ). $:KMP>EE >QIE:BGL MA:M AEE:BL =B= GHM LB@G ABL G:F> MH
MA> /M:M>F>GM:
+? :EE PAH :MM>G=>= MA> 1947 F>>MBG@, ). AEE:BL :EHG> K>?NL>= MH LB@G
MA> /M:M>F>GM H? ABFL PAB<A P:L :=HIM>= ;R MA> /HMR :L : @NB=>
MH BML :<MBOBMB>L. %G ABL F:CHK MA>HK>MB<:E MK>:MBL>, A> A:= =>FHGLMK:M>=
MH ABL HPG L:MBL?:<MBHG MA:M MA> HIMBF:E BGM>K>LM K:M> BG : LI><B?B>=
L>GL> P:L S>KH; :M : S>KH BGM>K>LM K:M>, :GR :LL>M RB>E=BG@ I>KI>MN:E
K>MNKGLe: IB><> H? E:G= RB>E=BG@ HG> ?K:G< : R>:K BG K>GMePHNE= A:O>
: IK>L>GM O:EN> H? BG?BGBMR. $>G<>, IKBO:M> HPG>KLABI H? :LL>ML RB>E=BG@
I>KI>MN:E BG<HF>L, H? PAB<A, EBD> $>GKR #>HK@>, A> MHHD E:G= MH ;>
MA> IKHMHMRI>, P:L BG<HFI:MB;E> PBMA :<AB>OBG@ MA> LH<B:E HIMBFNF.
0A:M BL PAR A> PHNE= GHM :@K>> MH IKBO:M> IKHI>KMR BG :EE :LL>ML. $>
PKHM> MH $:R>D 12 ):R 1947 MA:M, PABE> A> P:L fMHNM >G F:KJN:GM
LHG IKH?HNG= :<<HK= W E: <HG<>IMBHG =>E E: EB;>KM[ [<HGHFBJN> >M
IHEBMBJN>,g A> ;>EB>O>= MA:M fE: IKHIKB[M[ I>KI>MN>EE> <HEE><MBO> =N LHEg
P:L G><>LL:KRe: ;>EB>? JNBM> BG<HFI:MB;E> PBMA MA> /M:M>F>GM H?
ABFL, >O>G MAHN@A A> ;>EB>O>= :ELH MA:M MABL P:L not BG<HFI:MB;E> PBMA
fE: IKHIKB[M[ IKBO[> =>L >GM>KIKBL>L.g ($:KMP>EE 1995, 42 G. 1)
A <HEE>:@N> H? AEE:BL, 0AB>KKR => )HGM;KB:E, K>?E><M>= HG AEE:BLiL NGBJN>
EB;>K:E =BLIHLBMBHG:
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 265
7AEE:BLiL8 B=>:L :K> O:KB>= :G= GHM <HG?BG>= MH MA> LMKB<M EB;>K:EBLF H?
PAB<A A> BL LHF>MBF>L :<<NL>=. $BL LH<B:E IABEHLHIAR BL NG=>GB:;E>
7sic8 H? MA> libral MRI> (BG MA> "K>G<A L>GL>, B.>. MA:M BM ?:OHKL ;HMA : ?K>>,
=><>GMK:EBS>= LHMR :G= : ?K>>-F:KD>M ><HGHFR) :G=, :<<HK=BG@ MH
ABF, ?:EEL PBMABG MA> L:F> EBG>L H? MAHN@AM :L AE>QBL => 0H<JN>OBEE>iL,
(>HG 3:EK:Li, 2BE?K>=H ,:K>MHiL :G= &HAG ):RG:K= '>RG>Li OB>PL. BNM
AEE:BLi libralisme BL GHM MH ;> BGM>KIK>M>= :L =HBG@ laissez-faire, laissez-
passer. 0A> <HKG>KLMHG> H? ABL MABGDBG@ BL MA:M ?K>> MK:=> BFIEB>L
:IIKHIKB:M> LH<B:E :G= BGLMBMNMBHG:E HK@:GBS:MBHG, PBMA fLMKN<MNK:E
IE:GGBG@g (Manifesto for a Free Society, 1959). "HK >Q:FIE>, A> <HGLB=>KL
MA:M <HFIE>M>ER ?K>> MK:=> BL HGER IHLLB;E> ;>MP>>G LN??BGMER
BGM>@K:M>= <HNGMKB>L. %G I:KMB<NE:K, >Q<>LLBO> >Q<A:G@>L 7sic8 K:M>
O:KB:;BEBMR :G= L:E:KR =BLI:KBMR ;>MP>>G MPH <HNGMKB>L :K> BG<HFI:MB;E>
PBMA ?K>> MK:=>. AEE:BL LNIIHKML : NGB?B>= !NKHI>, ;NM MABL PBEE, BG ABL
>R>L, K>JNBK> LMKHG@ <HFFBMF>GM :G= : LBG@E> <NKK>G<R FNLM ;>
:<<>IM>=. ()HGM;KB:E 1995, 54-55)
AEE:BL ?>EM LMKHG@ER MA:M f(B;>K:EBLFFNLM GHM ;> K>=N<>= MH ><HGHFB< E:BLL>S-
?:BKBLFg (AEE:BL 2006/1999). %G ABL *H;>E ,KBS> :NMH;BH@K:IAR, AEE:BL PKHM>, f)R
F:CHK <HG<ENLBHG P:L MA:M ;HMA MA> ><HGHFB< :G= >MAB<:E H;C><MBO>L H? HNK MBF> <:G
;> K>:<A>= :M MA> L:F> MBF> HGER B? MA> BGLMBMNMBHG:E ?K:F>PHKD PBMABG PAB<A MA>
><HGHFR PHKDL BL :IIKHIKB:M>ER K>?HKF>=, :G= % A:O> MKB>= MH LI><B?R MA> IKBG<BIE>L
?HK LN<A : K>?HKFg (AEE:BL 1989). $> ><AH>= :G= >QI:G=>= HG MABL MA>F> CNLM :
R>:K ;>?HK> ABL =>:MA, PA>G A> =>EBO>K>= :G :==K>LL :M : 1*!/C+ <HG?>K>G<>. $>
;>@:G:
NKBG@ MA> E:LM ?B?MR R>:KL, :EE MA> K>L>:K<A % A:O> =HG>, :EE MA> MAHN@AML
MA:M >O>GML A:O> BGLIBK>= BG F>, :EE MA> >QI>KB>G<> % A:O> @:BG>=, A:O>
<HGMBGN:EER K>BG?HK<>= BG F> MA> <HGOB<MBHG MA:M : LHMR ?HNG=>= HG
MA> =><>GMK:EBS:MBHG H? =><BLBHG-F:DBG@, HG MA> F:KD>M ><HGHFR :G=
HG IKBO:M> IKHI>KMR BL GHM MA> ;>LM ?HKFH? LHMR P> <HNE= =K>:FH? BG
:G B=>:E PHKE= BG INK>ER :;LMK:<M M>KFL, ;NM : LHMR PAB<A, BG <HG<K>M>
M>KFL H? K>:EBMR, ;HMA ?KHF MA> IHBGM H? OB>P H? ><HGHFB< :G:ERLBL :G=
H? I:LM >QI>KB>G<>L, IKHO>L MH ;> MA> HGER ?HKF H? LHMR PAB<A <HNE=
;>LM :GLP>K MA> ?NG=:F>GM:E IKH;E>FL H? HNK MBF>.
BNM :EMAHN@A % A:O> ;><HF> FHK> :G= FHK> <HGOBG<>= HO>K
MA> R>:KL H? MA> BFF>GL> LNI>KBHKBMR H? :G ><HGHFB<:EER EB;>K:E :G=
ANF:GBLM LHMR, % A:O> :GHMA>K <HGOB<MBHG, CNLM :L LMKHG@, PAB<A BL
MA:M MH=:R HNK LHMR BL NG=>K MAK>:M, I:KMB<NE:KER ;><:NL> H? MA>
B@GHK:G<> H? MA> ?NG=:F>GM:E IKBG<BIE>L MA:M MA> L>MMBG@ NI H? : EB;>K:E
ECON JOURNAL WATCH
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:G= ANF:GBLM LHMR BGOHEO>L. %G ?:<M, EBOBG@ MH@>MA>K BFIEB>L ?HK MA>
PAHE> H? LHMR : =>>I <HGL>GLNL H? PA:M BL >LL>GMB:E. %? MABL <HG-
L>GLNL =H>L GHM >QBLM, MA> <K>:MBHG H? : ANF:GBLM LHMR L>>FL MH ;>
<HFIKHFBL>=. (AEE:BL 2006/1999)
AEE:BL B=>GMB?B>= MA> MAK>:ML MH : fANF:GBLM LHMRg :L BG<EN=BG@ fNGP:K-
K:GM>= >:KGBG@L,g NG>FIEHRF>GM, BGLN??BGM LH<B:E :=O:G<>F>GM, HIIHLBMBHG MH
BG=BOB=N:EBMR, :G= BGLM:;BEBMR. )HLM >FIA:MB<:EER, f!QMK:-<HFFNGBMR BFFB@K:MBHG
:ELH NG=>KFBG>L MA> O>KR ?HNG=:MBHGL H? LH<B:E <HA>LBHG, : F:CHK <HG=BMBHG ?HK
MA> >??BGM :G= CNLM ?NG<MBHGBG@ H? MA> F:KD>M ><HGHFR.g #EH;:EBS:MBHG, AEE:BL
;>EB>O>=, P:L fMA> F:CHK <:NL> H? F:LLBO> NG>FIEHRF>GM :G= BG>JN:EBMB>L MA:M
<HGMBGN> MH =>O>EHI BG FHLM <HNGMKB>L.g 0ANL, A> L:P IKHM><MBHGBLF :L >LL>GMB:E
(AEE:BL 2006/1999).
AEE:BL A>E= MA:M, MAKHN@AHNM ABL <:K>>K, A> A:= f>G=>:OHNK>= MH K>MABGD MA>
KHE> H? ><HGHFB< EB;>KMR :G= H? :G ><HGHFR H? F:KD>ML :L K>@:K=L MA> L>:K<A
?HK >??BG<R :G= MA> :<AB>O>F>GM H? MA> >MAB<:E H;C><MBO>L H? HNK MBF>, :G= MH
<HGMKB;NM> MH : MAHKHN@A LMN=R H? MA> JN>LMBHGL K:BL>= ;R MA> ><HGHFB<
HK@:GBL:MBHG H? LHMB>Lg (AEE:BL 1989).
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.HLL /M:KK ;>@BGL ABL :KMB<E> HG '>GG>MA AKKHP (1921d) BG The New Palgrave
Dictionary of Economics ;R L:RBG@ MA:M A> fBL : E>@>G=:KR ?B@NK>, PBMA :G >GHKFHNL
K:G@> H? <HGMKB;NMBHGL MH 20MA-<>GMNKR ><HGHFB<Lc. $BL BFI:<M BL LN@@>LM>= ;R
MA> GNF;>K H? F:CHK B=>:L MA:M ;>:K ABL G:F>: AKKHPiL 0A>HK>F, MA> AKKHP-
>;K>N FH=>E, MA> AKKHP-,K:MM BG=>Q H? KBLD :O>KLBHG, :G= AKKHPL><NKBMB>Lg (/M:KK
2008). B>LB=>L MA> ?HNK :K>:L :EEN=>= MH BG MA> JNHM:MBHG ?KHF /M:KK, AKKHP A:L
;>>G : E>:=>K BG MA> ><HGHFB<L H? BG?HKF:MBHG. %G 1972, :M MA> :@> H? 51 (LMBEE MA>
RHNG@>LM >O>K), AKKHP LA:K>= MA> *H;>E ,KBS> BG ><HGHFB<L PBMA &HAG $B<DL ?HK
MA>BK <HGMKB;NMBHGL MH @>G>K:E ><HGHFB< >JNBEB;KBNF MA>HKR :G= P>E?:K> MA>HKR.
BNM B? MA> *H;>E ><HGHFB<L IKBS> P>K> @BO>G ?HK LI><B?B< :<<HFIEBLAF>GML, :G=
:G BG=BOB=N:E <HNE= PBG K>I>:M>=ER, AKKHP PHNE= LNK>ER A:O> L>O>K:E. %M A:L ;>>G
LAHPG MA:M AKKHP BL MA> ><HGHFB<L E:NK>:M> PAH A:L ;>>G FHLM <BM>= PBMABG MA>
*H;>E :P:K= E><MNK>L H? MA> ><HGHFB<L E:NK>:M>L (/D:K;>D 2009).
'>GG>MA AKKHP P:L H? MA> @>G>K:MBHG LA:I>= ;R MA> #K>:M >IK>LLBHG. (BD>
F:GR H? MA>F, A> >F;K:<>= LH<B:EBLF :M :G >:KER :@>, :G= @HBG@ ?HKP:K= ABL PHKD
P:L LA:I>= ;R : =>>IER E>?MBLM L>GLB;BEBMR. "KHFL>O>K:E :NMH;BH@K:IAB<:E K>?E><MBHGL,
BM L>>FL MA:M HO>K MA> =><:=>L AKKHPiL MABGDBG@ A:L <HGMBGN:EER FHO>= ?KHF B=>:EL
A> :LLH<B:M>L PBMA LH<B:EBLF MH : FHK> IK:@F:MB<eHK, I>KA:IL, K>LB@G>=eL>GL> H?
K>?HKFBG@ :<MN:EER >QBLMBG@ LH<B:E =>FH<K:<R.
AKKHP P:L ;HKG :G= >=N<:M>= BG *>P 5HKD CBMR, :G= ABL ?:FBER LMKN@@E>=
=NKBG@ MA> #K>:M >IK>LLBHG. $> :MM>G=>= CBMR CHEE>@> BG *>P 5HKD, PAB<A P:L
?K>> (AKKHP 1992/1973). A F:MA>F:MB<L F:CHK, A> :MM>FIM>= MH INKLN> : <:K>>K :L
: AB@A L<AHHE M>:<A>K. 3A>G A> ?HNG= MA:M F:KD>M ?EHH=>=, A> P>GM MH CHENF;B:
1GBO>KLBMR MH LMN=R LM:MBLMB<L :G= =BL<HO>K>= MA> ><HGHFB<L IKH?>LLHK $:KHE=
$HM>EEBG@ (/M:KK 2008). 0:DBG@ $HM>EEBG@iL <HNKL> HG F:MA>F:MB<:E ><HGHFB<L,
AKKHP fK>:EBS>= % A:= ?HNG= FR GB<A>g (AKKHP 1995:, 45). AM CHENF;B:, AKKHP
>:KG>= ABL ).A. BG F:MA>F:MB<L :G= >GM>K>= MA> ,A.. IKH@K:F BG ><HGHFB<L, ;NM
3HKE= 3:K %% INM ABL LMN=B>L HG AHE=; ?KHF 1942d1946, A> L>KO>= :L : P>:MA>K
H??B<>K BG MA> 1./. AKFR ABK CHKIL (AKKHP 1992/1973). .>MNKGBG@ MH <BOBEB:G EB?>,
AKKHP<HGMBGN>= ABL @K:=N:M> PHKD :G= BG 1947 PHKD>= :M MA> CHPE>L CHFFBLLBHG
BG CAB<:@H. NKBG@ L>O>K:E LNFF>KL, A> PHKD>= :M MA> .A*CHKIHK:MBHG. AKKHP
<HFIE>M>= ABL ,A.. BG 1951. %G 1949, A> CHBG>= MA> ?:<NEMR :M /M:G?HK= 1GBO>KLBMR,
PA>K> A> PHNE= LM:R ?HK :EE ;NM : =><:=> H? ABL <:K>>K, MA:M =><:=> ;>BG@ LI>GM :M
$:KO:K=. AKKHP P:L HG MA> K>L>:K<A LM:?? H? ,K>LB=>GM &HAG ". '>GG>=RiL CHNG<BE
H? !<HGHFB< A=OBL>KL.
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%G : ?:FHNL I:I>K HG A>:EMA<:K>, AKKHP (1963) >QIEHK>= P:RL BG PAB<A
L>KOB<>L, IK:<MB<>L, :G= BGLMBMNMBHGL =H GHM H;>R <>KM:BG FH=>EL. 0A> I:I>K,
IN;EBLA>= BG MA> American Economic Review, A:L ;>>G LB@GB?B<:GM BG E>@BMBF:MBG@ :G=
:NMAHKBSBG@ MA> IK:<MB<> H? >E:;HK:MBG@ AHP><HGHFB< :??:BKL BG : I:KMB<NE:K BG=NLMKR
HK L><MHK :K> MA>K>?HK> hBFI>K?><Mi :G= GHM h<HFI>MBMBO>,i :G= <HGLMBMNM> h?:BENK>.i
%G FHK> K><>GM R>:KL, AKKHP A:L MK>:M>= LN<A MHIB<L :L F:E:KB: IK>O>GMBHG (AKKHP,
,:GHLB:G, :G= #>E;:G= 2004) :G= <EBF:M> <A:G@> (AKKHP 2007) :L >Q:FIE>L H?
F:KD>M ?:BENK>L. "HK :G HO>KOB>P H? AKKHPiL :LMHNG=BG@ L>KB>L H? L>FBG:E PHKDL,
=:MBG@ >LI><B:EER ?KHF MA> >:KER 1950L, L>> /M:KKiL ?BG> >GMKR BG MA> New Palgrave.
,KH?>LLHK AKKHP @>G>KHNLER K>LIHG=>= MH HNK JN>LMBHGG:BK>. $BL K>LIHGL>
?HEEHPL:
% A:O> LHF> MKHN;E> =>?BGBG@ PA:M BL FR fB=>HEH@R,g :G= AHP BL BM
F:GB?>LM BG FR L<AHE:KER HK HMA>K ;>A:OBHK. % A:O> :G= A:O> A:= : L>M
H? O:EN>L. % =HGiM MABGD MA>R A:O> <A:G@>= BG : ?NG=:F>GM:E L>GL>, ;NM
MA> <A:G@BG@ BLLN>L BG LHMR A:O> <>KM:BGER E>= MH =B??>K>GM >FIA:L>L.
%G LHF> L>GL>, NG=>KERBG@ :GR B=>HEH@R A:L ;>>G :G >IBLM>F-
HEH@R, HG> PAB<A A:L >FIA:LBS>= MA> NG<>KM:BGMR H? DGHPE>=@> :G=
MA> =B??B<NEMB>L H? <HFFNGB<:MBG@ BM. 0ABL A:L :EP:RL BGAB;BM>= :GR
>QMK>F> <HFFBMF>GM HG FR I:KM MH : L>M H? O:EN>L HK MH : IHEB<R; MA>K>
BL :EP:RL LHF>MABG@ HG MA> HMA>K LB=>. %M A:L E>=, BG I:KM, MH : IK>?>K>G<>
?HK P>EE-?HKFNE:M>= IKH;E>FL (MABL BL : EBFBM:MBHG, GHM : ;H:LM), PA>K>
:M E>:LM PA:M % :F L:RBG@ BL <E>:K.
0H MA> >QM>GM MA:M % A:O> LMKHG@ FHK:E <HFFBMF>GML, MA>R :K>
?K>>=HF ?HK :EE ANF:GL :G= : K>LI><M ?HK MA> O:EN>L :G= HIBGBHGL
H? HMA>KL. 3BMA K>@:K= MH MA> ?BKLM, NG=>K MA> A>:=BG@ H? ?K>>=HF, %
BG<EN=> ><HGHFB< OB:;BEBMR (BG<HF>, BG : FH=>KG ><HGHFR). 0A>
?K>>=HF MH F:D> <AHB<>L BG : F:KD>M ><HGHFR =>F:G=L MA> :;BEBMR MH
<AHHL> CH;L :G= @HH=L. % MA>K>?HK> A:O> : ;NBEM-BG ;>EB>? MA:M K>=N<BG@
BG<HF> BG>JN:EBMR BL GHM BG <HGMK:=B<MBHG MH ><HGHFB< ?K>>=HF ;NM
I:KM H? BM. )HK> <HG<K>M>ER % ?HNG= K:<> =BL<KBFBG:MBHG, I>K?><MER HI>G
BG FR RHNG@>K =:RL, MH ;> :G >OBE >O>G B? @KHNG=>= BG PB=>LIK>:=
IHINE:K LNIIHKM.
% P:L K:MA>K IK><H<BHNL BGM>EE><MN:EER :G= EBO>= BG :G >K: PA>K>
@HH= LMN=>GML P>K> >G<HNK:@>= MH :<<>E>K:M>. % @K:=N:M>= <HEE>@>
;>?HK> % P:L 19. )R I:K>GML P>K> O>KR >G@:@>= BG MA> G>PL H? MA>
=:R :G=, BG I:KMB<NE:K, IHEBMB<:E G>PL, :G= <NKK>GM IHEBMB<L PHNE= ;>
=BL<NLL>= :M MA> =BGG>K M:;E>, <>KM:BGER ?KHF MA> MBF> % P:L 10 HK 11.
0A>R P>K> <>GMKBLML :G= ;><:F> :=FBK>KL H? "K:GDEBG .HHL>O>EM, FR
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 269
FHMA>K O>KR >GMANLB:LMB<:EER LH, FR ?:MA>K PBMA ABL <A:K:<M>KBLMB<
<RGB<BLF.
(BOBG@ =NKBG@ MA> #K>:M >IK>LLBHG, PAB<A :??><M>= NL
I>KLHG:EER, % >:KER K>@:K=>= FRL>E? :L : LH<B:EBLM (L:R ?KHF :@> 12 HG).
$HP>O>K, :EFHLM :L LHHG :L % MAHN@AM :;HNM BM, % ?HNG= MA> /HOB>M
1GBHG MH ;> : OB<BHNL MRK:GGR, >LI><B:EER :L F:GB?>LM>= BG MA> LAHP
MKB:EL (H? MA> HE= BHELA>OBDL). 0A>L> OB>PL K>F:BG>= :;HNM <HGLM:GM
NGMBE FR <HEE>@> @K:=N:MBHG BG 1940. 3A>G % LM:KM>= @K:=N:M> LMN=R,
% BGM>G=>= MH ;><HF> : LM:MBLMB<B:G :G= >GKHEE>= :M CHENF;B: PA>K>
$:KHE= $HM>EEBG@ M:N@AM. $HP>O>K, MA>K> P:L GH =>I:KMF>GM H?
LM:MBLMB<L, LH % A:= MH >GKHEE BG !<HGHFB<L, $HM>EEBG@iL =>I:KMF>GM. $>
@:O> : <HNKL> BG F:MA>F:MB<:E ><HGHFB<L, :G= MABL LM:KM>= MA> IKH<>LL
;R PAB<A FR IKBF:KR BGM>K>LML LAB?M>= MHP:K=L ><HGHFB<L IKHI>K.
$HM>EEBG@ ABFL>E? P:L : LH<B:EBLM, MAHN@A HG> PAH >FIA:LBS>= MA>
KHE> H? MA> F:KD>M >O>G NG=>K LH<B:EBLF, LH FR IK>OBHNL OB>PL P>K>
K>BG?HK<>= :G= <E:KB?B>=. (% LAHNE= GHM> MA:M $HM>EEBG@ G>O>K :MM>FIM>=
MH BG?EN>G<> :GRHG>iL OB>PL; % E>:KG>= ABL OB>PL ?KHFABL PKBMM>G PHKD.)
0A>L> <>KM:BGER BG?EN>G<>= FR PHKD (:EHG> :G= PBMA HMA>KL) HG @>G>K:E
>JNBEB;KBNF:L :G B=>:E MH ;> :<AB>O>= ;R : FBQMNK> H? IKBO:M> >GM>KIKBL>
:G= IN;EB< IE:GGBG@ :G= K>@NE:MBHG; FN<A H? MABL P:L >F;H=B>= BG
FR CHBGM PHKD PBMA (>HGB= $NKPB<S, <HEE><M>= BG AKKHP :G= $NKPB<S,
Studies in Resource Allocation Processes, C:F;KB=@> 1GBO>KLBMR ,K>LL, 1977.
A?M>K K>MNKGBG@ MH @K:=N:M> LMN=R ?KHF FBEBM:KR L>KOB<>, % ?HNG=
: @KHPBG@ IKHLI>KBMR. )R @>G>K:E OB>PL LAB?M>= MH IE:GGBG@ BG FBQ>=
><HGHFB>L, LN<A :L L>>F>= MH ;> >F>K@BG@ BG !NKHI>. % @K:=N:EER
K>:EBS>= HO>K MA> ?HEEHPBG@ =><:=> MA:M MA> !NKHI>:G IE:GGBG@ P:L
E:K@>ER BEENLHKR. +G MA> HMA>K A:G=, MA> B=>: MA:M MA> F:KD>M <HNE=
LHEO> :EE IKH;E>FL L>>F>= MH F> I:M>GMER ?:EL> HG MAHKHN@AER LHNG=
G>H<E:LLB<:E :K@NF>GML. "KHF : IHEB<R OB>PIHBGM, FR :MMBMN=>
(fB=>HEH@Rg L>>FL MHH @K:G= : M>KF) P:L >LL>GMB:EER MA:M H? ;>G>?BM-
<HLM :G:ERLBL. /M:M> F>:LNK>L <HNE= ;> :G= ?K>JN>GMER P>K> NL>?NE, ;NM
MA>BK HNM<HF>L A:= MH ;> <HFI:K>= PBMA MA> :EM>KG:MBO>L. *H LBFIE>
LEH@:GL <HNE= @BO> NL>?NE :GLP>KL. % M>G=>= MA>K>:?M>K MH <HG<>GMK:M>
?KHF MA> IHEB<R OB>PIHBGM HG MA> KHE> H? IN;EB< BGO>LMF>GM; : K>I-
K>L>GM:MBO> M><AGB<:E PHKD BL FR ;HHD PBMA )HK=><:B 'NKS, Public
Investment, The Rate of Return, and Optimal Fiscal Policy, &HAGL $HIDBGL,
1970. 0PH IHINE:K :KMB<E>L PAB<A @BO> LHF> B=>: H? FR IHBGM H? OB>P
:K>, fA C:NMBHNL C:L> ?HK /H<B:EBLF,g Dissent, ":EE, 1978, II. 472-80,
:G=, f0PH CA>>KL ?HK .>@NE:MBHG,g Harpers, 1981, #262, II. 18-22 (%
:F GHM K>LIHGLB;E> ?HK >BMA>K MBME>).
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)R K>L>:K<A :ELH M>G=>= MH <HG<>GMK:M> HG P>EE-=>?BG>= LI><B?B<
BLLN>L, PA>MA>K BM P:L LH<B:E <AHB<>, F>=B<:E <:K>, HK BGO>GMHKR IHEB<R.
C>KM:BGER, FR MABGDBG@ A:L >OHEO>= ;R H;L>KO:MBHG :G= :G:ERLBL,
:L % AHI> BM LAHNE= A:O>. BNM BM A:L GHM ;>>G :EM>K>= BG BML >LL>G<>.
(AKKHP 2013)
$>K> % ?HEEHP NI HG MA> MPH :KMB<E>L MA:M AKKHP <BM>L, >LI><B:EER MA> 1978
:KMB<E> MA:M :II>:K>= BG Dissent, : CHNKG:E H? E>?MBLM MAHN@AM :G= <HFF>GM:KR.
fA C:NMBHNL C:L> ?HK /H<B:EBLFg BL MA> M>QM H? AKKHPiL AIKBE 1978 (BHG>E
0KBEEBG@ />FBG:K E><MNK> :M CHENF;B: 1GBO>KLBMR. %G ABL K>LIHGL> MH HNK JN>LMBHG-
G:BK> (:G= BG AKKHP 1995;), AKKHP GHM>L MA:M A> BL GHM K>LIHGLB;E> ?HK MA> :KMB<E>iL
MBME>. 0A> IB><>, AB@AER :NMH;BH@K:IAB<:E, P:??E>L ;>MP>>G MPH HO>K:K<ABG@ =KB?ML:
HG>, >QIK>LL>= ;R MA> MBME>, BL MA:M H? AHE=BG@ HG MH LH<B:EBLM B=>HEH@R ;NM IKH<>>=BG@
<:NMBHNLER; MA> HMA>K BL MH E>M @H H? LH<B:EBLM B=>HEH@R :G= <HF> KHNG= MH : FHK>
IK:<MB<:E HNMEHHD H? :<<>IMBG@, B? GHM <>E>;K:MBG@, <:IBM:EBLF NG=>K LH<B:E =>F-
H<K:<R, :G= F:G:@BG@ MA> FBQ>= ><HGHFR. AL % L:R, MA> IB><> P:??E>L ;>MP>>G MA>
MPH. 3> PBEE L>> MA:M, MAK>> R>:KL E:M>K, BG MA> 1981 IB><>, AKKHP L>>FL MH ;> FHK>
L>MME>= HG MA> IK:<MB<:E HNMEHHDe:G= MA>K>:?M>K, BM L>>FL MH F>, A> <HGMBGN>L HG
MA:M P:R.
0A> LB=> H? MA> :KMB<E> MA:M L>>FL MH ?BM MA> MBME>, fA C:NMBHNL C:L> ?HK
/H<B:EBLF,g IKH<>>=L PBMA :NMH;BH@K:IAB<:E BG?HKF:MBHG :;HNM MA> RHNG@ AKKHPiL
BFIK>LLBHGL :G= K>?E><MBHGL HG fMA> KHMM>GG>LL H? MA> MBF>L,g fMA> LRLM>F :G=
BML ?:BENK>. 0A>R L>>F>= H;OBHNL >GHN@Ag (AKKHP 1978, 472-473). $> DG>P MA:M
f: LH<B:E LRLM>F, IHEBMB<:E HK ><HGHFB<, AHP>O>K ;:= BML <HGL>JN>G<>L, PBEE ;>
K>IE:<>= HGER B? MA>K> BL : OBLBHG H? : ;>MM>K LRLM>F. 0A> B=>: H? LH<B:EBLF P:L >:LBER
:O:BE:;E>. c /NK>ER, : K:MBHG:EER HK@:GBS>=, <>GMK:EER <HHK=BG:M>= ><HGHFB< LRLM>F
<HNE= :OHB= MA> BGLM:;BEBMR H? MA> <:IBM:EBLM ><HGHFR :G= MA> M>KKB;E> ANF:G :G=
F:M>KB:E <HLM H? NG>FIEHRF>GMg (B;B=., 473). $> <HGMBGN>L: f"NKMA>K, MA>K> P:L
LN<A :G ><HGHFR. 0A> /HOB>M 1GBHG P:L ;NBE=BG@ :G= >QI:G=BG@, MA>K> P:L GH
NG>FIEHRF>GM, :M : MBF> PA>G MA> :=O:G<>= <:IBM:EBLM ><HGHFB>L P>K> LIBK:EBG@
=HPGP:K= HK :M ;>LM LM:@G:MBG@. 0A> New York Times P:L MA> LHNK<> H? MABL
?:OHK:;E> BG?HKF:MBHG, FN<A FHK> MH ;> ;>EB>O>= MA:G MA> CHFFNGBLM I:KMR
I:FIAE>ML I:LL>= HNM HG MA> LMK>>MLg (B;B=.).
AKKHP >QIE:BGL MA> =>O>EHIF>GM H? ABL NG=>KLM:G=BG@ H? f<:IBM:EBLFg:
% P:L G>O>K : ):KQBLM BG :GR EBM>K:E L>GL>, NGEBD> : @K>:M F:GR H? FR
?>EEHP LMN=>GML :M MA> CBMR CHEE>@>, BG *>P 5HKD. c *>O>KMA>E>LL, MA>
BGLB@AM ):KQBLM MA>HKR @:O> BGMH ABLMHKR :G= I:KMB<NE:KER :L MH IHEBMB<:E
>O>GML P:L LMKBDBG@: MA> LM:M> :L MA> >Q><NMBO> <HFFBMM>> H? MA>
;HNK@>HBLB>, MA> <E:LL BGM>KIK>M:MBHG H? IHEBMB<:E :G= LH<B:E <HG?EB<ML,
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 271
:G= MA> BGM>KIK>M:MBHG H? P:K :G= BFI>KB:EBLF :L MA> <HG?EB<M H?
<HFI>MBG@ G:MBHG:E <:IBM:EBLM BGM>K>LML P>K> BEENFBG:MBG@ :G= IHP>K?NE.
%M :II>:K>= FHK> IKH?HNG= MA:G MA> :EM>KG:MBO> O>KLBHGL H? MA>
><HGHFB< BGM>KIK>M:MBHG H? ABLMHKR; MA>R L>>F>= MH ;> F>K>
FN<DK:DBG@, MA> ;>A:OBHK H? O>G:E BG=BOB=N:EL. ):KQBLFINM MA> LRLM>F
K:MA>K MA:G MA> BG=BOB=N:E BGMH MA> ?HK>@KHNG=. (AKKHP 1978, 473-474)
0A> ?K>>=HF H? PHKD>KL L>>F>= MH F> FN<A K>LMKB<M>=. /MKBD>-
;K>:DBG@ ;R ?:BKER =BK><M :G= ;KNM:E F>MAH=L, :L P>EE :L FHK> LN;ME>
?HKFL H? ><HGHFB< IK>LLNK>, P:L : <HFFHG >O>GM. !O>G :I:KM ?KHF
HO>KM <HG?EB<M, MA> K>@NE:K HI>K:MBHG H? MA> ?:<MHKR :II>:K>= :L : ?HKF
H? K>@BF>GM:MBHG :G= : =>GB:E H? BG=BOB=N:E ?K>>=HFe:G BFIEB<:MBHG
MA>G PB=>ER :<<>IM>=, >QIK>LL>= BG LN<A FHOB>L :L CA:IEBGiL Modern
Times :G= .>G> CE:BKiL A Nous La Libert :G=, FHK> LN;MER :G=
IKH?HNG=ER, BG (>PBL )NF?HK=iL Technics and Civilisation, MA>G O>KR
?:FHNL :G= LMBEE PHKMAR H? K>:=BG@. (B;B=., 474)
AKKHP =>L<KB;>L ABL GHMBHG H? f<:IBM:EBLFg:
708A>K> P:L : LMKHG@ :GMBI:MAR MH :G ><HGHFB< :G= LH<B:E LRLM>F;:L>=
HG L>E?BLA :G= <HFI>MBG@ FHMBO:MBHGL. % >:@>KER LHN@AM <HG?BKF:MBHG
BG MA> PHKDL H? <HGM>FIHK:KR :GMAKHIHEH@R, LN<A :L ):K@:K>M )>:=iL
Sex and Temperament in Three Primitive Societies, ?HK MA> IKHIHLBMBHG MA:M
<HHI>K:MBHG P:L :M E>:LM :L G:MNK:E :L <HFI>MBMBHG. (AKKHP 1978, 475)
AKKHP L:RL ABL fNG=>KERBG@ :LLNFIMBHG P:L MA> <HFFHG ANF:GBMR H? KNE>K :G=
KNE>=; MA> :II>:EL MH <HHI>K:MBO> :G= :EMKNBLMB< FHMBO>L L>>F>= MH A:O> :M E>:LM
LHF> LN<<>LL :L :@:BGLM MA> LBFIER L>E?BLA >Q>K<BL> H? IHP>Kg (1978, 475).
!QIK>LLBG@ ABL <NKK>GM (1978) :MMBMN=>L, AKKHP :ELH =>L<KB;>L ABL GHMBHG H?
fE:BLL>S-?:BK>g:
0A> FH=>E laissez-faire PHKE= H? MHM:E L>E?-BGM>K>LM PHNE= GHM LNKOBO> ?HK
M>G FBGNM>L; BML :<MN:E PHKDBG@ =>I>G=L NIHG :G BGMKB<:M> G>MPHKD H?
K><BIKH<:E H;EB@:MBHGL, >O>G :FHG@ <HFI>MBG@ ?BKFL :G= BG=BOB=N:EL.
BNM MA> <:IBM:EBLM LRLM>F BL LMKN<MNK>= LH :L MH FBGBFBS> <HHI>K:MBO>
>G=>:OHK. 0A> PHKD>K BL : ?:<MHK H? IKH=N<MBHG, : INK<A:L>= BM>F, GHM
I:KM H? : M>:F. (AKKHP 1978, 477)
AKKHPiL K>F:KDL, BG FR OB>P, >Q>FIEB?R MA> =>>I-E>?MBLM F>GM:EBMR, <HF;BGBG@ MA>
ENKB= f<:IBM:EBLFg :G= : FNMN:EER <HGLMBMNMBO> <HG<ENLBHG MA:M <HFFNGBMR :G=
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<HHI>K:MBHG :K> FHLM F>:GBG@?NEER ?HNG= BG MA> @HO>KGF>GM:EBS:MBHG H? LH<B:E
:??:BKL.
fAL ?HK BG>JN:EBMR H? BG<HF>,g AKKHP PKBM>L, f% MHHD BM ?HK @K:GM>= MA:M
BM PHNE= ;> K>=N<>= NG=>K LH<B:EBLF ;R MA> :;HEBMBHG H? MA> BG<HF> <:M>@HKR H?
IKH?BMLg (1978, 475). $> :==L: f):GR <NKK>GM MABGD>KL H;C><M MH =BLMKB;NMBO> >JN:EBMR
HG IKBG<BIE>, HG MA> @KHNG=L MA:M BM <HGMK:=B<ML ?K>>=HF H? IKHI>KMR. 0ABL BL : E:K@>
LN;C><M; % LBFIER LM:M> FR <HGOB<MBHG MA:M IKHI>KMR BL BML>E? : LH<B:E <HGMKBO:G<> :G=
<:GGHM ;> M:D>G :L :G NEMBF:M> O:EN>g (B;B=., 477). 3A>MA>K =BLMKB;NMBO> >JN:EBMR <:G
;> M:D>G :L :G NEMBF:M> O:EN> BL LHF>MABG@ MA:M AKKHP =H>L GHM F:D> <E>:K.
AL BG ABL K>LIHGL> MH HNK JN>LMBHGG:BK>, AKKHP BL K>F:KD:;ER <:G=B= :;HNM
AHP LH<B:EBLM B=>HEH@R LA:I>= ABL PHKD BG G>H<E:LLB<:E ><HGHFB<L:
% ;><:F> L>KBHNLER BGM>K>LM>= BG MA> LMN=R H? ><HGHFB<L HGER :?M>K
;>@BGGBG@ @K:=N:M> LMN=R :KHNG= 1940. *>>=E>LL MH L:R, E>:KGBG@
LHF>MABG@ H? MA> PHKDBG@L H? MA> ><HGHFB< LRLM>F :G= H? MA> EH@B<
H? G>H<E:LLB<:E ><HGHFB<L A:= : <HGLB=>K:;E> >??><M HG FR :MMBMN=>
MHP:K= LH<B:EBLF. c )R BFF>=B:M> K>:<MBHG P:L MH BGM>KIK>M
G>H<E:LLB<:E ><HGHFB< MA>HKR :G= I:KMB<NE:KER MA> MA>G G>P:G= K:IB=ER
=>O>EHIBG@ =BL<BIEBG> H? P>E?:K> ><HGHFB<L :L IHBGMBG@ MH :G B=>:E
>??BGM ><HGHFR K:MA>K MA:G MA> :<MN:E HG>, F:KD>= ;HMA ;R F:LLBO>
NG>FIEHRF>GM :G= ;R FHGHIHEBLMB< =BLMHKMBHG. /H<B:EBLF P:L MA> P:R
BG PAB<A MA> B=>:E F:KD>M P:L MH ;> :<AB>O>=. 0ABL =H<MKBG> P:L A>E=
;R F:GR, BG<EN=BG@ >LI><B:EER MA> IKH?>LLHK A>K> :M CHENF;B: MH PAHF
% HP> LH FN<A, ;HMA BGM>EE><MN:EER :G= I>KLHG:EER, $:KHE= $HM>EEBG@.
#K:=N:M> >=N<:MBHG BG ><HGHFB<L :M CHENF;B: :M MA> MBF>, CNLM ;>?HK>
HNK >GMK:G<> BGMH 3HKE= 3:K %%, L>>F>= <NKBHNLER =>LB@G>= MH
>FIA:LBS> MA> B=>:E G:MNK> H? G>H<E:LLB<:E MA>HKR. 0A> =HFBG:MBG@
OHB<>L, 3>LE>R )BM<A>EE, &. ). CE:KD, :G= AKMANK ". BNKGL, A>E= MA:M
G>H<E:LLB<:E MA>HKR A:= EBMME> =>L<KBIMBO> O:EN>. 0AHN@A CE:KD :G=
BNKGL, :M E>:LM, <>KM:BGER A:= GH LNIIHKM ?HK LH<B:EBLF, MA>BK OB>PL,
PA>G M:D>G BGMH <HGCNG<MBHG PBMA MA> MA>HK>FL H? P>E?:K> ><HGHFB<L,
K>LHG:M>= PBMA FR <HGOB<MBHG MA:M LH<B:EBLF <HNE= RB>E= : FHK>
>??BGM ><HGHFR. (AKKHP 1978, 476)
AKKHP >GE:K@>L HG ABL OB>PL H? =B??>K>GM LRLM>FL, :L L>>G :M MA> MBF>:
%G MA> B=>:E MA>HKR H? MA> <HFI>MBMBO> ><HGHFR, F:KD>M-<E>:KBG@ IKB<>L
L>KO> :L MA> <HFFNGB<:MBHG EBGDL MA:M ;KBG@ BGMH <HA>K>G<> MA> PB=>ER
=BLI>KL>= DGHPE>=@> :;HNM MA> G>>=L :G= IKH=N<MBHG IHLLB;BEBMB>L H?
MA> F>F;>KL H? MA> ><HGHFR. %G MA> :;L>G<> H? LNBM:;E> F:KD>ML, HMA>K
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 273
<HHK=BG:MBG@ :G= <HFFNGB<:MBG@ F><A:GBLFL :K> G>>=>= ?HK
>??BG<R. 0A>L> <HF> <EHL> MH =>?BGBG@ MA> LH<B:EBLM ><HGHFR,
:EMAHN@A :=FBMM>=ER PB=> O:KB:MBHGL BG MA> F>:GBG@ H? MA:M >QIK>LLBHG
:K> IHLLB;E>.
7c 08A> >QBLM>G<> H? B=E> K>LHNK<>L BL : IKBF> >Q:FIE> H?
<HHK=BG:MBHG ?:BENK>. 0A> >QI>KB>G<> H? MA> CHFFNGBLM <HNGMKB>L
;>:KL HG MABL IHBGM. 3BMA :EE MA>BK =B??B<NEMB>L :G= BG>??BGL, :G=
MA>R :K> GHM ?>P, K><NKK>GM HK IKHEHG@>= NG>FIEHRF>GM BL GHM HG>. A
@K:IA H? ><HGHFB< :<MBOBMR BG MA> 1GBM>= /M:M>L BL, NG=>K MA> ;>LM H?
<BK<NFLM:G<>L, C:@@>= :G= LI:LFH=B<, MA:M H? MA> /HOB>M 1GBHG FN<A
LFHHMA>K. "EN<MN:MBHGL MA>K> :K>, :L MA>K> FNLM ;> BG :GR <HFIE>Q
=RG:FB< LRLM>F. BNM MA> IE:GGBG@, AHP>O>K BG>IM, L>KO>L MH D>>I MA>
;:LB< K>LHNK<>L :G= MA>BK NL>L BG EBG>.
0A> LHIABLMB<:M>= :GMBLH<B:EBLM K>IER MH MABL :K@NF>GM BL GHM MH
=>GR BM ;NM MH >FIA:LBS> MA:M : LH<B:EBLM LRLM>FBL GHM :G B=>:E K>LHNK<>-
:EEH<:MBG@ F><A:GBLF >BMA>K. )N<A BL F:=> H? MA> H;OBHNL
BG>??BGL H? MA> CHFFNGBLM <HNGMKB>L, MAHN@A MA> /HOB>M @KHPMA
K:M> :G= M><AGB<:E =>O>EHIF>GM A:L HG H<<:LBHG <:NL>= ?>:K :G=
MK>F;EBG@ :G= HO>K:EE LMBEE :O>K:@>L :;HO> MA> 1GBM>= /M:M>L K:M>. AL :EE
MHH ?K>JN>GMER A:II>GL BG MA> LH<B:E LG<>L, GH <E>:K-<NM =HFBG:G<>
I:MM>KG H? >??BG<R <:G ;> ?HNG= >BMA>K P:R. AEE MA:M <:G ;> L:B= BL MA:M
LH<B:EBLF BL <E>:KER : OB:;E> ><HGHFB< LRLM>F, <HGMK:KR MH PA:M F:GR
PHNE= A:O> :LL>KM>= BG MA> GHM-MHH-=BLM:GM I:LM, :G= BM =H>L GHM K>E>:L>
>G>K@B>L :G= IKH=N<MBOBMR ?:K ;>RHG= MA> <:IBM:EBLM GHKF. (AKKHP1978,
478)
0AKHN@AHNM fA C:NMBHNL C:L> ?HK /H<B:EBLF,g MA>G, MA>K> BL : LB=> MA:M AHE=L
HG MH =>>I-E>?MBLM MABGDBG@. )>:GPABE>, :ELH KNGGBG@ MAKHN@A MA> >GMBK> >LL:R, BL MA>
LB=> MA:M L:RL F:R;> BM BL MBF> MH LMHI AHE=BG@ HG. %G MA> ?BKLM I:K:@K:IA, AKKHP
PKBM>L: f0A>K> BL :G :GGM P:KGBG@: hB> <:K>?NE PA:M RHN =K>:F H? PA>G RHNG@;
RHNK =K>:F F:R <HF> MKN>!ig (1978, 472). A?M>K M>EEBG@ H? ABL >:KEB>LM R>:KL, AKKHP
PKBM>L: f"KHF MA> I>KLI><MBO> H? @K>:M>K >=N<:MBHG :G= >QI>KB>G<> :G= PBMA 40
R>:KL H? ABLMHKR, FR NG=>KLM:G=BG@ H? MA> K>E:MBHG ;>MP>>G MA>L> O:EN>L :G= MA>
=>LBK:;BEBMR H? LH<B:EBLF A:L :EM>K>=. ):GR <HNGM>KO:BEBG@ <HGLB=>K:MBHGL A:O> ;>>G
K:BL>= ;R ?NKMA>K :G:ERLBL :G= DGHPE>=@> H? MA> ?:<MLg (B;B=., 475). $> >QIE:BGL AHP
ABL LMN=R H? G>H<E:LLB<:E ><HGHFB<L E>= ABL MABGDBG@ MH >OHEO>:
708A> =>O>EHIF>GM H? '>RG>LB:G ><HGHFB<L :G=, :?M>K MA> P:K, BML
@K:=N:EER BG<K>:LBG@ :IIEB<:MBHG <A:G@>= MA> G:MNK> H? MA> >??BG<R
=BL<NLLBHG. %G MKN> $>@>EB:G ?:LABHG, <:IBM:EBLM BGLM:;BEBMR :G= MA>
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 274
LH<B:EBLM <HNGM>K:MM:<D L>>F>= MH ;> LRGMA>LBS>=: BM L>>F>= IHLLB;E> MH
A:O> :G ><HGHFR MA:M K>M:BG>= FN<A H? <:IBM:EBLM =KBO> :G= BGBMB:MBO>
:G= R>M @:O> KHHF ?HK MA> @HO>KGF>GM MH BGM>KO>G> MH :OHB= :M E>:LM
MA> PHKLM BG>??BGL H? NG>FIEHRF>GM :G= MA> B=EBG@ H? HMA>K
K>LHNK<>L. % :<<>IM>= IKHOBLBHG:EER PA:M L>>F>= MH ;> : PB=>LIK>:=
<HGL>GLNL BG MA> >NIAHKB: H? IHLMP:K ><HGHFB< @KHPMA. 0A> LM:M> A:=
:G :<MBO> KHE> MH IE:R BG F:BGM:BGBG@ >??><MBO> =>F:G= :G= BG =>:EBG@
PBMA MA> F:GR BFI>K?><MBHGL H? MA> F:KD>M LRLM>F K>O>:E>= ;R
MA>HK>MB<:E P>E?:K> ><HGHFB<LeMA> HO>K<HFBG@ H? F:KD>M ?:BENK>L
:G= FHGHIHER :G= MA> K>:EBS:MBHG H? ><HGHFB>L H? L<:E>. 0A>L>
BGM>KO>GMBHGL LAHNE= M:D> MA> ?HKF H? K>E:MBO>ER BFI>KLHG:E F>:LNK>L,
M:Q>L :G= >QI>G=BMNK>L, K:MA>K MA:G =>M:BE>= <HGMKHEL :G= =BK><M
K>@NE:MBHG. 0A> AB@A>K M:Q>L F>:GM MA:M MA> @HO>KGF>GM P:L
:NMHF:MB<:EER >G@:@>= BG K>=BLMKB;NMBG@, :G= LHF> H? NL ?>EM MA:M BM
LAHNE= @H FN<A ?NKMA>K. (AKKHP 1978, 476)
BNM AKKHP F:D>L <E>:K MA:M A> EBD>L MA> B=>: H? : =>FH<K:MB< LH<B:EBLF:
% A:O> LIHD>G H? : IKHOBLBHG:E :<<>IM:G<>. % LMBEE ?>EM BM BFIHKM:GM MH
>QIEHK> FHK> =>>IER MA> IHLLB;BEBMR MA:M LH<B:EBLF P:L : LNI>KBHK
IHLLB;BEBMR. % P:L FHK> :P:K> H? MA> <HFIE>QBMB>L H? HI>K:MBHG H? :
LH<B:EBLM LRLM>F :G= LHN@AM MH =>O>EHI FHK> =>>IER MA> MA>HKR H? LN<A
: LRLM>F. % :ELH LHN@AM MH >QIEHK> FHK> ?NEER MA> <KBM>KB: ?HK :
=>FH<K:MB< LH<B:E HK@:GBS:MBHG. (AKKHP 1978, 476-477)
AKKHP >QIE:BGL ABL MABGDBG@: f/H EHG@ :L MA> LM:M> IHP>K <:G ;>
=>FH<K:MB<:EER KNG, FN<A H? MABL =BLMHKMBHG H? MA> =>FH<K:MB< IKH<>LL LAHNE= ;>
FBGBFBS>= NG=>K LH<B:EBLFg (1978, 479). BNM A> MA>G MNKGL MH MA> IK>FBL>eH? LM:M>
IHP>K ;>BG@ =>FH<K:MB<:EER KNG. $> L:RL MA:M &HL>IA /<ANFI>M>K :G= "KB>=KB<A
$:R>D A:O> : @HH= IHBGM MA:M LM:M> IHP>K BL : MAK>:M MH =>FH<K:<R. $> F:D>L LHF>
<HNGM>K:K@NF>GML :G= MA>G <HG<EN=>L MA:M BLLN> :L ?HEEHPL:
0A>K> <:G ;> GH <HFIE>M> <HGOB<MBHG HG MABL L<HK> NGMBE P> <:G
H;L>KO> : OB:;E> =>FH<K:MB< LH<B:EBLM LHMR. BNM P> <>KM:BGER G>>= GHM
?>:K MA:M @K:=N:E FHO>L MHP:K= BG<K>:LBG@ @HO>KGF>GM BGM>KO>GMBHG HK
HMA>K ?HKFL H? LH<B:E >QI>KBF>GM:MBHG PBEE E>:= MH :G BKK>O>KLB;E> LEB=>
MH fL>K?=HF.g (AKKHP 1978, 480)
AKKHP MA>G <HG<EN=>L fA C:NMBHNL C:L> ?HK /H<B:EBLFg PBMA : ?BG:E I:K:-
@K:IA MA:M IE:BGER <HG?>LL>L ABL P:??EBG@ ;>MP>>G MPH =B??>K>GM I>KLI><MBO>L
MAKHN@AHNM MA> E><MNK>:
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 275
%M PHNE= ;> : IE>:LNK> MH >G= MABL E><MNK> PBMA : KHNLBG@ :??BKF:MBHG HG>
P:R HK MA> HMA>K. BNM :L 0. /. !EBHM MHE= NL, MA:M BL GHM fAHP MA> PHKE=
PBEE >G=.g !QI>KBF>GM is I>KBEHNL, ;NM BM BL GHM @BO>G MH NL MH K>?K:BG
?KHF MA> :MM>FIM. (AKKHP 1978, 480)
B>?HK> P> MNKG MH MA> HMA>K IB><> MA:M AKKHP IHBGML MH BG ABL JN>LMBHGG:BK>
K>LIHGL>, GHM> MA:M :L E:M> :L BG 1974, AKKHP >QIK>LL>= AHI> MA:M G>P M><AGHEH@B>L
PHNE= =>EBO>K MA> EHG@-LHN@AM F>:GL G>>=>= ?HK G:MBHG:E ><HGHFB< IE:GGBG@. $>
PKHM>: f%G=>>=, PBMA MA> =>O>EHIF>GM H? F:MA>F:MB<:E IKH@K:FFBG@ :G= AB@A-
LI>>= <HFINM>KL, MA> <>GMK:EBS>= :EM>KG:MBO> GH EHG@>K :II>:KL IK>IHLM>KHNL. A?M>K
:EE, BM PHNE= :II>:K MA:M HG> <HNE= FBFB< MA> PHKDBG@L H? : =><>GMK:EBS>= LRLM>F ;R
:G :IIKHIKB:M>ER <AHL>G <>GMK:EBS>= :E@HKBMAFg (AKKHP 1974, 5).
0AK>> R>:KL :?M>K fA C:NMBHNL C:L> ?HK /H<B:EBLF,g AKKHP IN;EBLA>= BG
Harpers F:@:SBG> MA> HMA>K IB><> IHBGM>= MH, f0PH CA>>KL ?HK #HO>KGF>GM
.>@NE:MBHGg (AKKHP 1981). 0A> IB><> PHNE= L>>F MH =>FHGLMK:M> MA:M AKKHP A:=
E>M @H H? : =>>I-E>?M L>E?AHH=. 0A> IB><> >G@:@>L MA> <:EE H? MA> =:R, MA> <:EE ?HK
K>?HKF BG <E:LLB<:E EB;>K:E =BK><MBHGL (PAB<A, BG MA> IB><>, A> :LLH<B:M>L >LI><B:EER
PBMA )BEMHG "KB>=F:G :G= .HG:E= .>:@:G), :G= BG : K>LI><M?NE P:R. $> L:RL MA>
MK>G= A:L FN<A F>KBM. BNM, A> L:RL, ;R :G= E:K@>, MA> LM:MNL JNH BL CNLMB?B:;E>, :G=
@HO>KGF>GMiL KHE> LAHNE= ;> :N@F>GM>= :;HNM :L FN<A :L BM LAHNE= ;> K>=N<>=.
0A> ?HEEHPBG@ JNHM:MBHGL >QIK>LL MA> HO>K:K<ABG@ :MMBMN=>:
% =H GHM :@K>> MA:M MA>K> BL :GR K>:LHG MH K>=N<> MA> L<HI> H?
@HO>KGF>GM :<MBOBMR PBMABG MA> ?HK>L>>:;E> ?NMNK> B? HNK :BF BL : ;>MM>K
><HGHFB<, LH<B:E, :G= IARLB<:E EB?>. c (BD> IHEBMB<:E =>FH<K:<R, MH
PAB<A BM BL LH <EHL>ER EBGD>=, MA> FBQ>= ><HGHFR A:L FN<A MH :GLP>K
?HK; BM BL F>K>ER E>LL ;:= MA:G BML :EM>KG:MBO>L. (AKKHP 1981, 19)
0A> >G=NK:G<> H? MA> LH<B:E HK=>K, MA> L>GL> MA:M P> :K> :EE F>F;>KL
H? HG> :GHMA>K, BL OBM:E MH MA> F>:GBG@ H? <BOBEBS:MBHG. /N<A : GHMBHG
BL >LL>GMB:E MH MA> ?K>> >GM>KIKBL> LRLM>F BML>E?, PAB<A <:GGHM ?EHNKBLA
PBMAHNM : LH<B:E LMKN<MNK>. (B;B=., 20)
7/H<B:E /><NKBMRiL8 ?BG:G<BG@ F:R BG=>>= <K>:M> L>KBHNL (MAHN@A ;R GH
F>:GL BGLNKFHNGM:;E>) IKH;E>FL BG MA> ?NMNK>, :L MA> I>K<>GM:@> H?
K>MBK>= PHKD>KL KBL>L. A FH=>LM K:BLBG@ H? MA> K>MBK>F>GM :@>, ?NEER
CNLMB?B>= ;R MA> AF>KB<:G I>HIE>iL BFIKHO>= A>:EMA, PHNE= LHEO> MA>F.
c 7/MN=B>L LAHP8 MA:M MA> :GMB-IHO>KMR IKH@K:FL H? MA> 1960L :G= MA>
LH<B:E L><NKBMR IKH@K:FL :L MA>R A:O> >OHEO>= A:O> BG ?:<M ;>>G O>KR
LN<<>LL?NE, :G= K>IN=B:MBHG H? MA>F=H>L GHM L>>F<:EE>= ?HK. (B;B=., 21)
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0A>K> BL GH =>GRBG@ MA:M MA>L> <KBMB<BLFL A:O> LHF> MKNMA BG MA>F.
0A> F:KD>M, PA>G BM PHKDL, <K>:M>L FHK> IK>LLNK> ?HK >??BG<R, ?HK
BGGHO:MBHG, :G= ?HK MA> ;>LM NL> H? M><AGHEH@R ?HK MA> =>LBK>L H? NL>KL.
BNM FHLM H? PA:M MA> @HO>KGF>GM =H>L BL ;>RHG= MA> IKHOBG<> H?
IKBO:M> ;NLBG>LL. (B;B=., 22)
(>M F> K>I>:M: % ?:OHK =><HGMKHEEBG@ HBE IKB<>L. c0ABL LMHKR BL =>LB@G>=
MH ;> >O>GA:G=>=, ;NM BM LAHPL MA:M MA> @HO>KGF>GMiL KHE> A:L G>O>K
;>>G G>@EB@B;E>, :EMAHN@A BM A:L IKH;:;ER ;>>G ;:= FHK> H?M>G MA:G
@HH=. c AL % A:O> K>I>:M>=ER GHM>=, :EEH<:MBHG MAKHN@A IKB<>L BL FHK>
>??BGM, :G= M:D>L ;>MM>K :<<HNGM H? BG=BOB=N:E <BK<NFLM:G<>L, MA:G
=H>L K>@NE:MBHG. 3A>G MA> @HO>KGF>GM =H>L BGM>KO>G>, BM <:G NL>
IKB<>EBD> F><A:GBLFL. c 0A> P:R MA> @HO>KGF>GM BGM>KO>G>L BG MA>
><HGHFR A:L <A:G@>= :G= LAHNE= <HGMBGN> MH <A:G@>. +E= ?NG<MBHGL
;><HF> NL>E>LL :G= I>KGB<BHNL, G>P G>>=L >F>K@>. BNM MA> @>G>K:E
E>O>E H? @HO>KGF>GM BGM>KO>GMBHG BL EBD>ER MH K>F:BG ;:LB<:EER
NG<A:G@>= ?HK MA> G>QM =><:=>, :G= BM BL BG MA> @>G>K:E BGM>K>LM MA:M BM
LAHNE= =H LH. (B;B=., 22)
%M L>>FL ?:BK MH L:R MA:M AKKHP, @HBG@ ?HKP:K= ?KHF 1981, @KHPL FHK>
:<<>IMBG@ H? MA> LM:MNL JNH FBQ>= ><HGHFR, LAHPBG@ LNIIHKM ?HK IHEB<R IHLBMBHGL
EBD> HG> PHNE= >QI><M ?KHF :G BGM>KO>GMBHGBLM >FH<K:MB< ><HGHFBLM. A 1995
BGM>KOB>P BG The Region, IN;EBLA>= ;R MA> )BGG>:IHEBL ">=, <HGM:BGL LHF> BGM>K-
>LMBG@ F:M>KB:E:
Arrow: % MABGD HG MA> >??BG<R E>O>E, GHM HGER MA> =BLMKB;NMBHG E>O>E,
<:IBM:EBLF BL : ?E:P>= LRLM>F. %M IKH;:;ER A:L MA> L:F> OBKMN>L :L
CANK<ABEE :MMKB;NM>= MH =>FH<K:<R: %MiL MA> PHKLM LRLM>F>Q<>IM ?HK :GR
HMA>K. AG= % MABGD MA:MiL KB@AM, ;NM BM <:GGHM ;> MAHN@AM MA:M LHF>
NGFBMB@:M>= ;>EB>? BG ?K>> F:KD>ML BL : <NK> >O>G ?KHF MA> >??BG<R
IHBGM H? OB>P. c
Arrow: c0A> BGMKBGLB< LH<B:E LMKN<MNK>, MA> ?:FBER LMKN<MNK> :G=
LH ?HKMA, BL <>KM:BGER BG : O>KR ;:= LM:M>. AG= % MABGD MA:M MABL BL LAHPBG@
NI BG IKH=N<MBOBMR. % MABGD I:KM H? MA> K>:LHG, :G= % <:GiM IKHO> MABL,
P>iK> L>>BG@ : =><EBG> BG LHF> IE:<>L BL MA> ;K>:DNI H? MA> ?:FBER,
PAB<A BL I:KMER MA> K>LNEM H? :G >QMK>F> ?HKF H? BG=BOB=N:EBLF.
Region: H RHN ?>>E MA:M BGM>KO>GMBHG HG MA> I:KM H? MA> LM:M>
PHNE= BFIKHO> MA>L> F:MM>KL? !=N<:MBHG? ":FBER?
Arrow: !=N<:MBHG <>KM:BGER. !=N<:MBHG BL LMBEE, BG LIBM> H? IKBO:M>
>=N<:MBHG, : LM:M> F:MM>K. ":FBER BL : =B??B<NEM F:MM>K. % FNLM :=FBM % =H
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 277
GHM DGHPMA:M MA> LM:M> <:G BGM>KO>G> LN<<>LL?NEER BG : ?:FBER. %MiL : ?:<M
MA:M >O>KRMABG@ BL <HGG><M>= PBMA MA> BG=BOB=N:EBLM M>FI>K:F>GM, MA>
DBG= H? ><HGHFB< >GOBKHGF>GM PAB<A LMK>LL>L MA> BG=BOB=N:E, ;NM MABL
BL GHM =BK><MER MA> K>LNEM H? : LM:M> IHEB<R, GHK =H % L>> :GR @HH= P:R ;R
PAB<A MA> LM:M> <HNE= BGM>KO>G> >Q<>IM BG LHF> F:K@BG:E P:RL. c
Region: H RHN MABGD MA:M MA>K> BL : KHE> ?HK K>@NE:MBHG BG
IHEB<BG@ LN<A F:KD>ML 7MA:M BL, =>KBO:MBO>L F:KD>ML8?
Arrow: 5HNi= A:O> MH A:O> MA> LM:G=:K= LHKM H? KNE>Le
>LL>GMB:EER K>O>E:MBHG IKBG<BIE>L. % :F GHM K>:EER BG<EBG>= MH MABGD MA>K>
BL :GR O>KR >??><MBO> K>@NE:MBHG H? MA> =>KBO:MBO> L><NKBMB>L F:KD>ML MA:M
PHNE= ;> NL>?NE. ,>HIE> PAH @H BGMH BM >LL>GMB:EER HN@AM MH DGHP PA:M
KBLDL MA>RiK> M:DBG@ :G= % =HGiM L>> :GR NL>?NE K>@NE:MBHG. 0A>K> BL : ;BM
H? : IKH;E>FPBMA MA> F:M<A ;>MP>>G =>KBO:MBO> L><NKBMB>L F:KD>ML :G=
MA> IKBF:KR F:KD>ML. 3> A:O> EHG@ :@H BGLMBMNM>= IKBG<BIE>L, >LL>GMB:EER
AB@A F:K@BG K>JNBK>F>GML, MH IK>O>GM <>KM:BG BGLM:;BEBMB>L BG MA> LMH<D
F:KD>M, :G= % MABGD MA>RiK> ;:LB<:EER <HKK><M. c
Region: 3A:M PHNE= ;> MA> D>R ?>:MNK>L H? : 7A>:EMA<:K>8 IE:G
MA:M RHN PHNE= IKHIHL>, B? @BO>G MA> HIIHKMNGBMR?
Arrow: % MABGD P> G>>= ;:LB<:EER : LBG@E>-I:R>K LRLM>F, MA:M BL
: LBG@E>-I:R>K LRLM>F ?HK ;:LB< ;>G>?BML. % MABGD MA>K>iL GH P:R, :G=
GHK BL BM =>LBK:;E>, MH IK>O>GM I>HIE> ?KHF ;NRBG@ :==BMBHG:E <HO>K:@>.
0A> ?BG:G<BG@, :L BL DGHPG :EK>:=R ?KHF )>=B<:K> :G= <>KM:BGER ?KHF
/H<B:E /><NKBMR I:RF>GML ?KHF: <>GMK:EBS>= LRLM>F, <:G ;> =HG> FN<A
FHK> <A>:IER MA:G PA>G RHN A:O> F:GR <HFI>MBMBO> BGLNK:G<> IE:GL.
0A> K>BF;NKL>F>GM L<A>=NE>L ;><HF> O>KR <HLMER. 0A> <HLM H?
:=FBGBLM>KBG@ MA> IK>L>GM IE:GL BL E:K@> :G= MA>K> :K> ;B@ ><HGHFB>L H?
L<:E>.
AELH, ;NM FHK> ;:LB<, BLLN>L H? :=O>KL> L>E><MBHG =BL:II>:K PBMA
: LBG@E>-I:R>K IE:G. %? >O>KR;H=RiL <HO>K>=, MA>K>iL GH P:R H? <A>KKR
IB<DBG@, A:OBG@ IE:GL MA:M :II>:E MH HGER I:KMB<NE:K @KHNIL, PBMA :EE MA>
=BLMHKMBHGL MA:M :<<HFI:GR MA>F. 0A>K> BL : IHLLB;BEBMR, :G= % MABGD BMiL
<HFI:MB;E> MH MA:M IE:G MH MKR MH :=FBGBLM>K BM MAKHN@A : <HFI>MBMBO>
:KK:G@>F>GM H? HG> DBG= HK :GHMA>K, MA:M I>HIE> <:G A:O> <AHB<>L
H? IE:GL :G= <HFI>M> PA>K> MA> K>BF;NKL>F>GM L<A>=NE>L :K>
IK>:KK:G@>=, :G= MA>R <:G >O>GMN:EER @>M K>=N<MBHGL BG MA>BK IK>FBNFL
;R <AHHLBG@ $)+L MA:M :K> <HFI>MBMBO>. % MABGD MA> IKBG<BIE> H?
<HFI>MBMBO> LNIIER :L HIIHL>= MH <HFI>MBMBO> ?BG:G<BG@ BL @HBG@ MH ;>
: O:EN:;E> HG>. c
Region: $:L MA> IKH?>LLBHG H? ><HGHFB<L <A:G@>= FN<A LBG<>
RHN ?BKLM LM:KM>=?
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 278
Arrow: c0A> i50L P:L : O>KR >Q<BMBG@ I>KBH=, IKH;:;ER ;><:NL>
MA>K> P>K> ?>P>K H? NL :G= <HFFNGB<:MBHG P:L : EHM >:LB>K. % <HK-
K>LIHG=>= PBMA (>H $NKPB<S A>K> :M )BGG>:IHEBL, ?HK >Q:FIE>. ,:KM
H? BM P:L P> A:= :EE @HG> MAKHN@A MA> CHPE>L CHFFBLLBHG BG CAB<:@H
MH@>MA>K :G= ?>EM I>KL><NM>=.
Region: ,>KL><NM>=? 3AR?
Arrow: /HF> I>HIE> :M MA> 1GBO>KLBMR H? CAB<:@H MAHN@AM MABL
P:L :EE PBE= LMN??. )BEMHG "KB>=F:G P:L O>KR FN<A :@:BGLM BM.
Region: 3:L O>KR FN<A :@:BGLM MA> CHPE>L CHFFBLLBHG?
Arrow: 3> ?>EM LHKM H? ;NG<A>= MH@>MA>K. BNM P> P>K> DBG=
H? ?>:K>=, MHH. %M P:L : ?NGGR DBG= H? ;>BG@ I>KL><NM>=. 3> P>K>
I>KL><NM>=, ;NM P> P>K> M:D>G L>KBHNLER, >O>G PA>G P> P>K> CNLM MABL
EBMME> @KHNI, ?BO> HK LBQ I>HIE> :M CAB<:@H.
Region: 3AH P>K> MA> ?BO> HK LBQ?
Arrow: 3>EE, H? <HNKL>, MA>R KHM:M>=. 0A>K> P:L &:<H; ):KL<A:D,
PAH P:L IKH;:;ER MA> FHLM E>:=BG@, 0C:EEBG@ 'HHIF:GL, (:PK>G<>
'E>BG, (>H $NKPB<S, :G= MA> LM:MBLMB<B:GLe0A>H=HK> AG=>KLHG,
$>KF:G .N;BG :G= HG ,:MBGDBG. %iF LNK> %iF ?HK@>MMBG@ LHF>;H=R.
Region: /HNG=L EBD> JNBM> : @KHNI.
Arrow: "K:G<H )H=B@EB:GB LI>GM : R>:K MA>K>. $> P:L FHK> H? :
OBLBMHK. %M P:L JNBM> : @KHNI. AG= #>K:K= >;K>N P:L E:M>K. % A:= E>?M
;>?HK> A> <:F>. (AKKHP 1995;)
AKKHP A:L E>GM ABL G:F> MH GNF>KHNL I>MBMBHGL: BG ?:OHK H? :EEHPBG@ IK>=B<-
MBHG F:KD>ML, HIIHLBG@ MA> BNLA M:Q <NML, LNIIHKMBG@ :G BG<K>:L> BG MA> FBGBFNF
P:@>, LNIIHKMBG@ :N@F>GM:MBHG H? NGBHG IKBOBE>@>L (f!FIEHR>> "K>> CAHB<> A<Mg),
LNIIHKMBG@ @HO>KGF>GM BGM>KO>GMBHG MH IKHFHM> ;BH?N>EL, LNIIHKMBG@ @HO>KG-
F>GM-HKB>GM>= A>:EMA<:K>, LNIIHKMBG@ &HAG '>KKR ?HK IK>LB=>GM, LNIIHKMBG@ MA>
BG=BOB=N:E F:G=:M> H? MA> A??HK=:;E> C:K> A<M, :G= LNIIHKMBG@ MA> %*"+.)
AC0 ($>=>G@K>G >M :E. 2010; ,HEE:<D 2013; 'HMEBDH?? 2013). +G <EBF:M> <A:G@>, A>
:=OH<:M>L LN;LM:GMB:E K>=N<MBHGL BG <:K;HG =BHQB=> >FBLLBHGL (AKKHP2007). AKKHP
P:L HG> H? ?HNK *H;>E-PBGGBG@ ><HGHFBLML MH CHBG :G :FB<NL ;KB>? BG LNIIHKM
H? MA> L><MBHG H? MA> ,:MB>GM ,KHM><MBHG :G= A??HK=:;E> C:K> A<M MA:M fK>JNBK>L,
PBMA <>KM:BG >Q<>IMBHGL, :EE AF>KB<:GL PAH <:G :??HK= : FBGBFNF E>O>E H? A>:EMA
BGLNK:G<> >BMA>K INK<A:L> LN<A BGLNK:G<> HK I:R : I>G:EMR MH MA> 1GBM>= /M:M>L
0K>:LNKRg (.HL>G >M :E. 2012, 1). AKKHPK>LIHG=>= MH :G HGEBG> JN>LMBHGG:BK> :;HNM
MA> "HH= :G= KN@ A=FBGBLMK:MBHG; A> LMKHG@ER LNIIHKM>= MA> LM:MNL-JNH IHEB<R
H? fIK>-F:KD>M :IIKHO:Eg (MA:M BL, A:OBG@ :EE G>P =KN@L :G= =>OB<>L NG=>K : ;:G
NGMBE BG=BOB=N:EER I>KFBMM>= ;R MA> "A), :G= A> HIIHL>= MA> EB;>K:EBSBG@ K>?HKFL
IKHIHL>= ;R MA> JN>LMBHGG:BK> (BKB@@>F:G >M :E. 2010, A3-A6).
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 279
,>HIE> :K> :;E> MH E>:KG ?KHF ,KH?>LLHK AKKHPiL L>E?AHH= :G= BML >OHENMBHG
;><:NL> A> A:L @>G>KHNLER =BL<EHL>= BM PBMA <:G=HK :G= HI>GG>LL.
References
Arrow, KennethJ. 1963. 1G<>KM:BGMR :G= MA> 3>E?:K> !<HGHFB<L H? )>=B<:E C:K>.
American Economic Review 53(5): 941-973.
Arrow, Kenneth J. 1974. (BFBM>= 'GHPE>=@> :G= !<HGHFB< AG:ERLBL. American
Economic Review 64(1): 1-10.
Arrow, Kenneth J. 1978. A C:NMBHNL C:L> ?HK /H<B:EBLF. Dissent, />IM>F;>K:
472-482.
Arrow, Kenneth J. 1981. 0PH CA>>KL ?HK #HO>KGF>GM .>@NE:MBHG. Harpers
262(1570): 18-22.
Arrow, Kenneth J. 1992 719738. ANMH;BH@K:IAR. %G Nobel Lectures: Economic Sciences,
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Arrow, Kenneth J. 1995:. ANMH;BH@K:IAB<:E <A:IM>K BG Lives of the Laureates: Thirteen
Nobel Economists, 3K= >=., >=L. 3BEEB:F BK>BM :G= .H@>K 3. /I>G<>K, 43-58.
C:F;KB=@>, ):LL.: )%0 ,K>LL.
Arrow, Kenneth J. 1995;. %GM>KOB>P PBMA '>GG>MA AKKHP. The Region (">=>K:E
.>L>KO> B:GD H? )BGG>:IHEBL), ><>F;>K 1. Link
Arrow, Kenneth J. 2007. #EH;:E CEBF:M> CA:G@>: A CA:EE>G@> MH ,HEB<R.
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Processes. C:F;KB=@>, 1': C:F;KB=@> 1GBO>KLBMR ,K>LL.
Arrow, Kenneth J., and Mordecai Kurz. 1970. Public Investment, the Rate of Return,
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A<M. +I>G E>MM>K. Link
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Mead, Margaret. 1935. Sex and Temperament in Three Primitive Societies. *>P 5HKD:
3BEEB:F )HKKHP.
Mumford, Lewis. 1934. Technics and Civilization. *>P5HKD: $:K<HNKM, BK:<> &CH.
Pollack, Harold. 2013. 30 !<HGHFBLML: 3> *>>= MA> %G=BOB=N:E ):G=:M>. &NER 18.
$>:EMABGLNK:G<>.HK@, ((C (!:@:G, )BGG.). Link
Skarbek, David B. 2009. ". A. $:R>DiL %G?EN>G<> HG *H;>E ,KBS> 3BGG>KL. Review
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Starr, Ross M. 2008. AKKHP, '>GG>MA &HL>IA (;HKG 1921). %G The New Palgrave
Dictionary of Economics, 2G= >=., >=L. /M>O>G *. NKE:N? :G= (:PK>G<> !.
Robert J. Aumann
.H;>KM ANF:GG (1930d) P:L ;HKG BG #>KF:GR. AL MABG@L @HM PHKL> ?HK &>PL
BG #>KF:GR BG MA> 1930L, MA> ANF:GG ?:FBER >FB@K:M>= MH *>P 5HKD. ANF:GG
K><:EE>=:
% P:L ;HKG BG 1930 BG "K:GD?NKM, #>KF:GR, MH :G HKMAH=HQ &>PBLA
?:FBER. )R ?:MA>K P:L : PAHE>L:E> M>QMBE> F>K<A:GM, K:MA>K P>EE MH =H.
3> @HM :P:R BG 1938. A<MN:EER P> A:= IE:GG>= MH E>:O> :EK>:=R PA>G
$BME>K <:F> MH IHP>K BG 1933, ;NM ?HK HG> K>:LHG HK :GHMA>K MA>
>FB@K:MBHG P:L <:G<>EE>= :G= I>HIE> <HGOBG<>= FR I:K>GML MA:M BM
P:LGiM LH ;:=; BM PBEE ;> HD:R, MABL MABG@ PBEE ;EHP HO>K. 0A> #>KF:G
I>HIE> PBEE GHM :EEHP LN<A : F:=F:G MH M:D> HO>K, >M<., >M<. A P>EE-
DGHPG LMHKR. BNM BM BEENLMK:M>L MA:M PA>G HG> BL BG MA> FB==E> H? MABG@L
BM BL O>KR, O>KR =B??B<NEM MH L>> MA> ?NMNK>. 0ABG@L L>>F<E>:K BG ABG=LB@AM,
;NM BG MA> FB==E> H? MA> <KBLBL MA>R :K> O>KR FNKDR. (ANF:GG 2005, 708)
$> <HGMBGN>=:
3> E>?M #>KF:GR, :G= F:=> HNK P:R MH MA> 1GBM>= /M:M>L; P> @HM :G
BFFB@K:MBHG OBL: PBMA LHF> =B??B<NEMR. %G MABL I:LL:@>, FR I:K>GML EHLM
:EE MA>BK FHG>R. 0A>R A:= MH PHKD >QMK>F>ER A:K= BG MA> 1GBM>= /M:M>L
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 281
MH F:D> >G=L F>>M, ;NM G>O>KMA>E>LL MA>R @:O> MA>BK MPH <ABE=K>G, FR
;KHMA>K :G= FRL>E?, : @HH= &>PBLA :G= : @HH= L><NE:K >=N<:MBHG.
(ANF:GG 2005, 709)
ANF:GG :MM>G=>= .:;;B &:<H; &HL>IA /<AHHE BG *>P 5HKD CBMR PA>K> A>
;><:F> :<JN:BGM>= PBMA @>HF>MKR, MA>HK>FL, :G= IKHH?L :G= =><B=>= MH INKLN>
F:MA>F:MB<:E LMN=B>L HO>K 0:EFN=B< LMN=B>L (ANF:GG 2005, 685-686). $> >:KG>=
ABL ;:<A>EHKiL =>@K>> ?KHF CBMR CHEE>@> H? *>P 5HKD. $> P>GM HG MH MA>
):LL:<ANL>MML %GLMBMNM> H? 0><AGHEH@R ?HK ABL ,A.. BG :E@>;K:B< MHIHEH@R BG 1955.
A?M>K PHKDBG@ :L : LMK:M>@B< <HGLNEM:GM :G= MPH R>:KL :L : IHLM-=H< :M ,KBG<>MHG
1GBO>KLBMR, ANF:GG P>GM MH MA> G>P LM:M> H? %LK:>E BG 1956 MH M>:<A :M $>;K>P
1GBO>KLBMR BG &>KNL:E>F, PA>K> A> A:L ;>>G ?HK MA> ;:E:G<> H? ABL <:K>>K (ANF:GG
2005, 688; $:KM 2006, 209).
$> LA:K>= MA> *H;>E ,KBS> PBMA 0AHF:L /<A>EEBG@ f?HK A:OBG@ >GA:G<>=
HNK NG=>KLM:G=BG@ H? <HG?EB<M :G= <HHI>K:MBHG MAKHN@A @:F>-MA>HKR :G:ERLBL.g 0A>
MA>LBL H? MA> I:I>K FHLM LMKHG@ER <BM>= ?HK ANF:GGiL :P:K= BL fMA> LMKHG@
>JNBEB;KBNF I:RH??L H? : K>I>:M>= @:F> <HBG<B=> PBMA MA> <HK> (FHK> IK><BL>ER, j-
<HK>) I:RH??L BG MA> HG>-LAHM @:F>g (ANF:GG 2006, HG ANF:GG 1959); MA> B=>: BL
MA:M <HHI>K:MBO> HNM<HF>L <:G ;> LNLM:BG>= BG @:F>L PBMA K>I>:M>= IE:R.
ANF:GG K><:EEL AHP A> @HM ABL LM:KM BG @:F> MA>HKR:
A?M>K <HFIE>MBG@ MA> ,A.., % P>GM MH PHKD ?HK :G +I>K:MBHGL
.>L>:K<A <HGLNEMBG@ HNM?BM c 7MA:M8 =B= AB@AER IK:<MB<:E <HGLNEMBG@.
+G> H? MA> IKH;E>FL MA:M % P:L :LLB@G>= A:= MH =H PBMA =>?>G=BG@ :
<BMR ?KHF :MM:<D ;R : LJN:=KHG H? :BK<K:?M, : ?>P H? PAB<A :K> <:KKRBG@
GN<E>:K P>:IHGL, ;NM FHLM H? PAB<A :K> =><HRL. AM )%0 % A:= F>M
&HAG *:LAc:G= A:= A>:K= : EBMME> :;HNM @:F> MA>HKR ?KHF ABF. AM
MA> MBF> BM =B=GiM BGM>K>LM F> O>KR FN<A, ;NM PA>G % P:L :LLB@G>=
MA> IKH;E>F :;HNM MA> =><HRL, % K>F>F;>K>= MA> <HGO>KL:MBHGL PBMA
*:LA, :G= ?B@NK>= MA:M @:F> MA>HKR A:= MH ;> MA> KB@AM MHHE MH :MM:<D
MABL IKH;E>F. /H % LMN=B>= LHF> @:F> MA>HKReCNLM >GHN@A ?HK MABL
IKH;E>Fe:G= MA>G MA> LN;C><M LM:KM>= :MMK:<MBG@ F> BG BML HPG KB@AM.
0A> K>LM BL ABLMHKR, :L MA> L:RBG@ @H>L. (ANF:GG 2006)
A;K:A:F *>RF:G LM:M>L MA:M ANF:GGiL PHKD P>GM ?:K ;>RHG= @:F> MA>HKR.
ANF:GG K>L>:K<A>= : PB=> O:KB>MR H? MHIB<L, :G= ABL PHKD fIKHFHM>L : NGB?B>= OB>P
H? MA> O>KR PB=> =HF:BG H? K:MBHG:E ;>A:OBHNK, : =HF:BG MA:M >G<HFI:LL>L :K>:L
H? F:GR :II:K>GMER =BLI:K:M> =BL<BIEBG>L, EBD> ><HGHFB<L, IHEBMB<:E LG<>, ;BHEH@R,
ILR<AHEH@R, F:MA>F:MB<L, IABEHLHIAR, <HFINM>K LG<>, E:P, :G= LM:MBLMB<L.
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2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 282
ANF:GGiL K>L>:K<A BL <A:K:<M>KBS>= ;R :G NGNLN:E <HF;BG:MBHG H? ;K>:=MA :G=
=>IMAg (*>RF:G 2008).
A?M>K ANF:GG P:L :P:K=>= MA> *H;>E ,KBS> BG 2005, MA> Jerusalem Post K:G :G
:KMB<E> PBMA MA> LN;-A>:=EBG>: fAG +KMAH=HQ &>P PBMA KB@AM-PBG@ IHEBMB<L, .H;>KM
ANF:GG BL : <HGMKHO>KLB:E *H;>E IKBS>-PBGG>Kg ('KB>@>K 2005). ANF:GG A:= ;>>G
f: EHG@-MBF> F>F;>Kg H? ,KH?>LLHKL ?HK : /MKHG@ %LK:>E (BK>BF:G 2005), : 6BHGBLM
HK@:GBS:MBHG. ANF:GG A:L ;>>G JNHM>= :L L:RBG@ f%iF : 6BHGBLM; BMiL O>KR LBFIE>g
('KB>@>K 2005). f0H LHF> >QM>GM, FR IHEBMB<:E IHLBMBHG BL BG?HKF>= ;R FR LGMB?B<
PHKD. c 0A>K> :K> HMA>K MABG@L, F:R;> =>>I>KcMA:G FR P:R H? F:DBG@ : EBOBG@,
MA:M BG?HKFL 7sic8 FR IHEBMB<:E ;>EB>?Lg (B;B=.).
%G :G BGM>KOB>P, />K@BN $:KM :LD>= ANF:GG :;HNM CN=B<B:E =BL<K>MBHG :G=
K>LMK:BGM. ANF:GG L:B=:
%G %LK:>E BM BL <HG<>=>= :EE :KHNG= MA:M MA> <HNKML, :G= LI><B?B<:EER MA>
/NIK>F> CHNKM, :K> >QMK>F>ER :<MBOBLM, FN<A FHK> LH MA:G HG MA>
CHGMBG>GM HK >O>G BG MA> 1GBM>= /M:M>L. %G ?:<M, MA> <AB>? CNLMB<> H? MA>
%LK:>EB /NIK>F> CHNKM, AA:KHG B:K:D, :G= % P>K> HG<> ;HMA IK>L>GM :M
: E><MNK> PA>K> MA> LI>:D>K <E:BF>= MA:M MA> /NIK>F> CHNKM CNLMB?B:;ER
M:D>L HG E>@BLE:MBO> ?NG<MBHGL, MA:M BM BL : E>@BLE:MBO> ;H=R :L P>EE :L :
CN=B<B:E ;H=R. A?M>KP:K=L, % >QIK>LL>= MH )K. B:K:D FR :F:S>F>GM :M
MABL IKHGHNG<>F>GM. $> L:B=, PA:MiL PKHG@ PBMA BM? 0A> E><MNK>K BL
I>K?><MER KB@AM. 3> :K> EBD> MA> /:@>L H? MA> 0:EFN=, PAH :ELH MHHD HG
E>@BLE:MBO> :L P>EE :L CN=B<B:E ?NG<MBHGL. (ANF:GG 2005, 732)
ANF:GG <HGMBGN>=:
0A>K> :K> MPH F:CHK IKH;E>FL PBMA CN=B<B:E :<MBOBLF. +G> BL MA:M MA>
CN=B<B:KR BL MA> E>:LM =>FH<K:MB<:EER <HGLMBMNM>= ;H=R BG MA> @HO>KG-
F>GM. %G %LK:>E, BM BL MH : E:K@> >QM>GM : L>E?-I>KI>MN:MBG@ ;H=R. 0AK>>
H? MA> GBG> F>F;>KL H? MA> <HFFBMM>> MA:M :IIHBGML CN=@>L :K>
MA>FL>EO>L /NIK>F> CHNKM CN=@>L. +MA>KL :K> F>F;>KL H? MA> ;:K PAH
:K> LMKHG@ER BG?EN>G<>= ;R CN=@>L. A FBGHKBMR, HGER ?HNK HNM H? MA>
GBG>, :K> >E><M>= I>HIE>eF>F;>KL H? MA> 'G>LL>M. )HK>HO>K, MA>K>
:K> O:KBHNL P:RL BG PAB<A MABL <HFFBMM>> PHKDL MH HO>K<HF> MA>
BG?EN>G<> H? MA> >E><M>= K>IK>L>GM:MBO>L. "HK >Q:FIE>, MA> /NIK>F>
CHNKM CN=@>L HG MA> <HFFBMM>> :EP:RL OHM> :L : ;EH<, PAB<A @K>:MER
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B><D>K P:L ;HKG BG : <H:E FBGBG@ MHPG BG >:LM>KG ,>GGLREO:GB:, ;NM MA>
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A:= HGER K><>BO>= :G 8MA @K:=> >=N<:MBHG. B><D>K K>?E><M>=: f0A>K> P>K> HGER : ?>P
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MA:G FHMA>KL :G= LH<B:E PHKD>KL. (B><D>K :G= B><D>K 1997, 6)
A?M>K The Economics of Life :II>:K>= BG 1997, #:KR B><D>K <HGMBGN>= MH PKBM>
ABL FHGMAER <HENFG, ;BEE>= :L LHE> :NMAHK, NGMBE &NER 2004. %G ABL ?BG:E <HENFG, MBME>=
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LRFI:MABS>L PBMA : I:KMB<NE:K I:KMR HK I>KLHG. (B><D>K 2004)
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 289
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BG<>GMBO> GHM MH PHKD ;><:NL> MA>R :K> M:Q>= LH A>:OBER HG MA>BK
>:KGBG@L. (B><D>K 2002, 21)
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BG<HF>. 0A:M PHNE= ;> I:KM H? MA> P>E?:K> LRLM>F ?HK EHP-BG<HF>
I>HIE>. (B><D>K 2002, 21)
%G : 2009 Wall Street Journal BGM>KOB>P, B><D>K LJN:K>L MA> ;E:F> HG MA> LEHP
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BGMH JN>LMBHG HO>K MA> 2008 K><>LLBHG, B><D>K PKHM>:
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@HO>KGF>GM =B= : @HH= CH; >BMA>K, E>:=BG@ NI MH HK =NKBG@ MA> IKH<>LL.
(B><D>K 2010:)
%G 2010, B><D>K LIHD> :@:BGLM MA> ,:MB>GM ,KHM><MBHG :G= A??HK=:;E> C:K>
A<M, LM:MBG@: f$>:EMA <:K> BG MA> 1GBM>= /M:M>L BL IK>MMR @HH=, ;NM BM =H>L A:O>
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BG 2004, LNIIHKMBG@ &HAG )<C:BG BG 2008, :G= LNIIHKMBG@ )BMM .HFG>R BG 2012.
ECON JOURNAL WATCH
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<HGMBGNBG@ ABL <:EE ?HK =KN@ EB;>K:EBS:MBHG (B><D>K :G= )NKIAR 2013).
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;R *B<E:L B>K@@K>G
6
&:F>L ). BN<A:G:G (1919d2013) P:L ;HKG BG KNK:E 0>GG>LL>> NG=>K K:MA>K
LBFIE> <BK<NFLM:G<>L: f%M P:L : O>KR IHHK EB?>,g A> L:RL (BN<A:G:G 2009, 91). /MBEE,
A> >G=>= NI, BG 1986, :L : K><BIB>GM H? MA> /O>KB@>L .BDL;:GD ,KBS> BG !<HGHFB<
/G<>L BG )>FHKR H? AE?K>= *H;>E. 0A> ,KBS> P:L :P:K=>= f?HK ABL =>O>EHIF>GM
H? MA> <HGMK:<MN:E :G= <HGLMBMNMBHG:E ;:L>L ?HK MA> MA>HKR H? ><HGHFB< :G= IHEBMB<:E
=><BLBHG-F:DBG@.g
BN<A:G:G >:KG>= ABL ,A.. BG ><HGHFB<L ?KHF MA> 1GBO>KLBMR H? CAB<:@H BG
1948 :G= P:L MA>K>:?M>K : IKH?>LLHK :M MA> 1GBO>KLBMR H? 0>GG>LL>>, "EHKB=: /M:M>
1GBO>KLBMR, MA> 1GBO>KLBMR H? 2BK@BGB:, 1C(A, 2BK@BGB: ,HERM><AGB< %GLMBMNM>, :G=
#>HK@> ):LHG 1GBO>KLBMR. %G LIBM> H? ABL :<:=>FB< :<<HFIEBLAF>GML, BN<A:G:G
?>EM ABFL>E? MH ;> :I:KM ?KHF :G >LM:;EBLA>= >EBM>e:<:=>FB<, BGM>EE><MN:E HK
IHEBMB<:Ee:G= A> >O>G K>@:K=>= MA:M >EBM> PBMA LNLIB<BHG. 0A> :MMBMN=> <:G ;>
<HGG><M>= MH BN<A:G:GiL B=>HEH@B<:E <HGOB<MBHGL :G= AHP MA>L> <A:G@>= HO>K MA>
<HNKL> H? ABL EB?>MBF>.
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IKH<EBOBMB>L ;NM :;:G=HG>= MA>L> BG ABL E:M> MP>GMB>L BG ?:OHK H? : <E:LLB<:E EB;>K:E
HNMEHHD, :G HNMEHHD A> K>M:BG>= ?HK MA> K>F:BG=>K H? ABL EB?>.
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ABL >:KER R>:KL. !O>G MAHN@A P> DGHP EBMME> :;HNM MA>F, BM L>>FL ?:BK MH L:R MA:M
MA> RHNMA?NE <HGOB<MBHGL P>K> E>LL LRLM>F:MB< BG <A:K:<M>K :G= E>LL =>O>EHI>=
:G:ERMB<:EER. /MBEE, MA>R P>K> MA>K>, :G=, % ;>EB>O>, MA> NG=>KERBG@ FHMBO:MBHG ?HK MA>F
K>F:BG>= BG IE:<> :ELH ?HK MA> EB;>K:E BN<A:G:G. 0A:M FHMBO:MBHG <:G I>KA:IL ;>LM
;> =>L<KB;>= :L a strong dislike of privilege. $>K> BL : I:LL:@> :;HNM ABL >QI>KB>G<> BG MA>
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LHF>;H=R >EL> HK PA>MA>K BMiL F>. A =BLIKHIHKMBHG:M> GNF;>K H? NL
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GHM F>F;>KL H? MA> >LM:;EBLAF>GM. 0A:M F:=> F> BGMH : ?E:FBG@
<HFFNGBLM. % PHNE= A:O> LB@G>= NI BFF>=B:M>ER MH MA> CHFFNGBLM
,:KMR A:= : K><KNBM>K <HF> :EHG@. % A:= :EK>:=R A:= LMKHG@ E>?M-PBG@
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=B=GiM LB@G FR G:F> HG :GR <HFFNGBLM F:GB?>LM. BNM % PHNE= A:O>!
(BN<A:G:G 2009, 92-93)
0A> =BLEBD> H? NG?:BK MK>:MF>GM BL I>K?><MER <E>:K ?KHF MABL M>QM (<?. BN<A:G:G 2007,
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LHF>AHP MA> LM:M> P:L ;>G>OHE>GM. % =B=GiM LM:KM K:BLBG@ MAHL> DBG=L H?
JN>LMBHGL NGMBE FN<A E:M>K. (BN<A:G:G 2009, 93)
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MAHN@AM @HO>KGF>GM HN@AM MH A:O> : ;B@ KHE> BG KNGGBG@ MABG@L. $> K>IEB>= MA:M ABL
:MMBMN=> A:= ;>>G:
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/MK>>M, :GMB MA> MR<HHGL, :GMB MA> .H<D>?>EE>KL, :GMB MA> KB<A. (JNHM>= BG
$>G=>KLHG 1999, 5)
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BL, MH FR DGHPE>=@>, GH FHK> IK><BL> BG?HKF:MBHG :;HNM MA> RHNG@ BN<A:G:GiL
B=>HEH@B<:E HKB>GM:MBHG, LN<A :L PA:M LH<B:EBLM IHEBL A> FB@AM A:O> :=OH<:M>=.
A?M>K BN<A:G:GiL L>KOB<> BG MA> G:OR, A> ;>@:G MABGDBG@ :;HNM INKLNBG@
@K:=N:M> LMN=B>L :G= >G=>= NI BG CAB<:@H HG MA> :=OB<> H? : IKH?>LLHK A> F>M
:L :G NG=>K@K:=N:M>. $> =B= LH PBMAHNM DGHPBG@ FN<A :;HNM MA> >I:KMF>GM
H? !<HGHFB<L: f$:= % DGHPG MA:M BM P:L : F:KD>M-HKB>GM>= =>I:KMF>GM, % PHNE=
IKH;:;ER A:O> @HG> LHF>PA>K> >EL>g (BN<A:G:G 2009, 97).
BNM BN<A:G:G =B= @H MH MA> 1GBO>KLBMR H? CAB<:@H, PA>K> A> F>M ><HGHFBLML
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MA>G B=>HEH@B<:E LAB?ML <:G <HF> :;HNM >BMA>K B? : I>KLHG @:BGL G>P DGHPE>=@> HK
B? MA> O:EN>L <A:G@>. %G BN<A:G:GiL <:L>, PA:M % M:D> MH ;> MA> FHMBO:MBG@ O:EN>,
?:BKG>LL BG : L>GL> MA:M BL :@:BGLM IKBOBE>@>, K>F:BG>= BG IE:<>, ;NM :M CAB<:@H, A>
@HM G>P DGHPE>=@> :G= : G>P NG=>KLM:G=BG@, PAB<A MK:GL?HKF>= ABF IHEBMB<:EER.
AL BN<A:G:G (2001=, 5) =>L<KB;>= ABL IK>-CAB<:@H MABGDBG@: f% K>F:BG>= ;EBLL?NEER
B@GHK:GM H? MA> <HHK=BG:MBG@ IKHI>KMB>L H? : =><>GMK:EBS>= F:KD>M IKH<>LL, :G
B@GHK:G<> MA:M F:=> F> ONEG>K:;E> MH JN:LB-):KQBLM :K@NF>GML :G= >QIE:G:MBHGL
:;HNM ><HGHFB< ABLMHKR :G= ><HGHFB< K>:EBMR.g CE>:KER, MA> B=>HEH@B<:E <A:G@>
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H<<NKK>= :L : K>LNEM H? G>P DGHPE>=@> :G= : G>P NG=>KLM:G=BG@ H? AHP : F:KD>M
HK=>K ?NG<MBHGL.
*HP, P> A:O> >LM:;EBLA>= MA:M BN<A:G:G A:= >:KER LH<B:EBLM, :M MBF>L F:R;>
>O>G <HFFNGBLM, <HGOB<MBHGL, ;NM MA:M A> <A:G@>= BGMH : IKH-F:KD>M ><HGHFBLM
PABE> INKLNBG@ ABL ,A.. BG CAB<:@H. 3A:M, FHK> >Q:<MER, =B= A> MNKG BGMH? 0A>
KN;KB< A> ABFL>E? IK>?>KK>= P:L f<E:LLB<:E EB;>K:E,g GHM MH ;> <HG?NL>= PBMA fEB;>K:Eg
BG MA> >O>KR=:R AF>KB<:G F>:GBG@ H? MA> M>KF HK >O>G PBMA f<HGL>KO:MBO>g
(BN<A:G:G 2005:).
7
AG= BN<A:G:G P:L I>KA:IL GHM K>:EER : fEB;>KM:KB:Gg >BMA>Ke
A> =B= GHM >F;K:<> G:MNK:E KB@AML, HK LBFBE:K <HGLMKN<ML, :L MA> ;:LBL ?HK ABL IHEBMB<:E
K>:LHGBG@, :G= A> =B= GHM BG :GR LMKB<M P:R :=OH<:M> : FBGBF:E LM:M> (:G= FN<A E>LL
:G:K<AR, BG LIBM> H? A:OBG@ :G BGMNBMBO> :IIK><B:MBHG H? BM).
8
%G ABL L<AHE:KER PHKD, BN<A:G:G =>O>EHI>= : <HGMK:<M:KB:G <HGLMBMNMBHG:EBLF
(L>> BN<A:G:G :G= 0NEEH<D 1962; BK>GG:G :G= BN<A:G:G 1985; BN<A:G:G 1987)
MA:M, MH : E:K@> >QM>GM, =>?BG>= ABL EB;>K:EBLF. 0A> <HGMK:<M:KB:G :IIKH:<A :LLNF>L
MA:M I>HIE> =>LBK> : IHEBMB<:E HK=>K BG PAB<A <HEE><MBO> =><BLBHGL <:G ;> F:=>, :G= BM
BGLBLML MA:M E>@BMBF:<R BG >LM:;EBLABG@ <HGLMBMNMBHGL (MA> IHEBMB<:E BGLMBMNMBHGL PBMABG
PAB<A <HEE><MBO> =><BLBHG-F:DBG@ M:D>L IE:<>) =>KBO>L ?KHF NG:GBFHNL <HGL>GM,
:EMAHN@A MA:M <HGL>GM FB@AM ;> HGER LRF;HEB<. $>K> P> L>> BN<A:G:GiL LMKHG@
I:LLBHG ?HK K>LI><MBG@ MA> BG=BOB=N:E :G= ?HK MK>:MBG@ >O>KR;H=R >JN:EER: GH
:KK:G@>F>GM, <HEE><MBO> HK HMA>KPBL>, LA:EE ;> =>>F>= E>@BMBF:M> NGE>LL :EE MAHL>
PAH I:KM:D> BG BM A:O> :@K>>= MH BM.
*HM>, AHP>O>K, MA:M MABL <KBM>KBHG H? NG:GBFHNL :@K>>F>GM :IIEB>L MH MA>
<HGLMBMNMBHG:E E>O>E. BN<A:G:G PKBM>L:
0A> <>GMK:E <HGMKB;NMBHG H? MABL ;HHD 7The Calculus of Consent8 P:L MH
B=>GMB?R : MPH-E>O>E LMKN<MNK> H? <HEE><MBO> =><BLBHG-F:DBG@. 3>
=BLMBG@NBLA>= ;>MP>>G fHK=BG:KR IHEBMB<L,g <HGLBLMBG@ H? =><BLBHGL
F:=> BG E>@BLE:MBO> :LL>F;EB>L, :G= f<HGLMBMNMBHG:E IHEBMB<L,g <HGLBLMBG@
H? =><BLBHGL F:=> :;HNM MA> KNE>L ?HK HK=BG:KR IHEBMB<L. c
"KHF MA> I>KLI><MBO> H? ;HMA CNLMB<> :G= >??BG<R, F:CHKBMR
KNE> F:R L:?>ER ;> :EEHP>= MH HI>K:M> BG MA> K>:EF H? HK=BG:KR IHEBMB<L
IKHOB=>= MA:M MA>K> BL @>G>K:EBL>= <HGL>GLNL HG MA> <HGLMBMNMBHG, HK
HG MA> KNE>L MA:M =>?BG> :G= EBFBM PA:M <:G ;> =HG> MAKHN@A HK=BG:KR
IHEBMB<L. %M BL BG :KKBOBG@ :M MABL <HGLMBMNMBHG:E ?K:F>PHKD PA>K>
3B<DL>EEiL B=>: H? K>JNBKBG@ NG:GBFBMReHK :M E>:LM LNI>K F:CHKBMB>Le
F:R ;> IK:<MB<:EER BG<HKIHK:M>=. (BN<A:G:G 2003, 14-15)
7. #BO>G BN<A:G:GiL OBL<>K:E =BLEBD> H? IKBOBE>@>, A> LAHNE= >LI><B:EER GHM ;> K>@:K=>= :L : <HGL>KO:MBO>.
*HM:;ER, BN<A:G:G :=A>K>= MH MA> EB;>K:E B=>: H? fG:MNK:E >JN:EBMR,g <HGMK:LMBG@ BM PBMA MA> B=>: H? fG:MNK:E
AB>K:K<ARg MRIB<:E H? F:GR LMK:BGL H? <HGL>KO:MBLF(BN<A:G:G 2005:, 4-6).
8. BN<A:G:G L>KO>= :L ,K>LB=>GM H? MA> )HGM ,>E>KBG /HMR ?KHF1984 MH 1986.
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 295
0A> BGM>K>LMBG@ MABG@, ?KHF MA> IHBGM H? OB>P H? BN<A:G:GiL EB;>K:EBLF, BL MA:M MA>
<HGLMBMNMBHG:E IHEBMB<:E HK=>K >LM:;EBLA>= BG MABL ?:LABHG BL HG> H? IKH<>=NK> K:MA>K
MA:G <HGM>GM. %G MA> M>KFBGHEH@R H? 2BDMHK 2:G;>K@ (2011), BN<A:G:G :=O:G<>L
constitutional liberalism, PAB<A K>LI><ML : ?K>>=HF H? BG=BOB=N:EL MH <AHHL> MA>
<HGLMBMNMBHG:E >GOBKHGF>GM BG PAB<A MA>R PBLA MH EBO>, K:MA>K MA:G liberal
constitutionalism, PAB<A ?H<NL>L HG MA> G>>= MH IKHOB=> BGLMBMNMBHG:E L:?>@N:K=L H?
BG=BOB=N:E EB;>KMR :L IKBO:M> :NMHGHFR. %M BL PA:M I>HIE> :@K>> MH MA:M BL =>LBK:;E>,
:G= MA>K> BL GH >QM>KG:E <KBM>KBHG :O:BE:;E> MA:M <:G ;> NL>= MH =BL<KBFBG:M> ;>MP>>G
O:KBHNL BGLMBMNMBHG:E L>MMBG@L. "HK >Q:FIE>, B? I>HIE> :@K>> MH BGLMBMNM> : IHEBMB<:E
LRLM>FPBMA : JN:EB?B>= F:CHKBMR KNE>, MA>G LN<A : LRLM>FF:R, BG =N> MBF>, BGMKH=N<>
<>KM:BG MRI>L H? K>=BLMKB;NMBHG PAB<A PHNE= OBHE:M> F:GR EB;>K:ELi O:EN>L. 0A:M
HNM<HF> BL, MA>G, E>@BMBF:M> MH : <HGMK:<M:KB:G, IKH<>=NK:E EB;>K:E. *:MNK:EER, MA>K>
:K> =B??>K>GM IK>?>K>G<>L :FHG@ <BMBS>GL, :G= MAHL> MA:M =BLEBD> MA> :KK:G@>F>GM
F:R :K@N> BG ?:OHK H? IHEB<R HK BGLMBMNMBHG:E <A:G@>, :G= IKHIHL:EL MH :;:G=HG
K>=BLMKB;NMBHG F:R ;><HF> FHK> IHINE:K :G= F>>M MA> :IIKHO:E H? : JN:EB?B>=
F:CHKBMR. %? LH, that HNM<HF> BL E>@BMBF:M>.
0A>K> BL GH @N:K:GM>>, BG HMA>K PHK=L, MA:M MA> LRLM>FH? KNE>L <AHL>G ;>ABG=
: O>BE H? NG<>KM:BGMR, :M MA> LM:@> H? <HGLMBMNMBHG:E ?HKF:MBHG, PBEE ;> substantively
EB;>K:E, BG MA> L>GL> :=O:G<>= ;R ". A. $:R>D (1973), HK MA:M MA>R PBEE @BO> KBL> MH
HNM<HF>L MA:M :K> EB;>K:E BG MA:M L>GL>.
9
%M BL <E>:K MA:M : <HG<>IM H? ?K>>=HF, PAB<A
BL GHKF:MBO>ER ;:LB< BG :EE MRI>L H? EB;>K:EBLF (#:NL :G= CHNKME:G= 2011), IE:RL :
<>GMK:E KHE> A>K>: ;NM BM BL ?K>>=HF in and through constitutional contract. AL 2:G;>K@
INML BM: f708ABL B=>:E H? BG=BOB=N:E EB;>KMR BL :;HNM individual sovereignty in defining the
rules NG=>K PAB<A : @KHNI H? I>KLHGL <AHHL>L MH EBO>, KNE>L MA:M :FHG@ ?K>> :G=
>JN:E BG=BOB=N:EL <:G HGER ;> <AHL>G ;R OHENGM:KR :@K>>F>GMg (2:G;>K@ 2011, 9,
>FIA:LBL BG HKB@BG:E).
0A> ?HK>@HBG@ =>L<KBIMBHG H? BN<A:G:GiL EB;>K:EBLFA:L <HG<>KG>= MA> @K:G=
IKBG<BIE>L :G= AHP MH NG=>KLM:G= MA>F. 0H F:D> ABL EB;>K:EBLF FHK> <HG<K>M>,
% F>GMBHG ?HNK :IIEB<:MBHGL. "BKLM, BN<A:G:G (1993) =>O>EHI>= :G :K@NF>GM ?HK
IKBO:M> IKHI>KMR KB@AML MA:M =H>L GHM M:D> >??BG<R :L MA> LM:KMBG@ IHBGM. .:MA>K,
BN<A:G:G EH<:M>= MA> F:BG O:EN> H? LN<A KB@AML BG MA> :;BEBMR H? BG=BOB=N:EL MH E>:=
MA>BK EBO>L :L MA>R IE>:L>eBG<EN=BG@, B? MA>R :K> PBEEBG@ MH ?HK@H MA> @:BGL ?KHF
LI><B:EBS:MBHG, MA> :;BEBMR MH PBMA=K:P ?KHF MA> F:KD>M G>QNL :G= MA> =>I>G=>G<>
9. BN<A:G:G (1972) <KBMB<BS>L &HAG .:PEL ?HK B=>GMB?RBG@ fMA> =B??>K>G<> IKBG<BIE>g :L MA> HNM<HF> H?
=><BLBHG-F:DBG@ BG MA> HKB@BG:E IHLBMBHG. %GLM>:=, A> :K@N>L MA:M : <HGMK:<M:KB:G LAHNE= :<<>IM MA> HI>G-
>G=>= <A:K:<M>K H? MA> <HGLMBMNMBHG:E IKH<>LL, PAB<A BL <HFI:MB;E> PBMA F:GR =B??>K>GM =BLMKB;NMBHG:E
IKBG<BIE>L. *>O>KMA>E>LL, BN<A:G:G (1991) IK>=B<ML MA:M BGLMBMNMBHGL IKHM><MBG@ : =BLMBG<M LIA>K> H?
OHENGM:KR >Q<A:G@>, :EHG@ MA> EBG>L H? A=:F /FBMAiL B=>: H? G:MNK:E EB;>KMR, PHNE= ?BG= LNIIHKM ;>ABG= :
O>BE H? NG<>KM:BGMR, :M E>:LM B? IKH;E>FL PBMA >QM>KG:EBMB>L :K> I>K<>BO>= LF:EE.
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HG HMA>KL BM >GM:BEL. BR LN<A <AHB<>, BG=BOB=N:E :NMHGHFR BL IK>L>KO>=, : O:EN> AB@AER
<A>KBLA>= ;R BN<A:G:G (GHM HGER BG <HGLMBMNMBHG:E <AHB<> :G= BG F:KD>M >Q<A:G@>).
/><HG=, BN<A:G:G :G= .H@>K CHG@E>MHG (1998) :K@N>= ?HK : <HGLMBMNMBHG:E
@>G>K:EBMR IKBG<BIE> MH <HGLMK:BG HK=BG:KR IHEBMB<:E =><BLBHG-F:DBG@. BN<A:G:GiL
:GBFNL :@:BGLM IKBOBE>@> NG=>KEB>L MA> :K@NF>GM: PBMAHNM MABL IKBG<BIE>, PAB<A
K>JNBK>L MA:M :EE <BMBS>GL :K> MK>:M>= >JN:EER qua <BMBS>GL BG :EE IHEBMB<:E =><BLBHGL,
LHF> PBEE NL> MA> IHEBMB<:E IKH<>LL MH H;M:BG ?:OHKL :M MA> >QI>GL> H? HMA>KL.
0ABK=, BN<A:G:G ?:OHK>= : AB@A BGA>KBM:G<> M:Q. AL #>H??K>R BK>GG:G PKBM>L:
7BN<A:G:G8 ;>EB>O>= K:MA>K I:LLBHG:M>ER BG <HG?BL<:MHKR >LM:M> :G= @B?M
=NMB>L: $> K><DHG>= MA:M BGA>KBM>= P>:EMA (MAHN@A GHM L>E?-F:=> HK
?BKLM-@>G>K:MBHG P>:EMA) OBHE:M>L ;:LB< >JN:EBMR H? HIIHKMNGBMR, :G= ABL
>GFBMR MHP:K=L =RG:LMB>L P:L GHM:;E>. (BK>GG:G 2013)
A@:BG, BN<A:G:GiL =BLEBD> H? IKBOBE>@> <HF>L MAKHN@A :G= LMKHG@ER BG?EN>G<>L
ABL IHLBMBHGL. +G HG> H<<:LBHG, % I>KLHG:EER A>:K= BN<A:G:G L:R MA:M A> MAHN@AM
I>HIE> BG @>G>K:E LA:K>= : =BLEBD> H? BGA>KBM>= P>:EMA :G= MA:M : AB@A BGA>KBM:G<> M:Q
P:L G>>=>= MH K>M:BG PB=>LIK>:= LNIIHKM ?HK MA> F:KD>M LRLM>F. 0ABL IHLBMBHG :@:BG
NG=>KEBG>L MA:M A> P:L GH LMKB<M EB;>KM:KB:G.
(:LMER, BN<A:G:G (2005;) =HE>?NEER HNMEBG>= : G>P :MMBMN=>, fI:K>GM:EBLF,g
PAB<A BL MA> IHINE:K =>F:G= ?HK @HO>KGF>GM BGM>KO>GMBHGBLF, <:K>, :G= IKH-
M><MBHG. $> MHHD : LMKHG@ER G>@:MBO> OB>P H? MABL =>F:G=, :L P>EE :L MA>
<HKK>LIHG=BG@ LNIIER H? IHEBL MA:M K>LMKB<M BG=BOB=N:E ?K>>=HF H? <AHB<>. $>K>,
BN<A:G:G BEENLMK:M>L ABL LMKHG@ K>LI><M ?HK :G HK=>K BG PAB<A BG=BOB=N:EL :K> ?K>>
MH F:D> MA>BK HPG EB?> <AHB<>L PBMAHNM MA> BGM>K?>K>G<> H? HMA>KL. $> BL, AHP>O>K,
LEB@AMER I>LLBFBLMB< :;HNM MA> <A:G<>L MH LMHI ?NKMA>K BG?KBG@>F>GML: I>HIE> :K>, A>
E:F>GML, f:?K:B= MH ;> ?K>>.g
+G> <:G ;> : EB;>K:E BG MA> <E:LLB<:E L>GL> H? MA> M>KF ?HK F:GR =B??>K>GM
K>:LHGL. BN<A:G:G ?BKLM ;><:F> : LH<B:EBLM ;><:NL> A> MAHN@AM MA:M ABL FHK:E
BGMNBMBHGL HG BLLN>L H? ?:BKG>LL P>K> ;>LM L>KO>= ;R MA> MRI> H? IHEBL =B<M:M>=
;R LN<A :G B=>HEH@R. $> MA>G E>:KG>= :;HNM F:KD>ML :G= MA> P:R MA>R PHKD :G=
K>:EBS>= MA:M ABL BGMNBMBHGL P>K> ;>MM>K L>KO>= ;R : =>>I K>LI><M ?HK >:<A BG=BOB=N:E,
:L >Q>FIEB?B>= BG MA> F:KD>M ;R OHENGM:KR >Q<A:G@> :G= BG IHEBMB<L ;R :
<HGLMBMNMBHG:E HK=>K ;:L>= HG OHENGM:KR :G= NG:GBFHNL :@K>>F>GM. 0A> I:KMB<NE:K
;:LBL ?HK ABL IHEBMB<L, : K>C><MBHG H? IKBOBE>@> :G= =HFBG:MBHG, E>= ABFMH >F;K:<> ABL
I:KMB<NE:K DBG= H? EB;>K:EBLF.
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 297
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;R :GB>E B. 'E>BG
.HG:E= CH:L> (1910d2013) P:L ;HKG BG : LN;NK; H? (HG=HG. $> :MM>G=>=
MA> (HG=HG /<AHHE H? !<HGHFB<L :G= >:KG>= : ;:<A>EHK H? <HFF>K<> =>@K>> BG
1932. $> P:L : F>F;>K H? MA> LM:?? :M MA> (/!?KHF1935 MH 1951, MAHN@A PHKDBG@
?HK MA> @HO>KGF>GM =NKBG@ MA> P:K R>:KL. %G 1951, :?M>K K><>BOBG@ : =H<MHK:M> ?KHF
MA> 1GBO>KLBMR H? (HG=HG, A> K>EH<:M>= MH MA> 1GBM>= /M:M>L, ?BKLM MH MA> 1GBO>KLBMR
H? BN??:EH, MA>G BG 1958 MH MA> 1GBO>KLBMR H? 2BK@BGB:, PBMA : R>:K (1958d1959) :M
/M:G?HK=iL C>GM>K ?HK MA> A=O:G<>= /MN=R BG B>A:OBHK:E /G<>L (PA>K> A> P:L
BG?EN>G<>= ;R :GHMA>K OBLBMBG@ ?>EEHP, 0AHF:L 'NAG; L>> CH:L> 1994, 26-29), MA>G
BG 1964 MH MA> 1GBO>KLBMR H? CAB<:@H (:P /<AHHE, PA>K> A> MHHD HO>K :L >=BMHK H?
MA> Journal of Law and Economics, : KHE> A> ?BEE>= NGMBE 1982.
CH:L> P:L :P:K=>= MA> *H;>E ,KBS> BG 1991 ?HK ABL ?HKFNE:MBHG H? :G=
LN;L>JN>GM K>L>:K<A HG MK:GL:<MBHG <HLML :G= IKHI>KMR KB@AML. 0A> <AB>? I:I>KL
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 299
<BM>= ;R MA> *H;>E <HFFBMM>> ?HK MA> :P:K= :K> f0A> *:MNK> H? MA> "BKFg (CH:L>
1937) :G= f0A> ,KH;E>F H? /H<B:E CHLMg (CH:L> 1960).
0A> LMHKR H? MA> =>O>EHIF>GM H? CH:L>iL B=>HEH@B<:E <A:K:<M>K BL <E>:K BG
MA> ?HEEHPBG@ K>LI><ML: "BKLM, >:KER HG, IKBHK MH ABL <HFBG@ NG=>K MA> BG?EN>G<> H?
AKGHE= ,E:GM :M MA> (/! (MABL :II:K>GMER :M :@> 21), CH:L> P:L : fLH<B:EBLM,g :L A>
K>I>:M>=ER INM BM; L><HG=, BG ABL E:M> IA:L>, A> BL O>KR <E:LLB<:E EB;>K:E.
(>M NL LM:KM PBMA CH:L>iL E:M> IA:L>. 0AHF:L $:SE>MM HG<> BGM>KOB>P>= CH:L>
?HK Reason F:@:SBG>, MA> BGM>KOB>P :II>:KBG@ BG &:GN:KR 1997. !Q<>KIML ?KHF MA:M
BGM>KOB>P LAHP CH:L>iL :IIKH:<A MH ?HKFBG@ IHEB<R CN=@F>GML :G= MA> I:MM>KG H?
ABL IHEB<R CN=@F>GML:
Reason: 0AHN@A RHN :K> GHP DGHPG :L : E>:=BG@ ?K>> F:KD>M ><HGH-
FBLM, RHN LM:KM>= RHNK BGM>EE><MN:E <:K>>K :L : LH<B:EBLM. 3AR :G= PA>G
=B= RHNK IHEBMB<:E OB>PL <A:G@>?
Coase: 0A>R <A:G@>= @K:=N:EER. 3A:M P:L FHLM BFIHKM:GM P:L
MA> PHKD % =B= HG MA> ><HGHFB<L H? IN;EB< NMBEBMB>L :M MA> (HG=HG
/<AHHE H? !<HGHFB<L. % LMN=B>= MA> K>LNEML H? FNGB<BI:E HI>K:MBHG
H? NMBEBMB>L :G= MA> >??><ML H? G:MBHG:EBS:MBHG, I:KMB<NE:KER BG MA> IHLM
H??B<>. 0ABL E>= MH @K:O> =HN;ML :;HNM G:MBHG:EBS:MBHG. %M =B=GiM
IKH=N<> MA> K>LNEML I>HIE> L:B= BM =B=. )R OB>PL A:O> :EP:RL ;>>G
=KBO>G ;R ?:<MN:E BGO>LMB@:MBHGL. %iO> G>O>K LM:KM>= H??eMABL BL I>KA:IL
PAR %iFGHM : EB;>KM:KB:GePBMA MA> B=>: MA:M : ANF:G ;>BG@ A:L <>KM:BG
KB@AML. % :LD, f3A:M :K> MA> KB@AML PAB<A IKH=N<> <>KM:BG K>LNEML?g %iF
MABGDBG@ BG M>KFL H? IKH=N<MBHG, MA> EBO>L H? I>HIE>, LM:G=:K= H? EBOBG@,
:G= LH HG. %M A:L :EP:RL ;>>G : ?:<MN:E ;NLBG>LL PBMA F>. % =BL<HO>K>=
MA:M FNGB<BI:E HI>K:MBHG =B=GiM PHKD :L P>EE :L I>HIE> L:B= BM PHNE=,
:G= G:MBHG:EBS:MBHG =B= GHM >BMA>K.
Reason: 5HN L:B= RHNiK> GHM : EB;>KM:KB:G. 3A:M =H RHN <HGLB=>K
RHNK IHEBMB<L MH ;>?
Coase: % K>:EER =HGiM DGHP. % =HGiM K>C><M :GR IHEB<R PBMAHNM
<HGLB=>KBG@ PA:M BML K>LNEML :K>. %? LHF>HG> L:RL MA>K>iL @HBG@ MH ;>
K>@NE:MBHG, % =HGiM L:R MA:M K>@NE:MBHG PBEE ;> ;:=. (>MiL L>>. 3A:M P>
=BL<HO>K BL MA:M FHLM K>@NE:MBHG =H>L IKH=N<>, HK A:L IKH=N<>= BG
K><>GM MBF>L, : PHKL> K>LNEM. BNM % PHNE=GiM EBD> MH L:R MA:M :EE K>@NE:MBHG
PHNE= A:O> MABL >??><M ;><:NL> HG> <:G MABGD H? <BK<NFLM:G<>L BG
PAB<A BM =H>LGiM.
Reason: C:G RHN @BO> NL :G >Q:FIE> H? PA:M RHN <HGLB=>K MH ;>
: @HH= K>@NE:MBHG :G= MA>G :G >Q:FIE> H? PA:M RHN <HGLB=>K MH ;> :
GHM-LH-@HH= K>@NE:MBHG?
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 300
Coase: 0ABL BL : O>KR BGM>K>LMBG@ JN>LMBHG ;><:NL> HG> <:GiM @BO>
:G :GLP>K MH BM. 3A>G % P:L >=BMHK H? The Journal of Law and Economics,
P> IN;EBLA>= : PAHE> L>KB>L H? LMN=B>L H? K>@NE:MBHG :G= BML >??><ML.
AEFHLM :EE MA> LMN=B>LeI>KA:IL :EE MA> LMN=B>LeLN@@>LM>= MA:M MA>
K>LNEML H? K>@NE:MBHG A:= ;>>G ;:=, MA:M MA> IKB<>L P>K> AB@A>K, MA:M
MA> IKH=N<M P:L PHKL> :=:IM>= MH MA> G>>=L H? <HGLNF>KL, MA:G BM
HMA>KPBL> PHNE= A:O> ;>>G. % P:L GHM PBEEBG@ MH :<<>IM MA> OB>P MA:M
:EE K>@NE:MBHG P:L ;HNG= MH IKH=N<> MA>L> K>LNEML. 0A>K>?HK>, PA:M P:L
FR >QIE:G:MBHG ?HK MA> K>LNEML P> A:=? % :K@N>= MA:M MA> FHLM IKH;:;E>
>QIE:G:MBHG P:L MA:M MA> @HO>KGF>GM GHP HI>K:M>L HG LN<A : F:LLBO>
L<:E> MA:M BM A:= K>:<A>= MA> LM:@> H? PA:M ><HGHFBLML <:EE G>@:MBO>
F:K@BG:E K>MNKGL. AGRMABG@ :==BMBHG:E BM =H>L, BM F>LL>L NI. BNM MA:M
=H>LGiM F>:G MA:M B? P> K>=N<> MA> LBS> H? @HO>KGF>GM <HGLB=>K:;ER,
P> PHNE=GiM ?BG= MA>G MA:M MA>K> P>K> LHF> :<MBOBMB>L BM =B= P>EE. 1GMBE
P> K>=N<> MA> LBS> H? @HO>KGF>GM, P> PHGiM DGHP PA:M MA>R :K>.
Reason: 3A:MiL :G >Q:FIE> H? ;:= K>@NE:MBHG?
Coase: % <:GiM K>F>F;>K HG> MA:MiL @HH=. .>@NE:MBHG H? MK:GL-
IHKM, K>@NE:MBHG H? :@KB<NEMNK>e:@KB<NEMNK> BL :, SHGBG@ BL S. 5HN DGHP,
RHN @H ?KHF : MH S, MA>R :K> :EE ;:=. 0A>K> P>K> LH F:GR LMN=B>L, :G=
MA> K>LNEM P:L JNBM> NGBO>KL:E: 0A> >??><ML P>K> ;:=. (CH:L> 1997)
0H FR FBG=, CH:L> A:L : JN:EBMR BG : P:R MA:M A:L ;>>G JNBM> >Q<>IMBHG:E.
0A> JN:EBMR BL :<<>IM:G<> H? MA> B=>: MA:M P> F:D> CN=@F>GML :;HNM :EM>KG:MBO>
BGLMBMNMBHG:E :KK:G@>F>GML (HK, :EM>KG:MBO> IHLBMBHGL HG : IHEB<R BLLN>) PBMAHNM
A:OBG@ : =>?BGBM> B=>: H? AHP P> :KKBO> :M HK CNLMB?R MA> CN=@F>GM P> F:D>; :G
:<<>IM:G<>, MA:M BL, H? F:DBG@ CN=@F>GML :;HNM MA> BFIHKM:GM MABG@L BG : P:R MA:M
PBEE GHM G><>LL:KBER, HK I>KA:IL GHM >O>G MRIB<:EER, EBO> NI MH : IK>M>GLBHG H? ;>BG@
LGMB?B<. CH:L> LBFIER :<<>IML LN<A : P:R H? <:KKRBG@ HG, :G= P:L MA>K>?HK> <:G=B=
:G= <HF?HKM:;E> MH ;NBE= ABL PHKD :KHNG= MA> K>:EBMR :;HNM MA> CN=@F>GML MA:M
L>KBHNL MABGD>KL FNLM F:D>. /N<A :<<>IM:G<> :G= <HF?HKM BL >LL>GMB:E MH MA>
HO>K:K<ABG@ M>:<ABG@ H? ABL <:K>>K, PAB<A BL MA:M BG CN=@BG@ ;>MP>>G MPH
:KK:G@>F>GML P> FNLM LMKBO> MH FBG= :EE H? PA:M PHNE= <HF> PBMA >:<A
:KK:G@>F>GM :L :<MN:EBS>=; P> FNLM M:D> K>LIHGLB;BEBMR ?HK :EE MA:M <HF>L PBMA >:<A
HIMBHG, >O>G BG MA> EHG@ KNG, >O>G BG <HGL>JN>G<>L FHK:E, <NEMNK:E, :G= IHEBMB<:E.
B><:NL> MA> <HGL>JN>G<>L :K> LH O:KB>=, >QM>GLBO>, <HFIE>Q, :G= NG<>KM:BG, BM BL
H?M>G, HK NLN:EER, MA> <:L> MA:M :GR :<<HNGM BL ;HNG= MH ;> JNBM> BG<HFIE>M>, O:@N>,
:G= NG<>KM:BG; ;NM, LN<A BL MA> LBMN:MBHG.
%G ABL ?:FHNL I:I>K f0A> ,KH;E>F H? /H<B:E CHLM,g CH:L> K>BM>K:M>L MA:M MA>
HO>K:K<ABG@ IHBGM BL MA:M P> :K> K>LIHGLB;E> MH f:EE MA> <HGL>JN>G<>Lg (1960, 18),
:EE >??><ML HG O:EN> fBG BML PB=>LM L>GL>g (B;B=., 41). 0A> :KMB<E> <HG<EN=>L :L ?HEEHPL:
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 301
f%G =>OBLBG@ :G= <AHHLBG@ ;>MP>>G LH<B:E :KK:G@>F>GML P> LAHNE= A:O> K>@:K= ?HK
MA> MHM:E >??><M. 0ABL, :;HO> :EE, BL MA> <A:G@> BG :IIKH:<A PAB<A % :F :=OH<:MBG@g
(B;B=., 44).
0A> :<<>IM:G<> :G= <HF?HKM MA:M % CNLM =>L<KB;>= BL >QIK>LL>= PA>G CH:L>
L:RL, fBM BL, H? <HNKL>, =>LBK:;E> MA:M MA> <AHB<> ;>MP>>G =B??>K>GM LH<B:E
:KK:G@>F>GML ?HK MA> LHENMBHG H? ><HGHFB< IKH;E>FL LAHNE= ;> <:KKB>= HNM BG
;KH:=>K M>KFL MA:G 7MA> O:EN> H? IKH=N<MBHG, :L F>:LNK>= ;R MA> F:KD>M8 :G=
MA:M MA> MHM:E >??><M H? MA>L> :KK:G@>F>GML BG :EE LIA>K>L H? EB?> LAHNE= ;> M:D>G
BGMH :<<HNGM. AL "K:GD $. 'GB@AM A:L LH H?M>G >FIA:LBS>=, IKH;E>FL H? P>E?:K>
><HGHFB<L FNLM NEMBF:M>ER =BLLHEO> BGMH : LMN=R H? :>LMA>MB<L :G= FHK:ELg (CH:L>
1960, 43).
0H F:GR, CH:L> F:=> ABFL>E? ><<>GMKB< BG BGLBLMBG@ MA:M ABL MHM:E->??><M
:IIKH:<A <HGLMBMNM>L :G :IIKH:<A MH ><HGHFB<L MA:M P:L ?HKL:D>G. CH:L>
F:BGM:BG>= MA:M fFHLM ><HGHFBLML A:O> : =B??>K>GM P:R H? EHHDBG@ :M ><HGHFB<
IKH;E>FL :G= =H GHM LA:K> FR <HG<>IMBHG H? MA> G:MNK> H? HNK LN;C><Mg (1988,
1). CH:L>iL :II:K>GM ><<>GMKB<BMR BL BG MA> >R>L H? MA> ;>AHE=>K: H>L HG> ;>AHE=
><HGHFBLML LRLM>F:MB<:EER E>:OBG@ BFIHKM:GM <HGLB=>K:MBHGL HNM H? MA>BK :G:ERLBL? %G
CH:L>iL F:MNK> OB>P, ?K>>K BGLMBMNMBHGL @>G>K:EER FN==E> :EHG@, HK L>E?-<HKK><M, E>LL
NGL:MBL?:<MHKBER MA:G =H E>LL ?K>> BGLMBMNMBHGL; ABL <E:LLB<:E EB;>K:EBLF <:F> I>KA:IL
<AB>?ER ?KHFABL NG=>KLM:G=BG@ H? MA> =HPGLB=> H? @HO>KGF>GM BGM>KO>GMBHG :G= H?
@HO>KGF>GM:E BGLMBMNMBHGL IE:RBG@ :G :<MBO> KHE> BG LH<B:E :??:BKL. 0A> JNB>M F>LL:@>
H? CH:L>iL PKBMBG@ BL MA:M FHLM ><HGHFBLML :K> G>@E><MBG@ MA> =HPGLB=> H?
@HO>KGF>GM :<MBOBLF, :G= BG MA:M L>GL> :K> ?:BEBG@ MH K>@:K= MA> MHM:E >??><M H? :G
BGLMBMNMBHG:E :KK:G@>F>GM.
0A> MHM:E->??><M FH=> H? K>:LHGBG@ @H>L ;:<D BG CH:L>iL PKBMBG@ :M E>:LM MH
1946, PA>G A> IN;EBLA>= f0A> ):K@BG:E CHLM CHGMKHO>KLR.g 0A> IHBGM H? MA:M
I:I>K BL MH L:R MA:M MAHL> ><HGHFBLML PAH ?:OHK MA> IKB<BG@ H? :<<>LL (MH : KH:= HK
fIN;EB< NMBEBMRg) :M fF:K@BG:E <HLMg H?M>G ?:BE MH H??>K MAHN@AML K>@:K=BG@ BGLMBMNMBHGL
BG PAB<A MA> h><HGHFBF BL >F;>==>=. $>K> BL : L:FIE> H? CH:L>
BEENFBG:MBG@ BFIHKM:GM >??><ML MH PAB<A, BG ABL OB>P, HMA>K ><HGHFBLML A:= @BO>G
MHH EBMME> <HGLB=>K:MBHG:
*>BMA>K $HM>EEBG@ GHK (>KG>K GHK )>:=> @BO>, BG FR OB>P, LN??BGM
P>B@AM MH MA> LMBFNENL MH <HKK><M ?HK><:LMBG@, PAB<A <HF>L ?KHF
A:OBG@ : LN;L>JN>GM F:KD>M M>LM H? PA>MA>K <HGLNF>KL :K> PBEEBG@
MH I:R MA> MHM:E <HLM H? MA> IKH=N<M. *HK =H MA>R K><H@GBS> MA>
BFIHKM:G<> H? MA> :B= PAB<A MA> K>LNEML H? MABL F:KD>M M>LM @BO> BG
>G:;EBG@ FHK> :<<NK:M> ?HK><:LML MH ;> F:=> BG MA> ?NMNK>. c*HPA>K>
BG $HM>EEBG@iL :KMB<E> =H>L HG> ?BG= K><H@GBMBHG H? MA> ?:<M MA:M BM PBEE
;> FHK> =B??B<NEM MH =BL<HO>K PA>MA>K MH ;NBE= G>P K:BEKH:=L HK G>P
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 302
BG=NLMKB>L B? HG> =H>L GHM DGHP PA>MA>K MA> <K>:MBHG H? I:LM K:BEKH:=L
HK BG=NLMKB>L P:L PBL> LH<B:E IHEB<R. AG= BM BL <>KM:BGER GHM :;LNK= MH
M:D> BGMH :<<HNGM MA> ?:<M MA:M =><BLBHGL :K> EBD>ER MH ;> ;>MM>K F:=>
B? :?M>KP:K=L MA>K> BL LHF> M>LM H? PA>MA>K LN<A =><BLBHGL P>K> PBL>
LH<B:E IHEB<R MA:G B? LN<A :G >GJNBKR BL G>O>K F:=>. (CH:L> 1946,
175-176)
CH:L> @H>L HG MH BEENFBG:M> HMA>K BFIHKM:GM I:KML H? MA> MHM:E >??><M, BG<EN=BG@ MA>
=BLMHKMBHGL ?KHF F:DBG@ NI ?HK MA> <HLM H? L>KOB<>L ;R M:Q>L BFIHL>= >EL>PA>K>
BG MA> LRLM>F (1946, 178-179). CH:L>iL IKHIHL:E P:L MH LMN=R BGLMBMNMBHG:E :KK:G@>-
F>GML :L :<MN:EBS>=, :G= NL> LN<A E>:KGBG@ BG =BL<NLLBG@ PA>MA>K :KK:G@>F>GM A
PHNE= ;> ;>MM>K MA:G :KK:G@>F>GM B.
0A>K> BL HG> ?>:MNK> H? CH:L>iL MAHN@AM PBMA PAB<A % :F =BLL:MBL?B>=, :G=
PAB<A FB@AM ;> L:B= MH =>MK:<M ?KHF ABL <E:LLB<:E EB;>K:EBLF.
10
3A>G CH:L> NL>L
LN<A M>KFL :L f?K>> MK:=>,g MA> f?K>> F:KD>M,g fBGM>KO>GMBHG,g :G= LH HG (HG> <:G
L>:K<A CH:L> 1994 ?HK MA>L> M>KFL), A> F>:GL PA:M I>HIE> GHKF:EER F>:G ;R
LN<A M>KFL. 3A>G 0AHF:L $:SE>MM :LD>= CH:L> :;HNM fK>@NE:MBHG,g CH:L> A:=
GH MKHN;E> >GM>KBG@ BGMH MA:M F:GG>K H? LI>:DBG@e:G=, ?NGGR MABG@, CH:L> ?HNG=
:EE K>@NE:MBHGL >Q:FBG>= MH ;> ;:=. 5>M CH:L> =B= GHM AB@AEB@AM :G= >E:;HK:M> MA>
?H<:EG>LL :G= G:MNK:EG>LL H? MA> <HGO>GMBHGL NIHG PAB<A LN<A M>KFL :K>
IK>=B<:M>=; K:MA>K, A> A>EI>= MH IKHFNE@:M> : =>L<KBIMBHG H? IKHI>KMR, :L P>EE :L
: G:KKHPBG@ H? MA> B=>: H? KB@AML, MA:M M>G=L MH H;L<NK> HK >O>G =>GR LN<A ?H<:E,
G:MNK:E <HGO>GMBHGL. $> A>EI>= MH IKHFNE@:M> MA> f;NG=E> H? KB@AMLg =>L<KBIMBHG
H? IKHI>KMR (L>> >LI><B:EER CH:L> 1959, 33-34; 1960, 43-44). HBG@ LH :<<HFI:GB>=
CH:L>iL NG=N> :@GHLMB<BLF :;HNM HPG>KLABI :G= BG<NKLBHGL MA>K>HG. HBG@ LH
:ELH P>:D>G>= MA> O>KR B=>:L, :G= :LLH<B:M>= IK>LNFIMBHGL, H? EB;>KMR HK BG=BOB=N:E
?K>>=HF, LBG<> MAHL> B=>:L :K> MA> ?EBILB=> H? MA> G:MNK:E <HGO>GMBHGL MA:M A=:F
/FBMA <:EE>= <HFFNM:MBO> CNLMB<>, PBMABG PAB<A IKHI>KMR BL IKBF:KR.
11
*HMPBMALM:G=BG@ MA> f;NG=E> H? KB@AMLg F:MM>K, CH:L>, I:KMB<NE:KER ?KHF MA>
1970L HG, PKBM>L BG : P:R MA:M F:D>L ABL <E:LLB<:E EB;>K:E <A:K:<M>K JNBM> <E>:K. $>
PKBM>L BG :G >LL:R ?KHF1974: f0H B@GHK> MA> @HO>KGF>GMiL IHHK I>K?HKF:G<> H? BML
IK>L>GM =NMB>L PA>G =><B=BG@ HG PA>MA>K BM LAHNE= HK LAHNE= GHM M:D> HG G>P=NMB>L
BL H;OBHNLER PKHG@g (CH:L> 1974, 23). 0A> <HG<EN=BG@ L>GM>G<>L H? CH:L>iL 1976
>LL:R fA=:F /FBMAiL 2B>P H? ):G,g MAHN@A JNHM>= H?M>G, ;>:K JNHMBG@ :@:BG:
10. .B<A:K= !ILM>BG (2011) =BL:@K>>L PBMA F> :;HNM MABL.
11. 0AHF:L )>KKBEE :G= $>GKR /FBMA, BG MA>BK I:I>K f):DBG@ CH:L>:G ,KHI>KMR )HK> CH:L>:Gg (2011),
:ELH L:R MA:M CH:L> MHHD : FBLLM>I PBMA MA> ;NG=E> OB>P. 0A>R :K@N> MA:M MA> FBLLM>I =H>L GHM FN<A NIL>M
ABL <HGMKB;NMBHGL, PAB<A, MA>R L:R, :K> HGER LMK>G@MA>G>= ;R BG<HKIHK:MBG@, BGLM>:=, : MK:=BMBHG:E (>Q<ENLBHG
HK fBG K>Fg) OB>PH? IKHI>KMR.
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 303
A=:F /FBMA PHNE= GHM A:O> MAHN@AM BM L>GLB;E> MH MK>:M F:G :L :
K:MBHG:E NMBEBMR-F:QBFBL>K. $> MABGDL H? F:G :L A> :<MN:EER BLe
=HFBG:M>=, BM BL MKN>, ;R L>E?-EHO> ;NM GHM PBMAHNM LHF> <HG<>KG ?HK
HMA>KL, :;E> MH K>:LHG ;NM GHM G><>LL:KBER BG LN<A : P:R :L MH K>:<A
MA> KB@AM <HG<ENLBHG, L>>BG@ MA> HNM<HF>L H? ABL :<MBHGL ;NM MAKHN@A
: O>BE H? L>E?-=>ENLBHG. *H =HN;M FH=>KG ILR<AHEH@BLML A:O> :==>= :
@K>:M =>:E, LHF> H? BM <HKK><M, MH MABL >B@AM>>GMA <>GMNKR OB>PH? ANF:G
G:MNK>. BNM B? HG> BL PBEEBG@ MH :<<>IM A=:F /FBMAiL OB>P H? F:G :L
<HGM:BGBG@, B? GHM MA> PAHE> MKNMA, :M E>:LM : E:K@> I:KM H? BM, K>:EBL:MBHG
MA:M ABL MAHN@AM A:L : FN<A ;KH:=>K ?HNG=:MBHG MA:G BL <HFFHGER
:LLNF>= F:D>L ABL :K@NF>GM ?HK ><HGHFB< ?K>>=HF FHK> IHP>K?NE
:G= ABL <HG<ENLBHGL FHK> I>KLN:LBO>. (CH:L> 1976, 545-546)
(>M NL GHP MNKG ;:<D MH CH:L>iL FB@K:MBHG. %G MA> Reason BGM>KOB>P P> L:P
CH:L> (1997) L:R MA:M, MH ABL FB@K:MBHG, f3A:M P:L FHLM BFIHKM:GM P:L MA> PHKD
% =B= HG MA> ><HGHFB<L H? IN;EB< NMBEBMB>L :M MA> (HG=HG /<AHHE H? !<HGHFB<L.g
0A:M PHNE= ;> MA> E:M> 1940L. %G ABL :NMH;BH@K:IAB<:E >LL:R ?HK MA> *H;>E ,KBS>,
AHP>O>K, A> L>>FL MH >FIA:LBS> ABL >:KER >G<HNGM>K PBMA ,E:GM, PKBMBG@:
% :MM>G=>= 7,E:GMiL8 E><MNK>L HG ;NLBG>LL :=FBGBLMK:MBHG ;NM BM P:L PA:M
A> L:B= BG ABL L>FBG:K, PAB<A % LM:KM>= MH :MM>G= HGER ?BO> FHGMAL
;>?HK> MA> ?BG:E >Q:FBG:MBHGL, MA:M P:L MH <A:G@> FR OB>P H? MA>
PHKDBG@ H? MA> ><HGHFB< LRLM>F, HK I>KA:IL FHK> :<<NK:M>ER P:L MH
@BO> F> HG>. 3A:M ,E:GM =B= P:L MH BGMKH=N<> F> MH A=:F /FBMAiL
fBGOBLB;E> A:G=g. $> F:=> F> :P:K> H? AHP : <HFI>MBMBO> ><HGHFB<
LRLM>F <HNE= ;> <HHK=BG:M>= ;R MA> IKB<BG@ LRLM>F. (CH:L> 1992)
"NKMA>KFHK>, BG ABL K>LIHGL> MH HNK JN>LMBHGG:BK>, PAB<A BL K>IKH=N<>= :M MA> >G=
H? MABL IKH?BE>, CH:L> BG=B<:M>L MA:M :M :@> 25 A> P:L LMBEE A:E? LH<B:EBLM, :G= A> IE:<>L
@K>:M LN;L>JN>GM BFIHKM:G<> HG MA> P:K R>:KL, L:RBG@, f0A> P:K >QI>KB>G<>L E>= F>
MH L>> MA> BG>??BG<R H? ;B@ HK@:GBS:MBHGL, BG<EN=BG@ MA> @HO>KGF>GM, I:KMB<NE:KER
MA>BK M>G=>G<R MH AB=> >KKHKLg (CH:L> 2013).
%M L>>FL K>:LHG:;E> MH <HG<EN=> MA:M CH:L>iL LH<B:EBLM GHMBHGL P>K> LA:D>G ;R
,E:GM, :G= MA:M CH:L>, MAKHN@AHNM ABL MABKMB>L :G= ?HKMB>L, @K>PBG<K>:LBG@ER <E:LLB<:E
EB;>K:E. AG= >O>G :?M>K 1950, CH:L> IKH;:;ER @K>P R>M FHK> ?BKFER <E:LLB<:E EB;>K:E,
EBD> F:GR H? MA> ?:F>= CAB<:@H ><HGHFBLML. "HK >Q:FIE>, :L PBMA HMA>KL BG MA:M
L>M, CH:L> @K>P FHK> <E:LLB<:E EB;>K:E HG MA> BLLN> H? :GMBMKNLM, :L P>EE :L IKH;:;ER
K>@NE:MBHG @>G>K:EER.
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 304
%G : <HGO>KL:MBHG H? 1981, MK:GL<KB;>= :G= IN;EBLA>= BG 1983 :L f0A> "BK> H?
0KNMAg BG MA> Journal of Law and Economics, CH:L> LI>:DL H? <A:G@>L BG ABL MABGDBG@
:?M>K :KKBOBG@ :M CAB<:@H BG 1964:
% MABGD FR OB>PL HG ;HMA :GMBMKNLM :G= K>@NE:MBHG A:O> <A:G@>=, BG
I:KM ;><:NL> % K>:EER =B=GiM A:O> O>KR <E>:K B=>:L HG >BMA>K H? MA>F
;>?HK> % <:F> MH CAB<:@H. %? I>HIE> A:= :LD>= F> PA:M =B= % MABGD H?
:GMBMKNLM E:PL, % PHNE= A:O> L:B= % ?:OHK>= MA>F. A?M>K :EE, % ?:OHK>=
<HFI>MBMBHG :G= MA>R IKH=N<>= <HFI>MBMBHG. .>@NE:MBHG, % PHNE= A:O>
A:= MA> LHKM H? PHHEER B=>:L MA:M ?EH:M>= :KHNG= :M MA:M MBF>, % LNIIHL>.
0A>R P>K>GiM LN;C><ML MA:M I:KMB<NE:KER BGM>K>LM>= F>, ;NM % PHNE= L:R
MA:M FR OB>PL HG MAHL> LN;C><ML A:O> ?HKF>= LBG<> <HFBG@ MH CAB<:@H.
(CH:L>, JNHM>= BG 'BM<A 1983, 213)
3A>G CH:L> @HM MH CAB<:@H, A> M:N@AM : <E:LL HG :GMBMKNLM. B>G 'E>BG, : LMN=>GM,
=>L<KB;>L MA> <HNKL>: f3A:M 7CH:L>8 =B= P:L <HIR E:K@> L><MBHGL H? MA> <:L> K><HK=
BG F:CHK :GMBMKNLM <:L>L, :G= P> PHNE= @H MAKHN@A MA> K><HK= :G= MKR MH ?B@NK> PA:M
P:L @HBG@ HG. )HLM H? MA> MBF> P> K>:<A>= MA> <HG<ENLBHG MA:M P> A:= GH B=>: PA:M
P:L K>:EER @HBG@ HG BG MA> ;NLBG>LL IK:<MB<>L =>L<KB;>=g (B. 'E>BG, JNHM>= BG 'BM<A
1983, 192). CH:L> MA>G >E:;HK:M>L:
% K>F>F;>K @BOBG@ MA:M <HNKL>. %M LH A:II>G>= MA:M % A:= G>O>K K>:=
:G :GMBMKNLM <:L> ;>?HK> % <:F> MH MA> 1GBO>KLBMR H? CAB<:@H. % DG>P
GHMABG@ :;HNM BM. )R K><HEE><MBHG H? MA:M <HNKL> BL MA:M BM P:L PA:M % <:EE
fA>:KMR E:N@AM>Kg 7E:N@AM>K8. 3>i= K>:= PA:M MA>L> I>HIE> P>K> L:RBG@,
:G= P> <HNE=GiM F:D> :GR L>GL> H? BM :M :EE 7E:N@AM>K8. %M P:L CNLM :;LNK=
PA:M P:L @HBG@ HG. c *H HG> K>:EER NG=>KLMHH= MA>L> MABG@L, :G=
BM P:L MA:M DBG= H? E>LLHG MA:M % P:GM>= MH @>M HO>K MH ><HGHFBLMLc
(CH:L>, JNHM>= BG 'BM<A 1983, 192-193).
,KH?>LLHK CH:L>iL (2013) @>G>KHNL K>IER MH HNK JN>LMBHGG:BK> ?HEEHPL; P> :K>
@K:M>?NE MH *BG@ 3:G@ ?HK :LLBLMBG@ PBMA MA> <HFFNGB<:MBHG.
1. When you were growing up, what sort of political or ideological views were present
in your family and household? Did you have views as a youngster, say at age 18? If
so, kindly describe them for us.
)R ?:FBER G:MNK:EER A>E= LH<B:EBLM OB>PL ;><:NL> H? : ?:FBER
?KB>G=, PAH P:L MA> A>:= H? MA> E:K@>LM E:;HK NGBHG BG BKBM:BG.
% P:L : LH<B:EBLM :M :@> 18.
2. How about at age 25 or so? Had they changed at all by then?
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 305
% A>E= BG<HGLBLM>GM OB>PL :M 25. % P:L : LH<B:EBLM PAH ;>EB>O>= BG
MA> F:KD>M. AKGHE= ,E:GM >QIHL>= F> MH MA> PHKDBG@ H? MA> BGOBLB;E>
A:G=.
3. And how about age 35 or 40? Please describe any changes undergone
since your early twenties.
NKBG@ MA> P:K MBF> (1945), >O>KRHG> P:L IK>H<<NIB>= PBMA MA>
P:K. *H HG> K>:EER <HGLB=>K>= MA> E:K@>K JN>LMBHGL.
4. And now please bring it down to the present. Have your views changed
since your late thirties? How so? How would you describe your present political
sensibilities or outlook?
)R OB>PL A:O> <A:G@>= BFF>GL>ER. %MiL A:K= MH L:R AHP. 0A>
P:K >QI>KB>G<> A:= <>KM:BGER <A:G@>= FR OB>PL.
% K>F:BG HIMBFBLMB< :;HNM MA> IHEBMB<:E ?NMNK>. BNM MA> ?:<M MA:M BM
P:L HNK EN<D MA:M P> PHG MA> P:K PHKKB>L F> :;HNM MA> ?NMNK>.
5. Overall, would you say your views have changed, and, if so, have they
changed in a way that can be summarized as changes of a particular nature or
character? Did your thinking move in a particular direction (using the notion
of ideological space)?
5>L, FR OB>PL A:O> <A:G@>= =K:F:MB<:EER. BNM BM =B= GHM A:II>G
:L : LBFIE> LAB?M BG =BK><MBHG ?KHF ;>BG@ : LH<B:EBLM MH : ;>EB>O>K BG MA>
F:KD>M. 3A:M % L:P :G= PA:M % EBO>= MAKHN@A BG MA> P:K IE:R>= : ;B@
I:KM BG LA:IBG@ FR OB>PL HG MA> KHE> H? MA> @HO>KGF>GM. % LMBEE A:O>
AHI>L, ;NM GHM <HGOB<MBHGL.
6. If your views did undergo changes, what caused the changes? Was it
reading, thinking, experience of some kind, or the influence of particular people,
including intellectual figures? All of the above? Something else? We will be very
grateful if you try to explain why your views changed, to whatever extent they did.
)R M>:<A>K AKGHE= ,E:GM :G= MA> P:K >QI>KB>G<>L @K>:MER
<A:G@>= FR OB>PL. B>?HK> ,E:GM, % A:= GH B=>: H? AHP MA> ?K>> F:KD>M
PHNE= PHKD. 0A> P:K >QI>KB>G<>L E>= F> MH L>> MA> BG>??BG<R H? ;B@
HK@:GBS:MBHGL, BG<EN=BG@ MA> @HO>KGF>GM, I:KMB<NE:KER MA>BK M>G=>G<R MH
AB=> >KKHKL. (CH:L> 2013)
References
Coase, Ronald H. 1937. 0A> *:MNK> H? MA> "BKF. Economica 4(16): 386-405. Link
Coase, Ronald H. 1946. 0A> ):K@BG:E CHLM CHGMKHO>KLR. Economica 13(51):
169-182.
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2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 306
Coase, Ronald H. 1959. 0A> ">=>K:E CHFFNGB<:MBHGL CHFFBLLBHG. Journal of
Law and Economics 2(+<MH;>K): 1-40.
Coase, Ronald H. 1960. 0A> ,KH;E>F H? /H<B:E CHLM. Journal of Law and Economics
3(+<MH;>K): 1-44.
Coase, Ronald H. 1974. !<HGHFBLML :G= ,N;EB< ,HEB<R. Reason, ><>F;>K: 16-25.
Coase, Ronald H. 1976. A=:F /FBMAiL 2B>P H? ):G. Journal of Law and Economics
19(3): 529-546.
Coase, Ronald H. 1988. The Firm, the Market, and the Law. CAB<:@H: 1GBO>KLBMR H?
CAB<:@H ,K>LL.
Coase, Ronald H. 1992. ANMH;BH@K:IAR. %G Les Prix Nobel: The Nobel Prizes 1991,
Coase, Ronald H. 1994. Essays on Economics and Economists. CAB<:@H: 1GBO>KLBMR H?
CAB<:@H ,K>LL.
Coase, Ronald H. 1997. (HHDBG@ ?HK .>LNEML: *H;>E (:NK>:M> .HG:E= CH:L> HG
.B@AML, .>LHNK<>L, :G= .>@NE:MBHG 7BGM>KOB>P ;R 0AHF:L 3. $:SE>MM8. Reason
28(8): 40-46. Link
Coase, Ronald H. 2013. !F:BE <HKK>LIHG=>G<> PBMA :GB>E 'E>BG, ):K<A 23.
Epstein, Richard A. 2011. BNG=E>-H?-.B@AML 0A>HKR :L : BNEP:KD A@:BGLM /M:MBLM
CHG<>IMBHGL H? ,KBO:M> ,KHI>KMR. Econ Journal Watch 8(3): 223-235. Link
Kitch, Edmund W., >=. 1983. 0A> "BK> H? 0KNMA: A .>F>F;K:G<> H? (:P :G=
!<HGHFB<L :M CAB<:@H, 1932d1970. Journal of Law and Economics 26(1):
163-234.
Merrill, Thomas W., and Henry E. Smith. 2011. ):DBG@ CH:L>:G ,KHI>KMR
)HK> CH:L>:G. Journal of Law and Economics 54(4): /77-/104.
Gerard Debreu
#>K:K= >;K>N (1921d2004) P:L ;HKG BG C:E:BL. $> :MM>G=>= MA> collge MA>K>,
PA>K> A> P:L BGMKH=N<>= MH MA> f:NLM>K> ;>:NMR H? F:MA>F:MB<Lg (>;K>N 1991,
3). NKBG@ 3HKE= 3:K %%, A> <HGMBGN>= ABL <NKKB<NENF :M AF;>KM :G= #>KGH;E> BG
MA> "K>> 6HG> NG=>K MA> 2B<AR @HO>KGF>GM, MA>G E>?M ?HK ,:KBL MH >GM>K MA> T<HE>
*HKF:E> /NI[KB>NK> BG 1941. +NMLB=> H? ABL L<AHHEBG@, >;K>N =B= ?HK<>= E:;HK ?HK
MA> H<<NIRBG@ #>KF:G MKHHIL K>;NBE=BG@ LMK>>ML :G= ;KB=@>L (_II> 2012, 418).
AM MA> T<HE>, >;K>N <:F> NG=>K MA> BG?EN>G<> H? $>GKB C:KM:G, : ?HNG=BG@
F>F;>K H? MA> BHNK;:DB <HEE><MBO> H? F:MA>F:MB<B:GL. 0BEE _II> =>L<KB;>L MA>
<HEE><MBO> :G= >;K>NiL <HGG><MBHG MH BM: f0A> FHLM LMKBDBG@ ?>:MNK> MA:M >;K>N
FNLM A:O> >QI>KB>G<>= :L EB;>K:MBG@ P:L MA> :GHGRFBMR H? F:MA>F:MB<L MA:M
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 307
hBHNK;:DBi :L : <HEE><MBO> K>IK>L>GM>=. .:MA>K MA:G >:<A LBG@E> F>F;>K LI>:DBG@
HNM BG ABL HPG G:F>, MA>R :BF>= :M E>MMBG@ mathematics speak for itself.g (_II> 2012,
419).
BHNK;:DBiL INKIHL> P:L fMH F:MA>F:MBS> F:MA>F:MB<L :G= MANL EB;>K:M> BM
?KHF IK:@F:MB< <HGM>QM BG LG<>g (_II> 2012, 421). _II> <HG<EN=>L MA:M
fMA> IKH;E>F H? >;K>NiL BHNK;:DBLF P:L MANL GHM : I:KMB<NE:K IABEHLHIAB<:E
;>EB>? :;HNM MA> KHE> H? F:MA>F:MB<L BG ><HGHFB<L, GHK :GR LI><B?B< ;>EB>? :;HNM
><HGHFB< K>:EBMR. >;K>N G>O>K E>:KG>= MH >GCHR =BL<NKLBO>, >QIEB<:MBO>, E>M :EHG>
<HGM>LM:;E> BGM>EE><MN:E :<MBOBMB>Lg (B;B=.).
>;K>NiL >=N<:MBHG P:L BGM>KKNIM>= ;R : LMBGM BG MA> "K>G<A :KFR ?HEEHPBG@
-:R. A?M>K MA> P:K, >;K>N MHHD PHKD :L : K>L>:K<A>K NG=>K ):NKB<> AEE:BL, MA>G
E>?M MH LMN=R BG MA> 1GBM>= /M:M>L. %G 1950, A> MHHD : CH; BG CAB<:@H :M MA> CHPE>L
CHFFBLLBHG ?HK .>L>:K<A BG !<HGHFB<L. "KHF 1955 HGP:K=, A> P:L IKH?>LLHK :M
O:KBHNL NGBO>KLBMB>L, LI>G=BG@ FHLM H? ABL MBF> :M 5:E> 1GBO>KLBMR :G= 1GBO>KLBMR
H? C:EB?HKGB: :M B>KD>E>R. >;K>N ;><:F> : 1./. <BMBS>G BG 1975, =HBG@ LH BG I:KM
;><:NL> A> P:L BFIK>LL>= MA:M MA> AF>KB<:G IHEBMB<:E LRLM>F <HNE= A:O> K>FHO>=
.B<A:K= *BQHG ?KHF H??B<> ?HK ABL <KBF>L (AKKHP 2011).
3>EE DGHPG ?HK ABL <HEE:;HK:MBHG PBMA '>GG>MA AKKHP (1954) MH IKH=N<> :
@>G>K:E >JNBEB;KBNF IKHH?, >;K>N ?H<NL>= HG MA> F:MA>F:MB<L, GHM B=>HEH@R, H?
><HGHFB<L. _II> (2012, 416) PKBM>L MA:M >;K>N fP:L LBE>GM :;HNM MA> NL> H?
@>G>K:E >JNBEB;KBNF MA>HKR ?HK >BMA>K LH<B:E >G@BG>>KBG@ HK EB;>KM:KB:G CNLMB?B<:MBHG.g
>;K>N <E:BF>= G>O>K MH A:O> ;>>G : F>F;>K H? : IHEBMB<:E I:KMR (_II> 2012,
443). *H;>E <A:BKF:G ALL:K (BG=;><D L:B=, f5HN PHNE= GHM @>M FN<A H? :G
><HGHFB< IHEB<R =BL<NLLBHG HNM H? ABFg (AME:L 2005). _II> :==L MA:M PA>G
PKBMBG@ ABL *H;>E E><MNK>, >;K>N BGM>G=>= fMH K>F:BG :L BGM>KG:E :L IHLLB;E>, MA:M
BL, MH :OHB= :GR <HGMKHO>KLB:E BGM>KIK>M:MBHGLg (_II> 2012, 441). AL : G>P
E:NK>:M>, >;K>N K>?NL>= MH <HFF>GM HG MA> .>:@:G A=FBGBLMK:MBHGiL ><HGHFB<
IHEBL :G= <:K>= EBMME> ?HK MA> IK>LL L:RBG@ MA:M A> A>EI>= MH F:MA>F:MBS> A=:F
/FBMAiL BGOBLB;E> A:G= (_II> 2012, 439-440).
AFHG@ >;K>NiL ?>P IHEBMB<:E ?HK:RL P>K> ;>EHG@BG@ MH MA> *:MBHG:E
A<:=>FR H? /G<>Li CHFFBMM>> HG $NF:G .B@AML :G= LMN=RBG@ :<:=>FB<
?K>>=HFBG ,BGH<A>M->K: CABE> (AKKHP2011, 325). >;K>N MKB>= MH D>>I ABL LNIIHKM
H? ANF:G KB@AML ?KHF HMA>K >GM:G@E>F>GML. >;K>N HG<> =><EBG>= :G BGOBM:MBHG
;R A=HE?H ,[K>S !LJNBO>E, :G= MA>G PKHM> BG ABL I>KLHG:E GHM>L: f% MHE= 7,>K>SiL
L><K>M:KR8 MA:M :<<HK=BG@ MH MA> BG?HKF:MBHG LA> L>GM F>, :G= MA:M % K><>BO>= HG
">;. 12, $NF:G .B@AML P>K>, <HGMK:KR MH FR BGBMB:E NG=>KLM:G=BG@, HGER HG> H?
L>O>K:E BLLN>L MH ;> =BL<NLL>= ;R ,>K>S. 0A> HMA>K BLLN>L :K> <HFIE>Q ><HGHFB<
JN>LMBHGL PBMA AB@A IHEBMB<:E <HEHKBG@. % MHE= A>K % PHNE= not LIHGLHK :GR H? MA>
>O>GML <HGG><M>= PBMA ,>K>SiL OBLBMg (JNHM>= BG _II> 2012, 443 G. 18, >FIA:LBL BG
HKB@BG:E).
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2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 308
%G 1994, >;K>N L>GM E>MM>KL MH &:<JN>L CABK:< MH :K@N> ?HK @HO>KGF>GM
<HGMKHE HO>K GN<E>:K IE:GML, ;NM MABL :<MBHG F:R A:O> ;>>G K>E:M>= MH I>KLHG:E
<HGG><MBHGL ;>MP>>G >;K>N :G= MA> LM:M> NMBEBMR TE><MKB<BM[ => "K:G<> (_II>
2012, 424 G. 3).
References
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CHFI>MBMBO> !<HGHFR. Econometrica 22(3): 265-290.
Arrow, Kenneth. 2011. #[K:K= >;K>N. Proceedings of the American Philosophical
Society 155(3): 319-325.
Atlas, Riva D. 2005. #>K:K= >;K>N, 83, B>L; 3HG *H;>E BG !<HGHFB<L. New
York Times, &:GN:KR 6. Link
Debreu, Gerard. 1991. .:G=HF 3:ED :G= (B?> ,ABEHLHIAR. American Economist
35(2): 3-7.
Dppe, Till. 2012. #>K:K= >;K>NiL /><K><R: $BL (B?> BG +K=>K :G= /BE>G<>. History
of Political Economy 44(3): 413-449.
Peter A. Diamond
*>P 5HKD CBMR-;HKG ,>M>K B:FHG= (1940d) @K:=N:M>= summa cum laude
?KHF 5:E> 1GBO>KLBMR PBMA : F:CHK BG F:MA>F:MB<L. 3ABE> :M 5:E>, A> MHHD L>O>K:E
><HGHFB<L <HNKL>L, BG<EN=BG@ HG> M:N@AM ;R #>K:K= >;K>N. A?M>K ABL NG=>K-
@K:=N:M> >=N<:MBHG, =NKBG@ MA> LNFF>K H? 1960, B:FHG= PHKD>= NG=>K 0C:EEBG@
'HHIF:GL :M MA> CHPE>L CHFFBLLBHG (B:FHG= 2011:). B:FHG= =><B=>= MH
INKLN> ABL @K:=N:M> =>@K>>, LMN=RBG@ ;HMA F:MA :G= ><HGHFB<L :M )%0 ;>?HK>
LPBM<ABG@ <HFIE>M>ER MH ><HGHFB<L (B:FHG= 2007, 546).
A?M>K >:KGBG@ ABL ,A.. BG ><HGHFB<L, B:FHG= M:N@AM :M MA> 1GBO>KLBMR H?
C:EB?HKGB: :M B>KD>E>R ?HK L>O>K:E R>:KL ;>?HK> K>MNKGBG@ MH )%0, PA>K> A> A:L ;>>G
>O>K LBG<> (B:FHG= 2011:). %G 2010, A> LA:K>= MA> *H;>E ,KBS> BG !<HGHFB<L
PBMA :E> )HKM>GL>G :G= CAKBLMHIA>K ,BLL:KB=>L ?HK MA>BK :G:ERLBL H? F:KD>ML PBMA
L>:K<A ?KB<MBHGL. %G :==BMBHG MH NG>FIEHRF>GM, B:FHG= A:L PHKD>= HG
BG<HFIE>M> F:KD>ML, LH<B:E BGLNK:G<>, :G= BGM>K@>G>K:MBHG:E BG>??BGL (B:KK
2011).
B:FHG= @K>P NI BG :G :IHEBMB<:E ?:FBER, :G= A> =B= GHM ;><HF> BGM>K>LM>=
BG IHEBMB<L NGMBE ABL NG=>K@K:=N:M> R>:KL, PA>G, :L LM:M>= BG ABL DBG= K>IER MH HNK
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 309
JN>LMBHGG:BK> (K>IKH=N<>= :M MA> >G= H? MABL IKH?BE>), A> P:L : National Review-
K>:=BG@ <HGL>KO:MBO> (B:FHG= 2013). A?M>K @K:=N:M> L<AHHE, AHP>O>K, A> FHO>=
LMKHG@ER E>?M. B:FHG= =>L<KB;>L MA> IKBF:KR BG?EN>G<>L: fBR 25 % A:= FHO>= E>?M.
% :MMKB;NM> MA:M MH MAK>> <:NL>LeFHOBG@ MH B>KD>E>R, ;><HFBG@ BGOHEO>= PBMA MA>
PHF:G % F:KKB>= :M :@> 26, :G= M>:<ABG@ IN;EB< ?BG:G<>, PAB<A >QI:G=>= FR
NG=>KLM:G=BG@ H? MA> IHM>GMB:E KHE>L H? MA> @HO>KGF>GMg (B;B=.). AELH PABE> :M
B>KD>E>R, B:FHG= HIIHL>= NGBO>KLBMR :=FBGBLMK:MBHG K>LIHGL>L MH LMN=>GM ?K>>
LI>><A NIKBLBG@L (B:FHG= 2011:).
B:FHG= LM:M>L MA:M A> fFHO>= =BLMBG<MER E>?Mg ?KHF ABL >:KER 20L MH ABL
E:M> 30L. ":<MHKL BG MABL <A:G@> BG<EN=> MA> 2B>MG:F 3:K, ABL HPG PHKD HG /H<B:E
/><NKBMR :G= BG<HFIE>M> F:KD>ML, :G= f:P:K>G>LL H? MA> GHKF:MBO> EBFBM:MBHGL H?
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AGLP>K>= :;HO>.
7. We welcome citations to your writings that express your political views.
We also welcome whatever tips you would give to someone researching your political
views and their course over time.
)R NY Times HI >= PA>G % LMHII>= ;>BG@ : <:G=B=:M> ?HK ">=
#HO>KGHK (&NG> 5, 2011). (B:FHG= 2013)
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BG IARLB<L :M CHKG>EE 1GBO>KLBMR ;NM LPBM<A>= MH ><HGHFB<L :?M>K ABL ?BKLM R>:K.
NKBG@ @K:=N:M> L<AHHE, A> PHKD>= :M MA> BNK>:N H? MA> BN=@>M. A?M>K >:KGBG@ ABL
=H<MHK:M>, !G@E> CHBG>= MA> ):LL:<ANL>MML %GLMBMNM> H? 0><AGHEH@R ?:<NEMR; E:M>K
A> FHO>= MH MA> 1GBO>KLBMR H? C:EB?HKGB: :M /:G B>@H, :G= MA>G MH *>P 5HKD
1GBO>KLBMR (!G@E> 2004).
!G@E> P:L :P:K=>= MA> *H;>E ,KBS> BG !<HGHFB<L BG 2003, :EHG@ PBMA CEBO>
3. &. #K:G@>K, f?HK F>MAH=L H? :G:ERSBG@ ><HGHFB< MBF> L>KB>L PBMA MBF>-O:KRBG@
OHE:MBEBMR (A.C$).g !G@E> :G= #K:G@>K PHG ?HK MA>BK CHBGM PHKD HG <HBGM>@K:MBHG
:G= =>O>EHIBG@ : FH=>E MH =>:E PBMA A>M>KHLD>=:LMB< OHE:MBEBMR BG =:M: PBMA GHG-
LM:MBHG:KR F>:GL, PHKD PAB<A A:L f<HFIE>M>ER K>OHENMBHGBS>= MA> ?B>E= H? MBF>
L>KB>L ><HGHF>MKB<L :G= MA> IK:<MB<> H? >FIBKB<:E F:<KH><HGHFB<L :G= :LL>M
IKB<BG@ ?BG:G<>g (BHEE>KLE>O 2008). '>OBG $HHO>K L:RL MA:M f#K:G@>K :G= !G@E>
<HBG>= MA> M>KF h<HBGM>@K:MBHGi MH =>L<KB;> MA> @>GNBG> K>E:MBHGLABI ;>MP>>G MPH
GHGLM:MBHG:KR MBF> L>KB>L. 0BF> L>KB>L :K> h<HBGM>@K:M>=i PA>G MA> =B??>K>G<>
;>MP>>G MA>F BL BML>E? LM:MBHG:KRg ($HHO>K 2008). .>:EBSBG@ MA> :IIEB<:;BEBMR H?
A.C$ MH ?BG:G<>, !G@E> A:L ?H<NL>= E:K@>ER HG ?BG:G<> (BHEE>KLE>O 2008).
>LIBM> HGER A:OBG@ A:= HG> ><HGHFB<L <HNKL> BG ABL NG=>K@K:=N:M> >=N-
<:MBHG, !G@E> ;><:F> BG<K>:LBG@ER BGM>K>LM>= BG LH<B:E LG<>: f% P:L BGMKB@N>= ;R
MA> GHMBHG H? :IIERBG@ FRL>E? MH MA> FHLM JN:GMBM:MBO> LH<B:E LG<>. 0ABL PHNE=
:EEHP F> MH NL> FR F:MA>F:MB<L :G= R>M LMBEE LMN=R MA> BGM>K>LMBG@ IKH;E>FL H?
FH=>KG F:GDBG=. %M L>>F>= MH F> MA:M ><HGHFB<L <HNE= ;> MA> I:MA MH >LHM>KB<
:<:=>FB< FH=>EBG@ HK MH LHEOBG@ IK:<MB<:E K>:E PHKE= IKH;E>FLg (!G@E> 2003,
1161). %G :==BMBHG MH ABL IKBS>-PBGGBG@ MHIB< H? <HBGM>@K:MBHG, !G@E> A:L :ELH
PHKD>= HG NK;:G ><HGHFB<L, >E><MKB<BMR =>F:G=, :G= ?BG:G<> (BHEE>KLE>O 2008).
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MH A:O> >QIK>LL>= ABL OB>PL HG IHEBMB<L HK IHEB<R.
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H? MA> ><HGHFR PHGiM FHO>. AL ?:K :L % <:G L>>, HGER : E:K@>, '>RG>LB:G
?BL<:E LMBFNENL PBEE =H MA> MKB<D. (!G@E> 2009, 20)
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:ELH IHEBMB<:E NG<>KM:BGMR. 3A:M BL MA> @HO>KGF>GM @HBG@ MH =H? $HP >??><MBO> PBEE
MAHL> IHEBL ;>? *H HG> A:L : <HG?B=>GM :GLP>K MH MA:M R>Mg (!G@E> 2009, 20).
%G : 2009 HI->= BG MA> Wall Street Journal, !G@E> :G= <H-:NMAHK 2BK:E A<A:KR:
LM:M>=:
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MKN> MA:M MK:GLI:K>G<R PBEE K>=N<> MA> HEB@HIHEBLMB< :=O:GM:@>, ;HMA
MH <A:K@> AB@A>K LIK>:=L :G= M:D> HG AB==>G E>O>K:@>. $>G<> MA>
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MA> ?BG:G<B:E LRLM>F :G= M:QI:R>KL ;R ?:BENK>L. (A<A:KR: :G= !G@E>
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K><>LLBHG. !G@E> ;>EB>O>L LEB@AMER AB@A>K BG?E:MBHG K:M>L PHNE= K>=N<> NG>FIEHR-
F>GM. "NKMA>K, A> :K@N>=, BM PHNE= A>EI MA> AHNLBG@ F:KD>M. f%? P> A:= CNLM :
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NI MA> f:P:D>GBG@Lg :L ?HEEHPL:
0A> ?BKLM @K>:M :P:D>GBG@ (1LM#A), E:LMBG@ ?KHF KHN@AER 1730 MH 1830,
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MA> >MAB< H? ;>G>OHE>G<>. 0A> L><HG= @K>:M :P:D>GBG@ (2G=#A)
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2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 321
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L>>F MH <NM :<KHLL FR FHLM <A>KBLA>= O:EN>Lg (2000, 14).
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LP>>IBG@ K>?HKF, ;NM L>O>K:E LI><B?B< IKBHKBMB>L :G= M:K@>M>= F>:LNK>L. 0A>R LIHD>
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ECON JOURNAL WATCH
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K>EB>O> MA> IK>LLNK> HG MA> IN;EB< INKL>, ;NM BM PBEE GHM @N:K:GM>> ;>MM>K
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MA>HK>MB<:E >GMBME>F>GML. ("H@>E :G= (>> 2002, 116)
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MA> <HLM H? A>:EMA<:K> L>KOB<>L, IKH=N<ML, :G= ?:<BEBMB>L.
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=BK><M>= MHP:K= A>:EMA IKH;E>FL BG IHHK>K <HNGMKB>L. 0A>R L:B= MA:M AF>KB<:, MA>
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EHM H? :MM>GMBHG MH MA> M><AGB<B:GL, MA>R =HGiM F:D> IHEB<R BG=>I>G=>GM
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I>HIE> PAH :K> P>EE MK:BG>= BG MA>L> ?B>E=L :G= PAH A:O> @HH= MB>L
MH :<:=>FB< LI><B:EBLML. %G MA> 1GBM>= /M:M>L % MABGD MA>K> BL : IK>MMR
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PHKDL, :M E>:LM FHLM HMA>K <HNGMKB>L MA:M %iO> OBLBM>= :G= A:= : <A:G<>,
BM PHKDL LBFBE:KER. ,HEBMB<B:GL K>:EBL> MA>R G>>= MH DGHP PA:M MA> ?:<ML
:K> :G= MA:M K>JNBK>L >QI>KML :G= MA>R EHHD MH MA> >QI>KML MH @BO> MA>F
MA> BG?HKF:MBHG MA>R G>>=, LH MA:M MA>R <:G F:D> IHEB<R. ("H@>E 2004;)
%G MA> L:F> BGM>KOB>P, "H@>E K>F:KD>= HG MA> KHE> H? @HO>KGF>GM @>G>K:EER:
% PHNE= L:R BG @>G>K:E, MA> F:BG KHE> H? MA> @HO>KGF>GM BL MH <K>:M>
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:L LFHHMAER :L IHLLB;E> :G= MA>K> BL :ELH : KHE> MA:M MA> @HO>KGF>GM A:L
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KB@AM MBF> :G= MA>BK BG<HF>L BG<K>:L> O>KR K:IB=ER, LH MA>K> :K> >JNBMR
BLLN>L BG PAB<A MA> @HO>KGF>GM A:L MH IE:R : KHE>.
c /H MA> @HO>KGF>GM A:L MH IE:R : KHE> BG F:DBG@ BM IHLLB;E> ?HK
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HIIHKMNGBMB>L MA:G MA>R GHP A:O>. %M BL :G BGM>KG:MBHG:E JN>LMBHG MHH,
MA:M BL, MA> KB<A <HNGMKB>L H? MA> PHKE= A:O> MH F:D> :M E>:LM FH=>LM
>??HKML. )H=>LM >??HKML PHNE= ;>, E>MiL L:R, 1% H? MA>BK @KHLL G:MBHG:E
IKH=N<M, LAHNE= ;> <HGMKB;NM>= MH :LLBLMBG@ IHHK <HNGMKB>L. ("H@>E
2004;)
%G :G BGM>KOB>P;R *B<D /<ANES (2005), IN;EBLA>= BG MA> GHP-=>?NG<M <E:LLB<:E
EB;>K:E P>;LBM> 0><A C>GMK:E /M:MBHG, "H@>E :@:BG P:L GHM HNMLIHD>G HG IHEB<R
BLLN>L; A> <:F> :<KHLL :L ?:OHK:;E> MH MA> K>?HKFBG@ H? /H<B:E /><NKBMR MHP:K=
I>KLHG:EER A>E=, =>?BG>=-<HGMKB;NMBHG :LL>M :<<HNGML.
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)BEMHG "KB>=F:GiL B=>HEH@R K>F:BG>= BG=BL<>KGB;E> NGMBE A> P:L BG ABL FB=-
MABKMB>L. 0A>G, BG MA> E:M> 1940L :G= >:KER 1950L, BM >F>K@>=. 0A> MAK>> <HFIHG>GML
P>K> ):KLA:EEB:G ><HGHFB< MA>HKR, LM:MBLMB<L, :G= IHEBMB<:E MAHN@AM MA:M A> >G-
<HNGM>K>= :M )HGM ,\E>KBG BG 1947. BR MA> FB==E> 1950L ABL B=>HEH@R P:L L>M :G=
A>G<>?HKMA <A:G@>= EBMME> >Q<>IM ?HK : =><EBG> BG ABL <HG?B=>G<> BG MA> IN;EB< BGM>K>LM
FHMBO:MBHG H? IN;EB< IHEBL :G= :G BG<K>:L> BG ABL :IIK><B:MBHG ?HK BGLB@AML ?KHF
MA> IN;EB< <AHB<> EBM>K:MNK>.
.><HK=L H? "KB>=F:GiL >=N<:MBHG :G= >:KER <:K>>K LAHP EBMME> >OB=>G<> H?
BGM>K>LM BG IHEB<R, ;NM MA>R =H :EEHP NL MH L>> MA> BGM>EE><MN:E ?HKF:MBHG :G= PHKD
>QI>KB>G<> ?KHF PAB<A ABL B=>HEH@R =>O>EHI>=. "KB>=F:G (1912d2006) >GKHEE>= :M
.NM@>KL 1GBO>KLBMR :L : 16 R>:K-HE= BG 1928, :G= @K:=N:M>= BG 1932. "KB>=F:GiL
IKBF:KR BGM>K>LM :M .NM@>KL P:L F:MA>F:MB<L, :EMAHN@A A> @K:=N:M>= PBMA :G
><HGHFB<L F:CHK :G= IKHFIMER >GM>K>= MA> 1GBO>KLBMR H? CAB<:@H @K:=N:M>
IKH@K:F BG ><HGHFB<L. A?M>K : R>:K H? <HNKL>PHKD BG ><HGHFB<L :G= F:MA>F:MB<L
A> MK:GL?>KK>= MH CHENF;B: 1GBO>KLBMR MH LMN=R F:MA>F:MB<:E ><HGHFB<L. 0A> G>QM
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?:EE A> K>MNKG>= MH CAB<:@H MH PHKD ?HK $>GKR /<ANEMS HG The Theory and Measurement
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%G AN@NLM 1935 "KB>=F:G MHHD ABL ?BKLM CH;, PBMA MA> *:MBHG:E .>LHNK<>L
CHFFBMM>> (*.C) BG 3:LABG@MHG, .C. $BL PHKD P:L BG MA> =>LB@G H? LNKO>R
L:FIEBG@ M><AGBJN>L ?HK : *>P >:E LMN=R H? <HGLNF>K INK<A:L>L. %G />IM>F;>K
1937 A> FHO>= ?KHF MA> *.C MH MA> *:MBHG:E BNK>:N H? !<HGHFB< .>L>:K<A
(*B!.) BG *>P 5HKD, PA>K> A> PHKD>= PBMA /BFHG 'NSG>ML HG >LMBF:M>L H?
BG<HF> H? BG=>I>G=>GM IKH?>LLBHG:EL. "KB>=F:G :G= 'NSG>ML (1945) ?HNG= MA:M MA>
IK>FBNF IARLB<B:GL >:KG>= HO>K =>GMBLML P:L =N> BG I:KM MH FHGHIHER IHP>K H?
MA> AF>KB<:G )>=B<:E ALLH<B:MBHG. BNM MABL P:L : LGMB?B< ?BG=BG@ PBMAHNM : IHEB<R
IK>L<KBIMBHG.
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<E:LLB<:E !<HGHFB<Lg BG MA> CHENF;B: 1GBO>KLBMR !QM>GLBHG. 0A> E><MNK>L ?HK MABL
<HNKL> ;><:F> MA> ?HNG=:MBHG H? ABL @K:=N:M> IKB<> MA>HKR <HNKL> :M CAB<:@H. %G
1940d41 "KB>=F:G M:N@AM ><HGHFB< MA>HKR, ;NLBG>LL <R<E>L, :G= : L>FBG:K HG
BG<HF> :G= P>:EMA :M MA> 1GBO>KLBMR H? 3BL<HGLBG. "KHF1941 NGMBE 1943 A> PHKD>=
HG M:Q IHEB<R ?HK MA> 1./. 0K>:LNKR, PAB<A BG<EN=>= =>LB@G H? MA> BG<HF> M:Q
PBMAAHE=BG@ LRLM>F.
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"KB>=F:G CHBG>= ABL ?KB>G= #>HK@> /MB@E>K :M MA> 1GBO>KLBMR H? )BGG>LHM:. 3ABE>
/MB@E>K P:L EH;;RBG@ ABL )BGG>LHM: <HEE>:@N>L MH ABK> "KB>=F:G, A> K><>BO>= : E>MM>K
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=><E:LLB?B>= :G= P:L KBI> ?HK :IIEB<:MBHG BG ;NLBG>LL. %? )BGG>LHM: ABK>= "KB>=F:G
MA>R PHNE= @>M <K>=BM ?HK BGMKH=N<BG@ MABL BGGHO:MBHG MH MA> IN;EB< (L>> "KB>=F:G
2006/1945, 16). "KB>=F:G @HM MA> CH; :M )BGG>LHM:, PA>K> A> :G= /MB@E>K LA:K>= :G
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:G= "KB>=F:G =>I:KM>= ?HK CAB<:@H.
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><HGHFB<L :G= LM:MBLMB<L. 3A>K> MA>K> P>K> <HGG><MBHGL PBMA IHEB<R ABL PHKD P:L
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A>EI>= =>LB@G MA> BG<HF> M:Q PBMAAHE=BG@ LRLM>F ;><:NL> ABL CH; P:L MH =>LB@G M:Q
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LM:G=:K= ?:K> ?HK ><HGHFBLML, MH EHHD ?HK :G >??BGM P:R MH :MM:BG MA> H;C><MBO>
@BO>G MH ABF ;R HMA>KL.
NKBG@ MA> R>:KL 1946d47 MABL <A:G@>=. "KB>=F:GiL B=>HEH@R ;>@:G MH
>F>K@> PA>G A> P:L :M )BGG>LHM:. $> :G= /MB@E>K PKHM> Roofs or Ceilings? The Current
Housing Problem (1946), : I:FIAE>M <KBMB<:E H? K>GM <HGMKHEL, LIHGLHK>= ;R MA>
"HNG=:MBHG ?HK !<HGHFB< !=N<:MBHG ("!!). 0ABL >LL:R P:L "KB>=F:GiL ?BKLM ?HK:R
ECON JOURNAL WATCH
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BGMH IHEB<R :=OH<:<R ?HK MA> IN;EB< :M E:K@>. "KB>=F:G :G= /MB@E>K MHHD MPH
IHLBMBHGL BG MA> >LL:R MA:M ;><:F> <HFIHG>GML H? ABL B=>HEH@R. 0A>BK IKBF:KR
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MH :EEH<:M> K>GM:E AHNLBG@. +? E>LL BFIHKM:G<> ?HK MA> K>GM <HGMKHE BLLN>e;NM H?
LN;LM:GMB:E BFIHKM:G<> ?HK "KB>=F:GiL B=>HEH@Re"KB>=F:G :G= /MB@E>K (1946, 10)
>QIK>LL>= =>LBK> ?HK @K>:M>K >JN:EBMR H? BG<HF>.
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K>FHO> MA>BK IHBGM>= LM:M>F>GM :;HNM >JN:EBMR ?KHF MA> K>GM <HGMKHE >LL:R, HNM
H? <HG<>KG MA:M "!! PHNE= ;> :LLH<B:M>= PBMA LNIIHKM ?HK IKH@K>LLBO> BG<HF>
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LM:M>F>GM ;>BG@ K>FHO>= MA>R PHNE= IK>?>K MA:M MA> >LL:R GHM ;> IN;EBLA>=. %G :
E>MM>K MH .>:=, "KB>=F:G PKHM>:
% ;>EB>O> BM >LL>GMB:E MH F:D> <E>:K PA>K>BG P> :K> <KBMB<BSBG@ F>:GL :G=
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MH F> HG> H? 7MA>8 K>:LHGL MA>R :K> LH H?M>G E:;>E>= K>:<MBHG:KB>L.
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MA:M K>GM <HGMKHEL :K> :G BG>??><MBO> P:R H? :B=BG@ MA> IHHK, GHM MH :K@N> :@:BGLM
IN;EB< :LLBLM:G<> ?HK MA> IHHK. A IKBF:KR <HG<>KG ?HK <HFFHG I>HIE>, BG<EN=BG@
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"KB>=F:GiL B=>HEH@R ?HKF>= K:IB=ER :?M>K ABL R>:K :M )BGG>LHM:. $BL
IK>I:K:MBHG ?HK M>:<ABG@ IKB<> MA>HKR :M CAB<:@H P:L : <HEE:;HK:MBO> >??HKM PBMA
/MB@E>K. $> PKHM> BG AN@NLM 1946 MA:M A> A:= ;>>G K>:=BG@ /MB@E>KiL The Theory of Price
(1946) :G= AE?K>= ):KLA:EEiL Principles (1920) MH IK>I:K> ?HK M>:<ABG@. A A:EEF:KD
H? MA> ):KLA:EEB:G :IIKH:<A MA:M A> NL>= BG ABL CAB<:@H <HNKL> P:L MA> f?HK@BG@
H? MHHEL MA:M <:G ;> NL>= ?:BKER =BK><MER BG :G:ERSBG@ IK:<MB<:E IKH;E>FLg ("KB>=F:G
1949, 469). %G =>O>EHIBG@ :G= M>:<ABG@ ><HGHFB< MA>HKR, IHEB<R JN>LMBHGL P>K>
D>IM <EHL> :M A:G=.
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A> P:L BGOBM>= MH :MM>G= : F>>MBG@ H? EB;>K:EL :M )HGM ,\E>KBG, /PBMS>KE:G=. 0A>K> A>
F>M ". A. $:R>D :G= HMA>K !NKHI>:G :G= AF>KB<:G EB;>K:EL. %M P:L :M )HGM ,\E>KBG
BG AIKBE 1947 MA:M "KB>=F:G MHHD : LM>I ;>RHG= ><HGHFB<L :G= LM:MBLMB<L MH >G@:@>
PBMA MA> IHEBMB<:E :G= IABEHLHIAB<:E B=>:L MA:M NG=>K@BK= IHEB<R. "KB>=F:G K><:EE>=
MA> BFIHKM:G<> H? )HGM ,\E>KBG BG :G BGM>KOB>P:
)HGM ,\E>KBG P:L MA> ?BKLM MBF> MA:M % <:F> BGMH <HGM:<M PBMA I>HIE>
EBD> $:R>D, (BHG>E .H;;BGL, :G= MA> !NKHI>:G <HGMBG@>GM H? MA:M MBF>.
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MA> !<HGHF>MKB< /HMR ABL I:I>K HG fA )HG>M:KR :G= "BL<:E "K:F>PHKD ?HK
!<HGHFB< /M:;BEBMRg (1948). 0ABL I:I>K LAHPL MA:M "KB>=F:G ;>EB>O>=, IKBHK MH ABL
PHKD HG FHG>R :G= ;NLBG>LL <R<E>L PBMA AGG: /<AP:KMS, MA:M @HO>KGF>GM IHEBL
<HGMKB;NM>= MH <R<EB<:E BGLM:;BEBMR. /N<A MABGDBG@ L>M ABF :I:KM ?KHF '>RG>LB:GL
PAH :MMKB;NM>= ;NLBG>LL <R<E>L MH BGLM:;BEBMR BG IKBO:M> >QI>G=BMNK>L. %G 1948 A>
:G= /<AP:KMS ;>@:G MA>BK <HEE:;HK:MBHG. BR MA> R>:KiL >G= "KB>=F:G <:F> MH MA>
<HG<ENLBHG MA:M MA> ">=>K:E .>L>KO> A:= ;>>G : =>LM:;BEBSBG@ ?HK<> HO>K MA> I>KBH=
H? BML >QBLM>G<> :G= MA:M MA> 1GBM>= /M:M>L FB@AM P>EE A:O> ;>>G ;>MM>K H?? A:= MA>
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?HKF H? : OHN<A>K K:MA>K MA:G MH MA> L<AHHE. (BD>PBL>, A> ?:OHK>= IN;EB< :LLBLM:G<>
?HK MA> IHHK BG MA> FHLM =BK><M :G= >??BGM ?HKF IHLLB;E>e<:LA. 0ANL "KB>=F:G
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MA> FHK> IHP>K?NE IKH=N<>K (HK HK@:GBS:MBHG). 0A> <:ILMHG> P:L L>M PA>G A> :G=
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IHEB<R :K> : <:L> BG IHBGM. +G> H? MA> E>LLHGL "KB>=F:G E>:KG>= ?KHF AKMANK BNKGL
:G= 3>LE>R )BM<A>EE P:L MA:M ><HGHFBLML DGHP E>LL MA:G MA>BK IK>M>GLBHGL LN@@>LM.
0ABL P:L "KB>=F:GiL ?BKLM :G= FHLM <KN<B:E =B??>K>G<> PBMA '>RG>LB:GL. 0ABL <:G ;>
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1951;), :G= BM P:L MA> ;:LBL H? ABL :=OH<:<R H? FHG>M:KR IHEB<R KNE>L ("KB>=F:G
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708ABL ;HHD BL BG?EN>G<>= ;R : ?K>LA :IIKH:<A MH IHEBMB<:E LG<> MA:M
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MA> LH<B:E @H:EL MA> I:KMB<BI:GML ?BG= BM :=O:GM:@>HNL MH >GNG<B:M>.
("KB>=F:G :G= "KB>=F:G 1980, BQ-Q).
3> A:O> L>>G MA:M :L : RHNMA :G= RHNG@ F:G )BEMHG "KB>=F:G =B= GHM A:O>
:G :<MBO> BGM>K>LM BG ><HGHFB< :G= LH<B:E IHEB<R. $BL BGM>EE><MN:E BGM>K>LML P>K> ?BKLM
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><HGHFB<L MA:M A> E>:KG>= P>K> GHM MA>HKR ?HK MA> L:D> H? MA>HKR, ;NM MA>HKR BG
L>KOB<> H? NG=>KLM:G=BG@ <HG<K>M> IKH;E>FL H? EB?> :G= LHMR. 0ABL E>= G:MNK:EER
MH "KB>=F:G ?HKFBG@ :G BGM>K>LM BG ><HGHFB< IHEB<R. $BL I:KMB<BI:MBHG BG MA> )HGM
,\E>KBG F>>MBG@ >QIHL>= ABF MH EB;>K:E B=>:L ;>RHG= ><HGHFB<L. "KHF MA> FB==E>
1950L HG, MAHN@A =>M:BEL H? ABL OB>PL HG I:KMB<NE:K IHEB<R F:MM>KL F:R A:O> <A:G@>=
:L MA> ><HGHFB< :G= IHEBMB<:E E:G=L<:I> <A:G@>=, ABL P:R H? MABGDBG@ :;HNM MA> KHE>
H? @HO>KGF>GM :G= ABL ?NG=:F>GM:E IKBG<BIE>L ?HK IN;EB< IHEB<R P>K> LM:;E>.
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Hammond, J. Daniel. 1996. Theory and Measurement: Causality Issues in Milton
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1GBO>KLBMR ,K>LL.
Marshall, Alfred. 1920. Principles of Economics, 8MA >=. (HG=HG: ):<FBEE:G.
Schultz, Henry. 1938. The Theory and Measurement of Demand. CAB<:@H: 1GBO>KLBMR H?
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Stigler, George J. 1946. The Theory of Price. *>P 5HKD: ):<FBEE:G.
Ragnar Frisch
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%G 1925 A> ;><:F> :G :LLBLM:GM HG : K>L>:K<A IKH@K:FF> BG IKH=N<MBHG MA>HKR
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MA> 1GBO>KLBMR H? +LEH. f/NK NG IKH;E>F =i><HGHFB> INK>g ("KBL<A 1926;) P:L
ABL ?BKLM PHKD HG ><HGHFB<L, :G= MA> ?BKLM BG ABL HPG JN:GMB?B<:MBHG IKH@K:FF> H?
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JN:GMB?B<:MBHG :L MA> G:MNK:E LG<>L, >LI><B:EER IARLB<L ("KBL<A 1926<).
%G 1927 "KBL<A K><>BO>= : ?>EEHPLABI ?KHF MA> .H<D>?>EE>K "HNG=:MBHG :G=
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HNMLM:G=BG@ ><HGHFBLM MH :GHMA>K <HNGMKR.
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%G MA> 1930L "KBL<A ;><:F> :G :K=>GM IKHM:@HGBLM ?HK PA:M A> <:EE>= K:MBHG:E
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MA:M LM:KM>= BG 1935. %GM>KG:MBHG:EER A> IE:R>= :G :<MBO> KHE> MAKHN@A ABL F:GR
LB@GB?B<:GM L<AHE:KER <HGMKB;NMBHGL. %G 1933 A> ;><:F> MA> ?BKLM !=BMHK BG CAB>? H?
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15
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:G= MA> NM<A ><HGHFBLM &:G 0BG;>K@>G ?HK f?HK A:OBG@ =>O>EHI>= :G= :IIEB>=
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0A>K> BL GH =HN;M MA:M .:@G:K "KBL<A P:L : @K>:M L<AHE:K PAH EBO>= :G
>QMK>F>ER IKH=N<MBO> :<:=>FB< EB?>. $BL EB?> PHKD BL BFIK>LLBO> (AKKHP 1960;
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,:KMRiL <KBLBL IE:G H? 1934. "KBL<A MNKG>= :KHNG=, :<<>IMBG@ : LMKHG@ BG<K>:L> BG
IN;EB< LI>G=BG@ I:KMER ?BG:G<>= ;R EH:GL, :G= A> GH EHG@>K LNIIHKM>= IKBO:M>
BGBMB:MBO> :G= M:Q <NML. 0A> (:;HNK ,:KMRiL FBGHKBMR @HO>KGF>GM, ?HEEHPBG@ MA> 1935
>E><MBHG, <HNE= A:O> INM MA>BK <KBLBL IE:G BGMH >??><M, ;NM MH MA> =BL:IIHBGMF>GM H?
"KBL<A, CHE;CbKGL>G, :G= F:GR HMA>KL, BM =B= GHM =H LH (2H@M 1961, 29). (>:=BG@
(:;HNK ,:KMR IHEBMB<B:GL L:P ;HMA "KBL<A :G= CHE;CbKGL>G :L NGIK:<MB<:E MA>HKBLML,
PAH A:= : M>G=>G<R MH fLAHHM IB@>HGL PBMA <:GGHGL.g 0A>L> >O>GML E>= "KBL<A
MH PBMA=K:P ?KHF =BK><M I:KMB<BI:MBHG BG IHEBMB<L :G= MH <HG<>GMK:M> ABL >??HKML
HG ;NBE=BG@ NI K>L>:K<A :G= :G :=O:G<>= LMN=R IKH@K:FF> BG ><HGHFB<L. 0ABL
;><:F> DGHPG :L MA> +LEH /<AHHE H? ><HGHFB< K>L>:K<A :G= M>:<ABG@.
19
0A> +LEH /<AHHE <:G ;> <A:K:<M>KBS>= ;R MA> BGMKH=N<MBHG H? JN:GMBM:MBO>
F>MAH=L BG ><HGHFB< M>:<ABG@ :G= K>L>:K<A, NG=>KIBGG>= ;R >QM>GLBO> NL> H?
17. Arbeiderbladet, ">;KN:KR 28, 1933. +E> CHE;CbKGL>G A:= =>?><M>= :?M>K R>:KL BG /HOB>M L>KOB<>. $> EBO>=
BG (HG=HG :M MA> >G= H? MA> 1920L :G= P:L ?:L<BG:M>= ;R MA> B=>:L H? &HAG ):RG:K= '>RG>L (1883d1946).
BNBE=BG@ HG )NGMA> (1995) :FHG@ HMA>KL, !KBDL>G :G= /aMA>K (2010) :K@N> MA:M CHE;CbKGL>G ;KHN@AM
'>RG>LiL B=>:L MH *HKP:R.
18. Arbeiderbladet, ):R 15, 1933.
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 336
F:MA>F:MB<L :G= LM:MBLMB<L (!KBDL>G, $:GBL<A, :G= /aMA>K 2007). 0A>L> MHHEL P>K>
NL>= MH M>LM ><HGHFB< MA>HKR :G= ;NBE= ><HGHFB< FH=>EL. 0A> L<AHHE <HG<>GMK:M>=
HG MA> =>O>EHIF>GM H? G:MBHG:E :<<HNGML, G:MBHG:E ;N=@>ML, :G= F:<KH><HGHFB<
IE:GGBG@ FH=>EL. 0A> L<AHHEiL :MMBMN=> MHP:K= :GR BGOBLB;E>-A:G= M>G=>GL H? MA>
?K>>-F:KD>M ><HGHFR P:L HG> H? @K>:M L<>IMB<BLF. 0A> L<AHHE K>C><M>= MA> GHMBHG
H? BGM>K>LM K:M>L :L : IKB<> HG <:IBM:E :G= MA> K>E:MBHGLABI ;>MP>>G BGM>K>LM :G=
EBJNB=BMR. A F:<KH><HGHFB< IE:GGBG@ LRLM>F PBMA =>M:BE>= :G= L>E><MBO> IHEBL
OBL-V-OBL ;K:G<A>L H? BG=NLMKB>L MA>K>?HK> ;><:F> : <A:K:<M>KBLMB< H? MA> /<AHHE.
0A> +LEH /<AHHE BGM>@K:M>= BML>E? BGMH PA:M ;><:F> MH ;> <:EE>= fMA> %KHG
0KB:G@E>,g MA:M ;>BG@ MA> %GLMBMNM> H? !<HGHFB<L, MA> BNK>:N H? C>GLNL, :G= MA>
,E:GGBG@ >I:KMF>GM BG MA> )BGBLMKR H? "BG:G<>. 0ABL %KHG 0KB:G@E> A:= : F:CHK
BG?EN>G<> HG ><HGHFB< IE:GGBG@ BG *HKP:R BG MA> ?BKLM =><:=>L :?M>K 33%%.
0AKHN@A ABL <EHL> <HEE>:@N>L, MA> LMN=>GML MA:M @K:=N:M>= ?KHF MA> :=O:G<>=
IKH@K:FF> BG ><HGHFB<L, :G= ABL +LEH /<AHHE H? K>L>:K<A, BG<EN=BG@ MA> %KHG
0KB:G@E>, "KBL<A A:= : LMKHG@ BG?EN>G<> HG GHM HGER MA> ><HGHFB< L<AHE:KLABI ;NM
MA> :<MN:E ><HGHFB< =>O>EHIF>GM H? IHLM-P:K *HKP:R.
"KHF MA> L><HG= A:E? H? MA> 1930L MA> BGOBLB;E>-A:G= L<>IMB<BLF H? "KBL<A
:G= ABL ?HEEHP>KL HGER BG<K>:L>= (!KBDL>G :G= /aMA>K 2010, 23). BR MA> ;>@BGGBG@
H? MA> 1940L "KBL<A P:L <HGOBG<>= MA:M MA> F:KD>M ><HGHFB< LRLM>F A:= ?:BE>=. AM
MA> >G= H? 1941 A> PKHM> BG : E>MM>K MH 0KR@O> &. B. $H?? (1895d1982), MA> >=BMHK H?
MA> EB;>K:E *HKP>@B:G CHNKG:E H? ><HGHFB<L Farmand:
20
,>KLHG:EER, % ;>EB>O> MA:M P> :K> >GM>KBG@ : I>KBH= PA>K> FHK>
=>O>EHI>= ?HKFL ?HK BG=NLMKB:E K>@NE:MBHGL PBEE <HF> MH IKHFBG>G<>.
0A>R :K> ;HMA NG:OHB=:;E> :G=, BG FR HIBGBHG, <HKK><M :L <HNGM>K-
F>:LNK>L :@:BGLM MA> =BLIKHIHKMBHG:E <HG=BMBHGL MA:M A:O> =>O>EHI>=.
0A> @KHM>LJN> HNM<HF>L P> A:= BG MA> =>IK>LLBHG H? MA>
1930Le<HGL<BHNL =>LMKN<MBHG H? <HFFH=BMB>L, I>KF:G>GM
NG>FIEHRF>GM :G= LM:MBHG:KR F:<ABG>KReP:L, % PHNE= :K@N>, F:BGER
<:NL>= ;R <>KM:BG fBG=BOB=N:EBLMB<g ?>:MNK>L BG HNK ><HGHFB< LRLM>F.
21
19. A<<HK=BG@ MH B>K@ :G= $:GBL<A (1984), MA> M>KFf+LEH /<AHHEg P:L IKH;:;ER <HBG>= ;R MA> ><HGHFBLM
+E> :OB= 'HAM-*HK=;R BG ABL K>OB>P H? MA> ;HHD Hva krigen kostet Norge (fWhat the war cost Norway,g
ANDKNLM :G= BC>KO> 1945) BG MA> G>PLI:I>K Verdens Gang, />IM>F;>K 22, 1945. %M BL GHM DGHPG MA:M "KBL<A
:M :GR MBF> NL>= MA> M>KF. AFHG@ ><HGHFB< ABLMHKB:GL BG *HKP:R BM BL, AHP>O>K, : ?:FBEB:K :G= FN<A NL>=
M>KF MH =BLMBG@NBLA MA> +LEH /<AHHE ?KHF MA> /MH<DAHEF /<AHHE :G= '>RG>LB:G ><HGHFB<L (!KBDL>G :G=
/aMA>K 2010).
20. Farmand P:L <EHL>= =NKBG@ MA> *:SB H<<NI:MBHG ;NM K>HI>G>= :?M>K MA> EB;>K:MBHG. $H?? :L >=BMHK ?HN@AM
?B>K<>ER, ;NM BG O:BG, :@:BGLM MA> +LEH /<AHHE :G= MA> IE:GGBG@ LRLM>F MA:M P:L >LM:;EBLA>= BG *HKP:R :?M>K
MA> P:K.
21. *:MBHG:E (B;K:KR H? *HKP:R, ):GNL<KBIML CHEE><MBHG, BK>OL:FEBG@ 761B, E>MM>K =:M>= *HO>F;>K 10,
1941.
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 337
$H?? LMKHG@ER K>?NM>= MABL LM:M>F>GM.
22
%G 1947 "KBL<A PKHM> :G :KMB<E> BG MA> *HKP>@B:G CHNKG:E Samtiden. %G MA>
:KMB<E> A> PKHM>:
/MN=B>L H? MA> FH=>KG ><HGHFB< F:<ABG>KR A:O> F:=> F> <HFIE>M>ER
<HGOBG<>= MA:M B? MABL F:<ABG>KR BL E>?M MH BML>E?, BM PBEE :<<HK=BG@ MH BML
G:MNK> A:O> MH @H MAKHN@A <HGONELBO> LI:LFL :G= I>KBH=B<:EER LIK>:=
LHKKHP :G= FBL>KR MH E:K@> IHINE:MBHG @KHNIL. ("KBL<A 1947)
"KBL<A P:L GHP <HGOBG<>= MA:M MA> ><HGHFB< EB?> LAHNE= ;> ;NBEM NIHG F:<KH-
><HGHFB< IE:GGBG@ :G= : LMKB<MER K>@NE:M>= ><HGHFR. AEMAHN@A A> LMBEE M:ED>= :;HNM
MA> G><>LLBMR H? BGM>EE><MN:E ?K>>=HF A> ;><:F> : @K>:M :=FBK>K H? MA> /HOB>M
><HGHFB< IE:GGBG@ LRLM>F. %G 1958 A> PKHM>:
0A> =>IK>LLBHG MA:M MA> 1/A (:G= I:KMER HMA>K 3>LM>KG <HNGMKB>L)
LN??>KL ?KHF:M IK>L>GM BL, BG FR HIBGBHG, ?NKMA>K IKHH? H? MA> M><AGB<:E
BG?>KBHKBMR H? : ?K>> F:KD>M ><HGHFR. %M BL @KHM>LJN> MA:M MA> 1/A BL
A:IIR B? MA> G:MBHG:E IKH=N<M =H>L GHM LBGD PA>G HG> <HGLB=>KL MA:M
MA> /HOB>M 1GBHG A:L : L><NK> :G= ?K>> ;NLBG>LL <R<E> @KHPMA H? L>O>G
HK >B@AM I>K <>GM >:<A R>:K.
23
%G : E:M>K E>MM>K ($:GBL<A :G= /aMA>K 2003, 61) A> K>OBL>= MA>L> ?B@NK>L BG HK=>K MH
<E:BF MA:M MA> ><HGHFB< @KHPMA BG MA> /HOB>M 1GBHG P:L :;HNM M>G I>K <>GM >:<A
R>:K!
0A> I>K?HKF:G<> H? MA> *HKP>@B:G ><HGHFR BG MA> 1950L :G= 1960L, PBMA
AB@A BGO>LMF>GM K:MBHL :G= CNLM :O>K:@> @KHPMA, P:L LN<A MA:M >O>G A:K=>G>=
F>F;>KL H? MA> +LEH /<AHHE LM:KM>= MH A:O> =HN;M :;HNM MA> LRLM>F :G= MA>
IHEBL MA:M P>K> <:KKB>= HNM, :=FBMMBG@ MA:M LHF>MABG@ P:L PKHG@. %G MA> E:LM
:O:BE:;E> E>MM>K ?KHF "KBL<A MH $H?? BG 1964, "KBL<A ABFL>E? :=FBMM>= MA:M MA>
<HNGMKR A:= GHM @:BG>= :L FN<A :L BM LAHNE= ?KHF BML E:K@> BGO>LMF>GML. $HP>O>K,
MABL P:L GHM MA> ?:BENK> H? MA> IE:GG>= ><HGHFR. $> <HG<EN=>=:
)R <HG<ENLBHG ?KHF MABL BL GHM MA:M : K:MBHG:E ?HKF H? ><HGHFB< IE:G-
GBG@ BL BG?>KBHK MH : I>K?><MER <HFI>MBMBO> ><HGHFR. A LRLM>F H?
I>K?><M <HFI>MBMBHG <:GGHM LHEO> :EE IKH;E>FL; MA>L> FNLM ;> :=-
=K>LL>= MAKHN@A : K:MBHG:E ?HKF H? ><HGHFB< IE:GGBG@.
24
22. *:MBHG:E (B;K:KR H? *HKP:R, ):GNL<KBIML CHEE><MBHG, BK>OL:FEBG@ 761A, E>MM>K =:M>= *HO>F;>K 22,
1941.
23. *:MBHG:E (B;K:KR H? *HKP:R, ):GNL<KBIML CHEE><MBHG, BK>OL:FEBG@ 761B, E>MM>K =:M>= AN@NLM 11, 1958.
24. *:MBHG:E (B;K:KR H? *HKP:R, ):GNL<KBIML CHEE><MBHG, BK>OL:FEBG@ 761B, E>MM>K =:M>= AN@NLM 24, 1964.
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$> ;E:F>L PA:M A> <:EEL fMA> BG<HFI>M>G<> H? MA> @HO>KGF>GMg :G= BML LNIIHKM H?
f: MAHKHN@AER G:]O> :G= NGBF:@BG:MBO> ?HKF H? ><HGHFB< IE:GGBG@g (L>> $:GBL<A
:G= /aMA>K 2003, 61). $HP>O>K, A> >QHG>K:M>= :EE MAHL> BG=BOB=N:EL MH PAHL>
>=N<:MBHG A> A:= <HGMKB;NM>= BG MA> ><HGHFB<L IKH@K:FL :M MA> 1GBO>KLBMR H? +LEH.
%M <:G ;> L:B= MA:M HO>K MA> =><:=>L H? ABL F:MNK> EB?> "KBL<A @K>P E>LL :G=
E>LL LNIIHKMBO> H? <E:LLB<:E EB;>K:E B=>:L :G= :MMBMN=>L. AM MA> ;>@BGGBG@ H? MA> 1930L
A> ;>EB>O>= BG MA> ;>G>?BML H? : F:KD>M ><HGHFR, :EMAHN@A HG> MA:M BG MBF>L H?
<KBLBL LAHNE= ;> K>@NE:M>=. BR MA> 1960L A> A>E= : ?BKF ;>EB>? BG : <>GMK:EER IE:GG>=,
AB@AER K>@NE:M>= ><HGHFR H? MA> /HOB>M MRI>, :EMAHN@A HG> MA:M LAHNE= ;> NG=>K ?NEE
=>FH<K:MB< <HGMKHE.
The eccentric economist
,KH?>LLHK )NGMA>, PAH P:L : <HEE>:@N> H? "KBL<A ?HK F:GR R>:KL, <HGM>G=L
MA:M .:@G:K "KBL<A BG :==BMBHG MH ;>BG@ : @K>:M ><HGHFBLM :ELH A:= :GHMA>K LB=>: f$>
?>EM EBD> : <KNL:=>K ?HK ABL HPG B=>:L ?B@AMBG@ MA> K>:<MBHGBLMLg ()NGMA> 1999, 131).
AL : IKH?>LLHK :G= K>L>:K<A =BK><MHK H? MA> %GLMBMNM> H? !<HGHFB<L A> LM:KM>=
ABL @K:G= IKHC><M H? ;KBG@BG@ ><HGHFB<L :L : LG<> fHNM H? MA> ?H@.g
25
$> ?HN@AM
:@:BGLM PA:M A> <:EE>= f?B<MBHG:E ><HGHFB<Lg :G= <E:BF>= MA:M ABL :=O>KL:KB>L, :G=
MA>R P>K> F:GR :M MA> MBF>, ;>EHG@>= MH PA:M A> <:EE>= fMA> NG>GEB@AM>G>=
IENMH<K:<Rg ("KBL<A 1961;).
%G MA> 1950L :G= 1960L "KBL<A PKHM> GNF>KHNL :KMB<E>L BG G>PLI:I>KL :G=
CHNKG:EL :=OH<:MBG@ MA> :=O:GM:@>L H? IE:GG>= ><HGHFB>L BG <HFI:KBLHG PBMA
F:KD>M ><HGHFB>L PBMA ?K>> MK:=>. $> <E:BF>= ?HK<>?NEER MA:M MA> 3>LM PHNE= LHHG
EHL> MA> ><HGHFB< K:<> :@:BGLM !:LM>KG !NKHI> :G= CABG:.
26
%G : <A:IM>K HG "KBL<A,
!=FHG= ):EBGO:N= (1999, 564) JNHM>L : K>F:KD ;R "KBL<A ?KHF 1962 MA:M MA>
/HOB>M 1GBHG <HNE= fE>M MA> 3>LM <HGMBGN> BG BML LMN;;HKG IE:GE>LLG>LL. %M PBEE
MA>G ;> E:@@BG@ ;>ABG= ><HGHFB<:EER :G= PBEE BG =N> MBF> ?:EE ?KHF MA> MK>> EBD> :G
HO>KKBI> I>:K.g "KBL<AiL HIBGBHGL IKHOHD>= K>LIHGL> BG : GNF;>K H? G>PLI:I>KL,
:G= "KBL<A K>LIHG=>= PBMA A:KLA E:G@N:@>. 3A>G>O>K LHF>HG> :K@N>= BG ?:OHNK H?
: ?K>> F:KD>M ><HGHFR PBMA ?K>> MK:=>, "KBL<A K>;ND>= ABL LM:M>F>GML.
%G :KMB<E>L BG CHNKG:EL :G= G>PLI:I>KL "KBL<A ?HN@AM ?B>K<>ER :@:BGLM *HK-
P>@B:G F>F;>KLABI BG MA> !!C ;HMA :M MA> ;>@BGGBG@ H? MA> 1960L :G= :M MA>
;>@BGGBG@ H? MA> 1970L.
27
$BL F:BG :K@NF>GML :@:BGLM MA> !NKHI>:G CHFFNGBMR
25. "KBL<A NL>= MABL IAK:L> BG : @N>LM E><MNK>, :MM>G=>= ;R HG> H? MA> :NMAHKL, :M MA> 1GBO>KLBMR H? +LEH
=NKBG@ MA> 1960L.
26. />> ?HK >Q:FIE> ABL *HO>F;>K 5, 1955 :KMB<E> BG MA> =:BER G>PLI:I>K Arbeiderbladet, f(:G@LHF M:DM %
2>LM, K:LD>K> % `LMg (f/EHP ,:<> BG MA> 3>LM, ":LM>K BG MA> !:LMg) :G= ABL *HO>F;>K 3, 1959 :KMB<E> BG
Aftenposten, f'C>MM>KLD> F>GBG@>K HF?KBA:G=>Eg (f$>K>MB<:E +IBGBHGL HG "K>> 0K:=>g).
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 339
P>K> MA:M BM PHNE= K>OBO> : ?K>> F:KD>M ><HGHFR, ;> : <:KM> ;E:G<A> ?HK MA> ?BG:G<B:E
L><MHK, :G= MA:M FNEMBG:MBHG:E <HKIHK:MBHGL PHNE= >QIEHBM *HKP:RiL K>LHNK<>L.
C>GMK:E ><HGHFB< IE:GGBG@, PAB<A A> LMKHG@ER :=OH<:M>=, PHNE= ;> <HFIE>M>ER
BFIHLLB;E> BG fMA> NG>GEB@AM>G>= IENMH<K:<Rg H? MA> !NKHI>:G CHFFNGBMR. %G :
IK>?:<> MH : I:FIAE>M PKBMM>G ;R (>B? &HA:GL>G BG 1961, "KBL<A B@GHK>= PA:M A>
BFIK>LL>= NIHG ABL LMN=>GML. %G : ?B@NK>, PAB<A A:L GH ;:LBL H? :GR DBG= BG :G:ERLBL,
A> IK>=B<M>= MA:M B? *HKP:R ;><:F> : F>F;>K H? MA> !!C BM PHNE= :M MA> O>KR
;>LM A:O> EHP @KHPMA K:M>L. BR LM:RBG@ HNMLB=> :G= =>O>EHIBG@ : LH<B:EER IE:GG>=
><HGHFR *HKP:R <HNE= :<AB>O> : ?:;NEHNL @KHPMA ("KBL<A 1961:).
BC>KDAHEM (2006, 349-350) PKBM>L, f"KBL<A, :?M>K OHMBG@ (:;HNK ?HK MA> E:LM
MBF> BG 1961, ;><:F> : ;HF;:LMB< LNIIHKM>K H? MA> /H<B:EBLM ,>HIE>iL ,:KMR
(/HLB:EBLMBLD ?HED>I:KMB).g %G :G :KMB<E> BG Arbeiderbladet BG 1962, "KBL<A NL>=
>QMK>F>ER LMKHG@ PHK=L :@:BGLM F>F;>KL H? MA> #HO>KGF>GM BG @>G>K:E :G= MA>
"HK>B@G )BGBLM>K BG I:KMB<NE:K, <E:BFBG@ MA:M MA>R A:= =>EN=>= MA> *HKP>@B:G
IN;EB<.
28
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Frisch, Ragnar. 1926;. /NK NG IKH;E>F =i><HGHFB> INK>. Norsk Matematisk
Forenings Skrifter 1(16): 1-40.
Frisch, Ragnar. 1926<. 'O:GMBM:MBO ?HKFNE>KBG@ :O =>G M>HK>MBLD> bDHGHFBDDL
EHO>K 7-N:GMBM:MBO> ?HKFNE:MBHG H? MA> E:PL H? ><HGHFB< MA>HKR8.
Statskonomisk Tidsskrift 40: 299-334.
Frisch, Ragnar. 1929. /M:MBDD H@ =RG:FBDD B bDHGHFBLD M>HKB 7/M:MB<L :G=
=RG:FB<L BG ><HGHFB< MA>HKR8. Nationalkonomisk Tidsskrift 67: 321-379.
(/><MBHGL 1-3 :K> MK:GLE:M>= BGMH !G@EBLA :G= IN;EBLA>= BG BC>KDAHEM 1995;.)
Frisch, Ragnar. 1933. Sparing og circulasjonsregulering 7Saving and Circulation
Regulation8. +LEH: ":;KBMBNL & /bGG>K.
Frisch, Ragnar. 1947. )YE H@ FB=E>K B bDHGHFBLD IHEBMBDD B >MM>KDKB@LMB=>G 7!G=L
:G= )>:GL BG !<HGHFB< ,HEB<R BG MA> ,HLM-3:K 0BF>8. Samtiden 56: 26-38.
Frisch, Ragnar. 1951 719328. /M:M>GL IEBDM MBE <BKDNE:LCHGLK>@NE>KBG@ 70A>
#HO>KGF>GMiL +;EB@:MBHG MH CBK<NE:MBHG .>@NE:MBHG8. )>FHK:G=NF,
&:GN:KR 11, 1951. %GLMBMNM> H? !<HGHFB<L, 1GBO>KLBMR H? +LEH.
Frisch, Ragnar. 1961:. "HKHK= 7IK>?:<>8 MH Norge og Fellesmarkedet: En kritisk
oversikt og et standpunkt 7Norway and the Common Market: A Critical Review and a
Position8 ;R (>B? &HA:GL>G. +LEH.
Frisch, Ragnar. 1961;. >M NHIIERLM> I>G@>O>E=>. Sosialkonomen 15(7): 2-3.
Frisch, Ragnar. 1966. .:MBHG:E ,KB<> "BQBG@ BG : /H<B:EBLMB< /HMR. Economics of
Planning 6(2): 97-124.
Frisch, Ragnar. 1992 719708. ANMH;BH@K:IAR. %G Nobel Lectures: Economic Sciences,
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Hanisch, Tore Jrgen, and Arild Sther. 2003. 0A> "HK@HMM>G BLL>KM:MBHG:
0KR@O> &. B. $H??, Economic Calculation in the Socialist Society. History of Economic
Ideas 11: 43-73.
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of Economics 71(4): 302-324.
Malinvaud, Edmond. 1999. $HP "KBL<A /:P BG MA> 1960L MA> CHGMKB;NMBHGL H?
!<HGHFBLML MH >O>EHIF>GM ,E:GGBG@. %G Econometrics and Economic Theory
in the 20th Century: The Ragnar Frisch Centennial Symposium, >=. /M>BG:K /MKbF,
560-576. *>P 5HKD: C:F;KB=@> 1GBO>KLBMR ,K>LL.
Munthe, Preben. 1995. .:@G:K "KBL<A, +E> CHE;CbKGL>G H@ AK;>B=>KI:KMB>ML
DKBL>IE:G>K. Norsk konomisk Tidsskrift 109: 275-302.
Munthe, Preben. 1997. 'KBL>-bDHGHFB 7CKBLBL !<HGHFR8. )>FHK:G=NF 12/
1997. >I:KMF>GM H? !<HGHFB<L, 1GBO>KLBMR H? +LEH.
Munthe, Preben. 1999. Populister og originale konomer 7Populists and Eccentric
Economists8. +LEH: 0:GH AL<A>AHN@.
Samuelson, Paul A. 1974. .>F>F;K:G<>L H? "KBL<A. European Economic Review 5:
7-23.
Vogt, Johan. 1961. Kristiania Hypothek- og Realkredit-Bank 18861961. +LEH:
*:LCHG:EMKRDD>KB>M.
Clive W. J. Granger
CEBO> 3BEEB:F &HAG #K:G@>K (1934d2009) P:L ;HKG BG 3:E>L :G= K:BL>= BG
!G@E:G=. $BL @K:G=?:MA>K P:L : <H;;E>K :G= ABL ?:MA>K P:L : <HFF>K<B:E MK:O>EE>K.
$BL ?:MA>K L>KO>= BG MA> .A" =NKBG@ 33%% BG !G@E:G= :G= *HKMA A?KB<:. NKBG@
MA> 3:K, #K:G@>K FHO>= ?K>JN>GMER. %G IKBF:KR L<AHHE A> ?HNG= LN<<>LL BG
F:MA>F:MB<L ;NM fGHM FN<A >EL>g (#K:G@>K 2004). $BL ?:MA>KiL K>MNKG ?KHF MA>
P:K MHHD MA> #K:G@>K ?:FBER MH *HMMBG@A:F PA>K> CEBO> =><B=>= MH <HG<>GMK:M>
HG IARLB<L :G= INK> :G= :IIEB>= F:MA>F:MB<L BG MA> LBQMA-?HKF :M 3>LM BKB=@?HK=
#K:FF:K /<AHHE. $> :IIEB>= MH MA> 1GBO>KLBMR H? *HMMBG@A:F?HK BML ?BKLM BGM:D> H?
: CHBGM =>@K>> IKH@K:F BG F:MA>F:MB<L :G= ><HGHFB<L (B;B=.).
#K:G@>K <E:BF>= MA:M ABL MPH ?BKLM-R>:K <HNKL>L BG ><HGHFB<L P>K> MA> HGER
?HKF:E MK:BGBG@ A> >O>K K><>BO>= BG ><HGHFB<L. $> LPBM<A>= MH F:MA>F:MB<L ?NEE-
MBF> :G= H;M:BG>= ABL "BKLM BG MA> LN;C><M (#K:G@>K 2009, 358). #K:G@>K MA>G >:KG>=
ABL ,A.. BG LM:MBLMB<L BG 1959 :G= LI>GM : R>:K :M ,KBG<>MHG PHKDBG@ HG +LD:K
)HK@>GLM>KGiL 0BF> />KB>L ,KHC><M. 0A:M =>O>EHI>= BGMH : ;HHD, Spectral Analysis of
Economic Time Series (1964), PKBMM>G PBMA )B<ABH $:M:G:D: (#K:G@>K 1997, 258-259).
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 342
#K:G@>K K><:EE>= :G >G<HNGM>K ;>MP>>G K>:E-PHKE= IHEBMB<L :G= ><HGHFB<
K>L>:K<A:
+G> >Q<BMBG@ I>KBH= H<<NKK>= BG 1960, PA>G )HK@>GLM>KG P:L :LD>=
;R ,K>LB=>GM !BL>GAHP>K MH O>KR JNB<DER IKH=N<> : K>IHKM HG
f;:K@:BGBG@.g 0A> IK>LB=>GM A:= :@K>>= MH F>>M PBMA MA> .NLLB:G
IK>FB>K ?HK : =>;:M>, ;NM A> =><B=>= MA:M A> =B= GHM DGHP AHP MH
;:K@:BG. AEE @:F> MA>HKBLML :M ,KBG<>MHG :G= F:GR HMA>KL BG MA> IKHC><M
=KHII>= :EE PHKD ?HK : <HNIE> H? P>>DL MH <HGLB=>K MA> MHIB<. 3> =B=
?BG= : ?>PK>E>O:GM B=>:L, ;NM MA>G MA> 1-2 LIR IE:G> BG<B=>GM H<<NKK>=,
LH MA> 1./.-.NLLB:G F>>MBG@ P:L <:G<>E>=. AM E>:LM % =BL<HO>K>= MA:M
><HGHFB<L <HNE= IHM>GMB:EER ;> ;HMA O>KR BFIHKM:GM :G= >Q<BMBG@ PA>G
<HNIE>= PBMA IHEBMB<L, ;NM MA:M >O>GMN:EER MA> IHEBMB<:E :LI><ML H? :
LBMN:MBHG PHNE= =HFBG:M>. (#K:G@>K 2009, 359)
#K:G@>K ;><:F> : CNGBHK E><MNK>K BG LM:MBLMB<L BG 1956 :G= P:L HG MA>
*HMMBG@A:F ?:<NEMR ?HK MPH =><:=>L. %G 1974 A> FHO>= MH MA> 1GBO>KLBMR H?
C:EB?HKGB: :M /:G B>@H (#K:G@>K 2004). 3BMA .H;>KM !G@E>, #K:G@>K PHG MA> 2003
*H;>E ,KBS> BG !<HGHFB<L f?HK F>MAH=L H? :G:ERSBG@ ><HGHFB< MBF> L>KB>L PBMA
<HFFHG MK>G=L (<HBGM>@K:MBHG).g
0BFH 0>KXLOBKM: PKBM>L MA:M #K:G@>K:
c<HGMKB;NM>= MH F:GR :K>:L BG ><HGHF>MKB<L. 0A>R BG<EN=> MA>
:G:ERLBL H? GHG-LM:MBHG:KR MBF> L>KB>L, <:NL:E K>E:MBHGL ;>MP>>G
><HGHFB< O:KB:;E>L, EHG@ F>FHKR, GHGEBG>:KBMR, ?HK><:LMBG@ ><HGHFB<
MBF> L>KB>L, FH=>EEBG@ LMH<D IKB<>L :G= OHE:MBEBMR, :G= IKB<> ?HKF:MBHG.
(0>KXLOBKM: 2008)
B>?HK> ;>@BGGBG@ ABL ,KBS>-PBGGBG@ PHKD HG <HBGM>@K:MBHG, #K:G@>K =>?BG>=
<:NL:EBMR BG : LI><B?B< P:R MA:M BL GHP DGHPG :L #K:G@>K <:NL:EBMR, NG=>K PAB<A
: fMBF> L>KB>L BL L:B= MH h#K:G@>K-<:NL>i :GHMA>K B? BML I:LM O:EN>L BFIKHO> MA>
IK>=B<MBHG HG> PHNE= @>M CNLM ?KHF MA> I:LM O:EN>L H? MA> ?BKLM MBF> L>KB>Lg ($HHO>K
2008).
#K:G@>K A:L ;>>G =>L<KB;>= :L : IK:@F:MB< '>RG>LB:G, fGHM AB=>-;HNG= ;R
MA>HKR HK B=>HEH@B>Lg (C:L>R 2008). %G 2008, #K:G@>K <HFF>GM>= HG : GNF;>K H?
IHEBL BG %K>E:G=. $> L:B= MA:M : LAHKM-M>KF I:R ?K>>S> <HNE= ;> A>EI?NE, :EMAHN@A
EHP-BG<HF> BG=BOB=N:EL LAHNE= ;> >Q>FIM :G= <HGLNFIMBHG LAHNE= ;> LMBFNE:M>=;
A> :ELH :=OH<:M>= EHP M:Q>L :G= =>?B<BM ?BG:G<> MH A>EI LMBFNE:M> MA> ><HGHFR
(B;B=.). #K:G@>K LB@G>= : I>MBMBHG LNIIHKMBG@ :G BG<K>:L> BG MA> FBGBFNF P:@> BG
MA> 1GBM>= /M:M>L ($>=>G@K>G >M :E. 2010).
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 343
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Trygve Haavelmo
0KR@O> $::O>EFH (1911d1999) P:L ;HKG BG /D>=LFH, *HKP:R, :G= @K>P
NI BG /MbFF>G. $::O>EFH @K:=N:M>= ?KHF AB@A L<AHHE BG 1930, =NKBG@ MA> #K>:M
>IK>LLBHG. $> BGM>G=>= MH INKLN> ABL NGBO>KLBMR =>@K>> BG IABEHEH@R HK
>G@BG>>KBG@ ;NM =><B=>= HG ><HGHFB<L (BC>KDAHEM 2006, 319).
$::O>EFH >:KG>= ABL NG=>K@K:=N:M> =>@K>> BG ><HGHFB<L ?KHF MA>
1GBO>KLBMR H? +LEH BG 1933, LMN=RBG@ NG=>K :G= @K>:MER BG?EN>G<>= ;R .:@G:K "KBL<A.
$::O>EFH ;><:F> : K>L>:K<A :LLBLM:GM BG "KBL<AiL %GLMBMNM> H? !<HGHFB<L ;>MP>>G
1933 MH 1937. +O>K MA> ?HEEHPBG@ =><:=>, $::O>EFH A:= : O:KB>MR H? :IIHBGMF>GML
:G= IHLBMBHGL BG *HKP:R :G= MA> 1GBM>= /M:M>L. #>KF:GRiL H<<NI:MBHG H? *HKP:R
D>IM $::O>EFH BG MA> 1GBM>= /M:M>L EHG@>K MA:G :GMB<BI:M>= (BC>KDAHEM 2006).
+E:O BC>KDAHEM LN@@>LML MA:M $::O>EFH PHKD>= MH LAHK> NI B=>:L INM
?HKP:K= ;R &HAG ):RG:K= '>RG>L:
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 344
A E:K@> IKHIHKMBHG H? $::O>EFHiL MA>HK>MB<:E PHKD =NKBG@ MA> P:K
<HG<>KG>= F:<KH><HGHFB< JN>LMBHGL, ;:L>=, GHM E>:LM, HG '>RG>L. $>
P:L GHM <HGOBG<>= H? MA> >Q<>EE>G<> H? '>RG>LiL MA>HKR BG >O>KR :K>:
:G= IKHIHNG=>= MA> G>>= MH f=RG:FBL> '>RG>Lg. '>RG>LB:G MA>HKR
:ELH BG?HKF>= : I:I>K HG ?BL<:E IHEB<R BG : LBMN:MBHG PBMA
NG>FIEHRF>GM, PAB<A A> IN;EBLA>= MHP:K=L MA> >G= H? MA> P:K.
$::O>EFH ;><:F> DGHPG :L MA> ?:MA>K H? MA> ;:E:G<>= ;N=@>M
FNEMBIEB>K MA>HK>F. (BC>KDAHEM 2006, 346)
A?M>K MA> P:K, $::O>EFH LI>GM : R>:K :M MA> CHPE>L CHFFBLLBHG BG CAB<:@H
;>?HK> K>MNKGBG@ MH MA> 1GBO>KLBMR H? +LEH :G= ;><HFBG@ : IKH?>LLHK MA>K> ?HK
MABKMR-HG> R>:KL. $> P:L :P:K=>= MA> *H;>E ,KBS> BG 1989 f?HK ABL <E:KB?B<:MBHG
H? MA> IKH;:;BEBMR MA>HKR ?HNG=:MBHGL H? ><HGHF>MKB<L :G= ABL :G:ERL>L H?
LBFNEM:G>HNL ><HGHFB< LMKN<MNK>L.g
$::O>EFH L>>FL G>O>K MH A:O> >QIHNG=>= ABL IHEBMB<:E OB>PL. $BL ?>EEHP
+LEH IKH?>LLHKL ':KE )H>G> :G= AL;CbKG .b=L>MA (1991, 175) K>F>F;>K,
fAEMAHN@A BGM>GL>ER BGM>K>LM>= BG IHEB<R JN>LMBHGL, A> A:L G>O>K >GM>K>= IN;EB<
=>;:M> :G= A:L :EP:RL :OHB=>= IN;EB<BMR.g
/MBEE, $::O>EFH <>KM:BGER A:= :G BFI:<M HG *HKP:RiL IHEBL. %G 1945 A>
CHBG>= MA> (:;HNK I:KMR <HFFBMM>> ?HK ><HGHFB< IHEB<R. 0PH R>:KL E:M>K A> ;><:F>
<AB>? H? *HKP:RiL ?BG:G<> FBGBLMKR, :G= A> P:L D>R BG *HKP:RiL K><HGLMKN<MBHG
I:MA ()H>G> :G= .b=L>MA 1991, 177). $BL LMN=>GML, :L P>EE, H?M>G P>GM BGMH
@HO>KGF>GM L>KOB<>, :G= f7?8HK : <HNIE> H? =><:=>L MA>K> P:L A:K=ER : <:;BG>M
BG *HKP:R PBMAHNM : FBGBLM>K PAH A:= ;>>G M:N@AM ;R 0KR@O> $::O>EFHg
(CAKBLMB:GL>G :G= .b=L>MA 2000, 182).
3ABE> BGOHEO>= BG IHEBMB<L, $::O>EFH :=OH<:M>= f?HK FHK> F:KD>M-HKB>GM>=
IHEBL PBMA E>LL IKB<> K>@NE:MBHG :G= ?>P>K LN;LB=B>Lg (CAKBLMB:GL>G :G= .b=L>MA
2000, 185). %G ABL ><HGHFB< PHKD, A> HIIHL>= K>GM-L>>DBG@ :L ;>BG@ BG>??BGM
(B;B=., 183). BC>KDAHEM (2006, 348) PKBM>L: f,HEBMB<:EER, $::O>EFH K>F:BG>= <EHL>ER
:MM:<A>= MH MA> (:;HNK ,:KMR :EE ABL :=NEM EB?>. $> A:K=R >O>K <HGLB=>K>= : <:K>>K BG
IHEBMB<L, ;NM A> :EP:RL =BLIE:R>= : LMKHG@ BGM>K>LM BG IHEB<R-F:DBG@ :G= :G :;BEBMR ?HK
@BOBG@ <HGLMKN<MBO> :=OB<>.g BC>KDAHEM =>L<KB;>L $::O>EFHiL :<MBOBMB>L BG @HO>KG-
F>GM L>KOB<> :G= :=OBLBG@, :G= <HGMBGN>L:
%G MA> >:KER IHLM-P:K I>KBH= $::O>EFH >GCHR>= @HH= K>E:MBHGL PBMA MA>
E>:=BG@ (:;HNK IHEBMB<B:G :G= ?NMNK> IKBF> FBGBLM>K 0KR@O> BK:MM>EB.
c "HEEHPBG@ (:;HNKiL >E><MHK:E =>?>:M :G= K>MNKG MH MA> HIIHLBMBHG
;>G<A>L BG 1965, $::O>EFH :@K>>= MH LBM HG MA> (:;HNK ,:KMRiL
><HGHFB< IHEB<R <HFFBMM>>, PAB<A P:L A>:=>= ;R BK:MM>EB. 0A>K> P:L
HG> ;:LB< IHEBMB<:E JN>LMBHG HG PAB<A MA>R <HNE= GHM :@K>>. $::O>EFH,
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 345
EBD> "KBL<A, :<MBO>ER HIIHL>=, B? LHF>PA:M E>LL OH<B?>KHNLER, *HKP:RiL
IKHLI><MBO> F>F;>KLABI H? MA> !!C. )>F;>KLABI K>MNKG>= MH MA>
IHEBMB<:E :@>G=: BG MA> >:KER 1960L, :G= :@:BG BG 1972, PBMA MA>
K>?>K>G=NF. $::O>EFH K>F:BG>= : F>F;>K H? (:;HNKiL ><HGHFB<
IHEB<R <HFFBMM>> ?HK : @HH= F:GR R>:KL :?M>K MA> K>?>K>G=NF.
$::O>EFHiL <HGMKB;NMBHGL P>K> ?>P, ;NM >:<A HG> P:L : P>EE-MAHN@AM-
MAKHN@A, <HG<BL> :G= I>=:@H@B<:EER ;KB>? E><MNK>. (BC>KDAHEM 2006, 349)
$::O>EFH >QIK>LL>= <HG<>KGL :;HNM LNLM:BG:;BEBMR PBMA E:K@> IHINE:MBHGL,
I:KMB<NE:KER ;><:NL> H? :<<NFNE:MBG@ IHEENMBHG ($::O>EFH :G= $:GL>G 1992, 40;
L>> :ELH CAKBLMB:GL>G :G= .b=L>MA 2000, 190). 0A> M>GLBHG ;>MP>>G ><HGHFB<
@KHPMA :G= NL> H? G:MNK:E K>LHNK<>L P:L : <HFFHG MA>F> BG ABL PHKD ()H>G> :G=
.b=L>MA 1991, 177). $::O>EFH A:= : EHO> H? G:MNK>, PAB<A A> :M MBF>L >QIK>LL>= BG
:KM: fA I:BGMBG@ H? : ;NEE=HS>K MAK>:M>GBG@ LHF> ?EHP>KL K>O>:EL ABL IK>H<<NI:MBHG
PBMA MA> >GOBKHGF>GM :G= MA> ?NMNK> H? MA> >:KMA. ,KHQBFBMR MH G:MNK> P:L H? @K>:M
BFIHKM:G<> MH ABF.g (CAKBLMB:GL>G :G= .b=L>MA 2000, 182).
$::O>EFH L:P ><HGHFB< LRLM>FL :L >G=H@>GHNLe;>LM =><B=>= ;R MA> IK>?-
>K>G<>L H? MA> I>HIE> BG : LHMR ()H>G> :G= .b=L>MA 1991, 189). %G ABL *H;>E
E><MNK>, $::O>EFH :OHB=>= :GR IHEB<R =BL<NLLBHG, LMB<DBG@ MH IKHIHLBG@ : G>P P:R
MH :IIKH:<A ><HGHFB<L, G:F>ER, :G:ERSBG@ LHMR BGLM>:= H? BG=BOB=N:E <AHB<>:
f/M:KMBG@ PBMA LHF> >QBLMBG@ LHMR, P> <HNE= <HG<>BO> H? BM :L : LMKN<MNK> H? KNE>L
:G= K>@NE:MBHGL PBMABG PAB<A MA> F>F;>KL H? LHMR A:O> MH HI>K:M>g ($::O>EFH
1992).
/NDAI:E /BG@A :G= 2BGH= 2R:LNEN K>:= $::O>EFHiL PHKD :L E>:GBG@ MHP:K=
IE:GGBG@, K:MA>K MA:G E:BLL>S-?:BK>: fAEMAHN@A $::O>EFH ABFL>E? =H>L GHM @>M BGMH
BLLN>L H? B=>HEH@R :G= IHEBMB<L, BM :II>:KL MH NL MA:M F:GR H? MA> <HG<ENLBHGL MA:M
?HEEHP ?KHF ABL FH=>EL PHNE= M>G= MH LN@@>LM : ?K:F>PHKD H? ><HGHFB<L MA:M P>
PHNE= <:EE : IE:GGBG@ ?K:F>PHKD :L HIIHL>= MH : ?K>> F:KD>M ?K:F>PHKDg (/BG@A
:G= 2R:LNEN 1989, 2649).
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Haavelmo, Trygve. 1992. !<HGHF>MKB<L :G= MA> 3>E?:K> /M:M>. %G Nobel Lectures:
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,K>LL.
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$::O>EFH. Journal of Economic Perspectives 5(3): 175-192. Link
Singh, Sukhpal, and Vinod Vyasulu. 1989. $::O>EFH :G= >O>EHIF>GM
!<HGHFB<L. Economic and Political Weekly 24(48): 2647-2649.
John C. Harsanyi
&HAG $:KL:GRB (1920d2000) P:L ;HKG BG $NG@:KR. $> P:L :G HGER <ABE= ;HKG
H? I:K>GML PAH <HGO>KM>= MH C:MAHEB<BLF ?KHF &N=:BLF (3>RF:KD 2008, 247). $>
@K:=N:M>= ?KHF MA> (NMA>K:G #RFG:LBNF BG BN=:I>LM, :ENFGB H? PAB<A BG<EN=>
&HAG OHG *>NF:GG. 0A> R>:K $:KL:GRB @K:=N:M>=, 1937, A> PHG MA> "BKLM ,KBS>
BG ):MA>F:MB<L :M : G:MBHGPB=> <HFI>MBMBHG ?HK AB@A L<AHHE LMN=>GML. 3BMA MA>
BG?EN>G<> H? $BME>KiL #>KF:GR HG MA> KBL> BG $NG@:KR, $:KL:GRB =><B=>= MH LMN=R
IA:KF:<R BG HK=>K MH H;M:BG : FBEBM:KR =>?>KF>GM :G= MANL :OHB= ?HK<>= E:;HK
HG ;>A:E? H? MA> $NG@:KB:G :KFRe;NM PA>G #>KF:GR BGO:=>= BG 1944, A> P:L
<HGLB@G>= MH : E:;HK NGBM. "HKMNG:M>ER, $:KL:GRB F:G:@>= MH >L<:I> CNLM :L ABL NGBM
P:L ;>BG@ =>IHKM>= ?KHFBN=:I>LM MH : *:SB <HG<>GMK:MBHG <:FI. $> ?HNG= K>?N@>
BG : FHG:LM>KR <>EE:K IKHOB=>= ?HK ABF ;R : &>LNBM IKB>LM A> A:= DGHPG ($:KL:GRB
2009, 223-224).
$:KL:GRB LMN=B>= IABEHLHIAR :G= =>O>EHI>= : IKBG<BIE> H? KNE> NMBEBM:KB:GBLF,
?:OHKBG@ : LHMR MA:M PHNE= fK><H@GBS> FHK:EER IKHM><M>= BG=BOB=N:E KB@AML :G=
I>KLHG:E H;EB@:MBHGL MA:M FNLM GHM ;> OBHE:M>= >Q<>IM BG LHF> O>KR K:K> :G= O>KR
LI><B:E <:L>Lg ($:KL:GRB 1985:, 55). $:KL:GRBiL >:KER ><HGHFB< PHKD ?H<NL>= HG
P>E?:K> ><HGHFB<L ()R>KLHG 2008), ;NM A> PHG MA> *H;>E ,KBS> BG 1994 :EHG@ PBMA
.>BGA:K= />EM>G :G= &HAG *:LA f?HK MA>BK IBHG>>KBG@ :G:ERLBL H? >JNBEB;KB: BG MA>
MA>HKR H? GHG-<HHI>K:MBO> @:F>L.g
A?M>K 3HKE= 3:K %%, $:KL:GRB P:L :;E> MH K>MNKG MH MA> 1GBO>KLBMR H?
BN=:I>LM, PA>K> A> >:KG>= ABL ,A.. BG IABEHLHIAR BG 1947. B>MP>>G 1947 :G=
1948, A> L>KO>= :L : CNGBHK ?:<NEMR F>F;>K :M MA> 1GBO>KLBMR %GLMBMNM> H? /H<BHEH@R.
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 347
0A>K>, A> F>M : LMN=>GM :G= ABL ?NMNK> PB?>, AGG> 'E:N;>K. $:KL:GRB, :G :GMB-
):KQBLM, f?>EM <HFI>EE>= MH <HBG ;:= CHD>L :M MA> >QI>GL> H? FR CHFFNGBLM
<HEE>:@N>Lg ($:KL:GRB 2009, 224). $> LHHG ?HNG=, AHP>O>K, MA:M ABL OB>PL P>K>
F:DBG@ $NG@:KR BG<K>:LBG@ER =:G@>KHNL ?HK ABF: f!O>GMN:EER, MA> IHEBMB<:E
LBMN:MBHG GH EHG@>K I>KFBMM>= MA>F MH >FIEHR :G HNMLIHD>G :GMB-):KQBLM, :L % P:L,
:G= BG &NG> H? 1948 % A:= MH K>LB@G ?KHF MA> %GLMBMNM>g (B;B=.). 'E:N;>K LM:R>=
;>ABG= MH ?BGBLA A>K LMN=B>L, ;NM, $:KL:GRB L:RL, fAGG>c7P:L8 <HGMBGN:EER A:K:LL>=
;R A>K CHFFNGBLM <E:LLF:M>L, PAH NK@>= A>K MH ;K>:D NI PBMA F> ;><:NL> H? FR
IHEBMB<:E OB>PL. c 708A> A:K:LLF>GM F:=> A>K K>:EBS>, ;>?HK> % =B=, MA:M $NG@:KR
P:L ;><HFBG@ : <HFIE>M>ER /M:EBGBLM <HNGMKR. 0A> HGER L>GLB;E> <HNKL> H? :<MBHG
P:L MH E>:O> $NG@:KRg (B;B=.).
$:KL:GRB :G= 'E:N;>K LEBII>= :<KHLL MA> $NG@:KB:G ;HK=>K BG 1950 :G=
F:G:@>= MH @>M MH MA> AF>KB<:G SHG> BG 2B>GG:. 0A>R >O>GMN:EER F:=> MA>BK P:R
MH /R=G>R PA>K> MA>R P>K> F:KKB>= BG 1951. B><:NL> $:KL:GRBiL !G@EBLA P:L GHM
@HH= :G= ABL $NG@:KB:G NGBO>KLBMR =>@K>>L BG IA:KF:<R :G= IABEHLHIAR P>K> GHM
K><H@GBS>= BG ANLMK:EB:, A> A:= MH PHKD BG : ?:<MHKR PABE> M:DBG@ GB@AM <E:LL>L MH
>:KG : F:LM>KiL BG ><HGHFB<L ?KHF MA> 1GBO>KLBMR H? /R=G>R, PAB<A A> <HFIE>M>=
BG 1953. $> >:KG>= MA> .H<D>?>EE>K ">EEHPLABI BG 1956, PAB<A :EEHP>= ABF MH
<HF> MH MA> 1GBM>= /M:M>L :G= >:KG ABL ,A.. :M /M:G?HK=. 0A>K>, $:KL:GRB ;>@:G
PHKDBG@ PBMA ABL =BLL>KM:MBHG :=OBLHK, '>GG>MA AKKHP, PAH K><HFF>G=>= MA:M A>
LMN=R F:MA>F:MB<L :G= LM:MBLMB<L. %G 1958 ABL OBL: >QIBK>= :G= A> A:= MH K>MNKG MH
/R=G>R. 3BMA K><HFF>G=:MBHGL ?KHF AKKHP :G= &:F>L 0H;BG, $:KL:GRB K>MNKG>=
MH AF>KB<: MAKHN@A :G :IIHBGMF>GM :M 3:RG> /M:M> 1GBO>KLBMR BG >MKHBM BG 1961.
"BG:EER BG 1964 A> FHO>= MH : IHLBMBHG :M MA> 1GBO>KLBMR H? C:EB?HKGB: :M B>KD>E>R
PA>K> A> LI>GM FHLM H? ABL <:K>>K ($:KL:GRB 2009, 224-228).
+? ABL =:G@>KHNL >:KER EB?>, $:KL:GRB L:B=:
0A>L> >QI>KB>G<>L H? <HNKL> @:O> : LI><B:E ;B:L MH FR BGM>K>LM BG LH<B:E
:G= IHEBMB<:E JN>LMBHGL, ;><:NL> % K>:EBS>= AHP BFIHKM:GM BM BL MH EBO> BG
: =>FH<K:MB< LHMR, :G= FHK> BFIHKM:GM, BG : EB;>K:E LHMR BG PAB<A
I>HIE> :K> ?K>> MH >QIK>LL MA>BK HIBGBHGL, ?K>> MH :LLH<B:M> PBMA HMA>K
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1994)
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738> FNLM BF:@BG> HNKL>EO>L BG :G BGBMB:E IHLBMBHG ;>?HK> LH<B:E KHE>L
A:O> ;>>G :LLB@G>=, PA>G P> <HNE= HGER :GMB<BI:M> @>MMBG@ MA> KHE> H?
LHF>HG> =K:PG :M K:G=HF ?KHF MA> PAHE> IHINE:MBHG. 0ANL, >MAB<:E
=><BLBHG-F:DBG@ BGOHEO>L :G >LL>GMB:E >E>F>GM H? KBLD, :G= P> G:MNK:EER
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 348
@>M : LH<B:E P>E?:K> ?NG<MBHG >JN:E MH MA> :O>K:@> NMBEBMR H? :EE F>F;>KL
H? LHMR. ()R>KLHG 2008)
)N<A H? $:KL:GRBiL PHKD P:L HG P>E?:K> :G= NMBEBMR. &HAG *:LAiL PHKD HG
<HHI>K:MBO> :G= GHG<HHI>K:MBO> @:F>L BGLIBK>= $:KL:GRB MH ;>@BG F:MA>F:MB<:EER
:G:ERSBG@ @:F> MA>HKR ($:KL:GRB 2009). $:KL:GRB =>O>EHI>= *:LAiL ?HKFNE:MBHGL
MH BG<EN=> :LRFF>MKB< BG?HKF:MBHG, LN<A :L BG G>@HMB:MBHGL ($::L 1994).
3A>G $:KL:GRB PHKD>= PBMA GBG> HMA>K @:F> MA>HKBLML MH :=OBL> MA> 1GBM>=
/M:M>L BG G>@HMB:MBHGL PBMA MA> /HOB>M 1GBHG, A> L:B=, f3> =BL<HO>K>= MA:M P>
<HNE=GiM :=OBL> MA>F HG MABL F:MM>K ;><:NL> MA>L> G>@HMB:MBHGL K>IK>L>GM>= : @:F>
PBMA BG<HFIE>M> BG?HKF:MBHG, BG PAB<A >:<A LB=> DG>P EBMME> :;HNM MA> HMA>K LB=>g
(JNHM>= BG $::L 1994). $:KL:GRB IKH<>>=>= BG E:M>K R>:KL MH =>O>EHI @:F> MA>HKR
PBMA :G >R> MHP:K= F:DBG@ BM FHK> >??><MBO> BG K>:E-PHKE= LBMN:MBHGL.
+G LI><B?B< IHEBL, $:KL:GRB, >O>K O:ENBG@ =>FH<K:<R, EHHD>= ?:OHK:;ER
NIHG @HO>KGF>GM:E >??HKML MH BG<K>:L> OHMBG@ I:KMB<BI:MBHG ($:KL:GRB 2001, 398).
$> :ELH L:P @K>:M :II>:E BG =BL:KF:F>GM, ;NM MAHN@AM MA:M NGBE:M>K:E =BL:KF:F>GM
PHNE= ;> =>MKBF>GM:E (B;B=., 399).
AEP:RL =KBO>G ;R E:K@>K LH<BHEH@B<:E BLLN>L, $:KL:GRB :ELH :IIEB>= @:F>
MA>HKR MH FHK:E :G:ERLBL H? LHM:E HK@:GBS:MBHG:
7+8G<> HNK @:F>-MA>HK>MB<:E FH=>E H? LHMR F:D>L IKHI>K :EEHP-
:G<>L ?HK FHK:E :G= B=>HEH@B<:E FHMBO:MBHGL, P> FNLM <HG<EN=> MA:M
LH<B:E BGLMBMNMBHGL :K> neither F>K> >QIK>LLBHGL H? MA> <HFFHG FHK:E
O:EN>L H? MA> LHMR nor F>K> >QIK>LLBHGL H? MA> BGM>K>LML H? MA>
LMKHG@>LM @KHNI. .:MA>K, MA>R :EP:RL K>IK>L>GM : compromise :FHG@
F:GR =B??>K>GM LH<B:E BGM>K>LML :G= F:GR =B??>K>GM FHK:E <HG<>KGL :G=
IHEBMB<:E B=>HEH@B>L. %G LHF> LHMB>L MA>R PBEE <HF> <EHL>K MH
K>IK>L>GMBG@ : FHK:E <HGL>GLNL H? MA> LHMR MA:G BG HMA>KL. %G LN<A
LHMB>L, F:GR H? MA>L> LH<B:E BGLMBMNMBHGL PBEE A:O> : LMKHG@ prima facie
<E:BF MH FHK:E :NMAHKBMRejust as Rawls has suggested.
%G HMA>K LHMB>L, MA> FHK:E =>IK:OBMR H? >QBLMBG@ LH<B:E
BGLMBMNMBHGL F:R ;> HO>KPA>EFBG@. BNM, >O>G BG : O>KR <HKKNIM LHMR,
some E:PL :G= BGLMBMNMBHG:E KNE>L PBEE ;> FHK:EER ;BG=BG@ NG=>K GHKF:E
<HG=BMBHGL. ($:KL:GRB 1978, 227-228, >FIA:L>L BG HKB@BG:E)
$> <HGMBGN>=:
BNM BM BL BFIHKM:GM MH NG=>KLM:G= MA:M BG :EE ;NM MA> FHLM =>IK:O>=
LHMB>L, <BOBE =BLH;>=B>G<> FNLM ;> MA> exception, K:MA>K MA:G MA> KNE>;
:G= CNLMB?B<:MBHG H? :KF>= K>LBLM:G<> FNLM K>JNBK> >O>G FHK>
>Q<>IMBHG:E <BK<NFLM:G<>L. c
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 349
%G :<MN:E ?:<M, MA> FHK:E ?HK<> H? HNK LH<B:E BGLMBMNMBHGL BL HNK
F:BG =>?>GL> :@:BGLM MRK:GGR, :G= :@:BGLM : LM:M> H? ;:K;:KBLF EBD>
$H;;>LiL fLM:M> H? G:MNK>g PBMA : P:K H? >O>KR F:GR 7sic8 :@:BGLM >O>KR
F:Ge:L P>EE :L :@:BGLM : <BOBE P:K, : LM:M> H? :??:BKL GHM FN<A ;>MM>K
MA:G MA:M. ($:KL:GRB 1978, 228)
$:KL:GRB ;>EB>O>= MA:M B? : I>HIE> MKNER LHN@AM MA> <HFFHG @HH=, K>:LHG
PHNE= LAHP MA> <HKK><M FHK:E <H=> P:L MA> KNE> NMBEBM:KB:G HG> ($:KL:GRB 1985:,
55). $> IK>LNF:;ER L:P ABFL>E? :L :IIERBG@ LN<A NMBEBM:KB:G :G:ERLBL BG ABL
HIIHLBMBHG MH LH<B:EBLF.
$:KL:GRB GHM>= MA:M <:IBM:EBLM PHKD>KL :K> ?K>>K MA:G MAHL> BG : LH<B:EBLM
LHMR, BG MA:M MA>R A:O> FHK> HIMBHGL ?HK >FIEHR>KLeLH<B:EBLM PHKD>KL f?:<> HG>
:EE-IHP>K?NE >FIEHR>K, MA> @HO>KGF>GM, PAB<A <HF;BG>L :EE IHEBMB<:E IHP>K PBMA :EE
><HGHFB< IHP>Kg (1977, 427). $:KL:GRB >FIA:LBS>= fMA> @K>:M BFIHKM:G<> MA:M MA>
>QBLM>G<> H? : GNF;>K H? :EM>KG:MBO> >FIEHR>KL BG <:IBM:EBLM <HNGMKB>L A:L ?HK HNK
<BOBE EB;>KMB>Lg (B;B=.).
%G : I:I>K BGM>GL>ER <KBMB<:E H? MA> LH<B:EBLM IABEHLHIA>K #. A. CHA>G,
$:KL:GRB LMKHG@ER <KBMB<BS>= :<:=>FB< =>?>G=>KL H? LH<B:EBLF:
1GEBD> K. CHA>G, % ?BG= HNK ABLMHKB<:E >QI>KB>G<>L BG MABL F:MM>K MH ;>
K:MA>K =BL:IIHBGMBG@. A?M>K F:GR R>:KL H? LH<B:EBLF, BG FHLM LH<B:EBLM
<HNGMKB>L, MA> IKH?BM FHMBO>, MH@>MA>K PBMA ;E:<D F:KD>M>>KBG@ :G=
;NK>:N<K:MB< <HKKNIMBHG, L>>FL MH ;> :L IHP>K?NE :L >O>K; G:MBHG:EBLF,
:GMB-L>FBMBLF, <HEHK IK>CN=B<>, F:E> <A:NOBGBLF, :G= B=>HEH@B<:E
BGMHE>K:G<> :K> >QMK>F>ER <HFFHG; :G=, >O>G MAHN@A MA> =>F:G= ?HK
ENQNKR <HGLNFIMBHG BL E:K@>ER ?KNLMK:M>= ;R MA> NG;>EB>O:;E> BG>?-
?BGL H? MA> LH<B:EBLM ><HGHFR, MA> O>KR =>F:G= ?HK ENQNKB>L :G=
MA> <HKK>LIHG=BG@ LA:EEHP F:M>KB:EBLMB< :MMBMN=>L :K> <>KM:BGER GH
P>:D>K BG LH<B:EBLM <HNGMKB>L MA:G MA>R :K> BG MA> <:IBM:EBLM 3>LM. % ?HK
HG> <:G GHPA>K> =BL<HO>K MA> @EHKBHNL ?:<> H? MA> f*>P /H<B:EBLM
):G.g ($:KL:GRB 1977, 428)
%G MA> L:F> I:I>K, $:KL:GRB PKBM>L: f% ?BG= BM K:MA>K LNKIKBLBG@ AHP EBMME> :IIK><B-
:MBHG BL LAHPG ;R FHLM LH<B:EBLM PKBM>KL ?HK MA> @K>:M BFIHKM:G<> MA:M MA> >QBLM>G<>
H? : GNF;>K H? :EM>KG:MBO> >FIEHR>KL BG <:IBM:EBLM <HNGMKB>L A:L ?HK HNK <BOBE
EB;>KMB>Lg (1977, 427).
+G f?:BKG>LLg :G= IHEBMB<:E BGLMBMNMBHGL, $:KL:GRB PKHM>:
7/8HMR A:L : O>KR BFIHKM:GM BGM>K>LM BG A:OBG@ BML F>F;>KL K>LI><M
>:<A HMA>KiL ;:LB< KB@AML :G= BGLMBMNMBHG:E H;EB@:MBHGLeBG HMA>K PHK=L,
BG A:OBG@ BML F>F;>KL H;L>KO> MA> ;:LB< LM:G=:K=L H? CNLMB<>.
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 350
5>M, MABL <HBG :ELH A:L :GHMA>K LB=>. ,K>H<<NI:MBHG PBMA FBGHK
OBHE:MBHGL H? HNK KB@AML, K>:E HK :II:K>GM, :G= MA> PB=>LIK>:= I:LLBHG
?HK EBMB@:MBHG LH IK>O:E>GM GHP BG MA> 1GBM>= /M:M>L, :K> AB@AER
<HNGM>KIKH=N<MBO> LH<B:E IK:<MB<>L. %G=>>=, GHM HGER BL BM H?M>G LH<B:EER
IK>?>K:;E> B? I>HIE> INM NI PBMA FBGHK BGCNLMB<>L, BGLM>:= H? >G@:@BG@ BG
>G=E>LL EBMB@:MBHG, BM BL H?M>G LH<B:EER desirable MH A:O> LH<B:E BGLMBMNMBHGL
PAHL> O>KR LN<<>LL =>I>G=L HG A:OBG@ LHF> hNG?:BKi IK:<MB<>L ;NBEM
BGMH MA>F.
"HK BGLM:G<>, MA> >??><MBO>G>LL H? MA> ?K>> >GM>KIKBL> LRLM>F(:G=
>O>G MA:M H? : LH<B:EBLM LRLM>F) <KN<B:EER =>I>G=L HG MA> ?:<M MA:M :
LN<<>LL?NE ;NLBG>LL >Q><NMBO> PBEE ;> IKHFHM>= :G= :G NGLN<<>LL?NE
HG> =>FHM>=. 5>M, MABL BL H?M>G hNG?:BK,i ;><:NL> MABL LN<<>LL HK ?:BENK>
F:R ;> NGK>E:M>= MH MA> ;NLBG>LL >Q><NMBO>iL HPG >??HKM :G= :;BEBMR,
:G= F:R ;> : F:MM>K H? LA>>K EN<D. (BD>PBL>, BG F:GR I:KEB:F>GM:KR
LRLM>FL, : <:;BG>M FBGBLM>K FNLM M:D> IHEBMB<:E K>LIHGLB;BEBMR ?HK ABL
LN;HK=BG:M>Li FBLM:D>L, K>@:K=E>LL H? PA>MA>K A> BL K>:EER K>LIHGLB;E>
?HK MA>F ;R <HFFHG L>GL> <KBM>KB: HK GHM. ($:KL:GRB 1985;, 126).
$:KL:GRB :==L:
A@:BG, BM BL A:K= MH =>GR MA:M IKHIHKMBHG:E K>IK>L>GM:MBHG BL MA> h?:BK>LMi
>E><MHK:E LRLM>F, :G= MA> HGER HG> K>:EER h?:BKi MH LF:EE I:KMB>L. BNM
MABL BL GHM G><>LL:KBER : <HGOBG<BG@ :K@NF>GM ?HK IKHIHKMBHG:E
K>IK>L>GM:MBHG. "KHF: NMBEBM:KB:G IHBGM H? OB>P, : JN>LMBHG FN<A FHK>
BFIHKM:GM MA:G LN<A h?:BKG>LLi <HGLB=>K:MBHGL BL, hPAB<A I:KMB<NE:K
>E><MHK:E LRLM>F BL FHK> EBD>ER MH RB>E= : LM:;E> :G= >??><MBO>
@HO>KGF>GM, HG> :;E> MH M:D> NGIHINE:K F>:LNK>L PA>G MA>R :K> <:EE>=
?HK HG ><HGHFB< BLLN>L, HG FBGHKBMR KB@AML, HG ?HK>B@G IHEB<R :G=
=>?>GL>, >M<?i +G MABL L<HK>, BM L>>FL MH F> MA:M MPH-I:KMR LRLM>FL,
PBMA MA> MPH I:KMB>L ?KHFMBF> MH MBF> :EM>KG:MBG@ BG @HO>KGF>GM, A:O>
;>>G BG FHLM <:L>L ?:K LNI>KBHK. ($:KL:GRB 1985;, 127)
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;R :GB>E B. 'E>BG
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MAHN@AM :K> The Road to Serfdom (1944), Individualism and Economic Order (1948), The
Constitution of Liberty (1960), MA> MAK>> OHENF>L H? Law, Legislation and Liberty (1973;
1976:; 1979), :G= The Fatal Conceit (1988). $:R>DiL L<AHE:KLABI :ELH K>:<A>L BGMH
ILR<AHEH@R :G= MA> ABLMHKR H? B=>:L. %G 1974 A> LA:K>= MA> *H;>E ,KBS> PBMA
#NGG:K )RK=:E.
$:R>D >QI>KB>G<>= MPH B=>HEH@B<:E FB@K:MBHGL BG MA> <E:LLB<:E EB;>K:E
=BK><MBHG. 0A> ?BKLM P:L =K:F:MB< :G= <:F> PA>G $:R>D P:L BG ABL >:KER MH FB=
MP>GMB>L. 0A> L><HG= P:L @K:=N:E :G= GHM =K:F:MB<, M:DBG@ IE:<> =NKBG@ MA> L>O>K:E
=><:=>L H? ABL ?NEER F:MNK> R>:KL.
$:R>D L>KO>= ;KB>?ER BG MA> ANLMKB:G :KFR =NKBG@ MA> "BKLM 3HKE= 3:K :G=
>GKHEE>= :M MA> 1GBO>KLBMR H? 2B>GG: BG 1918. $> =>L<KB;>= MA> IHEBMB<:E HNMEHHD H?
ABL @>G>K:MBHG:
3> ?>EM MA:M MA> <BOBEBS:MBHG BG PAB<A P> A:= @KHPG NI A:= <HEE:IL>=.
3> P>K> =>M>KFBG>= MH ;NBE= : ;>MM>K PHKE=, :G= BM P:L MABL =>LBK>
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MH K><HGLMKN<M LHMR MA:M E>= F:GR H? NL MH MA> LMN=R H? ><HGHFB<L.
/H<B:EBLF IKHFBL>= MH ?NE?BE HNK AHI>L ?HK : FHK> K:MBHG:E, FHK> CNLM
PHKE=. ($:R>D 1981/1978, QBQ)
%G : IKBO:M> E>MM>K H? 1962, $:R>D PKHM>, f%M P:L : E:R >GMANLB:LF ?HK $>GKR
#>HK@> PAB<A E>= F> MH ><HGHFB<Lg (JNHM>= BG AG=>ELHG 2000, 110). BKN<>
C:E=P>EE (2004, 141) PKBM>L H? $:R>DiL IHEBMB<:E :??BEB:MBHGL =NKBG@ ABL LMN=>GM =:RL:
f(BD> F:GR H? ABL <HGM>FIHK:KB>L, ABL LRFI:MAB>L E:R PBMA MA> (>?M. >L<KB;BG@
ABFL>E? :L : ;BM H? : ":;B:G LH<B:EBLM, A> :G= LHF> ?KB>G=L HG<> MKB>= MH HK@:GBS> :G
ANLMKB:G >FH<K:MB< ,:KMR MA:M PHNE= EB> ;>MP>>G MA> C:MAHEB<L, HG MA> HG> LB=>,
:G= MA> LH<B:EBLML :G= CHFFNGBLML, HG MA> HMA>K.g
NKBG@ ABL NGBO>KLBMR LMN=B>L BG 2B>GG:, $:R>D LMN=B>= >LI><B:EER PBMA MA>
><HGHFBLM "KB>=KB<A OHG 3B>L>K:
% P:L :MMK:<M>= MH 73B>L>K8c ;><:NL> NGEBD> FHLM H? MA> HMA>K
F>F;>KL H? MA> ANLMKB:G /<AHHE 7H? ><HGHFB<L8 A> A:= : @HH= =>:E H?
LRFI:MAR PBMA 7MA>8 FBE= ":;B:G /H<B:EBLF MH PAB<A % P:L BG<EBG>= :L :
RHNG@ F:G. $> BG ?:<M IKB=>= ABFL>E? MA:M ABL MA>HKR H? F:K@BG:E NMBEBMR
A:= IKHOB=>= MA> ;:LBL H? IKH@K>LLBO> M:Q:MBHG, PAB<A MA>G L>>F>= MH
F> HG> H? MA> B=>:EL H? LH<B:E CNLMB<>. ($:R>D 1983, 17)
$:R>D K><>BO>= : E:P=>@K>> BG 1921 :G= : =>@K>> BG IHEBMB<:E LG<> MPH R>:KL E:M>K.
(N=PB@ OHG )BL>L P:L :G NGI:B= E><MNK>K :M MA> NGBO>KLBMR, MAHN@A $:R>D
=B= GHM BGM>K:<M PBMA ABF MA>G. $:R>D K><:EE>= : G>@:MBO> ?BKLM BFIK>LLBHG H? )BL>L:
f% A:= EHHD>= BG :M HG> H? ABL E><MNK>L :G= ?HNG= MA:M : F:G LH <HGLIB<NHNLER
:GMBI:MA>MB< MH MA> DBG= H? ":;B:G OB>PL PAB<A % MA>G A>E= P:L GHM MA> LHKM H?
I>KLHG MH PAHF % P:GM>= MH @Hg ($:R>D 1978:). BNM BG 1921 $:R>D MHHD : @HO>KG-
F>GM IHLBMBHG BG :G H??B<> PA>K> )BL>L P:L : =BK><MHK ('K>L@> 1994, 6). A?M>K
LI>G=BG@ : R>:K BG *>P 5HKD (1923d24), $:R>D, :@> 25, K>MNKG>= MH 2B>GG: :G=
CHBG>= )BL>LiL Privatseminar, : K>@NE:KER L<A>=NE>= =BL<NLLBHG @KHNI. )BL>L A:=
:KMB<NE:M>= : AB@AER EB;>KM:KB:G OB>PH? EB;>K:EBLF, :G= A> A:= ?>KH<BHNLER <A:EE>G@>=
LH<B:EBLF BG : F:CHK PHKD ()BL>L 1981/1922). $:R>D M>EEL H? BML BFI:<M:
7%8M P:L : @K>:M LNKIKBL> MH F> PA>G MABL ;HHD, Socialism, P:L ?BKLM
IN;EBLA>=. "HK :EE % DG>P, 7)BL>L8 <HNE= A:K=ER A:O> A:= FN<A ?K>>
MBF> ?HK :<:=>FB< INKLNBML =NKBG@ MA> IK><>=BG@ (:G= >QMK>F>ER ;NLR)
M>G R>:KL. 5>M MABL P:L : F:CHK MK>:MBL> HG LH<B:E IABEHLHIAR, @BOBG@
>O>KR >OB=>G<> H? BG=>I>G=>GM MAHN@AM :G= K>?E><MBG@, MAKHN@A )BL>Li
<KBMB<BLF, :G :<JN:BGM:G<> PBMA FHLM H? MA> EBM>K:MNK> HG MA> LN;C><M.
c 7%8ML BFI:<M P:L IKH?HNG=. %M @K:=N:EER ;NM ?NG=:F>GM:EER :EM>K>=
MA> HNMEHHD H? F:GR H? MA> RHNG@ B=>:EBLML K>MNKGBG@ MH MA>BK NGBO>KLBMR
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 353
LMN=B>L :?M>K 3HKE= 3:K %. % DGHP, ?HK % P:L HG> H? MA>F. c Socialism
MHE= NL MA:M P> A:= ;>>G EHHDBG@ ?HK BFIKHO>F>GM BG MA> PKHG@
=BK><MBHG. ($:R>D 1981/1978, QBQ-QQ)
C:E=P>EE (2004, 141) PKBM>L MA:M $:R>D fA:= GH MKN<D PBMA ):KQBLF,g :G=
JNHM>L $:R>D: f% P:L G>O>K <:IMNK>= ;R ):KQBLM LH<B:EBLF. +G MA> <HGMK:KR, PA>G
% >G<HNGM>K>= LH<B:EBLF BG BML ):KQBLM, ?KB@AM?NEER =H<MKBG:BK> ?HKF, :G= MA> 2B>GG:
LH<B:EBLML, ):KQBLML, P>K> FHK> =H<MKBG:BK> MA:G FHLM HMA>K IE:<>L, BM HGER K>I>EE>=
F>.g
1GMBE ABL =>I:KMNK> ?HK (HG=HG BG 1931, $:R>D P:L BG K>@NE:K <HGM:<M PBMA
)BL>L. AL &>K>FR /A>:KFNK (1996, 34) GHM>L, f)BL>Li BFI:<M HG $:R>D P:L IKH-
?HNG=.g %M PHNE= :II>:K MA:M $:R>DiL ?BKLM FB@K:MBHG H<<NKK>= :?M>K ABL ?HKF:E
>=N<:MBHG, >LI><B:EER =NKBG@ MA> R>:KL PA>G A> P:L 23 MH 26 R>:KL HE=. 5>:KL E:M>K,
$:R>D EBD>G>= MA> >??><M H? )BL>LiL PHKD MH fLAH<D MA>K:IRg MA:M f<HGO>KM>= F>
MH : <HGLBLM>GM ?K>> F:KD>M IHLBMBHGg ($:R>D 1976;). $:R>D :ELH MHE=, BG : 1944
:==K>LL MH MA> LMN=>GML :M MA> (HG=HG /<AHHE H? !<HGHFB<L, H? fMA> >QMK>F>ER
I:BG?NE IKH<>LL H? =BLBEENLBHGF>GM PAB<A E>= F> MH FR IK>L>GM OB>PLg ($:R>D
1991/1944, 47). $:R>D (1976;) I>KA:IL HO>KLM:M>= MA> <HGLBLM>G<R H? ABL >:KER
f?K>> F:KD>M IHLBMBHG.g %M BL <E>:K MA:M ;R :@> 26 HK 27 A> A:= :=HIM>= <E:LLB<:E
EB;>K:E M>G=>GL EBD> MAHL> H? )BL>L, :G= LN<A M>G=>GL LNK>ER :<<HNGM BG I:KM
?HK $:R>DiL HPG FHO>F>GM :P:R ?KHF M><AGB<:E ><HGHFB<L :G= MHP:K= MA> ;KH:=
BGM>EE><MN:E =>?>GL> H? EB;>K:EBLF. %G The Road to Serfdom (1944), $:R>D >QIEHK>L
MA> :??BGBMB>L ;>MP>>G ?:L<BLF :G= ><HGHFB< IE:GGBG@. %G The Constitution of Liberty
(1960), $:R>D H??>KL : ;KH:= :<<HNGM H? EB;>K:E IKBG<BIE>L :G= : =>?>GL> H? MAHL>
IKBG<BIE>L. 0A>L> PHKDL :K> GHM, AHP>O>K, AB@AER HNMLIHD>G HK K:=B<:EER EB;>KM:KB:G.
0A>R <HGM:BG I:LL:@>L MA:M L>>F MH ?:OHK @HO>KGF>GM :<MBOBLF ;>RHG= MA>
?NG<MBHGL H? MA> GB@AM-P:M<AF:G LM:M>.
%G The Road to Serfdom, $:R>D PKHM>:
0A>K> BL GH K>:LHG PAR BG : LHMR PAB<A A:L K>:<A>= MA> @>G>K:E
E>O>E H? P>:EMA PAB<A HNKL A:L :MM:BG>= MA> ?BKLM DBG= H? L><NKBMR LAHNE=
GHM ;> @N:K:GM>>= MH :EE PBMAHNM >G=:G@>KBG@ @>G>K:E ?K>>=HF. 0A>K>
:K> =B??B<NEM JN>LMBHGL :;HNM MA> IK><BL> LM:G=:K= PAB<A LAHNE= MANL
;> :LLNK>=; MA>K> BL I:KMB<NE:KER MA> BFIHKM:GM JN>LMBHG PA>MA>K MAHL>
PAH MANL K>ER HG MA> <HFFNGBMR LAHNE= BG=>?BGBM>ER >GCHR :EE MA> L:F>
EB;>KMB>L :L MA> K>LM. AG BG<:NMBHNL A:G=EBG@ H? MA>L> JN>LMBHGL FB@AM
P>EE <:NL> L>KBHNL :G= I>KA:IL >O>G =:G@>KHNL IHEBMB<:E IKH;E>FL; ;NM
MA>K> <:G ;> GH =HN;M MA:M LHF> FBGBFNF H? ?HH=, LA>EM>K, :G=
<EHMABG@, LN??BGM MH IK>L>KO> A>:EMA :G= MA> <:I:<BMR MH PHKD, <:G ;>
:LLNK>= MH >O>KR;H=R. c
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*HK BL MA>K> :GR K>:LHG PAR MA> LM:M> LAHNE= GHM :LLBLM MA>
BG=BOB=N:EL BG IKHOB=BG@ ?HK MAHL> <HFFHG A:S:K=L H? EB?> :@:BGLM
PAB<A, ;><:NL> H? MA>BK NG<>KM:BGMR, ?>PBG=BOB=N:EL <:G F:D> :=>JN:M>
IKHOBLBHG. 3A>K>, :L BG MA> <:L> H? LB<DG>LL :G= :<<B=>GM, G>BMA>K MA>
=>LBK> MH :OHB= LN<A <:E:FBMB>L GHK MA> >??HKML MH HO>K<HF> MA>BK
<HGL>JN>G<>L :K> :L : KNE> P>:D>G>= ;R MA> IKHOBLBHG H?
:LLBLM:G<>ePA>K>, BG LAHKM, P> =>:E PBMA @>GNBG>ER BGLNK:;E>
KBLDLeMA> <:L> ?HK MA> LM:M>iL A>EIBG@ MH HK@:GBS> : <HFIK>A>GLBO>
LRLM>F H? LH<B:E BGLNK:G<> BL O>KR LMKHG@. 0A>K> :K> F:GR IHBGML H?
=>M:BE PA>K> MAHL> PBLABG@ MH IK>L>KO> MA> <HFI>MBMBO> LRLM>F :G=
MAHL> PBLABG@ MH LNI>K<>=> BM ;R LHF>MABG@ =B??>K>GM PBEE =BL:@K>> HG
MA> =>M:BEL H? LN<A L<A>F>L; :G= BM BL IHLLB;E> NG=>K MA> G:F> H? LH<B:E
BGLNK:G<> MH BGMKH=N<> F>:LNK>L PAB<A M>G= MH F:D> <HFI>MBMBHG
FHK> HK E>LL BG>??><MBO>. BNM MA>K> BL GH BG<HFI:MB;BEBMR BG IKBG<BIE>
;>MP>>G MA> LM:M>iL IKHOB=BG@ @K>:M>K L><NKBMR BG MABL P:R :G= MA>
IK>L>KO:MBHG H? BG=BOB=N:E ?K>>=HF. 0H MA> L:F> <:M>@HKR ;>EHG@L :ELH
MA> BG<K>:L> H? L><NKBMR MAKHN@A MA> LM:M>iL K>G=>KBG@ :LLBLM:G<> MH MA>
OB<MBFL H? LN<A f:<ML H? #H=g :L >:KMAJN:D>L HK ?EHH=L. 3A>K>O>K
<HFFNG:E :<MBHG <:G FBMB@:M> =BL:LM>KL :@:BGLM PAB<A MA> BG=BOB=N:E
<:G G>BMA>K :MM>FIM MH @N:K= ABFL>E? GHK F:D> IKHOBLBHG ?HK MA>
<HGL>JN>G<>L, LN<A <HFFNG:E :<MBHG LAHNE= NG=HN;M>=ER ;> M:D>G.
($:R>D 1944, 120-121)
$:R>D K>F:KDL MA:M MA>K> BL f: PB=> :G= NGJN>LMBHG>= ?B>E= ?HK LM:M> :<MBOBMRg BG MA>
IKHOBLBHG H? <HEE><MBO> @HH=L (1944, 39, L>> :ELH 18).
$:R>D K>BM>K:M>= ABL LNIIHKM ?HK @HO>KGF>GM @N:K:GM>>BG@ FBGBFNF
BG<HF>L BG : K:=BH BGM>KOB>P H? 1945 ($:R>D 1994, 114), :G= A> BG=B<:M>= L>O>K:E
HMA>K :K>:L ?HK :<MBOBLM @HO>KGF>GM. $> L:B= MA:M E:PL EBFBMBG@ F:QBFNF PHKD
AHNKL :G= FBGBFNF P:@>L :K> fI>KFBLL:;E>,g MAHN@A IK>LNF:;ER GHM G><>LL:KBER
=>LBK:;E>, BG ABL LRLM>F H? IKHI>K E:P(B;B=., 112). 3A>G :LD>= :;HNM MA> 0>GG>LL>>
2:EE>R ANMAHKBMR, $:R>D K>LIHG=>=: f0A>K> BL : @K>:M =>:E H? MA> 02A MH PAB<A GH
><HGHFBLM BG K>INM>, :G= <>KM:BGER GHM MA> E:BLL>S-?:BK> I>HIE>, PBEE H;C><M. "EHH=
<HGMKHE :G= ;NBE=BG@ H? =:FL :K> K><H@GBS>= ?NG<MBHGL H? MA> @HO>KGF>GMg (B;B=.,
113). .>@:K=BG@ MA> FHG>M:KR LRLM>F, $:R>D L:B=: f0A:M MA> FHG>M:KR LRLM>FFNLM
;> NG=>K <>GMK:E <HGMKHE A:L G>O>K, MH FR FBG=, ;>>G =>GB>= ;R :GR L>GLB;E> I>KLHG.
%M BL I:KM H? MA> ?K:F>PHKD PBMABG PAB<A <HFI>MBMBHG <:G PHKDg (B;B=., 116).
%G The Constitution of Liberty (1960), $:R>D <HNGM>G:G<>L LN<A @HO>KGF>GM:E
:<MBHGL :L L:?>MR K>@NE:MBHGL HG ;NBE=BG@L (I. 225), IHHK K>EB>? (285), :LLBLM:G<> MH
MA> fBG=B@>GM, NG?HKMNG:M>, :G= =BL:;E>=g (257), F:G=:MHKR I:KMB<BI:MBHG BG LH<B:E
BGLNK:G<>, MAHN@A A> HIIHL>= : NGBM:KR @HO>KGF>GM L<A>F> (286), A>:EMA IKH-
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 355
@K:FL :G= MA> =BLL>FBG:MBHG H? DGHPE>=@> (257, 365), L<AHHE OHN<A>KL (381), MA>
FHG>M:KR LRLM>F (223, 327), MA> IKHOBLBHG H? fI:KDL :G= FNL>NFL, MA>:M>KL :G=
?:<BEBMB>L ?HK LIHKMLg (259), :G= fIK>L>KO:MBHG H? G:MNK:E ;>:NMR HK H? ABLMHKB<:E LBM>L
HK IE:<>L H? LGMB?B< BGM>K>LMg (375). $:R>D BL GHM G><>LL:KBER ?:OHKBG@ @HO>KGF>GM
:<MBHG BG MA>L> <:L>L, :G= A> L:RL <E>:KER MA:M :F>GBMB>L LN<A :L I:KDL :K> ;>MM>K
A:G=E>= f;R EH<:E K:MA>K MA:G G:MBHG:E :NMAHKBMB>Lg (1960, 259). $:R>D L:RL @HO>KG-
F>GM HN@AM MH =>GR MA> O:EB=BMR H? f<HGMK:<ML BG K>LMK:BGM H? MK:=>g (B;B=., 279).
29
%M L>>FL, AHP>O>K, MA:M $:R>D E:M>K ;><:F> LHF>PA:M FHK> =><B=>=ER
EB;>KM:KB:G. %G MA> IK>?:<> MH MA> 1976 >=BMBHG H? The Road to Serfdom, A> >QIK>LL>L
K>@K>M :;HNM IHLBMBHGL M:D>G PA>G PKBMBG@ MA> ;HHD BG 1944: f% A:= GHM PAHEER ?K>>=
FRL>E? ?KHF :EE MA> <NKK>GM BGM>KO>GMBHGBLM LNI>KLMBMBHGL, :G= BG <HGL>JN>G<> LMBEE
F:=> O:KBHNL <HG<>LLBHGL PAB<A % GHPMABGD NGP:KK:GM>=g ($:R>D 1976<, QQB). %G :
L>I:K:M> PHKD, The Denationalisation of Money (1990/1976), $:R>D >E:;HK:M>= : G>P-
?HNG= K:=B<:EBLF HG HG> BLLN> BG I:KMB<NE:K:
% A:O> GHPGH =HN;M PA:M>O>K MA:M IKBO:M> >GM>KIKBL>, B? BM A:= GHM ;>>G
IK>O>GM>= ;R @HO>KGF>GM, <HNE= :G= PHNE= EHG@ :@H A:O> IKHOB=>=
MA> IN;EB< PBMA : <AHB<> H? <NKK>GL, :G= MAHL> MA:M IK>O:BE>= BG MA>
<HFI>MBMBHG PHNE= A:O> ;>>G >LL>GMB:EER LM:;E> BG O:EN> :G= PHNE=
A:O> IK>O>GM>= ;HMA >Q<>LLBO> LMBFNE:MBHG H? BGO>LMF>GM :G= MA>
<HGL>JN>GM I>KBH=L H? <HGMK:<MBHG. ($:R>D 1990/1976, 14)
%G MA> MABK= OHENF> H? Law, Legislation and Liberty (1979) $:R>D LAHP>= FHK>
BG<EBG:MBHG MH EHHD MH OHENGM:KR :LLH<B:MBHG ?HK LHENMBHGL:
%M LAHNE= ;> K>F>F;>K>= MA:M EHG@ ;>?HK> @HO>KGF>GM >GM>K>= 7O:KB-
HNL ?B>E=L H? LH<B:E L>KOB<>L8, F:GR H? MA> GHP @>G>K:EER K><H@GBS>=
<HEE><MBO> G>>=L P>K> F>M ;R MA> >??HKML H? MA> IN;EB<-LIBKBM>=
BG=BOB=N:EL HK @KHNIL IKHOB=BG@ F>:GL ?HK IN;EB< INKIHL>L PAB<A MA>R
K>@:K=>= :L BFIHKM:GM. ,N;EB< >=N<:MBHG :G= IN;EB< AHLIBM:EL, EB;K:KB>L
:G= FNL>NFL, MA>:M>KL :G= I:KDL, P>K> GHM ?BKLM <K>:M>= ;R
@HO>KGF>GML. AG= :EMAHN@A BG MA>L> ?B>E=L BG PAB<A IKBO:M>
;>G>?:<MHKL A:O> E>= MA> P:R, @HO>KGF>GML A:O> GHP E:K@>ER M:D>G
HO>K, MA>K> BL LMBEE G>>= ?HK BGBMB:MBO> BG F:GR :K>:L PAHL> BFIHKM:G<>
29. AG= R>M, <?. $:R>D (1960, 265): fCNKK>GM IHEB<R ?:BEL MH K><H@GBS> MA:M BM BL GHM FHGHIHER :L LN<A, HK
;B@G>LL, ;NM HGER H;LM:<E>L MH >GMKR BGMH :G BG=NLMKR HK MK:=> :G= <>KM:BG HMA>K FHGHIHEBLMB< IK:<MB<>L MA:M
:K> A:KF?NE. )HGHIHER BL <>KM:BGER NG=>LBK:;E>, ;NM HGER BG MA> L:F> L>GL> BG PAB<A L<:K<BMR BL NG=>LBK:;E>;
BG G>BMA>K <:L> =H>L MABL F>:G MA:M P> <:G :OHB= BM. %M BL HG> H? MA> NGIE>:L:GM ?:<ML H? EB?> MA:M <>KM:BG
<:I:<BMB>L (:G= :ELH <>KM:BG :=O:GM:@>L :G= MK:=BMBHGL H? I:KMB<NE:K HK@:GBS:MBHGL) <:GGHM ;> =NIEB<:M>=, :L
BM BL : ?:<M MA:M <>KM:BG @HH=L :K> L<:K<>. %M =H>L GHM F:D> L>GL> MH =BLK>@:K= MABL ?:<M :G= MH :MM>FIM MH <K>:M>
<HG=BMBHGL h:L B?i <HFI>MBMBHG P>K> >??><MBO>.g
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BL GHM R>M @>G>K:EER K><H@GBS>= :G= PA>K> BM BL GHM IHLLB;E> HK =>LBK:;E>
MA:M @HO>KGF>GM M:D> HO>K. ($:R>D 1979, 50)
+G> H? MA> F:CHK MA>F>L H? $:R>DiL E:M>K PHKDL BL MA> 1II>K ,:E>HEBMAB<
;:LBL H? ANF:G @>G>L :G= ;:LB< BGLMBG<ML, :G= AHP FH=>KG IHEBMB<L FB@AM ;> :
K>:LL>KMBHG H? <>KM:BG ;>GML :G= F>GM:EBMB>L >OHEO>= =NKBG@ MA> FBEEBHGL H? R>:KL
H? EB?> BG MA> LF:EE ;:G= ($:R>D 1967/1963; 1976:; 1978;; 1979, 153-176; 1988).
/N<A K>:LL>KMBHGL, A> L:B=, :K> GHM, AHP>O>K, LNBM>= MH MA> FH=>KG PHKE=; A>G<> A>
NL>= MA> M>KF atavism BG =>L<KB;BG@ LN<A K>:LL>KMBHGL. %M BL IE:NLB;E> MA:M MA> FHK>
$:R>D =P>EE>= BG MA> :M:OBLF MA>LBL :;HNM FH=>KG IHEBMB<L, MA> FHK> A> LNLI><M>=
MA:M NG?HKMNG:M> ;B:L>L E:R ;>ABG= K:MBHG:E>L ?HK MA> @HO>KGF>GM:EBS:MBHG H? LH<B:E
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:@> H? 7, A> LM:KM>= HG (:MBG. %G AB@A L<AHHE, ;>MP>>G MA> :@> H? 9 :G= 11, $B<DL
MHHD E>LLHGL BG #K>>D, :E@>;K: :G= @>HF>MKR. $> =>O>EHI>= : I:LLBHG ?HK ABLMHKR,
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GHM ?BG:G<B:EER P>EE H??, ;HKKHP>= FHG>R MH @>M ABFMH : >QI>GLBO> @K:FF:K L<AHHE
:?M>K GHMB<BG@ MA:M A> P:L NG=>K-?NG<MBHGBG@ :M ABL EH<:E AB@A L<AHHE PA>K> A> P:L
?:K :A>:= H? ABL I>>KL ($:FHN=: 1993, 4). "BG:G<>= ;R F:MA>F:MB<:E L<AHE:KLABIL,
A> P>GM MH CEB?MHG CHEE>@> ;>MP>>G 1917 :G= 1922 :G= B:EEBHE CHEE>@>, +Q?HK=
;>MP>>G 1922 :G= 1926 ?HK F:MA>F:MB<L.
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CEB?MHG, BG I:KMB<NE:K, % HP> : @K>:M =>;M. BNM % P:L GHM <HGM>GM>=
PBMA F:MA>F:MB<L; % A:= BGM>K>LML BG EBM>K:MNK> :G= BG ABLMHKR PAB<A
% G>>=>= MH L:MBL?R. )R FHO> (BG 1923) MH f,ABEHLHIAR, ,HEBMB<L :G=
!<HGHFB<L,g MA> fG>P L<AHHEg CNLM ;>BG@ LM:KM>= :M +Q?HK=, P:L,
AHP>O>K, GHM : LN<<>LL. % ?BGBLA>= PBMA : L><HG=-<E:LL =>@K>>, :G= GH
:=>JN:M> JN:EB?B<:MBHG BG :GR H? MA> LN;C><ML % A:= LMN=B>=.
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: M>FIHK:KR E><MNK>KLABI :M MA> (HG=HG /<AHHE H? !<HGHFB<L :G=
F:G:@>= MH @>M <HGMBGN>=. % LM:KM>= :L : E:;HNK ><HGHFBLM, =HBG@
=>L<KBIMBO> PHKD HG BG=NLMKB:E K>E:MBHGL, ;NM, @K:=N:EER, % FHO>= HO>K
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:EFHLM ?HK@HMM>G, <HNE= ;> K>OBO>=, :G= P>K> LN??BGM MH <HI> PBMA
PA:M :GRHG> (MA>G) NL>= BG ><HGHFB<L. BR 1930, PA>G MA> ><HGHFB<L
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MAHL> =:RL, PA>G LN<A MABG@L <HNE= ;> IB<D>= NI PBMA LH EBMME> MKHN;E>,g
FR LMN=>GML A:O> L:B= MH F> LBG<>. 0A>R P>K> IB<D>= NI BG =BL<NLLBHG,
PBMA .H;;BGL :G= "KB>=KB<A OHG $:R>D, PBMA .HR AEE>G :G= *B<AHE:L
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3>;;, PAH, BG 1935, ;><:F> FR PB?>.
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CHEE>@>), % MHHD BM. )R R>:KL :M C:F;KB=@> (1935d38) P>K> F:BGER
H<<NIB>= BG PKBMBG@ Value and Capital PAB<A P:L ;:L>= HG MA> PHKD
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?KHF :LLH<B:MBHG PBMA C:F;KB=@> ><HGHFBLML. "KHF 1938 MH 1946 %
P:L ,KH?>LLHK :M MA> 1GBO>KLBMR H? ):G<A>LM>K. %M P:L MA>K> MA:M % =B=
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:<<HNGMBG@. %G 1946 % K>MNKG>= MH +Q?HK=, ?BKLM :L : K>L>:K<A ?>EEHP H?
*N??B>E= CHEE>@> (1946d52), MA>G :L KNFFHG= ,KH?>LLHK H? ,HEBMB<:E
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P>K> F:GR :G= O>KR ;:=!
%M =H>L, AHP>O>K, K>F:BG :G HI>G JN>LMBHG AHP ?:K MABL LN<<>LL
P:L =N> MH '>RG>LB:G IHEBL. 0A> ;HHF P:L G>:KER NGBO>KL:E ;NM
MA> '>RG>LB:G IHEBL P>K> ;R GH F>:GL NGBO>KL:E. %M F:R, AHP>O>K,
P>EE ;> :K@N>= MA:M MA>R P>K> LN??BGMER @>G>K:E MH <:NL> : @>G>K:E
>QI:GLBHG; MAHL> PAH MHHD GH :<MBO> I:KM P>K> R>M ;HKG> NI HG MA>
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 372
>QI:GLBHG >G@BG>>K>= ;R HMA>KL. BNM >O>G B? MA:M BL @K:GM>=, BM =H>L
GHM =BLIHL> H? MA> :EM>KG:MBO> OB>P. 0A> <HF;BG:MBHG H? FHK> K:IB=
M><AGB<:E IKH@K>LL (LNK>ER : ?:<M) PBMA MA> LH<B:EBLM M>G=>GL PAB<A
BG<K>:L>= =>F:G= ?HK <HEE><MBO> @HH=L (LNK>ER :ELH : ?:<M) <HNE= A:O>
IKH=N<>= LN<A : ;HHF PBMAHNM MA> :==>= LMBFNENL H? '>RG>LB:G
IHEBL. %M BL LMBEE NG<E>:K AHP FN<A BL MH ;> :MMKB;NM>= MH MA> HG> :G=
AHP FN<A MH MA> HMA>K.
0A>K> <:G R>M ;> GH =HN;M MA:M MA> ;HHF P:L :LLH<B:M>=, BG MA>
FBG=L H? F:GR, PBMA '>RG>LB:G IHEBL; LH PA>G, :M LHF> =:M> BG MA>
E:M> LBQMB>L (O:KRBG@ ?KHF <HNGMKR MH <HNGMKR), MA> ;HHF BML>E? ;>@:G
MH ?:EM>K, MA> :NMAHKBMR H? MA> IHEBL MA:M P>K> LNIIHL>= MH A:O> E>=
BM BG>OBM:;ER ;>@:G MH ;> <:EE>= BG JN>LMBHG. %GLM>:= H? IKH=N<BG@ real
><HGHFB< IKH@K>LL, HK @KHPMA, :L MA>R A:= ?HK LH EHG@ :II>:K>= MH
=H, MA>R P>K> CNLM IKH=N<BG@ BG?E:MBHG. /HF>MABG@, BM L>>F>= <E>:K, A:=
@HG> PKHG@.
3A:M P:L BM? 0A:M BL : F:CHK JN>LMBHG, HG> H? MA> E:K@>LM
JN>LMBHGL PBMA PAB<A MA> PHKE= BL :M IK>L>GM <HG?KHGM>=; % =H GHM
LNIIHL> MA:M % :F :;E> MH :GLP>K BM. /H % LA:EE <HG?BG> FRL>E? BG MA>L>
E><MNK>L MH : LN;LB=B:KR F:MM>K, H? FN<A BGM>K>LM BG BML>E?, HG PAB<A %
F:R ;> :;E> MH MAKHP LHF> EB@AM.
%M BL ;R GH F>:GL LNKIKBLBG@eBM BL BG=>>= O>KR G:MNK:EeMA:M
PA>G MA> MBF> <:F> ?HK '>RG>LB:G IHEBL MH RB>E=, HK :II>:K MH RB>E=,
E>LL L:MBL?:<MHKR K>LNEML, MA>R, :G= MA>BK BGM>EE><MN:E ;:LBL, LAHNE= ;>
<:EE>= BGMH JN>LMBHG. 0A:M BL PA:M A:II>GL BG :EE ANF:G :??:BKL, BG
IHEBMB<L, BG K>EB@BHG :G= BG FHK:EL, :L P>EE :L BG ><HGHFB<L. AL BG MA>L>
HMA>K <:L>L, MA> JN>LMBHGBG@ M:D>L O:KBHNL ?HKFL. %M BL NGG><>LL:KR MH
@H MH MA> >QMK>F> H? F:BGM:BGBG@ MA:M MA> >LM:;EBLA>= =H<MKBG> BL CNLM
PKHG@; BM BL >:LB>K MH <E:BF MA:M BM A:L ;>>G PKHG@ER BGM>KIK>M>=. BNM
HG<> BM BL @K:GM>= MA:M HG> PKHG@ BGM>KIK>M:MBHG BL IHLLB;E>, MA> P:R
BL HI>G ?HK MA> =BL<HO>KR H? HMA>K PKHG@ BGM>KIK>M:MBHGL; :G= ?HK
<HFI>MBG@ OB>PL :;HNM KB@AM BGM>KIK>M:MBHGL. /H MA> BLLN> PAB<A
L>>F>= <EHL>= BL K>HI>G>=. 3> A:O> MH LM:KM, BG : P:R, :EE HO>K :@:BG.
%G MA> <:L> H? '>RG>L, HG> <:G L>> CNLM MABL A:II>GBG@. 0A>
K:G@> H? BGM>KIK>M:MBHG BL PB=>GBG@ HNM, :G= =H<MKBG>L PAB<A EHHD O>KR
=B??>K>GM ?KHFPA:M P:L HKMAH=HQ '>RG>LB:G ><HGHFB<L :K> <E:BFBG@ :
IE:<> NG=>K MA> '>RG>LB:G NF;K>EE:. AG= BG=>>= BG MA> <:L> H? '>RG>L
BM BL O>KR >:LR. "HK '>RG>L P:L : F:G H? >QMK>F>ER :<MBO> FBG=, PAHL>
MABGDBG@ G>O>K LM:R>= LMBEE ;NM P:L :EP:RL INLABG@ HG. /HF> H? MAHL>
PAH PHKD>= PBMA ABF<HNE= GHM LM:G= MA> I:<>: fRHN G>O>K DG>PPA:M
A> PHNE= ;> L:RBG@ G>QM.g !O>G ABL @K>:M>LM ;HHD, The General Theory
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 373
of Employment, BL ;R GH F>:GL PAHEER L>E?-<HGLBLM>GM; :G= FN<A H? BM
:II>:KL BG<HGLBLM>GM PBMA HMA>K PKBMBG@L, PAB<A MA>FL>EO>L <HGM:BG
B=>:L PAB<A =H GHM L>>F MH A:O> ;>>G :;:G=HG>=. B>LB=>L, A> EBO>=
?HK M>G R>:KL :?M>K MA> IN;EB<:MBHG H? MA> General Theory; :G= MA>K> BL
IE>GMR H? >OB=>G<> MA:M BG MAHL> R>:KL, :L HG> PHNE= >QI><M, A> P:L LMBEE
INLABG@ HG. /H MA> <HGM>GM H? PA:M K>:EER BL '>RG>LiL HPG =H<MKBG>,
'>RG>LiL HPG O>KLBHG H? '>RG>LB:G ><HGHFB<L, BL ;R GH F>:GL >:LR MH
=>M>KFBG>. ($B<DL 1974, 2-5)
%G MA> R>:KL :?M>K, L:R, 1965, PA>G A> IN;EBLA>= Capital and Growth, $B<DL
K>F:BG>= K>L>KO>= BG IHEB<R CN=@F>GM, ;NM MA>K> :K> MABG@L MA:M LN@@>LM :
?KB>G=EBG>LL HK BG<EBG:MBHG MHP:K= <E:LLB<:E EB;>K:EBLF. %G MA> BGM>KOB>PPBMA 'E:F>K,
?HK >Q:FIE>, $B<DL LI>:DL MAK>> MBF>L H? MA> 1'><HGHFR ;>BG@ fL>FB-LH<B:EBS>=g
HK fL>FB-<>GMK:EBS>=,g :G= BM L>>FL PBMA LHF> L>GL> H? =BLL:MBL?:<MBHG ('E:F>K
1989, 172, 180).
%G ABL E:M>K PKBMBG@L $B<DL @:O> FN<A :MM>GMBHG MH MBF>, <A:G@>, :G=
A>M>KH@>G>BMR (I:KMB<NE:KER H? <:IBM:E), :G= >QIEB<BMER EBGD>= ABL MABGDBG@ MH fANL-
MKB:Gg ><HGHFB<L. 0BME>L H? ABL PHKDL BG<EN=> fA *>H-ANLMKB:G #KHPMA 0A>HKRg
($B<DL 1970), Time and Capital: A Neo-Austrian Theory ($B<DL 1973;), :G= MA> >=BM>=
<HEE><MBHG Carl Menger and the Austrian School of Economics ($B<DL :G= 3>;>K 1973).
$B<DL E:M>K K>F:KD>= HG ;>BG@ : LHKM H? ANLMKB:G:
% P:L ;KHN@AM NI : B:IMBLM. AM MA:M MBF> MA>K> P>K> (BG !G@E:G= :M E>:LM)
MPH LHKML H? B:IMBLML: ,:KMB<NE:K B:IMBLM :G= +I>G B:IMBLML. %M NL>= MH
;> L:B= H? MA> ,:KMB<NE:K B:IMBLML MA:M PA>G MA>R P>GM MH $>:O>G (MA>K>
P:L GH =HN;M MA:M MA>R PHNE= @H MH $>:O>G) MA>R PHNE= ;> INM BGMH
: EBMME> <HKG>K PBMA : <NKM:BG KHNG= BM, LH MA>R LAHNE= GHM DGHP MA:M
MA>K> P:L :GRHG> >EL> BG $>:O>G! )R I:K>GML, % :F @E:= MH L:R, P>K>
+I>G B:IMBLML. 3A>G % ;>@:G MH @KHPNI, % K>:= : ;HHD BG PAB<A BM P:L
L:B= MA:M MA> IH>M &HAG )BEMHG A:= ;>>G K>IHKM>= MH ;> :G fBKK>@NE:K
:G= =>?><MBO>g B:IMBLM; MA:M, % MAHN@AM, P:L CNLM MA> DBG= H? B:IMBLM
?HK F>. *HP, :M MA> HMA>K >G= H? FR EB?>, % ?BG= FRL>E? :==K>LLBG@ :
<HG@K>@:MBHG H? K:MA>K ,:KMB<NE:K ANLMKB:GL, PABE> % FRL>E? :FGH FHK>
MA:G :G fBKK>@NE:K :G= =>?><MBO>g ANLMKB:G. % A:O> O>GMNK>= MH @BO> MA>
=>L<KBIMBHG fG>H-ANLMKB:Gg MH MA> MA>HKR PAB<A A:L ;>>G =>O>EHI>= BG
HG> H? FR ;HHDL, :G= BM A:L ;>>G LM:FI>= ?HK A>K>LR. ($B<DL 1983/
1979, 114)
$B<DL PKHM> MPH >LL:RL ?HK MA> %GLMBMNM> H? !<HGHFB< A??:BKL (%!A), :
<E:LLB<:E EB;>K:E MABGD M:GD BG (HG=HG ($B<DL 1966; 1975). 0A>L> >LL:RL =>L>KO>
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 374
LHF> :MM>GMBHG, :G= I>KA:IL MA>R BG=B<:M> MA:M $B<DL P:L LHF>PA:M LBFI:MB<H PBMA
MA> %!A.
0A> ?BKLM %!A >LL:R BL >GMBME>= fA?M>K MA> BHHF: 0AHN@AML HG MA> 1966
!<HGHFB< CKBLBLg ($B<DL 1966). $B<DL :==K>LL>L MA> F:E:BL> H? MA> 1' ><HGHFR,
:G= LN@@>LML MA:M P> MABGD BG M>KFL H? : <>BEBG@ HG IHM>GMB:E ><HGHFB< @KHPMA, :
<>BEBG@ =>M>KFBG>= ;R LMKN<MNK:E <HG=BMBHGL GHM >:LBER <A:G@>=, :G= MA>G MH <HGLB=>K
?:<MHKL K>LIHGLBO> MH IHEBMB<:EER OB:;E> @HO>KGF>GM IHEB<R :<MBHGL, ?:<MHKL MA:M
=>M>KFBG> PA>MA>K MA> G>:K-M>KF @KHPMA K:M>L :K> :L AB@A :L MA> LMKN<MNK:E <>BEBG@
HK ?:EE LHF>PA>K> ;>EHP MA> <>BEBG@. %? :<AB>O>= @KHPMA BL ;>EHP MA> <>BEBG@, MA>G
fBM PBEE ;> PBL> MH =>:E PBMA BM ;R : FHK> >QI:GLBHG:KR IHEB<R :EHG@ MA> EBG>L '>RG>L
F:=> ?:FBEB:Kg ($B<DL 1966, 6). BNM B?, BGLM>:=, MA> IKH;E>F BL MA:M MA> <>BEBG@ BML>E?
BL EHP, MA>G fMA>K> PBEE ;> GH P:R HNM BG MA:M =BK><MBHG; GHMABG@ <:G ;> =HG> >Q<>IM
;R F>MAH=L PAB<A MKR MH K:BL> MA> <>BEBG@, BGOHEOBG@ <A:G@>L BG ><HGHFB< LMKN<MNK>
PAB<A F:R P>EE ;> =B??B<NEM HK NGIHINE:Kg (B;B=.). $B<DL IKH<>>=L MH :K@N> MA:M
MA> F:BG IKH;E>F BL LMKN<MNK:Ee<:NLBG@ MA> f<>BEBG@g MH ;> EHP. 0NKGBG@ MH MA>
LMKN<MNK:E IKH;E>F, fLH MA:M =>;ML <:G ;> K>I:B=g (B;B=., 13), $B<DL L:RL, f% <:G
L>> GH P:R HNM PAB<A =H>L GHM BGOHEO> : FN<A LMKB<M>K <HGMKHE H? @HO>KGF>GM
>QI>G=BMNK>g (I. 14), :G= f0A> IN;EB< L><MHK PBEE CNLM GHM ;> :;E> MH >QI:G= :L BM
A:L ;>>G =HBG@g (15). $B<DL IKH<>>=L MH :K@N> MA:M FHLM H? MA> >QI:GLBHG A:L ;>>G
BG EH<:E @HO>KGF>GM >QI>G=BMNK>, :G= :==L: f%M BL =K>:=?NE MH MABGD AHP FN<A H?
HNK G:MBHG:E =>?B<BM BL NEMBF:M>ER MK:<>:;E> MH EH<:E >QI>G=BMNK> HG h<BOB< :F>GBMB>Li,
>QI>G=BMNK>L PAB<A PHNE= GHM A:O> ;>>G F:=> B? MA> <HLM H? BM A:= ;>>G ;KHN@AM
AHF> MH MAHL> K>LIHGLB;E> ?HK BMg (16). f1GA:IIBER,g A> <HGMBGN>L, fMA> <HLM BL
GH EHG@>K ;KHN@AM AHF> MH 7EH<:E8 <HNG<BEHKLg (17)eMANL, HG> H? MA> LMKN<MNK:E
LHNK<>L H? : EHP <>BEBG@ HG @KHPMA. f>?BG<R @K:GML ?KHF MA> !Q<A>JN>K A:O>
;>>G GHMHKBHNL =>LMKHR>KL H? ?BG:G<B:E K>LIHGLB;BEBMR :FHG@ <HEHGB:E @HO>KGF>GML,
:G= GHP BKBMBLA EH<:E @HO>KGF>GM A:L ;>@NG MH LN??>K ?KHF MA> L:F> <NKL>.g fA
LHENMBHG PBEE A:O> MH ;> ?HNG= BG : K:=B<:E HO>KA:NE H? EH<:E ?BG:G<B:E
:KK:G@>F>GMLc.g $B<DL IKH<>>=L MH L:R MA:M F:DBG@ <HGMKHE H? LI>G=BG@ HG EH<:E
L>KOB<>L >O>G FHK> <>GMK:EBS>= PHNE= ;> : f=BL:LM>Kg (B;B=.). $> >E:;HK:M>L:
+NK <HGLMBMNMBHG-E>LL =>FH<K:<R BL >OHEOBG@ PBMA :E:KFBG@ LI>>=
MHP:K=L : IK>LB=>GMB:E LRLM>F, BG PAB<A : I:KMR E>:=>K, <HGMKHEEBG@ ABL
I:KMR ;R I:MKHG:@>, K>G>PL ABL IHP>K ;R I>KBH=B< IE>;BL<BM>L HG BLLN>L
<AHL>G ;R ABFL>E?. 0A>K> BL GHM FN<A PAB<A LM:G=L ;>MP>>G NL :G=
MA:M =>GHN>F>GM, :I:KM ?KHFMA> MK:=> NGBHGL :G= MA> EH<:E :NMAHKBMB>L.
3BMA MA> EH<:E :NMAHKBMB>L @HG>, MA> P:R PHNE= ;> <E>:K ?HK : =>LIHMBLF
ING<MN:M>= ;R LMKBD>L. 0A>L> :K> FN<A FHK> MA:G ><HGHFB< BLLN>L,
;NM BG FR OB>P :G ><HGHFBLM A:L GHM ?BGBLA>= ABL CH; NGMBE A> A:L
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 375
<HGLB=>K>= MA> GHG-><HGHFB< >??><ML H? PA:M A> BL K><HFF>G=BG@.
($B<DL 1966, 18)
$B<DL IKH<>>=L MH L:R MA:M EH<:E @HO>KGF>GM >QI>G=BMNK> G>>=L MH ;> G:KKHP>=,
:G= A>K> A> M>GM:MBO>ER LN@@>LML MNKGBG@ L><HG=:KR :G= ?NKMA>K ?HKFL H? >=N<:MBHG
HO>K MH G:MBHG:E @HO>KGF>GM. BNM MA> F:BG =KB?M BL f: G:KKHPBG@ H? ?NG<MBHGg H?
EH<:E @HO>KGF>GM (1966, 18-19); $B<DL =H>L GHM PKBM> >QIEB<BMER H? IKBO:MBS:MBHG HK
EH:=-LA>==BG@, ;NM LN<A PHNE= L>>F MH ;> BFIEB>=, :G= BM BL I>KA:IL ABGM>= :M BG
K>F:KDL (HG I:@> 20) :;HNM IKBO:M> O>KLNL IN;EB< BGO>LMF>GM.
$B<DLiL L><HG=, LAHKM>K IB><> ?HK MA> %!A P:L MBME>= f0A> ,>KFBLLBO>
!<HGHFR.g +G<> :@:BG, MA> F>LL:@> BL MA:M MA>K> :K> GH JNB<D LHENMBHGL. A?M>K
LI>:DBG@ H? fMA> <HGO>KLBHG H? L>O>K:E E:K@> BG=NLMKB>L BGMH LM:M> FHGHIHEB>L,g
PA>K> fMA>K> P:L GHMABG@ MA:M MABL >FIEHR>K <HNE= GHM (:II:K>GMER) ;> F:=> MH
I:Rg ($B<DL 1975, 19), $B<DL =>EBO>KL ABL <>GMK:E F>LL:@>: f3> LA:EE GHM >F>K@>
?KHF MA> LENFI MA:M P> :K> BG NGMBE MA>K> A:L ;>>G :G :<<>IM>= ?:EE BG MA> K>:E P:@>L
H? FHLM LHKML H? E:;HNK (PAB<A FNLM GH =HN;M M:D> MA> ?HKFH? : KBL> BG IKB<>L PAB<A
FHG>R P:@>L, :G= H? <HNKL> L:E:KB>L, F:D> GH IK>M>G<> MH <:M<A NI)g (20). $B<DL
>G=L MA> >LL:R ;R L:RBG@: f0H IK>M>G= MA:M P> <:G <:KKR HG BG MA> HE= P:RL, :L B?
GHMABG@ A:= A:II>G>=, F>K>ER IKHEHG@L MA> :@HGRg (21).
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Leonid Hurwicz
(>HGB= $NKPB<S (1917d2008) P:L ;HKG BG )HL<HP MH &>PBLA I:K>GML PAH
A:= ?E>= ,HE:G= ;><:NL> H? 3HKE= 3:K % (#KBF>L 2008). $BL ?:FBER K>MNKG>= MH
,HE:G= BG 1919, :G= $NKPB<S @K>P NI MA>K>, @HBG@ HG MH >:KG : E:P =>@K>> BG
3:KL:P. $BL IHEBMB<:E OB>PL P>K> LHF>PA:M :;LMK:<M :G= =H GHM L>>F MH A:O>
<A:G@>= HO>K ABL :=NEM EB?>. 0A>R P>K>, AHP>O>K, BG?EN>G<>= ;R ABL >QI>KB>G<> PBMA
P:K: f$NKPB<S MK:GLE:M>= MA> E>LLHGL H? HIIK>LLBHG BGMH : GHP @EH;:E ;>EB>? LRLM>F
MA:M BL >JN:E I:KML ><HGHFB<L :G= IABEHLHIAR, :G= MA:M A>EIL LHEO> LI><B?B<
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 377
IKH;E>FL BG MA> K>:E PHKE=. AFHG@ MA> F:GR MABG@L A>iL E>:KG>=: ,>HIE> <:G KBL>
:;HO> MA>BK L>E?-BGM>K>LMg (B:N>K 2008).
A?M>K >:KGBG@ ABL E:P =>@K>>, $NKPB<S P:L BGMKB@N>= ;R :G ><HGHFB<L <HNKL>
:G= ;>@:G PHKD HG ABL ,A.. BG ><HGHFB<L :M MA> (HG=HG /<AHHE H? !<HGHFB<L,
E>:KGBG@ ?KHF, :FHG@ HMA>KL, *B<AHE:L ':E=HK :G= "KB>=KB<A $:R>D. %G 1939 A>
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:L LHENMBHGL MH IKH;E>FL IHL>= ;R >QM>KG:EBMB>L, PHKE= ?K>> MK:=>, :G=
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BG F:MA>F:MB<L.
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>O:EN:MBHG. %G MABL >G=>:OHK, A> ?HNG= MA> :LL>LLF>GML P>K> E:K@>ER NG:;E> MH
IK>=B<M I>K?HKF:G<>; A> K>=>LB@G>= MA> >O:EN:MBHG :G= @K>:MER BFIKHO>= MA>
:<<NK:<R H? MA> :LL>LLF>GML. 0A> >QI>KB>G<> >G<HNK:@>= ABF MH M:D> : LM:MBLMB<:E
:IIKH:<A MH ILR<AHEH@R, :G= A>EI>= ABF K>:EBS> LHF> H? MA> LRLM>F:MB< >KKHKL
ANF:G FBG=L M>G= MH ?:EE BGMH (':AG>F:G 2003).
%G 1961 A> >:KG>= : ,A.. BG ILR<AHEH@R ?KHF MA> 1GBO>KLBMR H? C:EB?HKGB:
:M B>KD>E>R. $> P:L HG MA> ?:<NEMR H? MA> $>;K>P 1GBO>KLBMR ?KHF 1961 MH 1978,
FHOBG@ HG ?KHF MA>K> MH MA> 1GBO>KLBMR H? BKBMBLA CHENF;B:, MA>G MH B>KD>E>R,
:G= ?BG:EER MH ,KBG<>MHG 1GBO>KLBMR. %G 2002 ':AG>F:G PHG MA> *H;>E ,KBS> BG
!<HGHFB<L, LA:KBG@ MA> IKBS> PBMA >QI>KBF>GM:E ><HGHFBLM 2>KGHG /FBMA f?HK
A:OBG@ BGM>@K:M>= BGLB@AML ?KHF ILR<AHEH@B<:E K>L>:K<A BGMH ><HGHFB< LG<>,
>LI><B:EER <HG<>KGBG@ ANF:G CN=@F>GM :G= =><BLBHG-F:DBG@ NG=>K NG<>KM:BGMR.g
':AG>F:G PHKD>= ?HK F:GR R>:KL BG <EHL> <HEE:;HK:MBHG PBMA AFHL
0O>KLDR. 0H@>MA>K, MA>R ?:FHNLER B=>GMB?B>= F:GR O:KB:GML H? ANF:G fLNL<>I-
MB;BEBMR MH >KKHG>HNL BGMNBMBHGLg :G= O>KB?B>= MA>L> >QI>KBF>GM:EER. 0A>BK PHKD A:L
;>>G BGM>KIK>M>= ;R F:GR :L =>FHGLMK:MBG@ P>:DG>LL>L HK EBFBM:MBHGL BG MA>
K:MBHG:E-:@>GM FH=>E H? ><HGHFB< ;>A:OBHK (':AG>F:G 2003). ':AG>F:G BL GHM>=
?HK >FIA:LBSBG@ : =BLMBG<MBHG ;>MP>>G MPH FH=>L H? F>GM:E IKH<>LLBG@: JNB<D,
EHP->??HKM BGMNBMBHG :G= LEHP, AB@A->??HKM <HGLB=>K:MBHG. >?:NEMBG@ MH MA> f?:LM
MABGDBG@g E>:=L MH LRLM>F:MB< >KKHKL (':AG>F:G 2011).
&>K>FR CEB?M BGM>KOB>P>= ':AG>F:G ?HK : 2009 IKH?BE> BG : IN;EB<:MBHG H? MA>
%GM>KG:MBHG:E )HG>M:KR "NG=. CEB?M ?K:F>= ':AG>F:GiL K>F:KDL HG E>LLHGL H? MA>
2008 K><>LLBHG :L ?HEEHPL:
Need for stronger protection for consumers and individual investors. f0A>K>iL
:EP:RL ;>>G :G BLLN> H? PA>MA>K, :G= AHP FN<A, IKHM><MBHG I>HIE>
G>>= :@:BGLM MA>BK HPG <AHB<>L,g 7':AG>F:G8 :K@N>L. fBNM % MABGD BMiL
GHP CNLM ;><HF> O>KR, O>KR =B??B<NEM MH L:R MA:M I>HIE> =HGiM K>JNBK>
IKHM><MBHG.g
Failure of markets has much wider consequences. f%GM>K>LMBG@ER >GHN@A,
BM MNKGL HNM MA:M PA>G NGBG?HKF>= BG=BOB=N:EL EHL> MA>BK FHG>R, BM
KNBGL MA> @EH;:E ><HGHFReLH MA> BKK:MBHG:E :<MBHGL H? BG=BOB=N:EL A:O>
FN<A PB=>K >??><ML PA>G <HF;BG>= PBMA MA> K:MBHG:EBMR H? <HKKNIM
:@>GML PBMABG MA> ?BG:G<B:E LRLM>F, :G= O>KR E:Q K>@NE:MBHG :G= LNI>K-
OBLBHG.g
Limits of forecasting. f0A> MK>F>G=HNL OHE:MBEBMR BG MA> LMH<D
F:KD>ML :G= ?BG:G<B:E LRLM>F M>EEL NL LHF>MABG@ :;HNM MA> :FHNGM H?
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BLA ?HK>B@G IHEB<R (':AG>F:G :G= .>GLAHG 2007, 34). ':AG>F:G :ELH A:L :K@N>=
MA:M MA> JN:EBMB>L I>HIE> :=FBK> BG E>:=>KL :K> GHM G><>LL:KBER MAHL> MA:M PBEE ;>LM
L>KO> MA> BGM>K>LML H? MA> G:MBHG (':AG>F:G 2013). $> A:L LB@G>= : I>MBMBHG BG
?:OHK H? EB;>K:EBSBG@ IK>=B<MBHG F:KD>ML, :L P>EE :L HG> BG LNIIHKM H? &HAG '>KKR ?HK
IK>LB=>GM BG 2004 ($>=>G@K>G >M :E. 2010). ':AG>F:G <HGLB=>KL IHEB<R MH f:EP:RL
BGOHEO> MK:=>H??L :G= :EFHLM :EP:RL BGOHEO> FHG>R,g PAB<A, A> L:RL, f>QIE:BGL MA>
=HFBG:GM KHE> H? ><HGHFB<L BG IHEB<Rg (':AG>F:G 2013).
':AG>F:G H??>KL f:G >GMANLB:LMB< >G=HKL>F>GM H? MA> IHEB<R :IIEB<:MBHGL
MA:M A:O> <HF> NG=>K MA> E:;>E H? ;>A:OBHK:E ><HGHFB<L. % :FO>KR HIMBFBLMB< :;HNM
MA> ?NMNK> H? MA:M PHKD, PAB<A BL <A:K:<M>KBS>= ;R :<AB>OBG@ F>=BNF-LBS>= @:BGL ;R
G:GH-LBS>= BGO>LMF>GMLg (':AG>F:G 2013). /NFF:KBSBG@ MA> IHEB<R IHBGML :M MA>
>G= H? ':AG>F:GiL Thinking, Fast and Slow (2011), CAKBLMHIA>K /A>: PKBM>L:
':AG>F:G >G=LcPBMA : =BL<NLLBHG H? AHP MA> NGK:O>EBG@ H? MA>
K:MBHG:E-:@>GM FH=>E NG=>K<NML fMA> BGM>EE><MN:E ?HNG=:MBHG ?HK MA>
EB;>KM:KB:G :IIKH:<A MH IN;EB< IHEB<R.g AM ;>LM, EB;>KM:KB:GBLF fLHF>-
MBF>L A:L : A:K= >=@>,g A> PKBM>L: f>E=>KER I>HIE> PAH =B= GHM L:O>
>GHN@A ?HK K>MBK>F>GM @>M EBMME> FHK> LRFI:MAR MA:G LHF>HG> PAH
<HFIE:BGL :;HNM MA> ;BEE :?M>K <HGLNFBG@ : E:K@> F>:E :M : K>LM:NK:GM.g
c 7$8> :IIE:N=L KNE>L MA:M PHNE= LBFIEB?R ?BG:G<B:E =BL<EHLNK> ?HKFL:
f%M BL : @HH= LB@G MA:M LHF> H? MA>L> K><HFF>G=:MBHGL A:O> >G<HNG-
M>K>= LB@GB?B<:GM HIIHLBMBHG ?KHF ?BKFL PAHL> IKH?BML FB@AM LN??>K B?
MA>BK <NLMHF>KL P>K> ;>MM>K BG?HKF>=.g %G @>G>K:E, A> A>:KMBER >G=HKL>L
MA> fEB;>KM:KB:G I:M>KG:EBLFg IKHIHL>= ;R .B<A:K= 0A:E>K :G= C:LL
/NGLM>BG, BG MA> ;HHD f*N=@>g: CK>:MBG@ f<AHB<> :K<ABM><MNK>g MA:M
F:D>L BM FHLM EBD>ER MA:M I>HIE> PBEE :<M BG MA>BK ;>LM BGM>K>LML. (/A>:
2011)
':AG>F:G (2013) <E:BFL 0A:E>K :G= /NGLM>BG :L <EHL> ?KB>G=L :G= =>L<KB;>L Nudge
(0A:E>K :G= /NGLM>BG 2008) :L : fF:LM>KIB><>.g
':AG>F:G A:L =>L<KB;>= HIIHLBMBHG MH IHEBL LN<A :L /H<B:E /><NKBMR :G=
E:PL K>JNBKBG@ A>EF>GML :L ;>BG@ BFIEB>= ;R :G f>QMK>F>g ;>EB>? BG MA> K:MBHG:E-
:@>GM FH=>E. f708A> :LLNFIMBHG MA:M BG=BOB=N:EL :K> K:MBHG:E BG MA> INKLNBM H? MA>BK
BGM>K>LML A:L :G B=>HEH@B<:E <HEHKBG@ :G= IHEB<R BFIEB<:MBHGL MA:M F:GR PHNE= OB>P
:L NG?HKMNG:M>. c %M BL GHM :G :<<B=>GM MA:M MA> =>I:KMF>GM H? ><HGHFB<L :M MA>
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 383
1GBO>KLBMR H? CAB<:@HcBL DGHPG ;HMA ?HK BML :=A>K>G<> MH : LMKB<M O>KLBHG H? MA>
K:MBHG:E :<MHK FH=>E :G= ?HK O>KR <HGL>KO:MBO> IHEBMB<Lg (':AG>F:G 2013).
%G : 2012 BGM>KOB>P, ':AG>F:G P:L :LD>= PA>MA>K ABL PHKD BG ;>A:OBHK:E
?BG:G<> <HNE= ;> A>EI?NE BG ?HKFBG@ F:KD>M K>@NE:MBHG. $> K>LIHG=>=:
% MABGD MA>K> BL GH JN>LMBHG :;HNM MA:M. 0A>K> :K> =BK><M BFIEB<:MBHGL
H? ;>A:OBHK:E ><HGHFB<L :G= H? MA> B=>: H? ;HNG=>= K:MBHG:EBMR ?HK
K>@NE:MBHG. 0A> B=>: H? MA> K:MBHG:E :@>GM FH=>E A:L MPH I>KGB<BHNL
<HGL>JN>G<>L. +G> BL MA:M RHN =HGiM G>>= MH IKHM><M <HGLNF>KL ?KHF
MA>FL>EO>L ;><:NL> MA>R :K> K:MBHG:E, :G= MA>K>?HK> <:G ;> MKNLM>= MH
F:D> MA> <AHB<>L MA:M :K> ;>LM ?HK MA>F. /H RHN <:G HIIHL> /H<B:E
/><NKBMR HG MA> =N:E :LLNFIMBHGL MA:M I>HIE> :K> K:MBHG:E :G= MA:M
MA>R LAHNE= ;>:K MA> <HGL>JN>G<>L H? MA>BK :<MBHGL. $HP>O>K, % ;>EB>O>
MA:M K>@NE:MBHG BL >LL>GMB:E MH IKHM><M I>HIE> ?KHFIK>=B<M:;E> FBLM:D>L.
5HN A:O> MH =H MA:M PBMAHNM :;KB=@BG@ ?K>>=HF, H? <HNKL>, ;NM MA:M
<:G ;> =HG>. AG= MA>G RHN G>>= MH IKHM><M <HGLNF>KL ?KHF :<MHKL BG
MA> F:KD>M MA:M PHNE= =>EB;>K:M>ER >QIEHBM I>HIE>iL B@GHK:G<> :G= MA>BK
BGM>EE><MN:E LEHMA. (':AG>F:G 2012, 12)
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Leonid Vitaliyevich Kantorovich
(>HGB= 2. ':GMHKHOB<A (1912d1986) P:L ;HKG BG 0L:KBLM .NLLB: MH :G
:??EN>GM &>PBLA ?:FBER; PA>G A> P:L 12 R>:KL HE=, ABL G:MBO> <BMR P:L K>G:F>=
(>GBG@K:=. ':GMHKHOB<A A:= : M:E>GM ?HK F:MA>F:MB<L :G= ?BGBLA>= AB@A L<AHHE
>:KER :M :@> 14 MH >GM>K (>GBG@K:= 1GBO>KLBMR. $> @K:=N:M>= BG 1930, MA>G K><>BO>=
: IKH?>LLHKLABI BG 1934 :G= ?BG:EER ABL =H<MHK:M> BG F:MA>F:MB<L BG 1935
(':GMHKHOB<A 1992/1976;)e:EE ;R MA> :@> H? 23.
':GMHKHOB<A ;>@:G ABL <:K>>K :L : F:MA>F:MB<L IKH?>LLHK, ;NM ?HK:R>= BGMH
><HGHFB<L BG MA> E:M> 1930L, PA>G A> ;>@:G PHKDBG@ HG <HFIE>Q IKH;E>FL H?
K>LHNK<> :EEH<:MBHG (':GMHKHOB<A 1992/1976;). AKHG ':ML>G>EBG;HB@>G L:RL H?
':GMHKHOB<A: f%G 1939d41, A> K>:EBS>= MA:M MA> LH<B:EBLM ><HGHFR :L : PAHE> <HNE=
;> I>K<>BO>= :L :G HIMBFBS:MBHG IKH;E>F. 0A> EH@B< H? MA> /HOB>M IE:GG>= ><HGHFR
G:MNK:EER BFI>EE>= ':GMHKHOB<A MHP:K=L MABL GHMBHG. c %G BGO>LMB@:MBG@
7HIMBFBS:MBHG K>E:MBHGL8, A> P:L :ELH :;E> MH I>G>MK:M> =>>I>K BGMH MA> KHE> H? IKB<>L
MA:G A:= /HOB>M ><HGHFBLML ;>?HK> ABFg (':ML>G>EBG;HB@>G 1979, 136). %G 1975,
':GMHKHOB<A PHG MA> *H;>E ,KBS>, LA:K>= PBMA 0C:EEBG@ 'HHIF:GL, ?HK f<HG-
MKB;NMBHGL MH MA> MA>HKR H? HIMBFNF :EEH<:MBHG H? K>LHNK<>L.g
A G>P ;K:G<A H? ><HGHFB<L >F>K@>= BG MA> /HOB>M 1GBHG BG MA> 1950L
fPA>K> : F:CHKBMR H? MA> :<MBO> K>L>:K<A PHKD>KL P>K> H? <HNKL> K>E:MBO>ER RHNG@>K
I>HIE>, F:GR H? PAHF A:= MA>BK ;:<D@KHNG= BG LN;C><ML HMA>K MA:G ><HGHFB<Lg
(&HA:GL>G 1976, 62). 0A> G>P :IIKH:<A KBO:E>= MA> IHEBMB<:E ><HGHFR H? LH<B:EBLF
;:L>= HG MA> PHKDL H? ):KQ :G= (>GBG. /M:GE>R BKN> :G= CK:B@ ):<,A>> >QIE:BG:
B:L>= HG MA> PHKD H? (>HGB= ':GMHKHOB<A :G= HMA>K IKHFBG>GM
L<AHE:KL, : G>P kafederi H? F:MA>F:MB<:E ><HGHFB<LeFHK> LI><B?B-
<:EER, MA> /RLM>F H? +IMBF:EER "NG<MBHGBG@ /H<B:EBLM !<HGHFR
(/+"!)e<:F> MH MA> ?HK>. 0ABL G>P ><HGHFB<L, <:EE>= economic
cybernetics ;R F:GR .NLLB:GL, ?H<NL>= HG EBG>:K IKH@K:FFBG@ :G=
K>E:M>= HIMBFBS:MBHG M><AGBJN>L H? IKH=N<MBHG. c 70A> ,HEBMB<:E
!<HGHFR H? /H<B:EBLF8 P:L ABLMHKB<:E :G= A>:OBER B=>HEH@B<:E PBMA
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 385
K>L>:K<A <HGLBLMBG@ H? I:I>KL EH:=>= PBMA <BM:MBHGL H? ):KQ, (>GBG, :G=
<NKK>GM E>:=>KL H? MA> CHFFNGBLM ,:KMR. +G MA> HMA>K A:G= /+"!P:L
AB@AER F:MA>F:MB<:E, :BF>= :M =>O>EHIBG@ F>MAH=L ?HK BFIE>F>GMBG@
MA> EHG@-KNG IE:GL :G= BFIKHOBG@ MA> HI>K:MBHG H? LM:M> >GM>KIKBL>L.
B><:NL> MA> F>MAH=HEH@B>L H? MA>L> :IIKH:<A>L =B??>K, FN<A M>GLBHG
A:L :KBL>G ;>MP>>G :=A>K>GML H? MA> MPH LN;=BL<BIEBG>L. (BKN> :G=
):<,A>> 1995, 183-184)
':ML>G>EBG;HB@>G PKBM>L: f0A> ?:<M MA:M ':GMHKHOB<A, BG=>I>G=>GMER ?KHF
3>LM>KG ><HGHFBLML, =BL<HO>K>= MA> ><HGHFBSBG@ IKHI>KMB>L H? IKB<>L BG : IE:GG>=
LRLM>F BL GHM ABL @K>:M ?>:M: 3>LM>KG LGMBLML A:= :EK>:=R >QIHNG=>= MA>L>
K>E:MBHGL. $BL K>:E LN<<>LL P:L BG IKHIHLBG@ ;HMA : <HG<K>M> IKH<>=NK> ?HK
<HFIBEBG@ :G HIMBF:E IE:G :G= P:RL H? HO>KL>>BG@ BML BFIE>F>GM:MBHG BG IKB<>
F><A:GB<Lg (':ML>G>EBG;HB@>G 1979, 138).
':GMHKHOB<A =>O>EHI>= K><HFF>G=:MBHGL ?HK BFIKHOBG@ /HOB>M IE:GGBG@,
;NM ABL <KBMB<BLFL P>K> GHM P>EE K><>BO>= ;R MA> :NMAHKBMB>L, :<<HK=BG@ MH ':M-
L>G>EBG;HB@>G:
%G 1939 HK 1940, 7':GMHKHOB<A8 PKHM> : E>MM>K MH #HLIE:G <HGM:BGBG@
ABL K><HFF>G=:MBHGL. AM MABL IHBGM, MA> BG>OBM:;E> <E:LA ;>MP>>G
':GMHKHOB<A :G= MA> /HOB>M ;NK>:N<K:<R ?BG:EER H<<NKK>=; HGER ;R
LHF> FBK:<E> =B= ':GMHKHOB<A F:G:@> MH LNKOBO> BM. (':ML>G>EBG;HB@>G
1979, 139)
A?M>K ?B@NKBG@ HNM AHP MH BFIKHO> >??BG<R :M : MK:BG <:K IE:GM, ':GMHKHOB<A P:L
<A:K@>= PBMA f<HFIEB<BMRg :G= :II:K>GMER P:L LI:K>= ;><:NL> H? ABL BGM>@K:E KHE> BG
K>L>:K<A HG :MHFB< K>:<MHKL (':ML>G>EBG;HB@>G 1979, 134).
%G 1965 ':GMHKHOB<A PKHM>:
,E:GGBG@ H? MA> G:MBHG:E ><HGHFR :G= H? BG=BOB=N:E ;K:G<A>L PBMABG
MA> ?K:F>PHKD H? MA> LM:M> BL HGER IHLLB;E> PA>G IKBO:M> HPG>KLABI H?
MA> F>:GL H? IKH=N<MBHG BL K>IE:<>= ;R <HFFHG LH<B:EBLM HPG>KLABI.
/N<A IE:GGBG@ ;><HF>L IHLLB;E> PA>G <:IBM:EBLM K>E:MBHGL H? IKH=N<-
MBHG A:O> ;>>G >EBFBG:M>= :G= K>IE:<>= ;R LH<B:EBLM HG>L. c0A> @>GBNL
H? 72. %.8 (>GBGiL B=>:L :;HNM IE:GGBG@ ?HKF>= MA> ;:LBL ?HK :EE IE:GL
?HK MA> =>O>EHIF>GM H? MA> G:MBHG:E ><HGHFR H? MA> 1././... c 0A>
7CHFFNGBLM8 ,:KMR A:L ?K>JN>GMER >FIA:LBS>= MA:M HGER PBMA =>M:BE>=
:G= <HKK><M LGMB?B< IE:GGBG@ BL BM IHLLB;E> MH :<AB>O> ?NEE :G=
;:E:G<>= NL> H? :EE >QBLMBG@ K>LHNK<>L :G= MH =>FHGLMK:M> MA> @>G>K:E
LNI>KBHKBMR H? MA> LH<B:EBLM F>MAH= H? IKH=N<MBHG PAB<A PBEE @N:K:GM>>
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2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 386
MA> OB<MHKR H? LH<B:EBLF BG MA> PHKE=-PB=> <HGM>LM PBMA <:IBM:EBLF.
(':GMHKHOB<A 1965, QQB)
':GMHKHOB<A =B=, AHP>O>K, K><H@GBS> fLN;LM:GMB:E LAHKM<HFBG@Lg BG /HOB>M
><HGHFBK?HKF:G<>: f7C8HGLB=>K:;E> EHLL>L M:D> IE:<> >O>G GHPeB=E>G>LL H?
E:;HNK :G= >JNBIF>GM, :G= EHLL>L BG K:P F:M>KB:EL :G= ?N>E, HPBG@ MH NGLNBM:;E>
IKH@K:FF>L, KNLA PHKD MHP:K=L MA> >G= H? MA> IE:G I>KBH= :G= =>E:RL BG LNIIER,
MA> ?K>>SBG@ H? F:M>KB:EL BG LNKIENL LMH<DL :G= BG IKHMK:<M>= <HGLMKN<MBHGeMA>L>
:K> :ELH >OB=>G<> H? MA> E:<D H? LN??BGMER K:MBHG:E IE:GGBG@.g $> :<DGHPE>=@>=
F>MAH=HEH@B<:E BLLN>L: fAEE MA>L> EHLL>L :K> ;:LB<:EER =N> MH BFI>K?><M IKH=N<MBHG
IE:GGBG@ :G= ><HGHFB< :<<HNGMBG@, <:NL>= ;R BG:=>JN:M> F>MAH=L.g $> <HF-
IE:BG>= :;HNM IKB<>L: f,KB<>L K>?E><M JNBM> BG:=>JN:M>ER MA> BFIHKM:G<> H?
>JNBIF>GM.g $> K><H@GBS>= =>?BGL BG =BLMKB;NMBHG: f"K>JN>GMER MA>K> :II>:KL
MH >QBLM <HGLB=>K:;E> =BLI:KBMR ;>MP>>G MA> HK=>KL :G= K>JNBK>F>GML H? BG=BOB=N:E
?BKFL ?HK F:M>KB:EL, >JNBIF>GM, >E><MKB< IHP>K, MK:GLIHKM, F>:GL H? <:IBM:E
BGO>LMF>GM :@:BGLM >QBLMBG@ IHLLB;BEBMB>L.g ':GMHKHOB<A IK>L<KB;>= ;>MM>K LH<B:EBLF:
f+NK F:BG NEMBF:M> :BF BL MH ?NKGBLA MA> ;>LM HIMBF:E IE:G, B.>. : IE:G PAB<A PHNE=
>GLNK> MA> F:QBFNF HNMINM H? MA> G><>LL:KR IKH=N<ML ?KHF @BO>G K>LHNK<>L. /N<A
:G :IIKH:<A <HKK>LIHG=BG@ MH MA> O>KR G:MNK> H? : LH<B:EBLM LHMR BL BG :<<HK=:G<>
PBMA MA> ;:LB< ><HGHFB< IKBG<BIE>L H? LH<B:EBLFg (':GMHKHOB<A 1965, QQBB-QQQ).
%G MA> P:D> H? PBGGBG@ MA> *H;>E, ':GMHKHOB<A OHB<>= MA> OB>P MA:M
f/GMB?B< :G= M><AGB<:E IKH@K>LL BL MA> ;:LB< F>:GL H? ?NKMA>K BG<K>:L>L BG MA>
>??BG<R H? LH<B:E IKH=N<MBHG BG MA> :@> H? =>O>EHI>= LH<B:EBLF. c /G<> BL
: =BK><M IKH=N<MBHG ?HK<>, : =><BLBO> ?:<MHK BG MA> =>O>EHIF>GM H? MA> LH<B:EBLM
><HGHFR. c 0A>K>?HK> MA> =>O>EHIF>GM H? MA> G:MBHG:E ><HGHFR =>I>G=L MH
: E:K@> >QM>GM HG MA> ><HGHFB<L :G= F:G:@>F>GM H? LGMB?B< :G= M><AGB<:E
IKH@K>LLg (':GMHKHOB<A 1976:, 521).
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<ABE=AHH= =NKBG@ MA> #K>:M >IK>LLBHG. $> K>?E><M>= HG MA> >O>GML H? ABL >:KER EB?>:
AEMAHN@A % P:L GHM :P:K> H? BM :M MA> MBF>, MA> >QI>KB>G<> H? @KHPBG@
NI =NKBG@ MA> #K>:M >IK>LLBHG P:L MH A:O> : IKH?HNG= BFI:<M HG FR
BGM>EE><MN:E :G= IKH?>LLBHG:E <:K>>K. CHEE>@B:M> EB?> LN;L>JN>GMER @:O>
F> : ;:LBL ?HK NG=>KLM:G=BG@ MABL >QI>KB>G<> :G= MH =>O>EHI LHF>
:G:ERMB<:E LDBEEL ?HK =>:EBG@ PBMA MA> BFIHKM:GM ><HGHFB< :LI><ML H? MABL
>K:, :L P>EE :L MA> >Q<BMBG@ MBF>L MA:M P>K> MH <HF>e3HKE= 3:K %%,
IHLMP:K K><HGLMKN<MBHG, :G= >QI:GLBHG. ('E>BG 1992:/1981)
$> =>L<KB;>L ABL =BK><MBHG BG <HEE>@>:
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PHKE= H? B=>:L. % LI><B:EBS>= BG ;HMA ><HGHFB<L :G= F:MA>F:MB<L. %
<HNE= GHM L>> MA>BK >O>GMN:E NL> MH@>MA>K MH =>:E PBMA IKH;E>FL MA:M
MA> PHKE= ?:<>=. AELH, % P:L GHM >JN:E MH MA> JNB<D-PBMM>= LM:K
F:MA>F:MB<B:GL :M MA> NGBO>KLBMR, ;NM % D>IM ;>BG@ :MMK:<M>= ;R
F:MA>F:MB<:E IKH;E>FL :G= MA>BK IHM>GMB:E NL> BG G:MNK:E, IARLB<:E, :G=
LH<B:E LG<>Le>LI><B:EER BG ><HGHFB<L. ('E>BG 2006, 31)
'E>BG LM:KM>= :M (HL AG@>E>L CBMR CHEE>@> ?HK ABL NG=>K@K:=N:M> LMN=B>L,
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:G= ABL ,A.. :M )%0 BG 1944. $> FHO>= MH CHBG MA> CHPE>L CHFFBLLBHG, MA>G
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+Q?HK= MH =H LMN=B>L HG MA> BKBMBLA ><HGHFR. %G 1958 A> FHO>= MH :G= A:L LBG<>
;>>G :M MA> 1GBO>KLBMR H? ,>GGLREO:GB:, PA>K> A> ?HNG=>= 3A:KMHG !<HGHF>MKB<
"HK><:LMBG@ ALLH<B:M>L.
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Dictionary of Economics, L:RL MA:M 'E>BG A:L ;>>G f: IBHG>>KcBG =>O>EHIBG@ :
PHKE=PB=> BG=NLMKR BG ><HGHF>MKB< ?HK><:LMBG@ :G= IHEB<R :G:ERLBLg ():KB:GH
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(%*', PAB<A, ):KB:GH L:RL, fLHN@AM MH BGM>@K:M> MA> F:<KH><HGHF>MKB< FH=>EL H?
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MA> *H;>E ,KBS> BG !<HGHFB<L BG 1980 f?HK MA> <K>:MBHG H? ><HGHF>MKB< FH=>EL :G=
MA> :IIEB<:MBHG MH MA> :G:ERLBL H? ><HGHFB< ?EN<MN:MBHGL :G= ><HGHFB< IHEBL.g
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A> A:= ;>>G : F>F;>K H? MA> CHFFNGBLM ,:KMR ?HK :;HNM LBQ FHGMAL BG 1946.g
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BM PHNE= F>:G MA:M A> P:L : F>F;>K H? MA> CHFFNGBLM ,:KMR ?HK I>KA:IL MPH
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?HK L>O>K:E R>:KL ;>>G BGOHEO>=, NG<HF?HKM:;ER, PBMA ):KQBLM @KHNIL, :G= MA:M A>
MA>G, :KHNG= 1947, @:O> NI LH<B:EBLF?HK : FHK> F:BGLMK>:F LHKM H? BGM>KO>GMBHGBLM
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M>LMBFHGR <:F> HNM, :G= 'E>BG MA>G P>GM MH +Q?HK=.
):KB:GH (2008) GHM>L MA:M fHG> H? 'E>BGiL ;>LM-DGHPG PHKDLg BL The
Keynesian Revolution, PAB<A @K>P HNM H? ABL =BLL>KM:MBHG :G= P:L ?BKLM IN;EBLA>= BG
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fK>IK>L>GM>= MA> @KHPBG@ <HGL>GLNL H? MA> MBF> :FHG@ ><HGHFBLML :G=
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%GM>K>LM K:M> IHEB<R <:G, BG @>G>K:E, ;> >QI><M>= MH ;> JNBM> BG>??><MBO>.
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;> <:KKB>= HNM ;R M:QBG@ MA> KB<A :G= I:RBG@ : =HE> HK HMA>K MRI>L H?
<HGMKB;NMBHGL MH MA> IHHK. (B;B=., 177)
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:FHNGM, MA:M :FHNGM PAB<A @BO>L I>KF:G>GM ?NEE >FIEHRF>GM :G=
LM:;E> IKB<>L. (B;B=., 179-180)
%? MA> LM:M> BL MH :=HIM : <HGL<BHNL IHEB<R H? ?NEE >FIEHRF>GM, BM FNLM
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AL EHG@ :L MA> BGM>K>LM <A:K@> BL : LF:EE ?K:<MBHG H? MA> BG<HF>, MA>
;NK=>G BL GHM <NF;>KLHF>. AM IK>L>GM BGM>K>LM K:M>L :G= =>;M LBS>,
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:<<NFNE:M> PBEE ;><HF> <NF;>KLHF>. (B;B=., 182)
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%G : 1948 :KMB<E> BG MA> American Economic Review >GMBME>= f,E:GG>= !<HGHFR
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%G 1980, BG ABL *H;>E E><MNK> f/HF> !<HGHFB< /<>G:KBHL ?HK MA> 1980L,g
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431, 0:;E> 6).
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;NM % =H K>:EBS> MA:M :EE IHEB<R BLLN>L :K> GHM JN:GMBM:MBO> :G=
F>:LNK:;E>. AM MBF>L, LN;C><MBO> =><BLBHGL FNLM :ELH ;> F:=>. ('E>BG
1992<, 186)
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%G 2004, 'E>BG @:O> :G BGM>KOB>PMH MA> Wall Street Journal. $> P:L :LD>= :;HNM
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:K> HMA>K P:RL MH LMBFNE:M> BGO>LMF>GM MAKHN@A M:Q <HG<>LLBHGL MA:M BGLBLM MA:M
MA> <HFI:GR BGO>LML. +G> BL MA> BGO>LMF>GM M:Q <K>=BM :G= :GHMA>K BL :<<>E>K:M>=
=>IK><B:MBHG. c % PHNE= ;> FN<A FHK> LRFI:MA>MB< MH 7LN<A :8 M:Q <NM HK : M:Q
<HG<>LLBHG K:MA>K MA:G : =BOB=>G= <NMg ('E>BG 2004). $> <HGMBGN>= HG MA>
>??><MBO>G>LL H? MA> BNLA M:Q <NML:
3> =HGiM L>> BM R>M. BNM P> =H L>> :G BG<K>:L> BG MA> =>?B<BM. 0A>
BG<K>:L> BG MA> =>?B<BM BML>E? ?HK MABL ?BL<:E R>:K BL HG MK:<D MH ;> ;>MP>>G
$400 ;BEEBHG :G= $500 ;BEEBHG. A EHM H? MA:M A:L MH =H CNLM PBMA MA>
=BOB=>G= M:Q <NM. % MABGD MA> M:Q IHEB<R BG @>G>K:E BL GHM P>EE <HG<>BO>=.
%M LAHNE= A:O> ;>>G ?HK I>HIE> PAH PHNE= A:O> ;>>G AB@AER EBD>ER
MH LI>G= : @HH= LA:K> H? BM, :G= BM P:L GHM >G@BG>>K>= MA:M P:R. 0A>
>G@BG>>KBG@ H? MA> M:Q <NM BL FHK> : F:MM>K H? M:Q K>?HKF MA:G M:Q
K>=N<MBHG. AG= PA>G P>iK> ?B@AMBG@ : P:K, KNGGBG@ : =>?B<BM :G= MKRBG@
MH @>M MA> ><HGHFR FHOBG@, BMiL GHM : MBF> MH >QI>KBF>GM PBMA M:Q
K>?HKF. 3A:M P> G>>= BL : M:Q <HG<>LLBHG ?HK MA> K>E:MBO>ER EHP>K :G=
FB==E> BG<HF> @KHNIL PAH PBEE ;> EBD>ER MH LI>G= BM. ('E>BG 2004)
'E>BG, AHP>O>K, P:L GHM HIIHL>= MH HO>KL>:L HNMLHNK<BG@ ;R AF>KB<:G
<HFI:GB>L:
3>EE, %iO> ;>>G BGOHEO>= BG : F:CHK LMN=R HG H??LAHKBG@. 0A> MRIB<:E
>Q:FIE> BL MA> %G=B:G LH?MP:K> BG=NLMKR BG B:G@:EHK> :G= $R=>K:;:=.
,>HIE> :K> HIIHL>= MH BM ;><:NL> BM L>>FL MH ;> M:DBG@ PABM>-<HEE:K CH;L
?KHF AF>KB<: :G= FHOBG@ MA>F MH EHP-P:@> <HNGMKB>L. %G=B: BL GHM
MA> HGER <HNGMKR, ;NM BMiL MA> ;B@@>LM LBG@E> <HNGMKR. c % PHNE= :K@N>
MA:M BMiL GHM : ;:= MABG@ MH A:II>G. 0A>K> F:R ;> LHF> EHLL H? CH;L BG
MA> LAHKM M>KF, ;NM BG MA> EHG@>K KNG, P> @>M MAHL> CH;L ;:<D ;><:NL> P>
@>M FHK> >QIHKML BG HMA>K :K>:L. 3>iO> ;>>G MAKHN@A MABL ;>?HK>cPBMA
M>E>OBLBHG L>ML. 0A:M =B=GiM K>:EER NG=>KFBG> HNK ><HGHFR ;><:NL> P>
MNKG>= MH FHK> LHIABLMB<:M>= :<MBOBMB>L.
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2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 394
0A> ;:LBL H? MA> :K@NF>GM BL : <E:LLB<:E, HE=-?:LABHG>= :K@NF>GM
H? MA> @:BGL H? MK:=>. !O>KR;H=R <:G @:BG, ;NM BM M:D>L MBF>. %G HNK
LMN=B>L H? H??LAHKBG@, %iO> ?HNG= MA:M ?HK : R>:K HK MPH, P> FB@AM EHL>
LHF> CH;L ;NM P> <HNE= MKR MH <HFI>GL:M> ?HK MA:M. %G MA> EHG@>K KNG,
P> PHNE= @:BG ;R EHP>K <HLML. ('E>BG 2004)
3A>G :LD>=: f3HNE= RHN <HGLB=>K LB@GBG@ :GHMA>K LM:M>F>GM PBMA *H;>E
E:NK>:M>L :@:BGLM <NKK>GM ><HGHFB< IHEB<R?g 'E>BG K>LIHG=>=:
%M PHNE= A:O> MH ;> O>KR LI><B?B<. % PHNE= LB@G : LM:M>F>GM L:RBG@ MA:M
MA> :=FBGBLMK:MBHGiL IHEB<R BL ?:NEMR :G= GHM >??><MBO>. %iF :@:BGLM MA>
PAHE> P:K LBMN:MBHG, :G= MA:MiL PA:M BL @BOBG@ KBL> MH MA> 7><HGHFB<8
IKH;E>FL. ('E>BG 2004)
.>@:K=BG@ ?HK>B@G IHEB<R BLLN>L, BM LAHNE= ;> GHM>= MA:M 'E>BG P:L f:
?HNG=BG@ H??B<>K :G= :<MBO> FHOBG@ ?HK<> H? MA> !<HGHFBLML AEEB>= ?HK AKFL
.>=N<MBHG (!CAA.), GHP !<HGHFBLML ?HK ,>:<> :G= /><NKBMR (!,/)g ():KB:GH
2008).
%G : 2012 ;HHD <A:IM>K K>@:K=BG@ MA> K><>GM K><>LLBHG, 'E>BG :G= ABL
<HEE:;HK:MHKL K><HFF>G= MA:M IHEB<RF:D>KL fBFIKHO> ?:BKG>LL :G= MK:GLI:K>G<R
H? MA> ?BG:G<B:E F:KD>ML, MA>K>;R I>K?><MBG@ MA> F:KD>M >JNBEB;KBNF, IKHM><MBG@
BGO>LMHKL, :G= LM:;BEBSBG@ MA> F:KD>M. 0A> NEMBF:M> @H:E BL MH IK>O>GM <KBLBL LH MA:M
I>HIE>iL A:IIBG>LL :G= A>:EMA <:G ;> IKHM><M>= :G= BFIKHO>=g (5:G >M :E. 2012,
24-25).
'E>BG (2009, 32) GHM>L MA:M BG 1976 A> L>KO>= f:L &BFFR C:KM>KiL <HHK=BG:MHK
H? ABL ><HGHFB< M:LD ?HK<>.g 'E>BG A:L LB@G>= L>O>K:E I>MBMBHGL: :@:BGLM LP>:MLAHIL,
:@:BGLM MA> BNLA M:Q <NML, BG LNIIHKM H? K:BLBG@ MA> FBGBFNF P:@>, :G= >G=HKLBG@
&HAG '>KKR ?HK IK>LB=>GM BG 2004 ($>=>G@K>G >M :E. 2010).
References
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Klein, Lawrence R. 1987. 0A> !0 %GM>KOB>P: ,KH?>LLHK (. .. 'E>BG 7BGM>KOB>P ;R
.H;>KMH /. ):KB:GH8. Econometric Theory 3(3): 409-460.
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,N;EBLABG@ CH. Link
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Nobel Lectures: Economic Sciences, 19691980, >=. ALL:K (BG=;><D, 421-442.
/BG@:IHK>: 3HKE= /GMB?B< ,N;EBLABG@ CH. Link
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Tjalling C. Koopmans
0C:EEBG@ 'HHIF:GL (1910d1985) P:L : NM<A ><HGHFBLM PAHL> *H;>E-
PBGGBG@ PHKD P:L HG HIMBF:E IE:GGBG@. %M :II>:KL MA:M A> P:L GHM O>KR OH<:E :;HNM
ABL B=>HEH@B<:E OB>PL, >O>G PA>G LHF> H? ABL I>>KL P>K>.
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 396
'HHIF:GL @K>P NI BG MA> OBEE:@> H? iL-#K:O>E:G= :G= ;>@:G ABL >=N<:MBHG BG
;B;EB<:E LMN=B>L :M : L<AHHE PA>K> ABL ?:MA>K P:L IKBG<BI:E. $BL >:KER EB?> HNMLB=> H?
L<AHHE E>:G>= A>:OBER HG <HFFHG K>EB@BHNL KBMN:EL :G= BGLMKN<MBHG. AM L>O>GM>>G,
'HHIF:GL E>?M ?HK MA> 1GBO>KLBMR H? 1MK><AM. 3ABE> :M MA> NGBO>KLBMR, A> ;H:K=>=
PBMA : ?:FBER E>LL LMKB<M :G= FN<A FHK> LH<B:EER EBO>ER. $> PHNE= >O>GMN:EER K>-
GHNG<> ABL MB>L MH MA> ,KHM>LM:GM ?:BMA (/<:K? 1995, 264-265).
AM MA> NGBO>KLBMR 'HHIF:GL LMN=B>= INK> F:MA>F:MB<L :G= MA>HK>MB<:E
IARLB<L, PAB<A >O>GMN:EER E>= ABF BGMH ><HGHFB<L. 'HHIF:GL >QIE:BG>= MA>
:<:=>FB< LAB?M :L f: <HFIKHFBL> ;>MP>>G FR =>LBK> ?HK : LN;C><M F:MM>K <EHL>K MH
K>:E EB?> :G= MA> H;OBHNL :K@NF>GM BG ?:OHK H? : ?B>E= BG PAB<A F:MA>F:MB<:E MK:BGBG@
<HNE= ;> INM MH NL>g ('HHIF:GL 1992/1976).
%G ABL >:KER MP>GMB>L, 'HHIF:GL EHHD>= MH ):KQBLF MH F:D> L>GL> H? MA>
#K>:M >IK>LLBHG. %G :G :NMH;BH@K:IAB<:E LD>M<A, A> PKHM>: f%M =:PG>= HG F> MA:M
MA> ><HGHFB< PHKE= HK=>K P:L NGK>EB:;E>, NGLM:;E>, :G=, FHLM H? :EE, BGBJNBMHNL.
% LHN@AM BGM>EE><MN:E <HGM:<ML :G= ?KB>G=LABI PBMA : @KHNI H? LH<B:EBLM LMN=>GML
:G= :ELH PBMA : LF:EE A:G=?NE H? <HFFNGBLM-HKB>GM>= LMN=>GML :G= NG>FIEHR>=
PHKD>KL. 0ANL, ':KE ):KQiL Das Kapital, 2HE. %, <:F> MH ;> MA> ?BKLM ;HHD BG ><H-
GHFB<L MA:M % LMN=B>=. 3ABE> G>O>K :<<>IMBG@ MA> E:;HK MA>HKR H? O:EN>, % P:L LMBKK>=
;R MA> ?:FHNL <A:IM>K HG MA> LM:M> H? MA> !G@EBLA PHKD>KL =NKBG@ MA> %G=NLMKB:E
.>OHENMBHGg ('HHIF:GL 1992/1976).
'HHIF:GL >O>GMN:EER :??BEB:M>= ABFL>E? PBMA &:G 0BG;>K@>G, : MK:BG>= F:MA>-
F:MB<:E IARLB<BLM. 'HHIF:GL FHO>= ?KHF 1MK><AM MH AFLM>K=:F :G= <HGG><M>=
PBMA : @KHNI H? 0BG;>K@>GiL RHNG@ =BL<BIE>L, :FHG@ MA>F 0KNNL 3:GGBG@>G, PBMA
PAHF 'HHIF:GL A:= LA:K>= BGM>K>LML BG f><HGHFB<L, FNLB<, G:MNK>, EHO>, :G=
BG=>I>G=>G<> ?KHF MA> OB>PL :G= EB?>LMRE>L H? HNK I:K>GML.g 'HHIF:GL :G=
3:GGBG@>G P>K> F:KKB>= BG 1936 (B;B=.). 'HHIF:GL >:KG>= ABL =H<MHK:M> :G=
;><:F> :G ><HGHFB<L IKH?>LLHK :M MA> *>MA>KE:G=L /<AHHE H? !<HGHFB<L BG
.HMM>K=:F ;>MP>>G 1936 MH 1938, :?M>K 0BG;>K@>G P:L <:EE>= MH MA> (>:@N> H?
*:MBHGL :M #>G>O:. 3A>G 0BG;>K@>G K>MNKG>= BG 1938, 'HHIF:GL MHHD ABL IE:<>
:M MA> (>:@N>. $> PHKD>= ?HK MPH R>:KL BG #>G>O:, MA>G <:F> MH MA> 1GBM>= /M:M>L
BG 1940 ('HHIF:GL 1992/1976).
%G : LI>><A BG 1949, 'HHIF:GL >GM>K>= MA> <:E<NE:MBHG =>;:M> ;R =BLFBLLBG@
BM:
)N<A H? MA> EBM>K:MNK> MHN<ABG@ HG MABL MHIB< 7MA> IKH;E>F H? >??BGM
:EEH<:MBHG BG IKH=N<MBHG8 BL <HG<>KG>= PBMA MA> >O:EN:MBHG H?
:EM>KG:MBO> BGLMBMNMBHG:E HK :=FBGBLMK:MBO> ?HKFL H? HK@:GBSBG@
IKH=N<MBHG. 0ABL >O:EN:MBHG ?HKFL I:KM H? MA> @K:G= =>;:M> HG MA>
F>KBML H? IKBO:M> HK <HKIHK:M> >GM>KIKBL> O>KLNL : <>GMK:EER =BK><M>=
><HGHFRe: =>;:M> MHN<ABG@ NIHG MA> ;KH:= MA>F> H? MA> IK>L>GM
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F>>MBG@Le:G= BFIHKM:GM BGLB@AML :;HNM HNK MHIB< <:G ;> @:BG>= ?KHF
MABL =>;:M>. 0A> ?:FHNL :KMB<E> ;R !GKB<H B:KHG> HG f0A> )BGBLMKR
H? ,KH=N<MBHG BG MA> CHEE><MBOBLM /M:M>g >FIA:LBS>= MA> B=>: MA:M :G
><HGHFR NG=>K <>GMK:EBS>= =BK><MBHG, MH ;> >??BGM, LAHNE= BG FHLM
H? BML HI>K:MBHGL L:MBL?R MA> L:F> ?HKF:E <HG=BMBHGL :L :K> L:MBL?B>= ;R
MA> ><HGHFB< MA>HKBLMiL FH=>E H? <HFI>MBMBO> LHMR. 0ABL B=>: A:L
;>>G LN;LM:GMB:EER :<<>IM>= ;R :EE I:KMB<BI:GML BG MA> >GLNBG@ =>;:M>
7$:R>D-.H;;BGL, (:G@>-(>KG>K8. 0A> <HGMKHO>KLR P:L :;HNM F>MAH=L
L:MBL?RBG@ MA>L> <HG=BMBHGL. c 0H K>FBG= NL MA:M MA> K>:E PHKE= :EP:RL
H??>KL : @K>:M>K O:KB>MR H? IKH;E>FL MA:G HNK :MM>FIML :M MA>HKBSBG@
A:O> >GOBL:@>=, : G>P <HGMKB;NMBHG MH MA> =BL<NLLBHG A:L K><>GMER
<HF> ?KHF HNMLB=> ><HGHFB<L. ). '. 3HH=, : LGMBLM :G= :=FBG-
BLMK:MHK, :G= #. B. :GMSB@, : F:MA>F:MB<B:G, ;HMA H? MA> 1. /.
>I:KMF>GM H? MA> ABK "HK<>, P>K> ?:<>= PBMA MA> :EEH<:MBHG IKH;E>FL
H? : PB=>ER K:FB?B>= I:KM H? MA> FBEBM:KR >LM:;EBLAF>GM. c %G MABL
LBMN:MBHGcMA>R K>O>KM MH MA> F>MAH= =BL<:K=>= ;R :EE I:KMB<BI:GML BG
MA> =>;:M> PAH <:F> :?M>K B:KHG>: MA> :<MN:E <HEE><MBHG H? K>E>O:GM
M><AGB<:E BG?HKF:MBHG BG HG> <>GM>K :G= MA> <:E<NE:MBHG H? :G :EEH<:MBHG
IKH@K:F MH L>KO> :L MA> ;:LBL H? : E:K@> GNF;>K H? =>M:BE>= =BK><MBO>L.
c 0ABL BGM>K>LMBG@ MNKG BG MA> =BL<NLLBHG LAHPL, BM L>>FL MH F>, MA:M
MA> >:KEB>K =BL<NLLBHG A:= ;>>G <HG<>KG>= MHH FN<A PBMA :;LHENM>
BGLMBMNMBHG:E <:M>@HKB>L >G<HFI:LLBG@ MA> >GMBK> ><HGHFR. !O>G BG MA>
<:IBM:EBLMB< >GM>KIKBL> ><HGHFR MA>K> :K> F:GR L><MHKL PA>K> MA>
@NB=>IHLML H? : <HFI>MBMBO> F:KD>M :K> E:<DBG@ :G= >QIEB<BM :G:ERLBL H?
MA> :EEH<:MBHG IKH;E>F BL G>>=>=. ('HHIF:GL 1951, 455-457)
'HHIF:GL ;><:F> I:KM H? MA> CHPE>L CHFFBLLBHG :M MA> 1GBO>KLBMR H?
CAB<:@H, PA>K> A> PHKD>= PBMA '>GG>MA AKKHP, &:<H; ):KL<A:D, :G= HMA>KL.
AKKHP A:L K>F:KD>= MA:M MA> CHPE>L @KHNI P:L fI>KL><NM>=, ;NMcM:D>G
L>KBHNLERg ;R )BEMHG "KB>=F:G :G= HMA>KL PAH =BL:@K>>= PBMA MA>BK :IIKH:<A
(AKKHP 1995). AKKHP =>L<KB;>= 'HHIF:GL :L : fK>L>KO>= L<AHE:Kg PAH P:L fO>KR
NGA:IIRg PBMA MA> HMA>K F>F;>KLi :@@K>LLBO> LMRE> BG >Q<A:G@BG@ B=>:L (B;B=.).
,>KA:IL MABL K>L>KO> D>IM 'HHIF:GL ?KHF >E:;HK:MBG@ ABL HPG OB>PL.
"KHF ABL >:KER BGM>K>LM BG ):KQBLF, 'HHIF:GL L:B= HGER MA:M A> fK>M:BG>=
: EB?>EHG@ BGM>K>LM BG MA> IKBHK ?HKFNE:MBHG H? MA:M ?NG=:F>GM:E I:KM H? ><HGHFB<
MA>HKR MA:M =H>L GHM K>JNBK> LI><B?RBG@ MA> BGLMBMNMBHG:E ?HKF H? LHMR MH ;> NL>=
:L : ?K:F>PHKD ?HK MA> =>L<KBIMBHG :G= <HFI:KBLHG H? =B??>K>GM ><HGHFB< LRLM>FLg
('HHIF:GL 1992/1976). ">EEHP ><HGHFBLM &:F>L 0H;BG L:B= H? 'HHIF:GL:
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 398
"KHF ):KQBLF A> E>:KG>= MA> K>E:MBOBLF :G= ?K:@BEBMR H? BGLMBMNMBHG:E
:G= IHEBMB<:E ?HKFL, : E>LLHG MA:M A:L E>= ABF HO>K MA> R>:KL MH
<HG<>GMK:M> HG MA> >G=NKBG@ :LI><ML H? ><HGHFB< EB?> PAB<A MK:GL<>G=
MAHL> ?HKFL. AEMAHN@A FN<A H? 'HHIF:GLiL PHKD :II>:KL MH IKHOB=>
EH@B<:E LNIIHKM ?HK MA> HIMBF:EBMR H? <HFI>MBMBO> >JNBEB;KBNF, A> BL MHH
PBL> : F:G :G= MHH INK> : LGMBLM MH B=>GMB?R LN<A MA>HKR PBMA f?K>>
>GM>KIKBL>g B=>HEH@R. (0H;BG 1977, 59)
0H;BG =>L<KB;>= 'HHIF:GLiL =BL<K>>M =BLIHLBMBHG: f1GEBD> F:GR @B:GML H?
<HGM>FIHK:KR ><HGHFB<L, 'HHIF:GL BL GHM PB=>ER DGHPG HNMLB=> H? ABL IKH-
?>LLBHG. ">P G>PLI:I>K K>:=>KL K><H@GBS>= ABL G:F> PA>G ABL 1975 *H;>E ,KBS>
P:L :GGHNG<>=. $> A:L GHM PKBMM>G ;>LM-L>EEBG@ MK:<ML HK M>QM;HHDL, HK :KMB<E>L
BG IHINE:K F>=B:; =>;:M>= IHEB<R :G= B=>HEH@R HG 02; M>LMB?B>= ;>?HK> CHG@K>LL;
:=OBL>= IHEBMB<:E <:G=B=:M>L, IN;EB< H??B<B:EL, HK ;NLBG>LLF>G; :==K>LL>= E:K@>
:N=B>G<>L HG MA> E><MNK> <BK<NBM; HK A>E= @HO>KGF>GM H??B<>. $> A:L :EP:RL ;>>G
: LGMBLMLi LGMBLM, : MA>HKBLMLi MA>HKBLM, :G= ><HGHFBLMLi ><HGHFBLM. c AEP:RL
<HG<>KG>= ?HK IK><BLBHG :G= IKHH?, A> IK>?>KL GHM MH O>GMNK> BGMH :K>:L PA>K> A> BL
I>KLHG:EER NGLNK> H? EH@B<:E HK >FIBKB<:E ?HNG=:MBHGLg (0H;BG 1977, 58).
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30
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=K>:FL:
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>LI><B:EER MA> f"HNG=:MBHGg L>KB>Lef%M P:L G>K=L L:OBG@ <BOBEBS:MBHG,
JN:GML PAH A:= : MA>HKR H? LHMR, I>HIE> PKBMBG@ >JN:MBHGL HG :
;E:<D;H:K=, L:RBG@, h/>>, NGE>LL RHN ?HEEHP MABL ?HKFNE:, MA> >FIBK>
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H? BG LG<> ?B<MBHGefMA> ;>:NMR H? INLABG@ : ;NMMHG MH LHEO>
IKH;E>FL. /HF>MBF>L MA>K> K>:EER :K> LBFIE> LHENMBHGL: RHN K>:EER <:G
A:O> : @K:G= B=>:.g (0AHF:L 2009)
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;><:F> : K>L>:K<A :LLBLM:GM MH 3BEEB:F *HK=A:NL. $> ?BGBLA>= BG 1974, MA>G BG
HGER MAK>> R>:KL >:KG>= : =H<MHK:M> ?KHF )%0; ;R MA> ?:EE H? 1977, 'KN@F:G P:L
;:<D :M 5:E> :L :G :LLBLM:GM IKH?>LLHK. 'KN@F:G FHO>= MH )%0 BG 1980, PA>K>
A> PHNE= K>F:BG ?HK MA> G>QM MPH =><:=>L, L:O> ?HK MPH R>:KL :M /M:G?HK=. 3ABE>
:M )%0 A> F>M ABL ?NMNK> PB?> .H;BG 3>EEL, :G ><HGHFBLM PAH A:L <H:NMAHK>=
L>O>K:E M>QM;HHDL PBMA 'KN@F:G (>.@., 'KN@F:G :G= 3>EEL 2006) :G= H?M>G A>EIL MH
LA:I> ABL PKBMBG@ ():<":KJNA:K 2010).
31
/BG<> 2000, 'KN@F:G A:L ;>>G IKH?>LLHK
H? ><HGHFB<L :M ,KBG<>MHG.
B>MP>>G 1978 :G= 1980, 'KN@F:G PKHM> L>O>K:E I:I>KL BEENFBG:MBG@ IA>-
GHF>G: BG BGM>KG:MBHG:E MK:=> MA:M P>K> GHM P>EE >QIE:BG>= ;R LBFIE> GHMBHGL H?
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?HKF : LHKM H? => ?:<MH nomenklaturag :G= f<HGLMBMNM> : MKN>, :G= PHG=>K?NEER
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30. C>GMK:E 0>Q:L CHEE>@>, 'BEE>>G, 0476540.
31. f!:KER HG, LA> >=BM>= : EHMeLA> A:=, MA>R ?>EM, : ;>MM>K L>GL> MA:G A> =B= H? AHP MH <HFFNGB<:M>
><HGHFB<L MH MA> E:RI>KLHG. BNM A>iL FN<A ;>MM>K :M MA:M GHP, :G= MA>L> =:RL LA> ?H<NLL>L HG F:DBG@ ABF
E>LL =KR, E>LL :;LMK:<M, :G@KB>Kg ():<":KJNA:K 2010).
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PAB<A % K>@:K= :L MA> FHLM =><>GM LH<B:E :KK:G@>F>GM R>M =>OBL>=. c
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MA:M RHN <:G K>:EER A:O> :G >??><M HG =><BLBHGL H? @EH;:E BFIHKM:G<>.
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<>GM>K.
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GH B=>: PA:M MA>R :K> M:EDBG@ :;HNM: =BL<NLLBHG :M AB@A-E>O>E F>>MBG@L
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:G= K>:E BGM>K>LM K:M>L M>G=L MH ;> K>@:K=>= :L : <HFIE>Q :G= NL>E>LL ;BM
H? :<:=>FB< GBMIB<DBG@.) "NKMA>KFHK>, F:GR IHP>K?NE I>HIE> IK>?>K MH
M:D> :=OB<> ?KHF MAHL> PAH F:D> MA>F ?>>E <HF?HKM:;E> K:MA>K MA:G
?KHFMAHL> PAH PBEE ?HK<> MA>FMH MABGD A:K=. 0A:M BL, MAHL> PAH K>:EER
F:G:@> MH BG?EN>G<> IHEB<R :K> NLN:EER MA> ;>LM <HNKMB>KL, GHM MA> ;>LM
:G:ERLML. % EBD> MH MABGD MA:M % :F : @HH= :G:ERLM, ;NM % :F <>KM:BGER :
O>KR ;:= <HNKMB>K. AG= LH % P:L GHM M>FIM>= MH LM:R HG BG 3:LABG@MHG.
('KN@F:G 1995, 34-35)
%G MA> =><:=> ?HEEHPBG@ 'KN@F:GiL R>:K BG 3:LABG@MHG, A> >QI:G=>= HG ABL
IK>OBHNL K>L>:K<A BG MK:=> MA>HKR ($>EIF:G :G= 'KN@F:G 1987) :G= PKHM> I:I>KL
FHMBO:M>= ;R <NKK>GM IHEB<R =>;:M>L (>.@., 'KN@F:G 1991). $> :ELH =>O>EHI>= :
K>L>:K<A :@>G=: BG ><HGHFB< @>H@K:IAR MA:M <HFIE>F>GM>= ABL >:KER PHKD. 0A>
2008 *H;>E ,KBS> P:L :P:K=>= MH 'KN@F:G f?HK ABL :G:ERLBL H? MK:=> I:MM>KGL :G=
EH<:MBHG H? ><HGHFB< :<MBOBMR.g
+O>K MA> L:F> I>KBH=, 'KN@F:G ;>@:G PKBMBG@ ;HHDL :G= :KMB<E>L HG
><HGHFB<L BGM>G=>= ?HK MA> @>G>K:E IN;EB<:
7%G 3:LABG@MHG8 % =B=, AHP>O>K, =BL<HO>K : G>P M:E>GM: MA:M H? PKBMBG@
L>KBHNL ><HGHFB<L BG L>>FBG@ER IE:BG !G@EBLA. % @HM MH IK:<MB<> MA:M
M:E>GM BG PKBMBG@ <E:LLB?B>= F>FHL, :G= IKHO>= @HH= >GHN@A :M BM MA:M %
>G=>= NI PKBMBG@ FHLM H? MA> 1983 Economic Report of the President. !O>K
LBG<>, % A:O> NL>= GHG-M><AGB<:E PKBMBG@ :;HNM ><HGHFB<L :L MA> ;:LBL
?HK : LHKM H? I:K:EE>E <:K>>K, HG> MA:M D>>IL F> HG MA> ?KBG@>L H? MA>
IHEB<R PHKE= MAHN@A K:K>ER :M BML <>GM>K. ('KN@F:G 1995, 35)
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 401
'KN@F:GiL ?BKLM LN<A >??HKML P>K> GHM>= (;R, >.@., 'NMMG>K 1996) ?HK <HNG-
L>EBG@ : /MB@E>KB:G :<<>IM:G<> H? MA> LM:MNL JNH HG : O:KB>MR H? BLLN>L. 'KN@F:G MBME>=
ABL ?BKLM IHINE:K ;HHD The Age of Diminished Expectations (1990); BG MA> G>QM, Peddling
Prosperity, 'KN@F:G FH<D>= fIHEB<R >GMK>IK>G>NKLg PAH H??>K fNG:F;B@NHNL
=B:@GHL>Lg :G= f>:LR :GLP>KLg BG ;HHDL PBMA ;K:LA MBME>L ('KN@F:G 1994, 11).
0A> HE=>K 'KN@F:G, K>F:KD:;ER, A:L ;><HF> : E>:=BG@ :=OH<:M> H? :
fIKH@K>LLBO> :@>G=:g MA:M BL f<E>:K :G= :<AB>O:;E>g ('KN@F:G 2007:, 272). $> A:L
;>>G LBG<> 2000 : K>@NE:K HI->= <HENFGBLM :M MA> New York Times, PA>K> A> :ELH
F:BGM:BGL : ;EH@ H? MA> L:F> MBME> :L ABL 2007 ;HHD The Conscience of a Liberal. %G 2012,
A> IN;EBLA>= : ;>LML>EE>K =><E:KBG@ MA:M '>RG>LB:G BGLB@AML HG MA> ;NLBG>LL <R<E>
F:D> BM IHLLB;E> MH End This Depression Now! AG= MAKHN@A MABL I>KBH=, 'KN@F:G A:L
<HGMBGN>= MH ;> A>E= BG O>KR AB@A >LM>>F ;R F:GR ><HGHFB<L IKH?>LLHKL ('E>BG >M
:E. 2013, 123).
32
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BLLN>L, :G= R>M :ELH H?M>G LN;ME> BG BML :G:ERLBL :G= IHEBMB<:EER :LMNM> (/NFG>K 2010).
3A>G HG> PKBM>L PBMA :G >R> MH IHEBMB<:E BFI:<M, HG> F:R ?BG= BM BFIHKM:GM MH IE:R
NI HK IE:R =HPG =B??>K>GM F:MM>KL :M =B??>K>GM MBF>L, >O>G :L HG>iL HPG IHLBMBHGL
HG MA> NG=>KERBG@ BLLN>L F:R K>F:BG NG<A:G@>=. *HM LNKIKBLBG@ER, MA>K> A:O> ;>>G
LAB?ML BG 'KN@F:GiL =BL<HNKL> MA:M L>>F =KBO>G ;R MA> ?HKMNG>L H? MA> MPH F:CHK
1./. IHEBMB<:E I:KMB>L. "HK BGLM:G<>, BG ABL New York Times <HENFGL 'KN@F:G E:K@>ER
K>?K:BG>= ?KHF <KBMB<BSBG@ >FH<K:MB< ,:KMR IHEBMB<B:GL =NKBG@ MA> .>IN;EB<:G
:=FBGBLMK:MBHG H? #>HK@> 3. BNLA (3:B@AM 2002; 2007; 2008), ;NM LBG<> MA>G A> A:L
H?M>G ;>>G <KBMB<:E H? ,K>LB=>GM +;:F: (0AHF:L 2009).
0A>K> BL :ELH, H;OBHNLER, FN<A K>:LHG MH MABGD 'KN@F:G A:L <A:G@>= ABL
F>MAH= BG L>>DBG@ MH A:O> :G BFI:<M HG MA> <HNKL> H? >O>GML. 0A> >:KER 'KN@F:G
L:P MA:M A> <HNE= F:D> :G BFI:<M ;R ;NBE=BG@ LM:G=BG@ :L : =BLI:LLBHG:M> :<:=>FB<
><HGHFBLM;
33
MA> E:M>K 'KN@F:G ;>EB>O>L A> <:G <HGMKB;NM> ;R :B=BG@ MA> ;>MM>K H?
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=B??B<NEMB>L :GMB<BI:M>= ;R MA> RHNG@>K 'KN@F:G: fA IKH?>LLHK <:G MKR MH IE:R 7IHEB<R8 >GMK>IK>G>NKe:?M>K
:EE, MA> K>P:K=L BG ;HMA FHG>R :G= : L>GL> H? BFIHKM:G<> <:G ;> AN@>. 1EMBF:M>ER, AHP>O>K, LA> BL :M :
=BL:=O:GM:@>, ;><:NL> LA> BL MHH <HGLMK:BG>= ;R A>K H;L<NK> IKH?>LLHKER >MAB<L. /HF> IKH?>LLHKL F:G:@>
MH MK:GL<>G= MA>L> EBFBM:MBHGL, ;NM BG LH =HBG@ MA>R <>:L> MH ;> IKH?>LLHKL, :M E>:LM BG MA> FBG=L H? MA>BK
<HEE>:@N>L. AG= BG @>G>K:E BM L>>FL MA:M BM BL >:LB>LM MH ;><HF> : IHEB<R >GMK>IK>G>NK B? RHNK FBG= A:L
GHM ;>>G <EHN=>= ;R MHH FN<A DGHPE>=@> H? ><HGHFB< ?:<ML HK >QBLMBG@ ><HGHFB< MA>HKB>LeHGER MA>G
<:G RHN ;> >GMBK>ER LBG<>K> BG M>EEBG@ I>HIE> PA:M MA>R P:GM MH A>:K. AL : K>LNEM, FHLM H? HNK BG?EN>GMB:E
><HGHFB< IHEB<R >GMK>IK>G>NKL, KB@AM :G= E>?M, A:O> MA>BK IKH?>LLBHG:E KHHML BG CHNKG:EBLFHK E:PK:MA>K MA:G
><HGHFB<Lg ('KN@F:G 1994, 12).
33. f/NK>ER :L : IK:<MB<:E F:MM>K MA> =>O:LM:MBG@ <KBMB<BLFH? 7BH;8 HE>'L ><HGHFB< IE:G ?KHF<HGO>GMBHG:E
><HGHFBLML A:L ;>>G ?:K FHK> >??><MBO> MA:G MA> <HFIE:BGML H? MA> BGM>KO>GMBHGBLM E>?M. 0H F:D> MA:M DBG=
H? <KBMB<BLF >??><MBO>, AHP>O>K, RHN G>>= : <>KM:BG DBG= H? FHK:E :NMAHKBMRe: K>INM:MBHG ?HK BGM>EE><MN:E
AHG>LMR MA:M <:G HGER ;> :<AB>O>= B? RHN :K> PBEEBG@ MH <KBMBJN> ;:= B=>:L HG MA> E>?M :L P>EE :L MA> KB@AMg
('KN@F:G 1996;; L>> :ELH 'KN@F:G 1998:, 9, 41).
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AF>KB<:iL MPH IHEBMB<:E I:KMB>L MH >E><MHK:E OB<MHKR. 'KN@F:G AHE=L MA:M : ;ENGM
?HKF H? I:KMBL:GLABI BL G><>LL:KR, B? HGER M>FIHK:KBER ('KN@F:G 2007:, 272-273),
;><:NL> MA> <HGM>FIHK:KR .>IN;EB<:G ,:KMR BL : F>G:<> MA:M FNLM ;> O:GJNBLA>=;
:L A> L:RL, fMA> F:=G>LL H? MA> #+, BL MA> <>GMK:E BLLN> H? HNK MBF>g ('KN@F:G
2013<).
34
AF>KB<:GL <:GiM, HK =HGiM, A:O> : LM:;E> IHEBMB<:E LRLM>F NIHG PAB<A :
E>:=BG@ BGM>EE><MN:E <:G A:O> FN<A IHLBMBO> >??><M ;R <KBMB<BSBG@, ?KHF : IHBGM BG :
FNEMB=BF>GLBHG:E B=>HEH@B<:E LI:<>, MA:M PAB<A BL >KK:GM BG ;HMA I:KMB>L.
35
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36
0A> ;:L> H? MA> ;>MM>K I:KMR PBEE MA>G ;> >G<HNK:@>=, HK
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37
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CHG@K>LL :K> MA> FHLM BFIHKM:GM ?:<MHKL BG BFIKHO>F>GM ('KN@F:G 2007:, 272),
:G= MANL MA> KHE> H? <A>>KE>:=>K ?HK MA> ;>MM>K I:KMR BL :G :IIKHIKB:M> KHE> ?HK :
E>:=BG@ BGM>EE><MN:E MH M:D> NI :G= F:BGM:BG.
'KN@F:G :G= HMA>KL =:M> ABL >F;K:<> H? : <KNL:=BG@ I:KMBL:GLABI MH MA>
>:KER R>:KL H? MA> BNLA :=FBGBLMK:MBHG (CHG?>LLHK> 2002; 0HF:LDR 2007), :G=
LHF>MBF>L 'KN@F:G A:L LN@@>LM>= MA:M LAB?M H<<NKK>= ;><:NL> H? ABL H;L>KO:MBHG
H? >??HKML ;R MA> BNLA :=FBGBLMK:MBHG MH FBLE>:= ('KN@F:G 2008; 2009;
):<":KJNA:K 2010). 'KN@F:G A:=, AHP>O>K, <E:BF>= HG L>O>K:E H<<:LBHGL IKBHK MH
2001 MA:M =BLAHG>LMR BL >G=>FB< MH <HGL>KO:MBO> HK .>IN;EB<:G MABGDBG@. (HHDBG@
;:<D HG ABL MBF> HG MA> CHNG<BE H? !<HGHFB< A=OBL>KL BG MA> >:KER 1980L, 'KN@F:G
(1995) PKHM>: f0A> .>:@:G A=FBGBLMK:MBHG P:L, H? <HNKL>, ?NEE H? I>HIE> PAH A:M>=
MA> P>E?:K> LM:M> :G= A:= O>KR EBMME> BGM>K>LM BG MA> MKNMA.g %G 1996, LI>:DBG@ @>G>K:EER
:;HNM IHEB<R =>;:M>L H? MA:M MBF>, 'KN@F:G PKHM>: f0A>K> BLc:GHMA>K P:R MH
<HNGM>K MA> <HGL>KO:MBO> IKH@K:F: ;R IHBGMBG@ HNM MA:M BM BL ;:L>= HG ?:EL>AHH=L,
GHM HGER :;HNM MA> >??><M H? M:Q <NML ;NM :;HNM MA> G:MNK> H? IN;EB< LI>G=BG@ :G=
MA> K>:EBMB>L H? BG<HF> =BLMKB;NMBHGg ('KN@F:G 1996;).
34. C?. 'KN@F:G (2007:, 272): f0A> <>GMK:E ?:<M H? FH=>KG AF>KB<:G IHEBMB<:E EB?> BL MA> <HGMKHE H? MA>
.>IN;EB<:G ,:KMR ;R FHO>F>GM <HGL>KO:MBO>L.g
35. f7)8HLM <HGL>KO:MBO>L :K> GHM EB;>KM:KB:GLcMA>K> :K> LHF> K>:E EB;>KM:KB:GL HNM MA>K>, I:KMB<NE:KER BG MA>
K>:EF H? ><HGHFB<L ;EH@@>KL, ;NM MA>R A:O> GH K>:E IHP>K ;:L>. c 708A>K> BL :G BGM>K>LMBG@ =>;:M> MH ;>
A:= :;HNM MA> IKHI>K >QM>GM H? MA> IN;EB< LIA>K>. BNM MA:M BLGiM MA> =>;:M> =KBOBG@ HNK IHEBMB<L; HNK E>?M-KB@AM
LIEBM BLGiM G>:KER MA:M B=>:EBLMB<, HK BGGH<>GMg ('KN@F:G 2013?).
36. :GB>E 'E>BG :G= $:KBD: AGG: B:KE>MM (2008) LAHP MA:M, BG ABL New York Times <HENFGL, 'KN@F:G A:L
HGER K:K>ER <KBMB<BS>= >QBLMBG@ @HO>KGF>GM BGM>KO>GMBHGL.
37. f'KN@F:G P:L GHM, :G= BL GHM, MA> HGER I>KLHG BG AF>KB<: PAH ;>EB>O>L MA:M MA> BNLA :=FBGBLMK:MBHG BL
BG <:AHHML PBMA BGM>K>LML HNM MH ;BED AF>KB<:GL :G= I>KO>KM MA> IHEBMB<:E IKH<>LL. BNM :L : Times <HENFGBLM,
<EHL>ER K>:=;R MA> IHEBMB<:E >EBM> :G=LRG=B<:M>= MHI:I>KL :<KHLL MA> <HNGMKR, A> A:L ;>>G:;E> MHO:EB=:M> MA>
:G@>K H? : PAHE> <E:LL H? :G@KR, ?KNLMK:M>= >FH<K:ML PAH ?>>E MA:M A>'L MA> HGER HG> IK>I:K>= MH =>L<KB;>
MA> PHKE= :L BM K>:EER BLg (CHG?>LLHK> 2002).
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3ABE> 'KN@F:G A:L <A:G@>= FN<A BG AHP A> PKBM>L :G= PA:M LN;C><ML A>
M:<DE>L, MA>K> :K> :ELH : ?>P =>?BGBM> LAB?ML BG ABL IHEB<R OB>PL, MAHN@A IKH;:;ER GHM
:L F:GR :L : <NKLHKR >Q:FBG:MBHG PHNE= LN@@>LM.
%G : 1987 :KMB<E> ?HK MA> Journal of Economic Perspectives, 'KN@F:G >QIK>LL>=
MA> OB>P MA:M fMA> G:MBHG:E BGM>K>LMg LAHNE= M:D> IK><>=>G<> HO>K :GR A:K=-:G=-
?:LM IKBG<BIE> H? ?K>> BGM>KG:MBHG:E MK:=>. $> BGM>KIK>M>= G>P MK:=> MA>HKR :L A:OBG@
K>O>:E>= MA:M ?K>> MK:=> BL GHM fMA> IHEB<R MA:M ><HGHFB< MA>HKR M>EEL NL BL :EP:RL
KB@AMg ('KN@F:G 1987, 132), ;NM L:B= MA:M ?K>> MK:=> <HNE= LMBEE fL>KO> :L : ?H<:E
IHBGM HG PAB<A <HNGMKB>L <:G :@K>> MH :OHB= MK:=> P:KLg (B;B=., 143). 'KN@F:G
PKHM>:
/MK:M>@B< MK:=> IHEB<R :BF>= :M L><NKBG@ >Q<>LL K>MNKGL ?HK =HF>LMB<
?BKFL :G= LNIIHKM ?HK BG=NLMKB>L MA:M :K> ;>EB>O>= MH RB>E= G:MBHG:E
;>G>?BML :K> ;HMA ;>@@:K-MAR-G>B@A;HK IHEBL MA:M K:BL> BG<HF> :M
MA> >QI>GL> H? HMA>K <HNGMKB>L. A <HNGMKR MA:M :MM>FIML MH NL> LN<A
IHEBL PBEE IKH;:;ER IKHOHD> K>M:EB:MBHG. %G F:GR (MAHN@A GHM :EE)
<:L>L, : MK:=> P:K ;>MP>>G MPH BGM>KO>GMBHGBLM @HO>KGF>GML PBEE E>:O>
;HMA <HNGMKB>L PHKL> H?? MA:G B? : A:G=L-H?? :IIKH:<A P>K> :=HIM>= ;R
;HMA. ('KN@F:G 1987, 141-142)
'KN@F:G L:B=, AHP>O>K: f%? MA> IHM>GMB:E @:BGL ?KHF BGM>KO>GMBHGBLM MK:=> IHEBL
P>K> E:K@>, BM PHNE= ;> A:K= MH :K@N> :@:BGLM F:DBG@ LHF> >??HKM MH K>:EBS> MA>L>
@:BGLg (1987, 143).
%M L>>FL MH F> MA:M B? 'KN@F:GiL OB>PL HG MK:=> A:O> <A:G@>=, MA> <A:G@>
BL LF:EE. %G 2010, MA> New York Times IN;EBLA>= :G >=BMHKB:E <KBMB<BSBG@ MA> CABG>L>
@HO>KGF>GMiL f><HGHFB< LMK:M>@R ;:L>= HG <A>:I >QIHKML.g %G : ;EH@ IHLM E:M>K MA:M
=:R, 'KN@F:G (2010) IK:BL>= MA> >=BMHKB:E :G= NK@>= MA> 1./. MH MAK>:M>G L:G<MBHGL
:@:BGLM CABG:. % BGM>KIK>M 'KN@F:G :L AHIBG@ MA:M LN<A : MAK>:M PHNE= E>:= MH
CABG: =KHIIBG@ BML BGM>KO>GMBHGBLM MK:=> IHEBL. 'KN@F:G <HG<EN=>= ;R M>EEBG@ ABL
K>:=>KL MH f;>:K BG FBG=g MA:M B? MA> MAK>:M P>K> BGLM>:= MH L>M H?? : MK:=> <HG?EB<M,
E:K@> EHLL>L <HNE= ;>?:EE CABG: ;NM MA:M MA> 1./. fF:R P>EE >G= NI @:BGBG@,g :==BG@
fKB@AM GHP P>iK> BG : PHKE= BG PAB<A F>K<:GMBEBLF PHKDLg ('KN@F:G 2010).
'KN@F:G (2013;) K><>GMER >G=HKL>= fLMKB<M>K L:?>MR :G= PHKDBG@ <HG=BMBHGL
LM:G=:K=L BG MABK=-PHKE= :II:K>E IKH=N<>KL.g $> L:B=, f% =HGiM MABGD MA:MiL : <HG-
MK:=B<MBHG H? FR >:KEB>K OB>PL,g >QIE:BGBG@:
AM MABL IHBGMcMA>K> K>:EER BLGiM :GR <HFI>MBMBHG ;>MP>>G :II:K>E IKH-
=N<MBHG BG IHHK <HNGMKB>L :G= KB<A <HNGMKB>L; MA> PAHE> BG=NLMKR A:L
FHO>= MH MA> MABK= PHKE=. 0A> K>E>O:GM <HFI>MBMBHG BL BGLM>:= :FHG@
IHHK <HNGMKB>Lc
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 404
%? P> =H MABL ?HK B:G@E:=>LA, :G= HGER ?HK B:G@E:=>LA, BM <HNE=
;:<D?BK>: MA> ;NLBG>LL <HNE= FHO> MH CABG: HK C:F;H=B:. BNM B? P>
=>F:G= AB@A>K LM:G=:K=L ?HK :EE <HNGMKB>LeFH=>LMER AB@A>K LM:G-
=:K=L, LH MA:M P>iK> GHM M:EDBG@ :;HNM =KBOBG@ MA> ;NLBG>LL ;:<D MH
:=O:G<>= <HNGMKB>LeP> <:G :<AB>O> :G BFIKHO>F>GM BG PHKD>KLi
EBO>L (:G= ?>P>K AHKKB;E> PHKD>KLi =>:MAL), PBMAHNM NG=>KFBGBG@ MA>
>QIHKM BG=NLMKB>L MA>L> <HNGMKB>L LH =>LI>K:M>ER G>>=. ('KN@F:G
2013;)
'KN@F:G (2013;) <BM>L :G >LL:R ?KHF 1997 MH K>IK>L>GM ABL >:KEB>K OB>PL. BNM BG
MA> <BM>= >LL:R ('KN@F:G 1997) A> A:= CNLMB?B>= ABL HIIHLBMBHG MH fBGM>KG:MBHG:E
E:;HK LM:G=:K=Lg HG MPH @KHNG=L, HGER MA> L><HG= H? PAB<A P:L MA:M LN<A LM:G=:K=L
FB@AM LMHI HK f>O>G K>O>KL>g BG=NLMKB:E @KHPMA BG =>O>EHIBG@ <HNGMKB>L. $BL HMA>K
CNLMB?B<:MBHG P:L:
"BKLM H? :EE, >O>G B? P> <HNE= :LLNK> MA> PHKD>KL BG 0ABK= 3HKE= >QIHKM
BG=NLMKB>L H? AB@A>K P:@>L :G= ;>MM>K PHKDBG@ <HG=BMBHGL, MABL PHNE=
=H GHMABG@ ?HK MA> I>:L:GML, =:R E:;HK>KL, L<:O>G@>KL, :G= LH HG PAH
F:D> NI MA> ;NED H? MA>L> <HNGMKB>Li IHINE:MBHGL. AM ;>LM, ?HK<BG@
=>O>EHIBG@ <HNGMKB>L MH :=A>K> MH HNK E:;HK LM:G=:K=L PHNE= <K>:M> :
IKBOBE>@>= E:;HK :KBLMH<K:<R, E>:OBG@ MA> IHHK F:CHKBMR GH ;>MM>K H??.
('KN@F:G 1997; <?. 5@E>LB:L 2013;)
AGHMA>K BLLN> MA:M 'KN@F:G A:L :==K>LL>= BL FBGBFNF P:@> E>@BLE:MBHG. %G
: 1998 ;HHD K>OB>P, 'KN@F:G <KBMB<BS>= fMA> hEBOBG@ P:@>i FHO>F>GM,g =BLFBLLBG@
BML IKHIHG>GML :L f;:LB<:EER HIIHL>= MH MA> B=>: MA:M P:@>L :K> : F:KD>M IKB<>g :G=
:LL>KMBG@ MA:M fMA> ;KH:=>K IHEBMB<:E FHO>F>GM H? PAB<A MA> =>F:G= ?HK : EBOBG@
P:@> BL MA> E>:=BG@ >=@> BL NEMBF:M>ER =HHF>= MH ?:BENK>.g %G LNIIHKM H? ABL IHLBMBHG
:@:BGLM much AB@A>K FBGBFNF P:@>L, 'KN@F:G (1998;) ;KHN@AM ?HKMA :K@NF>GML
MA:M <HNE= :ELH ;> NL>= :@:BGLM FBE=ER AB@A>K FBGBFNF P:@>L, HK, BG=>>=, :@:BGLM
MA> >QBLM>G<> H? : FBGBFNF-P:@> IHEB<Re;NM PABE> MA> HO>K:EE MAKNLM H? MA> IB><>
L>>FL MH KNG :@:BGLM FBGBFNF P:@>L, BM =H>L GHM :K@N> MA:M MA> FBGBFNF P:@>
LAHNE= ;> D>IM :M MA> L:F> E>O>E, =><K>:L>=, HK >EBFBG:M>=. 0H=:R, 'KN@F:G BL
LBFIER HI>G BG ABL LNIIHKM H? : FBE= BG<K>:L> BG MA> FBGBFNF P:@> ('KN@F:G
2006; 2007:, 261-262; 2013:; L>> :ELH BKB@@>F:G 2013, 8-11; 5@E>LB:L 2013:).
'KN@F:G A:L, I>KA:IL, ;><HF> FHK> L:G@NBG> :;HNM @HO>KGF>GM ;N=@>M
=>?B<BML :G= =>;M (<?. B:KDE>R 2010, 123-128). %G The Age of Diminished Expectations,
'KN@F:G ?:GM:LBS>= :;HNM f: =:R H? K><DHGBG@g HG ;N=@>M F:MM>KL:
%? MA>K> P>K> :GR CNLMB<> BG MA> PHKE=, MA>K> PHNE= ;> : =K:F:MB< >G=
MH MA> =>?B<BM LMHKR: 0A> :=O>KL> <HGL>JN>G<>L H? MA> =>?B<BM PHNE=
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 405
;><HF> LI><M:<NE:KER :II:K>GM BG :G ><HGHFB< <KBLBL, :G= MA> IN;EB<
PHNE= KBL> NI :G= MAKHP MA> K:L<:EL HNM. BNM H? <HNKL> MA>K> BLGiM :GR
CNLMB<> BG MA> PHKE=. 3ABE> MA>K> :K> IHLLB;BEBMB>L H? =BL:LM>K, MA>R =HGiM
A:O> MH F:M>KB:EBS>. %M BL GHM HGER IHLLB;E> ;NM IKH;:;E> MA:M ;N=@>M
=>?B<BML :M FHK> HK E>LL MA> <NKK>GM E>O>E PBEE <HGMBGN> ?HK MA> K>LM H? MA>
<>GMNKR. 0A>K> PBEE ;> <HLML MH MA>L> =>?B<BML, ;NM MA>R F:R G>O>K K>:<A
MA> <KBLBL LM:@>.
3AR <:G AF>KB<: :II:K>GMER ;> LH BKK>LIHGLB;E> ?BL<:EER R>M
:OHB= =K:LMB< INGBLAF>GM? AM E>:LM I:KM H? MA> :GLP>K BL MA:M >O>G
:L LAHKM-M>KF IHEBMB<L A:L <HF> MH KNE> MA> ;N=@>M, :IHEBMB<:E IKH-
?>LLBHG:EL A:O> IE:<>= MA>FL>EO>L ?BKFER ;:<D BG <HGMKHE H? FHG>M:KR
IHEB<R. ('KN@F:G 1990, 77-78)
%G MA> FB=-1990L, 'KN@F:G <KBMB<BS>= <>KM:BG IHEBMB<B:GL ?HK ;>BG@ BGLN??BGMER
<HG<>KG>= :;HNM =>?B<BML :G= =>;M:
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: G>O>K-G>O>K E:G= BG PAB<A MA>K> :K> GH A:K= <AHB<>L HK I:BG?NE
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O:GBLA :L MA> KBLBG@ MB=> EB?ML :EE ;H:ML. c
708A> .>IN;EB<:G GHFBG>>, PAH>O>K A> BL, PBEE IKH;:;ER KNG GHM
HG MA> MA>F> H? ?BL<:E K>LIHGLB;BEBMR ;NM HG : .>:@:G>LJN> IKH@K:F H?
M:Q <NML. /N<A : IKH@K:F PHNE= IKHFBL> @KHPMA, ;NM BM PHNE= =>EBO>K
G>P :G= ;B@@>K =>?B<BML. c
718GEBD> )K. .>:@:G BG 1980, : G>PER >E><M>= ,K>LB=>GMcPHNE=
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:IIKH:<ABG@ PA>G MA> ;:;R ;HHF>KL PBEE LM:KM MH K>MBK> :G= <E:BF MA>
MKBEEBHGL H? =HEE:KL BG /H<B:E /><NKBMR :G= )>=B<:K> ;>G>?BML MA>R A:O>
;>>G IKHFBL>=. ('KN@F:G 1996:)
BNM BG K><>GM R>:KL 'KN@F:G A:L H?M>G L:B= MA:M IHEBMB<B:GL :K> HO>KER <HG<>KG>=
PBMA =>?B<BML :G= =>;M, :L A>K>:
>?B<BM-PHKKB>KL IHKMK:R : ?NMNK> BG PAB<A P>iK> BFIHO>KBLA>= ;R MA>
G>>= MH I:R ;:<D FHG>R P>iO> ;>>G ;HKKHPBG@. c
#HO>KGF>GML =HGiM 7A:O> MH I:R ;:<D MA>BK =>;M8e:EE MA>R G>>=
MH =H BL >GLNK> MA:M =>;M @KHPL FHK> LEHPER MA:G MA>BK M:Q ;:L>. 0A>
=>;M ?KHF 3HKE= 3:K %% P:L G>O>K K>I:B=; BM CNLM ;><:F> BG<K>:LBG@ER
BKK>E>O:GM :L MA> 1./. ><HGHFR @K>P, :G= PBMA BM MA> BG<HF> LN;C><M MH
M:Q:MBHG. c
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 406
3A>G '>RG>L P:L PKBMBG@ :;HNM MA> G>>= MH LI>G= RHNK P:R HNM
H? : =>IK>LLBHG, BKBM:BG P:L =>>I>K BG =>;M MA:G :GR :=O:G<>= G:MBHG
MH=:R, PBMA MA> >Q<>IMBHG H? &:I:G. c
78>;M F:MM>KL. BNM KB@AM GHP, HMA>K MABG@L F:MM>K FHK>. 3>
G>>= FHK>, GHM E>LL, @HO>KGF>GM LI>G=BG@ MH @>M NL HNM H? HNK NG>F-
IEHRF>GM MK:I. ('KN@F:G 2012;)
'KN@F:G L:RL MA> IHEB<R K>LIHGL> MH MA> K><>LLBHG H? 2007d2009 P:L BG>?-
?><MBO>, <:NLBG@ ABF MH EHL> <HG?B=>G<> BG F:KD>ML @>G>K:EER:
738> G>>= fF:<KHIKN=>GMB:Eg IHEBLeK>@NE:MBHGL :G= M:Q>L =>-
LB@G>= MH EBFBM MA> KBLD H? <KBLBLe>O>G =NKBG@ @HH= R>:KL, ;><:NL> P>
GHP DGHP MA:M P> <:GiM <HNGM HG :G >??><MBO> <E>:GNI PA>G <KBLBL
LMKBD>L. AG= % =HGiM CNLM F>:G ;:GDBG@ K>@NE:MBHG; :L 7!FF:GN>E ":KAB
:G= %OVG 3>KGBG@ (2013)8 L:R, MA> EH@B< H? MABL :K@NF>GM <:EEL ?HK
IHEBL MA:M =BL<HNK:@> E>O>K:@> BG @>G>K:E, <:IBM:E <HGMKHEL MH EBFBM
?HK>B@G ;HKKHPBG@, :G= FHK>.
3A:MiL FHK>, RHN A:O> MH :LD PAR, B? F:KD>ML :K> BFI>K?><M
>GHN@A MH @>G>K:M> MA> F:LLBO> P:LM> P>iO> L>>G LBG<> 2008, P>
LAHNE= ;>EB>O> MA:M MA>R @>M >O>KRMABG@ >EL> KB@AM. %iO> :EP:RL
<HGLB=>K>= FRL>E? : ?K>>-F:KD>M '>RG>LB:Ge;:LB<:EER, : ;>EB>O>K BG
/:FN>ELHGiL LRGMA>LBL. BNM %iF?:K E>LL LNK> H? MA:M IHLBMBHG MA:G % NL>=
MH ;>. ('KN@F:G 2013>; L>> :ELH -NB@@BG 2013)
%M A:L ;>>G L:B= MA:M 'KN@F:G BL FHK> HK E>LL : IK>L>GM-=:R O>KLBHG H? )BEMHG
"KB>=F:G, MAHN@A IHLL>LL>= H? :G B=>HEH@B<:E LM:G<> HIIHL>= MH "KB>=F:GiL
(CHP>G 2013, 173-174; )>=>F: 2013, 197).
38
'KN@F:G ABFL>E? A:L H??>K>= FN<A
IK:BL> ?HK "KB>=F:G ('KN@F:G 2007;; 2013=), PAHF A> L>>L :L A:OBG@ :=HIM>= :G
>??><MBO> IHEBMB<:E I>KLHG: MA:M P:L, ?HK : MBF>, L:ENM:KR:
%G MA> :?M>KF:MA H? MA> #K>:M >IK>LLBHG, MA>K> P>K> F:GR I>HIE>
L:RBG@ MA:M F:KD>ML <:G G>O>K PHKD. "KB>=F:G A:= MA> BGM>EE><MN:E
<HNK:@> MH L:R MA:M F:KD>ML <:G MHH PHKD, :G= ABL LAHPF:GiL ?E:BK
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)BEMHG "KB>=F:G MA> @K>:M ><HGHFBLM <HNE= :G= =B= :<-
DGHPE>=@> :F;B@NBMR. BNM )BEMHG "KB>=F:G MA> @K>:M <A:FIBHG H?
38. C?. >(HG@ (2010): f$> BL MA> <EHL>LM MABG@ MH :G A>BK MH &HAG ):RG:K= '>RG>L P> A:O> MH=:R.g
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?K>> F:KD>ML P:L >QI><M>= MH IK>:<A MA> MKN> ?:BMA, GHM @BO> OHB<> MH
=HN;ML. AG= A> >G=>= NI IE:RBG@ MA> KHE> ABL ?HEEHP>KL >QI><M>=. c
%G MA> EHG@ KNG, @K>:M F>G :K> K>F>F;>K>= ?HK MA>BK LMK>G@MAL,
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BG=>>=e: F:G H? BGM>EE><MN:E <HNK:@> PAH P:L HG> H? MA> FHLM
BFIHKM:GM ><HGHFB< MABGD>KL H? :EE MBF>, :G= IHLLB;ER MA> FHLM
;KBEEB:GM <HFFNGB<:MHK H? ><HGHFB< B=>:L MH MA> @>G>K:E IN;EB< MA:M
>O>K EBO>=. c 3A>G "KB>=F:G P:L ;>@BGGBG@ ABL <:K>>K :L : IN;EB<
BGM>EE><MN:E, MA> MBF>L P>K> KBI> ?HK : <HNGM>KK>?HKF:MBHG :@:BGLM
'>RG>LB:GBLF :G= :EE MA:M P>GM PBMA BM. BNM PA:M MA> PHKE= G>>=L GHP,
%i= :K@N>, BL : <HNGM>K-<HNGM>KK>?HKF:MBHG. ('KN@F:G 2007;)
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2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 410
Simon Kuznets
/BFHG 'NSG>ML (1901d1985) P:L ;HKG BG .NLLB:. %G 1922, 'NSG>ML >FB@K:M>=
PBMA ABL ?:FBER MH MA> 1GBM>= /M:M>L. $> >:KG>= ABL ,A.. ?KHFCHENF;B: 1GBO>KLBMR
BG 1926 :G= LM:KM>= PHKDBG@ :M MA> *:MBHG:E BNK>:N H? !<HGHFB< .>L>:K<A MA>
?HEEHPBG@ R>:K. B>MP>>G 1930 :G= 1971, 'NSG>ML M:N@AM :M MA> 1GBO>KLBMR H?
,>GGLREO:GB:, &HAGL $HIDBGL 1GBO>KLBMR, :G= MA>G $:KO:K= 1GBO>KLBMR ('NSG>ML
1992:/1971). $BL B=>HEH@B<:E OB>PL =H GHM L>>F MH A:O> <A:G@>= LB@GB?B<:GMER
=NKBG@ ABL :=NEM EB?>.
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BGLB@AM BGMH MA> ><HGHFB< :G= LH<B:E LMKN<MNK> :G= IKH<>LL H? =>O>EHIF>GM.g %G
: LI>><A :M MA> :P:K= <>K>FHGR, B>KMBE +AEBG IK:BL>= 'NSG>ML ?HK A:OBG@
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@KHPMA. %G =HBG@ LH, A> A:L, :FHG@ HMA>K MABG@L, =>O>EHI>= F>MAH=L ?HK
<:E<NE:MBG@ MA> LBS> H?, :G= <A:G@>L BG, G:MBHG:E BG<HF>g (+AEBG 1992/1971).
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BS:MBHG :=OH<:MBG@ @K:=N:E <A:G@> (':INKB:-"HK>F:G :G= ,>KEF:G 1995, 1526). !.
#E>G 3>RE :K@N>L MA:M MABL ;K:G= H? ):KQBLF =H>L fGHM <E>:KER F:GB?>LM BG ABL E:M>K
PHKDg (3>RE 2012, QBQ), ;NM 2B;A: ':INKB:-"HK>F:G :G= ):KD ,>KEF:G LN@@>LM
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EHG@ BGM>K>LM BG MA> JN>LMBHG H? PA>MA>K :G BFIKHO>= K>E:MBO> =BLMKB;NMBHG (F>:GBG@
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@KHPMA. c 7'NSG>MLiL8 <HG<>KG PBMA MA> ;>G>?BML :G= <HLML H? BG<HF> E>O>EEBG@
K>F:BG>= PBMA ABF :EE H? ABL EB?>g (':INKB:-"HK>F:G :G= ,>KEF:G 1995, 1526,
1529).
%G : 1941 IK>L>GM:MBHG, 'NSG>ML LIHD> H? <A:EE>G@>L =HF>LMB< :G= ?HK>B@G:
f%G PK>LMEBG@ PBMA MA>L> MPH @KHNIL H? IKH;E>FL, IN;EB< :@>GL PBEE A:O> MH ;>
<:EE>= NIHG MH :LLNF> @K>:M>K :G= FHK> O:KB>= M:LDL MA:G BG MA> I:LM. #HO>KG-
F>GM:E :<MBOBMR F:R MANL A:O> MH ;> FHK> >QM>GLBO> MA:G A>K>MH?HK>. A FHK>
OB@HKHNL ?HK>B@G IHEB<R G><>LL:KBER F>:GL : FHK> :<MBO> :G= IHM>GM <>GMK:E
@HO>KGF>GM; :G= MH =>O>EHI O:KBHNL H??L>ML MH MA> NG=>LBK:;E> LAHKM M>KFO:KB:;BEBMR
H? =HF>LMB< E>O>EL H? ><HGHFB< :<MBOBMR K>JNBK>L : @HO>KGF>GM MA:M BL FN<A FHK>
7MA:G8 : F>K> GB@AM P:M<AF:G H? HNK L><NKBMR :G= IKHI>KMRg ('NSG>ML 1953/1941,
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 411
292-293). /MBEE, 'NSG>ML P:KGL: f0A> =:G@>K EB>L BG MA> IHLLB;BEBMR H? <HGMKHE H? MA>
@HO>KGF>GM :II:K:MNL ;R BGM>K>LML :G= @H:EL GHM BG :<<HK= PBMA MAHL> H? LHMR :M
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MA:M ?HK>B@G IHEB<R, >O>G BG =>FH<K:MB< <HNGMKB>L BG MA> I:LM, BL :G :KF H?
@HO>KGF>GM:E :<MBOBMR BFI>K?><MER <HGMKHEE>= ;R MA> =>LBK>L :G= BGM>K>LML H? MA>
PB=>K @KHNIL H? MA> IHINE:MBHG. 0A> IKHLI><MBO> BG<K>:L> BG @HO>KGF>GM :<MBOBMR,
;HMA BG =HF>LMB< :G= ?HK>B@G :K>:L, K:BL>L MA> IKH;E>F H? AHP MH LMK>G@MA>G MA>
F><A:GBLF H? <HGMKHE MH H??L>M MA> =:G@>KL H? :NMAHKBM:KB:GBLFg (B;B=., 293).
.H;>KM "H@>E, F:GR R>:KL E:M>K, K>?E><M>= HG MA> 1940L :L : MBF> H? I>LLBFBLF
:FHG@ ><HGHFBLML, ;>?HK> : <A:G@>: f/BFHG 'NSG>ML, ?HK BGLM:G<>, P:L MA> E>:LM
B=>HEH@B<:E ><HGHFBLM % A:O> >O>K DGHPG, ;NM >O>G A> P:L O>KR <:NMBHNL :;HNM MA>
><HGHFRiL ?NMNK> E:M> BGMH MA> 1940L. BR MA>G, A> ;>@:G MH ;>EB>O> MA:M P> A:=
>GM>K>= : G>P >K: H? ><HGHFB< @KHPMA :G= F:R;> MA:M MA> #K>:M >IK>LLBHG P:L
MA> >Q<>IMBHG, GHM MA> GHKFg ("H@>E 2007, 44-45).
'NSG>ML P:L GHM :<MBO> BG IN;EB< =>;:M>; A> =B= GHM LI>:D NI HG I:KMB<NE:K
IHEB<R BLLN>L. BNM A> =B= LHF>MBF>L >QIK>LL : ;KH:=ER IHEBMB<:E L>GL> H? INKIHL>.
'NSG>MLiL 1954 ,K>LB=>GMB:E A==K>LL MH MA> AF>KB<:G !<HGHFB< ALLH<B:MBHG :G=
ABL 1971 *H;>E ,KBS> E><MNK> K>?E><M ABL EHG@LM:G=BG@ <HG<>KG PBMA BG>JN:EBMR. %G MA>
?HKF>K, A> <:EE>= ?HK FHK> BGM>GL> :G= :<<NK:M> K>L>:K<A BGMH MA> MHIB< H? BG<HF>
=BLMKB;NMBHG BG LHMR: f;>MM>K DGHPE>=@> :G= <HFIK>A>GLBHG H? MA> LN;C><M :K>
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MA> ?NG<MBHGBG@ H? LHMReBG ;HMA MA> EHG@ :G= LAHKM KNGg ('NSG>ML 1955, 27). %G
ABL *H;>E E><MNK>, 'NSG>ML MHHD NI MA> JN>LMBHG H? M><AGHEH@R :G= BML BFIEB<:MBHGL
?HK BG>JN:EBMR :<KHLL <HNGMKB>L: f0ANL, <HG<NKK>GM PBMA MA> K>F:KD:;E> IHLBMBO>
:<AB>O>F>GML H? FH=>KG ><HGHFB< @KHPMA :K> NG>QI><M>= G>@:MBO> K>LNEML >O>G
PBMABG MA> =>O>EHI>= <HNGMKB>L; PABE> MA> E>LL =>O>EHI>= <HNGMKB>L :K> LMKN@@EBG@
BG MA> :MM>FIM MH NL> MA> E:K@> IHM>GMB:E H? FH=>KG M><AGHEH@R BG HK=>K MH :LLNF>
:G :=>JN:M> KHE> BG MA> HG> :G= BGM>K=>I>G=>GM PHKE= (?KHF PAB<A MA>R <:GGHM
PBMA=K:P >O>G B? MA>R PBLA>= MH =H LH)g ('NSG>ML 1992;/1971).
(:M>K, 'NSG>ML L:B= MA:M f: F:CHK ?NG<MBHG H? FH=>KG LHO>K>B@G @HO>KGF>GM
BL MH A>EI <A:GG>E LH<B:E :G= IHEBMB<:E :=CNLMF>GML MH ><HGHFB< @KHPMA, MH FH=B?R
HE= :G= <K>:M> G>P BGLMBMNMBHG:E I:MM>KGL MA:M PHNE= ?:<BEBM:M> @KHPMA PABE> EBFBMBG@
BML BG>JNBM:;E> >??><ML. #BO>G MA> O:KB>MR H?, :G= EBD>ER <HG?EB<ML :FHG@, MA> @KHNI
BGM>K>LML :??><M>=, :G HO>KKB=BG@ LHO>K>B@G IHP>K BL K>JNBK>= MA:M PHNE= K>IK>L>GM
MA> BGM>K>LML :G= O:EN>L H? MA> <HFFNGBMRg ('NSG>ML 1979, 14-15).
+G MA> MHIB< H? ><HGHFB< @KHPMA :G= BML =BLMNK;:G<> H? MA> LM:MNL :FHG@
K>E:MBO> ><HGHFB< @KHNIL, 'NSG>ML L:B=: f+GER B? LN<A <HG?EB<ML :K> K>LHEO>=
PBMAHNM >Q<>LLBO> <HLML, :G= <>KM:BGER PBMAHNM EHG@-M>KF P>:D>GBG@ H? MA> IHEBMB<:E
ECON JOURNAL WATCH
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?:;KB< H? LHMR, BL FH=>KG ><HGHFB< @KHPMA IHLLB;E>. 0A> LHO>K>B@G LM:M>, PBMA
:NMAHKBMR ;:L>= HG EHR:EMR :G= HG : <HFFNGBMR H? ?>>EBG@eBG LAHKM, MA> FH=>KG
G:MBHG:E LM:M>eIE:RL : <KN<B:E KHE> BG I>:<>?NEER K>LHEOBG@ LN<A @KHPMA-BG=N<>=
<HG?EB<ML. c 7%8M <:G LMBFNE:M> @KHPMA :G= LMKN<MNK:E <A:G@>. c 7%8M <:G K>?>K>>,
L>E><M, HK =BL<:K= E>@:E :G= BGLMBMNMBHG:E BGGHO:MBHGL MA:M :K> IKHIHL>= BG MA>
:MM>FIM MH HK@:GBS> :G= <A:GG>E >??><MBO>ER MA> G>P IKH=N<MBHG IHM>GMB:Eg
('NSG>ML 1973, 252).
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$> P:L MA> HGER HG> BG ABL >E>F>GM:KR L<AHHE <E:LL MH @H HG MH AB@A L<AHHE. %G
AB@A L<AHHE, 'R=E:G= <HG<>GMK:M>= HG F:MA :G= IARLB<L; A> A:L L:B= f% DG>P FHK>
F:MA :M MA> >G= H? AB@A L<AHHE MA:G : MRIB<:E AF>KB<:G ;NLBG>LL HK ><HGHFB<L
F:CHKg ('R=E:G= 2005:). $> <HGMBGN>= MH MA> *HKP>@B:G /<AHHE H? !<HGHFB<L
:G= BNLBG>LL A=FBGBLMK:MBHG, BG B>K@>G. 'R=E:G= A:L >QIE:BG>= PAR A> <AHL>
MA:M L<AHHE, K:MA>K MA:G MA> 1GBO>KLBMR H? +LEH, PAB<A A:= @K>:M>K IKHFBG>G<> BG
:<:=>FB< ><HGHFB<L:
3A>G % LM:KM>= LMN=RBG@ :M *$$ 7MA> L<AHHE BG B>K@>G8, BM P:L GHM ?HK
MA> L:D> H? LMN=RBG@ ><HGHFB<L. AG :<JN:BGM:G<> H? FBG>cA:= L>M NI
: <HNIE> H? BGGHO:MBO> ;NLBG>LL>Lc:G= A> BGMKH=N<>= F> MH ;NLBG>LL.
% A>EI>= ABF PBMA ABL :<<HNGMBG@ :G= LHHG K>:EBS>= % PHNE= K:MA>K ;>
: ;NLBG>LL ><HGHFBLMcMA:G : <BOBE >G@BG>>Kc, HG PAB<A % A:= L>M FR
LB@AML HKB@BG:EER. /H PA>G % :KKBO>= :M *$$% A:= GH B=>: PA:M FH=>KG
><HGHFB<L P:L :;HNM. % MAHN@AM % P:L LMN=RBG@ MH @>M JN:EB?B<:MBHGL MH
PHKD BG ;NLBG>LL. 0A:M % =B= GHM >G= NI BG ;NLBG>LL P:L ;:LB<:EER :G
:<<B=>GM. ('R=E:G= 2006, 360)
AM B>K@>G, PBMA ABL JNB<D :;BEBMR MH E>:KG <HFINM>K IKH@K:FFBG@, 'R=E:G=
<:N@AM MA> >R> H? ABL IKH?>LLHK /M>G 0AHK>. 'R=E:G= ;><:F> 0AHK>iL K>L>:K<A
:LLBLM:GM, PAB<A E>= MH ABFOBLBMBG@ C:KG>@B>-)>EEHG 1GBO>KLBMR, PA>K> A> PHNE= @H
HG MH >:KG ABL ,A.. BG ><HGHFB<L :G= ;> AB@AER BG?EN>G<>= ;R .H;>KM (N<:L :G=
PKBM> ABL =BLL>KM:MBHG NG=>K != ,K>L<HMM ('R=E:G= 2006, 364-366). A?M>K @>MMBG@ ABL
=>@K>>, A> K>MNKG>= MH *HKP:R MH M>:<A :M ABL NG=>K@K:=N:M> :EF: F:M>K. A?M>K HO>K
: =><:=> MA>K>, 'R=E:G= K>MNKG>= MH C:KG>@B>-)>EEHG ('R=E:G= 2005:).
'R=E:G= BL >QMK>F>ER K>MB<>GM :;HNM M:EDBG@ IHEBMB<LeA> K>?NL>L MH ;BM> PA>G
BGM>KOB>P>KL MKR MH =K:P HNM ABL IHEBMB<:E CN=@F>GML (>.@., 'R=E:G= 2006, 378)e;NM
BM L>>FL MA:M 'R=E:G= E>:GL MHP:K= ?K>>-F:KD>M IHEBL. 'R=E:G= LB@G>= : I>MBMBHG
:@:BGLM IKHM><MBHGBLF ($>=>G@K>G >M :E. 2010).
'R=E:G= :G= ,K>L<HMM LA:K>= MA> 2004 *H;>E ,KBS> BG !<HGHFB<L f?HK MA>BK
<HGMKB;NMBHGL MH =RG:FB< F:<KH><HGHFB<L: MA> MBF> <HGLBLM>G<R H? ><HGHFB<
IHEB<R :G= MA> =KBOBG@ ?HK<>L ;>ABG= ;NLBG>LL <R<E>L.g 'R=E:G= :G= ,K>L<HMM (1977)
?:FHNLER >QIHLBM>= MA> MBF> BG<HGLBLM>G<R IKH;E>F, PA>K>BG >O>G : ;>G>OHE>GM
KNE>K PBEE LPBM<A :P:R ?KHF : IHEB<R LMK:M>@R MA:M, BG HG> L>GL>, A:= ;>>G fHIMBF:E,g
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B? LA> =H>L GHM <HFFBM MH BM ?KHF MA> LM:KM: !O>G : ;>G>OHE>GM KNE>K F:R PBLA MH @H
;:<D HG A>K IKHFBL>L, ;><:NL> H? <HG?EB<MBG@ BGM>K>LML :FHG@ MA> IHINE:<>.
'R=E:G= LIHD> HG IHEB<R BFIEB<:MBHGL BG : 2008 BGM>KOB>P:
3ABE> BMiL BFIHKM:GM MH =>M>KFBG> MA> ;>LM IHEBL, RHN A:O> MH ;>
<HGLBLM>GM HO>K MBF>, :G= MA:MiL =B??B<NEM BG MA> ?:<> H? MABL =BL<HO>KR
MA:M HIMBF:E IHEB<R BL MBF> BG<HGLBLM>GM. 3A>G MA>R K>>O:EN:M> IHEBL
BG MA> ?NMNK>, IHEB<RF:D>KL PBEE GH EHG@>K A:O> MA> BG<>GMBO> MH M:D>
BGMH :<<HNGM MA> >??><M HG =><BLBHGL MA:M A:O> :EK>:=R ;>>G F:=>. %G
MA> EHG@ KNG, MA> IK>=B<MBHG BL MA:M RHNiEE ;> PHKL> H??.
/H AHP <:G RHN <HFFBM IHEB<RF:D>KL MH <:KKR HNM <HGLBLM>GM
IHEBL? 3> EBFBM MA>BK =BL<K>MBHG PBMA KNE>L =>LB@G>= MH >G<HNK:@>
MBF> <HGLBLM>G<R. %M L>>FL MH PHKD ;>MM>K BG MA> <HGM>QM H? FHG>M:KR
IHEB<R MA:G ?BL<:E IHEB<R. %G FHG>M:KR IHEB<R, MA> :MM>FIML MH BLHE:M>
<>GMK:E ;:GD IHEB<R ?KHF IHEBMB<:E IK>LLNK> ;R, L:R, F:DBG@ MA> <>GMK:E
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;BG= MA> =><BLBHGL H? GHM-R>M-;HKG IHEB<RF:D>KL. (6:K:S:@: 2008)
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P:L : IKH?>LLHK H? ><HGHFB<L :M /M. ,>M>KL;NK@ 1GBO>KLBMR :G= MK:O>E>= :;KH:=,
PA>K> A> F>M ABL PB?> BG )NGB<A, PAH P:L H? : KB<A &>PBLA ?:FBER ?KHF +=>LL:.
(>HGMB>? =>L<KB;>L ABL BFF>=B:M> ?:FBER :L =B??>K>GM ?KHF ABL @K:G=I:K>GML PAH
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+NK ?:FBER P:L BGM>EE><MN:E ;HNK@>HBL PBMA EB;>K:E OB>PL. 3A>G FR
?:MA>K P:L RHNG@, A> HK@:GBS>= LMKBD>L :M MA> ?:<MHKR H? FR @K:G=?:MA>K.
0A:M, RHN DGHP, BL : MRIB<:E .NLLB:G ;>A:OBHK. (:M>K, PA>G A> P:L
: IKH?>LLHK, A> L>KBHNLER LMN=B>= ):KQBLF :G= =B= K>L>:K<A HG MA>
><HGHFB< LBMN:MBHG H? PHKD>KL BG .NLLB:. 0ABL P:L MA> MHIB< H? ABL
=H<MHK:E =BLL>KM:MBHG.
7)R FHMA>K8 P:L : P>EE->=N<:M>= PHF:G, : bestuzhevka. /A>
LMN=B>= ABLMHKR H? :KM. /A> DG>P?HNK ?HK>B@G E:G@N:@>L. /A> P:L ?KHF:
JNBM> P>EE-MH-=H ?:FBER, ;NM MA> RHNG@ I>HIE> ?KHF MA> ?:FBER >G@:@>=
BG K>OHENMBHG:KR :<MBOBMB>L. 3A>G FR FHMA>K P:L RHNG@, :M MA>
;>@BGGBG@ H? MA> <>GMNKR, LA> P:L >O>G :KK>LM>= ?HK I:KMB<BI:MBHG BG
LHF> :<MBOBMR :@:BGLM MA> 0L:K. /A> P:L BG IKBLHG, ;NM BM P:L GHM L>KBHNL
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 417
BFIKBLHGF>GM. /A> :G= FR :NGM MHE= F> MA:M MA> @HO>KGHK H? +=>LL:
NL>= MH OBLBM A>K BG MA> IKBLHG :G= M:D> A>K ?HK : KB=> BG ABL <:KKB:@>.
BNM MA>G, A>K ;KHMA>K P:L : L>KBHNL K>OHENMBHG:KR; A> P:L MAKHPG BG
C:BE, :G= E:M>K P:L LAHM 7?HK ;>BG@ : I:KMB<BI:GM BG : IKBLHG>KiL K>;>EEBHG8.
((>HGMB>? 2006/1994, 348)
(>HGMB>? LIHD> H? MA> BFI:<M MA> .NLLB:G .>OHENMBHG A:= HG ABL ?:FBER:
0A>R =B= GHM @>M ;BMM>K. % G>O>K A>:K= MA>F <HFIE:BG :;HNM A:OBG@ EHLM
>O>KRMABG@ MA>R HPG>= BG MA> K>OHENMBHG, FHG>R :G= IKHI>KMR. %M P:L
=B??B<NEM ?HK MA>F. 0A>K> P:L ANG@>K, MA>R A:= GHMABG@ MH >:M. 0A>K>
P:L GHMABG@ MH A>:M MA> AHNL> PBMA. AG= MA>G, BG 1919, P> P>K> >OB<M>=
?KHF HNK ?E:M HG ,>MKHOLDBB %LE:G=. 0A> ?E:M P:L A:G=>= HO>K MH MA>
AHLIBM:E H? MA> IKHOBG<B:E MK:BGBG@ L<AHHE ?HK M>:<A>KL. 0A> 1GBO>KLBMR
MKB>= MH A>EI MH D>>I MA> ?E:M ?HK FR ?:MA>K, :L HG> H? BML IKH?>LLHKL, ;NM
K>OHENMBHG:KR L:BEHKL <:F> :G= >OB<M>= NL. 3> P>K> @BO>G 24 AHNKL MH
I:<D. AG= PA>G BM <:F> MH FHO> HNK MABG@L, MA>R MHE= NL, PA:M <EHMA>L
:G= ?NKGBMNK> A:= MH LM:R MA>K>, :G= PAB<A P> <HNE= M:D>. c BNM FR
I:K>GML G>O>K <HFIE:BG>= :G= G>O>K M:ED>= PBMA :G@>K :;HNM PA:M P:L
@HBG@ HG. % K><:EE HGER HG> MBF> PA>G MA>R L:B= MH F>: f(BLM>G, P> NL>=
MH A:O> >GHN@A FHG>R MH >=N<:M> RHN :;KH:=. *HP P> =H GHM. 5HN
FNLM MKR MH =H BM :EE ;R RHNKL>E?g. AG= MA:M BL PA:M % =B=. ((>HGMB>? 2006/
1994, 348-349)
(>HGMB>? P:L AHF> L<AHHE>= :G= P>GM MH MA> 1GBO>KLBMR H? (>GBG@K:= BG
1921, LMN=RBG@ IABEHLHIAR :G= LH<BHEH@R ;>?HK> L>MMEBG@ HG ><HGHFB<L ((>HGMB>?
2006/1994, 349). $> @K:=N:M>= PBMA : =>@K>> BG ><HGHFB<L BG 1925. $> LMN=B>=
):KQ BG ABL NG=>K@K:=N:M> R>:KL, ;NM A> <E:BF>= A> P:L fGHM : FBEBM:GM ):KQBLM
><HGHFBLMg :G= P:L fBGM>K>LM>= BG ):KQ HGER :L : <E:LLB<:E ><HGHFBLM,g L:RBG@ ):KQ
fP:L :EP:RL FBQ>= NI BG F:MA, :G= MA> E:;HK MA>HKR H? O:EN> =B=GiM F:D> FN<A
L>GL>g ((>HGMB>? 1998, 117-118). $BL NGBO>KLBMR LMN=B>L P>K> I>KBH=B<:EER BGM>K-
KNIM>= ;R :KK>LML ?HK ABL <KBMB<BLF H? <HFFNGBLF. (>HGMB>? >QIE:BG>=:
/MN=>GML :K> LMN=>GML, :EP:RL :G= >O>KRPA>K>. 0A>R :EP:RL =BL<NLL
PHKE= IKH;E>FL, MA>R :EP:RL =BLINM>. AG= % =BLINM>= : EHM PBMA FR
LMN=>GM-<HFK:=>L. ):GR H? MA>F P>K> <HFFNGBLML. c
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GHM, PA>MA>K BM LAHNE= ;> EBFBM>= HK GHM. 3> :K@N>= :;HNM MA> LBMN:MBHG
BG AB@A>K >=N<:MBHG. AG= % :K@N>= : EHM PBMA FR <HFFNGBLM <HEE>:@N>L.
/H PA>G % L:B= MABG@L MA:M MA>R ?HNG= >GMBK>ER BFIHLLB;E>, % @HM M:D>G
MH MA> #HKHDAHO:B:, P:L A>E= ?HK L>O>K:E =:RL, :G= MA>G K>E>:L>= :@:BG.
ECON JOURNAL WATCH
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0ANL FR LMN=B>L P>K> BGM>KKNIM>= ?KHF MBF> MH MBF>. ((>HGMB>? 2006/
1994, 349)
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<HGOBG<>= <HFFNGBLM. 3> A:= :K@N>= : EHM, ;NM A:= ?KB>G=ER K>E:MBHGL.
% @>M :G@KR JNBM> K:K>ER. 3>EE, MA> BGO>LMB@:MHKL DG>P >O>KRMABG@ P> A:=
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;><:NL> A> NG=>KLMHH= MA> BHELA>OBD IHEBMB<L <HKK><MER. "KHF MA> M:EDL
PBMA MA> BGO>LMB@:MHKL % NG=>KLMHH= MA:M ). @:O> : IHLBMBO> HIBGBHG
:;HNM F>. ):R;> MA:M P:L : K>:LHG PAR % P:L K>E>:L>=. ((>HGMB>? 2006/
1994, 349)
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LNLI>G=>= ?KHF M>:<ABG@. (:M>K, BG :NMNFG 1922, MA>R P>K> :EE
>F;:KD>= HG : LABI :G= L>GM :;KH:=. 5HN DGHP, FN<A E:M>K /HKHDBG
:G= % :@:BG F>M. 0A:M P:L :EK>:=R BG AF>KB<:. 3> ;HMA M:N@AM :M
$:KO:K= 1GBO>KLBMR BG MA> 1930L. $> MHE= F> FN<A :;HNM MABL MKBI BGMH
>QBE>, LAHP>= MA> IAHMHL H? MAHL> PAH E>?M .NLLB: HG MA> L:F> ;H:M
PBMA ABF. 3>EE, :M MA:M MBF>, BG 1922, % MH@>MA>K PBMA MPH HMA>K LMN=>GML
IKBGM>= IHLM>KL, :G= P> P>GM BG MA> GB@AM MH IHLM MA>F NI. c
3> <:EE>= ?HK ?K>>=HF: ?K>>=HF H? MA> IK>LL, ?K>>=HF H?
>QIK>LLBHG, ?K>>=HF BG MA> LM:M>. 3> IKHM>LM>= :@:BGLM MA> LNLI>GLBHG
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GB@AM. BNM IKH;:;ER MA>R DG>P :;HNM NL BG :=O:G<>. 3> P>K> ?HEEHP>=
:EFHLM ?KHFMA> O>KR ;>@BGGBG@. 3> P>GM :G= LMN<D NI MA> IHLM>KL, ;NM
A:E? : O>KLM :P:R LHF> I>HIE> ?HEEHP>= NL, MA>G MA>R HO>KMHHD NL :G=
:KK>LM>= NL. 3> P>K> L>GM MH MA> #HKHDAHO:B:. c
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MABL KHHF. c0A>K> P>K> EHML H? <H<DKH:<A>L, PAB<A <:F> BG MA> GB@AM.
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h3> F:R LMBEE LAHHM RHNi. BNM MA>R =B= GHM =H BM. 3> JN:KK>E>= : EHM, :G=
% P:L GHM :?K:B= H? MA>F. 0A>L> P>K> GHM :M :EE LN<A BGM>KKH@:MHKL :L
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(>HGMB>? L:B= A> OB>P>= MA>L> f>IBLH=>Lg :L F>K>ER =BLMK:<MBG@:
% P:L :;L>GM ?KHF FR LMN=B>L HGER =NKBG@ MA> =:RL % P:L NG=>K :KK>LM.
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MA> #HKHDAHO:B:, BG MA> LHEBM:KR <>EE, % D>IM MABL NI. AM MA> NGBO>KLBMR %
P:L MA>G IK>I:KBG@ : I:I>K HG MA> ><HGHFB< OB>PL H? .H=;>KMNL. *HP
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:G= HG MA> L:F> MHIB<L. BNM % P:L BGM>K>LM>= BG HMA>K MABG@L. /G<>
P:L MA> FHLM BFIHKM:GM ?HK F>. %M P:L LG<> % MHHD L>KBHNLER.
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(>HGMB>? MA>G >FB@K:M>=, GHM ;><:NL> H? ABL :KK>LML ?HK <A:EE>G@BG@ <HF-
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P:L GHM IHLLB;E> MH PHKD :L : LGMBLM A>K>. 3>EE, F:R;> MH =H I:KMB:E
PHKD, ;NM GHM MH PHKD GHKF:EER. ((>HGMB>? 2006/1994, 351)
(>HGMB>? E>?M ?HK B>KEBG BG 1925 ((>HGMB>? 2006/1994, 351). $> >:KG>= ABL
,A.. BG 1928 ;>?HK> PHKDBG@ ABL P:R MH MA> 1GBO>KLBMR H? 'B>EiL %GLMBMNM> H? 3HKE=
!<HGHFB<L, PA>K> A> =>O>EHI>= ABL B=>: H? MA> BGINM-HNMINM :IIKH:<A ((>HGMB>?
1998, 118; ':EB:=BG: :G= ,:OEHO: 2006, 340). (>HGMB>? P:L BGOBM>= MH MA> 1GBM>=
/M:M>L ;R MA> *B!. BG 1931. A R>:K E:M>K A> FHO>= MH $:KO:K= :G= K>F:BG>= MA>K>
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NG=>K?BG:G<>=, NG=>KIHP>K>= !GOBKHGF>GM:E ,KHM><MBHG A@>G<R, HNK
E:D>L, KBO>KL, :G= ?HK>LML :K> LN<<NF;BG@ MH =>:=ER :<B= K:BG.
3A:M BL >O>G PHKL>, MA> BGM>EE><MN:E, <NEMNK:E :G= LH<B:E
BG?K:LMKN<MNK> H? MA> <HNGMKR A:L LN??>K>= >O>G FHK> =NKBG@ MA>
@K>:M>K-MA:G->O>K ;HHF MA:G BML IARLB<:E <HNGM>KI:KM. ,KBF:KR :G=
L><HG=:KR L<AHHEBG@ A:O> ;>>G LH P>:D>G>= MA:M : PAHE> @>G>K:MBHG
H? ;HRL :G= @BKEL <:G A:K=ER K>:=, PKBM> HK <HNGM, PABE> MA> LH:KBG@ IKB<>
H? AB@A>K >=N<:MBHG (PAB<A, BG <HGMK:LM MH MA> 1GBM>= /M:M>L, BL ?K>> BG
FHLM HMA>K :=O:G<>= <HNGMKB>L) F:D>L BM BFIHLLB;E> ?HK F:GR RHNG@
I>HIE> MH M:D> :=O:GM:@> H? BM.
*H PHG=>K MA> <HFI>MBMBO>G>LL H? MA> 1GBM>= /M:M>L BL K:IB=ER
=><EBGBG@; F:GR H? HNK AB@A M><AGHEH@R BG=NLMKB>L :K> EHLBG@ HG> ;:MME>
:?M>K :GHMA>K BG MA> LMKN@@E> ?HK MA>BK LA:K> H? MA> ?HK>B@G F:KD>M. AM
MA> L:F> MBF>, MA> KB<A :K> @>MMBG@ KB<A>K, :G= MA> IHHK :K> @>MMBG@
AHF>E>LL. ((>HGMB>? 1990, !22)
%G 1992, (>HGMB>? PKHM> :G HI->= MBME>= f"HK@>M MA> "K>> ):KD>Mg MA:M
LNFF>= NI ABL IK>OBHNL LM:M>F>GML HG ><HGHFB< BGM>KO>GMBHG :G= :=OH<:M>= :
G>P *>P >:E:
>LIBM> 7MA> LN<<>LL>L H? MA> *>P >:E K>?HKFL8, MA> =>;:M> HG MA>
KHE> #HO>KGF>GM LAHNE= IE:R BG : ?K>> F:KD>M <HGMBGN>= NG:;:M>=.
+IIHG>GML H? f#HO>KGF>GM F>==EBG@g :K@N>= MA:M : <HFI>MBMBO>
F:KD>M LRLM>F :NMHF:MB<:EER :=O:G<>L MA> ><HGHFRiL IKH=N<MBOBMR ;R
>EBFBG:MBG@ MA> E>LL <HFI>M>GM BG ?:OHK H? FHK> >??BGM IKH=N<>KL.
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A=OH<:M>L H? :G :<MBO> #HO>KGF>GM :K@N>= MA:M MA> LBFIE>
IB<MNK> H? :G B=>:E <HFI>MBMBO> F:KD>M ><HGHFR BL NGK>:EBLMB<. 0A>R
F:BGM:BG>= MA:M INKLNBG@ IKBO:M> ><HGHFB< @H:EL H?M>G E>:=L MH
NG=>LBK:;E> K>I>K<NLLBHGL EBD> >GOBKHGF>GM:E =:F:@>; FHK>HO>K, MA>
IKH<>LL H? G:MNK:E L>E><MBHG, BG PAB<A <HKIHK:M> =BGHL:NKL <:G >G= NI
;:GDKNIM :G= MA>BK PHKD>KL NG>FIEHR>=, <:G ;> O>KR <HLMER.
0A> EBO>ER =>;:M> H? MA>L> <KBMB<:EER BFIHKM:GM BLLN>L <:F> MH
: LMHI PA>G, BG MA> P:D> H? : LA:KI IHEBMB<:E L>: <A:G@> =NKBG@ MA>
.>:@:G R>:KL, #HO>KGF>GM P:L =><E:K>= MA> >G>FR H? MA> I>HIE>,
IN;EB< L>KO:GML P>K> MNKG>= BGMH B=E> ;NK>:N<K:ML :G= IE:GGBG@ ;><:F>
: =BKMR PHK=. 0>G R>:KL A:O> @HG> ;R :G= HNK =>K>@NE:M>= ><HGHFR
BL GHM HGER EHLBG@ BML <HFI>MBMBO> >=@> ;NM :ELH BML :;BEBMR MH L:MBL?R MA>
F:M>KB:E :G= <NEMNK:E G>>=L H? LHMR. ((>HGMB>? 1992)
$> <HG<EN=>= ;R :LDBG@:
3AR LAHNE=GiM HNK #HO>KGF>GM K>A:;BEBM:M> HNK =>FHK:EBS>= :G=
M:MM>K>= CBOBE />KOB<>, :G=, NLBG@ BML >QI>KMBL>, :@:BG M:D> : E>:=BG@ KHE>
BG LHEOBG@ MA> =B??B<NEM ><HGHFB< :G= LH<B:E IKH;E>FL ?:<BG@ HNK
<HNGMKR? ((>HGMB>? 1992)
%G 1993, (>HGMB>? P:L :LD>= B? A> ;>EB>O>= ,K>LB=>GM CEBGMHGiL ><HGHFB< IE:G
PHNE= LN<<>>=. $> K>LIHG=>=:
,K>LB=>GM CEBGMHG :G= ABL ><HGHFB<L M>:F :L P>EE :L <HG@K>LLBHG:E
E>:=>KL LNIIHKMBG@ MA>F LAHNE= K>:EBS> MA:M PBMAHNM F:LLBO> :G= O>KR
<HLMER K>A:;BEBM:MBHG MA> NG=>K-LM:??>= :G= NG=>K-;N=@>M>= @HO>KG-
F>GM :@>GL PBEE GHM ;> :;E> MH <:KKR HNM MA>L> G><>LL:KR =:M:-
@:MA>KBG@ :G= :G:ERMB<:E M:LDL. /BG<> F:CHK, JNBM> E>@BMBF:M> ;NLBG>LL
BGM>K>LML :K> ;HNG= MH ;> :??><M>= ;R @HO>KGF>GM :<MBHGL, MA>L> M:LDL
<:GGHM ;> L:?>ER LN;<HGMK:<M>= MH BG=>I>G=>GM K>L>:K<A HK@:GBS:MBHGL.
0A> =:G@>K BL MA:M :?M>K MA> I:<D:@> BL :<<>IM>=, MA> IE:GGBG@ IKH<>LL
PBEE BG>OBM:;ER ;> K>=N<>= MH MA> NLN:E L>JN>G<> H? NG<HHK=BG:M>=
BGM>KO>GMBHGL. ((>HGMB>? 1993)
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P:L >EB@B;E> MH <HFI>M> ?HK : L<AHE:KLABI. $> PHG MA> L<AHE:KLABI :G= P>GM MH MA>
(HG=HG /<AHHE H? !<HGHFB<L MH LMN=R ;NLBG>LL :=FBGBLMK:MBHG :G= E:P :EMAHN@A,
:L A> INM BM, A> fP:GM>= MH ;> :G >G@BG>>K, ;NM MABL L>>F>= IHBGME>LL LBG<> G>BMA>K
MA> @HO>KGF>GM GHK MA> PABM> ?BKFL PHNE= >FIEHR : ;E:<D >G@BG>>Kg ((>PBL 1992/
1980).
(>PBL P:L : L>E?-=>L<KB;>= fLH<B:E =>FH<K:Mg :G= : F>F;>K H? MA> ":;B:G
/HMR, PAB<A A> M>KF>= fMA> MABGDBG@ :KF H? MA> BKBMBLA (:;HNK ,:KMRg ((>PBL
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1992/1980; 1995, 5). 0A> ":;B:G /HMR >F;K:<>= MA> E>:=>KL H? MA> C:KB;;>:G
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I:FIAE>M MBME>= Labour in the West Indies, PAB<A =>L<KB;>L MA> KBL> H? MA> G>P E:;HNK
FHO>F>GM :G= AHP BML @H:EL P>K> fMH K:BL> MA> ><HGHFB< :G= <NEMNK:E LM:G=:K=L
H? MA> F:LL>L, :G= MH L><NK> ?HK MA>F <HG=BMBHGL H? ?K>>=HF :G= >JN:EBMRg ((>PBL
1977/1938, 44). +G> IKHIHL:E BL >JN:E =BLMKB;NMBHG H? BG<HF> MAKHN@A MA>
K>=BLMKB;NMBHG H? IKHI>KMR (B;B=., 46). *HKF:G #BKO:G =>L<KB;>L (>PBLiL >:KER OB>PL:
$> P:LcBG?EN>G<>= ;R MA> ":;B:G ;K:G= H? LH<B:EBLF MA:M IK>=HF-
BG:M>= BG MA> BKBMBLA (:;HNK ,:KMR H? MA> 1930L. +G> H? ABL ?BKLM
IN;EB<:MBHGL, HG Labour in the West Indies BG MA> E:M> 1930L, P:L :
I:FIAE>M IN;EBLA>= ;R MA> ":;B:G LHMR MA:M :K@N>= MA:M E:;HNK A:=
:LLNF>= MA> F:GME> H? E>:=>KLABI H? MA> 3>LM %G=B:G G:MBHG:E
FHO>F>GM. 0ABL F:=> (>PBL >LL>GMB:EER : LH<B:E =>FH<K:M :G= :
;>EB>O>K BG MA> FBQ>= ><HGHFR; ;NM FHK> ><E><MB< MA:G B=>HEH@B<:E BG
ABL :IIKH:<A MH F:MM>KL H? IN;EB< IHEB<R. $> P:L JNBM> <HF?HKM:;E>
BG K><H@GBLBG@ MA> EBFBM:MBHGL H? MA> ?K>> F:KD>M :G= MA> G><>LLBMR ?HK
IN;EB< BGM>KO>GMBHG BG BGLM:G<>L H? F:KD>M ?:BENK>. $> P:L, AHP>O>K,
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:G :LLBLM:GM E><MNK>LABI NG=>K AKGHE= ,E:GM. (>PBL K>F:KDL: f7,E:GM8 :G= % A:=
BGM>EE><MN:E =B??B<NEMB>L, LBG<> A> P:L : E:BLL>S-?:BK> ><HGHFBLM :G= % P:L GHM; ;NM MABL
=B= GHM LM:G= BG MA> P:R H? HNK K>E:MBHGLABIg ((>PBL 1995, 3). A?M>K MA> (/!, (>PBL
P:L : IKH?>LLHK :M MA> 1GBO>KLBMR H? ):G<A>LM>K ?KHF1948 MH 1958. "KHFMA>K>, A>
P>GM MH L>KO> :L OB<> <A:G<>EEHK H? MA> 1GBO>KLBMR H? MA> 3>LM %G=B>L, :G= MA>G P:L
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><HGHFB< =>O>EHIF>GM K>L>:K<A PBMA I:KMB<NE:K <HGLB=>K:MBHG H? MA> IKH;E>FL H?
=>O>EHIBG@ <HNGMKB>L.g
%G 1949, (>PBL >QIK>LL>= ABL LH<B:E =>FH<K:MB< =BLIHLBMBHG BG The Principles
of Economic Planning, HKB@BG:EER PKBMM>G ?HK :G= IN;EBLA>= ;R MA> ":;B:G /HMR
((>PBL 1995, 6). 0P>GMR R>:KL E:M>K, (>PBL GHM>= MA:M fMA> ;HHD BL GHM, :L BML MBME>
FB@AM LN@@>LM, :G :<:=>FB< LMN=R H? MA>HK>MB<:E IKBG<BIE>L, ;NM K:MA>K : IHEBMB<:E
LM:M>F>GMg PKBMM>G FHLMER :;HNM f><HGHFB< IE:GGBG@, =>?BG>= ?HK MABL INKIHL> :L
@HO>KGF>GM :<MBHG =>LB@G>= MH L><NK> K>LNEML =B??>K>GM ?KHF MAHL> H? MA> F:KD>Mg
((>PBL 1969/1949;, OBB-OBBB). %G MA> ;HHD A> ;K:G=L LH<B:EBLF :L : =>F:G= ?HK
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AHE=L MA:M >QM>GLBHGL H? MA> LM:M> :K> G><>LL:KR HGER PA>G HMA>K LH<B:E BGMNBMBHGL
?:BE (B;B=., 11). (>PBL PKBM>L: f0A> F:KD>M ><HGHFR BL P:LM>?NE. c+GER LM:M> :<MBHG
<:G :LLNK> <HFI>MBMBHG. %G MABL, :L BG LH FN<A >EL>, MA> F:KD>M ><HGHFR <:GGHM
?NG<MBHG :=>JN:M>ER PBMAHNM IHLBMBO> LNIIHKM ?KHF MA> LM:M>g (B;B=., 14). $>
<HG<EN=>L: f0A>K> :K> GH EHG@>K :GR ;>EB>O>KL BG laisser-faire, >Q<>IM HG MA> ENG:MB<
?KBG@>. 0A>K> :K> F:GR PAH =>GHNG<> IE:GGBG@ BG ?B>K<> E:G@N:@>, :G= PAH :II>:K
;R BFIEB<:MBHG MH ;> :K@NBG@ ?HK laisser-faire, ;NM, HG <EHL>K >Q:FBG:MBHG MA>K> :K>
:EP:RL : ?>P I:@>L BG MA>BK ;HHDL PAB<A @BO> MA> @:F> :P:R. 0A> MKNMA BL P> :K> :EE
IE:GG>KL GHPg (B;B=.).
%G 1961, (>PBL <HGMBGN>= MH LNIIHKM IE:GGBG@, ;NM ABL K>F:KDL :;HNM
f<:IBM:EBLMLg :G= f<:IBM:EBLFg :K> GHM AHLMBE>:
C:IBM:EBLML :K> =BLMBG@NBLA>= ?KHF HMA>K =HFBG:GM <E:LL>L ;R MA>BK
I:LLBHG ?HK L:OBG@ :G= ?HK IKH=N<MBO> BGO>LMF>GM. !:KEB>K =HFBG:GM
<E:LL>L A:= =B??>K>GM :F;BMBHGL. ,KB>LMER <E:LL>L L:O>=, ;NM MA>R NLN:EER
BGO>LM>= MA>BK P>:EMA BG FHGNF>GML :G= <ANK<A>L K:MA>K MA:G BG
?:<MHKB>L :G= ?:KFL. (:G=HPG>KL L:O>=, ;NM BG MA>BK A>R=:R MA>R NL>=
MA>BK L:OBG@L MH ;NR FHK> E:G=, K:MA>K MA:G MH BGO>LM BG BFIKHOBG@
E:G=; :G= MA> I>KLHGL ?KHFPAHFMA>R ;HN@AM P>K> NLN:EER BG =BLMK>LL,
:G= L>EEBG@ MH ?BG:G<> <HGLNFIMBHG. *HP E:G=HPG>KL BG =>O>EHI>=
<HNGMKB>L A:O> E>:KG>= MH ;>A:O> EBD> <:IBM:EBLML, ;NM >EL>PA>K>
E:G=HPG>KL :K> LMBEE GHM IKHG> MH IKH=N<MBO> BGO>LMF>GM. 0A> <:IBM:EBLM
P:L MA> ?BKLM =HFBG:GM MRI> MH F:D> L:OBG@ :G= IKH=N<MBO> BGO>LMF>GM
BGMH : K>EB@BHG H? EB?>.
AL <:IBM:EBLF =>O>EHIL PBMABG : ;:<DP:K= ><HGHFR, MA>
IKHIHKMBHG H? MA> G:MBHG:E BG<HF> :<<KNBG@ :L <:IBM:EBLM IKH?BML
BG<K>:L>L :EE MA> MBF>, :G= LH MA> LA:K> H? MA> G:MBHG:E BG<HF> L:O>=
:G= BGO>LM>= @KHPL :NMHF:MB<:EER NGMBE MA> ><HGHFR BL ?NEER <HGO>KM>=
MH <:IBM:EBLF, PA>G MA> LA:K> H? IKH?BML BG MA> G:MBHG:E BG<HF> BL
LM:;BEBS>=. AEE MA> <HNGMKB>L GHP =>O>EHI>= A:O> @HG> MAKHN@A MABL
IKH<>LL, >Q<>IM MA> 1//.; :G= MA> <HNGMKB>L GHP BG EBG> ?HK
=>O>EHIF>GM <:G MK>:= MA> L:F> I:MA B? MA>R LH =>LBK>.
"HK MA> FHLM I:KM MA>R =H GHM LH =>LBK>. 0ABL BL GHM IKBF:KBER
;><:NL> H? :GMB-<:IBM:EBLM B=>HEH@R. )HLM H? MA> E>:=>KL H? G>P LM:M>L
IKH<E:BF LHF> LHKM H? LH<B:EBLM E>:GBG@, ;NM PBMABG : R>:K HK MPH H?
M:DBG@ H??B<> MA>BK =>LBK> ?HK =>O>EHIF>GM IKHO>L LMKHG@>K MA:G MA>BK
:GMBI:MAR MH <:IBM:EBLF, :G= MA>R :=HIM IKH@K:FL ?HK LMBFNE:MBG@
IKBO:M> <:IBM:E BGO>LMF>GM, :G= ?HK LMBFNE:MBG@ >O>G MA> ?HK>B@G IKBO:M>
<:IBM:E BGO>LMF>GM PAB<A MA>R A:O> ABMA>KMH =>GHNG<>=. 0A>BK F:BG
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H;C><MBHG MH K>ERBG@ LHE>ER HG MA> @KHPMA H? IKBO:M> <:IBM:EBLF BL MA:M BM
BL LH LEHP. BR MABL F>MAH= BM F:R M:D> :GRMABG@ NI MH : <>GMNKR MH K:BL>
MA> K:M> H? =HF>LMB< L:OBG@ ?KHF5 MH 10 I>K <>GM. )HLM IHEBMB<:E E>:=>KL
P:GM JNB<D>K K>LNEML MA:G MABL. ((>PBL 1961, 45)
(>PBL MA>G F:=> <HFF>GML :;HNM fBKK>LIHGLB;E> IHEBMB<B:GLg:
3A:M BL E:<DBG@ BG FHLM H? MA>L> <HNGMKB>L BL GHM MA> F>:GL ;NM MA>
PBEE. "HK PA:M BL BGOHEO>= BL MA:M IHEBMB<:E E>:=>KL LAHNE= @BO> IKBHKBMR MH
><HGHFB< =>O>EHIF>GM HO>K MA>BK HMA>K INKLNBML, :M E>:LM MH MA> >QM>GM
H? :@K>>BG@ GHM MH NL> MA> LMK:BGL <K>:M>= ;R =>O>EHIF>GM IHEBL :L
P>:IHGL ?HK :MM:<DBG@ >:<A HMA>K. BNM GH LN<A IKBHKBMR BL :<<HK=>=.
)HLM IHEBMB<:E E>:=>KL BG MA> G>P LM:M>L ?BG= HMA>K BLLN>L FN<A FHK>
>Q<BMBG@ MA:G ><HGHFB< =>O>EHIF>GM, :G= :ELH FHK> K>P:K=BG@ :L
IHLLB;E> LHNK<>L H? IHEBMB<:E IHP>K.
%M BL <E>:K MA:M : GNF;>K H? MA> G>PLM:M>L A:O> :G :PDP:K= LM:@>
MH I:LL MAKHN@A, =NKBG@ PAB<A MA>BK :??:BKL PBEE ;> =HFBG:M>= ;R F>G
PAH :K> F:BGER BGM>K>LM>= BG IK>L>KOBG@ MA> IKBOBE>@>L H? MA>BK HPG
@KHNI; HK BG MKB;:E, K>EB@BHNL, K:<B:E, HK E:G@N:@> =BLINM>L; HK LBFIER BG
FBEBM:KR :=O>GMNK>. "HK : GNF;>K H? MA>L> LM:M>L MA>BK O>KR >QBLM>G<>
:L G:MBHGL PBEE ;> :M LM:D>, >BMA>K ;><:NL> MA>R :K> F>G:<>= ;R >QM>KG:E
:@@K>LLBHG, HK ;><:NL> H? BGM>KG:E M>GLBHGL E>:=BG@ MH <BOBE P:K HK
=BLBGM>@K:MBHG. !O>G LHF> <HNGMKB>L PAB<A A:O> GH =>>I MKB;:E HK
HMA>K =BOBLBHGL L>>FEBD>ER MH LMNEMB?R MA>FL>EO>L ;R :G HO>KIKH=N<MBHG
H? BKK>LIHGLB;E> IHEBMB<B:GL. ,HEBMB<L BL >Q<BMBG@ MH RHNG@ <HNGMKB>L, :G=
IHEBMB<B:GL BG MA>L> <HNGMKB>L A:O> :MMK:<M>= MH MA>FL>EO>L :EE MA>
@E:FHNK PAB<A P:L IK>OBHNLER K>L>KO>= ?HK IKB>LML :G= DBG@L, GHM
>Q<EN=BG@ MA> FBEBM:KR I:K:=>L, MA> L:ENM>L H? @NGL, MA> R:<AML, :G= MA>
<HNGMKR AHNL>L. 3> FNLM K>LB@G HNKL>EO>L MH MA> ?:<M MA:M F:GR H? MA>
G>P <HNGMKB>L PBEE ;> MHH IK>H<<NIB>= PBMA HMA>K F:MM>KL MH @BO> MH
><HGHFB< =>O>EHIF>GM MA> IKBHKBMR PAB<A BM G>>=L. ((>PBL 1961, 46)
%G : 1980 BGM>KOB>P, (>PBL L>>F>= MH =>?>G= ?K>> F:KD>M IKB<>L. (>PBL P:L
:LD>= B? A> MAHN@AM fBG=NLMKB:E <:IBM:EBLF =>I>G=>= HG MA> >QIEHBM:MBHG H? E:;HK
:G= K:P F:M>KB:EL BG MA> E>LL =>O>EHI>= <HNGMKB>L.g $> K>IEB>=:
0A> :GLP>K =>I>G=L HG PA:M RHN F>:G ;R >QIEHBM:MBHG. % :@K>> MA:M
MA>K>iL >QIEHBM:MBHG, ;NM BM <HF>L ?KHF MA> ?K>> PHKDBG@ H? MA> F:KD>M.
0A> IKH=N<>K H? <H<H: @>ML : ?K>> <HFI>MBMBO> IKB<> PAB<A BL
=>M>KFBG>= ;R MA> :EM>KG:MBO> <HLML :G= MA> IKH=N<>K H? LM>>E :ELH @>ML :
?K>>, <HFI>MBMBO> IKB<>. 0A>K>iL GH IHBGM :M PAB<A MA> IKH=N<>K H? LM>>E
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 431
BL HIIK>LLBG@ MA> <H<H: IKH=N<>K. 0A>RiK> :EE ;NRBG@ :G= L>EEBG@ BG MA>
F:KD>M. ((>PBL 1980, 26)
(>PBL L:B=, AHP>O>K, MA:M ?K>> F:KD>M IKB<>L :K> NG?:BK. 0ABL E>= MA> BGM>K-
OB>P>KL MH :LD: Lets pursue this question of commodity prices being unfair, even though they
are determined in freely competitive markets. Are you suggesting that there are some villains in the
piece or is it just bad luck that it comes out that way? (>PBL K>LIHG=>=:
*H, % =HGiM L>> :GR OBEE:BGL. % L>> MA> F:KD>M PHKDBG@ BG : P:R MA:M
BL =BL:=O:GM:@>HNL MH MA> I>HIE> EBOBG@ BG MA> MKHIB<L. 2>KR LBFIER,
PA:M :<<HNGML ?HK MA> K>E:MBO> IKB<>L H? <H<H: :G= LM>>E? 3AR =H>L :
?>EEHP PAH @KHPL <H<H:, AHP>O>K =BEB@>GMER :G= ;R MA> ;>LM-DGHPG
M><AGBJN>L, P:ED :KHNG= MA> IE:<> BG ;:K> ?>>M, PABE> MA> ?>EEHP PAH
F:D>L LM>>E BG : M>FI>K:M> <HNGMKR EBO>L :M MAK>>, ?HNK, ?BO> MBF>L MA:M
LM:G=:K= H? EBOBG@? 0A:M BL NG?:BKc7;8><:NL> MA> M>KFL H? MK:=>
;>MP>>G MA>L> <HNGMKB>LePA:M P> <:EE MA> ?:<MHK:E M>KFL H?
MK:=>e:K> ;:L>= HG F:KD>M ?HK<>L HK PA:M ><HGHFBLML <:EE
HIIHKMNGBMR <HLM, GHM HG MA> CNLM IKBG<BIE> H? >JN:E I:R ?HK >JN:E PHKD.
c %M PHNE= ;> ?:BK B?, @BO>G MPH I>HIE> PBMA >JN:E =BEB@>G<>, BGM>E-
EB@>G<>, :G= >JN:E PHKD, MA>L> MPH I>HIE> P>K> I:B= MA> L:F>. 0A:MiL
MA> ;:LB< IKHIHLBMBHG H? ><HGHFBLML PBMABG ><HGHFB< MA>HKR. ((>PBL
1980, 27)
(>PBL @H>L HG MH LN@@>LM M:Q:MBHG MH ?BG:G<> =>O>EHIF>GM, : LN@@>LMBHG MA> BGM>K-
OB>P>KL =>?BG> :L LH<B:EBLM. (>PBL K>MHKM>= PBMA : <:L> ?HK BG<HF> K>=BLMKB;NMBHG
MAKHN@A M:Q:MBHG K:MA>K MA:G ><HGHFB< G:MBHG:EBS:MBHG:
/H<B:EBLF BL HG> MABG@, IE:GGBG@ BL : =B??>K>GM MABG@. 0A> MPH =HGiM
G><>LL:KBER @H MH@>MA>K. /H<B:EBLML A:O> F:GR =B??>K>GM H;C><MBO>L.
,>HIE> F>:G =B??>K>GM MABG@L PA>G MA>R =>L<KB;> MA>FL>EO>L :L
LH<B:EBLML. % :F <HG<>KG>= PBMA IHO>KMR :G= % :F <HG<>KG>= MA:M HG>
LAHNE=, BG :GR LH<B:E LRLM>F, F:D> IKHOBLBHGL H? :EE DBG=L ?HK MA> IHHK
MH MA> >QM>GM :EEHP>= ;R MA> G:MBHG:E BG<HF> H? MA> <HNGMKR <HG<>KG>=.
0A:MiL : GNF;>K HG> IKBHKBMR ?HK F>. %iF : EBMME> F:G LH<B:EBLM K:MA>K
MA:M : ;B@ F:G LH<B:EBLM. % :F FHK> BG ?:OHK H? LMBFNE:MBG@ LF:EE-L<:E>
IKH=N<MBHG, LF:EE >GMK>IK>G>NKLABI, MA:G H? G:MBHG:EBS:MBHG :L LN<A,
MAHN@A %iF I>K?><MER PBEEBG@ MH G:MBHG:EBS> BG <BK<NFLM:G<>L PA>K> MABL
<:G ;> A:G=E>=. ((>PBL 1980, 28)
(>PBL P:L :LD>= PA:M ABL H;C><MBHG P:L MH : fLMKB<M E:BLL>S-?:BK> KHNM> MH
=>O>EHIF>GM.g $> L:B=:
ECON JOURNAL WATCH
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/H<B:EBLML, B? RHN @H ;:<D MH MA> GBG>M>>GMA <>GMNKR, PA>G LH<B:EBLF
HKB@BG:M>=, H;C><M MH MA> IKHIHLBMBHG MA:M MH =>O>EHI : <HNGMKR RHN
A:O> MH F:D> : ?>P I>HIE> KB<A LH MA:M MA>R <:G L:O> :G= BGO>LM. AG=
MA> PAHE> INKIHL>, MA> PAHE> F><A:GBLF H? E:BLL>S-?:BK> BL ;:L>= HG
<K>:MBG@ : ?>P KB<A ?:FBEB>L. *HP MA:M B=>: BL <HG@>GB:E BG !NKHI>
;><:NL> BM A:L >QBLM>= MA>K> ?HK L>O>K:E <>GMNKB>L. BNM B? RHNiK> LM:KMBG@
MH F:D> : G>P LHMR BG AG@HE:, )HS:F;BJN> HK *B@>KB:, RHN HN@AM
MH M:D> : =B??>K>GM KHNM>. c3A:M P> H;C><M MH BL MA> <K>:MBHG H? IKBO:M>
?HKMNG>, PAB<A BL <K>:M>= ;R L:OBG@ MA:M <HF>L HNM H? IKH?BML. BNM RHN
<HNE= CNLM :L P>EE IKHFHM> MA> L:OBG@ MAKHN@A LHF> IN;EB< BGLMBMNMBHG.
((>PBL 1980, 30)
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.H;>KM (N<:L (1937d), P:L ;HKG BG MA> />:MME> :K>: =NKBG@ MA> #K>:M >IK>L-
LBHG. (N<:L M:ED>= :;HNM MA> BFI:<M H? MA> >IK>LLBHG HG MA> ><HGHFR :G= HG
ABFL>E?:
% MABGD MA:M ><HGHFB< @KHPMA, :G= I:KMB<NE:KER MA> =B??NLBHG H?
><HGHFB< @KHPMA MH PA:M P> NL>= MH <:EE MA> 0ABK= 3HKE=, BL MA> F:CHK
F:<KH><HGHFB< >O>GM H? MA> MP>GMB>MA <>GMNKR. BNM MA> #K>:M
>IK>LLBHG BL : @HH= L><HG=. % P:L MHH RHNG@ MH DGHP PA:M P:L
@HBG@ HG :M MA> MBF>, ;NM MA> >IK>LLBHG P:L MA> F:BG BG?EN>G<> HG
FR I:K>GML. 0A>R ;><:F> IHEBMB<:EER :P:K> =NKBG@ MA> 1930L. ,HEBMB<L
:G= ><HGHFB<L P>K> BLLN>L MA:M P>K> :EP:RL M:ED>= :;HNM BG FR AHNL>
PA>G % P:L @KHPBG@ NI. ((N<:L 1998, 121)
"HK <HEE>@>, (N<:L A:= BGM>G=>= MH INKLN> >G@BG>>KBG@, ;NM, :L MA> 1GBO>KLBMR
H? CAB<:@H H??>K>= ABF : L<AHE:KLABI ;NM A:= GH >G@BG>>KBG@ IKH@K:F, A> BGLM>:=
P>GM BGMH ABLMHKR. A?M>K >:KGBG@ ABL ;:<A>EHKiL =>@K>>, A> P>GM ?HK : @K:=N:M> =>@K>>
BG ABLMHKR :M MA> 1GBO>KLBMR H? C:EB?HKGB: :M B>KD>E>R. AG ><HGHFB< ABLMHKR <HNKL>
BGLIBK>= (N<:L MH LPBM<A MH ><HGHFB<L; A> :;:G=HG>= MA> ABLMHKR IKH@K:F :G=
K>MNKG>= MH MA> 1GBO>KLBMR H? CAB<:@H MH >:KG ABL ,A.. BG ><HGHFB<L ((N<:L 1996).
(N<:L K><HNGM>=:
% P:L @>MMBG@ FHK> BGM>K>LM>= BG ><HGHFB<L :G= ><HGHFB< ABLMHKR :L
: ABLMHKR LMN=>GM. 0A> PHKD H? $>GKB ,BK>GG>, MA> B>E@B:G ABLMHKB:G,
PAH LMK>LL>= ><HGHFB< ?HK<>L BG?EN>G<>= F>. 3A>G % P:L :M B>KD>E>R
% LM:KM>= M:DBG@ LHF> ><HGHFB< ABLMHKR <E:LL>L :G= >O>G :MM>G=>= :G
><HGHFB<L <HNKL>. 0A:M BL PA>G % ?BKLM E>:KG>= PA:M : M><AGB<:E ?B>E=
><HGHFB<L BL :G= AHP BFIHLLB;E> BM PHNE= ;> MH IB<D BM NI :L :G
:F:M>NK. % =><B=>= MA>G MA:M % P:GM>= MH LPBM<A MH ><HGHFB<L. % =B=GiM
A:O> :GR AHI> H? ?BG:G<B:E LNIIHKM :M B>KD>E>R MH LMN=R ><HGHFB<L LH
MA:M P:L PA:M E>= F> ;:<D MH CAB<:@H. ((N<:L 1998, 120)
(N<:L <HGMBGN>= MH LMN=R ABLMHKR. %G 2008 A> LM:M>=: f% K>:= 7':KE ):KQiL
Communist Manifesto8 :L :G NG=>K@K:=N:M> LMN=>GM :G= % EBD>= 7ABL8 L>GL> MA:M ><H-
GHFB< MA>HKR <HNE= @BO> NL : NGB?B>= P:R :;HNM MABGDBG@ :;HNM :EE DGHPG LHMB>L.
% MAHN@AM MA:M :F;BMBHG P:L : GH;E> HG>, :G= :G :<<NK:M> HG>, :G= % ;HN@AM BGMH
ECON JOURNAL WATCH
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BM. !<HGHFB<L BL :G >QMK>F>ER IHP>K?NE P:R H? EHHDBG@ :M MA> ?HK<>L MA:M LA:I> :GR
LHMR. %G MA:M L>GL>, :EE H? NL ><HGHFBLML :K> ):KQBLMLg ((N<:L 2008, 3).
1IHG >:KGBG@ ABL =H<MHK:M>, (N<:L P>GM MH C:KG>@B>-)>EEHG, PA>K> A>
M:N@AM ?HK : =><:=> ;>?HK> K>MNKGBG@ MH CAB<:@H, PA>K> A> A:L LM:R>= LBG<> 1974.
AM CAB<:@H, (N<:L E>:KG>= NG=>K )BEMHG "KB>=F:G. (N<:L K><:EEL MA:M
"KB>=F:GiL BG?EN>G<> P>GM ;>RHG= :<:=>FB<L:
"HK F:GR H? NL, MA> LAH<D P:O> H? "KB>=F:GiL EB;>KM:KB:G-<HGL>KO:MBO>
B=>:L ?HK<>= : K>MABGDBG@ H? HNK PAHE> LH<B:E IABEHLHIAR. %GM>GL>
LMN=>GM =BL<NLLBHGL K:G@>= ?:K ;>RHG= M><AGB<:E ><HGHFB<L. % MKB>= MH
AHE= HG MH MA> *>P >:E IHEBMB<L % A:= @KHPG NI PBMA, :G= K>F>F;>K
OHMBG@ ?HK '>GG>=R BG 1960. c BNM AHP>O>K P> OHM>=, "KB>=F:GiL
LMN=>GML <:F> :P:R PBMA MA> L>GL> MA:M P> A:= :<JNBK>= : IHP>K?NE
:II:K:MNL ?HK MABGDBG@ :;HNM ><HGHFB< :G= IHEBMB<:E JN>LMBHGL. ((N<:L
1996)
%G :G >:KEB>K BGM>KOB>P, AKCH 'E:F>K :LD>= (N<:L: f3AH P>K> BFIHKM:GM
M>:<A>KL ?HK RHN?g (N<:L K>LIHG=L:
3>EE, "KB>=F:G P:L MA> ;B@ BG?EN>G<> A>K>. $> M:N@AM HNK ?BKLM ,A..-
E>O>E IKB<> MA>HKR <HNKL>L, CNLM ;:LB< ><HGHFB< MA>HKR. "KB>=F:G BL :
K>:EER @B?M>= M>:<A>K IENL : LNI>K; ><HGHFBLM. cAGHMA>K ;B@ BG?EN>G<>
P:L /:FN>ELHGiL Foundations, PAB<A % K>:= PA>G % LM:KM>= A>K> :M
CAB<:@H. %MiL : hAHP-MH-=H-BMi ;HHD, : @K>:M ;HHD ?HK ?BKLM-R>:K @K:=N:M>
LMN=>GML. c %M E>ML RHN BG HG MA> L><K>M H? AHP RHN IE:R MA> @:F>, :L
HIIHL>= MH <NMMBG@ RHN H?? PBMA ;B@ PHK=L. % MABGD MA> <HF;BG:MBHG
H? /:FN>ELHGiL ;HHD IENL "KB>=F:GiL <E:LL P:L PA:M @HM F> @HBG@.
((N<:L 1984, 30)
(N<:L BL DGHPG :L : ?HNG=>K :G= :=OH<:M> H? MA> K:MBHG:E >QI><M:MBHGL :I-
IKH:<A MH ><HGHFB<L. (N<:L A:L :IIEB>= K:MBHG:E >QI><M:MBHGL MH F:GR F:<KH-
><HGHFB< BLLN>L, BG<EN=BG@ M:Q:MBHG, BG?E:MBHG, ><HGHFB< @KHPMA, :G= :LL>M IKB<BG@
($>G=>KLHG 2008; B:KL>@AR:G 2008). A <HKHEE:KR H? K:MBHG:E >QI><M:MBHGL BL PA:M BL
DGHPG :L MA> (N<:L CKBMBJN>. B><:NL> : <A:G@> BG IHEB<R <A:G@>L I>HIE>iL :<MBHGL,
: IKHIHL>= IHEB<R LAHNE= GHM :LLNF> MA:M I>HIE>iL ;>A:OBHK PBEE LM:R MA> L:F>.
%M fBFIEB>L MA:M MA> >??><ML H? : G>P IHEB<R <:GGHM ;> :LL>LL>= :<<HK=BG@ MH
><HGHF>MKB< >LMBF:MBHG H? MA> IKBO:M> L><MHKiL ;>A:OBHNK NG=>K MA> HE= IHEB<Rg
(B:KL>@AR:G 2008). (N<:L PHG MA> *H;>E ,KBS> BG 1995 f?HK A:OBG@ =>O>EHI>= :G=
:IIEB>= MA> ARIHMA>LBL H? K:MBHG:E >QI><M:MBHGL, :G= MA>K>;R A:OBG@ MK:GL?HKF>=
F:<KH><HGHFB< :G:ERLBL :G= =>>I>G>= HNK NG=>KLM:G=BG@ H? ><HGHFB< IHEB<R.g
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 435
(N<:L LAHPL : =BLBG<EBG:MBHG MH LM:G= ?HK :GR I:KMB<NE:K B=>HEH@B<:E HNMEHHD:
f% =HGiM EBD> M:EDBG@ :;HNM AHP;B@ @HO>KGF>GM LAHNE= ;>. % EBD> M:EDBG@ :;HNM <HLML
:G= ;>G>?BML H? I:KMB<NE:K IKH@K:FL. 0A:M L>>FL MH ;> MA> KB@AM P:R MH M:ED :;HNM
BMg ((N<:L 1984, 54). !EL>PA>K> A> L:RL MA:M f0A> ;>:NMR H? G>H<E:LLB<:E ><HGHFB<L
BL MA:M BMiL GHM : K>OHENMBHG:KR :EE-HK-GHMABG@ DBG= H? MABG@. %M BL : K>?HKFBLM EBG>
H? MAHN@AM LH MA:M RHN K>:EER A:O> MH M:D> BLLN>L HG> :M : MBF>g ((N<:L 1993). +G
;><HFBG@ : ><HGHFB< :=OBLHK BG 3:LABG@MHG, (N<:L K>LIHG=>= BG : BGM>KOB>P: f%
EBD> ><HGHFB<L :G= % MABGD ><HGHFB<L BL AN@>ER K>E>O:GM HG :EFHLM :GR BLLN> H?
G:MBHG:E IHEB<R. 0A> FHK> @HH= ><HGHFBLML :K> BGOHEO>=, MA> A:IIB>K % :F. BNM %
=HGiM I>KLHG:EER ?>>E =K:PG MH =HBG@ BMg ((N<:L 1998, 136).
3A>G :LD>= ;R 'E:F>K fAK> RHN <HGL>KO:MBO>?,g (N<:L K>LIHG=>=:
% =HGiM DGHP. % MAHN@AM % P:L :M C:KG>@B>, ;NM :KHNG= A>K> 7CAB<:@H8
% =HGiM DGHP. 0ABL IE:<> A:L : IK>MMR PB=> LIK>:= H? IHEBMB<:E HIBGBHGL,
:G= %iF G>O>K @HBG@ MH ;> :GRPA>K> G>:K MA> ?:K-KB@AM >G= H? MA>
LI><MKNF ?HK CAB<:@H. BNM %iF GHM MHH <EHL> MH MA> ?:K-E>?M >G= >BMA>K.
%MiL A:K= MH ;> : <HGL>KO:MBO> PBMA MA> .>:@:G :=FBGBLMK:MBHG MNKGBG@
MH ?BG>-MNGBG@, PAB<A L>>FL BGL:G> MH F>. /H, B? ;>BG@ <HGL>KO:MBO>
F>:GL EBDBG@ MA>BK ><HGHFB<L, % @N>LL %iF GHM. ((N<:L 1984, 51)
'E:F>K :ELH :LD>=, fBNM =H RHN, FHK> HK E>LL, :@K>> PBMA "KB>=F:GiL B=>:L BG
Free to Choose HK Capitalism and Freedom?g (N<:L K>IEB>=, f% EBD> Capitalism and Freedom
: EHM. %MiL K>:EER PKBMM>G ?HK ><HGHFBLML BG : P:R MA:M Free to Choose BLGiM. Free to Choose
@>ML <:K>E>LL :;HNM : EHM H? IHBGML MA:M Capitalism and Freedom BL O>KR <:K>?NE :;HNMg
('E:F>K 1984, 52).
%G :G BGM>KOB>P IN;EBLA>= BG 1998, (N<:L P:L :LD>= B? MA> PHKD H? $:R>D :G=
MA> ANLMKB:GL A:= :GR BG?EN>G<> HG ABL PHKD. $> K>LIHG=>=: f% HG<> MAHN@AM H?
FRL>E? :L : DBG= H? ANLMKB:G, ;NM '>OBG $HHO>KiL ;HHD 7$HHO>K 19888 I>KLN:=>=
F> MA:M MABL P:L CNLM : K>LNEM H? FR FBLK>:=BG@ H? $:R>D :G= HMA>KLg ((N<:L 1998,
121).
+G '>RG>L :G= MA> General Theory, (N<:L A:L L:B=:
+? <HNKL> '>RG>L BL :G >QMK>F>ER BFIHKM:GM ?B@NK> BG MP>GMB>MA-
<>GMNKR ABLMHKR, ;NM % MABGD ABL F:CHK BG?EN>G<> P:L B=>HEH@B<:E. 0A>
>IK>LLBHG ?HEEHP>= LHHG :?M>K MA> .NLLB:G K>OHENMBHG, :G= MA>K> P:L
: EHM H? B=>:EBLF :;HNM LH<B:EBLF :L : P:R H? K>LHEOBG@ ><HGHFB<
IKH;E>FL, >LI><B:EER :L MA> /HOB>M 1GBHG A:= GH =>IK>LLBHG. '>RG>L
P>GM MH @K>:M E>G@MAL MH =BL:LLH<B:M> ABFL>E? ?KHF MA> K>LM H? MA>
><HGHFB<L IKH?>LLBHG BG MA> General Theory, F:DBG@ :EFHLM GH K>?-
>K>G<>L MH F:BGLMK>:F><HGHFBLML BG MA> >GMBK> ;HHD, <HFI:K>= MH MA>
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Treatise on Money PAB<A BL ?NEE H? K>?>K>G<>L MH F:BGLMK>:F ><HGHFBLML.
0A> F>LL:@> H? MA> General Theory, BG PAB<A A> >FIA:LBS>= MA>
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IE:GGBG@. 0A:M P:L : AB@AER BFIHKM:GM F>LL:@> PAB<A <>KM:BGER
LNLM:BG>= =>?>G=>KL H? =>FH<K:<R BG <HNGMKB>L EBD> RHNKL :G= FBG>
MA:M F:BGM:BG>= BM. %M A>EI>= MH HK@:GBS> MA> >GMBK> PHKE= :?M>K MA>
P:K :G= P:L MA> ?E:@ :KHNG= PAB<A EB;>K:E =>FH<K:L K:EEB>=. 0A>
General Theory P:L :G NGNLN:EER BFIHKM:GM ;HHD BG MA:M L>GL>. ):R;>
FHK> BFIHKM:GM MA:G ><HGHFB< MA>HKR. BNM MA:M L>>FL MH ;> : =B??>K>GM
JN>LMBHG ?KHFMA:M H? MA> BG?EN>G<> H? '>RG>LiL MA>HK>MB<:E B=>:L HG MA>
P:R P> IK:<MBL> ><HGHFB<L, PAB<A % MABGD BL GHP O>KR LEB@AM. ((N<:L
1998, 122)
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% =HGiM :IIKHO> H?. BNM BM BL ;>MM>K MA:G LH<B:EBLF :G= BFIHKM
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'>RG>LB:G :@>G=: HG IHEB<R BLLN>L. ((N<:L 1993)
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MABL <A:KFBG@, BGM>EEB@>GM @NR CNLM ;EHPL BM :P:R. %M P:L @K>:Mg ((N<:L 2011).
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>QI:GLBHG:KR FHG>M:KR :G= ?BL<:E IHEBL H? B>G B>KG:GD> :G= ,K>LB=>GM +;:F::
f%MiL GHM :G BG:IIKHIKB:M> MABG@ BG : K><>LLBHG MH INLA FHG>R HNM MA>K> :G= MKRBG@
MH D>>I LI>G=BG@ ?KHF ?:EEBG@ MHH FN<A, :G= P> =B= MA:Mg ((N<:L 2011). *HP,
AHP>O>K, (N<:L ;>EB>O>L MA> ><HGHFR K>JNBK>L EHG@>K-M>KF IHEBL. f0A>
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2012). "NKMA>K, A> L:RL, MABL IHEB<R :IIKH:<A fB@GHK>L MA> AN@> BG<>GMBO> >??><ML H?
AB@A F:K@BG:E M:Q K:M>Lc;NM BM =H>LGiM DBEE RHN, BM CNLM A:FI>KL RHN. c 3BMAHNM
MA>L> IHEBL MA:M A:O> H<<NKK>= =NKBG@ MABL :=FBGBLMK:MBHG MA:M % F>GMBHG>=, %
MABGD P> PHNE= A:O> K><HO>K>= EHG@ :@Hg (B;B=.).
%G 2008, (N<:L P:L :LD>= B? A> P:L 18, PHNE= A> ;><HF> :G ><HGHFBLM :EE
HO>K :@:BG. $> K>LIHG=>=:
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LHMR. % :EP:RL A:O>. % @HM =K:PG MH MA:M ;>?HK> % >O>G DG>PMA>K> P:L
LN<A : MABG@ :L ><HGHFB<L K>:EER, BG <HNKL>L % A:= BG L<AHHE :G= LH HG.
ECON JOURNAL WATCH
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(BD> ):KQ :G= !G@>EL, MA> JN>LMBHGL MAHL> @NRL P>K> :LDBG@, HK >O>G
MABGDBG@ :;HNM, MA:MiL PA:M % P:GM>= MH =H. % MABGD, B? % P:L 18, %i= LMBEE
A:O> MA:M OB>P. ((N<:L 2008, 15)
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$:KKR ):KDHPBMS (1927d) P:L ;HKG :G= K:BL>= BG CAB<:@H, PA>K> ABL I:K>GML
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P:L :P:K> H? MA> #K>:M >IK>LLBHGg ():KDHPBMS 1991;).
):KDHPBMS L:RL ABL IABEHLHIAB<:E fMK:BGL H? MAHN@AMg ;>@:G BG AB@A L<AHHE
PABE> K>:=BG@ ;HHDL EBD> :KPBGiL Origin of Species. $> <HFF>GM>=: f% P:L >LI><B:EER
?:L<BG:M>= PBMA AHP :KPBG F:KLA:EE>= ABL ?:<ML, :K@N>= ABL <:L> :G= <HGLB=>K>=
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CAB<:@H.g ):KDHPBMS <HGLB=>K>= :OB= $NF> MH ;> fABLg IABEHLHIA>K, HG> PAH
A> L:RL fBFIK>LL>= F> MA> FHLMg ():KDHPBMS 1993, 3).
$> P>GM MH MA> 1GBO>KLBMR H? CAB<:@H ?HK NG=>K@K:=N:M> :G= @K:=N:M> L<AHHE,
:G=, BGM>K>LM>= BG JN>LMBHGL :;HNM NMBEBMR, A> P:L =K:PG MH ><HGHFB<L. $BL
=BLL>KM:MBHG P:L :;HNM ?BG=BG@ LHENMBHGL HG fAHP MH <HFINM> >??BGM L>ML ?HK
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MA> MA>HKR H? K:MBHG:E ;>A:OBHK NG=>K NG<>KM:BGMR.g ):KDHPBMS K><:EE>= )BEMHG
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0A>K> BL CNLM HG> IKH;E>F: MABL BL GHM : =BLL>KM:MBHG BG ><HGHFB<L. 3> <:GGHM :P:K=
RHN : ,A.. BG ><HGHFB<L ?HK : =BLL>KM:MBHG MA:M BL GHM ><HGHFB<L.g ):KDHPBMS =B=
>:KG ABL =H<MHK:M> MA:M =:R ():KDHPBMS 1991:/1959, 382).
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@BO>G :LL>M BG : IHKM?HEBH BL =N> MH MABL <HO:KB:G<> >??><Mg (2:KB:G 1993, 161).
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PBEE GHM ?BQ MA> NG=>KERBG@ IKH;E>FL: f3A:M @HH= BL LNI>KOBLBHG, ?HK >Q:FIE>, B?
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Eric S. Maskin
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Link
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*.&.), +<MH;>K 22.
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,K>L>GM>= :M %GM>KG:MBHG:E CHG?>K>G<> H? $NF:G >O>EHIF>GM :G=
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Maskin, Eric. 2013<. %#) !<HGHFB< !QI>KML ,:G>E 2HMBG@ $BLMHKR. 1GBO>KLBMR
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TSEconomist. 2013. !KB< ):LDBG (><MNK>: 3AR #EH;:E ):KD>ML $:O>GiM .>=N<>=
%G>JN:EBMB>L. The TSEconomist (0HNEHNL> /<AHHE H? !<HGHFB<L), &NER 20. Link
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F:KD>ML (2BG>L 2007, 35). )>:=> ?HEEHP>= '>RG>L, PAHF, :<<HK=BG@ MH :OB=
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BGM>KG:MBHG:E LHMRg (B;B=., 34).
%G @>G>K:E, )>:=> ;>EB>O>= ABFL>E? :G :=OH<:M> H? IKBO:M> >GM>KIKBL> :G=
H? @HO>KGF>GM IE:GGBG@. %G 1949 A> PKHM>: fAF % : IE:GG>K? %? : IE:GG>K G><>L-
L:KBER ;>EB>O>L BG : JN:GMBM:MBO> IKH@K:FF> H? HNMINM, >FIEHRF>GM :G= L:E>L ?HK
I:KMB<NE:K BG=NLMKB>L, H<<NI:MBHG :G= F:KD>ML :G= MA> >Q>K<BL> H? LN<A =BK><M
<HGMKHEL ;R MA> /M:M> :L :K> G><>LL:KR MH <:KKR MABL HNM, % :F<>KM:BGER GH IE:GG>K. %? :
:GMB-IE:GG>K G><>LL:KBER =>GB>L MA:M MA> /M:M> LAHNE= LH BG?EN>G<> MA> PHKDBG@ H? MA>
IKB<> F><A:GBLF MA:M <>KM:BG F:CHK H;C><MBO>L H? ?NEE >FIEHRF>GM, LM:;BEBMR, >JNBMR,
?K>>=HF :G= MA> EBD> :K> :<AB>O>=, MA>G % :F : IE:GG>Kg ()>:=> 1949, O).
%G Planning and the Price Mechanism: The Liberal-Socialist Solution, )>:=> :=-
OH<:M>= ABL fFB==E> P:Rg: f0A> MA>LBL H? MABL ;HHD BL MA:M : E:K@> F>:LNK> H? LM:M>
?HK>LB@AM :G= BGM>KO>GMBHG BL K>JNBK>= MH @NB=> MA> ><HGHFR ?KHF P:K MH I>:<>,
MH IK>O>GM BG?E:MBHG:KR :G= =>?E:MBHG:KR IK>LLNK>L, MH >GLNK> : MHE>K:;ER >JNBM:;E>
=BLMKB;NMBHG H? BG<HF> :G= IKHI>KMR, :G= MH IK>O>GM HK MH <HGMKHE MA> :GMB-LH<B:E
KB@@BG@ H? MA> F:KD>M ;R IKBO:M> BGM>K>LML, ;NM MA:M MA>L> H;C><MBO>L <:G ;> :<AB>O>=
BG :G >??BGM :G= : ?K>> LHMR HGER B? :G >QM>GLBO> NL> BL F:=> H? MA> F><A:GBLFL
H? <HFI>MBMBHG, ?K>> >GM>KIKBL> :G= MA> ?K>> F:KD>M =>M>KFBG:MBHG H? IKB<>L :G=
HNMINMg ()>:=> 1949, O-OB, 11).
)>:=> <:KKB>= ABL fEB;>K:E-LH<B:EBLMg B=>HEH@R MAKHN@AHNM ABL IKH?>LLBHG:E
<:K>>K, IKHFHMBG@ IHEBL MA:M L>>FMH >GM:BE ;HMA BGM>KO>GMBHG :G= E:BLL>S-?:BK>. %G
1964, )>:=> @:O> E><MNK>L HNMEBGBG@ MA> >??BG<R H? IKB<>L BG <HFI>MBMBO> F:KD>ML
;NM P:L JNB<D MH GHM> MA:M A> BL GHM :=OH<:MBG@ E:BLL>S-?:BK> IHEBL. $> L:RL: f)R
IK>L>GM IHBGM BL LBFIER MA:M >O>G PA>G MA> /M:M> BL =HBG@ :EE MA:M BM LAHNE= MH F:D>
MA> LRLM>F PHKD >??BGMER, BM PBEE LMBEE ;> G><>LL:KR MH NL> MA> IKB<> F><A:GBLF
:L : @NB=> MH >??BG<R. %G : FH=>KG <HFIE>Q ><HGHFR MA> /M:M> FNLM L>M MA>
;:<D@KHNG= H? BGLMBMNMBHGL :G= IHEBL PAB<A PBEE >G:;E> MA> LRLM>F MH A:KFHGBS>
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LH<B:E :G= IKBO:M> BGM>K>LMLg ()>:=> 1964, 12-13). )>:=> H??>KL LHENMBHGL MH MA>
fBK:O> *>P C:IBM:EBLMLi ,:K:=BL>g MAKHN@A FH=>L H? : f/H<B:E +PG>KLABI H?
,KHI>KMRg MA:M <HF;BG>L F:KD>M >??BG<R PBMA =BLMKB;NMBHG:E CNLMB<> ()>:=> 1964,
34, 66).
%G 1975, :EFHLM 30 R>:KL :?M>K PKBMBG@ Planning and the Price Mechanism, )>:=>
<HFF>GM>=: f)N<A A:L A:II>G>= LBG<> MA>G :G= % A:O> E>:KG>= FN<A, MAHN@A
FR ;:LB< ><HGHFB< IABEHLHIAR K>F:BG>= NG<A:G@>=g ()>:=> 1975:, 9). 3ABE>
A> <A:G@>= IHEB<R IK>L<KBIMBHGL, )>:=> <HGMBGN>= MH :=OH<:M> : FBQ>= ><HGHFR.
A@:BG A> L>>FL MH :=OH<:M> : LRLM>F H? ?K>> >GM>KIKBL>: fA ;:LB< K>?HKF PAB<A
MA> BGM>EEB@>GM K:=B<:E PBEE LNIIHKM BL MA> K>LMHK:MBHG :G= =>O>EHIF>GM H? MA> ?K>>
F:KD>M F><A:GBLF PA>K>O>K IHLLB;E> MH >GLNK> PHKD:;E> <HFI>MBMBO> <HG=BMBHGg
(B;B=., 13). $> :=OH<:M>L K>FHOBG@ :EE NGG><>LL:KR F:KD>M K>LMKB<MBHGL, ;NM ;:<DL :
fLNI>KLMKN<MNK> H? @HO>KGF>GM:E BGM>KO>GMBHGL :G= <HGMKHELg MA:M :K> G><>LL:KR MH
fL>M : ;:<D@KHNG= H? <HG=BMBHGL BG PAB<A ?K>> <HFI>MBMBHG <:G PHKD >??><MBO>ERg
(B;B=., 14).
)>:=> (1975:) ?>EM MA:M fMA> LPBG@ H? HIBGBHG ?KHF GBG>M>>GMA <>GMNKR
=H<MKBG>L H? laissez faire A:L @HG> LH ?:K :L MH H;L<NK> MA> :=O:GM:@>L H? : ?K>>
F:KD>M F><A:GBLFg (16). $> KNFBG:M>L: f,>KA:IL ,E:MH P:L <HKK><M :?M>K :EE. 3>
G>>= ;>G>OHE>GM @N:K=B:GL MH M>EE NL PA:M @HH=L MH INK<A:L>c 0A> BGM>EEB@>GM
K:=B<:E K><H@GBL>L MABL <:L>, ;NM K>I>:ML MA> :@>-HE= JN>LMBHG: 3AH PBEE @N:K= MA>
@N:K=B:GL? %? HG> P:G=>KL MHH ?:K =HPG MA> LH<B:EBLM I:MA ?K>>=HF =BL:II>:KL, MA>
<HLML H? ;NK>:N<K:MB< <HGMKHEL FHNGM, :G= :FHG@ MA> BGGNF>K:;E> @N:K=B:GL PBEE
;> ?HNG= F:GR ?HHEL :G= DG:O>L. 0A> >G= K>LNEM H? MA> :NMAHKBM:KB:G LHMR BL :L
AHKKB;E> :L MA> >G= K>LNEM H? NG<HGMKHEE>= laissez-faire. 0A> BGM>EEB@>GM K:=B<:E L>>DL
?HK LHF> BGM>KF>=B:M> IHLBMBHG BG PAB<A MA> F:QBFNF IHLLB;E> NL> BL F:=> H? MA>
F:KD>M IKB<> F><A:GBLF, :L MA> ?HNG=:MBHG HG PAB<A : LMKN<MNK> H? >LL>GMB:E LH<B:E
<HGMKHEL BL ;NBEMg ()>:=> 1975:, 122-123).
)>:=> LNLM:BGL ABL FBQMNK> H? EB;>K:E L>GMBF>GM :G= BGM>KO>GMBHGBLF :<KHLL
?HNK BM>FL PKBMM>G ?HK MA> %GLMBMNM> H? !<HGHFB< A??:BKL, MA> <E:LLB<:E EB;>K:E MABGD
M:GD BG (HG=HG ()>:=> 1962; 1971; 1975;; 1985). 0A>L> <HGMKB;NMBHGL LAHP
)>:=>iL >:KG>LMG>LL BG MKRBG@ MH L:EO:@> EB;>K:E, F:KD>M-HKB>GM>= HO>KMHG>L PABE>,
BG ?:<M, @HBG@ JNBM> :@:BGLM ;HG: ?B=> <E:LLB<:E EB;>K:E, ?K>>-F:KD>M IKBG<BIE>L.
39
%G 1981, )>:=> P:L :FHG@ MA> 364 ><HGHFBLML PAH LB@G>= : I>MBMBHG :@:BGLM
MA> :GMB-BG?E:MBHG F:<KH><HGHFB< IHEB<R H? MA> 0A:M<A>K @HO>KGF>GM (3HH= 2006;
BHHMA 2006, 383).
)>:=> (1989, 1) <E:BF>= MH A:O> OBLBM>= :G BLE:G= MA:M F:=> NL> H? FB==E>-
P:R BGLMBMNMBHGL, =><E:KBG@ BM f: #HH= ,E:<>g IK>?>K:;E> MH : GHG>QBLM>GM NMHIB:. $BL
39. )>:=>iL %!A I:I>KL :K> LNFF:KBS>= BG />E=HG (1985), PAB<A :ELH <HGM:BGL >QM>GLBO>eR>M IHEBM>e
<KBMB<BLFH? )>:=> (1985).
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 455
M:E> H? Agathotopia: The Economics of Partnership BL fA==K>LL>= MH AEE C:IBM:EBLML :G=
/H<B:EBLML PAH />>D MH ):D> MA> B>LM H? BHMA 3HKE=Lg (B;B=., BBB).
KBO>G ;R ABL B=>:EL, )>:=> <HGMBGN:EER LHN@AM IHEBL MA:M <HNE= F:D> MA>
PHKE= ;>MM>K. %G $>BGS AKG=MiL PHK=L: f0AKHN@AHNM ABL EHG@ IKH?>LLBHG:E <:K>>K,
)>:=> G>O>K EHLM ABL I:LLBHG:M> BGM>K>LM BG MA> BLLN>L MA:M A:= H<<NIB>= MA>
C:F;KB=@> hCBK<NLie?NEE >FIEHRF>GM :G= LH<B:E P>E?:K> :G= MA> IHEBL MA:M
PHNE= IKHFHM> MA>L> H;C><MBO>Lg (AKG=M 1995, 99).
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.H;>KM C. )>KMHG (1944d) @K>P NI BG $:LMBG@L-HG-$N=LHG, *>P 5HKD,
PA>K> ;:L>;:EE :G= <:KL, GHM L<AHHE, P>K> ABL IKBF:KR BGM>K>LML ()>KMHG 1998).
$BL ?:MA>K, .H;>KM '. )>KMHG, P:L :G >FBG>GM LH<BHEH@BLM M>:<ABG@ :M CHENF;B:
1GBO>KLBMR; MA> RHNG@>K )>KMHG >:KG>= ABL B./. MA>K> BG >G@BG>>KBG@ F:MA>F:MB<L.
$> MA>G FHO>= MH MA> C:EB?HKGB: %GLMBMNM> H? 0><AGHEH@R ?HK ABL )./. BG :IIEB>=
F:MA>F:MB<L. A?M>K ABL F:LM>KiL, A> P:L =K:PG MH ><HGHFB<L. $> L:RL A> ;>EB>O>=
F:<KH><HGHFB<L A:= ;>>G >??><MBO> BG <HGMKHEEBG@ NG>FIEHRF>GM :G= BG?E:MBHG,
:G= A> f?>EM MA:M PHKDBG@ BG ><HGHFB<L <HNE= hK>:EER F:MM>Ki :G= MA:M IHM>GMB:EER HG>
<HNE= :??><M FBEEBHGL H? I>HIE>g ()>KMHG 1998). )>KMHG BL O>KR K>L>KO>= BG IHEB<R
=BL<HNKL> :G= AHE=L : FB==E> @KHNG=, K><H@GBSBG@ MA> IHM>GMB:E ?HK ;HMA F:KD>M :G=
IHEBMB<:E ?:BENK>L.
'GHPBG@ ABL F:MA>F:MB<:E :G= >G@BG>>KBG@ ;:<D@KHNG= PHNE= A>EI ABF BG
><HGHFB< :G:ERLBL, )>KMHG :ELH ?>EM A> A:= LMKHG@ ><HGHFB< BGMNBMBHG, I:KMB<NE:KER
K>@:K=BG@ MA> LMH<D F:KD>M ()>KMHG 1998). )>KMHG INKLN>= ABL ,A.. :M )%0,
PA>K> A> ;>@:G PHKDBG@ PBMA ,:NE /:FN>ELHG, PAHF A> <HGLB=>KL ABL F>GMHK
()>KMHG 2005). A?M>K >:KGBG@ ABL ,A.. )>KMHG LM:R>= :M )%0 ?HK G>:KER MPH
=><:=>L ;>?HK> FHOBG@ MH MA> $:KO:K= BNLBG>LL /<AHHE.
3ABE> :M C:E 0><A, )>KMHG A:= E>:KG>= ?BKLMA:G= :;HNM MA> LMH<D F:KD>M.
f7)8:GR FHKGBG@L % PHNE= @>M MH : EH<:E ;KHD>K:@> AHNL> :M 6:30 :F (9:30 :F BG
*>P 5HKD) ?HK MA> HI>GBG@ H? MA> LMH<D F:KD>M, LI>G= : <HNIE> H? AHNKL P:M<ABG@
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 457
MA> M:I> :G= MK:=BG@, :G= MA>G @H MH FR <E:LL>Lg ()>KMHG 1998). )>KMHGiL LMH<D
F:KD>M >QI>KB>G<> E>= MH ABL <HEE:;HK:MBHG PBMA /:FN>ELHG:
%G MA> <HNKL> H? FR PHKD ?HK ,:NE, P> =BL<HO>K>= LA:K>= BGM>K>LML
:G= LHF> <HFFHG DGHPE>=@> :;HNM MA> LMH<D F:KD>M, P:KK:GML :G=
<HGO>KMB;E> L><NKBMB>L. % ?HNG= HNM MA:M FR f:?M>K/;>?HK>-AHNKLg
BGM>K>LM BG LN<A MABG@L <HNE= :ELH ;> : E>@BMBF:M> I:KM H? FR =:R-AHNKL
=>OHM>= MH K>L>:K<A. ()>KMHG 1998)
/:FN>ELHG :G= )>KMHG (1969) PKHM> : I:I>K HG P:KK:GM IKB<BG@, PAB<A PHNE= E>:=
MH )>KMHGiL fF:LLBO> <HGMKB;NMBHGL MH hMA> HIMBHG-IKB<BG@ ?HKFNE:i :G= MH =RG:FB<
BGO>LMF>GM MA>HKR, PAB<A ?HEEHP>= :EFHLM BFF>=B:M>ERg (N??B> 2008). :KK>EE
N??B> PKBM>L, f3BMABG : ?>PR>:KL H? ABL :KKBO:E :M )%0BG 1967, BM BL GH >Q:@@>K:MBHG
MH L:R MA:M )>KMHG A:= MK:GL?HKF>= ABL G>PER <AHL>G ?B>E= H? ?BG:G<B:E ><HGHFB<L
:G=, FHK> ;KH:=ER, =RG:FB< FH=>EEBG@ BG ><HGHFB<Lg (N??B> 2008).
0ABL PHKD PHG ABF MA> *H;>E ,KBS> BG 1997, LA:K>= PBMA )RKHG /<AHE>L:
.H;>KM C. )>KMHG :G= )RKHG /. /<AHE>L A:O>, BG <HEE:;HK:MBHG PBMA MA>
E:M> "BL<A>K BE:<D, =>O>EHI>= : IBHG>>KBG@ ?HKFNE: ?HK MA> O:EN:MBHG
H? LMH<D HIMBHGL. c .H;>KM )>KMHG =>OBL>= :GHMA>K F>MAH= MH =>KBO>
MA> 7BE:<D-/<AHE>L8 ?HKFNE: MA:M MNKG>= HNM MH A:O> O>KR PB=>
:IIEB<:;BEBMR; A> :ELH @>G>K:EBS>= MA> ?HKFNE: BG F:GR =BK><MBHGL.
(.HR:E /P>=BLA A<:=>FR H? /G<>L 1997)
)>KMHG L:RL MA:M ABL >:KER K>L>:K<A ?H<NL>= fHG =>O>EHIBG@ =RG:FB< FH=>EL
H? HIMBF:E EB?>MBF> <HGLNFIMBHG :G= IHKM?HEBH L>E><MBHG, >JNBEB;KBNF :LL>M IKB<BG@,
:G= <HGMBG@>GM-<E:BF IKB<BG@,g MA>G A> PHKD>= HG :IIERBG@ MA>L> FH=>EL, :G=
?BG:EER, A> ;K:G<A>= BGMH LMN=RBG@ BGLMBMNMBHGL: f%G I:KMB<NE:K, % :FLMN=RBG@ MA> KHE>
H? ?BG:G<B:E M><AGHEH@R :G= BGGHO:MBHG BG =KBOBG@ <A:G@>L BG ?BG:G<B:E BGLMBMNMBHG
:G= F:KD>M =>LB@G, MA> F:G:@>F>GM H? ?BG:G<B:E-L>KOB<> ?BKFL, :G= MA> K>@NE:MHKR
:G= MA> :<<HNGMBG@ LRLM>FLg ()>KMHG 1998).
+G K>@NE:MBHG, )>KMHG ;HMA L>>L : G>>= ?HK LHF> @HO>KGF>GM BGM>KO>GMBHG
:G= BL <:NMBHNL :;HNM <>KM:BG NL>L H? MA:M IHP>K. AG >LL:R MA:M )>KMHG <H:NMAHK>=
PBMA 6OB BH=B> <HGM:BGL MA> LM:M>F>GM MA:M f/N<<>LL?NE IN;EB< IHEB<R =>I>G=L
BFIHKM:GMER HG K><H@GBSBG@ MA> EBFBML H? PA:M @HO>KGF>GM <:G =H MH BFIKHO>
>??BG<R :G= HG K><H@GBSBG@ PA>G @HO>KGF>GM inaction BL MA> ;>LM <AHB<>g ()>KMHG
:G= BH=B> 1995, 266). 0A> >LL:R <HGMBGN>L:
#HO>KGF>GM K>@NE:MHKR :<MBHGL <:G =H FN<A MH >BMA>K FBMB@:M> HK
:@@K:O:M> MA> =RL?NG<MBHG:E :LI><ML H? ?BG:G<B:E BGGHO:MBHGL. BR
:G:EH@R :@:BG, ANKKB<:G>L :K> BG>OBM:;E>, ;NM @HO>KGF>GM IHEB<R <:G
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>BMA>K K>=N<> MA>BK =>O:LM:MBHG ;R >G<HNK:@BG@ >:KER P:KGBG@ LRLM>FL
HK BM <:G :@@K:O:M> MA> =:F:@> ;R >G<HNK:@BG@ MA> ;NBE=BG@ H? AHNLBG@
BG EH<:MBHGL MA:M :K> >LI><B:EER ONEG>K:;E> MH LN<A LMHKFL. /BFBE:KER,
P>EE-BGM>GMBHG>= @HO>KGF>GM IHEBL :BF>= :M K>=N<BG@ MA> LRLM>FB<
KBLDL H? : <KBLBL BG MA> @EH;:E ?BG:G<B:E LRLM>F F:R A:O> MA> NGBGM>G=>=
:G= I>KO>KL> <HGL>JN>G<> H? :<MN:EER BG<K>:LBG@ MA> KBLD H? LN<A :
<KBLBL. ()>KMHG :G= BH=B> 1995, 266)
)>KMHG PKHM> BG ?:OHK H? K>@NE:MBHG MA:M fLHF>MBF>L NG:GMB<BI:M>= :G=
NGBGM>G=>= <HGL>JN>G<>L H? @HO>KGF>GM :<MBHGL <:G BG=>>= ;> IHLBMBO>g ()>KMHG
1995, 479). $> LNIIHKML PA:M A> <:EEL f?NG<MBHG:E K>@NE:MBHGg HO>K fBGLMBMNMBHG:E
K>@NE:MBHG,g ?NG<MBHG:E K>@NE:MBHG ;>BG@ MA:M BG PAB<A K>@NE:MHKL M:D> MA> ?NG<MBHGL
:L @BO>G :G= L>>D MH BFIKHO> MA> BGLMBMNMBHGL, K:MA>K MA:G MA> HMA>K P:R :KHNG=.
f"NG<MBHG:E K>@NE:MBHG IKHFBL>L FHK> <HGLBLM>GM MK>:MF>GM ?HK :EE IKHOB=>KL H?
?NG<MBHG:EER >JNBO:E>GM IKH=N<ML HK L>KOB<>L :G= MA>K>;R K>=N<>L MA> HIIHKMNGBMB>L
?HK K>GM-L>>DBG@ MA> K>@NE:MHKR <:IMNK>g ()>KMHG :G= BH=B> 1995, 269).
"HEEHPBG@ MA> 2008 ?BG:G<B:E <KBLBL, )>KMHG :=OH<:M>= : G:MBHG:E ?BG:G<B:E
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AG= LH HG> H? MA> ;B@ MABG@L MA:M PBEE <HF> HNM H? MA> <KBLBL HG MABL BL
>=N<:MBHG, :G= MK:BGBG@, :G= MA> G>>= ?HK I>HIE> MH NG=>KLM:G= MA>L>
FH=>EL :G= MA>BK :IIEB<:MBHGL PAH :K> BG IHLBMBHGL H? HO>KLB@AM. +G>
LN@@>LMBHG, PAB<A % MABGD BL :G :<MN:E @HH= HG> MA:M <:G ;> =HG> :EHG@
MA>L> EBG>L, BL MH <K>:M> LHF>MABG@ MA:MiL :DBG MH MA> *:MBHG:E
0K:GLIHKM:MBHG /:?>MR BH:K=. BNM BGLM>:= H? ?HKeMA:MiL ?HK :BKIE:G>L
:G= MK:BGLeMABL PHNE= ;> ?HK MA> ?BG:G<B:E LRLM>F. %G PAB<A, PA>G>O>K
MA>K>iL : ?:BENK> BG MA> ?BG:G<B:E LRLM>F, ?:BENK> H? : LBG@E> ;:GD, ?:BENK>
H? : A>=@> ?NG=, ?:BENK> H? : ;KHD>K:@> AHNL>e: ?HK>GLB< M>:F, AB@AER
MK:BG>=, <HF>L BG :G= >Q:FBG>L PA:M A:II>G>= :G= :L PBMA :BK <K:LA>L,
K>:LL>F;E>L HK =>M>KFBG>L PA:M P>K> MA> <:NL>L H? MA> ?:BENK>. ()>KMHG
2010, 3)
%G MA> L:F> BGM>KOB>P, )>KMHG :<DGHPE>=@>= MA> IHM>GMB:E ?E:PL H?
K>@NE:MBHG :G= <:EE>= ?HK ;>MM>K, GHM G><>LL:KBER FHK>, K>@NE:MBHG:
AG= MA> =B??B<NEMR BL, BL MA:M K>@NE:MHKL EBD> MA> K>LM H? MA> BG=NLMKR, :K>
ANF:G ;>BG@L. 0A>R A:O> EBFBM>= K>LHNK<>L :G= EBFBM>= DGHPE>=@>. c
0A:M L:B=, P> <>KM:BGER G>>= MH A:O> K>OBLBHGL :G= BFIKHO>F>GML MH MA>
K>@NE:MHKR IK:<MB<>L. C>KM:BGER MA>R =B= ?:BE BG : GNF;>K H? IE:<>L. %iF
GHM LH <E>:K MA:M MA> :GLP>K BL MH A:O> FHK> K>@NE:MBHGL I:LL>=, HK O>KR
PB=> LP>>IBG@ HG>L, ;NM K:MA>K MH M:D> >QBLMBG@ HG>L MH F:D> K:MA>K
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M:K@>M>= BFIKHO>F>GML :G= F:D> LNK> MA:M MA> K>@NE:MHKL A:O>cMA>
K>LHNK<>L, BG<EN=BG@ MA> KB@AM I>HIE> MH I>K?HKF MA>BK ?NG<MBHGL.
()>KMHG 2010, 5)
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40
BHKG BG BHLMHG, )>KMHG )BEE>K (1923d2000) K><>BO>= ABL NG=>K@K:=N:M>
=>@K>> BG ><HGHFB<L ?KHF $:KO:K= BG 1944. $> PHKD>= :M MA> 1./. 0K>:LNKRiL
40. 3> MA:GD /:F,>EMSF:G ?HK ABL A>EI HG MABL IKH?BE>.
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 460
BOBLBHG H? 0:Q .>L>:K<A ;>MP>>G 1943 :G= 1947 :G= ">=>K:E .>L>KO>iL BOBLBHG
H? .>L>:K<A :G= /M:MBLMB<L ;>MP>>G 1947 :G= 1949 ;>?HK> =><B=BG@ MH @>M ABL ,A..
$> HIM>= MH @H MH &HAGL $HIDBGL 1GBO>KLBMR, =K:PG ;R MA> HIIHKMNGBMR MH E>:KG
NG=>K "KBMS ):<AENI. A?M>K >:KGBG@ ABL =H<MHK:M> BG 1952, A> M:N@AM :M MA> (HG=HG
/<AHHE H? !<HGHFB<L, C:KG>@B> %GLMBMNM> H? 0><AGHEH@R, :G=, ?KHF 1961 NGMBE
ABL K>MBK>F>GM BG 1993, MA> 1GBO>KLBMR H? CAB<:@HiL #K:=N:M> /<AHHE H? BNLBG>LL
()BEE>K 1991).
%G 1990, )BEE>K, :EHG@ PBMA $:KKR ):KDHPBMS :G= 3BEEB:F /A:KI>, K><>BO>=
MA> *H;>E )>FHKB:E ,KBS> BG !<HGHFB< /G<> ?HK MA>BK PHKD BG MA> MA>HKR H?
?BG:G<B:E ><HGHFB<L. 0A> .HR:E /P>=BLA A<:=>FR H? /G<>L GHM>= )BEE>K ?HK ABL
<HGMKB;NMBHGL MH MA> MA>HKR H? <HKIHK:M> ?BG:G<>. )BEE>KiL G:F> BL P>EE-DGHPG ?HK
MA> )H=B@EB:GB-)BEE>K MA>HK>F, PAB<A LAHPL MA:M NG=>K <>KM:BG :LLNFIMBHGL MA>
O:EN> H? : ?BKF PHNE= ;> BG=>I>G=>GM H? BML K:MBH H? =>;M MH >JNBMR ()H=B@EB:GB :G=
)BEE>K 1958; 1963).
%G ABL *H;>E :NMH;BH@K:IAR, )BEE>K LM:M>=, f% <HGMBGN> MH ;> :G :<MBOBLM
LNIIHKM>K H? ?K>>-F:KD>M LHENMBHGL MH ><HGHFB< IKH;E>FLg ()BEE>K 1991). )BEE>K
LB@G>= MPH I>MBMBHGL MA:M :OB= $>=>G@K>G :G= <H:NMAHKL (2010) <HGLB=>K fEB;>KMR-
:N@F>GMBG@g :G= GHG> MA>R <HGLB=>K :L K>=N<BG@ EB;>KMR. AELH, BG 1999, )BEE>K :G=
73 HMA>K LGMBLML, 67 H? MA>F *H;>E E:NK>:M>L, LB@G>= : E>MM>K BG LNIIHKM H?
*:MBHG:E %GLMBMNM>L H? $>:EMA =BK><MHK $:KHE= 2:KFNLiL =><BLBHG MH :EEHP ?NG=BG@
H? LM>F <>EE K>L>:K<A ((:GS: 1999, 1849).
3A>G : ?HKF>K LMN=>GM <KBMB<BS>= )BEE>K ?HK MPBLMBG@ MA> ?:<ML, )BEE>K
K>LIHG=>=: f%iO> L>>G MA> @HO>KGF>GM ?BKLMA:G=c. AG= FHLM H? PA:M I:LL>L ?HK
K>@NE:MBHG BL CNLM IKHM><MBHGBLFc. 738A>G % =H MA> <:E<NE:MBHG, MA> <HLML H? K>@-
NE:MBHG H?M>G ?:K >Q<>>= MA> ;>G>?BMLg (JNHM>= BG B:K;HS: 1999).
%G K>L>:K<ABG@ MABL IKH?BE>, P> A:O> GHM ;>>G :;E> MH E>:KG FN<A :;HNM
)BEE>KiL B=>HEH@B<:E HNMEHHD BG ABL >:KER :=NEM R>:KL. AM :@> 24, A> IN;EBLA>= :G :KMB<E>
PBMA .B<A:K= A. )NL@K:O> >GMBME>= fBNBEM-BG "E>QB;BEBMR,g H??>KBG@ : F:BGLMK>:F
'>RG>LB:G :G:ERLBL ()NL@K:O> :G= )BEE>K 1948). )BEE>KiL ?:FHNL I:I>K PBMA
)H=B@EB:GBe: LH<B:E-=>FH<K:MB< '>RG>LB:GeP:L IN;EBLA>= BG 1958, :G= MA> MPH
LN;L>JN>GMER <H:NMAHK>= L>O>K:E HMA>K BM>FL MH@>MA>K. ,>KA:IL MA>L> >:KEB>K I:I>KL
BG=B<:M> MA:M )BEE>KiL LMKHG@ ?K>>-F:KD>M OB>PL =B= GHM <HF> NGMBE LHF> E:M>K MBF>,
LN<A :?M>K 1961, PA>G A> <:F> MH CAB<:@H.
%G : 1978 I:I>K PKBMM>G PBMA .B<A:K= ,HLG>K :G= "BL<A>K BE:<D, )BEE>K LM:M>=:
fA K:IB=ER @KHPBG@ EBM>K:MNK> HG MA> ><HGHFB< <A:K:<M>KBLMB<L :G= >??><ML H?
@HO>KGF>GM K>@NE:MBHG H? ;NLBG>LL BL LMKBDBG@ER G>@:MBO> BG BML <HG<ENLBHGL: C:K>?NE
>O:EN:MBHGL H? MA> K>@NE:MHKR IKH<>LL K>O>:E, MBF> :G= :@:BG, LN;LM:GMB:E ?:BENK>
MH <:KKR HNM MA> BGM>G=>= (HK HLM>GLB;E>) INKIHL>L H? MA> K>@NE:MHKR IKH@K:F :M
K>:LHG:;E> <HLM.g 0A> :NMAHKL <HGMBGN>=, fMA> E>LLHG H? ABLMHKR BL MA:M MA>K> <:G
;> GH :LLNK:G<> MA:M MA> <HLML, F>MAH=L, :G= >QM>GM H? ?>=>K:E ;:GD K>@NE:MBHG ?HK
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 461
MA> IKHM><MBHG H? <K>=BMHKL :K> HIMBF:E. %G=>>=, MA>K> BL >OB=>G<> MA:M K>@NE:MBHG A:L
@HG> ?NKMA>K BG IKHM><MBG@ <K>=BMHKL MA:G BL >??BGM, K>LNEMBG@ BG MA> BFIHLBMBHG H?
<HGLB=>K:;E> (:G= :OHB=:;E>) LH<B:E <HLML. 3> =H GHM, AHP>O>K, :K@N> MA:M :EE ;:GD
K>@NE:MBHG BL ;:=. A LMKBDBG@ :G= A>:KM>GBG@ =>O>EHIF>GM BG ;:GDBG@ K>@NE:MBHG
BG MA> E:LM =><:=> A:L ;>>G : FHO>F>GM :P:R ?KHF >Q<ENLBO> IK>H<<NI:MBHG PBMA
;:GD-:LL>M L:?>MR :G= MHP:K=L @K>:M>K :P:K>G>LL H? MA> ;>G>?BML H? <HFI>MBMBHGg
(BE:<D >M :E. 1978, 381, 383).
)BEE>K <BM>= ):<AENI :G= #>HK@> /MB@E>K :L MA> MPH ><HGHFBLML PAH BG-
?EN>G<>= ABF FHLM (+O>KMO>E=M 2008, 264). 3HKD ;R /MB@E>K :G= /:F ,>EMSF:G
>G<HNK:@>= )BEE>K MH LMN=R ?BG:G<B:E K>@NE:MBHG PABE> :M CAB<:@H. %G ABL K>L>:K<A,
)BEE>K ?HNG= >OB=>G<> MA:M ?BG:G<B:E BGGHO:MBHG BL MA> K>LNEM H? >??HKML MH LDBKM
K>@NE:MBHGL (B;B=., 268).
%G : KHNG=M:;E> =BL<NLLBHG PBMA .B<A:K= !ILM>BG, #:KR B><D>K, .HG:E=
CH:L>, :G= .B<A:K= ,HLG>K, )BEE>K L:B= MA> ?BG:G<B:E BG=NLMKR BL HO>K-EBMB@:M>=:
/><NKBMB>L <KBF> EHHFL LH E:K@> ;><:NL> HNK /><NKBMB>L :G= !Q<A:G@>
CHFFBLLBHG P:L L>M NI BGBMB:EER HG MA> NMM>KER ?:EL> IK>FBL> MA:M MA>
<K:LA H? 1929 :G= :EE MA> LN;L>JN>GM BEEL H? MA> ><HGHFR :G= MA>
;:GDBG@ BG=NLMKR <:G ;> MK:<>= MH LHF> DBG= H? <KBFBG:E <HGLIBK:<R BG
3:EE /MK>>M =NKBG@ MA> 1920L. 0A:M ?:EL> IK>FBL> I>KO:=>L GHM HGER MA>
PAHE> LMKN<MNK> H? MA> ?BG:G<B:E K>@NE:MHKR LRLM>F, ;NM >O>G I>KO:=>L
MA> I>KLHG:EBMR H? MA> CHFFBLLBHG BML>E?, PAB<A BL HG> H? MA> FHLM
E:PR>K-=HFBG:M>=, E:PR>K-KNG :@>GL BG MA> PAHE> @HO>KGF>GM. (BG
!ILM>BG >M :E. 1997, 1142)
BL<NLLBG@ K>@NE:MBHG H? =>KBO:MBO>L, )BEE>K LIHD> :@:BGLM BG<K>:LBG@ K>@-
NE:MBHG, L:RBG@ H? MA> CHFFH=BMR "NMNK>L 0K:=BG@ CHFFBLLBHG, f%G :GR K:MBHG:E
NGBO>KL>, MA>R PHNE= A:O> ;EHPG MA:M :@>G<R NI F:GR R>:KL :@Hg (JNHM>= BG
B:K;HS: 1999). %G ABL 1997 ;HHD On Derivatives, )BEE>K PKHM>: f>KBO:MBO>L always
A:O> MPH LB=>L, : EHG@ :G= : LAHKM. AG=, :M :EE MBF>L, MA> IHLBMBHGL <:G<>E. 0A>
@:BGL :G= EHLL>L MANL LBFIER K>IK>L>GM PA:M ><HGHFBLML <:EE INK> MK:GL?>KL H? P>:EMA
;>MP>>G MA> I:KMB>L, GHM <A:G@>L BG :@@K>@:M> LH<B:E P>:EMAg ()BEE>K 1997, 16).
)BEE>K ;>EB>O>= ><HGHFB< <KBL>L P>K> IKBG<BI:EER =N> MH @HO>KGF>GM :<MBHG:
BNM <K:LA>L BG ?BG:G<B:E F:KD>ML :K> GHM >QH@>GHNL <:E:FBMB>L EBD>
>:KMAJN:D>L. 0A>R :K> policy =BL:LM>KL, MK:<BG@ GHM MH MK:GL:<MBHGL
;>MP>>G private-sector I:KMB>L, ;NM MH MA> =>EB;>K:M>ER =>?E:MBHG:KR :<MBHGL
H? : <>GMK:E ;:GD LHF>PA>K>, NLN:EER HO>KK>:<MBG@ MH BML IK>OBHNL
IHEB<R >KKHKL BG MA> HMA>K =BK><MBHG. ()BEE>K 1997, 68)
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)BEE>K =B= :=OH<:M> K>LMKB<MBHGL HG @HO>KGF>GMLi MK:=BG@ H? =>KBO:MBO>L,
L:RBG@ IN;EB<-L><MHK BGO>LMHKL :K> H?M>G FHK> LDBEE>= BG IHEBMB<L MA:G BG ?BG:G<>
("KB=LHG 1998, 101). )BEE>K :ELH :=OH<:M>= f?NG<MBHG:E K>@NE:MBHGg:
0A> /:G=G>K IE:G 7MH K>HK@:GBS> 1./. ?BG:G<B:E K>@NE:MBHG :EHG@
?NG<MBHG:E K:MA>K MA:G =>I:KMF>GM:E EBG>L8, MAHN@A <HG<>BO>= HKB@BG:EER
PBMA MA> LI><B:E IKH;E>FL H? MA> ?NMNK>L >Q<A:G@>L BG FBG=, BL MRIB<:E
H? : PB=>K <E:LL H? IKHIHL:EL ?HK K>=N<BG@ MA> <NKK>GM =>:=-P>B@AM
<HLML H? K>@NE:MBHG :G= K>@NE:MHKR <HFIEB:G<> BG MA> 1./. ;R K>=K:PBG@
K>@NE:MHKR CNKBL=B<MBHGL :EHG@ FHK> EH@B<:E ?NG<MBHG:E EBG>L. BNM
;>G>?BML IKHFBL>= MH MA> M:QI:RBG@ IN;EB< ?KHF LN<A K>LMKN<MNKBG@L
<:GGHM, ;R MA>FL>EO>L, :LLNK> >G:<MF>GM. CHGLHEB=:MBHGL H? EHG@-
>LM:;EBLA>= K>@NE:MHKR :@>GL PBEE ;> K>LBLM>= ;R :M E>:LM MPH D>R
LM:D>AHE=>KL BG MA> :??><M>= K>@NE:MHKR >GM>KIKBL>L, MA> K>@NE:MHKL :G=
MA>BK CHG@K>LLBHG:E HO>KL>>KL. AG= PAH <:G ;E:F> MA>F, LBG<> MA>R
?:<> MA> EHLL H? LB@GB?B<:GM fIKHI>KMR KB@AMLg (BG MA> ?HKF H? <:K>>K
K>GML, I>KDL :G= IHEBMB<:E E>O>K:@>). A=FBMM>=ER, K>LMKN<MNKBG@L H?
<HFI:K:;E> L<HI> :K> KHNMBG>ER H;L>KO>= MA>L> =:RL ?HK IKBO:M>-L><MHK
>GM>KIKBL>L. BNM MA> LM:D>L BG MAHL> ?BKFL :K> MRIB<:EER K>IK>L>GM>= ;R
L><NKBMB>L, PAB<A <:G ;> ?K>>ER ;HN@AM HK LHE=; :G= >O>G PABE> GHM,
;NRHNM =>:EL ?HK <:LA <:G GHKF:EER ;> F:=>. 0A> >??BG<R @:BGL ?KHF
K>HK@:GBS:MBHGL HK K>LMKN<MNKBG@L <:G MA>G IKHOB=> MA> F>:GL ?HK
BG=N<BG@ MA> EHL>KL MH :;:G=HG MA>BK HIIHLBMBHG. 0A> K>LMKN<MNKBG@
H? K>@NE:MHKR >GM>KIKBL>L, AHP>O>K, @>G>K:M>L GH LN<A IHHE H?
MK:GL?>K:;E> K>LHNK<>LeGHMABG@, :E:L, MA:M <:G ;> NL>= MH <HFI>GL:M>
MA> K>@NE:MHKL :G= CHG@K>LLBHG:E HO>KL>>KL =BLIE:<>=.
CE>:KER, MA>G, B? P> P>K> EHHDBG@ ?HK : LBG@E> PHK= MH >IBMHFBS>
1./. K>@NE:MBHG BG MA> ?NMNK>, BM PHGiM ;> "NG<MBHG:E. $HP :;HNM
RL?NG<MBHG:E? ()BEE>K 1994, 105)
%G : 1993 :KMB<E>, )BEE>K <KBMB<BS>= BGM>KO>GMBHGL BG &:I:GiL ?BG:G<B:E F:KD>ML:
0A> &:I:G>L> @HO>KGF>GM, BG MA> ?HKF H? )+" 7&:I:GiL )BGBLMKR H?
"BG:G<>8 ;NK>:N<K:ML, A:= GHM HGER EHG@ LBG<> >GEBLM>= HG MA> LB=> H?
MA> LMH<D ;KHD>KL ;NM A:= :<MN:EER ;><HF> MA>BK LAH<D MKHHIL. c)+"
BL, NG:LA:F>=ER, MA> F:G:@BG@ =BK><MHK H? MA> =HF>LMB< LMH<D
;KHD>K:@> <:KM>E BG &:I:G. AG= % NL> MA> M>KF <:KM>E =>EB;>K:M>ER, BG
BML LM:G=:K= ><HGHFB< L>GL> H? : L<A>F> MH >GA:G<> MA> IKH?BML H? BML
F>F;>K ?BKFL ;R ?BQBG@ IKB<>Lc ()BEE>K 1993, 6)
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3ABE> )+" A:= E:M>K K>E:Q>= F:GR H? BML KNE>L HG MK:=BG@, )BEE>K ;>EB>O>= BG E:K@>K
BGLMBMNMBHG:E <A:G@>, PKBMBG@ fB? MA> 1./. >QI>KB>G<> BL :GR @NB=>, MA> EHG@-KNG
;>G>?BML H? A:OBG@ ?BG:G<B:E BGLMBMNMBHGL =BL<BIEBG>= ;R <HFI>MBMBHG K:MA>K MA:G ;R
:=FBGBLMK:MBO> @NB=:G<> PBEEc;> LN;LM:GMB:E ;HMA ?HK BGO>LMHKL F:G:@BG@ P>:EMA
:G= ?HK ?BKFL K:BLBG@ <:IBM:E. AG= ?HK &:I:G, BM PBEE F>:G, :M EHG@ E:LM, ?BG:G<B:E
F:KD>ML MA:M F:R LHF>=:R AHI> MH F:M<A MA:M <HNGMKRiL :EK>:=R LN;LM:GMB:E
:<AB>O>F>GML BG <NEMNK> :G= M><AGHEH@Rg ()BEE>K 1993, 11).
+G MA> )BGBLMKR H? "BG:G<> :G= )+"-MRI> ?BG:G<B:E K>@NE:MHKR :@>GL BG
@>G>K:E, )BEE>K PKBM>L:
.>@NE:MHKR LMKN<MNK>L H?M>G EBG@>K HG, =HBG@ ;NLBG>LL BG MA> L:F> HE=
P:R, EHG@ :?M>K MA> =BL:II>:K:G<> H? MA> E:G=L<:I> MA:M @:O> KBL> MH
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:<MN:EER ;> K>LMKN<MNK>=. A <HGLIB<NHNL <KBLBL F:R ;> G><>LL:KR ?HK
F:CHK K>@NE:MHKR <A:G@>L, ;NM BL LNK>ER GHM LN??BGM, :L MA> <:L> H?
)+" F:D>L IE:BG. 0A> L<:G=:EL :G= ?:BENK>L H<<NKKBG@ :EFHLM =:BER
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I:MKHGL). AG=, CNLM EHHD :M MA> MK>F>G=HNL LN<<>LL H? MA> &:I:G>L>
><HGHFR NG=>K )+"iL LM>P:K=LABI. BNM MH <K>=BM )+" PBMA MA:M
LN<<>LL BL MH <HG?NL> :LLH<B:MBHG PBMA <:NL:EBMRe: ?:EE:<R LH :GGM BM
>O>G A:L : (:MBG G:F>, post hoc, ergo propter hoc. A<HFI>EEBG@ <:L> <:G ;>
F:=>, BG ?:<M, ?HK MA> <HNGM>K IKHIHLBMBHG MA:M MA> &:I:G>L> ><HGHFR
A:L LN<<>>=>= despite IHEBL H? )+" MA:M A:O> LIK>:= P:LM>,
<HKKNIMBHG :G= BG>??BGL MAKHN@AHNM &:I:GiL <:IBM:E F:KD>ML (:G=
=KBO>G FN<A <:IBM:E F:KD>M :<MBOBMR :;KH:=). 0A> K>:E <K>=BM ?HK &:I:GiL
><HGHFB< LN<<>LL ;>EHG@L GHM MH BML ;NK>:N<K:ML ;NM MH BML I>HIE>eMH
MA>BK M:E>GM, MA>BK >G>K@R, MA>BK PHKD->MAB< :G= GHM E>:LM MA>BK
PBEEBG@G>LL MH L:O>. c
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0A:M IHEBMB<:E <A:G@> NLN:EER IK><>=>L F:CHK K>@NE:MHKR <A:G@>
BL P>EE BEENLMK:M>= ;R MA> 1./. >QI>KB>G<>. )N<A H? MA> <NKK>GM
K>@NE:MHKR LMKN<MNK> H? MA> 1./. MK:<>L MH MA> >:KER :G= FB==E> 1930iL
PA>G : <KNL:=BG@ .HHL>O>EM A=FBGBLMK:MBHG NG=>K MA> LEH@:G H? : *>P
>:E ?HK AF>KB<:, HO>KA:NE>= :G= @K>:MER >QI:G=>= @HO>KGF>GM
K>@NE:MBHG BG OBKMN:EER >O>KR :K>: H? ><HGHFB< EB?>, GHM E>:LM BG ?BG:G<B:E
F:KD>ML :G= ;:GDBG@. 0A> LMH<D F:KD>M <HEE:IL> H? 1929 :G= MA>
;:GDBG@ <HEE:IL> H? 1930d32 A:= <HFIE>M>ER =BL<K>=BM>= MA> >QBLMBG@
O>LM>= BGM>K>LML BG MAHL> BG=NLMKB>L :G= E>?M MA>F IHEBMB<:EER IHP>KE>LL.
()BEE>K 1994, 97-98)
/I>:DBG@ :;HNM )B<A:>E )BED>G, PAH P:L BFIKBLHG>= ?HK MPH R>:KL ?HK
L><NKBMB>L ?K:N=, )BEE>K L:B= )BED>G P:L : fOB<MBF H? IKHL><NMHKB:E >Q<>LLg :G=
@HO>KGF>GM BGM>KO>GMBHG BG :G >??BGM F:KD>M (JNHM>= BG B:K;HS: 1999).
/NFF:KBSBG@ ABL OB>P H? ?BG:G<B:E IKHL><NMBHG, )BEE>K L:B=:
7C8KBFBG:E E:PR>KL =HGiM NG=>KLM:G= MA> BFI>KLHG:E F:KD>M ?HK<>L MA:M
:K> :M PHKD BG MA> <:IBM:E F:KD>ML :G= MA>R ;H@ =HPG BG :EE LHKML H?
LNK?:<> <EB<A[L :;HNM f?:BKG>LLg :G= fE>O>E IE:RBG@ ?B>E=Lg :G= f>JN:E
:<<>LL MH BG?HKF:MBHG.g (BG !ILM>BG >M :E. 1997, 1142)
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IKH@K>LL BG F:MA>F:MB<L E>= ABF MH : F:MA>F:MB<L =>@K>> :M !=BG;NK@A 1GBO>KLBMR.
$> P:L :P:K=>= : @K:GM MH INKLN> :GHMA>K NG=>K@K:=N:M> =>@K>>, ,:KM %% H? MA>
C:F;KB=@> ):MA>F:MB<L 0KBIHL :M 0KBGBMR CHEE>@> BG 1957. BR MA> MBF> A>
<HFIE>M>= ,:KM %%% PBMA =BLMBG<MBHG, F:DBG@ ABF >EB@B;E> ?HK K>L>:K<A BG
F:MA>F:MB<L, A> K>:EBS>= A> P:GM>= MH INKLN> ><HGHFB<L f;><:NL> IHO>KMR BG PA:M
P>K> MA>G <:EE>= MA> NG=>K=>O>EHI>= <HNGMKB>L, L>>F>= MH F> PA:M K>:EER F:MM>K>=
BG MA> PHKE=g ()BKKE>>L 1997:).
NKBG@ ABL MBF> :M C:F;KB=@>, )BKKE>>L P:L : F>F;>K H? MA> (:;HNK CEN;
()BKKE>>L 2009); A> E:M>K :=OBL>= MA> (:;HNK ,:KMR. %G 1962, BG ABL FB=-MP>GMB>L,
)BKKE>>L <H-:NMAHK>= : I:I>K PBMA *B<AHE:L ':E=HK, MBME>= fA *>P )H=>E ?HK
!<HGHFB< #KHPMA,g MA:M IK>L>GM>= : '>RG>LB:G IHBGM H? OB>P (':E=HK :G=
)BKKE>>L 1962).
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MA> K>LIHGL> BL IKHOB=>= :M MA> >G= H? MABL IKH?BE>. $> L:RL MA:M :M :@> H? 25 A>
fMAHN@AM MA:M IE:GGBG@ :G= /M:M> HPG>KLABI P>K> MH ;> K><HFF>G=>=,g :G= MA>G
BG=B<:M>L MA:M ;R :@> 35 A> FHO>= MH : FHK> K>@NE:MBHG-HKB>GM>= OB>P.
)BKKE>>L M:N@AM :M 0KBGBMR CHEE>@>, C:F;KB=@>, :G= BG 1968 FHO>= MH
*N??B>E= CHEE>@>, +Q?HK=. 0A>K> A> K>F:BG>= NGMBE K>MNKGBG@ MH C:F;KB=@> BG 1995.
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M:Q:MBHG BG MA> NMBEBM:KB:G F:GG>K MH IKHOB=> :K@NF>GML ?HK AB@A M:Q K:M>L. %M A:L GHM
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IHHK>K P:L :G BFIKHO>F>GM. C:KKRBG@ MA:M MH MA> EH@B<:E >QMK>F>, MA>
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MH PHKD PHNE= ;> >EBFBG:M>=. f"KHF >:<A :<<HK=BG@ MH ABL :;BEBMB>L,
MH >:<A :<<HK=BG@ MH ABL G>>=Lg (':KE ):KQ, Criticism of the Gotha
Programme) BL GHM MAHN@AM MH ;> ?>:LB;E>, >O>G B? =>LBK:;E>. *HMABG@ BG
MA> LBFIE> FH=>E :EEHP>= ?HK MA:M. ()BKKE>>L 1997;, 1313)
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JNBM> : EHM H? I>HIE> ?KHF >:KGBG@ :L FN<A :L MA>R FB@AM A:O>, PAB<A
BG I:KMB<NE:K % F>:G MA>R GH EHG@>K I:R :L F:GR M:Q>L :L MA>R LAHNE=.
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EHM H? I>HIE> MH ?BG= P:RL H? :OHB=BG@ MA>F, HK >O:=BG@ MA>F. ()BKKE>>L
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HG MA>BK BG<HF>. 0ABL :IIEB>= MH : EHM H? I>HIE> :G= BG>JN:EBMR ?>EE. /H
MA>L> LRLM>FL K>:EER =H PHKD. %M PHNE= ;> O>KR LNKIKBLBG@ B? MA>R =B=GiM.
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PAB<A LAHPL NI BG MABG@L EBD> MA>BK IHO>KMR =:M:. ()BKKE>>L 2009,
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%M BL : M>G>M H? E:BLL>S-?:BK> <:IBM:EBLF MA:M IKH?BML F>:LNK> MA> @:BG
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MABGD MA> MA>HKR FHK> O:EB= ?HK : LH<B:EBLM LHMR; :G= BM BL @>G>K:EER
K><H@GBS>= MA:M IKH?BML A:O> :G BFIHKM:GM, >O>G >LL>GMB:E, KHE> MH IE:R
BG : LH<B:EBLM LHMR. ((BMME> :G= )BKKE>>L 1974, 18)
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=BLMHKM>= BG F:GR =>O>EHIBG@ <HNGMKB>L. /HF> H? MA> PHKLM =BLMHKMBHGL
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MA>HK>F, PAB<A LAHPL MA:M NG=>K <>KM:BG :LLNFIMBHGL MA> O:EN> H? : ?BKF PHNE= ;>
BG=>I>G=>GM H? BML K:MBH H? =>;M MH >JNBMR ()H=B@EB:GB :G= )BEE>K 1958; 1963). $BL
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AL ?HK )H=B@EB:GBiL B=>HEH@B<:E <A:K:<M>K, /NM<A (2008) =>L<KB;>L )H=B@EB:GB
:L : fEB?>-EHG@ '>RG>LB:G.g AG= B? HG> P>K> MH K>OB>P HGER )H=B@EB:GBiL !G@EBLA-
E:G@N:@> PKBMBG@L, ;>@BGGBG@ PBMA f(BJNB=BMR ,K>?>K>G<> :G= MA> 0A>HKR H? %GM>K>LM
:G= )HG>Rg (1944) :G= IKH<>>=BG@ MH f0A> '>RG>LB:G #HLI>E A<<HK=BG@ MH
)H=B@EB:GBg (2003), BG<EN=BG@ ABL :NMH;BH@K:IAB<:E ;HHD ()H=B@EB:GB 2001) :G=
>LL:RL :G= BGM>KOB>PL (>.@., )H=B@EB:GB 1984; 1986; 1995), HG> BG=>>= PHNE= L>> :G
H>NOK> ;>?BMMBG@ : F:BGLMK>:F LH<B:E-=>FH<K:MB< '>RG>LB:G ><HGHFBLM.
3A:M BL H?M>G FBLL>=e:G=, ?K:GDER, BM PHNE= L>>F =>EB;>K:M>ER FBLK>I-
K>L>GM>= BG ABL HPG :NMH;BH@K:IAB<:E PHKDLeBL MA:M BG %M:ER, )H=B@EB:GB, ;R :@>
20, P:L : P>EE IN;EBLA>= ?:L<BLM PNG=>KDBG=, A:OBG@ K><>BO>= BG 1936 :G :P:K= ?HK
><HGHFB<L PKBMBG@ ?KHF MA> A:G= H? B>GBMH )NLLHEBGB ABFL>E?. "NKMA>K, BG 1947,
:M :@> 29, )H=B@EB:GB IN;EBLA>= : 75-I:@> :KMB<E> PAHL> MBME> BG !G@EBLA MK:GLE:MBHG
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()H=B@EB:GB 1947), :G :KMB<E> MA:M :??BKFL LH<B:EBLM ><HGHFB<L. %G 2004 :G= 2005
MA>K> :II>:K>= !G@EBLA MK:GLE:MBHGL H? ?BO> ?:L<BLM PHKDL ;R )H=B@EB:GB HKB@BG:EER
IN;EBLA>= =NKBG@ 1937 :G= 1938 (:EE ?BO> MK:GLE:MBHGL :K> <HEE><M>= ;R :GB>E: ,:KBLB
BG )H=B@EB:GB 2007;). 0A> LH<B:EBLM I:I>K H? 1947 A:L G>O>K ;>>G MK:GLE:M>= BG BML
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OHENF> >=BM>= ;R ':KB@BK:II: ,NMM:LP:F:B:A (2009, 85-111) A:L MA> 1947 LH<B:EBLM
I:I>K ;NM GHM MA> >:KEB>K ?:L<BLM I:I>KL; BG : <KBMB<:E >LL:R ?KHF MA:M OHENF>, AG=K>:
)B<H<L O>BE>= :EENLBHGL MH )H=B@EB:GBiL >:KER BGOHEO>F>GM
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B=>HEH@B<:E HNMEHHD.
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>GM>K>= <HEE>@> :M MA> :@> H? L>O>GM>>G. %G ABL F>FHBKL, Adventures of an Economist,
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>GM:BE>=, BFF>=B:M>ER :?M>KP:K=, : MKBI MH ,:E>KFH, PA>K> MA> PBGG>KL
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=BL>F;:KD>= :M ,:E>KFH FR :GMB?:L<BLF P:L GH EHG@>K BG =HN;Mg ()H=B@EB:GB 2001,
11; L>> :ELH )H=B@EB:GB 1984, 115; 1986). $> L:RL MA:M :EE MABL MHHD IE:<> BG 1936.
5>M H? MA> ?BO> ?:L<BLM :KMB<E>L, MAK>> :K> HKB@BG:EER ?KHF 1937 :G= MPH :K> ?KHF
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NG=>KLM:G=:;E> MA:M PA>G A> FHO>= MH "K:G<> :G= MA>G MA> 1GBM>= /M:M>L BG 1939
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MK:GLBMBHG:E LM:@>L MA:M LN<A <HFFH=BMB>L I:LL MAKHN@A ?KHF
IKH=N<MBHG MH <HGLNFIMBHG. (B;B=., 564)
/><HG=ER, IKB<> <HGMKHE BL HK@:GB< PA>G BM BL f<HGLMKN<MBO>g, MA:M BL,
PA>G BM =H>L GHM LBFIER BGOHEO> M:DBG@ GHM> H? : LM:M> H? :??:BKL MA:M BL
MH ;> F:BGM:BG>=, ;NM L>>DL BGLM>:=, MAKHN@A <HGMBGNHNL >OHENMBHG, MH
41. 0A> ?B?MA BL )H=B@EB:GB (2005=/1938).
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 475
f<HGLMKN<Mg, MH f?HKFg MA> LBMN:MBHG MA:M BL =>>F>= ;>LM LNBM>= MH MA>
<NKK>GM FHO>F>GM. (B;B=., 564)
%M LAHNE= AHP>O>K ;> ;HKG> BG FBG= MA:M :M MABL IHBGM BG MBF>, :G=
>LI><B:EER BG <HGG><MBHG PBMA MA> <HGMBG@>GM ?:<ML MA:M E>= MH MA> K>-
HK@:GBS:MBHG H? MA> IKB<> <HGMKHE LRLM>F :L =>L<KB;>= >:KEB>K, IKB<>
<HGMKHE L>ML BML>E? GHM HGER MA> @>G>K:E :BFL E:B= HNM BG ":L<BLM =H<MKBG>
;NM :ELH : LI><B?B< :BF, PAB<A <:EEL I:KMB<NE:K :MM>GMBHG. 0ABL :BF BL
MA> F:BGM>G:G<> H? MA> =HF>LMB< O:EN> H? MA> (BK:. 0A:M BL MH L:R, MA>
:BF BL MH F:D> LNK> MA:M MA> :EB@GF>GM <:KKB>= HNM MH ?:<BEBM:M> %M:EB:G
>QIHKM:MBHG =H>L GHM A:O> :GR >??><M ?KHF MA> =HF>LMB< IHBGM H? OB>P,
LH MA:M : IHBGME>LL, NG?:BK :G= A:KF?NE K>=BLMKB;NMBHG H? P>:EMA <:G ;>
:OHB=>=. (B;B=., 565)
!Q<>KIML ?KHF f,HEBMB<:E ,KB<> :G= CHKIHK:MBO> ,KB<>g ()H=B@EB:GB 2005;/
1937):
%G <HGMK:LM MH MA> KB@B= ?:M:EBLMB< <HG<>IMBHG H? LH-<:EE>= <E:LLB<:E
><HGHFR, <HKIHK:MBO> ><HGHFB<L IKHIHL>L : LMKHG@ER OHENGM:KBLMB<
<HG<>IMBHG. #>G>K:E >JNBEB;KBNF=H>L GHM fM:D> LA:I>g: K:MA>K, BM FNLM
;> <HGLMKN<M>= :G= LA:I>=. 0A> ;:E:G<> ;>MP>>G LNIIER :G= =>F:G=
:G= MA> IKB<> E>O>E MA:M >QIK>LL>L MABL ;:E:G<> =H>L GHM >QBLM HNMLB=>
H? F:G ABFL>E? ;NM BM can :G= must ;> <K>:M>= ;R MA> PBEE H? F:G.
()H=B@EB:GB 2005;/1937, 570)
7CHKIHK:MBO> IKB<> <HGMKHE8 BL : EH@B<:E <HGL>JN>G<> H? EH@B<:E IKBG-
<BIE>L; GHM :G BLHE:M>= BGM>KO>GMBHG, ;NM MA> <KHPGBG@ K>LNEM H? : LRLM>F
H? BGM>KO>GMBHGL; GHM :G >QM>KG:E :<MBHG =>LB@G>= MH BFIHL> : =B??>K>GM
IKB<> <HFI:K>= MH MA:M BG=>?BG:;E> >GMBMR MA:M BL MA> F:KD>M IKB<>, ;NM
: JNBGM>LL>GMB:EER BGM>KG:E :<MBHG, >FBG>GMER L>E?-K>@NE:MBG@, PAB<A
:BFLeMAKHN@A =BK><M <HHI>K:MBHG PBMA MA> <:M>@HKB>L BGOHEO>= MA:M
HI>K:M> ?BKLM :G= ?HK>FHLM BG MA> ?K:F>PHKD H? MA> CHKIHK:MBHG, :G=
MA>G BG MA> ,KHOBG<B:E CHNG<BE H? MA> CHKIHK:MBHGeMH BG?EN>G<> GHM
CNLM MA> IKB<> ;NM :ELH, BGLH?:K :L BL IHLLB;E>, MA> JN:GMBMB>L LNIIEB>= :G=
>O>G MA> =>F:G= ?HK LN<A JN:GMBMB>L. (B;B=., 570-571)
BNM GHP MA:M <HGMKHE A:L I:LL>= BGMH MA> A:G=L H? MA> CHKIHK:MBHGLc
IKB<> <HGMKHE PBEE <>:L> MH ;>c: LHNK<> H? BF;:E:G<>L, :G= PBEE
;><HF> : LHNK<> H? @K>:M>K CNLMB<> :G= <HEE><MBO> P>EE;>BG@. (B;B=., 571)
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!Q<>KIML ?KHF f0A> .HE> H? MA> ,:KMR BG CHGMKHEEBG@ ,KB<>Lg ()H=B@EB:GB
2007:/1937):
0ABL BL MA> <HNKL> H? :<MBHG MA:M EB;>K:E #HO>KGF>GML A:O> :EP:RL
?HEEHP>= ;R :=HIMBG@ GHG-BGM>KO>GMBHG :L : =H@F:, PAB<A, BG MABL :L BG
F:GR HMA>K <:L>L, K>LNEML BG MA> >QIEHBM:MBHG H? MA> P>:D ;R MA> LMKHG@.
BNM MA> ":L<BLM K>@BF>, PAHL> :OHP>= @H:E BL MA> :=O>GM fH? : AB@A>K
LH<B:E CNLMB<>g, <HNE= <>KM:BGER GHM :<<>IM MABL :IIKH:<A LBFIER ;><:NL>
BM P:L MA> >:LB>K LHENMBHG. ()H=B@EB:GB 2007:/1937, 31-32)
%M BL IK><BL>ER :M MABL IHBGM MA:M MA> LI><B?B< M:LD >GMKNLM>= :M MABL MBF> MH
MA> ,:KMReMA> <HGMBG@>GM M:LDL H? IKB<> <HGMKHEe;><HF>L <E>:K. "HK
B?, :L P> A:O> L>>G, L:<KB?B<>L :K> K>JNBK>= BG HK=>K MH IKHM><M MA> O:EN>
H? MA> EBK:, BG MA> *:MBHGiL BGM>K>LM, MA>G BM PBEE ;> MA> =NMR H? MA> ,:KMR
MH >GLNK> MA:M MA>L> L:<KB?B<>L :K> ;HKG> >JN:EER, HK BG HMA>K PHK=L MH
@N:K:GM>> PA:M P> <HNE= M>KF =BLMKB;NMBO> CNLMB<>. (B;B=., 32)
!Q<>KIML ?KHF f0A> CKBLBL H? C:IBM:EBLMB< !<HGHFB< /RLM>F: 0A> %GM>K-
G:MBHG:E BOBLBHG H? (:;HKg ()H=B@EB:GB 2005</1938):
0ABL LMN=R MANL :BFL MH :LL>LL MA> ><HGHFB< O:EN> (BG MA> M><AGB<:E
L>GL>) H? :NM:KDR :G= MH =>FHGLMK:M> MA:M MA> :NM:KDB< IKBG<BIE> BL MA>
new economic principle MA:M BL <:EE>= NIHG MH K>@NE:M> BGM>KG:MBHG:E
>Q<A:G@>, K>IE:<BG@ MA> NG>G?HK<>= :G= NG>G?HK<>:;E> IKBG<BIE> H? MA>
international division of labor. ()H=B@EB:GB 2005</1938, 573)
738A:M P> :LLH<B:M> PBMA MA> M>KF f<E:LLB<:E IHEBMB<:E ><HGHFRg BL MA:M
<HFIE>Q H? L<AHHEL PAB<A LM:KM HNM ?KHF MA> BG=BOB=N:EBLMB< OB>PIHBGM:
MA:M BL MH L:R, L<AHHEL MA:M GHM HGER :LLNF> :L MA>BK FH=>E : F:G PAH
INKLN>L GH HMA>K >G= MA:G :G ><HGHFB< >G= (homo oeconomicus) ;NM :
F:G PAH, FHK>HO>K, BL :G >G= BG ABL HPG KB@AM. /N<A : F:G EBO>L ?HK
GHG> HMA>K MA:G ABFL>E? :G= OB>PL ABFL>E? :L MA> ?BKLM :G= E:LM >G=
H? >O>KR :<MBHG; A> BL :G BG=BOB=N:E ?HK PAHF MA> <HFFNGBMR AHE=L
GH F>:GBG@ PA:MLH>O>K :G= PAH ABFL>E? A:L GH F>:GBG@ ?HK MA>
<HFFNGBMR. %G LAHKM, :G BG=BOB=N:E PAH BL >GMBK>ER <HGM:BG>= PBMABG
ABFL>E?. (B;B=., 573)
%M BL IK><BL>ER ?HK MABL K>:LHG MA:M MA> CN=@F>GM H? fINK> ><HGHFB<
MA>HKRg BL H? EBMME> BGM>K>LM MH NL, :G= BG=>>= BL =>OHB= H? F>:GBG@; fINK>
><HGHFB< MA>HKRg IHLBMBHGL BML>E? GH7M8 LH FN<A HNMLB=> H?, ;NM :@:BGLM,
K>:EBMR. AG= MA>K>?HK> BM <:GGHM <E:BF MH CN=@> >BMA>K :NM:KDR HK GBG>MR
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 477
I>K<>GM H? <HG<K>M> ANF:G :<MBHGL, LBFIER ;><:NL> MA>R :K> GHM INK>ER
><HGHFB< fK>:E LBMN:MBHGLg ;NM :ELH fLIBKBMN:Eg :G= <HGL>JN>GMER
IHEBMB<:E LBMN:MBHGL. 0A> LG<> H? fINK> ><HGHFB<Lg >BMA>K B@GHK>L MA>
/M:M> HK <HGLB=>KL BM :L :G >E>F>GM H? =BLMNK;:G<>: AHP MA>G <:G LN<A
: LG<> BLLN> : CN=@F>GM HG MA> :<MBOBMR H? :G >QBLM>G<> MA:M ABG@>L
>GMBK>ER HG MA> /M:M>? (B;B=., 574)
.:MA>K, BM BL : =B??>K>GM IHBGM H? OB>P MA:M H??>KL : FHK> I>KMBG>GM
LM:KMBG@ IHBGM ?HK :G >Q:FBG:MBHG H? :NM:KDR: G:F>ER MA> new economy,
MA> ><HGHFR MA:M BL ;:L>= GHM HG MA> BG=BOB=N:E ;NM HG MA> <HFFNGBMR
:G= PAB<A, BG K>?>KKBG@ MH MA> <HG<>IM H? fNMBEBMRg, A:L BG FBG= MA:M
PAB<A L:MBL?B>L GHM MA> BG=BOB=N:E ;NM MA> >GMBK> <HEE><MBOBMR :L : NGBM
<HGLB=>K>= HO>K MBF> (corpus perenne). (B;B=., 574)
3> ;>EB>O> MA:M :M MABL IHBGM MA> M:LD H? ><HGHFB< LG<> A:L KNG BML
?NEE <HNKL> :G= BM BL MBF> MH A:G= HO>K MA> M:LD MH IHEBMB<L; ;R ?HK@BG@
: ;KH:= NGBM:KR LRGMA>LBL PAB<A PBEE BG<EN=> ;HMA MA> IHEBMB<:E :G= MA>
FHK:E ?:<MHK, MA> IHEBMB<:E LIA>K> PBEE MA>G CN=@>, :L MA> f/G<> H? MA>
/M:M>g c (B;B=., 574-575)
A<<HK=BG@ MH MA> f<E:LLB<:Eg L<AHHE, HG> LNK> LRLM>F PHNE= ;> MA:M H?
:;LHENM> ?K>>=HFH? MK:=>, LBG<> MABL LHENMBHG PHNE= L>M MA> IKH=N<MBO>
:<MBOBMB>L H? MA> =B??>K>GM <HNGMKB>L BG HIIHLBMBHG MH HG> :GHMA>K PBMA-
HNM :GR LNIIHKM PA:MLH>O>K :G= MANL BG >JN:E <HG=BMBHGL. 0A>
HNM<HF> PHNE= MA>G =>FHGLMK:M> PAB<A H? MA>L> P:L MA> FHLM
><HGHFB<:E. AL <:G ;> L>>G, MA> MA>HKR >QIK>LL>= HG> H? MAHL>
<A:K:<M>KBLMB< EB;>KM:KB:G :G= >@:EBM:KB:G <HG<>IMBHGL MA:M ><HGHFB<
EB;>K:EBLF:G= IHEBMB<:E EB;>K:EBLFP>K> K>IE>M> PBMA, :<<HK=BG@ MH PAB<A
?K>>=HF :G= >JN:EBMR P>K> <HG<>IML =>OHB= H? <HG<K>M> O:EN>, ;>BG@
BGLM>:= :;LMK:<M :G= ?HKF:E CNKB=B<:E =H@F:L. 0A>L> <HG<>IMBHGL P>K>
<KRLM:EEBS>= :L MA> ?:FHNL <HGLMBMNMBHG:E >JN:EBMR :G= MA> :LLH<B:M>=
?K>>=HF H? <HGMK:<M ;>MP>>G MA> KB<A :G= IHP>K?NE >FIEHR>K :G= MA>
IHO>KMR-LMKB<D>G PHKD>K PAH A:= GH <A:G<> MH K>LBLM. %G HMA>K PHK=L,
:G >JN:EBMR MA:M :FHNGM>= MH MA> :;L>G<> H? :GR LNI>KBHK ?HK<> MA:M
<HNE= K><MB?R MA> <HG=BMBHG H? MA> MPH <HG?EB<MBG@ I:KMB>L. BR MA> L:F>
MHD>G, MA> ?K>>=HF H? BGM>KG:MBHG:E MK:=> P:L : ?K>>=HF MA:M L>MNI :
<HGM>LM NG=>K fCNKB=B<:EERg >JN:E <HG=BMBHGL ;>MP>>G : KB<A, IHP>K?NE
:G= P>EE HK@:GBS>= BG=NLMKR :G= :G ><HGHFB<:EER P>:D BG=NLMKR ;:K>ER
BG BML BG?:G<R!
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0A> IKHM><MBHGBLML MA>K>?HK> :K@N>= MA:M BG HK=>K MH ;KBG@ :;HNM
MA> =BOBLBHG H? E:;HK BG MA> ;>LM F:GG>K, BM P:L G><>LL:KR ?HK IKH=N<-
MBO> :<MBOBMB>L MH <HFI>M> PBMA HG> :GHMA>K NG=>K <HG=BMBHGL H? genuine
equality, B.>. H? >JN:E =>O>EHIF>GM. c
0A> IKHM><MBHGBLM H;C><MBHG, MA> >Q:<MG>LL H? PAB<A <:GGHM ;>
=HN;M>=, LMKN<D : L>O>K> ;EHP MH MA> <E:LLB<:E MA>HKB>L HG BGM>KG:MBHG:E
MK:=> :G= BG I:KMB<NE:K ?K>> MK:=>. BNM PA:M P:L >O>G FHK> L>KBHNL
P:L MA:M BM :ELH HI>G>= NI MA> ?BKLM <K:<DL BG MA> O>KR LRLM>F H?
BG=BOB=N:EBLMB< :G= :NMHF:MB< ><HGHFR. 0ABL <:F> :;HNM BG : MPH?HE=
F:GG>K: 1) ;><:NL> BM LAHP>= MA:M MA> LIHGM:G>HNL :G= ?K>> <HGM>LM
:FHG@ fBG=BOB=N:Eg BGM>K>LML =B= GHM G><>LL:KBER E>:= MH MA> F:QBFNF
f<HEE><MBO>g BGM>K>LM. 0ANL :L HIIHL>= MH MA> f;>BG@g =>B?B>= ;R MA>
<E:LLB<:E ><HGHFBLML MA>K> GHP :KHL> : f;><HFBG@g MAKHN@A MA>
BG=BOB=N:EiL ?HKL:DBG@ H? F:QBFNF BFF>=B:M> BG=BOB=N:E NMBEBMR; 2)
;><:NL> BM <HG?BKF>= MA:M MA> BGM>KO>GMBHG H? MA> /M:M> BL GHM :EP:RL, :L
P:L ?HG=ER ;>EB>O>=, : =BLMNK;BG@ :G= :GMB-><HGHFB< >E>F>GM. .:MA>K
MA> /M:M>, ;R BGM>KO>GBG@ :EHG@LB=> :G= GHM :@:BGLM MA> BG=BOB=N:E, <:G
<HGMKB;NM> MH :<MBG@ :L MA> =KBOBG@ ?HK<> H? : FHK> ><HGHFB< K>LNEM MA:G
MA> BG=BOB=N:E ABFL>E? <HNE= H;M:BG B? MA> NG;KB=E>= ?HK<>L H? >@HBLMB<
BGLMBG<M P>K> @BO>G ?K>> K>BG. (B;B=., 581-582)
%GLM>:= H? <HGMBGNBG@ MH MA>HKBS> :G= MKRBG@ MH @BO> :=OB<> ;:L>= HG
:;LMK:<M, HK ?B<MBMBHNL, IKBG<BIE>L, PA:M BL G>>=>= BL MH FHO> <EHL>K MH
K>:EBMR. %M BL OBM:E MH BGM>KIK>M MA> G>P =>F:G=L, BG HK=>K MH =>LB@G :
IKBG<BIE> MA:M BL MKNER <:I:;E> H? >EBFBG:MBG@ MA> BG?BGBM>, :=O>KL> >??><ML
H? MA> <NKK>GM LRLM>FH? BGM>KG:MBHG:E MK:=>, PAB<A LMBEE <EBG@L =H@@>=ER,
;NM HGER ?HKF:EER, MH GHG-:IIEB>= :G= BG:IIEB<:;E> <HG<>IML.
/N<A : IKBG<BIE> BL MA:M >F;H=B>= BG :NM:KDR, :L : MA>HK>MB<:E :G=
IK:<MB<:E IKBG<BIE> H? ><HGHFB< HK@:GBS:MBHG. (B;B=., 588)
)H=B@EB:GB >:KG>= ABL ,A.. BG ><HGHFB<L BG 1944 ?KHF MA> *>P /<AHHE
H? /H<B:E .>L>:K<A. f0A> <KN<B:E ?B@NK> ?HK F> :M MA> *>P /<AHHE P:L &:<H;
):KL<A:Dg ()H=B@EB:GB 2001, 19). AM MABL MBF> )H=B@EB:GB ;>@:G ;NBE=BG@ ABL BEENL-
MKBHNL <:K>>K BG FH=>KG '>RG>LB:G F:<KH><HGHFB<L, ;>@BGGBG@ PBMA MA>
IN;EB<:MBHG BG Econometrica H? f(BJNB=BMR ,K>?>K>G<> :G= MA> 0A>HKR H? %GM>K>LM :G=
)HG>R,g PAB<A P:L MA> ;:LBL H? ABL =BLL>KM:MBHG.
/AHKMER MA>K>:?M>K, )H=B@EB:GB IN;EBLA>= BG %M:EB:G MA> :?HK>F>GMBHG>= :KMB<E>
HG f0A> +K@:GBS:MBHG :G= BK><MBHG H? ,KH=N<MBHG BG : /H<B:EBLM !<HGHFRg
()H=B@EB:GB 1947), ?KHF PAB<A P> IKHOB=> LHF> G>PER MK:GLE:M>= I:LL:@>L BG MA>
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 479
AII>G=BQ. #:KR )HG@BHOB, BG :G NGIN;EBLA>= I:I>K HG f'>RG>LB:G !<HGHFB<L
:G= /H<B:EBLF,g M>EEL H? MA> :KMB<E>:
0A> :KMB<E> P:L PKBMM>G BG %M:EB:G; )H=B@EB:GB G>O>K IN;EBLA>= :G
!G@EBLA O>KLBHG H? BM, :G= BG=>>= :II>:KL G>O>K MH A:O> K>?>KK>= MH
BM NGMBE MA> IN;EB<:MBHG H? ABL :NMH;BH@K:IAR LAHKMER ;>?HK> ABL =>:MA.
0A> I:I>K, PAB<A KNGL MH 75 I:@>L, :K@N>L MA> <:L> ?HK LH<B:EBLF, :EHG@
EBG>L E:B= HNM ;R >:KEB>K F:KD>M LH<B:EBLML EBD> A;;: (>KG>K :G= +LD:K
(:G@>. )H=B@EB:GBiL :BF :II>:KL MH A:O> ;>>G MH E:R HNM : IK:<MB<:E
@NB=> MH BFIE>F>GMBG@ : LH<B:EBLM IKH@K:F MA:M <HNE= :<MN:EER PHKD;
LN<A : IKH@K:FPHNE= A:O> MH F:D> NL> H? MA> <HHK=BG:MBG@ IKHI>KMB>L
H? MA> IKB<> LRLM>F. AM MA> HNML>M )H=B@EB:GB K>F:KDL MA:M MA>
><HGHFB<L H? LH<B:EBLFeMA> EBM>K:MNK> BGBMB:M>= ;R !GKB<H B:KHG>iL
f<E:LLB< LMN=Rg HG f0A> )BGBLMKR H? ,KH=N<MBHG BG : CHEE><MBOBLM /M:M>g
(1908)eBL :FHG@ fMA> FHLM BGM>K>LMBG@ :G= IKHFBLBG@g =>O>EHI-
F>GML BG ><HGHFB< MA>HKR. $> BG=B<:M>L BG :G HI>GBG@ ?HHMGHM> MA:M
f0A> IK>L>GM LMN=R BL I:KM H? :G NGIN;EBLA>= PHKD PAHL> INKIHL> BL MH
E:R HNM MA> ?NG=:F>GM:E IKBG<BIE>L H? MA> FH=>KG ><HGHFB< MA>HKR H? :
LH<B:EBLM LM:M>g (1947, I. 441); R>M GHPA>K> >EL> BG ABL LN;L>JN>GM PHKD
=B= )H=B@EB:GB :==K>LL MA>L> BLLN>L: MA> IKHC><M :II>:KL MH A:O> ;>>G
:;:G=HG>=. 0A> 1947 I:I>K <HGM:BGL ?>P K>?>K>G<>L MH MA> EBM>K:MNK>,
:G= BM BL I>KA:IL PHKMA GHMBG@ MA:M FHLM H? MA> EBM>K:MNK> <BM>= ;R
)H=B@EB:GB BL HG MA> LH<B:EBLM LB=> H? MA> =>;:M>e(:G@>, (>KG>K, $. .
B<DBGLHG, &:F>L )>:=> :G= ,B@HN; MA>K> BL GH =BL<NLLBHG H? $:R>D,
OHG )BL>L HK :GR HMA>K <KBMB< ?KHFMA> ANLMKB:G <:FI. ()HG@BHOB 2011,
13-14, JNHM>= PBMA I>KFBLLBHG)
)H=B@EB:GB PKBM>L :;HNM MA> 1947 :KMB<E> BG ABL 2001 F>FHBKL:
%G K>MKHLI><M, P> DGHP MA:M LH<B:EBLF ?:BE>= ;><:NL> BM P:L NG:;E> MH
<:KKR HNM MA> M:LD H? <K>:MBG@ : F><A:GBLF ?HK ?HKFNE:MBG@ IKB<>L. AM
MA:M MBF>, AHP>O>K, P> P>K> FHK> BGM>K>LM>= BG MA> EBFBM:MBHGL :G=
?:BEBG@L H? : <:IBM:EBLMB<-LMRE> ><HGHFR c 708A> :;L>G<> H? : <:IBM:EBLM-
LMRE> IKB<> LRLM>F F>:GL MA:M ><HGHFB< K>LHNK<>L <:GGHM ;> NL>=
BGM>EEB@>GMER HK >??BGMER MH L:MBL?R MA> G>>=L H? LHMR. 0ABL BL ;><:NL>
IKB<>L H??>K MA> HGER H;C><MBO> <KBM>KBHG ?HK >O:EN:MBG@ MA> ><HGHFB<
K>JNBK>F>GML H? LHMR :G= ?HK >LM:;EBLABG@ MA> FHLM ><HGHFB<:E P:R
H? L:MBL?RBG@ MA>F.
+O>K MA> R>:KL, P> A:O> H?M>G L>>G IKB<> <HGMKHEL :IIEB>= BG
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I>KB>G<>L. 0ABL BL GHM ;><:NL> MA>R P>K> G><>LL:KBER FHK:EER PKHG@
;NM LBFIER ;><:NL> MA>R H;LMKN<M>= MA> IKB<>-?HKF:MBHG F><A:GBLF.
AG= MA:M BL MA> HGER P:R LH ?:K =BL<HO>K>= ;R ANF:GL MH :EEH<:M> MA>
K>LHNK<>L H? LHMR >??BGMER. 0ABL BL PAR % A:O> G>O>K MBK>= H?
LN@@>LMBG@ LHENMBHGL MA:M, PABE> E>MMBG@ MA> F:KD>M =>M>KFBG> BML HPG
IKB<>L, >G:;E> @HO>KGF>GML MH K>:EEH<:M> K>LHNK<>L MAKHN@AHNM LHMR
;R ?BL<:E F>:GL. ()H=B@EB:GB 2001, 166-167)
)H=B@EB:GB MA>G LI>:DL H? >O>GML BG 1948, I>KLHG:E <HGO>KL:MBHGL :G= K>?E><MBHGL,
MA:M E>= ABF :M MA:M MBF> MH f=BLM:G<>g ABFL>E? ?KHF fPA:M>O>K LRFI:MAR % A:=
>GM>KM:BG>= ?HK LH<B:EBLM MA>HKB>Lg :G= MH f>F;K:<> =>FH<K:MB< EB;>K:EBLF
NGK>L>KO>=ERg (2001, 167). +G<> :@:BG, HG> FB@AM OB>P MA> 2001 F>FHBKL :L
)H=B@EB:GB HI>GBG@ NI :;HNM ABL I:LM.
)H=B@EB:GB CHBG>= MA> ?:<NEMR :M MA> *>P /<AHHE BG 1944 :G= MA>G FHO>= MH
CAB<:@H BG 1949 :L : .>L>:K<A CHGLNEM:GM MH MA> CHPE>L CHFFBLLBHG, :G= A> A>E= :
IHLBMBHG :M MA> 1GBO>KLBMR H? %EEBGHBL NGMBE 1952. /N;L>JN>GMER, A> M:N@AM :M C:KG>@B>
%GLMBMNM> H? 0><AGHEH@R :G= *HKMAP>LM>KG 1GBO>KLBMR ;>?HK> FHOBG@ MH )%0 BG
1961 PA>K> A> fK>F:BG>= >O>K LBG<>g ()H=B@EB:GB 1986).
(BD> F:GR E>?MBLM ><HGHFBLML H? ABL =:R, )H=B@EB:GB P:L BGM>K>LM>= BG ><HGH-
F>MKB< FH=>EL H? MA> ><HGHFR. /NM<A LI>:DL H? :G fBFIHKM:GM =BK><MBHG ?HK
)H=B@EB:GBiL K>L>:K<Ag:
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;R MA> ">=>K:E .>L>KO>. 0A> FH=>E PHNE= ;> :G >FIBKB<:EER >LMBF:M>=
LRLM>F H? LBFNEM:G>HNL >JN:MBHGL MA:M PHNE= ;> NL>= ;R MA> ">=>K:E
.>L>KO> MH F:D> :G= @NB=> IHEB<R :G= ?HK><:LM ?NMNK> =>O>EHIF>GML.
$> :LD>= AE;>KM AG=H MH CHBG ABFHG MA> IKHC><M :G= MA>R <K>:M>= PA:M
P:L ?BKLM DGHPG :L MA> f)%0 FH=>Eg :G=, :?M>K AG=H FHO>= MH MA>
1GBO>KLBMR H? ,>GGLREO:GB:, :L MA> f">=>K:E .>L>KO>-)%0-1GBO>KLBMR
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MA:M MA> ">=>K:E .>L>KO> <HGMBGN>= MH NL> BM BGMH MA> 1980L.g
%G MA> 2001 F>FHBKL )H=B@EB:GB PKBM>L H? ABL OBLBM MH /P>=>G BG 1973 :G= ABL
>GMANLB:LF ?HK fMA> /P>=BLA LN<<>LL LMHKRg:
0A> ;KBEEB:GM K>LNEMLcA:O> ;>>G :<AB>O>= ;R D>>IBG@ MA> LRLM>F H?
?K>> >GM>KIKBL> BGM:<Mc $>K>, LH<B:EBLF BL GHM :;HNM MA> LM>KBE>
G:MBHG:EBS:MBHG H? MA> F>:GL H? IKH=N<MBHG BGLIBK>= ;R LHF> :;LMK:<M
B=>HEH@R. %M BL :;HNM ;>BG@ IK:@F:MB<; MANL, BM >QIEHBML MA> >??BG<R :G=
?E>QB;BEBMR H? MA> IKH?BM-F:DBG@ IKBO:M> >GM>KIKBL> LRLM>F ;R F:DBG@
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 481
CN=B<BHNL NL> H? BG<>GMBO>L MH @NB=> IKH=N<MBHG BG LH<B:EER NL>?NE P:RL.
%G :==BMBHG, BM M:D>L MA> ?HKF H? : @K:=N:E K>=N<MBHG H? ><HGHFB<
BG>JN:EBMR OB: K>=BLMKB;NMBHG H? BG<HF> BG : <HFIE>Q, :=O:G<>= LH<B:E
L><NKBMR LRLM>F. ()H=B@EB:GB 2001, 171-172)
%G MA> 1960L )H=B@EB:GB ;>@:G MH M:D> I:KM BG IN;EB< =>;:M> BG %M:ER (L>>
)H=B@EB:GB 2001, 170-262). B:L>= HG MA> MK>:MF>GM H??>K>= BG AG=K>: )B<H<<BiL
<A:IM>K f)H=B@EB:GB, !<HGHFB<L, %M:ER,g BM L>>FL MA:M )H=B@EB:GBiL IHEB<R :=OB<>
<HGLBLM>= H? LN<A K>?HKFL :L =>G:MBHG:EBSBG@ <>KM:BG >GM>KIKBL>L, F:DBG@ E:;HK
F:KD>ML FHK> ?E>QB;E>, :G= >G<HNK:@BG@ IKBO:M> BGO>LMF>GM ()B<H<L, PBMA :II:K>GM =BLL:MBL?:<MBHG, MA:M f)H=B@EB:GBiL IKHIHL:EL :K>
<>KM:BGER I:KM H? MA> <HGO>GMBHG:E ><HGHFB< PBL=HFg (2009, 52). )H=B@EB:GB E:M>K
=>L<KB;>= ABFL>E? :L A:OBG@ fI:KMB<BI:M>= :<MBO>ER BG MA> =>;:M> HO>K ><HGHFB<
IHEBL ;HMA BG %M:ER :G= MA> 1./., <HG<>GMK:MBG@ E:M>ER HG MA> =>E>M>KBHNL >??><ML H?
MA> AN@> IN;EB< =>?B<BMLg ()H=B@EB:GB 1986).
)H=B@EB:GB P:L BGM>KOB>P>= ;R AKCH 'E:F>K (1984). 3A>G :LD>= PA>MA>K
A> P:L :P:K> H? MA> <E:LA ;>MP>>G ;>MP>>G CAB<:@H I>HIE> :G= )%0 I>HIE>,
)H=B@EB:GB K>LIHG=>=:
% P:L O>KR :P:K> H? MA> IKH;E>FL PBMA MA> CAB<:@H I>HIE>. %G LHF>
L>GL> % A:O> ;><HF> FHK> NG=>KLM:G=BG@ H? PA:M )BEMHG "KB>=F:G
A:L ;>>G :K@NBG@. "KB>=F:G BL =KBO>G ;R MA> B=>: MA:M PA:M>O>K MA>
@HO>KGF>GM =H>L BL ;:=. $> A:L : FBLLBHG :G= L>>FL MH ;> PBEEBG@ MH
L:<KB?B<> LHF> BGM>EE><MN:E AHG>LMR ?HK MA:M. ()H=B@EB:GB 1984, 120)
%G : 1976 ,K>LB=>GMB:E :==K>LL ;>?HK> MA> F>>MBG@ H? MA> AF>KB<:G !<HGHFB<
ALLH<B:MBHG, )H=B@EB:GB L:B=: f3> FNLM, MA>K>?HK>, <:M>@HKB<:EER K>C><M MA>
FHG>M:KBLM :II>:E MH MNKG ;:<D MA> <EH<D ?HKMR R>:KL ;R =BL<:K=BG@ MA> ;:LB< F>LL:@>
H? The General Theory. 3> LAHNE= BGLM>:= <HG<>GMK:M> HNK >??HKML BG :G >G=>:OHK MH
F:D> LM:;BEBS:MBHG IHEBL >O>G FHK> >??><MBO> BG MA> ?NMNK> MA:G MA>R A:O> ;>>G BG
MA> I:LMg ()H=B@EB:GB 1977, 17-18). !EL>PA>K>, )H=B@EB:GB (1979, 40) PKHM>: f)K.
"KB>=F:G A:L : IKH?HNG= =BL;>EB>? BG MA> :;BEBMR :G= AHG>LMR H? @HO>KGF>GM. %
MABGD A> PHNE= MA>K>?HK> ;> BG<EBG>= MH :K@N> MA:M, >O>G B? MA> @HO>KGF>GM <HNE=
LM:;BEBS> MA> ><HGHFR, BM LAHNE= GHM ;> MKNLM>= PBMA MA> IHP>K, ;><:NL> BM <HNE=
:EP:RL ;> NL>= ?HK >OBE. "HKMNG:M>ER MABL :=OB<> P:L G>O>K A>>=>=, :G= HG MA> PAHE>,
=NKBG@ MA> I>KBH= ;>?HK> 1970, LM:;BEBS:MBHG IHEBL P>K> INKLN>=.g $> <HGMBGN>L:
f3A>MA>K LM:;BEBS:MBHG PHKD>= BL GHM : JN>LMBHG MA:M <:G ;> :GLP>K>= LH >:LBER, ;NM
MA> K><HK= H? MA> I>KBH= L>>FL MH BG=B<:M> MA:M BM P:L ?:BKER LN<<>LL?NE.g
%G 2003 )H=B@EB:GB LB@G>= : I>MBMBHG :@:BGLM MA> M:Q <NML H? MA> #>HK@> 3.
BNLA :=FBGBLMK:MBHG ($>=>G@K>G >M :E. 2010). $> :ELH LIHD> HNM :@:BGLM IKHIHL:EL
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 482
MH IKBO:MBS> /H<B:E /><NKBMR, PAB<A A> ;>EB>O>= PHNE= =BLIKHIHKMBHG:M>ER ANKM MA>
IHHK (1<ABM>EE> 2003).
Appendix: Passages from Franco Modiglianis
Lorganizzazione e la direzione della
produzione in uneconomia socialista (1947)
L>E><M>= :G= MK:GLE:M>= ;R 2BOB:G: B #BHOBG:SSH
42
(I. 441)
The Organization and Direction of Production in a Socialist
Economy
(I. 442) I 1 Problem Setting
7c8
%G <:KKRBG@ HNM MABL M:LD P> PBEE ;> :;E> MH LAHPMA:M MA> LH<B:EBLM LRLM>FBL GHM
HGER ><HGHFB<:EER IHLLB;E>, ;NM :ELH MA:M LN<A : LRLM>FLAHNE= IHLLB;ER PHKD FN<A
;>MM>K MA:G MA> IKBO:M> >GM>KIKBL> LRLM>F.
(I. 446) I 5 The Four Rules in a private enterprise system.
7c8
0A>K> BL GH =HN;M MA:M MA> "BKLM .NE>
43
BL @>G>K:EER ?NEER :IIEB>=. AL ?HK MA>
/><HG=,
44
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<AHL>G ?K>>ER (1); AHP>O>K MA> IKBO:M> >GM>KIKBL> LRLM>F BL NLN:EER NG:;E> MH >GLNK>
MA> NMBEBS:MBHG H? MA> >GMBK> :O:BE:;E> JN:GMBMR. AG=, BG=>>=, <R<EB<:E NG>FIEHRF>GM
BL PBMAHNM =HN;M MA> FHLM L>KBHNL LAHKM<HFBG@ H? LN<A LRLM>F. 0A> 0ABK=
45
:G=
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.NE>L M>G= MH ;> L:MBL?B>= when and only when MA> IKH=N<MBHG :G= F:KD>M
42. 1GBO>KLBMR H? )BE:GH BB<H<<:, 20126 )BE:G, %M:ER.
43. (I. 445) First Rule e!:<A BG=BOB=N:E FNLM ;> ?K>> MH LI>G= ABL HPG BG<HF> :L A> IE>:L>L :G= MA> F:KD>M
IKB<> H? >:<A @HH= FNLM ;> =><B=>= LH MA:M MA> JN:GMBMR =>F:G=>= >JN:EL MA> JN:GMBMR :O:BE:;E>.
44. (I. 445) Second Rule e !:<A BG=BOB=N:E FNLM A:O> MA> ?NEE ?K>>=HF MH <AHHL> ABL HPG H<<NI:MBHG,
G:MNK:EER, PBMABG MA> EBFBML H? ABL H;C><MBO> <:I:<BMB>L. 0A> IKB<> MA:M MA> ?BKFL FNLM I:R ?HK MA> NL> H? >O>KR
?:<MHK H? IKH=N<MBHG FNLM ;> =>M>KFBG>= :<<HK=BG@ MH MA> IKBG<BIE> MA:M =>F:G= >JN:EL LNIIER.
45. (I. 445) Third Rule e AGR @HH= FNLM ;> IKH=N<>= :=HIMBG@ MA:M F>MAH= PAB<A, :IIEB>= PBMA MA>
F:QBF:E >??BG<R, E>:=L MH MA> FBGBF:E MHM:E IKH=N<MBHG <HLM.
46. (I. 446) Fourth Rule e 0A> I>KLHG BG <A:K@> H? HK@:GBS:MBHG :G= F:G:@>F>GM H? IKH=N<MBHG FNLM ?BQ
:G= :=CNLM MA> E>O>E H? IKH=N<MBHG LH MA:M MA> F:K@BG:E <HLM H? MA> F:K@BG:E JN:GMBMR IKH=N<>= >JN:EL MA>
O:EN> H? MA> F:KD>M IKB<>.
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 483
<HG=BMBHGL E>:= MH perfect competition. 1G=>K BFI>K?><M <HFI>MBMBHG (MA:M BL, PA>G
HG> ?BKF BL :;E> MH BG?EN>G<> LB@GB?B<:GMER MA> F:KD>M IKB<>) MA> "HNKMA .NE> BL
G>O>K L:MBL?B>=: L>>DBG@ MA> F:QBFNF IKH?BM, MA> IKBO:M> >GMK>IK>G>NK M>G=L MH
(<HGL<BHNLER HK NG<HGL<BHNLER) >JN:EBS> F:K@BG:E <HLM :G= F:K@BG:E K>O>GN>, PAB<A
BL :EP:RL BG?>KBHK MH MA> IKB<>. "BG:EER, MA> 0ABK= .NE> M>G=L MH ;> L:MBL?B>= NG=>K
FHGHIHER ;NM GHM NG=>K BFI>K?><M <HFI>MBMBHG BG MA> ;KH:= L>GL>. 0A> <HF-
I>MBMBHG H? G>P ?BKFL A:L MA> >??><M H? <HGM:BGBG@ IKH?BML MH : GHKF:E E>O>E, ;NM HGER
;R @>G>K:MBG@ :G >Q<>LLBO> GNF;>K H? ?BKFL H? GHG-><HGHFB< =BF>GLBHG :G= PBMA
AB@A <HLM H? IKH=N<MBHG.
"KHF PA:M P> A:O> L:B= LH ?:K, BM BL <E>:K MA:M, B? MA> INKIHL> H? MA> LH<B:EBLM
/M:M> BL MH F:QBFBS> <HEE><MBO> P>E?:K>, MA> LH<B:EBS:MBHG H? ?BKFL is not necessary NG=>K
I>K?><M <HFI>MBMBHG. %? GHG>MA>E>LL BM LA:EE ;> <HGLB=>K>= K>:LHG:;E> MH LH<B:EBS>
MA> ?BKFL, MA> ;>LM MABG@ MA:M <:G ;> =HG> BL MH HK=>K MA> <HFI:GR F:G:@>KL MH
F:G:@> f:L B?g MA>R P>K> IKBO:M> >GMK>IK>G>NKL. +G MA> <HGMK:KR, BG @>G>K:E, NG=>K
BFI>K?><M <HFI>MBMBHG BM BL G><>LL:KR MH LH<B:EBS> ?BKFL :G= HK=>K MH MA> F:G:@>KL
MH :IIER MA> "HNK .NE>L.
(I. 447)
7c8
#BO>G PA:M P> L:B= LH ?:K, BM BL <E>:K MA:M B? MA> INKIHL> H? MA> LH<B:EBLM /M:M>
BL MH F:QBFBS> MA> <HFFHG P>E?:K>, MA> LH<B:EBS:MBHG H? MA> ?BKFL NG=>K I>K?><M
<HFI>MBMBHG is not necessary. /AHNE= BM GHG>MA>E>LL ;> =>>F>= PHKMAPABE>, MA> ;>LM
MABG@ MH =H BL MH HK=>K MA> <HFI:GR F:G:@>KL MH F:G:@> IKH=N<MBHG f:L B?g MA>R
P>K> IKBO:M> >GMK>IK>G>NKL.
(I. 447) II 1 Problem Setting.
0A> IK>OBHNL L><MBHG =>FHGLMK:M>L MA> OBM:E <HGMKB;NMBHG MA:M ><HGHFB<
MA>HKR BL :;E> MH ;KBG@ MH IHEBMB<:E /H<B:EBLF.
0A> L:F> HE= :IAHKBLFL MA:M :K> NLN:EER K>I>:M>= ?KHF F:GR LB=>L, LN<A
:L fIKH=N<MBHG ?HK <HGLNFIMBHG :G= GHM ?HK IKH?BMg HK fMA> ?BKF FNLM ;> KNG
BG MA> @>G>K:E BGM>K>LMg :K> <HFIE>M>ER >FIMR B? MA>R :K> GHM F:=> <HG<K>M> BG
IK><BL>, H;C><MBO> :G= O>KB?B:;E> KNE>L. 0A> <:IBM:EBLM LRLM>F PHKDL, >O>G B? PBMA
F:GR BG>??BGL, ;><:NL> MA> <HFI:GR F:G:@>K A:L : IK><BL> M:LD MH
:<<HFIEBLA: MH F:QBFBS> <HFI:GR IKH?BML.
(I. 448) II 2 The function of the productive factors prices in a socialized system.
0A> IKB<>L H? consumption goods A:O> >LL>GMB:EER MA> L:F> ?NG<MBHG BG : IKBO:M>
<:IBM:EBLM LRLM>F :L BG : LH<B:EBS>= LRLM>F. 0A>R A>EI MH >GLNK> MA:M MA> @HH=L
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 484
IKH=N<>= :K> :LLB@G>= IK><BL>ER MH MAHL> BG=BOB=N:EL MA:M =>LBK> MA>F FHK>
BGM>GLBO>ER. %G : IKBO:M> >GM>KIKBL> LRLM>F MABL BFIHKM:GM ?NG<MBHG H? MA> IKB<>L H?
<HGLNFIMBHG @HH=L BL <HGLB=>K:;ER <HFIKHFBL>= ;R MA> ?:<M MA:M MA> <:I:<BMR H?
>:<A <HGLNF>K MH K>:EBS> ABL HPG =>LBK> =>I>G=L HG ABL BG<HF>, :G= MA:M LN<A
BG<HF> BL =BLMKB;NM>= AB@AER NG>JN:EER :FHG@ <HGLNF>KL; LH MA:M : L><HG=:KR G>>=
H? : fKB<Ag BG=BOB=N:E <:KKB>L @K>:M>K P>B@AM MA:G MA> FHK> NK@>GM G>>=L H? : fIHHKg
BG=BOB=N:E. 0ABL LAHKM<HFBG@ PBEE ;> <HGLB=>K:;ER K>=N<>=, B? GHM <HFIE>M>ER
>EBFBG:M>=, BG : LH<B:EBLM LRLM>F, :L P> LA:EE LAHP BG MA> <A:IM>K HG BG<HF>
=BLMKB;NMBHG.
(I. 463)
7c8
0A> "B?MA .NE>
47
BL <E>:KER MA> HG> MA:M :EEHPL MA> IKBO:M> >GMK>IK>G>NK MH
=><B=> PA>MA>K HK GHM BM BL K>:LHG:;E> MH >G@:@> BG : G>P IKH=N<MBHG BGBMB:MBO>. %M
LAHNE= ;> GHMB<>= MA:M LN<A =><BLBHG BL :EP:RL ;:L>= HG :G NG<>KM:BG ARIHMA>LBL
:;HNM <HGLNF>KLi M:LM>L, K>BG?HK<>= ;R LHF> IK>OBHNL >QI>KBF>GM. %G MABL K>LI><M,
MA> F:CHK =B??>K>G<> ;>MP>>G : IKBO:M> LRLM>F :G= : LH<B:EBS>= HG> BL MA:M BG MA>
?HKF>K =><BLBHGL :K> F:=> ;R : fIHM>GMB:E >GMK>IK>G>NKg PAH A:L <:IBM:E HK :<<>LL
MH <K>=BM: BG MA> E:MM>K, HG MA> <HGMK:KR, MA> =><BLBHG FNLM G><>LL:KBER ;> M:D>G ;R
LHF> <HFFNGBMRiL :=FBGBLMK:MBO> :NMAHKBMR. 3>EE, HG> LAHNE= :=FBM MA:M, BG MABL
?B>E=, MA>K> BL : L>KBHNL =:G@>K MA:M MA> LH<B:EBLM LRLM>FPBEE IKHO> MH ;> <HGLB=>K:;ER
BG?>KBHK MH : IKBO:M> >GM>KIKBL> LRLM>F.
0A> IKHLI><M H? E:K@> IKH?BML :G= MA> KBLD H? IHLLB;E> EHLL>L <HGLMBMNM>L,
PBMAHNM =HN;M, :G >QMK>F>ER >??BGM F><A:GBLFMH BG=N<> MA> >GMK>IK>G>NKL MH ;>
HI>G MH G>P B=>:L :G=, :M MA> L:F> MBF>, IKN=>GM BG BGMKH=N<BG@ MA>F.
+G MA> <HGMK:KR, BG : LH<B:EBLM LRLM>F HG> :EM>KG:M>L ;>MP>>G MPH HIIHLBM>
:G= >JN:EER L>KBHNL =:G@>KL: HG MA> HG> A:G= MA>K> BL MA> =:G@>K MA:M, E:<DBG@ MA>
IKH?BM BG<>GMBO>, MA> HG> PAH :=FBGBLMK:M>L MA> LH<B:E P>:EMA PBEE LAKBGD ?KHF MA>
GHO>EMR :G= K>F:BG LMN<D BG MA> KHNMBG>; HG MA> HMA>K A:G=, MA>K> BL MA> =:G@>K
MA:M NLBG@ <:IBM:E MA:M BL GHM ABL, A> >F;:KDL HG L>GL>E>LL NG=>KM:DBG@L, P:LMBG@ MA>
K>LHNK<>L H? MA> <HFFNGBMR.
7c8
B) 7c8
3> LAHNE= GHMB<> MA:M :L ?:K :L E:K@>-L<:E> =><BLBHGL :K> <HG<>KG>=, BM BL EBD>ER
MA:M, BG MA> ?BG:E :G:ERLBL, MA>K> PHGiM ;> : ;B@ =B??>K>G<> ;>MP>>G MA> LH<B:EBLM
LRLM>F :G= MA> <NKK>GM HG>, ;><:NL> BG MA> E:MM>K :ELH E:K@> BGO>LMF>GML :K> F:=>
47. (I. 463) "B?MA .NE>: 0A> IKH=N<MBHG H? : G>P@HH= BL :EP:RL CNLMB?B>= PA>G MA> IKB<> MA:M <HGLNF>KL :K>
PBEEBG@ MH I:R ?HK HG> H? MA> IHLLB;ER IKH=N<B;E> JN:GMBMB>L BL :=>JN:M> MH <HO>K MA> MHM:E <HLM H? IKH=N<MBHG.
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 485
PBMA IN;EB< <:IBM:E FHK> MA:G PBMA MA:M H? MA> IKBO:M> >GMK>IK>G>NK :G= <:KKB>= HNM
HG MA> ;:LBL H? IK>OBHNL <HGLNEM:MBHG PBMA O:KBHNL MRI> H? IKH=N<MBHG :G= F:KD>M
LI><B:EBLML.
7c8
(I. 465)
!) 7c8
(:LMER, F:G:@BG@ =BK><MHKL LAHNE= ;> K>I>:M>=ER K>FBG=>= MA:M MA>BK CH; BL MH
INKLN> MA> P>E?:K> H? <HGLNF>KL, :G= MA:M MABL M:LD K>JNBK>L GHM HGER IKN=>G<> ;NM
:ELH BGM>EEB@>G<> :G= <HNK:@>. 0A> HKB@BG:EBMR :G= LN<<>LL H? MA> >QI>KBF>GML FNLM
;> HG> H? MA> F:BG <KBM>KB: H? MA> ><HGHFB< ;NK>:N<K:<RiL IKH@K>LL.
%M BL MH ;> =>LBK>= MA:M PBMA MA>L>, HK LBFBE:K, F>:LNK>L, MA> LH<B:EBLM LRLM>F
PBEE ;> :;E> MH AHE= BML @KHNG=, BG M>KFL H? =RG:FBLF, :@:BGLM MA> <NKK>GM <:IBM:EBLM
LRLM>F. %G=>>=, BM LAHNE= ;> GHM>= MA:M :ELH BG MA> FH=>KG <:IBM:EBLM LRLM>F, MA>
;NLBG>LL =BK><MBHG BL ?K>JN>GMER BG MA> A:G=L H? f>FIEHR>>Lg I:B= BG ?BQ>= P:@>L
:G= ;HGNL>L, :G= MA:M ?BKFL BG <HG=BMBHGL H? FHK> HK E>LL I>K?><M FHGHIHER, =H GHM
:EP:RL =BLMBG@NBLA MA>FL>EO>L ;R MA>BK =RG:FBLF.
0A>K> BL GH K>:LHG MH ?>:K MA> IHLLB;BEBMR MA:M MA> .>L>:K<A CHFFBLLBHGL
<HNE= ;> A>:OR :G= >QI>GLBO> ;NK>:N<K:MB< HK@:GBS:MBHGL. !<HGHFB< K>L>:K<A BL
<NKK>GMER F:G:@>=, I:KMER ;R MA> ?BKFL MA>FL>EO>L, I:KMER ;R LHF> H??B<>L ?BG:G<>=
;R MA> >FIEHR>KLi HK@:GBS:MBHGL. 0A:GDL MH MA> BFF>=B:M> =B??NLBHG H? >O>KR
M><AGB<:E :G= HK@:GBS:MBHG:E IKH@K>LL, >GMKNLMBG@ MA> <HHK=BG:MBHG H? K>L>:K<A MH :
LBG@E> <>GMK:E HK@:GBS:MBHG PBEE K>=N<> MA> <HLM :G= BG<K>:L> MA> IK:<MB<:E K>LNEML.
%G :==BMBHG MH MA> ?NG<MBHG =>L<KB;>= :;HO>, MA> .>L>:K<A CHFFBLLBHGL LA:EE
A:O> : MAHKHN@AER BFIHKM:GM :G= =>EB<:M> M:LD: MA:M H? =><B=BG@ :;HNM MA>
HIIHKMNGBMR MH HI>G G>P ?BKFL HK MH K>=N<> MA> GNF;>K H? MA> IK>->QBLMBG@ HG>L.
%G : <:IBM:EBLM LRLM>F MABL IKH;E>F BL K>LHEO>= ;R P:R H? MA> IKH?BM F><A:GBLF. (I.
466) $B@A IKH?BML :MMK:<M G>P ?BKFL, PA>K>:L EHLL>L M>G= MH K>=N<> MA> GNF;>K H?
>QBLMBG@ ?BKFL. +G MA> HMA>K A:G=, BG : LH<B:EBLM LRLM>F, AB@A IKH?BML =H GHM ipso facto
:MMK:<M G>P?BKFL ;><:NL> MA>K> :K> GHM IHM>GMB:E >GMK>IK>G>NKL, K>:=R MH >QIEHBM MA>
HIIHKMNGBMR. AL ?HK MA> K>=N<MBHG H? ?BKFL, MABL LA:EE H<<NK HGER BG MA> <:L> PA>K>
MA> IKB<> ?:EEL MH MA> IHBGM PA>K> BM IK>O>GML HG> HK FHK> ?BKFL ?KHF <HO>KBG@ :ELH
MA> =BK><M <HLML.
0ANL, MA> IKH?BM F><A:GBLFFNLM ;> K>IE:<>= BG MA> LH<B:EBLM LRLM>FPBMA MABL
?BG:E :G= ?HEEHPBG@ .NE>, PAB<A P> PBEE <:EE MA> /BQMA .NE>.
Sixth Rule e 0A> GNF;>K H? MA> ?BKFL FNLM ;> =>M>KFBG>= ;R MA> IKBG<BIE>
MA:M MA> MHM:E <HLM H? MA> JN:GMBMR IKH=N<>= ;R :EE ?BKFL FNLM ;> :M : FBGBFNF.
0A:M BL, BG MA> :;L>G<> H? <A:G@>L BG =>F:G=, MA> MHM:E GNF;>K H? ?BKFL FNLM
;> BG<K>:L>= HK =BFBGBLA>= B? :G= HGER B? MABL IKHOHD>L : =BFBGNMBHG H? MA> MHM:E
IKH=N<MBHG <HLM. 0A> :IIEB<:MBHG H? MABL KNE> <E>:KER >Q<>>=L MA> <HG<>KG H? MA>
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 486
F:G:@BG@ =BK><MHKL, ;><:NL> BM K>JNBK>L MA> DGHPE>=@> H? MA> LM:M> H? MA> >GMBK>
;K:G<A H? IKH=N<MBHG.
7c8
(I. 467)
%M BL <E>:K MA:M MA> /BQMA .NE> FNLM ;> :IIEB>= PBMA >QMK>F> <:NMBHG :G=
MA:M MA> LM:M> HNM<HF> BM INKLN>L <:G G>O>K ;> ?NEER K>:EBS>=, F:BGER ;><:NL> MA>
><HGHFB< <HG=BMBHGL <A:G@> <HGMBGNHNLER. /MBEE, BM A:L MH ;> >GOBL:@>= MA:M BG :
LRLM>F H? IKBO:M> >GM>KIKBL>, BM BL GHM HGER MA> <:L> MA:M LN<A : <HG=BMBHG (HIMBF:E
?BKF GNF;>K :G= =BF>GLBHG) BL GHM :EP:RL L:MBL?B>= ;NM, BG ?:<M, BM cannot be satisfied.
%G : LH<B:EBLM LRLM>F MA>K> PBEE ;> :M E>:LM : <HGMBGNHNL >??HKM BG MA> KB@AM =BK><MBHG,
>O>G B? MA> K>LNEML <:G G>O>K ;> I>K?><M.
(I. 480)
7c8
%G<B=>GM:EER, P> GHMB<> MA:M O:KBHNL ?:L<BLM ><HGHFB< LRLM>FL (I:KMB<NE:KER
MA> *:SB :G= &:I:G>L> HG>L) :<<NFNE:M> MA> LAHKM<HFBG@L H? MA> <:IBM:EBLM LRLM>F
:G= MA> <HFFNGBLM HG>. %G=>>=, <NKK>GM IKH=N<MBHG BL BG MA> A:G=L H? IKBO:M>
>GM>KIKBL>L :G=, <HGL>JN>GMER, :BFL :M >:KGBG@ : IKH?BM :G= GHM :M K>:EBSBG@ MA>
<HFFHG P>E?:K>. %GO>LMF>GML :K> F:=> BG :<<HK=:G<> PBMA : IE:G, ;NM MA> L<HI>
H? MABL IE:G BL GHM MA> <HFFHG P>E?:K>, ;NM K:MA>K MA> FBEBM:KR LMK>G@MA>GBG@ H? MA>
G:MBHG. "NKMA>KFHK>, MA> <>GMK:EBS:MBHG H? IHEBMB<:E :G= ><HGHFB< IHP>K BG : LH<B:E
<E:LL @BO>L KBL> MH NGIK><>=>GM>= >QIEHBM:MBHG H? MA> PHKDBG@ <E:LL.
+G MA> HMA>K A:G=, BM BL <E>:K MA:M MA> LH<B:EBLM LRLM>F <HF;BG>L MA> :=O:G-
M:@>L H? MA> <:IBM:EBLM LRLM>F (><HGHFB< =><>GMK:EBS:MBHG, <HGLNF>K LHO>K>B@GMR)
PBMA MA> :=O:GM:@>L H? MA> /HOB>M LRLM>F (BGO>LMF>GM <HHK=BG:MBHG :G= IKH=N<MBHG
?HK <HGLNFIMBHG).
(I. 482)
7c8
3ABE> MA> CH; H? :G >G@BG>>K HK : =H<MHK BLGiM G><>LL:KBER FHK> MBKBG@ MA:G
MA:M H? MA> NGLDBEE>= PHKD>K HK LN;HK=BG:M> >FIEHR>>, MA> BG<HF> H? MA> ?HKF>K
GHG>MA>E>LL <HGLB=>K:;ER >Q<>>=L MA:M H? MA> E:MM>K. 0ABL BL <E>:KER =N> MH MA>
<BK<NFLM:G<> MA:M MA> ?HKF>K K>JNBK> I:KMB<NE:K G:MNK:E :;BEBMB>L :G= EHG@ M><AGB<:E
MK:BGBG@. #BO>G MA:M MABL BL MKN> ?HK : LH<B:EBLM LRLM>F:L P>EE :L ?HK : <:IBM:EBLM LRLM>F,
BM BL >:LR MH >QI><M MA:M LN<A =B??>K>G<> PBEE K>F:BG.
$HP>O>K, BG : <:IBM:EBLM LRLM>F LHF> IKH?>LLBHGL :K> :<<>LLB;E> HGER MH MAHL>
PAH, A:OBG@ : FBGBFNF H? LDBEEL, IHLL>LL :=>JN:M> ?BG:G<B:E F>:GL. %G MABL P:R,
MAHL> PAH ;>EHG@ MH P>:EMAR ?:FBEB>L A:O> >:LB>K :<<>LL MH =B??>K>GMB:E P:@>L LH MA:M
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 487
BG<HF> BG>JN:EBMB>L M>G= MH ;> I>KI>MN:M>= :G= MH BG<K>:L>. 0ABL F:GB?>LM BGCNLMB<>
<:G :G= FNLM ;> :;HEBLA>=, GHM ;R :K;BMK:KBER K>FHOBG@ MA> P:@> =B??>K>G<>, ;NM
K:MA>K ;R @N:K:GM>>BG@ MH >O>KRHG> MA> L:F> F>:GL, K>@:K=E>LL H? ?:FBER BG<HF>.
CHG<K>M>ER, MABL F>:GL MA:M BG MA> LH<B:EBLM LRLM>F M><AGB<:E L><HG=:KR >=N<:MBHG
:ELH FNLM ;> LNIIEB>= ?K>> H? <A:K@> MH :GRHG> PAH LAHPL : G:MNK:E BG<EBG:MBHG, ;R
F>:GL H? L<AHE:KLABI IKH@K:FL.
7c8
$HP>O>K HG> F:R :LD B? BM BL :<MN:EER CNLMB?B:;E> MH :<<>IM (I. 483) =B??>K>GMB:E
BG<HF>L ?HK BG=BOB=N:EL PAH =B??>K HGER BG G:MNK:E BG<EBG:MBHG. 0H :GLP>K MABL
JN>LMBHG, HG> LAHNE= GHMB<> MA:M MA> @>G>K:E BGM>K>LM K>JNBK>L MA:M :G BG=BOB=N:E, :;E>
MH I>K?HKF =B??>K>GM M:LDL, ;> BG=N<>= MH <AHHL> IK><BL>ER MA:M ><HGHFB< :<MBOBMR
PAHL> IKH=N<MBOBMR, :G= <HGL>JN>GMER IKB<>, BL AB@A>K; HMA>KPBL>, A> PBEE IKH=N<>
@HH=L HK L>KOB<>L H? :G BG?>KBHK O:EN> BG <HFI:KBLHG MH PA:M A> BL :;E> MH IKH=N<>,
K>LNEMBG@ BG : @>G>K:E EHLL.
0A>K>?HK>, MA> =B??>K>G<> BG BG<HF> LAHNE= ;> <HGLB=>K>= GHM :L : K>P:K= ?HK
: G:MNK:E LDBEE, ;NM :L MA> G><>LL:KR F><A:GBLF MH LMBFNE:M> MA> LNIIER H? L>KOB<>L
MA:M A:O> MA> @K>:M>LM ><HGHFB< O:EN> ?HK MA> <HFFNGBMR.
(I. 488)
7c8
%G <HG<ENLBHG, P> <:G <>KM:BGER :??BKF MA:M L:OBG@ BL LH<B:EER NL>?NE, @BO>G
MA:M BM :EEHPL HG> MH BG<K>:L> MA> JN:GMBMR :G= BFIKHO> MA> JN:EBMR H? MA> F>:GL
H? IKH=N<MBHG :O:BE:;E> MH MA> <HFFNGBMR, :G= <HGL>JN>GMER, MH F:D> PHKD FHK>
IKH=N<MBO>. $HP>O>K, B? L:OBG@ BL GHM BGO>LM>=, BM ;><HF>L GHM HGER NL>E>LL, ;NM
:ELH L>KBHNLER =:G@>KHNL ;><:NL> BM @BO>L KBL> MH NG>FIEHRF>GM; :G= MA> <:IBM:EBLM
LRLM>F E:<DL :G >??><MBO> F>:GL H? @N:K:GM>>BG@ MA> BGO>LMF>GM H? IHM>GMB:E
L:OBG@L. 0A>K>?HK>, BM BL ?K>JN>GMER BG<:I:;E> H? :OHB=BG@ E:K@>-L<:E> NG>FIEHR-
F>GM.
3BMA MA>L> IHBGML BG FBG= P> <:G GHP <HGLB=>K MA> LHENMBHG H? MA> L:OBG@L
:G= BGO>LMF>GM JN>LMBHG BG : LH<B:EBLM LRLM>F.
0A> F:MM>K <E>:KER A:L MPH :LI><ML: :) PAH FNLM ;> >GMKNLM>= PBMA MA> L:OBG@L
?NG<MBHG BG MA> LH<B:EBLM LRLM>F? )NLM MA> L:OBG@L ?NG<MBHG ;> <HGLB=>K>= : IKBO:M>,
<HEE><MBO>, HK FBQ>= ?NG<MBHG? ;) AHP <:G :G >??BGM <HHK=BG:MBHG ;>MP>>G
L:OBG@L :G= BGO>LMF>GM ;> :LLNK>=, LH :L MH >EBFBG:M> NG>FIEHRF>GM?
0A> L><HG= JN>LMBHG A:L ;>>G :EK>:=R I:KMB:EER :GLP>K>= BG <A:IM>K %%.
%GO>LMF>GM <HHK=BG:MBHG BL BG ?:<M : ;:LB< LM>I MHP:K=L LHEOBG@ MA> IKH;E>F; HMA>K,
=B??>K>GM F>MAH=L LA:EE ;> K><HFF>G=>= BG MA> E:LM L><MBHG H? MABL <A:IM>K. "HK MA>
FHF>GM P> LA:EE <HG<>GMK:M> HNK :MM>GMBHG HG MA> ?BKLM IKH;E>F.
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 488
(I. 489)
7c8
%G HNK HIBGBHG, MA> IKH;E>F H? L:OBG@L :G= MA> BGA>KBM:;BEBMR H? P>:EMA FNLM
;> K>LHEO>= BG MA> LH<B:EBLM LRLM>F :<<HK=BG@ MH MA> LBFIE> IKBG<BIE> MA:M anybody has
the right to increase his own income with his own sacrifice.
#BO>G MA:M L:OBG@L BFIEB>L : L:<KB?B<>, MA>K> BL GH K>:LHG MH IK>O>GM
BG=BOB=N:EL ?KHF BG<K>:LBG@ MA>BK HPG BG<HF> BG LN<A : P:R. AGRP:R, MA> MK:GL-
FBLLBHG H? HMA>K @HH=L ?HK ?K>> (>BMA>K ;R E>@:<R HK =HG:MBHG) LAHNE= ;> EBFBM>= HK
LN;C><M MH LI><B:E K>@NE:MBHG, ;><:NL> MA> I>KLHG K><>BOBG@ LN<A @HH=L K><>BO>L :G
BG<K>:L> BG BG<HF> PBMA GH <HKK>LIHG=BG@ L:<KB?B<> HK I>K?HKF:G<>.
+G<> BG=BOB=N:E L:OBG@ BL :EEHP>=, MA> <HG=BMBHGL NIHG PAB<A LN<A L:OBG@L
<:G ;> BGO>LM>= LAHNE= ;> =><B=>=.
7c8
;) /:OBG@L F:R IHLLB;ER ;> =>IHLBM>= BG L:OBG@L :<<HNGML HK BGO>LM>= BG
@HO>KGF>GM ;HG=L. +? <HNKL>, @HO>KGF>GM ;HG=L PBEE ;> MA> HGER >QBLMBG@ ;HG=L,
@BO>G MA:M :EE MA> ;B@ BG=NLMKB:E :G= ;:GDBG@ IN;EB<ER-JNHM>= ?BKFL PBEE ;>
MK:GL?HKF>= BGMH IN;EB< ?BKFL :G= ?BG:G<>= ;R MA> /M:M>.
7c8
(I. 490)
=) 7c8 %G HNK OB>P, MA> KB@AM MH HPG : AHF> LAHNE= ;> :<DGHPE>=@>= :G=
LH, MA>K>?HK>, LAHNE= MA> KB@AM MH NL> L:OBG@L ?HK MABL INKIHL>. A<<HK=BG@ MH MA>
:;HO>-F>GMBHG>= IKBG<BIE>, MA> IKHI>KMR KB@AM :<DGHPE>=@>= ?HK <>KM:BG MRI>L H?
@HH=L LA:EE GHM BG<EN=> MA> KB@AM MH =BLIHL> H? MA>F:L HG> PBLA>L; MA> MK:GLFBLLBHG
H? @HH=L ?K>> H? <A:K@> MH IKBO:M> <BMBS>GL LAHNE= ;> IKHAB;BM>=, >Q<>IM ?HK
<HGLNFIMBHG @HH=L. $HP>O>K, ?HK L>O>K:E K>:LHGL, MA> LMKB<M :IIEB<:MBHG H? MABL
IKBG<BIE> BL GHM :=OBL:;E>. "BKLMER, BM PBEE K>FHO> :GR BG<>GMBO> ?HK L:OBG@ :G= ?HK MA>
F:BGM>G:G<> H? MA> F:M>KB:E @HH=L INK<A:L>= MA:GDL MH MAHL> O>KR L:OBG@L. 0H MABL
LAHKM<HFBG@ MA:M, :L P> PBEE LAHKMER L>>, BL GHM >LL>GMB:E, P> FNLM :== :GHMA>K FHK>
L>KBHNL HG>: MA> =:G@>K H? M:Q >O:LBHG :G= ?K:N= HG : E:K@> L<:E>.
(I. 499)
7c8
3> A:O> LBFBE:KER LAHPG MA:M MA> LH<B:EBS:MBHG H? ?BKFL NG=>K I>K?><M
<HFI>MBMBHG, MH MA> >QM>GM MA:M BM BL IHLLB;E>, BL GHM G><>LL:KR ;><:NL>, BG LN<A
<HG=BMBHGL, MA> IKBO:M> INKLNBM H? F:QBF:E IKH?BM E>:=L :NMHF:MB<:EER MH F:QBF:E
<HFFHG P>E?:K>. %G ?:<M, NG=>K LN<A <HG=BMBHGL, MA> KNE>L MA:M MA> IKBO:M>
>GMK>IK>G>NK LMKBO>L MH ?HEEHP (<HGL<BHNLER HK NG<HGL<BHNLER) :K> IK><BL>ER MA>
L:F> KNE>L MA:M MA> LH<B:EBLM /M:M> LAHNE= IK>L<KB;> MH MA> LH<B:EBLM F:G:@>K.
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 489
CHGL>JN>GMER, : JN>LMBHG LAHNE= ;> K:BL>=: B? MA> LH<B:EBS:MBHG H? LN<A ?BKFL
BL GHM G><>LL:KR, BL BM HIIHKMNG>?
%G MA> ?BKLM IE:<>, P> GHMB<> MA:M, BG MA> ;>LM IHLLB;E> LBMN:MBHG, MA> LH<B:EBLM
>GM>KIKBL> <HNE= GHM INKLN> MA> <HEE><MBO> P>E?:K> ;>MM>K MA:G MA> IKBO:M> HG>. +G
MA> HMA>K A:G=, BM BL IHLLB;E>, B? GHM IKH;:;E>, MA:M MA:M LH<B:EBLM HG>, GHM A:OBG@ :
=BK><M :G= I>KLHG:E BGM>K>LM :L LMKHG@ :L MA> IKBO:M> =BK><MHK, FB@AM, HG :O>K:@>, ;>
E>LL f>??BGMg MA:G MA> E:MM>K.
"BG:EER, BM LAHNE= ;> :==>= MA:M PA>G MA>K> :K> MA> <HG=BMBHGL ?HK ?K>> >GM>K-
IKBL>, MA> IKH=N<MBO> ?BKFL :K> GNF>KHNL :G= K>E:MBO>ER LF:EE :G=, <HGL>JN>GMER,
MA> >GMK>IK>G>NK PHNE= K>JNBK> O:LM, >QI>GLBO>, :G= LMKB<M LNKO>BEE:G<> ;R MA>
;NK>:N<K:<R. 0A>L> :G= LBFBE:K <HG=BMBHGL E>:= ><HGHFBLML MH <HG<EN=> MA:M MA>
LH<B:EBS:MBHG H? >GM>KIKBL>L NG=>K I>K?><M <HFI>MBMBHG BL BG:=OBL:;E>, ;><:NL> BM
PHNE= GHM ;> :;E> MH BG<K>:L> <HEE><MBO> P>E?:K>, PA>K>:L, :EFHLM <>KM:BGER, BM PHNE=
<:NL> : LB@GB?B<:GM K>=N<MBHG H? MA> G:MBHG:E BG<HF>.
(I. 503)
7c8
0A> IKBO:M> >GM>KIKBL>L MA:M PBEE ;> :;E> MH ?:<> MA> <HFI>MBMBHG PBEE LNKOBO>,
:G= MA>K> BL GH K>:LHG MH ?HK<>?NEER >EBFBG:M> MA>F, ;><:NL> MA>R <E>:KER L>KO>
MA> @>G>K:E BGM>K>LM. +G MA> <HGMK:KR, MA> HMA>K fBG>??BGMg >GM>KIKBL>L PBEE ;>
:NMHF:MB<:EER >EBFBG:M>=.
(I. 505)
7c8 2) %G HNK HIBGBHG, : FN<A FHK> =><BLBO> BLLN> BL MA> ?:<M MA:M MA> M:LD H?
MA> LH<B:EBLM =BK><MHK BL <HGLB=>K:;ER >:LB>K MA:G MA:M H? MA> IKBO:M> HG>. %G HK=>K MH
F:QBFBS> IKH?BML, MA> IKBO:M> >GMK>IK>G>NK FNLM F:M<A F:K@BG:E <HLM :G= F:K@BG:E
K>O>GN>, PA>K>:L MA> M:LD H? MA> LH<B:EBLM =BK><MHK <HGLBLML BG >JN:EBSBG@ F:K@BG:E
<HLM :G= IKB<>.
(I. 506)
7c8
0A>K>?HK>, f<HEE><MBO> ;:K@:BGBG@g BG MA> LH<B:EBLM LRLM>FA:L GH INKIHL> :G=
FB@AM HGER ;> NL>?NE BG BEEB<BMER IKHM><MBG@ <>KM:BG BGM>K>LML MH MA> =>MKBF>GM H? MA>
@>G>K:E BGM>K>LM.
(I. 514)
7c8
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 490
%M K>F:BGL HGER MH <HG<EN=> ;R K>I>:MBG@ MA> PHK=L H? +LD:K (:G@>, PKBMM>G
BG 1937, fcMA>K> BL ;NM HG> ><HGHFB< IHEB<R MA:M MA> ><HGHFBLM F:R LN@@>LM MH :
LH<B:EBLM @HO>KGF>GM PBMA MA> AHI> H? LN<<>LL: K>OHENMBHG:KR <HNK:@>.g
References
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E>:LM ?BO> PHKE=-?:FHNL ><HGHFBLML: 'GNM 3B<DL>EE, #NLM:O C:LL>E, !EB $><DL<A>K,
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/<AHHE BG MA> 1930L, E>:=BG@ ?B@NK>L PBMABG MA> (B;>K:E :G= /H<B:E >FH<K:MB<
I:KMB>L K>LI><MBO>ER :G= ;HMA P>K> BG MA> 1970L :P:K=>= MA> /O>KB@>L .BDL;:GD
IKBS> BG ><HGHFB< LG<>L BG F>FHKR H? AE?K>= *H;>E. )RK=:E ;><:F> HG> H?
MA> PHKE=iL FHLM ?:FHNL ><HGHFBLML, ;NBE=BG@ ABL K>INM:MBHG HG, :;HO> :EE, An
American Dilemma (1944:) :G= Asian Drama (1968), :G= A> P:L :P:K=>= MA> *H;>E
IKBS> BG 1974 MH : E:K@> >QM>GM ?HK ABL fI>G>MK:MBG@ :G:ERLBL H? MA> BGM>K=>I>G=>G<>
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49. $BL <H-E:NK>:M> P:L "KB>=KB<A OHG $:R>D, ?HK F:GR R>:KL ABL B=>HEH@B<:E ?H>.
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LH<B:E P>E?:K>. /HF> H? MA> B=>:L H? 'C>EE[G LM:R>= PBMA )RK=:E MAKHN@AHNM ABL
EB?> (#NLM:?LLHG 1989, 145). 'C>EE[G A:= <HBG>= MA> >G=NKBG@ IAK:L> f0A> ,>HIE>iL
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IE>:L> ABF, :EMAHN@A BM f@:O> ABF >GA:G<>= NG=>KLM:G=BG@ H? MA> BFIHKM:G<> H?
50. BHMA #NLM:?LLHG :G= &:<DLHG =K:P NIHG AG=>KLLHG (1989); #NLM:?LLHG E:M>K (1998) PKHM> : IHKMK:BM
H? )RK=:E PAB<A PBEE LHHG :II>:K BG : ;HHD >=BM>= ;R CAKBLMBG: &HGNG@ :G= AGG-CA:KEHMM> /MYAE;>K@.
)RK=:E G>O>K PKHM> :G :NMH;BH@K:IAR ;NM HG L>O>K:E H<<:LBHGL LNFF:KBS>= ABL HPG =>O>EHIF>GM (L>>,
>.@., )RK=:E 1969, 10) :G= BG 1973 IN;EBLA>= : ;HHD >GMBME>= I stllet fr memoarer (MA> !G@EBLA MBME> H? MA> ;HHD
P:L Critical Essays on Economics ;NM MA> /P>=BLA MBME> K>-MK:GLE:M>= BGMH !G@EBLA PHNE= ;> Instead of Memoirs).
+G MA> HMA>K A:G=, MA> EBM>K:MNK> HG )RK=:E BL AN@>. A<HG<BL> IHKMK:BM H? )RK=:E BL ?HNG= BG /MK>>M>G (1987)
:G= MA> <HGM>GML :G= K><>IMBHG H? )RK=:EiL F:CHK PHKDL :K> LNFF:KBS>= BG B:K;>K (2008); ;HMA /MK>>M>G
:G= B:K;>K A:= ;>>G <HEE:;HK:MHKL H? )RK=:E. A<HEE><MBHG H? )RK=:EiL PHKDL BL :O:BE:;E> BG AII>EJOBLM :G=
AG=>KLLHG (2005) :G= :GHMA>K ;HHD HG )RK=:E ;R AII>EJOBLM BL HG BML P:R. ALAHKM >QIHLBMBHG H? )RK=:E BG
IN;EB< =>;:M> BL :O:BE:;E> BG C:KELHG :G= &HGNG@ (2006).
ECON JOURNAL WATCH
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BGLMBMNMBHG:E <HG=BMBHGL ?HK LHMRiL =>O>EHIF>GMg (#NLM:?LLHG 1989, 146). $BL
;:LB< HNMEHHD P:L AHP>O>K LMBEE MA> L:F>. &:<DLHG JNHM>L :M E>G@MA ?KHF : LI>><A
HG f0A> CKHP= :G= MA> %GM>EEB@>GMg (f):LL:G H<A %GM>EEB@>GL>Gg), PAB<A )RK=:E
@:O> :M : LMN=>GM <EN;. )RK=:E <:EE>= ?HK : fI:KMR H? MA> BGM>EEB@>GMg MH =BK><M /P>=BLA
IHEBMB<L BG MA> <HFBG@ >K: H? F:LL IHEBMB<L (=>FH<K:<R). 0ABL I:KMR H? MA> BGM>EEB@>GM
PHNE= F:D> NL> H? LGMB?B< M><AGBJN>L MH F:GBINE:M> :G= <HGMKHE MA> fBKK:MBHG:Eg
F:LL>L :G= BM PHNE= ;> :;E> MH f=>?>G= MA> G:MBHG:E BGM>K>LM :@:BGLM L>E?BLAG>LL :G=
<E:LL->@HBLF.g &:<DLHG (1990, 46) <HG<EN=>L MA:M MABL LI>><A fK>?E><M>= )RK=:EiL
RHNMA?NE BG?:MN:MBHG PBMA MA> *B>MSL<A>:G B=>: H? MA> LNI>KF:G,
51
:L P>EE :L ABL
>GMANLB:LF ?HK 'C>EE[GiL B=>:L,g :G= <HGMBGN>L:
0A> >G?:GM M>KKB;E> >Q:@@>K:M>= ABL :K@NF>GML ?HK MA> L:D> H? =>;:M>
PBMA ABL ?>EEHP LMN=>GML HG MABL H<<:LBHG, ;NM : LMKHG@ >E>F>GM H?
>EBMBLFPHNE= K>F:BG BG )RK=:EiL MAHN@AM BG MA> R>:KL :A>:=. !O>G :?M>K
CHBGBG@ MA> /H<B:E >FH<K:ML BG 1931, A> PHNE= >F>K@> :L : LMKHG@
:=OH<:M> H? LH<B:E >G@BG>>KBG@ :G= IE:GGBG@, PHKDBG@ <EHL>ER PBMA
BGM>EE><MN:EL ?KHF HMA>K IHEBMB<:E I:KMB>L HG KHR:E <HFFBLLBHGL :G=
I:KEB:F>GM:KR <HFFBMM>>L. (BD> MA> RHNG@ 3:EM>K (BIIF:GG BG MA>
1GBM>= /M:M>L :G= /B=G>R :G= B>:MKB<> 3>;; BG BKBM:BG, )RK=:E PHNE=
<HF;BG> :G BGM>K>LM BG LH<B:E P>E?:K> PBMA : ;>EB>? MA:M >QI>KML A:= :
D>R KHE> MH IE:R BG LA:IBG@ IN;EB< IHEB<R :G= BG LM:;BEBSBG@ I:KEB:F>GM:KR
=>FH<K:<R. (&:<DLHG 1990, 49)
NKBG@ FHLM H? MA> 1920L )RK=:E PHNE= LM:R :P:R ?KHF IHEBMB<L (>Q<>IM
?HK PKBMBG@ IHEBMB<:E :KMB<E>L HG ;>A:E? H? ABL <HGL>KO:MBO> ?:MA>K) :G= ?H<NL HG ABL
:<:=>FB< <:K>>K. $> A:= F>M AEO: .>BF>K, ABL ?NMNK> PB?>, BG 1919. /A> A:= /H<B:E
>FH<K:MB< E>:GBG@L :G= >Q>KM>= : IHP>K?NE BG?EN>G<> HG ABF fMHP:K= : @K>:M>K
<HG<>KG ?HK LH<B:E K>?HKF :G= >JN:EBMRg (&:<DLHG 1990, QO). /A> :ELH MBEM>= ABF BG
: =B??>K>GM =BK><MBHG PA>G LA> >G<HNK:@>= ABF MH K>:= ><HGHFB< EBM>K:MNK> :G=
IKH<NK>= #NLM:O C:LL>EiL Theoretische Sozialkonomie.
52
/HHG A> >GEBLM>= PBMA C:LL>E
:M /MH<DAHEF 1GBO>KLBMR PA>K> ABL >EBMBLM B=>:L P>K> GHM =:FI>G>=. fA=FBLLBHG
MH C:LL>EiL >EBM> <BK<E> H? LMN=>GML @:O> #NGG:K )RK=:E : L>GL> H? ;>BG@ <AHL>G
?HK E>:=>KLABI :G= K><H@GBS>= :L PA:M /P>=>L H? MA:M =:R <:EE>= :G hBGM>EE><MN:E
:KBLMH<K:Mig (B;B=., 53). A<<HK=BG@ MH &:<DLHG, )RK=:EiL OB>PL P>K> ?HK : PABE> BG MA>
FB=-1920L, EBD> C:LL>EiL, f>LL>GMB:EER EB;>K:Eg:
51. /BLL>E: BHD (1991, 72-73) IHBGML MH A>K ?:MA>KiL f*B>MSL<A>:G ?:BMA BG ABFL>E? :L =B??>K>GM.g f$> L:PABL
M:E>GM :L K>E>:LBG@ ABF?KHFHK=BG:KR GHKFL H? K>LIHGLB;BEBMR MHP:K= HMA>KL.g
52. %GM>KOB>P>= ;R (:KL &HGNG@ BG 1986, )RK=:E K><:EE>=: fAM ?BKLM % K>:= BM 7C:LL>EiL ;HHD8 <HFIE>M>ER
NG<KBMB<:EER. 0A:MiL AHPBM ;>@:Gg ()RK=:E 1987, 327).
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 509
0A>L> B=>:L P>K>, AHP>O>K, <HGMBGN:EER <KBMB<BS>= ;HMA ;R AEO: :G=
;R HMA>KL BG MA>BK <BK<E> PAH P>K> <HG<>KG>= PBMA MA> IKH;E>FL H?
MA> IHHK. 7c8 CA:EE>G@>= ;R AEO:iL JN>LMBHGL :G= <KBMB<BLFL :G=
LMBFNE:M>= ;R : ;KBEEB:GM <BK<E> H? RHNG@ /P>=>L PAH =>EB@AM>= BG
=>;NGDBG@ MA> K><>BO>= PBL=HF, #NGG:K )RK=:E =>O>EHI>= BGMH :
FHLM NG<HGO>GMBHG:E ><HGHFBLM. (&:<DLHG 1990, 55)
%G ABL ><HGHFB< LMN=B>L, )RK=:E P:L F:BGER PK>LMEBG@ PBMA MA>HK>MB<:E BLLN>L
:G= BG 1927 =>?>G=>= ABL =BLL>KM:MBHG HG Prisbildningsproblemet och frnderligheten
(Price Formation and Economic Change). %G 1928 A> LM:KM>= @BOBG@ E><MNK>L :BF>= :M
<KBMB<BSBG@ <E:LLB<:E :G= G>H<E:LLB<:E ><HGHFB<L. 0PH R>:KL E:M>K, MABL <KBMBJN> A:=
@KHPG BGMH : ;HHD, Vetenskap och politik i nationalekonomien, PAB<A F:GR R>:KL E:M>K
P:L IN;EBLA>= BG !G@EBLA :L The Political Element in the Development of Economic Theory
(1953). AFHG@ )RK=:EiL LHNK<>L H? BGLIBK:MBHG, PA>G A> fLHN@AM MH >QIHL> MA>
AB==>G O:EN> IK>FBL>L :G= IHEBMB<:E @H:EL H? ><HGHFBLML MAKHN@A : LMN=R H? MA>
ABLMHKR H? B=>:Lg (&:<DLHG 1990, 56), P>K> ):Q 3>;>K :G= MA> /P>=BLA IABEHLHIA>K
AQ>E $X@>KLMK^F. )RK=:E ABFL>E? (1953, OB) <A:K:<M>KBS>= MA> ;HHD :L f: ?KHGM:E
:MM:<D HG MA> =H@F:L H? MA> HE=>K @>G>K:MBHG.g &:<DLHG PKBM>L MA:M BM P:L : DBG= H?
<:MA:KLBL ?HK )RK=:E, EB;>K:MBG@ ABF ?KHF MA> <HGL>KO:MBLF H? ABL ?:MA>K :L P>EE :L
MA> fG:]O> H;C><MBOBLFg H? ABL M>:<A>K C:LL>E; GHG>MA>E>LL, :M MA> >G= H? MA> 1920L,
)RK=:E fLMBEE E:<D>= : LM:;E> IHEBMB<:E OB>PIHBGMg (&:<DLHG 1990, 58).
5>M K>F:KDL ;R )RK=:E :;HNM MA> 1920L, ?KHFABL E:M>K PHKD Objectivity in Social
Research (1969) :K> :M O:KB:G<> PBMA &:<DLHGiL <A:K:<M>KBS:MBHG. )RK=:E L:RL MA:M MA>
HE=>K @>G>K:MBHG H? ><HGHFBLML BG /P>=>G P>K> f;KH:=ER H? MA> laissez-faire O:KB>MRg
:G= <HGMBGN>L:
(BD> FHLM ><HGHFBLML H? FR @>G>K:MBHG BG /P>=>G, % A:= =B??>K>GM
OB>PL HG IHEB<R. 0H ;>@BG PBMA, P> P>K> H? :G BGM>KO>GMBHGBLM FBG=.
3> P:GM>=, ?HK BGLM:G<>, MH IE:G IN;EB< :<MBHG BG HK=>K MH FBMB@:M> MA>
PB=>LIK>:= NG>FIEHRF>GM =NKBG@ MA> =>IK>LLBHG :?M>K MA> >G= H? MA>
"BKLM 3HKE= 3:K. 3> A:=, MA>G, MH K>?NM> HNK >E=>KL. ()RK=:E 1969, 7)
53
A L>KB>L H? >O>GML PHNE= BG=N<> )RK=:E MH M:D> LMKHG@ IHLBMBHGL. %G 1929d30
#NGG:K :G= AEO: LI>GM GBG> FHGMAL BG MA> 1GBM>= /M:M>L. AL MA>R :KKBO>= BG MA>
1./., MA> 3:EE /MK>>M LMH<D F:KD>M <HEE:IL>= :G= MA> #K>:M >IK>LLBHG NG?HE=>=. A
<HNIE> H? R>:KL E:M>K, BG 1932, /H<B:E >FH<K:ML <:F> BGMH IHP>K BG /P>=>G; MA>R
PHNE= AHE= HG MH BM ?HK 44 <HGL><NMBO> R>:KL. 0A>L> =K:F:MB< >O>GML LA:I>= )RK=:E
53. 0ABL LM:M>F>GM BL : ;BM <NKBHNL, AHP>O>K, LBG<> )RK=:E ;>@:G ABL ><HGHFB< LMN=B>L :?M>K MA> =>IK>LLBHG
MA:M <:F> :?M>K MA> "BKLM 3HKE= 3:K.
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BGMH : /H<B:E >FH<K:MB< IHEBMB<B:G :G=, >O>GMN:EER, :G BGLMBMNMBHG:EBLM ><HGHFBLM,
MPH BGM>K<HGG><M>= KHE>L MA:M PHNE= F:D> ABF: <>E>;KBMR BG /P>=>G :G= MA> PHKE=.
%G +<MH;>K 1929, MA> )RK=:EL, A:OBG@ ;>>G :P:K=>= ?>EEHPLABIL ?KHF MA>
.H<D>?>EE>K "HNG=:MBHG, E>?M ?HK MA> 1GBM>= /M:M>L. %G ABL ;HHD Against the Stream
)RK=:E K><:EEL:
3A>G FR PB?>, AEO: )RK=:E, :G= % ?BKLM <:F> MH AF>KB<: :M MA> >G= H?
MA> 0P>GMB>L ?HK : R>:K :L .H<D>?>EE>K ?>EEHPL, MA> hPBG= H? MA> ?NMNK>i
P:L BGLMBMNMBHG:E ><HGHFB<L. 0ABL P:L MA>G MA> *>P !<HGHFB<L, :L
% K>F>F;>K : <HEE><MBHG H? >LL:RL P:L <:EE>=. 0A> :IIKH:<A P:L
<HG<>BO>= MH ;> BG EBG> PBMA MAK>> @K>:M AF>KB<:G ><HGHFBLML: 2>;E>G,
CHFFHGL :G= )BM<A>EE, H? PAHF MA> E:MM>K MPH P>K> LMBEE EBOBG@ :G=
:<MBO>. 7c8 AM MA:M MBF> % P:L NMM>KER <KBMB<:E H? MABL G>P HKB>GM:MBHG
H? ><HGHFB<L. % P:L BG MA> hMA>HK>MB<:Ei LM:@> H? FR HPG I>KLHG:E
=>O>EHIF>GM :L :G ><HGHFBLM. ()RK=:E 1974, 6).
*HG>MA>E>LL, )RK=:E P:L >:@>K MH DGHP PA:M P:L @HBG@ HG :FHG@ 1./. ><HGH-
FBLML, :L <:G ;> L>>G ?KHF : E>MM>K MH C:LL>E =:M>= +<MH;>K 29, 1929:
3A:M % LA:EE =H A>K> BL :;HO> :EE MH @>M : @KBI HG hMA> AF>KB<:G MK>G= H?
><HGHFB<Li. % P:GM MH ?BG= HNM :;HNM MA> NG=>KERBG@ ><HGHFB< MA>HKR
:G= F>MAH=HEH@R, >LI><B:EER :FHG@ :EE MA>L> RHNG@ I>HIE> PAH :K> LH
<KBMB<:E H? HNK HE= MA>HKR.
54
0A> )RK=:EL P>K> GHM <HFFBMM>= MH :GR LBG@E> NGBO>KLBMR ;NM MK:O>EE>=
:KHNG= MA> 1./. #NGG:K F>M PBMA BGLMBMNMBHG:EBLML 3>LE>R )BM<A>EE :G= &HAG
):NKB<> CE:KD :M CHENF;B: :G= &HAG CHFFHGL :M 3BL<HGLBG. $> ?HNG= )BM<A>EE
fP>EE-BG?HKF>=, ;KBEEB:GM :G= >:KG>LMg (E>MM>K MH C:LL>E, +<MH;>K 29, 1929) :G=
K>IHKM>= MA:M CHFFHGL fM:N@AM F> MH ;HPE :G= :ELH MKB>= MH @>M F> MH NG=>KLM:G=
MA> E>@:E ?HNG=:MBHGL H? <:IBM:EBLF, MA> ?HKF>K PBMA FN<A @K>:M>K LN<<>LL MA:G MA>
E:MM>Kg (E>MM>K MH #^LM: B:@@>, AIKBE 7, 1930).
55
%G :GHMA>K E>MM>K MH C:LL>E ():K<A 24,
1930), )RK=:E F>GMBHG>= MHIB<L ?HK E><MNK>L A> P:L MH @BO> BG ):=BLHG, 3BL<HGLBG,
:G= PKHM> ;R A:G= BG MA> F:K@BG: f*>QM =:R hAF>KB<:G BGLMBMNMBHG:EBLFi.g %M MANL
L>>FL :L B? )RK=:E @:O> : E><MNK> HG AF>KB<:G BGLMBMNMBHG:EBLF BG CHFFHGLiL
;:<DR:K=! +G<> ;:<D BG /P>=>G, )RK=:E PKHM> (E>MM>K MH C:LL>E, ">;KN:KR 7, 1931)
MA:M A> P:L fBG IKH<>LL H? MABGDBG@ HNM : E>G@MAR ;HHD PAB<A PBEE =>:E PBMA
54. (>MM>K BG MA> )RK=:E ?BE> :M MA> (:;HNK )HO>F>GM AK<ABO>L :G= (B;K:KR BG /MH<DAHEF.
55. +G> =>M:BE PHKMA F>GMBHGBG@ BL MA:M BG :G BGM>KOB>P(;R B>GGR C:KELHG, &:GN:KR 3, 1982) )RK=:E E:;>E>=
#^LM: B:@@>, ?HK PAHF A> PHKD>= HG : <HLM H? EBOBG@ LMN=R BG MA> E:M> 1920L, :L :G BGLMBMNMBHG:EBLM
><HGHFBLM.
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 511
=>O>EHIF>GM, MA> ><HGHFR :G= BGLMBMNMBHGL. %M LHNG=L FRLMB< ;NM PBEE IKH;:;ER ;>
JNBM> PBL> B? % <:G HGER MABGD BM MAKHN@A.g
56
)RK=:E >O>GMN:EER ;><:F>e:EHG@LB=> &HAG '>GG>MA #:E;K:BMAeMA>
PHKE=iL FHLM K>GHPG>= BGLMBMNMBHG:E ><HGHFBLM. +G> PHNE= >QI><M MA:M ABL >:KER
:<JN:BGM:G<> PBMA 1./. BGLMBMNMBHG:EBLF FB@AM A:O> A:= LHF>MABG@ MH =H PBMA MABL.
)RK=:E AHP>O>K <E:BF>= MA:M ABL =>O>EHIF>GM MHP:K=L BGLMBMNMBHG:EBLF fA:=
GHMABG@ MH =H PBMA AF>KB<:G %GLMBMNMBHG:EBLML. 7c8 %iF CNLM FR HPG BGLMBMNMBHG:EBLM
BG : P:Rg (AG@K>L:GH 1997, 163).
)RK=:EiL >QIE:G:MBHG ?HK ABL <HGO>KLBHG MH BGLMBMNMBHG:EBLF BL MABL: NKBG@
MA>BK 1929d30 LMN=R MHNK A> :G= AEO: P>K> <HG?KHGM>= PBMA AF>KB<:iL LH<B:E
IKH;E>FL :G= ;><:F> =>FH<K:MB< LH<B:EBLML. f%M P:L BG AF>KB<: MA:M P> ;><:F>
IHEBMB<:EER :<MBO> /H<B:E >FH<K:MLg ()RK=:E 1982, 143). B:<D BG /P>=>G A> ?BKLM
=>OHM>= ABFL>E? MH FHG>M:KR MA>HKR ;NM LHHG ;><:F> BGOHEO>= BG MA> <HGLMKN<MBHG
H? MA> /H<B:E >FH<K:MBE?:K> LM:M>. 0A> ?BG:E LM>I <:F> PA>G A> LM:KM>=
PHKDBG@ HG An American Dilemma BG 1938. 0A> <HG<ENLBHG A> :KKBO>= :M, LNF-
F:KBS>= BG :G :KMB<E> HG f%GLMBMNMBHG:E !<HGHFB<L,g P:L MABL: fAEE MA> hGHG-
><HGHFB<HGHFB< LMKN<MNK>, BGLMBMNMBHGL :G=
:MMBMN=>L, BG=>>= :EE BGM>KI>KLHG:E K>E:MBHGLeA:O> MH ;> BG<EN=>= BG MA> :G:ERLBLg
()RK=:E 1978, 772).
)RK=:EiL <HGO>KLBHG MH BGLMBMNMBHG:EBLF A:L ;>>G LN;C><M MH <HGLB=>K:;E>
:MM>GMBHG :FHG@ K>L>:K<A>KL. A <AKHGHEH@B<:E H=RLL>R MAKHN@A LHF> H? MA>BK
<HG<ENLBHGL F:R ;> CNLMB?B>=.
AE:G #KN<AR (1972) =H>L GHM =B@ BGMH )RK=:EiL <HGO>KLBHG ;NM IHLBMBHGL ABL
AHEBLMB< f><HGHFB<L H? BGM>@K:MBHGg PBMABG MA> G>H-BGLMBMNMBHG:E L<AHHE MH@>MA>K
PBMA CE:K>G<> ARK>L, &HAG '>GG>MA #:E;K:BMA, :G= #>KA:K= CHEF.
!KBD (NG=;>K@ (1974, 472-473) L:RL MA:M ?HK : LAHKM I>KBH= ;>MP>>G 1925 :G=
1933 )RK=:E P:L : INK> MA>HKBLM, ;NM :==L : K>L>KO:MBHG: fNKBG@ ABL I>KBH= :L :G
><HGHFBLM H? hINK> MA>HKRi, )RK=:E LB@G:E>= ABL =BLL:MBL?:<MBHG PBMA MA> K>LNEML H?
MA> BLHE:M>= MA>HK>MB<:E K>:LHGBG@ :G= BG=B<:M>= MA:M BG MA> ?NMNK> ><HGHFB<L LAHNE=
FHO> BG MA> =BK><MBHG H? hinstitutionalismi.g
&:F>L AG@K>L:GH (1981, 42, 151, 158, 161) ;:LB<:EER :<<>IML )RK=:EiL LMHKR,
;NM =BOB=>L ABL =>O>EHIF>GM BGMH MAK>> LM:@>L: )RK=:E % (1915d33), %% (1933d38)
:G= %%% (1938d) :G= <HGLB=>KL MA:M MA> PHKD HG An American Dilemma ?KHF 1938
HGP:K=L LB@GB?B>= : ;K>:DMAKHN@A BG )RK=:EiL =>O>EHIF>GM f:EMAHN@A MA> L>>=L
H? MA> ;:LB< B=>:L P>K> IK>O:E>GM BG )RK=:E % :G= %%.g AG@K>L:GH :ELH <HG<EN=>L
MA:M )RK=:E fBL GHM LBFIER :G BGLMBMNMBHG:EBLM BG MA> AF>KB<:G MK:=BMBHGg ;NM fA:L
=>O>EHI>= ABL HPG ;K:G= H? BGLMBMNMBHG:EBLF PAB<A, :EMAHN@A <EHL>ER :DBG MH MA:M H?
56. AEE E>MM>KL BG MA> )RK=:E ?BE> :M MA> (:;HNK )HO>F>GM AK<ABO>L :G= (B;K:KR BG /MH<DAHEF.
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MA> AF>KB<:G BGLMBMNMBHG:EBLML, >F;H=B>L ABL HPG F>MAH=HEH@R :G= <HG<>IMBHG H?
BGLMBMNMBHG:E <A:G@>.g
57
'NKM HI?>K (1988, 227-228) M:D>L : LHF>PA:M :F;B@NHNL OB>P: )RK=:E
LM:KM>= H?? :L : MK:=BMBHG:E FHG>M:KR ><HGHFBLM, :G= BM P:L HGER =NKBG@ ABL @K:IIEBG@
PBMA IK:<MB<:E IKH;E>FL MA:M A> ?HNG= <HGO>GMBHG:E ><HGHFB<L MH ;> MHH G:KKHP.
AM MA> L:F> MBF> ABL :G:ERLBL P:L FHK> >FIBKB<:E ?KHF MA> LM:KM, >QIK>LLBG@ f:
=>>I>K NG=>KLM:G=BG@ H? MA> ;>A:OBHK H? ><HGHFB< :@>GML :G= H? MA> BGLMBMNMBHGL BG
PAB<A MA>R HI>K:M>.g
%G: ':R 2:G (HH (1989, 9-10, 21) :<<>IML MA> IB<MNK> H? MPH )RK=:EL. fAL
: RHNG@ F:G, A> P:L : MA>HK>MB<:E '>RG>LB:G ><HGHFBLM; E:M>K A> ;><:F> :G
BGLMBMNMBHG:E ><HGHFBLM.g /A> LN@@>LML MPH >QIE:G:MBHGL H? ABL ;><HFBG@ :G
BGLMBMNMBHG:EBLM: 0AKHN@A ABL I>KLHG:E >QI>KB>G<>L BG =BO>KL> ?B>E=L H? :<MBOBMR :G=
=BO>KL> I:KML H? MA> PHKE= MA> BFIHKM:G<> H? =BO>KLBMR H? <NLMHFL =:PG>= NIHG
ABF. 0AKHN@A ABL BGM>K>LM BG MA> ><HGHFB< =>O>EHIF>GM H? =B??>K>GM G:MBHGL A>
;><:F> :P:K> H? MA> L<:E> :G= <HFIE>QBMR H? IKH;E>FL :G= MA>K>?HK> <:F> MH :=HIM
: ;KH:=>K :IIKH:<A.
BH #NLM:?LLHG (1989, 149) GHM>L MA:M :L >:KER :L BG ABL <KBMB<BLF H? MA> ?K>>
MK:=> =H<MKBG> BG The Political Element, )RK=:E =BLIE:RL fMA> LB@GL H? :G BG-
LMBMNMBHG:EBLM ><HGHFB< MA>HKR.g
A<<HK=BG@ MH #BEE>L HLM:E>K (1990, 216) P> G>>= MH ;> LNLIB<BHNL H? :EE
:LL>KMBHGL MH MA> >??><M MA:M )RK=:EiL PHKD <:G ;> =BOB=>= BGMH MPH IA:L>L. )RK=:EiL
>:KER PHKD :EK>:=R <HGM:BG>= F:GR H? MA> >E>F>GML PAB<A P>K> MH ?B@NK> BG ABL
LN;L>JN>GM BGLMBMNMBHG:EBLM PHKDL. A?M>K >Q:FBGBG@ MA>L> >:KER PHKDL, HLM:E>K
=><E:K>L: f0ANL, MA> H?M-F>GMBHG>=, LH-<:EE>=, <E>:K-<NM =BOB=BG@ EBG> BG )RK=:EiL
BGM>EE><MN:E =>O>EHIF>GM =H>L GHM >QBLM.g
3:EM>K &:<DLHG (1990, QO, 45, 57, 61-62, 105) <HGM>G=L MA:M HG ABL :KKBO:E
BG MA> 1./., )RK=:E fP:L I:KMB<NE:KER MKRBG@ MH NG=>KLM:G= MA> BGLMBMNMBHG:E
><HGHFBLMLg :G= PA>G A> F>M CHFFHGL A> fP:L FN<A FHK> K><>IMBO> MH
BGLMBMNMBHG:E ><HGHFB<L MA:G A> A:= ;>>G :M MA> LM:KM H? ABL R>:K BG AF>KB<:.g
):GR >O>GML :G= BG=BOB=N:EL E:R ;>ABG= MABL BG<K>:L>= K><>IMBO>G>LL. %G &:<DLHGiL
OB>P MA> =NF;?HNG=>=G>LL H? <E:LLB<:E ><HGHFB<L BG ?:<> H? MA> #K>:M >IK>LLBHG
MNKG>= )RK=:E fMHP:K=L :G BGM>K>LM BG LH<B:E >G@BG>>KBG@, BGLMBMNMBHG:E ><HGHFB<L,
57. %G : L><HG= ;HHD HG )RK=:E, AG@K>L:GH (1997, 33, 42-46, 57-58, 67, 85) FH=B?B>L ABL I>KBH=BS:MBHG
LHF>PA:M: MA> R>:KL 1929d1933 :K> L>>G :G HO>KE:IIBG@ IA:L> ;>MP>>G )RK=:E % :G= %%, : IA:L> PA>G
)RK=:E :M MA> L:F> MBF> :II>:K>= :L f:GMB-BGLMBMNMBHG:EBLMg :G= :=OH<:M>= f:G :G:ERLBL H? LHMR'L
hBGLMBMNMBHG:E L>M-NIi.g AEMAHN@A )RK=:E A:= F>M E>:=BG@ BGLMBMNMBHG:EBLML BG 1929d1930 A> fPHNE= K>F:BG
?:BMA?NE MH F:GR :LI><ML H? MA> G>H<E:LLB<:E I>KLI><MBO> ?HK : ?>P FHK> R>:KL, :G= =>?>G= MABL I>KLI><MBO>
:@:BGLM MA> KBLBG@ MB=> H? BGLMBMNMBHG:E ><HGHFB<L BG AF>KB<:.g AM MA> L:F> MBF> LHF> BGLMBMNMBHG:EBLM L>>=L
P>K> @KHPBG@ BG ABL FBG=. A<<HK=BG@ MH AG@K>L:GH HG> <:G :M MA> >G= H? MA> =:R <HG<EN=> fMA:M #) %%% BL
FHK> H? :G BGLMBMNMBHG:EBLM BG MA> LMKB<M L>GL> H? MA> M>KFMA:G MA> AF>KB<:G BGLMBMNMBHG:EBLML, ?HK A> A:L ;>>G
PBEEBG@ MH :=OH<:M> BGLMBMNMBHG:E K>?HKF.g
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 513
:G= BGM>K=BL<BIEBG:KR LH<B:E LG<> K>L>:K<A.g &:<DLHG ;>EB>O>L MA:M MA> BG?EN>G<> H?
AEO: BFI>EE>= #NGG:K fMHP:K= IK:<MB<:E, BGM>K=BL<BIEBG:KR K>L>:K<Ag: f0AKHN@A A>K
A> F>M F:GR FHK> ILR<AHEH@BLML :G= LH<BHEH@BLML MA:G A> HMA>KPBL> PHNE= A:O>.g
AEE:G C:KELHG (1990, 41-42) IHBGML HNM MA:M The Political Element K>IK>L>GM>=
f: LB@GB?B<:GM LM>I BG #NGG:K )RK=:EiL =>O>EHIF>GM MHP:K= : FNEMB=BL<BIEBG:KR
BGOHEO>F>GM BG ><HGHFB<L, IHEBMB<:E LG<>, LH<B:E ILR<AHEH@R, :G= LH<BHEH@R.g
+G> H? )RK=:EiL IHBGML BG MA> ;HHD P:L IK><BL>ER fMA> >FIA:LBL HG MA> K>E:MBHGLABI
;>MP>>G ><HGHFB< :G= BGLMBMNMBHG:E <A:G@>L.g f$HP>O>K, IKBHK MH MA> :NMNFG H?
1929 :G= =>LIBM> LHF> >:KER BGM>K>LM BG LH<B:E-><HGHFB< :G= BGLMBMNMBHG:E IKH;E>FL,
;HMA AEO: :G= #NGG:K )RK=:E K>F:BG>= h:<:=>FB<Li BG MA> LMKB<M L>GL> H? MA> PHK=.
#NGG:KiL PHKD P:L IKBG<BI:EER <>GM>K>= HG MA>HK>MB<:E ><HGHFB<L.g
,ABEBII> A=:BK (1992, 166) <BM>L )RK=:EiL >G<HNGM>KL PBMA )BM<A>EE :G=
CHFFHGL. f0AHN@A )RK=:E LRFI:MABS>= PBMA MA> BGLMBMNMBHG:EBLML :G= LA:K>=
LHF> H? MA>BK <KBMB<BLFL H? HKMAH=HQR, A> P:L GHM PHG HO>K MH MA>BK B=>:Lg; A>
P:L K>I>EE>= ;R MA>BK G:BO> >FIBKB<BLF.
58
%G A=:BKiL (1992, 168, 170-71) HIBGBHG,
?NKMA>K =>O>EHIF>GML MHHD MA> ?HKFH? : <HGO>K@>G<> BG PAB<A HG MA> HG> A:G= MA>
BGLMBMNMBHG:EBLML >OHEO>= MA>BK =H<MKBG> :G= HG MA> HMA>K )RK=:E BF;B;>= f: =>?BGBM>
AHEBLMB< :IIKH:<A MA:M LMK>LL>= BGLMBMNMBHG:E ?:<MHKL :G= MA> BGM>K=BL<BIEBG:KR G:MNK>
H? MA> LH<B:E LG<>L.g )RK=:EiL =>O>EHIF>GM MHHD IE:<> BG L>O>K:E LM:@>L: ;R 1933
A> A:= FHO>= ?:K >GHN@A PBMA K>@:K= MH MA> KHE> H? O:EN>-CN=@F>GML ?HK BM MH ;>
IHLLB;E> MH LI>:D H? fMA> ?BKLM ?>:MNK> H? ABL I:LL:@> ?KHF : MA>HK>MB<:E IA:L> MH
:G BGLMBMNMBHG:E HG>.g 0A> G>QM LM>I P:L M:D>G BG 1938 PA>G A> >F;:KD>= HG MA>
IKHC><M H? MA> AF>KB<:G f*>@KH IKH;E>F.g
,:NE /MK>>M>G @BO>L : <HG<BL> >QIHLBMBHG H? )RK=:EiL HPG :<<HNGM:
AM ?BKLM : INK> MA>HKBLM, )RK=:EiL R>:K BG MA> 1GBM>= /M:M>L :L :
.H<D>?>EE>K ?>EEHPcMNKG>= ABL BGM>K>LM MH IHEBMB<:E BLLN>L. c $BL
BGOHEO>F>GML BG /P>=BLA IHEBMB<L ;>MP>>G 1931 :G= 1938 MNKG>= ABF
?KHF : MA>HK>MB<:E ><HGHFBLM BGMH : IHEBMB<:E ><HGHFBLM :G= PA:M A>
ABFL>E? =>L<KB;>L :L :G BGLMBMNMBHG:EBLM. (/MK>>M>G 1992, 112)
&:G +EH? *BELLHG (1994, 141) GHM>L MA:M )RK=:E MH ;>@BG PBMA P:L <KBMB<:E
H? BGLMBMNMBHG:EBLF ;NM :M MA> L:F> MBF> :MMK:<M>= MH LHF> I:KML H? BM, LBG<>
BGLMBMNMBHG:EBLML P>K> <KBMB<:E H? G>H<E:LLB<:E ><HGHFB<L :G= LMK>LL>= MA:M ><HGH-
FBLML LAHNE= M:D> BGM>K>LM BG MA> PAHE> LH<B:E ?:;KB<. fNKBG@ ABL MBF> BG MA> 1/A
58. )RK=:E (1972, 281-282) PKBM>L MA:M MA> F>MAH=HEH@B<:E :IIKH:<A H? MA> HE=>K AF>KB<:G BGLMBMNMBHG:EBLML
fBG ?:<M K>F:BG>= <HGLB=>K:;ER FHK> G:BO> BG MABL K>LI><M MA:G BM P:L :FHG@ MA> ><HGHFBLML PAH A>E= ?:LM
MH MA> <E:LLB<:E MK:=BMBHG.g fAL : K>LNEM H? MA>BK K>F:KD:;ER G:BO> >FIBKB<BLFMA>R ?HK<>= F> MH ;><HF> ?NEER
<HGL<BHNL H? MA> G>>= ?HK : K:MBHG:E F>MAH= H? BGMKH=N<BG@ O:EN>-IK>FBL>L BGMH ><HGHFB< K>L>:K<A.g
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 514
#NGG:K ;><:F> >O>K FHK> IHLBMBO> MHP:K=L BGLMBMNMBHG:E ><HGHFB< MA>HKR,
>LI><B:EER :?M>K ABL OBLBM MH 1GBO>KLBMR H? 3BL<HGLBG.g
3BEEB:F B:K;>K (2008, QBBB, 15, 134-135, 166-167) <HG<EN=>L MA:M )RK=:E BG
MA> >:KER LM:@>L H? ABL <:K>>KeBG MA> 1920L :G= >:KER 1930LeP:L fAHLMBE> MH PA:M
A> NG=>KLMHH= :G BGLMBMNMBHG:E ><HGHFB<L MH ;>.g $> =>O>EHI>= f:G >GMANLB:LF
?HK :G BGLMBMNMBHG:E :IIKH:<Ag BG An American Dilemma :G= MABL :IIKH:<A P:L ?NEER
=>O>EHI>= BG Asian Drama.
0A>K> BL MANL :FHG@ )RK=:E L<AHE:KL : K:G@> ?KHF NGK>L>KO>= :<<>IM:G<> H?
)RK=:EiL LMHKR (/MK>>M>G) MH L>KBHNL =HN;ML (HLM:E>K).
%G 1932, )RK=:E PKHM> :G :KMB<E> HG f0A> BE>FF: H? /H<B:E ,HEB<Rg BG PAB<A
A> :K@N>= ?HK ><HGHFB< IE:GGBG@ :G= LH<B:E >G@BG>>KBG@, ?HK f:G BGM>EE><MN:E :G=
<HE=ER K:MBHG:Eg LH<B:E IHEB<R B=>HEH@R ()RK=:E 1932, 25), :G :KMB<E> PAB<A fNGBM>=
:EE MA> F:CHK MA>F>L H? #NGG:K )RK=:EiL >:KER PHKD 7:G=8 LB@G:E>= MA> ;>@BGGBG@
H? ABL <:K>>K :L IHEBMB<:E :<MBOBLMg (&:<DLHG 1990, 71). %G 1932, A> :ELH CHBG>= MA>
/H<B:E >FH<K:MB< ,:KMR, PAB<A PHG MA> >E><MBHGL BG MA> ?:EE H? MA:M R>:K. )RK=:E
=K:?M>= MA> G>P@HO>KGF>GMiL ?BKLM ;N=@>M :G= PKHM> : F>FHK:G=NFMH MA> ;N=@>M
HG ;NLBG>LL <R<E>L :G= IN;EB< ?BG:G<> PAB<A ?HKF>= MA> MA>HK>MB<:E ;:LBL ?HK MA>
@HO>KGF>GMiL <HNGM>K<R<EB<:E <KBLBL IHEB<R. %G 1934 )RK=:E LN<<>>=>= C:LL>E :L
IKH?>LLHK H? ><HGHFB<L :G= ?BG:G<> :M /MH<DAHEF 1GBO>KLBMRe:EK>:=R BG ABL
BG:N@NK:E E><MNK> A> :=OH<:M>= : IE:GG>= ><HGHFRe:G= P:L >E><M>= MH MA>
/P>=BLA I:KEB:F>GM, MA> Riksdag, BG 1936. %G CNLM : ?>PR>:KL )RK=:E A:= >LM:;EBLA>=
ABFL>E? :L E>:=BG@ :K<ABM><M ;>ABG= : G>P /P>=BLA f,>HIE>iL $HF>.g 0ABL IHLBMBHG
P:L LMK>G@MA>G>= GHM E>:LM ;R ABL :G= AEO:iL 1934 ;HHD Kris i befolkningsfrgan (Crisis
in the Population Question). %G : LMKHD> H? @>GBNL MA> )RK=:EL <:IMNK>= MABL JN>LMBHG
?KHF MA> <HGL>KO:MBO>L :G= NL>= BM ?HK MA>BK HPG INKIHL>, :L (MH NL> MA> PHK=L H?
!EB $><DL<A>K) fMA> <KHP;:K PBMA PAB<A MH MNKG H;=NK:M> /P>=BLA LHMR NILB=>-
=HPGg (C:KELHG 1994, 134). %G #NLM:?LLHGiL (1998, 63) <A:K:<M>KBLMB< MA> ;HHD
<HGM:BG>= GH >E>F>GM H? fLI><NE:MBO> :G= K:=B<:E LH<B:EBLM hNMHIBLFig ;NM P:L K:MA>K
?H<NL>= HG LHEOBG@ >O>KR=:R IKH;E>FL. AGRP:R, f7M8A> :K<ABM><MNK> H? MA> /P>=BLA
P>E?:K> LM:M> P:L MANL INM BG IE:<> NG=>K MA> LFHD>L<K>>G H? MA> IHINE:MBHG
:K@NF>GMg (B:K;>K 2008, 59).
59
)RK=:E <HGMBGN>= ?NEE LM>:F :A>:= BG IHEBMB<L NGMBE 1938 PA>G MA> /P>=BLA
@HO>KGF>GM :GGHNG<>= : fK>?HKF I:NL>g :M MA> L:F> MBF> :L MA> C:KG>@B>
CHKIHK:MBHG BGOBM>= ABF MH <HG=N<M : LMN=R HG MA> AF>KB<:G K:<> BLLN>. &:<DLHG
(1990, 81) LNFF:KBS>L MABL IA:L> H? )RK=:EiL <:K>>K: f"KHF 1932 MH 1938 A> A:=
BGOHEO>= ABFL>E? BG IHEBMB<:E EB?> :L :G ><HGHFB< IE:GG>K, :NMAHK, IN;EB< LI>:D>K,
59. 5OHGG> $BK=F:G, BG A>K ;HHD Att lgga livet till rtta (Adding Life to Grips) (2010, 98), <A:K:<M>KBS>L
#NGG:K :G= AEO: )RK=:E :L fhB=>:E MRI>Li ?HK /P>=BLA LH<B:E >G@BG>>KBG@: BGM>EE><MN:E, K:=B<:E :G=
hFH=>KGi.g
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 515
F>F;>K H? KHR:E <HFFBLLBHGL, F>F;>K H? ,:KEB:F>GM, :G= =BK><MHK H? MA> B:GD
H? /P>=>G.g %G 0BFHMAR 0BEMHGiL PHK=L, fMA>K> <:G ;> GH =HN;M :;HNM )RK=:EiL
BFI:<M NIHG /P>=BLA LH<B:E :G= ><HGHFB< IHEB<R; PA>K>O>K HG> EHHDLe?:FBER
IHEB<R, <HNGM>K<R<EB<:E IHEB<R :G= ><HGHFB< IE:GGBG@, AHNLBG@, MA> L<AHHE LRLM>F,
:@KB<NEMNK>, L>QN:E >GEB@AM>GF>GM, PHF>GiL BLLN>LeMA> BFIKBGM BL OBLB;E>g (0BEMHG
1992, 36).
)RK=:E P:L : =>FH<K:MB< LH<B:EBLM. A<<HK=BG@ MH /MK>>M>G, ABL :IIKH:<A P:L
fHG> H? G>BMA>K /HOB>M :NMAHKBMR :G= ?HK<> GHK H? <:IBM:EBLM E:BLL>S ?:BK> ;NM H? : MABK=
P:Rg (/MK>>M>G 1992, 127). $> K>@:K=>= ABFL>E? :L :G A>BK H? 1MHIB:G K:MA>K MA:G
):KQBLM LH<B:EBLF. %G :G H;BMN:KR, LH<B:EBLM )B<A:>E $:KKBG@MHG PKHM>:
$> P:L :ELH JNBM> IKHN= H? GHM ;>BG@ : ):KQBLM. f3> /P>=>L A:O>
LH<B:EBS>= =BLMKB;NMBHG, GHM IKH=N<MBHG,g A> EBD>= MH L:R. $> PHNE=
BGLBLM MA:M A> P:L :G A>BK H? MA> 18MA C>GMNKR, GHM MA> 19MA, H? MA>
!GEB@AM>GF>GM K:MA>K MA:G H? ):KQBLF. AM MA> L:F> MBF>, A>
:==K>LL>= F> :L f;KHMA>K.g ($:KKBG@MHG 1987)
NKBG@ MA> E:M> 1930L :G= >:KER 1940L )RK=:E =BK><M>= ABL >G>K@R BGMH An
American Dilemma: The Negro Problem and Modern Democracy, PAB<A A>EI>= f=>LMKHR
MA> hL>I:K:M> ;NM >JN:Ei K:<B:E IHEB<R BG MA> 1GBM>= /M:M>Lg; )RK=:E MANL fEBM>K:EER
E>?M ABL F:KD BG : ?HHMGHM> MH ABLMHKReMA> ?:FHNL ?HHMGHM> 11 MH MA> 1GBM>=
/M:M>L /NIK>F> CHNKMiL 1954 KNEBG@ MA:M L>@K>@:MBHG BG IN;EB< L<AHHEL P:L
NG<HGLMBMNMBHG:Eg (*>P5HKD 0BF>L 1987).
60
B:K;>K (2008, 78) <HGL>JN>GMER =>LB@-
G:M>L MA> ;HHD :L fHG> H? MA> ?>P PHKDL H? L<AHE:KLABI MH :EM>K MA> <HNKL> H?
ABLMHKRg :G= #NLM:?LLHG (1998, 625) LM:M>L MA:M )RK=:E P:L GHP :<DGHPE>=@>= :L
fHG> H? MA> @K>:M>LM LH<B:E LGMBLMLg H? ABL MBF>. 0A> ;HHD =>FHGLMK:M>= AHP
)RK=:EiL :IIKH:<A =B??>K>= ?KHF ):KQBLM LH<B:EBLF: f)RK=:EiL K>C><MBHG H? ):KQBLM
=>M>KFBGBLF :G= ABL BGLBLM>G<> MA:M MA> FHK:E B=>:L A:= ;HMA :G :NMA>GMB<
:NMHGHFR :G= MA> IHP>K MH FHO> >O>GML F:=> ABF :G H;OBHNL M:K@>M ?HK MA>
B=>HEH@B<:E E>?Mg (B:K;>K 2008, 78).
B:<D BG /P>=>G BG 1944 )RK=:E BLLN>= Varning fr fredsoptimism (Warning
Against Postwar Optimism), K>->GM>K>= BGMH MA> Riksdag, :G= ;><:F> <A:BKF:G H?
MA> IHP>K?NE <HFFBLLBHG ?HK IHLMP:K IE:GGBG@. AGHMA>K ;:MME> HO>K ><HGHFB<
IE:GGBG@ >KNIM>=. 3A>G MA> P:K >G=>= :G= /H<B:E >FH<K:ML BG 1945 ?HKF>= :
G>P@HO>KGF>GM, )RK=:E P:L :IIHBGM>= )BGBLM>K ?HK 0K:=> :G= CHFF>K<>. $> @HM
BGOHEO>= BG L>O>K:E MKB<DR =><BLBHGLe: MK:=> :G= <K>=BM :@K>>F>GM PBMA MA> /HOB>M
60. :OB= $>G=>KLHG (2008) GHM>L MA:M BG American Dilemma )RK=:E fLAHP>= MA:M "K:GDEBG .HHL>O>EMiL
><HGHFB< IHEBL A:= ;:=ER ANKM ;E:<DL.g )RK=:E LBG@E>= HNM MPH *>P >:E IHEBL BG I:KMB<NE:K:
K>LMKB<MBHGL HG :@KB<NEMNK:E HNMINM :G= MA> FBGBFNFP:@>.
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1GBHG :G= : K>O:EN:MBHG H? MA> /P>=BLA <NKK>G<Re:G= K>LB@G>= BG 1947. 0ABL P:L
MA> >G= H? ABL BFF>=B:M> BGOHEO>F>GM BG /P>=BLA IHEBMB<L.
61
)RK=:EiL <:K>>K GHP MHHD : @EH;:E MNKG. $> ;><:F> !Q><NMBO> /><K>M:KR H?
MA> 1GBM>= *:MBHGL !<HGHFB< CHFFBLLBHG ?HK !NKHI> BG #>G>O: ?HK M>G R>:KL
:G= =>OHM>= MA> ?HEEHPBG@ M>G R>:KL MH ABL F:@GNF HINL Asian Drama: An Inquiry
into the Poverty of Nations, L:B= MH ;> fIKH;:;ER MA> IHLM 332 FHLM :F;BMBHNL >??HKM
MH <E:KB?R MA> BGLMBMNMBHG:E IK><HG=BMBHGL H? FH=>KGBS:MBHGg (#NLM:?LLHG 1998,
626). 0A> MHBE ;>ABG= MA> ;HHD >Q:<M>= : A>:OR MHEE :G= )RK=:E LHF>MBF>L
=>LI:BK>=: f3A:M BG A>EE :F % =HBG@ :G= PA>G PBEE BM >O>K ;> K>:=R? 3KBMBG@ :
;HHD EBD> MA:M BL EBD> LM:G=BG@ BG MA> MK>G<A>L H? MA> "BKLM 3HKE= 3:K NI MH RHNK
DG>>L BG FN=g (BHD 1991, 289). "KHF 1960 )RK=:E P:L IKH?>LLHK H? BGM>KG:MBHG:E
><HGHFB<L :M /MH<DAHEF 1GBO>KLBMR :G= LHHG :ELH ?HNG=>= :G= A>:=>= MA>
%GLMBMNM> ?HK %GM>KG:MBHG:E !<HGHFB< /MN=B>L :M /MH<DAHEF 1GBO>KLBMR.
%G ABL E:M>K =:RL )RK=:E LHF>PA:M K>OBL>= LHF> H? ABL >:KEB>K IHLBMBHGL.
AG >:KER :=HIM>K H? '>RG>LB:GBLF (HK I>KA:IL >O>G : ?HK>KNGG>K),
62
A> MNKG>=
LHF>PA:M :@:BGLM '>RG>LB:G IHEBL CNLM :L MA> ><HGHFB<L IKH?>LLBHG :M E:K@> P:L
:<<>IMBG@ BM. )RK=:E LN@@>LM>= MA:M BG IK:<MB<>, LN<A IHEBL P>K> H?M>G BG?E:MBHG:KR
:G= M>G=>= MH ANKM MA> IHHK (*>P 5HKD 0BF>L 1987). $> :ELH <KBMB<BS>= L>O>K:E
?:<>ML, GHM E>:LM ;NK>:N<K:MBS:MBHG, H? MA> /P>=BLA FH=>E ;NBEM ;R /H<B:E >FH<K:ML,
BG : 1982 ;HHD MBME>= Hur styrs landet? (How Is the Country Governed?). $HP>O>K, A>
=>?>G=>= ABFL>E? :@:BGLM :<<NL:MBHGL H? A:OBG@ ;><HF> <HGL>KO:MBO> :G= BGOHD>=
ABL >:KEB>LM BG?EN>G<>L:
"KHF FR >:KEB>LM <ABE=AHH= % A:O> BF;B;>= MA> MHN@A PHKD >MAB< ?KHF
MA> I>HIE> H? :E:KG:, PAB<A % A:O> :EP:RL FRL>E? EBO>= ;R, ;NM :ELH
: EHM H? MA>BK I>KLHG:E H;LMBG:<R :G= >LI><B:EER MA>BK :O>KLBHG :@:BGLM
;NK>:N<K:ML, PAH :M MA:M MBF> LMBEE BG MABL I:KM H? MA> <HNGMKR P>K>
:LLH<B:M>= PBMA MA> K>;>EEBHNLG>LL :@:BGLM MA> DBG@iL ;:BEB??L BG MA> HE=
=:RL. ()RK=:E 1982, 11)
61. A;HNM MABL IA:L> H? )RK=:EiL EB?>, L>> AII>EJOBLM (1999; 2000).
62. 0A> /MH<DAHEF /<AHHE H? !<HGHFB<L, MH PAB<A )RK=:E ;>EHG@>=, :=O:G<>= :EHG@LB=> '>RG>L BG MA>
>:KER 1930L (L>> &HGNG@ 1991). B:K;>KiL <HFF>GM NIHG )RK=:EiL PHKD HG FHG>M:KR MA>HKR @H>L EBD> MABL:
f%? ABL <HGMKB;NMBHG A:= ;>>G :O:BE:;E> MH K>:=>KL H? !G@EBLA ;>?HK> 1936 7PA>G '>RG>LiL General Theory
:II>:K>=8, BM BL BGM>K>LMBG@ MHLI><NE:M> PA>MA>K MA> hK>OHENMBHGi BGF:<KH><HGHFB< MA>HKR H? MA> =>IK>LLBHG
=><:=> PHNE= ;> K>?>KK>= MH :L h)RK=:EB:Gi :L FN<A :L h'>RG>LB:Gig (B:K;>K 2008, QB).
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 517
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John F. Nash Jr.
&HAG *:LA (1928d), P:L ;HKG BG BEN>?B>E=, 3>LM 2BK@BGB:. *:LAiL ?:MA>K P:L
:G >E><MKB<:E >G@BG>>K :G= L>KO>= BG "K:G<> =NKBG@ 33%. $BL FHMA>K LMN=B>= :M
3>LM 2BK@BGB: 1GBO>KLBMR :G= P:L : L<AHHEM>:<A>K (*:L:K 1999, 26-27). $BL FHMA>K,
K><H@GBSBG@ *:LAiL :PDP:K=G>LL :G= ;KBEEB:G<>, INLA>= ABFA:K= ;HMA LH<B:EER :G=
:<:=>FB<:EER, F:DBG@ ABL >=N<:MBHG f: IKBG<BI:E ?H<NL H? A>K <HGLB=>K:;E> >G>K@Rg
(B;B=., 31, 33). BEN>?B>E= A:= MA> fAB@A>LM I>K <:IBM: BG<HF> BG MA> LM:M> =NKBG@ MA>
719830iL :G= 40iL :G= P:L AHF> MH : A:G=?NE H? FBEEBHG:BK>Lg (*:L:K 1994). *:LA
L:B= H? BEN>?B>E=: f7%M8 P:L GHM : <HFFNGBMR H? L<AHE:KL HK H? AB@A M><AGHEH@R. %M
P:L : <>GM>K H? ;NLBG>LLF>G, E:PR>KL, >M<. MA:M HP>= BML >QBLM>G<> MH MA> K:BEKH:=
:G= MA> KB<A G>:K;R <H:E ?B>E=L H? 3>LM 2BK@BGB: :G= P>LM>KG 2BK@BGB:. /H, ?KHF MA>
BGM>EE><MN:E OB>PIHBGM, BM H??>K>= MA> LHKM H? <A:EE>G@> MA:M HG> A:= MH E>:KG ?KHFMA>
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2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 520
PHKE=iL DGHPE>=@> K:MA>K MA:G ?KHF MA> DGHPE>=@> H? MA> BFF>=B:M> <HFFNGBMRg
(*:LA 1995).
*:LA ;>@:G LMN=RBG@ F:MA>F:MB<L BG AB@A L<AHHE. *:LA LM:M>L MA:M A> P:L GHM
MA> f;>LM LMN=>GMg :G= P:L OHM>= ;R ABL I>>KL :L MA> fFHLM HKB@BG:Eg LMN=>GM (*:LA
2002:). +G HKB@BG:EBMR, A> LM:M>L: f/H MA>K> BL LHF>MABG@ H? MA:M BG FR :IIKH:<A MH
F:MA>F:MB<L. % A:O> M>G=>= MH MABGD MA:M MA> MABG@ MH =H BL MH @>M :P:R ?KHF PA:M
HMA>K I>HIE> :K> =HBG@ :G= GHM MH ?HEEHP =BK><MER BG :GRHG>iL K><>GM PHKD. % =B=
MA:M BG @:F> MA>HKR :ELH. % ;KHN@AM BG LHF> :EM>KG:MBO> B=>:L, PAB<A, MH LHF> >QM>GM,
:K> <HFI>MBMBO>g (B;B=.). NKBG@ ABL E:LM R>:K H? AB@A L<AHHE A> MHHD LNIIE>F>GM:KR
F:MA>F:MB<L <HNKL>L :M MA> BEN>?B>E= CHEE>@> (*:LA 1995). +G E>:KGBG@ =NKBG@ ABL
<ABE=AHH=, *:LA LM:M>L:
% =B= A:O> :G :IIK><B:MBHG H? F:MAL :G= LG<> :L : <ABE=, :G= >O>G
:M >E>F>GM:KR L<AHHE % PHNE= EBD> MH =H FHK> BG F:MA>F:MB<L MA:G MA>
HMA>K LMN=>GML P>K> =HBG@ BG HG> P:R HK :GHMA>K. /H % =B= A:O> MA:M
:M :G >:KER LM:@>. (BD> F:R;> :EFHLM <HFI:K:;E> MH )HS:KM BG FNLB<.
(*:LA 2004)
+G ABL >:KER ?HKF:E >=N<:MBHG, *:LA LM:M>=: f%c=B= >E><MKB<:E :G= <A>FBLMKR
>QI>KBF>GML :M MA:M MBF>. AM ?BKLM, PA>G :LD>= BG L<AHHE MH IK>I:K> :G >LL:R :;HNM
FR <:K>>K, % IK>I:K>= HG> :;HNM : <:K>>K :L :G >E><MKB<:E >G@BG>>K EBD> FR ?:MA>K.
(:M>K, PA>G % :<MN:EER >GM>K>= C:KG>@B> 0><A. BG ,BMML;NK@A % >GM>K>= :L : LMN=>GM
PBMA MA> F:CHK H? <A>FB<:E >G@BG>>KBG@g (*:LA 1995). *:LA ?HNG= <A>FBLMKR
NG<A:EE>G@BG@ :G=, PBMA >G<HNK:@>F>GM ?KHF MA> C:KG>@B> ?:<NEMR, =><B=>= MH
LPBM<A F:CHKL :G= LMN=R F:MA>F:MB<L (B;B=.).
*:LA MHHD HG> >E><MBO> <HNKL> BG BGM>KG:MBHG:E ><HGHFB<L M:N@AM ;R B>KM
$HL>EBMS. *:LA K>?E><M>=: f7A8L : K>LNEM H? MA:M >QIHLNK> MH ><HGHFB< B=>:L :G=
IKH;E>FL, 7%8 :KKBO>= :M MA> B=>: MA:M E>= MH MA> I:I>K h0A> B:K@:BGBG@ ,KH;E>Fi
PAB<A P:L E:M>K IN;EBLA>= BG 7Econometrica8. AG= BM P:L MABL B=>: PAB<A BG MNKG, PA>G
% P:L : @K:=N:M> LMN=>GM :M ,KBG<>MHG, E>= MH FR BGM>K>LM BG MA> @:F> MA>HKR LMN=B>L
MA>K> PAB<A A:= ;>>G LMBFNE:M>= ;R MA> PHKD H? OHG *>NF:GG :G= )HK@>GLM>KGg
(*:LA 1995). *:LA (2004) L:RL MA:M $HL>EBMS, :G fANLMKB:G ><HGHFBLMg H? : f=B?-
?>K>GM L<AHHE MA:G MRIB<:E AF>KB<:G HK BKBMBLA,g P:L BG?EN>GMB:E BG ABL =>O>EHIF>GM.
A?M>K @K:=N:MBG@ ?KHF C:KG>@B> :G= L>KOBG@ MA>K> :L :G BGLMKN<MHK BG 1950,
:L : <HGLNEM:GM :M .A* (*:L:K 1994), :G= :L :G BGLMKN<MHK HG> R>:K :M ,KBG<>MHG
1GBO>KLBMR, *:LA MHHD :G BGLMKN<MHK IHLBMBHG BG F:MA>F:MB<L :M )%0 BG 1951 :G=
K>F:BG>= MA>K> NGMBE A> K>LB@G>= BG 1959 PA>G ABL A>:EMA =>M>KBHK:M>= (*:LA 1995).
AM )%0, *:LA F>M ABL ?NMNK> PB?> AEB<B: PA>G LA> MHHD ABL <HNKL> BG :=O:G<>=
<:E<NENL (*:LA 2002;). A?M>K <HGJN>KBG@ ABL A>:EMA BLLN>L, *:LA L:RL A> f;>@:G
MH BGM>EE><MN:EER K>C><M LHF> H? MA> =>ENLBHG:EER BG?EN>G<>= EBG>L H? MABGDBG@ PAB<A
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 521
A:= ;>>G <A:K:<M>KBLMB< H? FR HKB>GM:MBHG. 0ABL ;>@:G, FHLM K><H@GBS:;ER, PBMA
MA> K>C><MBHG H? IHEBMB<:EER-HKB>GM>= MABGDBG@ :L >LL>GMB:EER : AHI>E>LL P:LM> H?
BGM>EE><MN:E >??HKMg (*:LA 1995). *:LAiL ;BH@K:IA>K /REOB: *:L:K (1994) GHM>= MA:M
PA>G *:LA f@HM MBK>= H? F:MA>F:MB<B:GL, A> PHNE= P:G=>K HO>K MH MA> ><HGHFB<L
=>I:KMF>GM 7:M )%08 MH M:ED MH )K. /HEHP :G= :GHMA>K *H;>E E:NK>:M>, ,:NE
/:FN>ELHG.g
*:LA PHG MA> *H;>E ,KBS> BG ><HGHFB<L BG 1994 PBMA &HAG $:KL:GRB :G=
.>BGA:K= />EM>G ?HK fIBHG>>KBG@ :G:ERLBL H? >JNBEB;KB: BG MA> MA>HKR H? GHG-
<HHI>K:MBO> @:F>L.g *:LA P:L <K>=BM>= PBMA BGMKH=N<BG@ fMA> =BLMBG<MBHG ;>MP>>G
<HHI>K:MBO> @:F>L, BG PAB<A ;BG=BG@ :@K>>F>GML <:G ;> F:=>, :G= GHG-<H-
HI>K:MBO> @:F>L, PA>K> ;BG=BG@ :@K>>F>GML :K> GHM ?>:LB;E>. *:LA =>O>EHI>= :G
>JNBEB;KBNF <HG<>IM ?HK GHG-<HHI>K:MBO> @:F>L MA:M E:M>K <:F> MH ;> <:EE>= *:LA
>JNBEB;KBNFg (.HR:E /P>=BLA A<:=>FR H? /G<>L 1994).
0AKHN@AHNM ABL <:K>>K *:LA A:L L:B= O>KR EBMME> :;HNM IHEB<R :G= IHEBMB<L, ;NM
HG> BGLMBMNMBHG MA:M A> A:L MK>:M>= BL FHG>R. %G 2002, *:LA PKHM> :G :KMB<E>, f%=>:E
)HG>R,g MA:M CA:KEB> $HEM =>L<KB;>= :L : fFHG>M:KR :KK:G@>F>GM PBMA : ?K>LA LE:M>
;:L>= HG BG=B<>L H? IKH=N<>K @HH=L IKB<>Lg ($HEM 2002, 2). %G BM *:LA <KBMB<BS>L MA>
f'>RG>LB:G ILR<AHEH@R BG K>E:MBHG MH MA> ABLMHKR H? MA> BG?EN>G<> H? '>RG>LB:GL HG
MA> IK:<MB<:E <A:K:<M>KBLMB<L H? G:MBHG:E <NKK>GLg (*:LA 2002<, 4). $> PKHM>:
% PBLA MH IK>L>GM MA> :K@NF>GM MA:M O:KBHNL BGM>K>LML :G= @KHNIL,
GHM:;ER BG<EN=BG@ '>RG>LB:G ><HGHFBLML, A:O> LHE= MH MA> IN;EB< :L :
JN:LB =H<MKBG> MA:M M>:<A>L, BG >??><M, MA:M fE>LL BL FHK>g HK MA:M (BG
HMA>K PHK=L) f;:= FHG>R BL ;>MM>K MA:G @HH= FHG>R.g $>K> P> F:R
K><:EE MA> <E:LLB< :GGM ><HGHFB<L L:RBG@ <:EE>= Greshams law: f0A>
;:= FHG>R =KBO>L HNM MA> @HH=.g 0ABL L:RBG@ H? #K>LA:FiL BL H?
BGM>K>LM A>K> F:BGER ;><:NL> BM BEENLMK:M>= MA> HE=, HK f<E:LLB<:E,g <HG-
<>IM H? bad money, PAB<A BL GHM BG EBG> PBMA MA> MABGDBG@ H? '>RG>LB:G
><HGHFBLML. (*:LA 2002<, 4)
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BG MA> >:KER 1930L. 0A>G, FHK> LI><B?B<:EER, : '>RG>LB:G PHNE= ?:OHK
MA> >QBLM>G<> H? : F:GBINE:MBO> LM:M> >LM:;EBLAF>GM H? <>GMK:E ;:GD :G=
MK>:LNKR MA:M PHNE= <HGMBGNHNLER L>>D MH :<AB>O> f><HGHFBE?:K>g
H;C><MBO>L PBMA <HFI:K:MBO>ER EBMME> K>@:K= ?HK MA> EHG@-M>KFK>INM:MBHG
H? MA> G:MBHG:E <NKK>G<R :G= BML :LLH<B:M>= >??><ML HG MA> K>INM:MBHG H?
?BG:G<B:E >GM>KIKBL>L =HF>LMB< MH MA> LM:M>. AG= BG=>>=, : O>KR ?:FHNL
L:RBG@ H? '>RG>LiL P:L fcBG MA> EHG@ KNG P> PBEE ;> =>:=cg (B;B=., 5)
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%G 1931, 7MA> @HE=8 LM:G=:K= ?BG:EER ?:BE>= MH ;> LNIIHKM>= :GR EHG@>K,
:G= MABL A:II>G>= :M : MBF> PA>G MA> (HG=HG @HO>KGF>GM A:= LAB?M>=
MH MA> E>?M IHEBMB<:EER :G= :M : MBF> H? @EH;:E ><HGHFB< LMK>LL>L. (B;B=.,
5-6)
A debt pardoner BL :G :@>G<R HK :NMAHKBMR MA:M <:G I:K=HG MA> fLBGLg H?
MA> HO>KBG=>;M>= HK H? MAHL> PAH HMA>KPBL> PHNE= @H ;:GDKNIM. c
*:MBHG:E I:K=HG>KL PBEE ;><HF> BG>??><MBO> PBMABG MA> :K>: H? MA> >NKH
NGE>LL MA>R L><>=> ?KHF MA> >NKH <NKK>G<R ;EH<. %GLM>:=, I:K=HGBG@
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H? MA> E>@BLE:MBHG I:LL>= :M :GR E>O>E PBEE K>O>:E MA:M MA> IK>=HFBG:GM
MK:BM H? : @HH= =>:E H? BM BL K>=BLMKB;NMBHG H? P>:EMA :G= BG<HF>. %M F:R
A:O> HMA>K H;C><MBO>L :L P>EE, HK MA> HMA>K H;C><MBO>L F:R LBFIER ;> :
=BL@NBL> ?HK >??HKML MH @>M : LEB<> H? MA> IB> :M MA> >QI>GL> H? LHF>HG>
>EL>. c
% L>> GH >OB=>G<> MA:M :LLNK>L F> MA:M >BMA>K >JNBMR HK >??BG<R
PBEE ;> : OB<MHK BG MABL >OHEOBG@ LMKN<MNK> H? IN;EB< IKHI>KMR KB@AML.
3A>G P> EHHD :G:ERMB<:EER :M MA> =BLMKB;NMBHG H? I>KLHG:E BG<HF> BG
MA> 1GBM>= /M:M>L MH=:R, P> ?BG= : K:MA>K LNKIKBLBG@ K>LNEM BG MA> ?:<>
H? PA:M P> A:O> =>L<KB;>= :;HO>. 3> ?BG= MA:M PABE> MA> =BLMKB;NMBHG
H? BG<HF> A:L ;>>G :EM>K>= LHF>PA:M BG MA> I:LM ?HKMR R>:KL, MA>
:EM>K:MBHG BL JNBM> FH=>LM PA>G <HFI:K>= MH MA> >??HKML MA:M A:O>
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 528
;>>G =BK><M>=. 0A> MHI 20 I>K <>GM H? BG<HF> K><>BO>KL A:O> EHLM LHF>
I>K<>GM:@> H? BG<HF> :G= MA> ;HMMHF 20 I>K <>GM H? BG<HF> K><>BO>KL
A:O> @:BG>=, IKBF:KBER :L : K>LNEM H? BG-DBG= MK:GL?>KL. )B==E>-BG<HF>
@KHNIL A:O> @:BG>= FH=>LMER. 0ABL FH=>LM K>LNEM BL GHM A:K= MH >QIE:BG.
0A> K>:E K>:LHG BL LBFIER MA:M <KHLL-A:NEBG@ A:L ;>>G H<<NKKBG@ :M :
@K>:M K:M>. %? MA> KB<A :K> ;>BG@ LN;LB=BS>= BG HG> =BK><MBHG, MA>R :K>
LN;LB=BSBG@ HMA>K @KHNIL BG LMBEE :GHMA>K =BK><MBHG. AG= LH BM @H>L PBMA
>O>KR BG<HF> <E:LL.
H>L MABL F>:G MA:M MA> <HGL>JN>G<>L H? MA> F:LLBO> >??HKM :M
K>=BLMKB;NMBHG A:O> EBMME> HK GH >??><M HG MA> ><HGHFR? *HM :M :EE, CNLM
MA> K>O>KL>. 0A> G>M >??><M F:R A:O> ;>>G FN<A LF:EE>K MA:M HG> FB@AM
?BKLM BF:@BG>, ;NM MA> =>:=-P>B@AM >??><M HG MA> ><HGHFR BL LHF>MABG@
>EL> :@:BG. )HK> :G= FHK> H? MA> K>LHNK<>L H? MA> LHMR :K> ;>BG@
MB>= NI >BMA>K BG =>OHMBG@ MBF> :G= >??HKM MH K>=BLMKB;NMBG@ P>:EMA :G=
BG<HF> BG HG>iL ?:OHK HK BG =>?>GLBO> F>:LNK>L ;R @KHNIL MH IK>O>GM
P>:EMA :G= BG<HF> ?KHF ;>BG@ K>=BLMKB;NM>= :P:R ?KHF MA>F. AL :G
>O>K-@KHPBG@ IKHIHKMBHG H? MA> K>LHNK<>L H? MA> LHMR :K> =>OHM>= MH
MA>L> >G=L, MA>R :K> PBMA=K:PG ?KHF IKH=N<MBO> >??HKM. c
708A>K> BL GH EH@B<:E K>:LHG MH >QI><M MA> IHEBMB<:E LRLM>F MH
IKH=N<> : L>M H? IKHI>KMR KB@AML MA:M PBEE K>LHEO> MA> ;:LB< =BE>FF:L
H? HNK LHMR. 3> :K> :<<NLMHF>= MH MABGDBG@ H? MA> ><E:K:MBHG H?
%G=>I>G=>G<> :G= MA> CHGLMBMNMBHG :L LBFIER : IKH=N<M H? HNK
"HNG=BG@ ":MA>KLi LNIK>F> PBL=HF. %G K>MKHLI><M, MA> ?HNK FBEEBHG
I>HIE> BG HNK LHMR :M MA> >G= H? MA> >B@AM>>GMA <>GMNKR :II>:K>=
MH A:O> : K>E:MBO> LNI>K-:;NG=:G<> H? PBL> :G= MAHN@AM?NE I>HIE>.
BNM MA:M BL ABG=LB@AM. AM E>:LM, BG I:KM, BM A:= MH ;> :<<B=>GM:E @HH=
?HKMNG> MA:M IKHOB=>= MA> CNQM:IHLBMBHG H? MA> IABEHLHIAB<:E BGLB@AML
:G= MA> ><HGHFB< BGM>K>LML H? MAHL> @KHNIL MA:M <:F> MH IHP>K BG MA>
!G@EBLA .>OHENMBHG H? MA> L>O>GM>>GMA <>GMNKR :G= <:KKB>= MAKHN@A MA>
I>KBH= H? MA> ?HKF:MBHG H? MA> 1GBM>= /M:M>L BG MA> >B@AM>>GMA <>GMNKR.
0A> BFIEB<BM :LLNFIMBHG H? HNK <NKK>GM ><HGHFB< IHEB<RF:D>KLeMA:M
PBL=HF PBEE IK>O:BE HO>K G:KKHP>K L>E? BGM>K>LM H? MA> @KHNIL
<HFI>MBG@ BG MA> IHEBMB<:E :K>G:eBL : =><E:K:MBHG H? ?:BMA. BNM MA>
<NKK>GM K>LMKN<MNKBG@ H? IKHI>KMR KB@AML OB: MA> IHEBMB<:E IKH<>LL
IKHOB=>L GH LN<A <HF?HKM:;E> :LLNK:G<>. (*HKMA 1983, 807-809)
*HKMA LI>:DL H? EB;>KMR :L ?HEEHPL:
3A:M :K> MA> BFIEB<:MBHGL H? MA> ?HK>@HBG@ :G:ERLBL ?HK BG=BOB=N:E
EB;>KMR? "KHF FR I>KLI><MBO>, BG=BOB=N:E EB;>KMR BL BG>QMKB<:;ER >G-
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 529
MPBG>= PBMA MA> HIMBHGLeMA> :EM>KG:MBO>Le:O:BE:;E> MH BG=BOB=N:EL BG
: LHMR. BR MABL =>?BGBMBHG BG=BOB=N:E EB;>KMR A:L ;>>G L>KBHNLER
>KH=>=. 0A> <AHB<>L H? H<<NI:MBHGL, MA> =><BLBHG MH ABK>, ?BK>, HK
IKHFHM> >FIEHR>>L, MA> >QIEHBM:MBHG H? G:MNK:E K>LHNK<>L, MA>
>LM:;EBLAF>GM H? G>P >GM>KIKBL>L, MA> =>M>KFBG:MBHG H? JN:EBMR
LM:G=:K=L ?HK IKH=N<ML, MA> =BLIHLBMBHG H? HG>iL >:KGBG@L :EE :K>
BG<K>:LBG@ER FHK> <BK<NFL<KB;>= MA:G BG MA> I:LM. 5>M <E>:KER, MABL BL
:G BG<HFIE>M> LI><B?B<:MBHG H? MA> BLLN>. 3A:M A:O> P> H;M:BG>= BG
K>MNKGe@K>:M>K ><HGHFB< L><NKBMR ?HK BG=BOB=N:EL, : FHK> =>LBK:;E>
=BLMKB;NMBHG H? BG<HF>, MA> K>=N<MBHG H? >GOBKHGF>GM:E =>M>KBHK:MBHG?
ALB=> ?KHF MA> =B??B<NEMR H? :@K>>BG@ :;HNM PA:M BL : =>LBK:;E>
=BLMKB;NMBHG H? BG<HF>, MA> :LL>LLF>GM H? MA>L> ;>G>?BML (I:KMB<NE:KER
:L <HFI:K>= MH ARIHMA>MB<:E :EM>KG:MBO>L) PHNE= =B??>K PB=>ER. % :F
LHF>PA:M LD>IMB<:E :;HNM HNK LN<<>LL>L BG MA>L> =BK><MBHGL. 5>M
H;OBHNLER, P> A:O> >QI>KB>G<>= LHF> =>@K>> H? LN<<>LL. BNM MA> <HLM
BG M>KFL H? FR =>?BGBMBHG H? BG=BOB=N:E EB;>KMR A:L ;>>G LN;LM:GMB:E.
% PHNE= EBD> MH <HG<EN=> HG :G >O>G FHK> LH;>K GHM>. %G=BOB=N:E
EB;>KMR BL <E>:KER : f@HH=g BG BML>E?. BNM BM BL :ELH :G >LL>GMB:E F>:GL MH
: =>LBK:;E> >G=. %G : PHKE= H? NG<>KM:BGMR, GH HG> DGHPL MA> <HKK><M
I:MA MH ?HEEHP, PA>MA>K BM BL BG MA> INKLNBM H? ><HGHFBEE-;>BG@
HK HMA>K =>LBK:;E> H;C><MBO>L. BNM =BO>KLBMRe=><>GMK:EBS>= =><BLBHG-
F:DBG@e:LLNK>L MA> LHMR MA:M F:GR :EM>KG:MBO> I:MAL PBEE ;>
INKLN>= :G= MA>K>?HK> K:BL>L MA> H==L MA:M LN<<>LL PBEE ;> :<AB>O>=.
0A> O:KB>MB>L H? <K>:MBO> M:E>GM :G= B=>:L MA:M MA> BG=BOB=N:EL BG : LHMR
IHLL>LL FNLM A:O> K>:=R :G= >:LR :<<>LL MH >QIK>LLBHG. CHFI>MBMBHG
:G= =><>GMK:EBS>= =><BLBHG-F:DBG@ <HGMKB;NM> :L FN<A MH MA:M IKH<>LL
:L =H>L >JN:EBMR H? HIIHKMNGBMR. C>GMK:EBS>= =><BLBHG-F:DBG@, E:K@>-
L<:E> ;NK>:N<K:<R :G= FHGHIHEBLMB< IKBOBE>@> HI>K:M> BG MA> K>O>KL>
=BK><MBHG. 0A> E:MM>K :II>:KL MH F> MH ;> MA> I:MA P> :K> ?HEEHPBG@.
3> :K> K>=N<BG@ HNK HIMBHGL PBMA <HGL>JN>G<>L MA:M A:O> ?HK>;H=BG@
BFIEB<:MBHGL ?HK HNK EHG@-KNG LNKOBO:E. (*HKMA 1983, 812)
)>:GPABE>, :L ?HK I>MBMBHG LB@GBG@, *HKMA >G=HKL>= &HAG '>KKR ?HK IK>LB=>GM
BG 2004 :G= HIIHL>= MA> #>HK@> 3. BNLA M:Q <NML ($>=>G@K>G >M :E. 2010).
$HKG :LD>= *HKMA :;HNM ABL BGM>K:<MBHG :G= K>@:K= ?HK $:R>D, :G= A>
K>LIHG=>= BG K:MA>K LNI>KE:MBO> M>KFL:
3A>G % P:L :M 1GBO>KLBMR H? 3:LABG@MHG BG />:MME>, % P:L O>KR ?E:MM>K>=
PA>G % HG<> @HM : GHM> ?KHF $:R>D L:RBG@ MA:M A> PHNE= EBD> MH <HF>
:G= M:ED PBMA F>. $> A:= K>:= The Rise of the Western World 7*HKMA :G=
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0AHF:L 19738, :G= A> MAHN@AM BM P:L : O>KR BGM>K>LMBG@ ;HHD. $> <:F>
MH />:MME> :G= LI>GM MPH =:RL PBMA F>. 3> A:= : @HH= MBF> :G= % K>:EER
>GCHR>= ABF. BNM % PBLA % A:= DGHPG MA>G PA:M % A:O> E>:KG>= LBG<>,
LH MA:M % <HNE= A:O> :IIK><B:M>= ABL OBLBM FHK> :IIKHIKB:M>ER. % A:=
G>O>K K>:= ABL LMN?? HG <H@GBMBO> LG<> BG MAHL> =:RL. $> LMBEE L>>FL
MH F> MA> @K>:M>LM ><HGHFBLM H? MA> MP>GMB>MA <>GMNKR, :G= ;R : EHG@
P:R. %? RHN EHHD ?HK I>HIE> PAH K>:EER P:GM MH MKR :G= NG=>KLM:G= MA>
PHKE=, $:R>D <:F> <EHL>K MH MA:M B=>:E MA:G :GR;H=R PAH A:L >O>K
EBO>=. (*HKMA 2009, 168)
*HKMA CHBG>= PBMA CH:L> :G= +EBO>K 3BEEB:FLHG BG <K>:MBG@ MA> %GM>KG:MBHG:E
/HMR ?HK MA> *>P %GLMBMNMBHG:E !<HGHFB<L BG 1997. *HKMA A:L L:B=: fAM MA:M
FHF>GM, .HG:E= CH:L> A:= : ;B@ BG?EN>G<> HG F>g (*HKMA 2009, 169).
References
Miller, Roger LeRoy, andDouglass C. North. 1971. The Economics of Public Issues.
*>P 5HKD: $:KI>K & .HP.
Miller, Roger LeRoy, Daniel K. Benjamin, and Douglass C. North. 2013. The
Economics of Public Issues, 18MA >=. 1II>K /:==E> .BO>K, *.&.: ,K>GMB<> $:EE.
North, Douglass C. 1961. The Economic Growth of the United States 1790 to 1860.
!G@E>PHH= CEB??L, *.&.: ,K>GMB<> $:EE.
North, Douglass C. 1981. Structure and Change in Economic History. *>P 5HKD: 3.
3. *HKMHG.
North, Douglass C. 1983. ,KBO:M> ,KHI>KMR :G= MA> AF>KB<:G 3:R. National
Review, &NER 8: 805-812.
North, Douglass C. 1990. Institutions, Institutional Change, and Economic Performance.
*>P 5HKD: C:F;KB=@> 1GBO>KLBMR ,K>LL.
North, Douglass C. 1992. %GLMBMNMBHGL, %=>HEH@R, :G= !<HGHFB< ,>K?HKF:G<>.
Cato Journal 11(3): 477-488.
North, Douglass C. 1994. ANMH;BH@K:IAR. %G Les Prix Nobel: The Nobel Prizes 1993,
North, Douglass C. 1995. ANMH;BH@K:IAB<:E <A:IM>K BG Lives of the Laureates:
Thirteen Nobel Economists, 3K= >=., >=L. 3BEEB:F BK>BM :G= .H@>K 3. /I>G<>K,
251-267. C:F;KB=@>, ):LL.: )%0 ,K>LL.
North, Douglass C. 2005. Understanding the Process of Economic Change. ,KBG<>MHG,
*.&.: ,KBG<>MHG 1GBO>KLBMR ,K>LL.
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North, Douglass C. 2009. %GM>KOB>P ;R ':K>G %EL> $HKG. %G Roads to Wisdom:
CA>EM>GA:F, 1': !=P:K= !E@:K.
North, Douglass C., and Robert P. Thomas. 1973. The Rise of the Western World:
A New Economic History. C:F;KB=@>, 1': C:F;KB=@> 1GBO>KLBMR ,K>LL.
North, Douglass C., John Joseph Wallis, and Barry R. Weingast. 2009.
Violence and Social Orders: A Conceptual Framework for Interpreting Recorded Human
History. C:F;KB=@>, 1': C:F;KB=@> 1GBO>KLBMR ,K>LL.
Bertil Ohlin
;R *B<E:L B>K@@K>G
B>KMBE +AEBG (1899d1979), IKH?>LLHK H? ><HGHFB<L :G= *H;>E E:NK>:M> BG
1977, =>O>EHI>= : LH<B:E <HGL<BHNLG>LL >:KER HG, ;HMA ;><:NL> H? ABL FHMA>KiL
BGOHEO>F>GM BG :LLBLMBG@ MA> IHHK :G= ;><:NL> H? ABL @HBG@ MH L<AHHE PBMA E>LL P>EE-
MH-=H <ABE=K>G.
%G MA> 1920Le:ELH +AEBGiL MP>GMB>LeA> :K@N>= MA:M MA> ;>LM F>MAH= ?HK
A>EIBG@ MA> E>LL ?HKMNG:M> P:L MH BG<K>:L> ><HGHFB< @KHPMA: HGER ;R <K>:MBG@ :G=
LNLM:BGBG@ <HG=BMBHGL ?HK AB@A>K IKH=N<MBHG E>O>EL <HNE= EBOBG@ LM:G=:K=L KBL> HO>K
MA> EHG@ M>KF. $> =H>L GHM L>>F MH A:O> ;>>G O>KR BG?EN>G<>= ;R LHF> K:=B<:E
<HGM:<ML F:=> BG ABL >:KER R>:KL (LN<A :L MA> BKBMBLA ":;B:GL), :EMAHN@A LN<A
BG?EN>G<>L P>K> MH F:MM>K E:M>K. 0ANL, A> BGBMB:M>= ABL :<:=>FB< <:K>>K BG B=>HEH@B<:E
:@K>>F>GM, :M E>:LM HG FHLM BLLN>L H? ><HGHFB< IHEB<R, PBMA MA> E>:=BG@ /P>=BLA
><HGHFBLML H? MA> =:R, #NLM:O C:LL>EE :G= !EB $><DLA>K, PAH P>K> =>OHM>= <E:L-
LB<:E EB;>K:EL. $><DL<A>K A>EI>= +AEBG L><NK> ABL ?BKLM IKH?>LLHKLABI :M MA>
1GBO>KLBMR H? CHI>GA:@>G PA>G +AEBG P:L HGER 25 R>:KL HE=. $><DL<A>K P:L :ELH
BGLMKNF>GM:E BG +AEBGiL LN;L>JN>GM MK:GL?>K, BG 1929, MH MA> /MH<DAHEF /<AHHE H?
!<HGHFB<L ($><DL<A>KiL HPG BGLMBMNMBHG), PA>K> +AEBG P:L MH K>F:BG.
AG BFIHKM:GM K>:LHG ?HK MA> :MMK:<MBO>G>LL H? <E:LLB<:E EB;>K:EBLF :FHG@
/P>=BLA ><HGHFBLML BG MA> FB==E> :G= >G= H? MA> 1920L P:L MA> ?:<M MA:M : FHLM
L>O>K> ><HGHFB< <KBLBL P:L @K:=N:EER HO>K<HF> ;R F>:GL H? F:KD>M-HKB>GM>=
F>:LNK>L. B>MP>>G 1923 :G= 1929 MA> /P>=BLA ><HGHFR =>O>EHI>= O>KR P>EE:
IKB<>L P>K> LM:;BEBS>=, NG>FIEHRF>GM ?>EE, :G= #, @KHPMA MNKG>= IHLBMBO> :@:BG.
0ABL P:L IHBGM>= HNM ;R +AEBG BG : LI>><A MH MA> CHI>GA:@>G /MN=>GM ALLH<B:MBHG
HG ">;KN:KR 14, 1926, PA>K> A> OHB<>= LD>IMB<BLF :;HNM @HO>KGF>GM BGM>KO>GMBHG
:G= K>@NE:MBHG ((:KLLHG 1998, 42). %G :G BGM>KOB>P BG MA> G>PLI:I>K Ekstrabladet HG
><>F;>K 27, 1926, +AEBG :LL>KM>= MA:M F:KD>M :=CNLMF>GML P>K> BGLMKNF>GM:E ?HK
K>=N<BG@ NG>FIEHRF>GM (B;B=., 87). 0A> M:LD H? @HO>KGF>GM BL IKBF:KBER MH ?:<BEBM:M>
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2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 532
E:;HK FH;BEBMR :G= MH >GLNK> MA:M LH<B:E F>:LNK>L =H GHM =BFBGBLA MA> BG<>GMBO>L
H? NG>FIEHR>= I>KLHGL MH EHHD ?HK PHKD. A FHGMA E:M>K BG MA> Stockholms-Tidningen
G>PLI:I>K, +AEBG PKHM>: f0A> @K>:M LI>>= PBMA PAB<A P:@>L P>K> :=CNLM>= BG MA>
G>P LBMN:MBHG FHLM BFIHKM:GMER <HGMKB;NM>= MH LAHKM>GBG@ MA> <KBLBLg (B;B=.). %G :
?:K>P>EE LI>><A MH MA> CHI>GA:@>G /MN=>GM ALLH<B:MBHG, A> MAHN@AM BM fGHGL>GL>g
MH OB>P MA> NG>FIEHRF>GM IKH;E>F :L MA> FHLM BFIHKM:GM LH<B:E BLLN> H? MA> =:R:
MA:M IKH;E>F PHNE= E:K@>ER M:D> <:K> H? BML>E? MAKHN@A F:KD>= :=CNLMF>GML (B;B=.,
58).
0A> Ekstrabladet BGM>KOB>P E>= MH +AEBG ;>BG@ <KBMB<BS>= BG /P>=>G ?HK
>Q>FIEB?RBG@ MA> =H@F:MB< OB>P H? ><HGHFBLML (B;B=., 87). )HK>HO>K, MA> :GBLA
=:BER Social-Demokraten :G= BML PKBM>K 'GN= 'HKLM <KBMB<BS>= +AEBG HG ><>F;>K
3, 1926 ?HK ;>BG@ HG>-LB=>= BG ABL IKH-F:KD>M LI>><A>L. AFHG@ MA> MABG@L MA:M
'HKLM =BLEBD>= P>K> +AEBGiL :=OH<:<R H? EB;>K:EBSBG@ F:KD>ML, ABL <KBMBJN> H? MA>
P:@> IHEBL H? MA> E:;HK NGBHGL (PAB<A +AEBG L:P :L MA> <:NL> H? NG>FIEHRF>GM;
BGLM>:=, A> P:GM>= P:@> K:M>L MH ;> FHK> ?E>QB;E>), :G= ABL OB>P H? P>:EMA
:<<NFNE:MBHG :L <HG=N<BO> MH <:IBM:E BGO>LMF>GM (B;B=., 54).
BNM =NKBG@ +AEBGiL LM:R BG CHI>GA:@>G, PAB<A E:LM>= ?KHF 1925 MH 1929, A>
;>@:G ABL B=>HEH@B<:E K>HKB>GM:MBHG PAB<A <HGG><M>= ABL >:KER LH<B:E BGOHEO>F>GM
MH ABL H;L>KO:MBHGL HG IKH;E>FL BG MA> PHKE=PB=> ><HGHFB< LRLM>F. ">EEHP
><HGHFBLM (:NKBMS BBK<D >Q>K<BL>= <HGLB=>K:;E> BG?EN>G<> BG MABL K>@:K=. +AEBG
K><:EE>=:
% E>:KG>= : EHM ?KHF BBK<D. c $BL =BL<EHLNK> H? MA> LAHKM<HFBG@L H?
MA> ><HGHFB< LRLM>F :G= MA> @K>:M KBLDL MH F:GR I>HIE> H? :G NG>O>G
=BLMKB;NMBHG H? IHP>K F:=> MABG@L <E>:K MH F> PAB<A % A:= ABMA>KMH
GHM I:B= FN<A :MM>GMBHG MH. c AL % IHBGM>= HNM >:KEB>K, % A:= :EK>:=R,
=NKBG@ FR =:RL BG (NG=, ;><HF> BGM>K>LM>= BG .B@:GHiL IKHIHL:E ?HK
AB@A BGA>KBM:G<> M:Q>L. *HP % =K>P MA> <HG<ENLBHG MA:M :G BG<K>:L>
BG BG<HF> M:Q>L MAKHN@A LM>>I>K IKH@K>LLBHG P:L :ELH P>EE FHMBO:M>=.
(+AEBG 1972, 122-123)
AGHMA>K ?B@NK> A:OBG@ BG?EN>G<> HG +AEBG P:L :GBLA IHEBMB<B:G ,>M>K
)NG<A, PAHL> fLH<B:E K:=B<:EBLFg >GM:BE>= AB@A>K M:Q:MBHG, K>=BLMKB;NMBHG, : LH<B:E-
K>?HKF IE:G MH K>=N<> =B??>K>G<>L BG EBOBG@ LM:G=:K=L, :L P>EE :L G:MBHG:EBS>=
NG>FIEHRF>GM :G= :<<B=>GM BGLNK:G<>.
BNM MA> LBG@E> FHLM BFIHKM:GM LHNK<> ?HK +AEBGiL <A:G@> BG B=>HEH@R P:L
&HAG ):RG:K= '>RG>L, >LI><B:EER PBMA ABL ;HHD The End of Laissez-Faire (1926).
'>RG>L :K@N>= ?HK : G>P EB;>K:EBLF PAB<A PHNE= :BF ?HK ;HMA ?K>>=HF :G= L:?>MR
BG EB?>, :G= : IKBF> F>MAH= P:L @HO>KGF>GM F>:LNK>L H? O:KBHNL LHKML: f+NK
IKH;E>F BL MH PHKD HNM : LH<B:E HK@:GBL:MBHG PAB<A LA:EE ;> :L >??BGM :L IHLLB;E>
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 533
PBMAHNM H??>G=BG@ HNK GHMBHGL H? : L:MBL?:<MHKR P:R H? EB?>g ('>RG>L 1926, 53).
0HP:K=L MA> >G= H? MA> 1920L, +AEBG ;>@:G MH OB>PABL KHE> :L HG> H? E:NG<ABG@ MABL
G>P EB;>K:EBLF BG /<:G=BG:OB:e:G= MABL I>K<>IMBHG P:L K>BG?HK<>= ;R MA> >GLNBG@
PHKE=PB=> =>IK>LLBHG. +AEBG :@K>>= PBMA '>RG>L MA:M MA> =>IK>LLBHG LAHP>= MA>
P>:DG>LL H? MA> ?K>>-F:KD>M LRLM>F. %G ABL F>FHBKL, +AEBG LM:M>=:
0A> OB>PMA:M MA> HE= fE>M-@H EB;>K:EBLFg A:= HNMEBO>= BML>E? P:L ?NKMA>K
<HG?BKF>=, PA>G % K>:= '>RG>LiL EBMME> ;HHD f0A> !G= H? (:BLL>S-
":BK>g MA> ?HEEHPBG@ R>:K. %G 1927 % PKHM> : ?>P:KMB<E>L HG f(B;>K:EBLF
:M MA> CKHLLKH:=L.g 0A> =>O>EHIF>GM LAHP>=, FHK> :G= FHK> <E>:KER,
MA:M HG> FNLM :<<>IM MA> =>F:G= ?HK fIE:GG>= HK@:GBS:MBHG.g (+AEBG
1972, 180)
0A>K> P>K> LHF> >:KER LB@GL MA:M +AEBG P:L GHM : ?BKF <E:LLB<:E EB;>K:E. AL
GHM>=, A> ?:OHK>= AB@A BGA>KBM:G<> M:Q>L :M :G >:KER :@>. AELH, HG AIKBE 26, 1925, A>
PKHM> :G :KMB<E> BG Stockholms-Tidningen PAB<A, IKH;:;ER ?HK MA> ?BKLM MBF>, >QIK>LL>=
ABL :IIK><B:MBHG H? MA> fG>P EB;>K:EBLFg H? '>RG>L :G= HMA>K BKBMBLA ><HGHFBLML BG
LHF>PA:M LRLM>F:MB< M>KFL.
%G <HGG><MBHG PBMA MA> ><HGHFB< IKH;E>FL BG MA> 1930L, +AEBG @K:=N:EER
<:F> MH :<<>IM GHM HGER :<MBO> LM:;BEBS:MBHG IHEBL ;NM :ELH K>@NE:MBHG H? :@KB-
<NEMNK> :G= PHKDIE:<>L. '>RG>LiL General Theory (1936) F>M PBMA @K>:M :IIKHO:E,
;NM +AEBG, MH@>MA>K PBMA HMA>K ><HGHFBLML BG MA> LH-<:EE>= /MH<DAHEF /<AHHE,
A:= :<MN:EER IK><>=>= '>RG>L HG L>O>K:E <HNGML, >.@., ;R A:OBG@ ?H<NL>= HG MHM:E
=>F:G= :G= ;R A:OBG@ BGMKH=N<>= NG<>KM:BGMR (:L LI><B?B>= ;R +AEBG BG : E>MM>K
MH MA> '>RG>L L<AHE:K HG ,:MBGDBG HG &:GN:KR 6, 1976; L>> (:KLLHG 1998, 98;
<?. +AEBG 1972, <A. 13). +G> <:G :ELH :== MA:M +AEBGiL @>G>K:E HNMEHHD HG IHEBMB<L
P:L I>KA:IL <HG=N<BO> MH : @K>:M>K :<<>IM:G<> H? ><HGHFB< IE:GGBG@: A> P:L
K:MBHG:EBLMB< :G= A>E= :<:=>FB< MABGDBG@ BG AB@A K>@:K=.
AL ?HK +AEBGiL IHEBMB<:E BGOHEO>F>GM, BG 1934 A> P:L >E><M>= <A:BKF:G H?
MA> (B;>K:E 5HNMA +K@:GBS:MBHG H? /P>=>G, BG 1938 A> P:L >E><M>= )>F;>K H?
,:KEB:F>GM, :G= BG 1944 A> ;><:F> E>:=>K H? MA> (B;>K:E ,:KMRe: IHLBMBHG A>
P:L MH AHE= ?HK 23 R>:KL. 0A>K> :K> LB@GL MA:M +AEBGiL K>MNKG MH /MH<DAHEF ?KHF
CHI>GA:@>G P:L I:KMER FHMBO:M>= ;R : =>LBK> MH ;><HF> BGOHEO>= BG IHEBMB<L. %G :G
AIKBE 1929 E>MM>K MH ,KH?>LLHK B>KGA:K= ':KE@K>G, A> PKHM>:
% A:O> :EP:RL A:= BG FR FBG= MA:M % LAHNE= MKR MH <HF> MH /MH<DAHEF,
I:KMER ;><:NL> % :F O>KR BGM>K>LM>= BG IHEBMB<L. 3A>G % A:O> =HG> :P:R
PBMA LHF> LGMB?B< PHKD BG ?BO> MH M>G R>:KL, BM BL JNBM> IHLLB;E> MA:M %
LM:KM =HBG@ IHEBMB<L. (JNHM>= BG (:KLLHG 1998, 111)
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%M L>>FL ?:BK MH L:R MA:M +AEBGiL IHEBMB<:E BGM>K>LM >F>K@>= =NKBG@ MA> M>GNK> BG
CHI>GA:@>G; ;>?HK> MA> FB=-1920L, A> A:= K>F:BG>= ?H<NL>= HG :<:=>FB< =BL<NL-
LBHGL. %GM>K>LMBG@ER, MABL =>O>EHIF>GM :ELH :II>:KL MH A:O> ;>>G BG?EN>G<>= ;R MA>
>Q:FIE> H? '>RG>L: EBD> ABF, +AEBG ;>@:G MH MABGD BM G><>LL:KR ?HK ><HGHFB<L MH
A:O> : IK:<MB<:E =BK><MBHG :G= ?HK ><HGHFBLML MH M:D> I:KM BG =>;:M>L HG ><HGHFB<
IHEB<R.
+AEBGiL HE= ;>G>?:<MHK $><DL<A>K ;>@:G MH GHMB<> MA> B=>HEH@B<:E <A:G@>
=NKBG@ +AEBGiL E:LM R>:K BG CHI>GA:@>G, GHM E>:LM MA> >??><M H? '>RG>L. %G 1930,
+AEBG ;><:F> IKH?>LLHK :M MA> /MH<DAHEF /<AHHE H? !<HGHFB<L :G= P:L MH <HF>
BGMH @K:O> <HG?EB<M PBMA $><DL<A>K. %G : E>MM>K H? AN@NLM 25, 1935, +AEBG PKBM>L, f0H
LHF> >QM>GM RHNK =BLBEENLBHG 7PBMA +AEBGiL =BLLH<B:MBHG ?KHFE:BLL>S-?:BK> B=>:L8 F:R
=>I>G= HG :G BG:;BEBMR MH <HFIK>A>G= MA> I>KLHG:E =>O>EHIF>GM % NG=>KP>GM ?KHF
1925 MH 1929, :FHG@ HMA>K MABG@L NG=>K MA> BG?EN>G<> H? BBK<Dg ((:KLLHG 1998,
105).
0ABL <HG?EB<M P:L, HG MA> HG> A:G=, IKH?>LLBHG:E: +AEBG BG<K>:LBG@ER :MM:<D>=
$><DL<A>KiL ;K:G= H? EB;>K:EBLF :G= BML ?K>>-F:KD>M ><HGHFB<L, :G= MABL MHHD IE:<>
;HMA BG MA> ,HEBMB<:E !<HGHFR CEN; BG /MH<DAHEF (: =BL<NLLBHG @KHNI ?HK MA>
E>:=BG@ ><HGHFBLML) :G= BG MA> G>PLI:I>KL. %G Stockholms-Tidningen =NKBG@ AN@NLM
1933, +AEBG <KBMB<BS>= fMA> :<DGHPE>=@>= :NMAHKBMB>Lg PAH A:O> : A:K= MBF>
NG=>KLM:G=BG@ MA> =>F:G=L H? MA> :@>, f<:N@AM NI :L MA>R :K> BG MA> >QI>KB>G<>L
H? MA> IK>-P:K >K:, PAB<A A:O> =>@>G>K:M>= BGMH IK>CN=B<>Lg (B;B=., 103). $><DL<A>K
K>LIHG=>= ;R LA:KI>GBG@ ABL <KBMB<BLF H? @HO>KGF>GM BGM>KO>GMBHG (L>> HG MABL
C:KELLHG 1994). 0A> IKH?>LLBHG:E M>GLBHGL LIBEE>= H?? BGMH MA> IKBO:M> LIA>K>. %G :
E>MM>K H? &NG> 21, 1935, $><DL<A>K :<<NL>= +AEBG H? ;>BG@ f:G :IHLME> H? <>GMK:E
IE:GGBG@g ((:KLLHG 1998, 103), :G= +AEBG LHHG K>IEB>= MA:M fAEE IK><HG=BMBHGL ?HK
: ?KB>G=ER K>E:MBHGLABI ;>MP>>G $><DL<A>K :G= +AEBG :K> FBLLBG@g (B;B=., 106).
+AEBG P:L MH K>M:BG ABL fLH<B:E-EB;>K:Eg (+AEBG 1949, 97??.) OB>PL ?HK MA>
K>F:BG=>K H? ABL EB?>, :G= A> G>O>K K>MNKG>= MH MA> FHK> <E:LLB<:EER EB;>K:E >E>F>GML
H? MA> >:KER :G= FB=-1920L. $HP>O>K, BM ;>:KL GHMBG@ MA:M :?M>K 3HKE= 3:K %%,
+AEBGiL B=>HEH@B<:E ?H> P:L GHM I>K<>BO>= MH ;> <E:LLB<:E EB;>K:EBLF ;NM MA> FHK>
K:=B<:E O:KB:GML H? <HEE><MBOBLF:=O:G<>= ;R LHF> E>:=BG@ ?B@NK>L BG MA> KNEBG@ /H<B:E
>FH<K:MB< ,:KMR. +AEBG LN<<>LL?NEER :K@N>= :@:BGLM >Q<>LLBO> M:Q:MBHG :G= LH<B:E-
BS:MBHG H? MA> F>:GL H? IKH=N<MBHG ?KHF MA> ;>@BGGBG@ H? MA> /H<B:E >FH<K:MB<
K>B@G (L>>, >.@., +AEBG 1982/1936).
References
Carlsson, Benny. 1994. The State as a Monster: Gustav Cassel and Eli Heckscher on the
Role and Growth of the State. (:GA:F, )=.: 1GBO>KLBMR ,K>LL H? AF>KB<:.
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 535
Keynes, John Maynard. 1926. The End of Laissez-Faire. (HG=HG: (. & 2. 3HHE?.
Larsson, Sven-Erik. 1998. Bertil Ohlin. /MH<DAHEF: AME:GMBL.
Ohlin, Bertil. 1949. The Problem of Employment Stabilization. *>P 5HKD: CHENF;B:
1GBO>KLBMR ,K>LL.
Ohlin, Bertil. 1972. Ung man blir politiker 7Young Man Turns Politician8. /MH<DAHEF:
BHGGB>KL.
Ohlin, Bertil. 1982 719368. Fri eller dirigerad ekonomi? 7A Free or a Directed Economy?8.
/MH<DAHEF: AB "HED & /:FAXEE>.
Elinor Ostrom
!EBGHK +LMKHF (1933d2012), ;HKG !EBGHK AP:G, P:L K:BL>= BG (HL AG@>E>L:
/A> @K>P NI BG :G >K: H? ><HGHFB< =>IK>LLBHG MA:M E>= BGMH : K>LHNK<>-
<HGLNFBG@ P:K, BG : <BMR PA>K> ?K>LA P:M>K P:L : IKBS>= <HFFH=BMR.
f)R FHMA>K A:= : OB<MHKR @:K=>G =NKBG@ MA> P:K,g 7+LMKHF8 K><:EEL,
fLH % E>:KG>= :EE :;HNM @KHPBG@ O>@>M:;E>L :G= IK>L>KOBG@ MA>G ;R
<:GGBG@, :G= MA:M P:L : PHG=>K?NE >QI>KB>G<> MA:M : EHM H? NK;:G DB=L
=HGiM >O>K E>:KG.g (6:@HKLDB 2006, 19221)
3ABE> BG AB@A L<AHHE, LA> <HFI>M>= BG =>;:M>, :G >Q>K<BL> PAB<A M:N@AM A>K
fMA>K> :K> :EP:RL :M E>:LM MPH LB=>L MH IN;EB< IHEB<R JN>LMBHGL, :G= RHN A:O> MH E>:KG
: @HH= :K@NF>GM ?HK ;HMA LB=>L :L P>EE :L DGHPBG@ AHP MH <KBMBJN> ;HMA LB=>Lg
(+LMKHF 2010:). +LMKHF fK><:EEL P:M<ABG@ MA> &HL>IA )<C:KMAR A>:KBG@L HG A>K
?:FBERiL ?BKLM M>E>OBLBHG L>M :G= @>MMBG@ BGOHEO>= BG : LN;LM:GMBO> =BL:@K>>F>GM PBMA
A>K FHMA>Kg (6:@HKLDB 2006, 19221). 0A> ?BKLM I>KLHG BG A>K ?:FBER MH :MM>G=
<HEE>@>, +LMKHFPHKD>= MAK>> CH;L MAKHN@A A>K NG=>K@K:=N:M> >=N<:MBHG :M 1C(A,
PA>K> LA> fP:L MK:BG>= A>:OBER BG ><HGHFB<Lg (+LMKHF 2009:). A?M>K PHKDBG@ ?HK
L>O>K:E R>:KL LA> K>MNKG>= MH 1C(A ?HK @K:=N:M> PHKD. +LMKHF K><:EE>=:
)R BGBMB:E =BL<NLLBHGL PBMA MA> !<HGHFB<L >I:KMF>GM :M 1C(A
:;HNM H;M:BGBG@ : ,A.. BG !<HGHFB<L P>K>cIK>MMR =BL<HNK:@BG@. %
A:= GHM M:D>G F:MA>F:MB<L :L :G NG=>K@K:=N:M> IKBF:KBER ;><:NL> %
A:= ;>>G :=OBL>= :L : @BKE :@:BGLM M:DBG@ :GR <HNKL>L ;>RHG= :E@>;K:
:G= @>HF>MKR BG AB@A L<AHHE. 3ABE> MA> !<HGHFB<L >I:KMF>GM
>G<HNK:@>= F> MH M:D> :G HNMLB=> FBGHK BG ><HGHFB<L ?HK FR ,A..,
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MA>R =BL<HNK:@>= :GR ?NKMA>K MABGDBG@ :;HNM =HBG@ : ,A.. BG ><H-
GHFB<L. ,HEBMB<:E /G<> :M MA:M MBF> P:L :ELH LD>IMB<:E :;HNM
:=FBMMBG@ :GR PHF>G MH MA>BK ,A.. IKH@K:F:L MA>R ?>:K>= MA:M HGER :
<BMR <HEE>@> PHNE= >FIEHR : PHF:G PBMA : ,A.. 0A:M P:L GHM : @HH=
IE:<>F>GM ?HK ;NBE=BG@ MA> K>INM:MBHG H? MA> 1C(A=>I:KMF>GM. % P:L,
AHP>O>K, :=FBMM>= BG : <E:LL H? 40 LMN=>GML PBMA MAK>> HMA>K PHF>G.
(+LMKHF 2010:)
+LMKHFP>GM HG MH ;><HF> IKH?>LLHK H? @HO>KGF>GM, :G= E:M>K H? IHEBMB<:E LG<>,
:M %G=B:G: 1GBO>KLBMR; A>K ANL;:G= 2BG<>GMe:ELH : IHEBMB<:E LGMBLMeA:= FHO>=
MH %G=B:G: ?KHF ABL IK>OBHNL IHLBMBHG :M 1C(A. 0A> +LMKHFL PHNE= K>F:BG :M
%G=B:G: MA>K>:?M>K.
%G 2009, +LMKHF PHG MA> *H;>E ,KBS> f?HK A>K :G:ERLBL H? ><HGHFB<
@HO>KG:G<>, >LI><B:EER MA> <HFFHGL.g +LMKHFiL PHKD LAHP>= MA:M <HFFNGBMB>L
<:G LHF>MBF>L >??BGMER A:O> IHHE>= K>LHNK<>L PBMAHNM >QI>KB>G<BG@ MA> MK:@>=R
H? MA> <HFFHGL. 3BEE 3BEDBGLHG (2009) =>L<KB;>L +LMKHFiL <HGMKB;NMBHGL :L f:G
BG@>GBHNL ;E>G= H? ?HKF:E @:F> MA>HKR, E:;HK:MHKR >QI>KBF>GM:MBHG, :G= =HPG-
:G=-=BKMR >FIBKB<:E ?B>E=PHKD,g LA>==BG@ fEB@AM HG MA> P:RL K>:E I>HIE> :KKBO> :M
KNE>L MA:M :EEHP MA>F MH EBO> BG A:KFHGR PBMA >:<A HMA>K :G= MA>BK G:MNK:E
>GOBKHGF>GM.g
0ABGDBG@ HNMLB=> MA> MHI-=HPG O>KLNL IKBO:MBS:MBHG ;HQ, +LMKHF A:L LAHPG
: MABK= P:R H? K>LHNK<> :EEH<:MBHG: <HFFHG IHHEBG@, HK F:G:@>F>GM H? K>LHNK<>L
;R :G LH<B:E ><HEH@R H? GHKFL MA:M ?BML G>BMA>K H? MA> IHE:K >QMK>F>L. 0ABL F>MAH=
LA> ?HNG= :EBO> :G= P>EE BG F:GR I:KML H? MA> PHKE=. AEMAHN@A MABL F>MAH= =H>L
GHM :EP:RL PHKD, <>KM:BG <NEMNK:E GHKFL :G= HMA>K <HG=BMBHGL F:D> IHHEBG@ MA> ;>LM
HIMBHG BG <>KM:BG LBMN:MBHGL. %G MAHL> <HFFNGBMB>L, +LMKHFiL PHKD fJN>LMBHGLc
MA> PBL=HF H? >QM>KG:E :@>GML BFIHLBG@ individual IKHI>KMR KB@AML BG <HFFNGBMB>L
PAB<A A:O> >OHEO>= >??><MBO> h<HFFHG IKHI>KMR K>@BF>Lig (,>GGBG@MHG 2012,
>FIA:LBL BG HKB@BG:E).
,>M>K BH>MMD> K>?E><M>= HG MA> BFI:<M H? +LMKHFiL LMN=B>L:
%G MA> ABLMHKR H? IHEBMB<:E :G= ><HGHFB< MAHN@AM MA> LHNK<> H? LH<B:E
HK=>K A:L ;>>G :MMKB;NM>= >BMA>K MH MA> BGOBLB;E> A:G= H? F:KD>M
<HHK=BG:MBHG (A=:F /FBMA) HK MA> A>:OR A:G= H? LM:M> <HGMKHE
($H;;>L). ,>KA:IL HG> H? MA> ;>LM P:RL MH NG=>KLM:G= !EBGHK
+LMKHFiL PHKD BL MH L>> BM :L PHKDBG@ HNM : $H;;>LB:G IKH;E>F ;R
P:R H? : /FBMAB:G LHENMBHG. 0A:M BL I>KA:IL : ;BM H? : LMK>M<A ;NM GHM
;R FN<A. $>K PHKD HG EH<:E IN;EB< ><HGHFB>L :G= <HFFHG-IHHE
K>LHNK<>L ?H<NL>L HG :<MN:E fKNE>L BG NL>g (:L HIIHL>= MH MA> fKNE>L
BG ?HKFg) MA:M =><>GMK:EBS>= BG=BOB=N:EL :G= @KHNIL K>ER HG MH F:D>
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 537
=><BLBHGL :G= MH <HHK=BG:M> MA>BK ;>A:OBHK BG HK=>K MH HO>K<HF> LH<B:E
=BE>FF:L. %M RB>E=L :G HIMBFBLMB< F>LL:@> :;HNM MA> IHP>K H? L>E?-
@HO>KG:G<> MH LN<<>>= >O>G BG =B??B<NEM LBMN:MBHGL. (BH>MMD> 2009)
BH>MMD> <HGMBGN>L:
A IHBGM MA:M LHF>MBF>L MKBIL NI K>:=>KL BL MA:M +LMKHF H?M>G ?H<NL>L
HG LBMN:MBHGL PA>K> MA> M><AGHEH@R H? I:K<>EBG@ IKHI>KMR BGMH IKBO:M>
IEHML =H>L GHM >QBLM. %G MA>L> LBMN:MBHGL LA> LMN=B>L <HEE><MBO>, ;NM GHG-
/M:M> =><BLBHG-F:DBG@ HO>K <HFFHG-IHHE K>LHNK<>L. 3ABE> IKBO:M>-
IKHI>KMR LHENMBHGL :K> GHM >FIEHR>= BG LN<A <:L>L, MA> fKNE>L BG NL>g
MA:M =H HI>K:M> :<<HFIEBLA PA:M IKBO:M> IKHI>KMR PHNE= A:O> :<<HF-
IEBLA>=. 3> ?BG= KNE>L MA:M EBFBM :<<>LL :G= MA:M F:D> BG=BOB=N:EL BG
MA> @KHNI :<<HNGM:;E> ?HK MA>BK FBLNL> H? MA> K>LHNK<>. 3> :ELH ?BG=
>G?HK<>F>GM H? MAHL> KNE>L. %G LAHKM, MA> :G:ERLM FNLM ;> PBEEBG@ MH
EHHD :M ;HMA MA> ?HKF :G= ?NG<MBHG H? KNE>L BG : O:KB>MR H? LH<B:E
LBMN:MBHGL. (BH>MMD> 2009)
/>E?-@HO>KG:G<> K:MA>K MA:G MHI-=HPG @HO>KG:G<> P:L : MA>F> BG +LMKHFiL
PKBMBG@L. %G : 1993 :KMB<E>, LA> PKHM>:
%GLMBMNMBHGL H? L>E?-@HO>KG:G<> =>I>G= NIHG MA> =>O>EHIF>GM H? :
LG<> :G= :KM H? :LLH<B:MBHG PA>K> <BMBS>GL K>ER NIHG O:KBHNL ?HKFL
H? OHENGM:KR :LLH<B:MBHG MH F:D> MA> ?HKF:E BGLMBMNMBHGL H? @HO>KG-
F>GM L>KO> MA> BGM>K>LML MA:M <BMBS>GL LA:K> PBMA HG> :GHMA>K BG ANF:G
<HFFNGBMB>L (2. +LMKHF, 1991). "HKF:E NGBML H? @HO>KGF>GM :K>
MAHL> GHGOHENGM:KR :LLH<B:MBHGL MA:M :K> FHK> I>KF:G>GMER
>LM:;EBLA>= ;R E:P MH :=FBGBLM>K MA> :??:BKL :LLH<B:M>= PBMA B=>GMB?B:;E>
M>KKBMHKR. 0A>BK HI>K:MBHG BG : =>FH<K:MB< LHMR =>I>G=L NIHG MA>BK
;>BG@ G>LM>= BG KB<A <HG?B@NK:MBHGL H? OHENGM:KR :<MBOBMB>L. 2HENGM:KR
:LLH<B:MBHGL, H?M>G E:;>EE>= :L fIKBO:M>,g L>KO> <KN<B:E IN;EB< INKIHL>L.
(+LMKHF 1993, 8)
%G Local Government in the United States (+LMKHF, BBLA, :G= +LMKHF 1988),
+LMKHF :G= A>K <H-:NMAHKL PKHM>:
0A> EH@B< MA:M 0H<JN>OBEE> NL>= BG <A:K:<M>KBSBG@ AF>KB<:G EH<:E
@HO>KGF>GM BL LN;LM:GMB:EER :M O:KB:G<> PBMA MA> EH@B< H? MA> !??BG<R
:G= !<HGHFR :G= )>MKHIHEBM:G .>?HKF FHO>F>GML MA:M A:L
=HFBG:M>= <HGLB=>K:MBHG H? EH<:E @HO>KGF>GM BG MA> MP>GMB>MA <>GMNKR.
0H<JN>OBEE> L:P : K>E:MBO>ER AB@A E>O>E H? <BMBS>G I:KMB<BI:MBHG BG EH<:E
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@HO>KGF>GM:E :??:BKL. "NG<MBHGL P>K> =BLI>KL>= :FHG@ : FNEMBMN=> H?
IHINE:KER >E><M>= H??B<B:EL, PBMA GH HK@:GBS:MBHG:E AB>K:K<AR :O:BE:;E>
MH <HHK=BG:M> MA> :<MBOBMR H? MAHL> :=FBGBLMK:MBO> ?NG<MBHG:KB>L. 3A>G
<HG?EB<ML :KHL>, MA> <HNKML P>K> K>EB>= NIHG MH K>LHEO> =BLINM>L BG
:<<HK=:G<> PBMA @>G>K:E KNE>L H? E:P. 0ANL <HHK=BG:MBHG P:L :<AB>O>=
:G= =BLINM>L K>LHEO>= PBMAHNM : LBG@E> HK@:GBS:MBHG:E AB>K:K<AR.
(+LMKHF, BBLA, :G= +LMKHF 1988, 85)
0A> :NMAHKL NL>= MA> f)>MKHIHEBM:G .>?HKF FHO>F>GMg :L HG> ?HBE MH MA:M
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AHF> ><HGHFB<Le:ELH <EN>L, I>KA:IL. (,A>EIL 1995, 90)
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PKBMBG@g MA:M P:L ABL f?BKLM >QI>KB>G<> :M BGO>GMBG@ : ?B<MBHG:E PHKE=, : DBG= H?
FH=>EBG@g (,A>EIL 2007). ,A>EIL >O>GMN:EER K>:EBS>= MA:M : <:K>>K :L :G :KMBLM PHNE=
GHM ;> IKHFBLBG@ :G= >QIEHK>= HMA>K ?B>E=L BG <HEE>@> (B;B=.).
,A>EIL >GM>K>= AFA>KLM CHEE>@> BG 1951 MABGDBG@ A> PHNE= @K:OBM:M> MHP:K=L
: FHG>R-F:DBG@ F:CHK, EBD> ;NLBG>LL. $> MHHD : O:KB>MR H? <HNKL>L BG<EN=BG@ IABE-
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ABL ?:MA>K <:CHE>= ABF MH M:D> : <HNKL> BG ><HGHFB<L (,A>EIL 1995, 90-91; 2007).
,A>EIL ?HNG= ><HGHFB<L MH ;> CNLM :L BGM>K>LMBG@ :G= FHK> IK:<MB<:E (,A>EIL 2009:,
109). AL :G ><HGHFB<L F:CHK, ,A>EIL K>:= :G= :=FBK>= ,:NE /:FN>ELHGiL Economics
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AM 5:E>, BM BL ?:BK MH L:R, MA> <NKK>GM H? '>RG>LB:G ><HGHFB<L K:G O>KR
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IKH?>LLHK H? IHEBMB<:E ><HGHFR :G= MA> =BK><MHK H? MA> C>GM>K HG C:IBM:EBLF :G=
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>??><ML H? F:<KH><HGHFB< IHEB<Rg(.HR:E /P>=BLA A<:=>FR H? /G<>L 2006).
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(2008) BG MA> New Palgrave Dictionary of Economics. ,>KA:IL MA> FHLM K>F>F;>K>=
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MA>HK>MB<:E NG=>KIBGGBG@L H? MA> GHMBHG H? : LM:;E> MK:=>H?? ;>MP>>G NG>FIEHR-
F>GM :G= BG?E:MBHG, :EHG@ EBG>L BG=>I>G=>GMER =>O>EHI>= ;NM LBFBE:K MH MAHL> H?
)BEMHG "KB>=F:G (1968). 0A> >QI>KB>G<> H? MA> 1970L L>>F>= MH <HG?BKF MA>BK
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FHO>= BG MA>BK =BK><MBHG ($HHO>K 2008).
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CNLMB<> BL : fAN@> :K>: H? BGM>K>LMg H? ABL (,A>EIL 2009:, 119). AM HG> IHBGM, ABL H??B<>
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What was the most important theoretical breakthrough?
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Who are you most indebted to intellectually?
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Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change
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2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 555
Pissarides, Christopher A. 2011;. ,E:G B: CNM MA> 2A0 B:<D MH 17.5 ,>K C>GM.
New Statesman, +<MH;>K 11. Link
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:G= ,KH=N<MBOBMR ;R *HM ):DBG@ %M !:LB>K MH />M 1I :G= +I>K:M> BNLBG>LL
/>KOB<>L. British Politics and Policy at LSE, *HO>F;>K 3. Link
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Link
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Pissarides, Christopher A., and Ian McMaster. 1990. .>@BHG:E )B@K:MBHG,
3:@>L :G= 1G>FIEHRF>GM: !FIBKB<:E !OB=>G<> :G= %FIEB<:MBHGL ?HK ,HEB<R.
Oxford Economic Papers 42(4): 812-831.
Ryan, Jennifer. 2012. ,BLL:KB=>L /:RL 0KHBD: /AHNE= /H?M>G ANLM>KBMR ,NLA.
Bloomberg Businessweek, +<MH;>K 30. Link
Edward C. Prescott
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GHM LG<>. .>EB@BHG BG MA> L>GL> % :F NLBG@ MA> PHK= BL <KN<B:E MH @>MMBG@ :KHNG=
MA> MBF> BG<HGLBLM>G<R IKH;E>F. 3BMAHNM BM MA>K> PHNE= GHM ;> LHMRg (B;B=.).
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LHMR.
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2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 558
*H. (,K>L<HMM 2013)
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AEOBG .HMA (1951d) P:L ;HKG :G= K:BL>= BG *>P 5HKD CBMR. NKBG@ ABL
>QI>KB>G<> BG *>P 5HKD L<AHHEL, .HMA P:L NG=>K-<A:EE>G@>= :G= =KHII>= HNM :L :
AB@A L<AHHE CNGBHK. A?M>K M:DBG@ : ?>P >G@BG>>KBG@ <E:LL>L :M CHENF;B: 1GBO>KLBMR,
.HMA :IIEB>= :G= ;><:F> : ?NEE-MBF> >G@BG>>KBG@ LMN=>GM (A=:FL 2010). $> P>GM
HG MH /M:G?HK= 1GBO>KLBMR ?HK ABL ,A.. BG HI>K:MBHGL K>L>:K<A.
(>= MH >G@BG>>KBG@, :G= LI><B?B<:EER HI>K:MBHGL K>L>:K<A, fPBMA MA> B=>: H?
?BQBG@ MABG@L NI LH MA>R PHKD ;>MM>K,g .HMA FHO>= BGMH @:F> MA>HKR, :G= ?KHF
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 559
@:F> MA>HKR BGMH ><HGHFB<L (BHR>:NQ 2012). $> A:L M:N@AM :M MA> 1GBO>KLBMR H?
%EEBGHBL, 1GBO>KLBMR H? ,BMML;NK@A, $:KO:K= 1GBO>KLBMR, :G= /M:G?HK= 1GBO>KLBMR.
.HMA :G= (EHR= /A:IE>R LA:K>= MA> 2012 *H;>E ,KBS> BG !<HGHFB<L f?HK
MA> MA>HKR H? LM:;E> :EEH<:MBHGL :G= MA> IK:<MB<> H? F:KD>M =>LB@G.g .HMA =>L<KB;>L
F:KD>M =>LB@G :L LMN=RBG@ MA> =>M:BEL H? AHP F:KD>ML PHKD: f0A> <A:EE>G@> BL MH
NG=>KLM:G= <HFIE>Q F:KD>ML P>EE >GHN@A MH ?BQ MA>F PA>G MA>RiK> ;KHD>G, :G=
BFIE>F>GM G>P F:KD>ML :G= F:KD>M-EBD> F><A:GBLFL PA>G G>>=>=g (.HMA 2010).
.HMA LM:M>= BG :G 2012 BGM>KOB>P: f!<HGHFB<L BL :;HNM ;>BG@ ANF:G. 3>
LMN=R AHP I>HIE> @>M :EHG@ PBMA >:<A HMA>K, AHP MA>R <HHK=BG:M>, AHP MA>R
<HFI>M>, AHP MA>R F:M> :G= F:M<A, PA:M DBG= H? <AHB<>L MA>R F:D> :M <KBMB<:E
CNG<MNK>L. *HM =BLF:E :M :EE. % MABGD H? ><HGHFB<L :L : ?HKF H? AB@A>K @HLLBI. 0A>L>
:K> ><HGHFB< JN>LMBHGL, ;NM MA>RiK> :ELH O>KR ANF:G JN>LMBHGLg (.HMA 2012).
.HMA BL GHM OH<:E HG IHEB<R BLLN>L. .HMA F:BGM:BGL : ;EH@ (link), ;NM MA>K>
A> L>>FL MH LMB<D MH G>PL :G= :G:ERLBL, K:MA>K MA:G H??>KBG@ HO>KM HIBGBHGL. .HMA
K>IHKM>=ER =HG:M>= MH B:K:<D +;:F:iL ,K>LB=>GMB:E <:FI:B@G BG 2008 ('B>ER 2012).
%G 2003, .HMA =>LB@G>= : LRLM>F H? fL<AHHE F:M<ABG@g ?HK *>P 5HKD CBMR
,N;EB< /<AHHELi 80,000 >B@AMA @K:=>KL. 0A> =>LB@G P:L BGM>G=>= MH F:M<A MA>
LMN=>GML PBMA MA>BK IK>?>KK>= L<AHHEL NLBG@ : =>?>KK>=-:<<>IM:G<> :E@HKBMAF. .HMA
NL>= : FH=B?B>= O>KLBHG H? MABL :E@HKBMAF ?HK F:M<ABG@ BHLMHGiL IN;EB< L<AHHE
LMN=>GML :G= F>=B<:E L<AHHE LMN=>GML PBMA K>LB=>G<R IE:<>F>GML (A=:FL 2010).
.HMA :ELH =>LB@G>= : LRLM>F H? ANF:G-DB=G>R >Q<A:G@> MH ?:<BEBM:M> DB=G>R
F:M<ABG@ :G= A>EI K:BL> MA> GNF;>K H? =HG:MBHGL: f%G 2003 .HMA LM:KM>= PHKD
HG : LRLM>F MA:M PHNE= :EEHP I>HIE> PAH P:GM MH =HG:M> DB=G>RL MH EHO>= HG>L
;NM <:GiM ;><:NL> MA>BK ;EHH= MRI>L =HGiM F:M<A, MH >Q<A:G@> HK@:GL PBMA HMA>K
BG<HFI:MB;E> =HGHK I:BKLg (A=:FL 2010). BNM .HMA A:L GHM LIHD>G HNM :@:BGLM MA>
;:LB< K>LMKB<MBHGL BG MA> F:MM>K H? ANF:G HK@:GL (B>L>E 2010, 328). %GM>KOB>P>= ?HK
: BBC =H<NF>GM:KR HG f.>IN@G:GM ):KD>ML,g .HMA <HFF>GM>=, f% MABGD :<MN:EER
BMiL : EBMME> A:K= MH IK>=B<M HG ?BKLM IKBG<BIE>L PAB<A MABG@L PBEE ;> K>IN@G:GM :G=
PAB<A GHM ;><:NL> MA>RiK> =B??>K>GM BG =B??>K>GM MBF>L :G= IE:<>Lg (.HMA 2007).
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><HGHFBLML BGLIBK>= ;R MA> #K>:M >IK>LLBHG. $> K>?E><M>= HG MA> I>KBH=: fA?M>K
1929 BM P:L MA> LMNK=R FB==E> <E:LL>L, :G= GHM CNLM MA> ENFI>G IKHE>M:KB:M, PAH P>K>
=HPG :G= HNM. %M P:L GHM :EE MA:M NG?:LABHG:;E> HK =BLK>INM:;E> MH ;> ;:GDKNIM.
BR MA> E:LM $HHO>K R>:KL, MA> LM:M>L :G= EH<:EBMB>L A:= KNG HNM H? FHG>R ?HK K>EB>?.
%G FB==E>-<E:LL G>B@A;HKAHH=L EBD> FBG>, RHN <HGLM:GMER A:= <ABE=K>G :M MA> =HHK,
:LDBG@ ;R FHNMA HK PBMA : GHM> ?HK : =BF>, : JN:KM>K, HK : IHM:MH: L:RBG@, BG :
;>EB>O:;E> ?:LABHG, P> :K> LM:KOBG@g (/:FN>ELHG 1985, 6). /:FN>ELHG <K>=BML ABL
I:K>GML ?HK ABL >MAB<:E HNMEHHD:
AEMAHN@A IHLBMBOBLMB< :G:ERLBL H? PA:M MA> :<MN:E PHKE= BL EBD> <HF-
F:G=L :G= <HGLMK:BGL FR >O>KR FHO> :L :G ><HGHFBLM, MA>K> BL G>O>K
?:K ?KHF FR <HGL<BHNLG>LL : <HG<>KG ?HK MA> >MAB<L H? MA> HNM<HF>.
)BG> BL : LBFIE> B=>HEH@R MA:M ?:OHKL MA> NG=>K=H@ :G= (HMA>K MABG@L
>JN:E) :;AHKL BG>JN:EBMR.
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(BG MA> AF>KB<:G L>GL> H? MA> PHK=, GHM BG MA> !NKHI>:G f):G<A>LM>K
/<AHHEg L>GL>), :G= % P:L <HG=BMBHG>= BG MA:M @>G>K:E Weltanschauung.
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6)
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BG 1935, :G= ABL F:LM>KiL =>@K>> BG 1936 :G= ,A.. BG 1941, ;HMA ?KHF $:KO:K=
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MAHL> :M C:F;KB=@>, MHHD NI MA> G>P #HLI>E: >.@., $:KKH=, )>:=>,
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MA> London School EBD> ':E=HK, (>KG>K, :G= $B<DL, PAH MAK>P H?? MA>BK
$:R>DB:G @:KF>GML :G= CHBG>= BG MA> LPBF. (/:FN>ELHG 1946, 187-188)
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*>P >:E ><HGHFBLMLg (JNHM>= BG (BG=;><D 1992). %G 1983, /:FN>ELHG PKHM> f%
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MA> :@> H? 25g (/:FN>ELHG 1983, 6).
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MA> L<AHHEiL E:BLL>S ?:BK> IABEHLHIAR. /<ANEMSiL :K@NF>GM MH ,:NE P:L
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MA> EHG@-KNG MA> ><HGHFB< L<AHE:K PHKDL ?HK MA> HGER <HBG PHKMA
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ABFL>E? ?KHF IHEBMB<L, ,:NE <:G <:EE MA> fLAHML :L MA>R K>:EER :II>:K MH
;>.g (/S>G;>K@ >M :E. 2007, 4)
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<:IBM:EBLM LRLM>Fg (/:FN>ELHG 1960, 55). /:FN>ELHG :OHB=>= =BK><M IHEB<RF:DBG@
IHP>K, ;NM A> P:L <HGLNEM:GM MH IK>LB=>GML :G= @HO>KGF>GM :@>GL. AOBG:LA
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I>KA:IL FHLM BFIHKM:GMER MAKHN@A ABL <HENFGL BG Newsweekg (BQBM 2012, 4).
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LHF> @KHNG=L ?HK L:RBG@ MA:M BG ABL E:M>K R>:KL A> ENK<A>= : ;BM BG MA> <E:LLB<:E
EB;>K:E =BK><MBHG. 3A>G :<:=>FB: ?>EM IK>LLNK> BG MA> )<C:KMAR >K:, /:FN>ELHG
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G>PER I>K<>BO>= :K@NF>GM, GHM LH FN<A ?HK E:BLL>S ?:BK> <:IBM:EBLF :L, ?HK MA> mixed
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BG MA> LN;L>JN>GM =><:=>L (3>BGLM>BG 2009). $> PKHM> BG 1983: f)R >GA:G<>=
LD>IMB<BLF :;HNM MA> @HO>KGF>GM HPG>KLABI H? MA> F>:GL H? IKH=N<MBHG HK MA>
>??B<:<R H? IE:GGBG@ BL GHM : K>?E><MBHG H? HLLB?RBG@ LRFI:MAB>L :G= ;>G>OHE>G<>,
;NM K:MA>K BL : K>LIHGL> MH MA> M>LMBFHGR H? IKHEB?>K:MBG@ K>:E-PHKE= >QI>KB>G<>Lg
(/:FN>ELHG 1983, 6).
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5>:KL :@H 7.B<A:K= CKHLLF:G8 >=BM>= The God That Failed, PAHL>
<A:IM>KL K>IHKM MA> =BLBEENLBHGF>GM H? HG> MKN> ;>EB>O>K :?M>K :GHMA>K
BG MA> IKHFBL> H? ):KQB:G IKHIA>L NG=>K MA> BFI:<M H?
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H? @EH;:E ><HGHFB< <A:HL BL :G :GMBIH=:E-IHE:K :K<A>MRI>. % :F
LI>:DBG@ :;HNM MA> @H= H? INK> libertarian <:IBM:EBLF. (/:FN>ELHG 1999,
30)
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/NIK>F> CHNKM, PAB<A f?HEEHPLg MA> >E><MBHG K>MNKGLeBG 1982, 1987,
1998, 2HE<D>K :G= #K>>GLI:G A:O> LAHPG : IKHI>K <HG<>KG ?HK -(M)
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MA>BK BNG=>L;:GD #>KF:G KNLM.
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P:KG>= :@:BGLM @HO>KGF>GM @>MMBG@ MHH ;B@ MH >??BGMER K>LIHG= MH LHM:E G>>=L,
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PBMAHNM A>EI ?KHF MA> HMA>Kg (3>BGLM>BG 2009).
AEHG@ MAHL> EBG>L, MA> Economist H;BMN:KR H? /:FN>ELHG L:B=:
7/:FN>ELHG8 :IIKHO>= H? F:LLBO> @HO>KGF>GM LI>G=BG@ MH A>EI :G
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LMBFNENL MABL R>:K, I:KMER HG MA> :=OB<> H? )K /:FN>ELHGiL G>IA>P,
(:KKR /NFF>KL, PAH BL )K +;:F:iL <AB>? ><HGHFB< :=OBL>K, A> P:L
JNB<D MH :IIKHO>. (!<HGHFBLM 2009)
A 2004 Journal of Economic Perspectives :KMB<E> ;R /:FN>ELHG P:L BGM>KIK>M>=
;R LHF> :L IKHFHMBG@ IKHM><MBHGBLF, ;NM /:FN>ELHG K>MHKM>=: f!<HGHFB< ABLMHKR
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?K>> MK:=> IHEBL PBEE FHLM EBD>ER K>=N<> ?NMNK> @KHPMA BG P>EE ;>BG@ BG ;HMA MA>
:=O:G<>= :G= E>LL IKH=N<MBO> K>@BHGL H? MA> PHKE=. ,KHM><MBHGBLF ;K>>=L
FHGHIHER, <KHGR <:IBM:EBLF :G= LEHMAg (/:FN>ELHG 2005, 242).
):KD /DHNL>G A:L MK:<>= <A:G@>L BG MA> ?:FHNL M>QM;HHD :NMAHK>= ;R
/:FN>ELHG (1LM >=., 1948), :G= E:M>K /:FN>ELHG :G= 3BEEB:F . *HK=A:NL (19MA
>=., 2010). /DHNL>G ?BG=L: f.><>GMER, /:FN>ELHG :G= <H:NMAHK 3BEEB:F *HK=A:NL
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<HGO>KLBHG MH MA> =BL>JNBEB;KBNF LRLM>F, BGMH '>RG>LB:GBLF, L>>FL GH
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%G : JN>LMBHGG:BK> MA:M $HKG :=FBGBLM>K>= MH /:FN>ELHG :G= MA> HMA>K
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.HHL>O>EM. 0H $HKGiL JN>LMBHG, In your mind, what has been the most misleading theoretical
approach in economics?, /:FN>ELHG :GLP>K>=: (B;>KM:KB:GBLF ($HKG 2009, 265).
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>E><MBHG H? 2004 ($>=>G@K>G >M :E. 2010).
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0AHF:L /:K@>GM (1943d) P:L ;HKG BG ,:L:=>G:, C:EB?HKGB:. /:K@>GM A:L L:B=
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<E:LLF:M>L K>F>F;>K ABF :L ;>BG@ O>KR LF:KM (/HFF>K 2011;). $> >:KG>= ABL
;:<A>EHKiL =>@K>> ?KHF MA> 1GBO>KLBMR H? C:EB?HKGB: :M B>KD>E>R, PA>K> A> MHHD ABL
?BKLM <HNKL>L BG ><HGHFB<L :G= IHEBMB<:E LG<>; /:K@>GM K>F>F;>KL @HBG@ =HHK-
MH-=HHK ?HK &HAG ". '>GG>=R, ;:<D BG fMA> =:RL PA>G :EE MA> >FH<K:ML ;>EB>O>=
BG ;:E:G<>= ;N=@>MLg (JNHM>= BG /HFF>K 2011;). /:K@>GM P>GM HG MH $:KO:K=
1GBO>KLBMR ?HK ABL ,A.., MA>G L>KO>= HG MA> ?:<NEMB>L H? L>O>K:E NGBO>KLBMB>L
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165).
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@HO>KGF>GM =>;M A:L : <>KM:BG ?HKFg (/:K@>GM :G= 3:EE:<> 1981, 1).
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IHEB<R K><HFF>G=:MBHGLg (/:K@>GM 1998, 169). )HK> K><>GMER, &>?? /HFF>K H? MA>
New York Times K>IHKM>=:
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H<K:Mg PAH >FIA:LBS>L MA> BFIHKM:G<> H? ;N=@>M <HGLMK:BGML :G= BG<>GMBO>L:
f0A>K> :K> MK:=>-H??L BG >??BG<R :G= >JN:EBMRc:G= MA>R E>:= MH <AHB<>L MA:M
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/>E><MBHGL ?KHF :G BGM>KOB>P PBMA /:K@>GM <HG=N<M>= ;R AKCH 'E:F>K (1984)
?HEEHP, PBMA 'E:F>KiL PHK=L LAHPG BG BM:EB<L:
Were you political in [your Berkeley undergraduate] days?
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P:L <>KM:BGER O>KR EB;>K:E, ;NM % P:LGiM : IHEBMB<:E :<MBOBLM. % LMN=B>= A:K=.
(/:K@>GM 1984, 59)
Did you go to Vietnam?
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(B;B=., 62)
Which other economists have been important for you?
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Are the political aspects an important motivation?
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:G= F>KBM>= ?K>> MK:GLIHKM MH PA>K> FR I:K>GML P>K>, :G= MA>R P>K>
>:@>K MH L>> F> :G= :@K>>= HG FR CABE>:G O>GMNK>.
%G CABE> % =><B=>= MA> 1GBO>KLBMR P:L GHM ?HK F> :G= MHHD : CH;
:L GB@AM P:M<AF:G :M MA> 1/ !F;:LLR. AG "B% :@>GM :KKBO>= MH HI>G
NI :G "B% H??B<> BG MA> !F;:LLR; % LAHP>= ABF:KHNG= /:GMB:@H :G= A>
:LD>= F> MH ;> ABL I>KLHG:E :LLBLM:GM. % =B= MA:M NGMBE >:KER 1943, PA>G %
A:= LMHF:<A I:BGL :G= MA> :F;:LL:=HK E>M F> @H AHF>, PAB<A % =B= HG
: 1/ F>K<A:GM LABI <:KKRBG@ <HII>K ?KHF GHKMA>KG CABE>. % P>GM ;:<D
MH B>KD>E>R PA>K> FR ?HKF>K KHHFF:M> (GHM HG> H? MA> <HFFNGBLML)
P:L BG F>=B<:E L<AHHE; A> :KK:G@>= : =H<MHKiL :IIHBGMF>GM; BM P:L
=>M>KFBG>= % A:= NE<>KL :G= P:L HG : KB@B= =B>M ?HK : R>:K, :G= G>BMA>K
MA> :KFR GHK MA> G:OR PHNE= A:O> F>, BM ;>BG@ @>G>K:EER MAHN@AM MA:M
NE<>KL K>LNEM>= ?KHF fLMK>LLg :G= BG <HF;:M %i= ;> : EB:;BEBMR. /H %
?BGBLA>= FR ;:<A>EHKiL =>@K>>.
AG= MA>K> % F:CHK>= BG ><HGHFB<L :G= A:= HG> IKH?>LLHK BG :
LF:EE L>FBG:KeMA>K> P>K> ?>P F>G E>?M HG <:FINL >Q<>IM ?HK .+0C,
:G= ?>PPHF>G MHHD ><HGHFB<LeLH MA> <E:LL P:L HGER : =HS>G. % P:L
LH BGLIBK>= ;R MA:M M>:<A>K, 3BEEB:F ">EEG>K, :G= % =><B=>= %i= ;><HF>
:G :<:=>FB< ><HGHFBLM. "KHF MA>K> % P>GM MH 3:LABG@MHG :G= A:= :
@K>:M CH; BG MA> BNK>:N H? MA> BN=@>M, ?KHFMA>K> MH $:KO:K= #K:=N:M>
/<AHHE BG ><HGHFB<L BG MA> LNFF>K H? 1946. % A:=, :M B>KD>E>R,
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 578
;><HF> : <HG?BKF>= '>RG>LB:G, ;><:F> >O>G FHK> LH :M $:KO:K=. %
GH EHG@>K A:= :GR fK:=B<:Eg ?KB>G=L, :EMAHN@A >O>KR;H=R % DG>P P:L
fEB;>K:Eg BG :MMBMN=>L MHP:K= K:<> :G= ><HGHFB< :<MBOBLF.
% =B= P>EE BG @K:=N:M> PHKD, I:KMER ;><:NL> H? : @HH= B>KD>E>R
>=N<:MBHG :G= I:KMER ;><:NL> FR 18 FHGMAL BG MA> BN=@>M BNK>:N PBMA
MPH >Q<>EE>GM ><HGHFBLML :L FR ;HLL>L @:O> F> : EHM H? >QI>KB>G<>. /H
% P:L :P:K=>= &NGBHK ">EEHPLABI BG MA> /HMR H? ">EEHPL :M $:KO:K=,
HG> H? MA> FHLM IK>LMB@BHNL ?>EEHPLABIL BG MA> PHKE=, :G= P:L L>M MH
LI>G= MA> G>QM MAK>> R>:KL LMN=RBG@ PBMA @K>:M ?K>>=HF :M $:KO:K=.
A ?KB>G= H? FBG> IAHG>= F> ?KHF 3:LABG@MHG BG ):R HK &NG>
H? 1948 :G= L:B= A> A:= M:D>G : CH; PBMA LHF>MABG@ <:EE>= MA> ):KLA:EE
,E:G :G= A:= :G HIIHKMNGBMR MH @H MH ,:KBL, ;NM <HNE=GiM @H NGMBE A> A:=
: K>IE:<>F>GM, :G= PHG=>K>= PA>MA>K %i= EBD> MH LI>G= MA> LNFF>K
PHKDBG@ ?HK MA> ):KLA:EE ,E:G BG 3:LABG@MHG. % =B=, :G= PHKD>= ?HK
: F:G PAH P:L :IIHBGM>= ):KLA:EE ,E:G >Q><NMBO> H??B<>K BG
CHI>GA:@>G, :G= A> :LD>= F> MH @H :EHG@. % MHHD E>:O> H? FR
">EEHPLABI :G= P>GM; :M MA> >G= H? MA> R>:K % P:L BGOBM>= MH MA> <>GMK:E
H??B<> BG ,:KBL, :G= P>GM ?HK LBQM>>G FHGMAL, PA>G FR ,:KBL ;HLL, PAH
A:= FHO>= MH MA> 3ABM> $HNL> :EHG@ PBMA AO>KBEE $:KKBF:G, L:B= A>i=
:KK:G@>= ?HK F> MH ;> ABL :LLBLM:GM.
/H % P>GM MH 3:LABG@MHG :G= A:= : @K>:M MBF>, ?BKLM BG MA> 3ABM>
$HNL>, MA>G BG MA> +??B<> H? MA> BK><MHK ?HK )NMN:E /><NKBMR
($:KKBF:G), FHLMER <HG=N<MBG@ G>@HMB:MBHGL PBMA MA> ):KLA:EE ,E:G-
*A0+ G:MBHGL HG MA>BK ?BG:G<B:E :G= FBEBM:KR->JNBIF>GM :B= :G= MA>BK
<HGMKB;NMBHGL MH *A0+ ?HK<>L. )R IHEBMB<L =B=GiM A:O> FN<A MH =H
PBMA BM; PA>G !BL>GAHP>K K>IE:<>= 0KNF:G, $:KHE= /M:LL>G K>IE:<>=
$:KKBF:G. % EBD>= /M:LL>G, MAHN@AM A> P:L HG> H? MA> LF:KM>LM F>G
% A:= DGHPG. % =B=GiM GHMB<> :GR @K>:M =B??>K>G<> BG HNK ?HK>B@G :B=
IKH@K:FL MA:M MA> MK:GLBMBHG MH : .>IN;EB<:G A=FBGBLMK:MBHG F:=>. %
P:L, H? <HNKL>, =BL@NLM>= ;R )<C:KMAR, PAHL> BGLB=BHNL K>:<A P> ?>EM
>O>G ;:<D BG FR ,:KBL =:RL.
%G 1953 % P>GM MH 5:E> :L :LLH<B:M> IKH?>LLHK H? ><HGHFB<L :G=
PHKD>= HG ;:K@:BGBG@ MA>HKR, PA:M E:M>K ;><:F> @:F> MA>HKR, PKHM>
HG BGM>KG:MBHG:E ><HGHFB<L, :G= =B=GiM A:O> FN<A H<<:LBHG MH <A:G@>
FR IHEBMB<:E OB>PL. % LI>GM : R>:K, 1958d59 :M MA> .A* CHKIHK:MBHG,
:G= FR <:K>>K MNKG>= MH GN<E>:K P>:IHGL IHEB<R, PAB<A =B=GiM FN<A
<A:G@> FR IHEBMB<:E OB>PL. % MA>G FB@K:M>= MH $:KO:K= :G= M:N@AM
BGM>KG:MBHG:E ><HGHFB<L, ><HGHFB< IHEB<R, :G= @:F> MA>HKR. 0A:MiL
PA>K> % OHM>= ?HK LHF> .>IN;EB<:GL, PABE> LMBEE <HGLB=>KBG@ FRL>E? :
=>FH<K:M. % =B= : EHM H? <HGLNEMBG@ PBMA MA> @HO>KGF>GM HG GN<E>:K
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 579
P>:IHGL IHEB<R :G= FHLMER P:L L:MBL?B>= PBMA MA> >FH<K:MB<
A=FBGBLMK:MBHG. *H @K>:M <A:G@>L BG FR LH<B:E HK IHEBMB<:E OB>PL MA>K>.
% LI>GM MABKMR-HG> R>:KL :M $:KO:K=, :G= =HGiM K><:EE :GR
LB@GB?B<:GM <A:G@> BG FR LH<B:E-IHEBMB<:E OB>PL. 0A>G % LI>GM ?B?M>>G
R>:KL :M ):KRE:G= :G= LMBEE =HGiM K><:EE :GR BG?EN>G<>L HG FR LH<B:E-
IHEBMB<:E MABGDBG@. % A:= IE>GMR MH H;C><M MH BG ">=>K:E IHEB<R, >LI><B:EER
CHG@K>LLBHG:E, ;NM % =HGiM K><:EE LB@GB?B<:GM <A:G@>L BG FR OB>PL.
% P:L :EP:RL : fLH<B:E EB;>K:Eg :L P>EE :L '>RG>LB:G ><HGHFBLM. %
?:OHK>= :EEHPBG@ :;HKMBHG, MK>:MBG@ AHFHL>QN:EL :L >JN:EL, :=FBMMBG@
BFFB@K:GML, =H<MHK-:LLBLM>= >G=-H?-EB?> F>:LNK>L, BGM>@K:MBG@ K:<>L,
:F>EBHK:MBG@ MA> fP:K HG =KN@Lg, IKHM><MBG@ PHF>G :G= MA>BK KB@AML,
>M<. % MABGD FHLM B? GHM :EE H? FR <HEE>:@N>L :G= ?KB>G=L LA:K>= FR
OB>PL. % <:GGHM MABGD H? :GR L>KBHNL <A:G@> BG FR IHEBMB<:E HK FHK:E
:MMBMN=>L =NKBG@ MA> I:LM ?B?MR R>:KL.
% K:G MAKHN@A MA> EBLM H? FR 210 IN;EB<:MBHGL MH L>> B? :GR H?
MA>F K>?E><M>= FR IHEBMB<:E-FHK:E OB>PLeGHM IHEB<R BLLN>L ;NM
I>KLI><MBO>Le:G= <HNE=GiM ?BG= :GR.
%iF :?K:B= MABL A:L ;>>G : IK>MMR NGBGM>K>LMBG@ :NMH;BH@K:IAR.
(/<A>EEBG@ 2013)
/<A>EEBG@iL HPG :LL>LLF>GM MA:M ABL IHEB<R :G= IHEBMB<:E OB>PL A:O> LAHPG GH
I:KMB<NE:K <A:G@>L BL HG> PBMA PAB<A % <HG<NK. )R BFIK>LLBHG BL MA:M, =>LIBM> A:OBG@
fOHM>= ?HK LHF> .>IN;EB<:GL,g /<A>EEBG@ A:L, MAKHN@AHNM ABL EB?>, :G= I>KA:IL
>LI><B:EER ?KHF MA> *BQHG R>:KL, LNIIHKM>= MA> >FH<K:MB< ,:KMR, :G= A:L PHKD>=
BG H??B<B:E <:I:<BMB>L GHM:;ER BG >FH<K:MB< :KK:G@>F>GML.
0A>K> BL : ;BH@K:IAR H? /<A>EEBG@ ;R .H;>KM H=@> (2006). 0A> ;HHD BL
MAHN@AM?NE, BG?HKF:MBO>, :G= BEENFBG:MBG@. H=@> A:L : ;:<D@KHNG= BG FBEBM:KR
L>KOB<> :G= M>:<ABG@, :G= fMHHD MBF> H?? ?KHF M>:<ABG@ MH :MM>G= $:KO:K=, >:KGBG@
: ):LM>KiL BG ,N;EB< A=FBGBLMK:MBHG :M MA> '>GG>=R /<AHHE H? #HO>KGF>GM. %M P:L
MA>K> MA:M A> F>M 0HF /<A>EEBG@g (=NLM C:<D>M H? H=@> 2006). H=@>iL MK>:MF>GM
H? /<A>EEBG@ BL O>KR :=FBKBG@, :L P>EE :L IHEBMB<:EER :EB@G>= PBMA /<A>EEBG@. 0A>
;BH@K:IAR <HGM:BGL <HIBHNL JNHM:MBHGL ?KHF I>KLHG:E >F:BE <HFFNGB<:MBHGL PBMA
/<A>EEBG@; H=@> (I. QBBB) MA:GDL /<A>EEBG@ ?HK fMA> <A:G<> MH >GM>K ABL PHKE= LH
I>KLHG:EER.g
A@:BG, /<A>EEBG@iL ?:MA>K P:L : G:O:E H??B<>K. /<A>EEBG@ >GKHEE>= BG MA>
1GBO>KLBMR H? C:EB?HKGB: :M B>KD>E>R BG 1939. NKBG@ ABL L><HG= R>:K, H=@> PKBM>L,
fMA> P:K BG !NKHI> P:L : R>:K HE= :G= /<A>EEBG@iL ?:MA>K A:= K>MNKG>= MH :<MBO> =NMR
BG MA> C:G:E 6HG>. $BL HE=>K ;KHMA>K .H;>KM P:L D>>IBG@ NI MA> ?:FBER FBEBM:KR
MK:=BMBHG :L : G:O:E H??B<>K.g f/<A>EEBG@ =><B=>= A> P:GM>= MH LMN=R HO>KL>:L,g :G=
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 580
fA> A>:=>= MH CABE>, LMHIIBG@ BG MA> C:G:E 6HG> :EHG@ MA> P:R MH OBLBM ABL I:K>GMLg
(H=@> 2006, 19).
%G CABE>, /<A>EEBG@iL LMN=B>L P>K> GHM O>KR =>F:G=BG@, :G= A> MHHD f: I:KM-
MBF> CH; :L : P:M<AF:G :M MA> 1/ !F;:LLR.g +G> :?M>KGHHG HG MA> CH; A> :GLP>K>=
: IAHG> <:EE M>EEBG@ MA:M MA> &:I:G>L> A:= CNLM :MM:<D>= ,>:KE $:K;HK. f/<A>EEBG@ ?>EM
NG<HF?HKM:;E> ;>BG@ MA> HGER AF>KB<:G BG CABE> MH DGHP :G= ;>EB>O> AF>KB<: P:L
:M P:Kg (H=@> 2006, 20). H=@> =>L<KB;>L ?NKMA>K =>O>EHIF>GML BG /<A>EEBG@iL
<:K>>K:
3BMA MA> 1GBM>= /M:M>L :M P:K, MA> "B% :KKBO>= MH >LM:;EBLA :
<HNGM>K>LIBHG:@> H??B<> BG CABE>, H??>KBG@ /<A>EEBG@ : CH; MA:M A> A>E=
?HK MA> G>QM 15 FHGMAL. 0A> H??B<> @K>P ?KHF CNLM /<A>EEBG@ :G= HG>
:@>GM MH : LM:?? H? >B@AM :@>GML :G= : =HS>G L><K>M sub rosa :@>GML ;NLR
BG?BEMK:MBG@ HK@:GBS:MBHGL :KHNG= MA> <HNGMKR. 0A> BGM>EEB@>G<>
<HFFNGBMR A> A:= CHBG>= P:L :G :<MBO> I:KMB<BI:GM BG MA> P:K >??HKM,
MA>BK FHLM NK@>GM M:LD ;>BG@ MA> =BL<HO>KR H? L><K>M LB@G:EBG@ LM:MBHGL
?HK #>KF:G LN;F:KBG>L. (H=@> 2006, 21)
B><:NL> H? L>O>K> LMHF:<A <K:FIL =B:@GHL>= :L NE<>KL, PAB<A PHNE= IK>O>GM
ABF ?KHF >GM>KBG@ MA> AKFR, /<A>EEBG@ K>MNKG>= MH MA> 1GBM>= /M:M>L. f.>MNKGBG@
MH B>KD>E>R EHHD>= EBD> ABL ;>LM HIMBHG, :G= A> =><B=>= ><HGHFB<L P:L MA> FHLM
BFIHKM:GM LN;C><M MH LMN=R.g f$> <HFIE>M>= ABL NG=>K@K:=N:M> =>@K>> :M B>KD>E>R
:G= ;>@:G =HBG@ @K:=N:M> PHKD. c #K:=N:M> L<AHHE P:L : MBF> H? MK:GLBMBHG PA>G
/<A>EEBG@ <:F> MH MABGD H? ABFL>E? :L : L>KBHNL LMN=>GM, : L<AHE:K >O>G. c +G>
H? /<A>EEBG@iL IKH?>LLHKL, : $NG@:KB:G K>?N@>> G:F>= 3BEEB:F ">EEG>K, L>KO>= :L :
KHE> FH=>E H? MA> B=>:E ><HGHFBLM, :G= /<A>EEBG@ P:L =>M>KFBG>= MH >Q<>E BG MA>
?B>E=. c 3BMA ABL ?BKLM R>:K H? @K:=N:M> L<AHHE <HFBG@ MH :G >G=, A> P:L K>:=R MH
FHO> HG :G= <HGLNEM>= ">EEG>K :;HNM PA:M A> LAHNE= =H G>QM. c ">EEG>K L:B=, h#H
MH $:KO:K=. %? RHN <:GiM :??HK= BM, %iEE A>EI RHNig (H=@> 2006, 21, 22, 23). H=@>
=>L<KB;>L MA> G>QM =>O>EHIF>GML:
/<A>EEBG@ P:L K>:=R MH =H LHF>MABG@ FHK> :<MBO>, AHP>O>K, :G= LBG<>
A> A:= HGER CNLM LM:KM>= @K:=N:M> L<AHHE :G= MA> FBEBM:KR P:LGiM @HBG@
MH M:D> ABF, A> =><B=>= A>i= ;> H? FHLM NL> MH ABL <HNGMKR BG
3:LABG@MHG, .C. AG HE= ?KB>G= BGMKH=N<>= ABF MH LHF>HG> BG MA>
BNK>:N H? MA> BN=@>M, PAB<A E>= MH : CH; BG MA> ;NK>:NiL "BL<:E
BOBLBHG. ,K>LB=>GM .HHL>O>EM A:= =B>= BG AIKBE H? 1945, LAHKMER ;>?HK>
MA> P:K :@:BGLM $BME>KiL #>KF:GR P:L PHG, :G= MA>K> P:L : G>PF:G BG
MA> 3ABM> $HNL>, $:KKR 0KNF:G. /<A>EEBG@ PHKD>= PBMA MPH @HO>KG-
F>GM ><HGHFBLML K>LIHGLB;E> ?HK DGHPBG@ PA:M ,K>LB=>GM 0KNF:G P:L
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 581
HG K><HK= H? ?:OHKBG@ :G= =BL?:OHKBG@, :L P>EE :L ?HK PKBMBG@ MA> :GGN:E
;N=@>M F>LL:@>. $> LI>GM : EHM H? MBF> HG MA> $BEE :M />G:M>
A>:KBG@Lc:G= F>M PBMA L>GBHK @HO>KGF>GM ><HGHFBLML. %M P:L :
A>:=R IHLBMBHG ?HK : RHNG@ F:G PBMA EBMME> ?HKF:E MK:BGBG@c (H=@>
2006, 23)
fBR MA> LIKBG@ H? 1946, MA> P:K P:L HO>K :G=, A:OBG@ LI>GM : R>:K :G= A:E? :M
MA> BNK>:N H? MA> BN=@>M, /<A>EEBG@ P:L K>:=R MH K>MNKG MH @K:=N:M> L<AHHE,g :G=
A> A>:=>= MH $:KO:K=, PA>K> fMA> AB@AEB@AM H? /<A>EEBG@iL <HNKL> PHKD <:F> ?KHF
LMN=RBG@ PBMA 3:LLBER (>HGMB>?g (H=@> 2006, 24-25, 26). %G 1946 A> IN;EBLA>= :G
:KMB<E> BG Econometrica (/<A>EEBG@ 1946).
%G 1948 f/<A>EEBG@ K><>BO>= $:KO:K=iL IK>LMB@BHNL &NGBHK ">EEHPLABI :P:K=,
PAB<A <:KKB>= : MAK>>-R>:K LMBI>G=,g ;NM, H=@> <HGMBGN>L, f$> PHNE= G>O>K A:O>
MA> HIIHKMNGBMR MH NL> BM. %G FB=-&NG> 1948, A> K><>BO>= : <:EEg MH M:D> : CH; fBG
3:LABG@MHG, .C., PHKDBG@ HG MA> ):KLA:EE ,E:G, PAB<A A:= ;>>G LB@G>= BGMH E:PBG
AIKBE 1948 c"BG=BG@ MA> H??>K MHH M>FIMBG@ MH =><EBG>, A> :G= ABL PB?> P>K> H?? MH
MA> G:MBHGiL <:IBM:E, E>:OBG@ MA> &NGBHK ">EEHPLABI ;>ABG=g (H=@> 2006, 27). A?M>K
LHF> FHGMAL BG 3:LABG@MHG, A> P:L :LD>= MH CHBG ):KLA:EE ,E:G :<MBOBMB>L ;:L>= BG
CHI>GA:@>G. f$BL PHKD MA>K> <HGLBLM>= F:BGER H? BGM>KIK>MBG@ ><HGHFB< LM:MBLMB<L
?HK ):KLA:EE ,E:G :=FBGBLMK:MHKL BG ,:KBL :G= 3:LABG@MHGg (B;B=., 29). /<A>EEBG@
A:= F:KKB>=, :G= ABL PB?>iL f?:MA>K PHKD>= :L : E:;HK :MM:<A[ :M MA> ):KLA:EE ,E:GiL
<>GMK:E H??B<> BG ,:KBL. 3ABE> /<A>EEBG@iL PHKD ?H<NL>= >GMBK>ER HG K>;NBE=BG@ MA>
:GBLA ><HGHFR, ABL ?:MA>K-BG-E:P P:L ?NEER >G@:@>= BG MA> IHEBMB<L H? MA> CHE=
3:Kg (B;B=., 30). A?M>K : R>:K BG CHI>GA:@>G, /<A>EEBG@ P:L :LD>= MH CHBG MA> ,:KBL
H??B<>, A>:=>= ;R AO>K>EE $:KKBF:G. 0A> /<A>EEBG@L fFHO>= MA>K> BG 1949 :G= P>K>
LHHG >GCHRBG@ : EB?> H? FN<A @K>:M>K ?BG:G<B:E >:L>,g PBMA /<A>EEBG@iL PB?> PHKDBG@
?HK MA> 1./. !F;:LLR. f/<A>EEBG@ PHKD>= PBMA .H;>KM 0KB??BG, <HEE:;HK:MBG@ HG
PA:M ;><:F> DGHPG :L MA> !NKHI>:G ,:RF>GML 1GBHG c : <E>:KBG@AHNL> ;:GD MH
<K>:M> FNEMBE:M>K:E MK:=> ;>MP>>G ):KLA:EE ,E:G <HNGMKB>Lg (B;B=., 32).
fBR MA> MBF> 7BG 19508 ABL ,:KBL R>:K P:L HO>K, MA> ):KLA:EE ,E:G P:L PBG=BG@
=HPG,g :G= MA> /<A>EEBG@L K>MNKG>= MH MA> 1GBM>= /M:M>L. f738BMABG MPH =:RL H?
:KKBOBG@ AHF> BG E:M> 1950 A> K><>BO>= MPH E>MM>KL: HG> ?KHF ABL ?HKF>K ;HLL :M MA>
BNK>:N H? MA> BN=@>M, :LDBG@ /<A>EEBG@ MH CHBG ABF HG MA> G>PER ?HKF>= CHNG<BE
H? !<HGHFB< A=OBLHKL; MA> L><HG= :G H??>K ?KHF MA> 3ABM> $HNL>g (H=@> 2006,
34, 35). /<A>EEBG@ f<AHL> MA> 3ABM> $HNL> IHLBMBHG. c /<A>EEBG@, PAH MAHN@AM H?
ABFL>E? :L : >FH<K:M, A:= ;>>G : @K>:M ?:G H? .HHL>O>EM, :G= HG MA> ?>PH<<:LBHGL
A> F>M 0KNF:G, A> MAHN@AM MA> IK>LB=>GM hM>KKB?B<ig (B;B=., 35, 36). %G MA> 3ABM>
$HNL> 1951d1953, /<A>EEBG@ fA>EI>= HO>KL>> :G ><HGHFB< :B= IKH@K:F LBFBE:K MH
MA:M IKHOB=>= ;R MA> ):KLA:EE ,E:G :G=, ?HK MA> ?BKLM MBF>, =>:EM =BK><MER PBMA CHE=
3:K BLLN>Lg (B;B=., 37).
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 582
)>:GPABE>, BG 1951, /<A>EEBG@ A:= IN;EBLA>= National Income Behavior: An
Introduction to Algebraic Analysis. %M P:L f: <HGO>GMBHG:E ;HHD :G=, :M MA> MBF>,
/<A>EEBG@iL <HGM>FIHK:KB>L OB>P>= ABF :L : <HGO>GMBHG:E ><HGHFBLM.g f1LBG@ MA>
;HHD :L ABL MA>LBL, A> <HFIE>M>= ABL =H<MHK:M> BG ><HGHFB<L :M $:KO:K= BG 1952g
(H=@> 2006, 38).
BR MA> MBF> MA:M /<A>EEBG@, :M :@> 31, A:= K><>BO>= ABL ,A.., A> A:= PHKD>=
FHLM H? ABL :=NEM EB?> BG @HO>KGF>GM, K>E:MBG@ MH BGM>KG:MBHG:E :G= FBEBM:KR :??:BKL,
:G= P:L LMBEE =HBG@ LH. 0A> 31-R>:K HE= 0AHF:L /<A>EEBG@ P:L : F:G PAH A:=
;>>G BGM>EE><MN:EER BGLIBK>= ;R 3BEEB:F ">EEG>Ke: KHE> FH=>E PAH, :L :G :<:=>FB<,
P:L ABFL>E? NG<HGO>GMBHG:E, BG<HKIHK:MBG@ ILR<AHEH@R :G= >QI><M:MBHGL BGMH ABL
><HGHFB< :G:ERLBL. BNM MA> 31-R>:K HE= /<A>EEBG@ A:= LAHPG IKBF:KR BGM>K>LM BG :
<:K>>K H? AB@A-E>O>E @HO>KGF>GM PHKD. %M PHNE= ;> : FBLM:D> MH MABGD MA:M HO>K MA>
>GLNBG@ R>:KL /<A>EEBG@ LPBM<A>= MK:<DL, :G= HIM>= instead ?HK :<:=>FB<L. %G 1953 A>
M:D>L :G :LLH<B:M> IKH?>LLHKLABI :M 5:E>, :G= BG 1958 :M $:KO:K=, PA>K> A> LM:RL ?HK
31 R>:KL, ;NM MA> 1950L R>:KL :K> HGER MA> LM:KM H? MA> A>B@AML H? ABL BG?EN>G<> :G=
I:KMB<BI:MBHG BG @HO>KGF>GM :??:BKL, BG BLLN>L H? MA> CHE= 3:K :G= MA>G MA> 2B>MG:F
3:K. H=@>iL ;HHD MK>:ML H? /<A>EEBG@iL F:BG B=>:L, ;NM BM BL <AB>?ER : G:KK:MBO>
H? /<A>EEBG@iL BGOHEO>F>GM :G= BG?EN>G<> BG IN;EB< :??:BKL. H=@> <HGMBGN>L PBMA
<A:IM>KL MBME>=: f.A*,g f0A> CHE= 3:KKBHK !F>K@>L,g fK. /MK:G@>EHO> :G= MA>
$HMEBG>,g fCAB<D>G BE>FF: BG B>KEBG,g f3:K #:F>L,g f0A> ,KBLHG>KiL BE>FF:
H? *N<E>:K AKFL,g f2B>MG:F !L<:E:MBHG,g f):=F:G 0A>HKR,g fCHG<EN=BG@
2B>MF:G,g :G= f0:;HHgeMABL E:LM ;>BG@ MA> M:;HH HG GN<E>:K P>:IHGL, MA> MHIB<
H? /<A>EEBG@iL *H;>E E><MNK> (/<A>EEBG@ 2006;)e:L P>EE :L HMA>K <A:IM>KL =>OHM>=
MH /<A>EEBG@iL BG?EN>G<> BG @HO>KGF>GM.
H=@>iL MBME>, The Strategist: The Life and Times of Thomas Schelling, F>:GL ;R
fLMK:M>@BLMg GHM : MA>HKBLM H? LMK:M>@R. H=@> (2006, 217) INML BM MABL P:R: f0A>
BFIHKM:G<> H? MA> LMK:M>@BLMLi KHE> BL NGJN>LMBHG:;E>ePABLI>KBG@ BG MA> >:KL H?
MA> =><BLBHG-F:D>KL HK PKBMBG@ MA> I:I>KL MA>R PHNE= L>>, =>?BGBG@ MA> LBMN:MBHGL
:G= IKH;E>FL MA:M >QBLM, IK>L>GMBG@ HIMBHGL :G= P:RL ?HK LNKOBO:E HK >QIEHBM:MBHG,
K>F:BGBG@ K:MBHG:E BG : PHKE= PA>K> HMA>K BGM>K>LML :G= ?>:KL H?M>G AHE= LP:R.g
H=@> K>F:KDL HG /<A>EEBG@iL >GMK:G<> BGMH, :G= K:IB= IKHFBG>G<> :FHG@, :G
f>Q<ENLBO> @KHNI,g :G f>EBM> @KHNI,g f:G >EBM> ?K:M>KGBMR,g : fLI><B:E ?K:M>KGBMR,g :G
f>EBM> ;KHMA>KAHH=g (B;B=., 57, 60, 59, 60, 149, 208, 215). 0A> >EBM> @KHNI LIHD>G H?
BL MA> <BK<E> H? MKNLM>=, BG?EN>GMB:E LMK:M>@BLML, PAHL> IKBF:KR PHKD BL <E:LLB?B>= :G=
PAHL> L><HG=:KR PHKD BL ?HK IN;EB< <HGLNFIMBHG. H=@> <HG<EN=>L MA> ;BH@K:IAR
PBMA MA>L> PHK=L :;HNM /<A>EEBG@: f$> BL :G AF>KB<:G A>KH ?HK HNK MBF>Lg (220).
%M P:L GHM NGMBE % K>:= H=@>iL ;HHD MA:M % K>:EBS>= MA:M /<A>EEBG@iL :<:=>FB<
<:K>>K FB@AM ;> K>@:K=>= :L LHF>MABG@ MA:M =>O>EHI>= BG M:G=>F PBMA ABL ;>BG@
:G :=OBLHK MH MAHL> BG MA> FHLM IHP>K?NE KHE>L H? IHEB<RF:DBG@, I:KMB<NE:KER BG MA>
:K>:L H? P>:IHGL :G= BGM>KG:MBHG:E K>E:MBHGL. /N<A :G BGM>KIK>M:MBHG H? /<A>EEBG@
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 583
BEENFBG:M>L ABL :<:=>FB< <:K>>K. $> =B= LHF> H? PA:M BM MHHD MH @:BG >FBG>G<> BG
:<:=>FB:; A> LM:KM>= BG <HGO>GMBHG:E @KHHO>L (/<A>EEBG@ 1946; 1947; 1948; 1949;
1951). BNM A> =B= GHM K>EBLA BM, :G= LHHG MA>K>:?M>K LM:KM>= PKBMBG@ ABL HPG P:R.
+G> ?>:MNK> H? ABL HPG P:R BL MA:M A> :EFHLM G>O>K >G@:@>L MA> L<AHE:KLABI H?
HMA>KLeA> :EFHLM G>O>K <BM>L HK JNHM>L :GRHG>e:G= HG> <:G A:K=ER >QI><M MH
KBL> BG MA> :<:=>FB<DBG@ HK=>K PBMAHNM >G@:@BG@ MA> BG?EN>GMB:EL BG HG>iL h?B>E=,i
>BMA>K ;R =>O>EHIBG@ MA>BK B=>:L HK ;R M:DBG@ BLLN> PBMA MA>F. $BL E:G=F:KD 1960
PHKD, The Strategy of Conflict, PAB<A <HGLBLML <AB>?ER H? F:M>KB:E IK>OBHNLER IN;EBLA>=
?KHF 1956d1959, A>EI>= ABF @:BG f:G BG?EN>G<> HG IHEB<R :G:ERLBL NGLNKI:LL>= BG
MA> PHKE= H? <BOBEB:G <HGLNEM:GML c AB@A BGMH @HO>KGF>GM <BK<E>Lg (H=@> 2006,
148), ;NM BM =B= GHM @:BG ABF :GR BFF>=B:M> :<:=>FB< DN=HL. %G ?:<M, MA> PHKD P:L
BG E:K@> I:KM : ;KH:= <KBMBJN> H? ?HKF:E @:F> MA>HKR, JNBM> :GMB-I:K:=B@F:MB<, :G=
K>F:BGL LN<A.
64
% =HGiM F>:G MH LN@@>LM MA:M MA> <:EEBG@L H? PKBMBG@ :G= M>:<ABG@ P>K>
L><HG=:KR MH /<A>EEBG@, ;NM, LMBEE, :<:=>FB: L>KO>= :L : I>K<A ?KHF PAB<A MH :<M BG
MA> KHE> H? :=OBLHK. /<A>EEBG@ A:= ;>>G BG K>LB=>G<> :M .A* BG 1958d59, ;NM A>
<HGMBGN>= MH PHKD PBMA .A* :L : <HGLNEM:GM MH 1968. AL ?HK ABL MBF> :M $:KO:K=,
/<A>EEBG@ PKBM>L BG ABL *H;>E :NMH;BH@K:IAB<:E >LL:R: f"HK M>G R>:KL MA> C>GM>K 7?HK
%GM>KG:MBHG:E A??:BKL, :M $:KO:K=8 @:O> F> ?K>>=HF MH PKBM> :G= MH <HGLNEM, :G=
% LI>GM FN<A H? FR MBF>, >LI><B:EER =NKBG@ MA> LNFF>K, =HBG@ :=OBLHKR PHKD ?HK
MA> @HO>KGF>GMg (/<A>EEBG@ 2006:). %G 1967 A> P:L H??>K>= :G= G>:KER MHHD : /M:M>
>I:KMF>GM IHLBMBHG (H=@> 2006, 111).
A?M>K 1959, /<A>EEBG@ IN;EBLA>= L<HK>L H? :KMB<E>L, ;NM OBKMN:EER GHG> BG
><HGHFB<L CHNKG:EL NGMBE 1978,
65
PA>G A> IN;EBLA>= MPH :KMB<E>L BG MA> ,:I>KL :G=
,KH<>>=BG@L BLLN> H? MA> American Economic Review (/<A>EEBG@ 1978;; 1978<). $BL
LM:MNL :L :G :<:=>FB< ENFBG:KR <:F> ;>E:M>=ER, :G= HGER @K:=N:EER. 0A> BGM>K>LM
/<A>EEBG@ K><>BO>= ?KHF :<:=>FB< <HFFNGBMB>L P:L PB=>ER =BLI:K:M>eGHM :M :EE
<HG<>GMK:M>= PBMABG ><HGHFB<L. 0A> PB=>LIK>:= BGM>K>LM, :G= <BM:MBHGL, K:FI>= NI
<HGMBGN:EER, >LI><B:EER :?M>K Micromotives and Macrobehavior (1978:). $> K><>BO>= MA>
*H;>E ,KBS> :M :@> 84.
64. AL % L>> BM, : <>GMK:E HO>K:K<ABG@ E>LLHG H? The Strategy of Conflict (/<A>EEBG@ 1960:) BL MA:M :G :LLNFIMBHG
H? <HFFHG DGHPE>=@> BL H?M>G BG:IIKHIKB:M> :G= FBLE>:=BG@, :G=, <HKK>LIHG=BG@ER, MA:M P> G>>= MH
:IIK><B:M> :G= >QIEHK> :LRFF>MKB< BGM>KIK>M:MBHG (:L % <:EE BM). 0ABL IHBGM :;HNM MA> ;HHD BL F:=> BG 'E>BG,
CHP>G, :G= 'NK:G (2005) :G= 'E>BG (2012, 51 G. 10, 322); L>> /<A>EEBG@ (1960:, 21, 65-118, 163-169, 226,
246-248, 284-303).
65. .>@:K=BG@ MABL L>GM>G<> :;HNM /<A>EEBG@iL IN;EB<:MBHGL BG f><HGHFB<L CHNKG:ELg HO>K MA> 18-R>:K I>KBH=
1960 MAKHN@A 1977, % L:R fL<:K<>ER :GRg ;><:NL> BG 1960 A> IN;EBLA>= :G :KMB<E> BG The American Economist
(/<A>EEBG@ 1960;), BG 1969 A> IN;EBLA>= :G :KMB<E> BG MA> ,:I>KL :G= ,KH<>>=BG@L BLLN> H? American Economic
Review (/<A>EEBG@ 1969), :G= BG MA> L:F> CHNKG:E A> IN;EBLA>= : (FHLM BGM>K>LMBG@) ;HHD K>OB>P (/<A>EEBG@
1964). AELH, ?HNK H? MA> <A:IM>KL A> IN;EBLA>= =NKBG@ MA> 18-R>:K I>KBH= P>K> BG ;HHDL MA:M A:O>
f><HGHFB<g BG MA> MBME>.
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3A:M>O>K IE:<> MA> :<AB>OBG@ H? :<:=>FB< >FBG>G<> A:L A:= BG MA> <HK> H?
/<A>EEBG@iL L>E?AHH=, A> <>KM:BGER =B= BM ABL P:R.
% MNKG MH /<A>EEBG@iL K><HK= H? IHEB<R CN=@F>GML :G= B=>HEH@B<:E HNMEHHD. $BL
IKBG<BI:E :K>:L H? K>L>:K<A :G= BG?EN>G<> A:O> ;>>G BG P>:IHGL :G= P:K. $> A:L
;>>G =>GHNG<>= :L : P:KFHG@>K :G= LN<A. /N<A <HG=>FG:MBHGL, % LNLI><M, :K>
NEMBF:M>ER ;:L>= IKBF:KBER HG MA> ?:<M H? ABL <EHL> :G= LNLM:BG>= I:KMB<BI:MBHG PBMA
AB@A-E>O>E H??B<B:EL >G@:@>= BG P:K (AHM :G= fCHE=g), I:KMB<NE:KER =NKBG@ MA> I>KBH=
1958d1968, :L HIIHL>= MH ;>BG@ ;:L>= HG :GRMABG@ /<A>EEBG@ :<MN:EER L:B=, PA>MA>K
BG ABL IN;EB< PKBMBG@L HK BG <E:LLB?B>= =BL<HNKL>. 0ABL :LI><M H? /<A>EEBG@iL B=>HEH@B<:E
<A:K:<M>Ke:L P>EE :L K>E:M>= >O>GML LN<A :L /<A>EEBG@iL ;K>:D PBMA $>GKR 'BLLBG@>K
BG 1970 (L>> H=@> 2006, 157??.)e% E>:O> :LB=>.
A?M>K MA> 2B>MG:F 3:K, /<A>EEBG@ ?H<NL>= FN<A E>LL HG P>:IHGL :G= P:K. A
L>KB>L H? IHEB<R MHIB<L =K>P ABL :MM>GMBHG. $>K> % ;KB>?ER MK>:M : GNF;>K MA:M L>>F MH
LM:G= HNM.
The draft. %G MA> LIKBG@ H? 1967 /<A>EEBG@ E>= : LMN=R @KHNI :M $:KO:K= HG
MA> F:GGBG@ H? MA> FBEBM:KR, :G= BG MA> ?:EE H? 1967 : @KHNI =H<NF>GM MBME>= f+G
MA> K:?M,g :II:K>GMER IKBG<BI:EER :NMAHK>= ;R /<A>EEBG@,
66
P:L IN;EBLA>= BG The
Public Interest (/<A>EEBG@ 1967). 0A> :KMB<E> =BL<NLL>L O:KBHNL :LI><ML H? MA> BLLN>, :G=
BL @>G>K:EER K>L>KO>= :G= >LM:;EBLAF>GM-HKB>GM>=. /MBEE, PA>G BM <HF>L MH MA> BLLN>
H? I:RBG@ ?HK L>KOB<> :G= BG=N<BG@ I>HIE> MH LB@G NI OHENGM:KBER, :L HIIHL>= MH
<HGL<KBIMBG@ MA>F, MA> =KB?M <E>:KER L>>FL MH ;> BG ?:OHK H? <HGLB=>KBG@ K>?HKF BG
MA> =BK><MBHG H? F:DBG@ L>KOB<> OHENGM:KR. 0A> IB><> FB@AM, MA>K>?HK>, ;> K>@:K=>=
:L :G >LM:;EBLAF>GM-HKB>GM>= HI>GBG@ ?HK FHK> HNMLIHD>G IKH?>LLHKL MH FHNGM :
=BK><M :G= BG?EN>GMB:E :LL:NEM HG <HGL<KBIMBHG (L>> $>G=>KLHG 2005 HG MA> KHE> H?
><HGHFBLML BG >G=BG@ MA> =K:?M).
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H? I:I>KL MA:M >QIEHK> =BL<>KGB;E> LH<B:E I:MM>KGL MA:M GH HG> I:KMB<NE:KER BGM>G=>=
:G= MA:M FB@AM P>EE ;> NGL:MBL?:<MHKR BG LHF> BFIHKM:GM L>GL>, : L>M H? I:I>KL
I:KMB<NE:KER K>IK>L>GM>= ;R Micromotives and Macrobehavior (1978:). /HF> I>HIE>
A:O> <BM>= MA>L> I:I>KL :L >E:;HK:MBHG H? hF:KD>M ?:BENK>i :G= : G>>= ?HK @HO>KGF>GM
BGM>KO>GMBHG. %G MA>L> I:I>KL, /<A>EEBG@, AHP>O>K, =H>L GHM BG?NL> MA> =BL<NLLBHG
PBMA :GR LMKHG@ ;>GM MHP:K= @HO>KGF>GM BGM>KO>GMBHG BG OHENGM:KR IKBO:M>
:??:BKLeMAHN@A G>BMA>K =H>L A> LI>:D :@:BGLM LN<A BGM>KO>GMBHG. 0A>K> :K> : ?>P
IHBGML MH <HGLB=>K. "BKLM, BG MA> HI>GBG@ <A:IM>K H? Micromotives and Macrobehavior,
/<A>EEBG@ @BO>L L>O>K:E I:@>L (>LI><B:EER II. 20-29) MH :<DGHPE>=@BG@ MA>
f:F:S>F>GMg (I. 21) MA:M HG> FB@AM ?>>E BG IHG=>KBG@ AHP P>EE MA> >QM>G=>=
66. AL IN;EBLA>= BG The Public Interest, MA> EBLM>= :NMAHK BL fA $:KO:K= /MN=R #KHNI,g ;NM P> F:R <HG<EN=>
MA:M /<A>EEBG@ BL MA> IKBG<BI:E :NMAHK ;><:NL> A> E>= MA> @KHNI, ;><:NL> MA> IB><> <HGM:BGL : E>G@MAR
IHLML<KBIM LB@G>= ;R /<A>EEBG@, :G= ;><:NL> MA> IB><> BL BG<EN=>= HG : EBLM H? /<A>EEBG@iL IN;EB<:MBHGL.
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@KN=@BG@, ;NM A> BL F:DBG@ : ;B@ IHBGM, :M MA> LM:KM, MH L:R MA:M MA> ;HHD BL GHM
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IHLLB;E> IBM?:EEL H? OHENGM:KR ;>A:OBHK, ;NM BM BL IE:BG >GHN@A MA:M A> ?H<NL>L HG
NG=>KLM:G=BG@ MA> IBM?:EEL, K:MA>K MA:G MA> LN<<>LL>L, GHM ;><:NL> NGL:MBL?:<MHKR
HNM<HF>L :K> MRIB<:E HK I>KO:LBO> ;NM LBFIER ;><:NL> BM BL MA> NGL:MBL?:<MHKR
HNM<HF>L MA:M <:EE ?HK :MM>GMBHG :G= I>KA:IL K>F>=B:E :<MBHG. 0ABK=, BG : @K>:M
F:GR H? MA> >Q:FIE>L PA>K> /<A>EEBG@ LN@@>LML : G>>= ?HK E>:=>KLABI HK @NB=:G<>,
MA> <HGM>QM K>F:BGL OHENGM:KR, ?HK >Q:FIE>, : L>FBG:K E>:=>K PAH FB@AM K>JNBK>
:MM>G=:G<> HK MA> *:MBHG:E $H<D>R (>:@N> K>JNBKBG@ A>EF>ML; LBFBE:KER, PA>G
@HO>KGF>GM:E :NMAHKBMB>L F:D> KNE>L ?HK MA> NL> H? MA> @HO>KGF>GM IKHI>KMR MA:M
MA>R :=FBGBLM>K, LN<A :L : KH:=, LN<A KNE>L :K> GHM :IMER =>L<KB;>= :L K>LMKB<MBHGL HG
OHENGM:KR :<MBHG. "HNKMA, LHF> H? /<A>EEBG@iL :IIEB<:MBHGL, GHM:;ER HG L>@K>@:MBHG,
<:KKR : F>LL:@> MA:M >O>G FBE=, NGH;C><MBHG:;E> IK>?>K>G<>L FB@AM IKH=N<> F:<KH
I:MM>KGL MA:M P> :K> NGA:IIR PBMA, :G= MA:M F:R;> P> CNLM A:O> MH E>:KG MH EBO> PBMA
MA> K>LNEML, K:MA>K MA:G MKRBG@ MH F:GBINE:M> MA>F; BG MABL K>LI><M /<A>EEBG@ :=O:G<>L
A=:F /FBMAiL MA>K:I>NMB< IKH@K:F H? E>:KGBG@ MH <HI> BG : EB;>K:E, <HLFHIHEBM:G
LH<B:E HK=>K. "B?MA, /<A>EEBG@ =H>L GHM MNKG ABL :MM>GMBHG MH IHEBMB<L :G= @HO>KGF>GM
:L L>MMBG@L ?HK MA> MRI>L H? IBM?:EEL :G:ERS>=, ;NM BM <:G :M E>:LM ;> L:B= MA:M G>BMA>K
=H>L A> =>GR MA> ?>KMBEBMR H? :IIEB<:MBHG BG LN<A L>MMBG@L; ?NKMA>KFHK>, MA> PAHE>
LMRE> H? ABL MABGDBG@ G:MNK:EER E>G=L BML>E? MH LN<A :IIEB<:MBHG. "HK /<A>EEBG@,
>O>KRMABG@ ANF:G BL KBI> ?HK ?:BENK>. %G LNF, :EMAHN@A /<A>EEBG@ BL : E>:=BG@ MABGD>K
BG MA> B=>:L H? LIHGM:G>HNL disHK=>K, MA> B=>HEH@B<:E ;>GM BG MA>L> PKBMBG@L BL GHM
>LI><B:EER LM:MBLM, :G= I>KA:IL BM BL E>LL LH MA:G LHF> FB@AM >QI><M.
Victimless crimes and organized crime. %G ABL JN>LMBHGG:BK> K>LIHGL>
K>IKH=N<>= :;HO>, /<A>EEBG@ PKBM>L H? ABL ?:OHKBG@ f:F>EBHK:MBG@ MA> hP:K HG
=KN@L,ig F>:GBG@, IK>LNF:;ER, FHO>F>GM MHP:K= EB;>K:EBS:MBHG. /N<A : LM:G<>
<HFIHKML PBMA /<A>EEBG@iL PKBMBG@L (>.@., /<A>EEBG@ 1984, <AL. 7-8) HG HK@:GBS>=
<KBF> (PHKD MA:M P:L HKB@BG:EER NG=>KM:D>G :M MA> BGLMB@:MBHG BG 1966 H? MA>
,K>LB=>GMiL CKBF> CHFFBLLBHG; L>> H=@> 2006, 126) :G=, PBMA <HEE:;HK:MHKL, HG
<HG<>IMN:EBSBG@ =B??>K>GM =KN@ <HGMKHE K>@BF>L ():<CHNG, .>NM>K, :G= /<A>EEBG@
1996). A@:BG, /<A>EEBG@ BL GHM HNMLIHD>G, ;NM MA> K>:=>K <E>:KER =>M><ML : F>LL:@>
MA:M F:GR IKHAB;BMBHGL A:O> :=O>KL> <HGL>JN>G<>L MA:M :K> GHM K>=>>F>= ;R
H??L>MMBG@ ;>G>?BML. .>E:M>= A>K> :K> /<A>EEBG@iL @K>:M, BG?EN>GMB:E I:I>KL HG MA>
FNEMBIE> L>E? :G= L>E?-<HGLMK:BGBG@ ;>A:OBHK (L>>, ?HK >Q:FIE>, /<A>EEBG@ 1984, <AL.
3-4), ;NM BG MAHL> PHKDL /<A>EEBG@ LAHPL K>LI><M ?HK MA> =B@GBMR H? MA> BG=BOB=N:E
:G= A:K=ER >O>K <HF>L :<KHLL :L BGM>KO>GMBHGBLM. /<A>EEBG@ BL <HG<>KG>= <AB>?ER MH
A>EI MA> BG=BOB=N:E HK ?KB>G=L :G= :LLH<B:M>L MH ?BG= P:RL MH <HI>e:M E>:LM PA>G BM
<HF>L MH BEEB<BM =KN@L, IKHLMBMNMBHG, :G= @:F;EBG@.
ECON JOURNAL WATCH
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Smoking. %G MABL :K>: H? IHEB<R, /<A>EEBG@iL MNG> BL LHF>PA:M =B??>K>GM MA:G
BG BEEB<BM =KN@L, IKHLMBMNMBHG, :G= @:F;EBG@e: =B??>K>G<> MA:M FB@AM F>K>ER K>?E><M
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(.B@HMMB >M :E. 1993, 231).
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/<A>EEBG@ A:L IKH;:;ER A:= : h<HHEBG@i >??><M. 3ABE> :??BKFBG@ MA:M MA>K> BL :
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:@:BGLM :GMB-fLP>:MLAHIg F>:LNK>L ($>=>G@K>G >M :E. 2010).
BHMA IKH?>LLBHG:EER :G= B=>HEH@B<:EER, /<A>EEBG@ BL : FBQ H? M>G=>GL, :G=
MA> K>LNEM BL : I>KLHG: MA:M =>?B>L <HFFHG <A:K:<M>K MRI>L. 3BMA MA> ?HEEHPBG@
PHK=L /<A>EEBG@ >G=L Choice and Consequence (1984, 346): f(BD> MA> JN>LMBHG, H
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*>P 5HKD: 0A> 0P>GMB>MA C>GMNKR "NG=.
Myron S. Scholes
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BG *>P 5HKD CBMR, P:L : M>:<A>K BG .H<A>LM>K. $> FHO>= MH +GM:KBH MH IK:<MB<>
=>GMBLMKR BG 1930. /<AHE>LiL FHMA>K FHO>= :L : RHNG@ @BKE MH +GM:KBH ?KHF .NLLB:
:G= BML IH@KHFL (/<AHE>L 2009:, 235). $BL FHMA>K :G= ABL NG<E> K:G : LN<<>LL?NE
<A:BG H? =>I:KMF>GM LMHK>L. /<AHE>LiL f?BKLM >QIHLNK> MH :@>G<R :G= <HGMK:<MBG@
IKH;E>FLg P:L : ?:FBER =BLINM> MA:M E>?M ABL FHMA>K HNM H? FN<A H? MA> ;NLBG>LL
(/<AHE>L 2009:, 235). %G AB@A L<AHHE, A> f>GCHR>= INSSE>L :G= ?BG:G<B:E BLLN>L,g
LN<<>>=>= BG F:MA>F:MB<L, IARLB<L, :G= ;BHEH@R, :G= LN;L>JN>GMER P:L LHEB<BM>=
MH >GM>K : >G@BG>>KBG@ IKH@K:F ;R )<):LM>K 1GBO>KLBMR (/<AHE>L 2009:, 236-237).
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MH MA> BGM>K<A:G@> H? B=>:L MH >G:;E> F> MH E>:KG ?KHF HMA>KLg (/<AHE>L 2009:,
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)>KMHG )BEE>K :G= !N@>G> ":F:. f0A>R ;><:F> FR F>GMHKL, LA:IBG@ FR NG=>K-
LM:G=BG@ H? ?BG:G<>. AG=, ?HKMNG:M>ER, ;HMA ;><:F> EB?>EHG@ ?KB>G=Lg (/<AHE>L
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A> K>MNKG>= MH MA> 1GBO>KLBMR H? CAB<:@H, PA>K> A> ?H<NL>= HG M:Q:MBHG (/<AHE>L
1998). /BG<> 1983 A> A:L ;>>G HG MA> ?:<NEMR :M /M:G?HK= 1GBO>KLBMR.
!:KER HG BG ABL EB?> A> ;><:F> ?:L<BG:M>= PBMA MA> LMH<D F:KD>M, :G= MABL
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.H;>KM C. )>KMHG, /<AHE>L PHG MA> 1997 ,KBS> f?HK : G>PF>MAH= MH =>M>KFBG> MA>
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:K@N>= MA:M F:KD>M ?:BENK>L f=H GHM E>:= MH MA> <HG<ENLBHG MA:M K>-K>@NE:MBHG PBEE
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?K>>=HFL.g ,KHIHG>GML H? A>:OR K>-K>@NE:MBHG, A> L:B=, f?:BE MH :<<HNGM ?HK MA> O:LM
BG<K>:L> BG MA> P>:EMA H? MA> @EH;:E ><HGHFR MA:M A:L K>LNEM>= ?KHF MA> ?K>>=HF MH
BGGHO:M>g (/<AHE>L 2008).
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$:OBG@ @KHPG NI HG : 560-:<K> ?:KF BG /HNMA :DHM:, 0A>H=HK> /<ANEMS
(1902d1998) F:BGM:BG>= ABL ?:KFBG@ KHHML MAKHN@AHNM ABL ><HGHFB<L <:K>>K
(1GBO>KLBMR H? CAB<:@H 1998). $BL >:KER PHKD HG MA> ><HGHFB<L H? 1./. :@KB<NEMNK>
P:L IN;EBLA>= F:BGER ;>MP>>G 1932 :G= 1951 (#:K=G>K 2006, 326). 0ABL PHKD E:B=
MA> ?HNG=:MBHG ?HK ABL E:M>K PHKD BG ><HGHFB< =>O>EHIF>GM :G= ANF:G <:IBM:E,
I:KMB<NE:KER BG :@KB<NEMNK>, ?HK PAB<A A> P:L :P:K=>= MA> *H;>E ,KBS> (3. AKMANK
(>PBL P:L : <H-K><BIB>GM). /<ANEMS BL MA> HGER :@KB<NEMNK:E ><HGHFBLM MH ;> :P:K=>=
: *H;>E ,KBS> BG ><HGHFB<L.
/<ANEMS LM:G=L HNM :FHG@ *H;>E E:NK>:M>L BG ><HGHFB<L BG M>KFL H? ABL IK>-
<HEE>@> ?HKF:E >=N<:MBHG. $> <HFIE>M>= >E>F>GM:KR L<AHHE ;NM G>O>K P>GM MH AB@A
67. *HKMAC:KHEBG: /M:M> 1GBO>KLBMR, .:E>B@A, *C27607. % :IIK><B:M> MA> A>EIH? $:GG:A)>:=BGIKHOB=BG@
O:EN:;E> K>?>K>G<>L :G= IK>EBFBG:KR PHKD. :E> $HHO>K :G= (HK>G %AG>G :ELH IKHOB=>= A>EI?NE <HFF>GML.
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 593
L<AHHE.
68
3ABE> ?:KFBG@ HG ABL AHF> ?:KF, A> :MM>G=>= : LAHKM <HNKL> :M /HNMA
:DHM: /M:M> CHEE>@>, PA>K> A> LAHP>= LN<A IKHFBL> MA:M A> P:L >G<HNK:@>=
MH >GM>K MA> <HEE>@> :L : K>@NE:K LMN=>GM, PAB<A A> =B= (&HAGLHG 1998, 212-213).
/<ANEMS >:KG>= ABL ;:<A>EHKiL =>@K>> ?KHF /HNMA :DHM: /M:M> BG 1927 :G= ABL
,A.. BG :@KB<NEMNK:E ><HGHFB<L ?KHF MA> 1GBO>KLBMR H? 3BL<HGLBG BG 1930. %G ABL
LAHKM :NMH;BH@K:IAB<:E >LL:R ?HK MA> *H;>E <HFFBMM>>, /<ANEMS PKHM>:
% F:G:@>= MH >GM>K <HEE>@> BG 1924 :G= % P:L I>KFBMM>= MH <HFIE>M>
FR <HEE>@> PHKD BG MAK>> R>:KL. 0A> NGHKMAH=HQ ><HGHFB<L H? MA>
1GBO>KLBMR H? 3BL<HGLBG =NKBG@ MAHL> R>:KL :II>:E>= MH F>. >LIBM>
FR E:<D H? IKHI>K <K>=>GMB:EL % P:L :<<>IM>= ;R MA> @K:=N:M> L<AHHE.
)R BGM>EE><MN:E =>;M MH ,KH?>LLHKL CHFFHGL, $B;;:K=, ,>KEF:G :G=
3>AKP>BG BL E:K@>. (/<ANEMS 1992:/1980).
/<ANEMSiL ?BKLM M>:<ABG@ IHLBMBHG P:L :M %HP: /M:M> CHEE>@>, :G= PBMABG MPH
R>:KL H? ABL :KKBO:E BG 1930, A> P:L F:=> :<MBG@ <A:BK H? MA> >I:KMF>GM. AL A>:= H?
MA> >I:KMF>GM H? !<HGHFB<L :G= /H<BHEH@R, /<ANEMS ;NBEM : G:MBHG:E K>INM:MBHG ;R
BGMKH=N<BG@ JN:GMBM:MBO> LM:MBLMB<:E M><AGBJN>L MH AF>KB<:G :@KB<NEMNK:E ><HGHFBLML
:G= fMAK>P ABFL>E?g BGMH MA> G>P =BL<BIEBG> H? ><HGHF>MKB<L, M>LMBG@ ><HGHFB<
MA>HKR PBMA =:M: (BNKG>MM 2011, 376-377).
69
/<ANEMSiL =HF>LMB< :@KB<NEMNK:E IHEB<R OB>PL, >LI><B:EER >:KER HG, P>K> AB@AER
BGM>KO>GMBHGBLM. %G ABL PHKD HG =HF>LMB< :@KB<NEMNK:E IHEB<R =NKBG@ 33%%, /<ANEMS
P:L JNBM> <KBMB<:E H? MA> =><>GMK:EBS>= IKB<> LRLM>F :G= >GOBL:@>= : E:K@> KHE> ?HK
@HO>KGF>GM BG 1./. :@KB<NEMNK>. )HK>HO>K, @HO>KGF>GM BGM>KO>GMBHG <HGMBGN>= MH
IE:R : D>R KHE> BG ABL :IIKH:<A MH =HF>LMB< ?:KF IHEB<R ?HEEHPBG@ MA> P:K. BNM
/<ANEMSiL OB>PL LAB?M>= GHM:;ER BG MA> <E:LLB<:E EB;>K:E =BK><MBHG BG ABL ><HGHFB<
=>O>EHIF>GM PHKD, PAB<A >FIA:LBS>= =BLMHKMBHGL ;R @HO>KGF>GM IKH@K:FL
:??><MBG@ ?:KF>KL BG EHP-BG<HF> <HNGMKB>L. AEMAHN@A /<ANEMSiL OB>P H? MA> KHE> H?
@HO>KGF>GM >OHEO>= HO>K MBF>, ?H<NLBG@ FHK> HG IKH;E>FL MA:M :KBL> PA>G>O>K
@HO>KGF>GM :<MBHG BL LN;LMBMNM>= ?HK F:KD>ML, A> G>O>K ;><:F> :G :=A>K>GM H? :
LMKHG@ IK>LNFIMBHG H? E:BLL>S ?:BK>.
/<ANEMSiL >:KER BGM>KO>GMBHGBLM OB>PL HG MA> KHE> H? MA> LM:M> :??><MBG@ 1./.
:@KB<NEMNK:E IHEBL :K> LI>EE>= HNM BG ABL ;HHD Redirecting Farm Policy, IN;EBLA>=
=NKBG@ 33%%. 0A> ;HHD IKHIHL>L MA:M fI:KBMR IKB<>L,g MA> EBG<AIBG BG BF-
68. ):GR ?:KFPHKD>KL P>K> BG MA> FBEBM:KR =NKBG@ 33% :G= /<ANEMSiL ?:MA>K P:GM>= ABFMH A>EI PBMA ?:KF
PHKD. "NKMA>K, ABL ?:MA>KiL OB>PP:L MA:M B? A> E>?M MA> ?:KF:G= <HGMBGN>= ABL >=N<:MBHG, A> PHNE=GiM K>MNKG
MH MA> ?:KF(#K:O>L 2004).
69. A@KB<NEMNK:E ><HGHFBLML :G= HMA>K ><HGHFBLML P>K> BG MA> L:F> =>I:KMF>GM :M %HP: /M:M>, :G=
:@KB<NEMNK:E ><HGHFBLML MA>K> >FIA:LBS>= ><HGHFB< MA>HKR FHK> MA:G BG FHLM HMA>K =>I:KMF>GML H?
:@KB<NEMNK:E ><HGHFBLML BG E:G=-@K:GM NGBO>KLBMB>L.
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IE>F>GMBG@ *>P >:E ?:KF IHEBL, ;> K>IE:<>= PBMA f?:BK IKB<>LgefMA:M K:M> H?
I:RF>GM PAB<A : ?:KF>K E:;HK>K, HK <:IBM:EBLM K><>BO>L ?HK ABL L>KOB<>L :G= NL> H?
ABL IKHI>KMR BL LN??BGMER AB@A MH IKHOB=> >:<A PBMA :G :=>JN:M> BG<HF>g (/<ANEMS
1943, 14). 0A> ?HEEHPBG@ JNHM:MBHGL ?KHF MA> 1943 ;HHD =>L<KB;> MA> INKIHKM>=
:=O:GM:@> H? <>GMK:E <HGMKHEL BG 1./. :@KB<NEMNK> ;R MA> 1./. >I:KMF>GM H?
A@KB<NEMNK>.
A AB@AER =><>GMK:EBS>= ?:KF IKB<> LRLM>F :=FBGBLM>K>=, BG MA> F:BG, ;R
IKBO:M> :@>GL A:L F:GR L>KBHNL LAHKM<HFBG@L. (/<ANEMS 1943, 39)
0A>K> BL GH K>:LHG PAR CHG@K>LL LAHNE= GHM ;> :=OBL>= :G= IHLLB;ER
:IIKHO> >:<A R>:K MA> IKH=N<MBHG @H:EL MA:M ;>LM K>?E><M MA> :FHNGM
PAB<A :@KB<NEMNK> BL <:I:;E> H? IKH=N<BG@ :G= MA> K>JNBK>F>GML H?
LHMR. 0ABL A:OBG@ ;>>G =HG>, MA> >I:KMF>GM LAHNE= ;> :NMAHKBS>=
MH NL> BML :=FBGBLMK:MBO> F:<ABG>KR MH :MM:BG MA> IKH=N<MBHG @H:EL :L
>LM:;EBLA>=. c0ABL IKH<>=NK> BG :EE IKH;:;BEBMR PBEE @BO> K>LNEML PAB<A,
M:D>G :L : PAHE>, PBEE ;> FN<A LNI>KBHK MH PA:M M:D>L IE:<> PA>G
IKBO:M> BG=BOB=N:EL F:D> >LMBF:M>L, NLN:EER :<MBG@ HG ?K:@F>GM:KR
BG?HKF:MBHG :G= :EE MHH H?M>G HG ANG<A>L. c 0A> L><HG= LM>I BG
>FIEHRBG@ MA> ?:KF IKB<> F><A:GBLF MH :EEH<:M> ?:KF K>LHNK<>L BL MH
>LM:;EBLA : LRLM>F H? ?HKP:K= IKB<>L. c "HKP:K= IKB<>L :K> : @B@:GMB<
?NMNK>L F:KD>M HI>K:M>= MH <HHK=BG:M> :G= =BK><M :@KB<NEMNK:E
IKH=N<MBHG. (/<ANEMS 1943, 42-44)
/<ANEMSiL ?HKP:K= IKB<BG@ B=>: >F>K@>= BG MA> 1973 ?:KF ;BEE (,.(. 93-86) :L M:K@>M
IKB<>L PBMA <HFI>GL:MHKR I:RF>GML. ,KB<> LNIIHKML, BG<EN=BG@ /<ANEMSiL ?HKP:K=
IKB<BG@ MA:M :??><M HNMINM HK IKB<>L :K> GHM <HGLBLM>GM PBMA ?K>> MK:=>. >LIBM> MA>
BG<HGLBLM>G<R, /<ANEMS >O>G >:KER BG ABL <:K>>K, P:L : ?BKF ;>EB>O>K BG MA> ;>G>?B<B:E
>??><ML H? BGM>KG:MBHG:E MK:=> :G= LHN@AM MH >=N<:M> MA> IN;EB< :;HNM MA> IKBG<BIE>L
H? MK:=> ?HEEHPBG@ MA> =BL:LMKHNL >??><ML H? MA> /FHHM-$:PE>R 0:KB?? A<M (BNKG>MM
2011, 376).
%M BL =B??B<NEM MH DGHP AHP FN<A H? /<ANEMSiL BGM>KO>GMBHGBLM MABGDBG@ :M MABL
MBF> P:L <HEHK>= ;R MA> >QB@>GL H? P:KMBF>. %G : I:I>K IN;EBLA>= LAHKMER :?M>K
MA> P:K, AHP>O>K, A> <HGMBGN>= MH >GOBL:@> : E:K@> KHE> ?HK @HO>KGF>GM BG 1./.
:@KB<NEMNK> :G= MH IKHFHM> : PB=> K:G@> H? @HO>KGF>GM IHEBL:
C:G <HGL>KO:MBHG ;> E>?M LHE>ER MH F:KD>M ?HK<>L? 0A> :GLP>K, H?
<HNKL>, BL GH. 3BEE : F:KD>M ><HGHFR IKHOB=> LMH<DL :G= LMHK:@>L
G><>LL:KR MH LM:;BEBS> HNK @B@:GMB< EBO>LMH<D BG=NLMKB>L? A@:BG MA> K>IER
BL BG MA> G>@:MBO>. 3A:M :;HNM <K>=BM, AHNLBG@, ?:KFHPG>KLABI, F>=B<:E
?:<BEBMB>L, >=N<:MBHG, K>L>:K<A :G= >QI>KBF>GM:E PHKD, HE= :@> :G=
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 595
K>MBK>F>GM HIIHKMNGBMB>L? *HG> H? MA>L> <:G ;> E>?M PAHEER MH MA>
F:KD>M ><HGHFR. (/<ANEMS 1946, 26)
%G 1943, :?M>K 13 R>:KL :M %HP: /M:M>, /<ANEMS E>?M BG MA> P:D> H? MA> PB=>ER
IN;EB<BS>= HE>HF:K@:KBG> :??:BKe: ;BMM>K ;:MME> HO>K :<:=>FB< ?K>>=HF. %G 1942
MA> 1./. /><K>M:KR H? A@KB<NEMNK> K>JN>LM>= MA:M %HP: /M:M> IN;EBLA : L>KB>L H?
IN;EB<:MBHGL HG @HO>KGF>GM ?HH= IHEB<R IHBGMBG@ HNM IKH;E>FL PBMA <NKK>GM ?:KF
IHEBL. +G> LMN=R BG MA> L>KB>L, f,NMMBG@ :BKRBG@ HG : 3:K "HHMBG@g (BKHPGE>>
1943), : LMN=R :IIKHO>= ;R : <HFFBMM>> H? PAB<A /<ANEMS P:L : F>F;>K, :MMK:<M>=
MA> BK> H? MA> ;NMM>K IKH=N<>KL. 0A> PHKD :K@N>= MA:M F:K@:KBG> <HFI:K>=
?:OHK:;ER PBMA ;NMM>K BG GNMKBMBHG:E O:EN> :G= I:E:M:;BEBMR; BM :K@N>= :@:BGLM E>@:E
K>LMKB<MBHGL HG F:K@:KBG> IKH=N<MBHG :G= F:KD>MBG@ :G= HG F:K@:KBG> NL> =NKBG@
MA> P:K. 3A>G MA> =:BKR BG=NLMKR ?B>K<>ER H;C><M>=, MA> <HGMKHO>KLR ;><:F> :
G:MBHG:E LMHKR :G= ?:KF @KHNIL <:EE>= ?HK /<ANEMSiL K>LB@G:MBHG. 0A> CHEE>@>
:=FBGBLMK:MBHG :MM>FIM>= MH ;EH<D IN;EB<:MBHG H? MA> I:FIAE>M :G= MA> ,K>LB=>GM
H? %HP: /M:M> ?:BE>= MH ;:<D /<ANEMS. /<ANEMS F:G:@>= MH @>M MA> K>L>:K<A IN;EBLA>=
;NM, A> K>LB@G>= ?KHF %HP: /M:M> :G= :<<>IM>= : IHLBMBHG BG MA> >I:KMF>GM H?
!<HGHFB<L :M MA> 1GBO>KLBMR H? CAB<:@H (,:LL>EE 1998).
f0A:M BG<B=>GM IKHOHD>= LHF> L>KBHNL LHNE-L>:K<ABG@,g K><:EE>= . #:E>
&HAGLHG, : EHG@-MBF> <HEE>:@N> H? /<ANEMS (JNHM>= BG ,:LL>EE 1998). +G> FB@AM
<HGC><MNK> MA:M /<ANEMSiL I>KLHG:E >QI>KB>G<> PBMA IHEBMB<BSBG@ MA> IKH=N<MBHG,
F:KD>MBG@, :G= NL> H? F:K@:KBG> :G= ;NMM>K A:= :G >??><M HG ABF.3ABE> :M CAB<:@H,
/<ANEMS ;><:F> FN<A FHK> <:NMBHNL :;HNM K><HFF>G=BG@ @HO>KGF>GM :<MBHG.
/<ANEMS P:L HG MA> >Q><NMBO> <HFFBMM>> H? : @KHNI, BG<EN=BG@ )BEMHG "KB>=F:G,
MA:M F>M BG 1946 MH ;>@BG PHKD HG LIHGLHKBG@ : f"K>> ):KD>M /MN=Rg PBMA MA>
H;C><MBO> MH IKHFHM> L<AHE:KER :K@NF>GML :L MH AHP : FH=>KG LHMR FB@AM ;>
HK@:GBS>= MH F:QBFBS> BG=BOB=N:E EB;>KMR (BNKG>MM 2011, 39). 0A:M L:F> R>:K,
/<ANEMS ;><:F> A>:= H? MA> ><HGHFB<L =>I:KMF>GM :M CAB<:@H :G= PHNE= K>F:BG
BG MA:M IHLBMBHG NGMBE 1961e?HKF:MBO> R>:KL ?HK MA> LH-<:EE>= CAB<:@H /<AHHE.
AEE MHE=, % LNKFBL> MA:M LAHKMER :?M>K :@> 40 /<ANEMS NG=>KP>GM : IKHGHNG<>=
B=>HEH@B<:E LAB?M MHP:K= <E:LLB<:E EB;>K:EBLF, K>?E><M>= BG ABL E:M>K PHKD.
AM CAB<:@H, /<ANEMS LMN=B>= MA> IKH<>LL H? ><HGHFB< =>O>EHIF>GM ?HK
?:KF>KL BG EHP-BG<HF> <HNGMKB>LeMA> PHKD ?HK PAB<A A> K><>BO>= MA> *H;>E ,KBS>.
$> ;>@:G MH >FIA:LBS> MA> A:KF?NE >??><ML H? @HO>KGF>GM IHEBL HG :@KB<NEMNK:E
IKH=N<>KL. $BL <HGMKB;NMBHG K>LM>= HG MPH F:CHK IHBGML: (1) ?:KF>KL BG =>O>EHIBG@
<HNGMKB>L, MAHN@A H?M>G BEEBM>K:M>, P>K> K:MBHG:E :G= F:=> >??BGM NL> H? MA>BK
K>LHNK<>L; :G= (2) ABL PHKD BG<K>:L>= NG=>KLM:G=BG@ H? ANF:G <:IBM:E :G= BML KHE>
BG IKH=N<MBHG (&HAGLHG 1998, 209). :OB= $>G=>KLHG LNFF:KBS>L /<ANEMSiL
<HG<ENLBHG:
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7,8KBFBMBO> ?:KF>KL BG IHHK <HNGMKB>L F:QBFBS> MA> K>MNKG ?KHF MA>BK
K>LHNK<>L. 0A>BK :II:K>GM NGPBEEBG@G>LL MH BGGHO:M>, 7/<ANEMS8 :K@N>=,
P:L K:MBHG:E ;><:NL> @HO>KGF>GML H? MAHL> <HNGMKB>L H?M>G L>M
:KMB?B<B:EER EHP IKB<>L HG MA>BK <KHIL :G= M:Q>= MA>F A>:OBER. c A
I>KLBLM>GM MA>F> BG /<ANEMSiL ;HHDL BL MA:M KNK:E IHO>KMR I>KLBLML BG
IHHK <HNGMKB>L ;><:NL> @HO>KGF>GM IHEB<R BG MAHL> <HNGMKB>L BL ;B:L>=
BG ?:OHK H? NK;:G =P>EE>KL. ($>G=>KLHG 2008)
%G <HGMK:LM MH MA> LMK>LL HG @HO>KGF>GM IE:GGBG@ L>>G BG ABL >:KER PHKD
HG 1./. :@KB<NEMNK:E IHEB<R, /<ANEMSiL PHKD BG ><HGHFB< =>O>EHIF>GM >FIA:LBS>=
MA> BFIHKM:G<> H? >GMK>IK>G>NKLABIe>O>G ;R LF:EE IKH=N<>KL BG EHP-BG<HF>
<HNGMKB>Le:G= MA> =BLMHKMBHGL BG IKH=N<MBHG :G= F:KD>MBG@ LM>FFBG@ ?KHF
@HO>KGF>GM IKH@K:FL H? O:KBHNL DBG=L.
"BKLM, economic disequilibria are inevitable. c 708A> ?NG<MBHG H? ?:KF
>GMK>IK>G>NKL BG I>K<>BOBG@, BGM>KIK>MBG@, :G= K>LIHG=BG@ MH G>P :G=
;>MM>K HIIHKMNGBMB>L <:GGHM ;> >??BGMER I>K?HKF>= ;R @HO>KGF>GM.
(/<ANEMS 1978, 15, >FIA:LBL BG HKB@BG:E)
708A> NGK>:EBS>= ><HGHFB< IHM>GMB:E H? :@KB<NEMNK> BG F:GR EHP
BG<HF> <HNGMKB>L BL E:K@>. c 7"8HK P:GM H? IKH?BM:;E> BG<>GMBO>L,
?:KF>KL =H GHM F:D> MA> G><>LL:KR BGO>LMF>GML, BG<EN=BG@ MA>
INK<A:L> H? LNI>KBHK BGINML (?HK >Q:FIE>, L>>=L, ?>KMBEBS>K, :G=
F:<ABG>KR). % :K@N> MA:McBGM>KO>GMBHGL ;R @HO>KGF>GM :K> MA>
IKBF:KR <:NL> H? MA> E:<D H? HIMBFNF ><HGHFB< BG<>GMBO>L. (/<ANEMS
1978, 17)
%G LAHKM, /<ANEMS L:P @HO>KGF>GML :L A:KFBG@ IKH=N<>KL BG EHP-BG<HF>
<HNGMKB>L ;R H;LMKN<MBG@ F:KD>M BG<>GMBO>L :G= =BL<HNK:@BG@ M><AGHEH@B<:E :=-
O:G<>F>GML, MA>K>;R BFI:BKBG@ MA> IKH?BM:;BEBMR :G= LN<<>LL H? :@KB<NEMNK> (/<ANEMS
1978, 16-17). 0A> >FIA:LBL HG @HO>KGF>GM ?:BENK> BG :G:ERSBG@ MA> >??><M H?
@HO>KGF>GM IHEBL HG IKH=N<>KL BG EHP-BG<HF> <HNGMKB>L LM:G=L BG ;HE= <HGMK:LM
MH ABL >:KEB>K, LM:MBLM :IIKH:<A MH 1./. :@KB<NEMNK:E IHEB<R =NKBG@ 33%%. %G MA> E:M>K
R>:KL, /<ANEMS >E:;HK:M>= :G B=>: H? >GMK>IK>G>NKLABI :L fMA> :;BEBMR MH =>:E PBMA
=BL>JNBEB;KB:,g :G= IN;EBLA>= :G :KMB<E> BG MA> Journal of Economic Literature >GMBME>=,
f0A> 2:EN> H? MA> A;BEBMR MH >:E PBMA BL>JNBEB;KB:g (/<ANEMS 1975; L>> :ELH
/<ANEMS 1990).
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?BKLM >QIHLNK> MH ><HGHFB< MA>HKR. (/>EM>G :G= />EM>G 1997, 2)
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BGM>K>LM>= BG ><HGHFB<L BG FR E:LM AB@A L<AHHE R>:KL. (/>EM>G 1995)
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E>:LM GHM BG !G@EBLA. AG= :LB=> ?KHF : EHG@-A>E= LNIIHKM ?HK MA> !LI>K:GMH
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LM:M>F>GML.
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>=N<:M>= BG %G=B: :G= #K>:M BKBM:BG, />G <HFF>G<>= :G BEENLMKBHNL <:K>>K, ;>-
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MH P>E?:K> ><HGHFB<L.g
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BGO>LMB@:MBHGL BGMH IHO>KMR, ANG@>K :G= ?:FBG>L, :G= @>G=>K BG>JN:EBMR (>.@., />G
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ABL PHKD A:L H?M>G ;>>G L>FBG:E (>.@., />G 1970; 1992;). />G A:L, PBMA @K>:M OB@HK
:G= : ANF:G> LIBKBM, <HGLBLM>GMER :==K>LL>= MA> FHLM BFIHKM:GM BLLN>L :G= ;KHN@AM
ABL M:E>GML MH ;>:K HG IK>LLBG@ <HG<>KGL.
%M L>>FL MA:M />G A:L NG=>K@HG> : LB@GB?B<:GM B=>HEH@B<:E FB@K:MBHG. AM E>:LM
:L E:M> :L :@> 25eMA> R>:K A> K><>BO>= ABL =H<MHK:M> ?KHF 0KBGBMR CHEE>@>, C:F-
;KB=@>e/>G ;>EB>O>= MA:M %G=B: LAHNE= BFIHL> f:G ><HGHFR PBMA LH<B:EBL>= F>:GL
H? IKH=N<MBHG :G= :G :;L>G<> H? IKHI>KMR BG<HF>g OB: fLM:M> IE:GGBG@g (/>G 1959).
0H=:R, AHP>O>K, />G L>>FL MH :=A>K> MH : <HGO>GMBHG:E LH<B:E =>FH<K:MB< HNMEHHD,
H?M>G >OBG<BG@ f:G NGFBLM:D>:;ER IHLBMBO> :MMBMN=> MH F:KD>MLg (,>:<H<D 2010, 57).
"KHF 1951 MH 1953, />G :MM>G=>= ,K>LB=>G<R CHEE>@> BG C:E<NMM:. %G ABL
*H;>E :NMH;BH@K:IAR, />G PKBM>L:
BR MA> MBF> % :KKBO>= BG C:E<NMM: MH LMN=R :M ,K>LB=>G<R CHEE>@>, % A:= :
?:BKER ?HKF>= :MMBMN=> HG <NEMNK:E B=>GMBMR (BG<EN=BG@ :G NG=>KLM:G=BG@
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:;LHKIMBHG K:MA>K MA:G L><M:KB:G =>GB:E). % LMBEE A:= MH <HG?KHGM MA>
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FR ?>EEHP LMN=>GML :L P>EE, BG MA:M H==ER >EBMBLM <HEE>@>). (/>G 1999:)
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A:G=L-HG :<MBOBLFg (/:Q>G: 2011, 51).
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FN<A ;>?HK> % F:G:@>= MH =H :GR ?HKF:E PHKD BG MA>L> :K>:L.
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>QI><M.
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BL LMBEE IN;EBLA>= MH=:R (L>> ,NKB :G= )BMK: 2009). f3AR ,E:GGBG@?g A:L ;>>G K>IKBGM>= BG :G :GMAHEH@R H?
Seminar :KMB<E>L (0A:I:K, >=., 1979) :G= :M E>:LM MPB<> BG Seminar BML>E? (BLLN>L 421 :G= 589); MA> FHLM K><>GM
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ECON JOURNAL WATCH
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0A> BLLN> ;>?HK> NL BL <E>:K, MA> <KHLLKH:=L ;>BG@ GHM MHH ?:K
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O:EN>L :LLNF>= A>K> MA> <:L> ?HK : LH<B:EBLM ><HGHFR BL O>KR LMKHG@.
(/>G 1959)
% A:O> ;>>G NG:;E> MH ?BG= :GR <HFI:K:;ER >QIEB<BM :=OH<:<R H? LH<B:EBLF
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:L : IE:NLB;E> :EM>KG:MBO>. AM MA> HNML>M H? Poverty and Famines (1982), ?HK >Q:FIE>,
/>G H??>K>= MA> HK=BG:KR <HGMK:LM ;>MP>>G : fLH<B:EBLM ><HGHFRg :G= : fF:KD>M
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IHLLB;BEBMR H? IKBO:M> MK:=BG@ H? E:;HNK IHP>K ?HK IKH=N<MBO> NL>. (/>G
1982, 3)
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P:L ABL LB@GBG@ H? : 1981 I>MBMBHG HIIHLBG@ MA> F:<KH><HGHFB< IHEB<R H? MA>
0A:M<A>K @HO>KGF>GM (3HH= 2006; BHHMA 2006, 389). %G E:M>K R>:KL, AHP>O>K, />G
PHNE= <HGLB=>K LH<B:EBLF MH ;> : ;R@HG> BEENLBHG. "HK >Q:FIE>, BG : E><MNK> ?KHF
1990, />G BL :<<>IMBG@ H? IKBO:M> F:KD>ML PABE> OHB<BG@ K>:=BG>LL MH MBGD>K PBMA MA>BK
?NG<MBHGBG@:
0A> EBFBM:MBHGL H? MA> F:KD>M F><A:GBLF BG =BLMKB;NMBG@ A>:EMA <:K>
:G= >=N<:MBHG A:O>c;>>G =BL<NLL>= BG ><HGHFB< MA>HKR ?HK : EHG@
72. f3AR ,E:GGBG@?g (/>G 1959) BML>E? =H>L GHM :II>:K BG />GiL <NKKB<NENFOBM:> H? &:GN:KR 2013 (link), GHK
BG MA> fBB;EBH@K:IAR H? AF:KMR: '. />GiL ,N;EB<:MBHGL, 1957d1998g IN;EBLA>= ;R MA> Scandinavian Journal of
Economics BG 1999.
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 609
MBF> (>.@., ;R ,:NE /:FN>ELHG :G= '>GG>MA AKKHP). BNM BM BL >:LR MH
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<E:LL H? LH<B:E BGLMKNF>GML. (/>G 1990)
%G />GiL 1999 ;HHD Development as Freedom, MA> PHK= socialist A:K=ER :II>:KL,
:G= MA>G MH ;> =BLFBLL>=:
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AL BM A:II>GL, F:GR H? MA> K>LMKB<MBHGL MA:M ;>=>OBE MA> ?NG<MBHGBG@ H?
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<HNGMKB>L H? R>LM>K=:Re:K> :ELH, ;KH:=ER, H? MABL fIK><:IBM:EBLMg MRI>.
(/>G 1999;, 121)
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=H>L GHM IK><EN=> MA> KHE> H? LH<B:E LNIIHKM, IN;EB< K>@NE:MBHG, HK
LM:M><K:?M PA>G MA>R <:G >GKB<AeK:MA>K MA:G BFIHO>KBLAeANF:G
EBO>L. (/>G 1999;, 7)
A?M>K MA> 2008 ?BG:G<B:E <KBLBL, />G LN@@>LML <:K>?NE >Q:FBG:MBHG H? >QBLMBG@
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LN<A :L MAHL> H? 7A=:F8 /FBMA :G=, G>:K>K HNK MBF>, H? 7AKMANK C><BE8
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BL : <E>:KA>:=>= I>K<>IMBHG H? AHP=B??>K>GM BGLMBMNMBHGL :<MN:EER PHKD,
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BGLMBMNMBHGL H? MA> LM:M>e<:G @H ;>RHG= LAHKM-M>KF LHENMBHGL :G=
<HGMKB;NM> MH IKH=N<BG@ : FHK> =><>GM ><HGHFB< PHKE=. (/>G 2009)
73. 0A> PHK=L socialism:G= communist =H :II>:K FNEMBIE> MBF>L BG : =BL<NLLBHG HG I:@> 114 H? Development as
Freedom, PA>K> />G (1999;) <KBMB<BS>L MA> O>KR LMKHG@ K>LMKB<MBHGL HG E:;HK F:KD>ML BG <HFFNGBLM <HNGMKB>L:
f%G MABL L>GL>, "KB>=KB<A $:R>DiL <A:LMBLBG@ =>L<KBIMBHG H? MA> <HFFNGBLM ><HGHFB>L :L hMA> KH:= MH
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/>GiL E:M>K PHKD ?K>JN>GMER =>IEHRL : KA>MHKB< H? f?K>>=HFg (L>>, >.@., />G
1990). %G Development as Freedom, />G >??><MBO>ER IHLBML MA> :N@F>GMBG@ H? f?K>>-
=HFg :L : <AB>? >MAB<:E H;C><MBO>: f>O>EHIF>GM <:G ;> L>>Gc:L : IKH<>LL H?
>QI:G=BG@ MA> K>:E ?K>>=HFL MA:M I>HIE> >GCHR. c%? ?K>>=HF BL PA:M =>O>EHIF>GM
:=O:G<>L, MA>G MA>K> BL : F:CHK :K@NF>GM ?HK <HG<>GMK:MBG@ HG MA:M HO>K:K<ABG@
H;C><MBO>g (/>G 1999;, 3). />G MA>G EBLML LHF> fF:CHK LHNK<>L H? NG?K>>=HF: IHO>K-
MR :L P>EE :L MRK:GGR, IHHK ><HGHFB< HIIHKMNGBMB>L :L P>EE :L LRLM>F:MB< LH<B:E
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K>IK>LLBO> LM:M>Lg (B;B=.). />GiL f?K>>=HFg (1999;, 3-4) MANL =B??>KL ?KHF EB;>KMR :L
NG=>KLMHH= ;R FHLM <E:LLB<:E EB;>K:EL, EB;>KM:KB:GL, :G= FH=>KG <HGL>KO:MBO>L.
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IE>QBMB>L BG MA> GHMBHG H? <HGMKHE :G= <AHB<>, :G= BG MA> K><>BO>=,
HIMBHG-<>GM>K>= GHMBHG H? ?K>>=HF, MH MA> =>O>EHIF>GM H? :G
:IIKH:<A MA:M LM:KML ?KHF MA> B=>: H? ?NG<MBHGBG@ BG HG>iL LHMR :G=
EHHDL ?HK : LM:M> MA:M PHNE= IKHOB=> ?HK MA> >JN:E ?NG<MBHGBG@ <:I:;BEBMR
H? >O>KR <BMBS>G. (,>MMBM 2010, 112-113)
,>MMBMiL =>L<KBIMBHG, % MABGD, <HFIHKML PBMA MA> ?HEEHPBG@ <HFF>GM ;R />G :G= ABL
<HEE:;HK:MHK &:F>L "HLM>K, PKBMBG@ BG 1997, HG : EBFBM:MBHG BG MA> :G:ERLBL />G A:=
INM ?HKP:K= BG 1973iL On Economic Inequality:
A F:CHK IKH;E>F MA:M K><>BO>= HGER BG=BK><M :MM>GMBHG 7BG MA> 1973
O>KLBHG H? On Economic Inequality8 <HG<>KGL MA> BFIEB<:MBHGL H? MA>
O:KB:;BEBMR H? G>>=L ;>MP>>G =B??>K>GM I>HIE>. 0ABL LN;C><M F:=>
K><NKK>GM :II>:K:G<>L BG OEI-1973 (L>>, ?HK >Q:FIE>, II. 16-23,
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%G I:KMB<NE:K, MA> hLI:<>i BG PAB<A BG>JN:EBMR BL MH ;> :LL>LL>= ;><HF>L
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NI A:OBG@. 0A> <:I:;BEBMB>L =>I>G= ;HMA HG HNK IARLB<:E :G= F>GM:E
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<:G MANL L>KO> :L MA> ;:LBL GHM HGER H? :LL>LLF>GM H? I>KLHG:E
:=O:GM:@> ;NM :ELH H? >??BG<R :G= >JNBMR H? LH<B:E IHEBL). (/>G
1999:)
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K:M>L HG MA> OB>P MH PAB<A />G A:= FHO>=:
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PBMA NG>JN:E K>:E HIIHKMNGBMB>L ;><:NL> BG=BOB=N:EL =B??>K BG MA>BK
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I>KLHG BG HK=>K MH :<AB>O> MA> ;:LB< ?NG<MBHGBG@ H? LNKOBO:E. /HF>HG>
PAH BL <HG?BG>= MH : PA>>E<A:BK G>>=L FHK> K>LHNK<>L MA:G LHF>HG>
PAH BL :;E>-;H=B>= BG HK=>K MH M:D> I:KM BG MA> EB?> H? MA> <HFFNGBMR. %G
A=:F /FBMAiL MBF>, PHF>G BG !G@E:G= G>>=>= FHK> K>LHNK<>L MA:G
PHF>G BG /<HME:G= BG HK=>K MH :II>:K BG IN;EB< PBMAHNM LA:F>. AG= LH
HG. (/N@=>G 1993, I. 1956)
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/>G ABGML :M MA> IHLLB;BEBMR MA:M, >O>G PA>G P> M:D> :<<HNGM H? ?NG<-
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MA> EB?> H? MA> <HFFNGBMRi :K> FN<A @K>:M>K MA>K> MHH (7/>G 1992;,8 II.
114-16). 0ABL DBG= H? :G:ERLBL BL :G BFIHKM:GM <A:EE>G@> MH MA> <HFFHG
OB>P MA:M MA> hP>:EMA-<K>:MBG@i >??><ML H? <HFI>MBMBO> F:KD>ML H??>K :
EHG@-M>KF LHENMBHG MH MA> IKH;E>F H? IHO>KMR. (/N@=>G 1993, I. 1954)
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MH F>:LNKBG@ BG>JN:EBMR <HNE= LHF>MBF>L ;> NL>= MH CNLMB?R @K>:M>K K>=BLMKB;NMBHGBLM
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CHKIL BG CABG: A> >:KG>= : BKHGS> /M:K ?HK A>EIBG@ <K:<D MA> &:I:G>L> P>:MA>K
<H=> (">K@NLHG 1991, BQ). A?M>K MA> P:K, A> P>GM MH $:KO:K= 1GBO>KLBMR PA>K>
A> >:KG>= ABL ;:<A>EHKiL =>@K>>, :G= MA>G MH ,KBG<>MHG 1GBO>KLBMR ?HK ABL ,A..
BG F:MA>F:MB<L. /A:IE>R A:L M:N@AM :M ,KBG<>MHG 1GBO>KLBMR :G= MA> 1GBO>KLBMR H?
C:EB?HKGB: :M (HL AG@>E>L. $> :ELH PHKD>= :M MA> .A* CHKIHK:MBHG, PA>K> A>
F>M ABL PB?>, ):KBHG (N=HEIA, : ?>EEHP F:MA>F:MB<B:G :G= <H-PHKD>K (B;B=.).
%G 2012, /A:IE>R LA:K>= MA> *H;>E ,KBS> BG !<HGHFB<L PBMA AEOBG .HMA f?HK
MA> MA>HKR H? LM:;E> :EEH<:MBHGL :G= MA> IK:<MB<> H? F:KD>M =>LB@G.g %G IK>L>GMBG@
MA> *H;>E ,KBS>, 0HKLM>G ,>KLLHG (2012) MHE= /A:IE>R: f5HNK <HGMKB;NMBHGL MH
<HHI>K:MBO> @:F> MA>HKR :K> E>@>G=:KR :FHG@ @:F> MA>HKBLML :G= ><HGHFBLML. 5HN
:G= :OB= #:E> :K> MA> ?HNG=>KL H? F:M<ABG@ MA>HKR, :G= MA> =>?>KK>=-:<<>IM:G<>
:E@HKBMAF RHN =BL<HO>K>= BL MA> <HKG>KLMHG> HG PAB<A MA>HKR :G= :IIEB<:MBHGL
K>LM.g
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MA>R E:B= HNM : MA>HKR H? F:M<A>L BG F:KKB:@>L :G= <HEE>@> :=FBLLBHGL (#:E> :G=
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IK>?>K>G<>L H? ;HMA LB=>L H? IHM>GMB:E F:M<A>L. AE>Q 0:;:KKHD =>L<KB;>L MA>BK
?BG=BG@L:
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*HP PA:M BL @HH= :;HNM MABL :E@HKBMAF? "BKLM, #:E> :G= /A:IE>R
IKHO>= MA:M MA> :E@HKBMAF<HGO>K@>L MH : LHENMBHG ?HK : O>KR PB=> K:G@>
H? IK>?>K>G<>L. /><HG=, MA> :E@HKBMAF BL LM:;E> BG MA> L>GL> MA:M MA>K>
BL GH F:G :G= GH PHF:G PAH PHNE= K:MA>K ;> F:M<A>= MH >:<A HMA>K
MA:G MH MA>BK <NKK>GM F:M<A. (0:;:KKHD 2012)
/A:IE>R BL :ELH P>EE-DGHPG ?HK MA> f/A:IE>R O:EN>,g PAB<A =>?BG>L MA> LH<B:E
;>G>?BML H? <HHI>K:MBHG HO>K <HFI>MBMBHG. AGHMA>K BGGHO:MBHG, MA> /A:IE>R-/N;BD
IHP>K BG=>Q, <:G ;> NL>= MH K>O>:E PAB<A =><BLBHGF:D>KL BG : IHEBMB<:E ;H=R :K> MA>
FHLM BFIHKM:GM, H?M>G PBMA LNKIKBLBG@ K>LNEML ():MMA>PL 2012).
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BL<EHLNK> K><HK=L LAHPMA:M /A:IE>RiL ?>PIHEBMB<:E =HG:MBHGL P>GM MH >FH<K:MB<
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BFIKHOBG@ MA> >??BG<R H? MA> =>?>GL> >LM:;EBLAF>GM P> <HNE= A>EI
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/A:KI> BL FHLM DGHPG ?HK ABL =>O>EHIF>GM H? MA> C:IBM:E ALL>M ,KB<BG@
)H=>E. 3A>G :LD>= MH LNFF:KBS> ABL PHKD, A> K>LIHG=>=:
% P:GM>= MH :GLP>K PAR I>HIE> :<M BG <>KM:BG P:RL PA>G MA>R BGO>LM
:G= AHP KBLD :G= K>MNKG :K> K>E:M>=. 0A> ;HMMHF EBG>: 5>L, 2BK@BGB:,
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B><:NL> H? ABL PHKD HG IHKM?HEBH MA>HKR, /A:KI> A:L <HFF>GM>= HG
@HO>KGF>GM I>GLBHG IE:GL. .>@:K=BG@ C:E,!./, MA> fLN;LM:GMB:EER NG=>K?NG=>=g
LM:M> >FIEHR>> I>GLBHG IE:G BG C:EB?HKGB:, A> PKHM>: f708A> C:E,!./ :<MN:KB>L
7:LLNF>=8 MA:M MA>BK IHKM?HEBH H? ;HG=L, LMH<DL :G= >QHMB<: PBEE K>MNKG >Q:<MER 7.5%
>O>KR LBG@E> R>:K. )HK>HO>K, MA>R O:EN> :LL>ML :M :G :O>K:@> H? I:LM O:EN>L. ):@B<:E
MABGDBG@. B:= ><HGHFB<Lg (/A:KI> 2012). /A:KI> <HG<EN=>=, f/H, % BFIEHK> :EE
MAHL> PAH A>EI I>HIE> L:O> :G= BGO>LM ?HK K>MBK>F>GM :G= MA>G NL> MA>BK L:OBG@L
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L>GLB;ER BG K>MBK>F>GM7:8 ,E>:L> :OHB= F:@B<:E MABGDBG@ :G= ;:= ><HGHFB<L. !F-
IEHR>>L :G= K>MBK>>L =>L>KO> ;>MM>Kg (/A:KI> 2012).
$> A:L <HG<>KGL :;HNM MA> @>G>K:E M>G=>G<R MH K>IE:<> =>?BG>=-;>G>?BM PBMA
=>?BG>=-<HGMKB;NMBHG IE:GL, L:RBG@ MA>R <K>:M> f:G NGIK><>=>GM>= G>>= ?HK
HK=BG:KR ANF:G ;>BG@L MH F:D> BG?HKF>= =><BLBHGL :;HNM BGO>LMBG@ MA>BK K>MBK>-
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/A:KI> A:L : LHENMBHG MH MA> /H<B:E /><NKBMR <KNG<A: .:BL> M:Q>L, <NM ;>G>?BML,
HK =H LHF> <HF;BG:MBHG H? ;HMA. f/H<B:E /><NKBMR BL GHM ;KHD>G,g A> L:RL (/B>@>E
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/A:KI> LB@G>= : I>MBMBHG HIIHLBG@ MA> #>HK@> 3. BNLA M:Q <NML :G= : I>MBMBHG
>G=HKLBG@ &HAG '>KKR ?HK ,K>LB=>GM (!<HGHFB< ,HEB<R %GLMBMNM> 2003; $>=>G@K>G
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MAHL> HG FR ?:MA>KiL LB=> P>K> .>IN;EB<:GL ;NM K>E:MBO>ER FH=>K:M>
HG>L ;R MA> LM:G=:K=L H? MA> =:R. % @K>P NI BG 33%%, =NKBG@ PAB<A
FR ?:MA>K L>KO>= BG MA> :KFR :G= MA>K> P:L K>E:MBO>ER EBMME> =BOBLBHG BG
@>G>K:E. % PHNE= L:R MA:M ;HMA H? FR I:K>GML =KB?M>= MHP:K= MA> LNIIHKM
H? ?BKLM .HHL>O>EM, MA>G 0KNF:G.
3A>G % P:L 18 % P:L K>E:MBO>ER LRFI:MA>MB< PBMA @HO>KGF>GM
BGOHEO>F>GM BG E:K@> I:KML H? EB?>, :G= L:MBL?B>= :L : <HGLNF>K H? IN;EB<
>=N<:MBHG MAKHN@A AB@A L<AHHE, MA>G :M MA> 1GBO>KLBMR H? C:EB?HKGB:
(B>KD>E>R :G= (HL AG@>E>L).
*HM K>:EER. % ?BGBLA>= FR ):LM>KiL :M 1C(A, MA>G L>KO>= BG MA>
AKFR. A?M>K MA:M % PHKD>= :M MA> .A* CHKIHK:MBHG. % A:= ;><HF>
: >FH<K:M (:L A:= FR ?:MA>K). % <HGMBGN>= FR LMN=B>L, >:KGBG@ : ,A
BG !<HGHFB<L PABE> PHKDBG@ ?NEE MBF> :M .A* :L P>EE. % F:G:@>= MH
K>I>:M MA> F:GMK: MA:M !<HGHFB<L :==K>LL>= JN>LMBHGL H? >??BG<R,
GHM G><>LL:KBER MAHL> H? >JNBMR. % E>:KG>= :;HNM MA> >??BG<R :LLH<B-
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 619
:M>= PBMA : F:KD>M ><HGHFR ;NM LMBEE ?>EM MA:M @HO>KGF>GM <HNE= IE:R
:G BFIHKM:GM KHE> <HG<>KGBG@ IN;EB< @HH=L, >QM>KG:EBMB>L :G= EBFBM>=
:FHNGML H? K>=BLMKB;NMBHG.
*H F:CHK <A:G@>L. % A:= FHO>= MH MA> LMN=R H? "BG:G<B:E
!<HGHFB<L :G= MA> >??B<:<R H? F:KD>ML ?HK :EEH<:MBG@ KBLD :G= K>-
LHNK<>L HO>K MBF>. BNM % DG>P MA:M H?M>G I>HIE> <AHL> MH F:D> ;>ML
PBMAHNM MA> =>LBK> MH A>=@> :@:BGLM >QBLMBG@ KBLDL :G= MA:M MA> ?BG:G<B:E
BG=NLMKR H?M>G <A:K@>= NGG><>LL:KBER AB@A ?>>L ?HK BML L>KOB<>L.
,>KA:IL FR LD>IMB<BLF A:L =>>I>G>=. (BD> FHLM H? FR <HE-
E>:@N>L % A:O> :G BG<K>:L>= :IIK><B:MBHG ?HK MA> ?HB;E>L H? ANF:G
=><BLBHG-F:D>KL :G= MA> PBEEBG@G>LL H? MAHL> BG MA> ?BG:G<B:E BG=NLMKR
MH >QIEHBM LHF> H? MA>F. BNM % LMBEE A:O> : @K>:M K>LI><M ?HK MA> :;BEBMR
H? F:KD>ML MH :EEH<:M> K>LHNK<>L P>EE B? I:KMB<BI:GML :K> K>:LHG:;ER P>EE
BG?HKF>=.
% EBD> MH MABGD MA:M FR OB>PL :K> FHK> GN:G<>= GHP, :L MA>R
LAHNE= ;>. 3> A:O> :EE E>:KG>= FN<A :;HNM MA> ;>A:OBHK H? BG=BOB=N:EL,
MA> >??><ML H? <>KM:BG F:KD>M ?HK<>L, MA> ?HHEBLAG>LL H? LHF> @HO>KG-
F>GM:E IHEBL, :G= LH HG. BNM % PHNE=GiM L:R MA:M % A:O> FHO>= fE>?Mg
HK fKB@AM.g % LHF>MBF>L L:R MA:M % :F : DG>>-C>KD EB;>K:E PBMA :G
:IIK><B:MBHG ?HK MA> >??BGL H? : F:KD>M ><HGHFR. .>E:MBO> MH MA>
I:LM, % AHI> MA:M % :F;>MM>K BG?HKF>= :G= E>LL BG<EBG>= MH :=A>K> MH :GR
LHKM H? I:KMR EBG>.
%G @K:=N:M> L<AHHE :M 1C(A % P:L @K>:MER BG?EN>G<>= ;R AKF>G
AE<AB:G, PAH M:N@AM F> FN<A :;HNM ><HGHFB<L. % =B= GHM :=HIM LHF>
H? ABL FHK> =>>IER A>E= OB>PL :;HNM ?K>> F:KD>ML, ;NM A:O> :EP:RL
:LD>= FRL>E? PAR % FB@AM =BL:@K>> PBMA LHF> H? ABL <HG<ENLBHGL :;HNM
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 620
IN;EB< IHEB<R, MH ;> LNK> MA:M :M E>:LM % A:O> K>:LHG>= <:K>?NEER ?KHF FR
HPG IK>FBL>L.
% A:O> MKB>= MH D>>I FR O:EN>L L>I:K:M> ?KHF FR :G:ERL>L, HK :M
E>:LM MH F:D> MA>F>QIEB<BM PA>K> MABL PHNE= ;> BFIHKM:GM. % IK>?>K GHM
MH >QIK>LL FR IHEBMB<:E OB>PL BG IN;EB< LBG<> % ?BG= BM MHH >:LR MH L>>
;HMA LB=>L H? F:GR BLLN>L. (/A:KI> 2013)
References
Economic Policy Institute. 2003. *H;>E (:NK>:M>L, 450 +MA>K !<HGHFBLML ":NEM
BNLA 0:Q CNM ,E:G. ,K>LL K>E>:L>, ">;KN:KR 10. !<HGHFB< ,HEB<R %GLMBMNM>
(3:LABG@MHG, .C.). Link
Sharpe, William. 1991. ANMH;BH@K:IAR. %G Les Prix Nobel: The Nobel Prizes 1990,
Sharpe, William. 1997. "BG:G<B:E ,E:GGBG@ BG ":GM:LRE:G=. 3HKDBG@ I:I>K. Link
Sharpe, William. 2004. %GM>KOB>P ;R /M>O> BNL>K. Masters of Finance Videos
(AF>KB<:G "BG:G<> ALLH<B:MBHG), +<MH;>K 11. Link
Sharpe, William. 2007. %GM>KOB>P ;R &:LHG 6P>B@. Money Magazine, &NER 6. Link
Sharpe, William. 2009. ANMH;BH@K:IAB<:E <A:IM>K BG Lives of the Laureates: Thirteen
Nobel Economists, 5MA >=., >=L. 3BEEB:F BK>BM :G= B:KKR 0. $BKL<A, 171-188.
C:F;KB=@>, ):LL.: )%0 ,K>LL.
Sharpe, William. 2012. ):@B<:E 0ABGDBG@ A;HNM ,>GLBHG ,E:GL. Lifetime Finance:
Bill Sharpe on Borrowing, Saving, Investing, Insuring and Spending, *HO>F;>K 7.
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Sharpe, William. 2013. !F:BE <HKK>LIHG=>G<> PBMA :GB>E 'E>BG, &NG> 17.
Siegel, Aaron. 2008. 3BEEB:F /A:KI> C:LML : /A:KI !R> HG /H<B:E /><NKBMR.
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2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 621
Herbert A. Simon
$>K;>KM /BFHG (1916d2001) P:L ;HKG BG )BEP:ND>>. $BL ?:MA>K, :G BGO>GMHK,
L>MME>= BG MA> 1GBM>= /M:M>L BG 1903. /BFHGiL NG<E> A:= LMN=B>= ><HGHFB<L :M MA>
1GBO>KLBMR H? 3BL<HGLBG, :G= BM P:L MAKHN@A ABL NG<E>iL HE= ;HHDL MA:M /BFHG
f=BL<HO>K>= MA> LH<B:E LG<>Lg (/BFHG 1992/1979).
/BFHG A:L =>L<KB;>= ABFL>E? :L : f>IK>LLBHG-;K>=g ><HGHFBLM (/BFHG
1985, 19). AM : RHNG@ :@>, /BFHG K>:= =>>IER :G= <KBMB<:EER BGMH ><HGHFB<L PKBMBG@L
MA:M A> <E:BFL <HGMKB;NM>= @K>:MER MH ABL >=N<:MBHG. 0A>L> PKBMBG@L BG<EN=> $>GKR
#>HK@>iL Progress and Poverty :G= .B<A:K= 0. !ERiL Outlines of Economics (/BFHG 1996,
14). "HK MABL @>G>K:MBHG H? ><HGHFBLML, /BFHG L:B=, f0A> >EBFBG:MBHG H? IHO>KMR A:L
;>>Gc: EH=>LM:K, :G= <HFI:LLBHG ?HK MA> IHHK :G= NGEN<DR :G :=FBK:;E> MK:BM H?
<A:K:<M>Kg (/BFHG 1985, 19). /BFHG L>>FL MH A:O> A>E= MABL OB>P <HGLBLM>GMER.
>L<KB;BG@ ABFL>E? :L : <BOBE EB;>KM:KB:G BG @K:FF:K L<AHHE :G= @>G>K:EER :
GHG<HG?HKFBLM MA>K>:?M>K, /BFHG f:KKBO>= HG <:FINL : /H<B:EBLMg (/BFHG 1996, 50).
%G 1937 A> :G= ?NMNK> PB?> HKHMA>: ,R> A>EI>= MH ?HKF MA> ,KH@K>LLBO> CEN;, :
@KHNI MA:M ?H<NL>= BML :MM>GMBHG HG LNIIHKMBG@ f:GMBF:<ABG>g <:G=B=:M>L ?HK EH<:E
@HO>KGF>GM BG : <HKKNIM IHEBMB<:E E:G=L<:I> BG CAB<:@H. ,KH@K>LLBO> CEN; F>F;>KL
<HF;BG>= PBMA HMA>K :<MBOBLM @KHNIL MH ?HKF AF>KB<:GL ?HK >FH<K:MB< A<MBHG;
MANL /BFHG =>L<KB;>L ABL PB?> :G= ABFL>E? :L fIK>G:M:E F>F;>KLg H? AA (/BFHG
1996, 74, 119-120). $BL LH<B:E-=>FH<K:MB< =BLIHLBMBHG =B= GHM P:O>K. %G 1996 A>
L:B=: f% P:L (:G= :F) : *>P >:E >FH<K:M, IKH;:;ER BFIKBGM>= ;R "K:GDEBG
>E:GH .HHL>O>EMiL %G:N@NK:E :==K>LLg (B;B=., 119).
/BFHG >GM>K>= MA> 1GBO>KLBMR H? CAB<:@H BG 1936 :L : LMN=>GM BG IHEBMB<:E
LG<>. AM MA> A>EF H? MA> =>I:KMF>GM P:L CA:KE>L !. )>KKB:F, PAH :EHG@ PBMA
ABL <HEE>:@N>L f:KMB<NE:M>= : EB;>K:E F:G:@>F>GM IHEBMB<:E IABEHLHIAR BG PAB<A MA>R
LHN@AM MH A:KFHGBS> =>FH<K:<R :G= >QI>KM :NMAHKBMRg (CKHPMA>K-$>R<D 2005, 43).
)>KKB:F :G= ABL <HEE>:@N>L ;>EB>O>= MA:M MA>K> P:L @K>:M>K EB;>KMR NG=>K K:MBHG:E
=>FH<K:MB< @HO>KGF>GML, :G= MA:M FH=>KG LHMB>L G>>=>= MH ;> E>= :G= ><HGH-
FB>L K>@NE:M>= BG HK=>K ?HK IKH@K>LL MH ;> :<AB>O>= (B;B=., 44). /BFHG =>L<KB;>=
)>KKB:F:L f<HFF:G=>K-BG-<AB>? :G= F:LM>K LMK:M>@BLM H? MA> K>OHENMBHG:KR ?HK<>L.
% P:L CNLM : IKBO:M> BG ABL :KFRc. c $:OBG@ I:KMB<BI:M>= BG MA>L> >O>GML 7:M
CAB<:@H8 ?HK FHK> MA:G : =><:=>c=B= FN<A MH ?HKFFR OB>PL :;HNM AHPLGMB?B<
=BL<BIEBG>L =>O>EHI, MH M>:<A F> MA> LMK:M>@B>L H? LN;O>KLBHG % E:M>K >FIEHR>= BG
:MM:<DBG@ HKMAH=HQR BG ><HGHFB<L :G= ILR<AHEH@R, :G= MH ?H<NL FR LB@AML HG MA>
IA>GHF>G: H? ANF:G MABGDBG@ :G= IKH;E>F LHEOBG@ :L MA> >LL>GMB:E <HK> H? ;HMA
HK@:GBS:MBHG MA>HKR :G= ><HGHFB<Lg (/BFHG 1996, 55).
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 622
/BFHG K><>BO>= ABL ,A.. BG IHEBMB<:E LG<> :G= LM:R>= HG :M CAB<:@H MH
M>:<A. $> ;><:F> BGOHEO>= PBMA MA> CHPE>L CHFFBLLBHG, PA>K> A> K><>BO>= :
fL><HG= >=N<:MBHGg BG ><HGHFB<L (/BFHG 1992/1979). )B> AN@B>K :G= &:F>L
):K<A, <BMBG@ /BFHGiL I:I>KL, PKBM>: f/BFHG ;>EB>O>= MA:M ABL :LLH<B:MBHG PBMA MA>
CHPE>L CHFFBLLBHG ;KHN@AM ABF BGMH MA> F:BGLMK>:F H? ><HGHFB<L :G= ;KHN@AM
ABL I:I>KL MH MA> :MM>GMBHG H? MA:M F:BGLMK>:Fg (AN@B>K :G= ):K<A 2004, 12).
/BFHG L:B= MA:M HNK LHMR BL H;EB@:M>= fMH E>:O> MH ?NMNK> @>G>K:MBHGL :L
PB=> :G= BGM>K>LMBG@ : K:G@> H? HIMBHGL :L MAHL> HNK @>G>K:MBHG BGA>KBM>= ?KHF
HNK ?HK>;>:KL. 0H =H MA:M, P> FNLM :<<>IM <HEE><MBO> K>LIHGLB;BEBMR ?HK L><NKBG@
<HGMBGNBG@ >G>K@R LHNK<>L, ?HK IK>L>KOBG@ MA> >GOBKHGF>GM, ?HK LM:;BEBSBG@ PHKE=
IHINE:MBHG, :G= ?HK LHF>AHP K>FHOBG@ HK =NEEBG@ MA> MAK>:M H? MA> BHF;g (/BFHG
1985, 18).
%G 1978 /BFHG K><>BO>= MA> *H;>E ,KBS> BG ><HGHFB< LG<> ?HK fABL
IBHG>>KBG@ K>L>:K<A BGMH MA> =><BLBHG-F:DBG@ IKH<>LL PBMABG ><HGHFB< HK@:G-
BS:MBHGL.g 0A> :GGHNG<>F>GM H? MA> :P:K= :ELH :<DGHPE>=@>= ABL f<HGMKB;NMBHGL
BG, :FHG@ HMA>K ?B>E=L, LG<> MA>HKR, :IIEB>= F:MA>F:MB<:E LM:MBLMB<L, HI>K:MBHGL
:G:ERLBL, ><HGHFB<L, :G= ;NLBG>LL :=FBGBLMK:MBHGg (.HR:E /P>=BLA A<:=>FR H?
/G<>L 1978).
/BFHG K>C><M>= PA:M A> L:P :L : <HFFHG M>G=>G<R MH OB>P LHMR :L : S>KH-
LNF @:F>. /BFHG :K@N>=: f0A>K> FNLM ;> ;>MM>K @:F>L; :G= B? % P>K> MH L>E><M
: K>L>:K<A IKH;E>F PBMAHNM K>@:K= MH LGMB?B< ?>:LB;BEBMR HK BGM>K>LM, ;NM HGER BG
M>KFL H? LH<B:E P>E?:K> <KBM>KB:, BM PHNE= ;> MA> IKH;E>FH? ?BG=BG@ <HG=BMBHGL NG=>K
PAB<A ANF:G ;>BG@L PBEE =>LB@G :G= IE:R @:F>L MA:M :EE <:G PBGg (/BFHG 1985, 19).
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C:F;KB=@>, ):LL.: ):LL:<ANL>MML %GLMBMNM> H? 0><AGHEH@R.
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,KBS> BG !<HGHFB<L. ,K>LL K>E>:L>, +<MH;>K 16. Link
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Simon, Herbert A. 1992 719798. ANMH;BH@K:IAR. %G Nobel Lectures: Economic Sciences,
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%GLMBMNM> H? 0><AGHEH@R.
Christopher A. Sims
CAKBLMHIA>K /BFL (1942d) P:L ;HKG BG 3:LABG@MHG .C., :G=, :L ABL ?:MA>K
PHKD>= ?HK MA> FBEBM:KR, MA> ?:FBER FHO>= H?M>G ;>?HK> L>MMEBG@ BG CHGG><MB<NM
?HK /BFLiL M>>G:@> R>:KL. $> @K>P NI BG : EBO>ER BGM>EE><MN:E <EBF:M>, PBMA ?:FBER
F>F;>KL ?K>JN>GMER BGBMB:MBG@ IHEBMB<:E :G= ><HGHFB< =BL<NLLBHGL. /BFLiL FHMA>K
K:G MA> CHGG><MB<NM (>:@N> H? 3HF>G 2HM>KL :G= P:L >FH<K:MB< F:RHK H?
#K>>GPB<A, CHGG><MB<NM (/BFL 2011;). AM $:KO:K= 1GBO>KLBMR, /BFL F:CHK>= BG
F:MA :G= MHHD <HNKL>L BG LM:MBLMB<L, ><HGHFB<L :G= ><HGHF>MKB<L. $> MA>G LMN=B>=
:M MA> 1GBO>KLBMR H? C:EB?HKGB: :M B>KD>E>R ?HK : R>:K ;>?HK> K>MNKGBG@ MH $:KO:K= MH
>:KG ABL ,A.. BG ><HGHFB<L (/BFL 2004, 274-276).
A?M>K : LAHKM MBF> M>:<ABG@ :M $:KO:K=, /BFL CHBG>= MA> 1GBO>KLBMR H? )BG-
G>LHM: ?:<NEMR. A?M>K )BGG>LHM:, /BFL P>GM MH 5:E> 1GBO>KLBMR, :G= MA>G ,KBG<>MHG
1GBO>KLBMR. $> A:L :ELH ;>>G OBLBMBG@ L<AHE:K ?HK : GNF;>K H? 1./. ">=>K:E .>L>KO>
;:GDL. 3ABE> BG @K:=N:M> L<AHHE :G= :@:BG HG MA> )BGG>LHM: ?:<NEMR, /BFL @HM
MH DGHP 0AHF:L /:K@>GM, MA> <H-PBGG>K PBMA /BFL H? MA> 2011 *H;>E ,KBS> BG
!<HGHFB<L f?HK MA>BK >FIBKB<:E K>L>:K<A HG <:NL> :G= >??><M BG MA>
F:<KH><HGHFR.g
/BFL >L<A>PL B=>HEH@B<:E E:;>EL :G= BL O>KR K>L>KO>= BG >QIK>LLBG@ IHEB<R
CN=@F>GML, >LI><B:EER HNMLB=> MA> :K>: H? F:<KH><HGHFB< IHEB<R. f0A>K> BLGiM FN<A
IHEBMB<:E <HEHK:MBHG BG FR ><HGHFB< PKBMBG@,g /BFL L:B=. f%MiL GHM LNKIKBLBG@ MA:M
?>P I>HIE> DGHP FR IHEBMB<:E OB>PL. 0A>R K>:EER :K>GiM O>KR BFIHKM:GMg (JNHM>= BG
/HFF>K 2011;). 3A>G LHF> <HFF>GM:MHKL I>@@>= /BFL :L HIIHLBG@ @HO>KGF>GM
BGM>KO>GMBHG BG MA> ><HGHFR, /BFL LM:M>= MA:M A> BGLM>:= :IIKHO>= H? LHF>
BGM>KO>GMBHGL (/HFF>K 2011:). &>?? /HFF>K (2011;) K>IHKML BG MA> New York Times
MA:M /BFL BL : fEB?>MBF>g >FH<K:M :G= LNIIHKML fF:GR K><>GM IHEBL H? MA>
+;:F: :=FBGBLMK:MBHG :G= MA> ">=>K:E .>L>KO>.g
3A>G =>L<KB;>= :L : fGHG-'>RG>LB:G,g /BFL H;C><M>=, L:RBG@ MA:M A> BL, BG
?:<M, GHM fGHG-'>RG>LB:Gg :M :EE (/HFF>K 2011:). /BFL (2011;) PKBM>L MA:M ABL PHKD
fBGOHEO>= <KBMB<BSBG@ MA> LM:MBLMB<:E NG=>KIBGGBG@L H? MA> '>RG>LB:G ><HGHF>MKB<
FH=>EL, ;NM % OB>P>= MA>F :L ?E:P>= ;NM BFIHKM:GM, GHM PHKMAE>LL.g
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2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 624
>L<KB;BG@ ABL :IIKH:<A MH ><HGHFB< :G:ERLBL, /BFL L:B=, f% NLN:EER LM:KM
PBMA : LM:MBLMB<:E FH=>E H? MA> =:M: :G= MA>G :== ><HGHFB< :LLNFIMBHGL LI:KBG@ER
NGMBE % <:G ;>@BG MH @>M :GLP>KLg (/BFL 2011:). 0RE>K CHP>G (2011) EBLML fO><MHK
:NMHK>@K>LLBHG :L : F:<KH><HGHFB< F>MAH=, BFINEL> K>LIHGL> ?NG<MBHGL, :G= =>>I
>Q:FBG:MBHGL H? FHG>R-BG<HF> <:NL:EBMRg :FHG@ /BFLiL <HGMKB;NMBHGL. CHP>G
<HFF>GML:
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F>MAH=L fCNLM GHM @HH= >GHN@Ag :G= PAH PHKD>= A:K= MH BFIKHO>
MA>F. $> ;KHN@AM : EHM FHK> KB@HK BGMH >FIBKB<:E F:<KH :G= A> A>EI>=
=>?BG> : L<AHHE H? MAHN@AM :M MA> 1GBO>KLBMR H? )BGG>LHM:. $BL
BG?EN>G<> PBEE >G=NK>. /HF> H? ABL K>LNEML K:BL>= MA> LM:MNL H? MA> fK>:E
LAH<DLg :IIKH:<A MH ;NLBG>LL <R<E>L, :EMAHN@A % MABGD H? /BFLiL PHKD
:L FHK> =>?BG>= ;R : F>MAH= MA:G ;R :GR L>M H? <HG<ENLBHGL. (CHP>G
2011)
)HG>M:KR IHEB<R, /BFL AHE=L, fBL GHM :L BFIHKM:GM :L F:GR I>HIE> A:O>
MAHN@AM BG generating ;NLBG>LL <R<E> ?EN<MN:MBHGLg (/BFL 2007, >FIA:LBL BG HKB@BG:E).
%?, AHP>O>K, FHG>M:KR IHEB<R fP>K> >KK:MB< :G= NGIK>=B<M:;E> HK I>KO>KL>, 7BM8 <HNE=
A:O> O>KR LB@GB?B<:GM ;:= >??><ML HG MA> ><HGHFR.g "BL<:E IHEB<R, A> L:RL, <:G :ELH
<:NL> BG?E:MBHG. fAG BG?E:MBHG M:K@>MBG@ K>@BF> HGER F:D>L L>GL> PA>G MA> FHG>M:KR
:NMAHKBMR K>:EER A:L <HGMKHE HO>K MA> IKB<> E>O>E. AG= B? MA>K>iL : ;:= ?BL<:E
>GOBKHGF>GM, MA> FHG>M:KR :NMAHKBMR F:R GHM A:O> LN<A <HGMKHEg (B;B=.).
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JN>LMBHGG:BK> K>LIHGL>, K>IKH=N<>= :M MA> >G= H? MABL IKH?BE> (/FBMA 2013).
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MA> ;>A:OBHK H? LN;C><ML BG >QI>KBF>GML.
5HN <:G <BM> Discovery; A Memoir. BEHHFBG@MHG, %G=.: ANMAHK-
AHNL>, 2008. (/FBMA 2013)
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.H;>KM /HEHP (1924d) P:L ;HKG :G= K:BL>= BG BKHHDERG. /HEHP, PAH @K>P
NI BG MA> 1930L, A:L PKBMM>G MA:M f:EE FR FHMA>K :G= ?:MA>K M:ED>= :;HNM MH@>MA>K
P:L PA>K> MA> G>QM =HEE:K PHNE= <HF> ?KHFg (/HEHP 2009:, 115). /HEHPiL I:K>GML
P>K> *>P >:E >FH<K:ML (/HEHP 2013<), :L BL, BM A:L ;>>G L:B=, /HEHP ABFL>E?
(/:FN>ELHG 1989, 95). $> <HGLB=>KL ABFL>E? : EB;>K:E >FH<K:M MH=:R, L:RBG@ BG ABL
K>LIHGL> MH HNK JN>LMBHGG:BK> MA:M ABL HNMEHHD A:L ;>>G JNBM> <HGLM:GM LBG<> MA> :@>
H? 25 (/HEHP 2013<).
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 632
/HEHPL:RL MA:M : AB@A L<AHHE M>:<A>KiL BG?EN>G<> M:N@AM ABFMH G>O>K A:O> f:
FHF>GMiL LRFI:MAR ?HK MA> /HOB>M 1GBHG (GHK ?HK 0KHMLDRBLFe?HK F> MA> KHM L>M
BG PBMA (>GBG HK ;>?HK>)g (/HEHP 2013<). $> K>?E><M>= HG MA> MBF>L:
% <:G <>KM:BGER L:R MA:M >O>KRHG> BG BKHHDERG BG MA> 1930L P:L
BGM>K>LM>= BG ><HGHFB<L. AG= GHM HGER BG ><HGHFB<L: BGM>EEB@>GM AB@A
L<AHHE LMN=>GML H? FR =:R P>K> <HGL<BHNL GHM HGER H? MA> #K>:M
>IK>LLBHG ;NM :ELH H? MA> MA> KBL> H? ":L<BLF :G= *:SBLF, >O>GML MA:M
P>K> <>KM:BGER GHM BG=>I>G=>GM H? MA> PHKE=PB=> =>IK>LLBHG. %M P:L :G
H;OBHNL ?:<M H? EB?> MH NL MA:M HNK LHMR P:L F:E?NG<MBHGBG@ IHEBMB<:EER
:G= ><HGHFB<:EER :G= MA:M GH;H=R K>:EER DG>P AHP MH >QIE:BG BM HK
PA:M MH =H :;HNM BM. (/HEHP 2009;, 154)
/HEHP P>GM MH $:KO:K= ?HK ABL NG=>K@K:=N:M> LMN=B>L, ;NM ABL >=N<:MBHG P:L
BGM>KKNIM>= ;R 3HKE= 3:K %% PA>G A> OHENGM>>K>= ?HK MA> AKFR. AM MA> >G= H? MA>
P:K A> K>MNKG>= MH $:KO:K= :G= =><B=>= MH ?BGBLA :L :G ><HGHFB<L F:CHK (/HEHP
2009;, 156). /HEHPMA>G >:KG>= ABL ,A.. ?KHF$:KO:K= :G= MHHD : ?:<NEMR IHLBMBHG
:M )%0, PA>K> A> A:L K>F:BG>= MAKHN@AHNM ABL <:K>>K.
%G :G BGM>KOB>P PBMA AKCH 'E:F>K, /HEHP =>L<KB;>= ABL NG=>K@K:=N:M> R>:KL
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% ;>@:G MH LMN=R LH<BHEH@R, :GMAKHIHEH@R, :G= LHF> ><HGHFB<L. % A:=
O>KR @HH= M>:<A>KL BG MAHL> LN;C><ML, LN<A :L 0:E<HMM ,:KLHGL, MA>
LH<BHEH@BLM, :G= CER=> 'EN<DAHAG, PBMA PAHF % ;><:F> O>KR <EHL>
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><HGHFB<L M>:<A>K H? FBG>c:G= % MABGD % P:L : ?:OHKBM> LMN=>GM H? ABL.
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RHN EBD>= ,:NE /P>>SR. 5HN FNLM A:O> <A:G@>= JNBM> : ;BMc.g /HEHP K>LIHG=L:
f3>EEcR>L :G= GH. % LMBEE MABGD H? FRL>E? :L : E>?M H? <>GM>K I>KLHG. % LMBEE =HGiM ?BG=
BM : I:KMB<NE:KER :MMK:<MBO> GHMBHG MA:M IKHI>KMR KB@AML LAHNE= M:D> IK><>=>G<> HO>K
:EE HMA>K KB@AMLg ('E:F>K 1984, 130). 'E:F>K :LDL f3AR?,g :G= /HEHP <HGMBGN>L:
0A:M BL : EHG@ >OHENMBHG. AL : LMN=>GM H? ,:NE /P>>SRiL, % P:L >Q<BM>=
;R ):KQB:G ><HGHFB<L. AL % LMN=B>= ><HGHFB<L % <:F> FHK> :G= FHK>
MH MA> <HG<ENLBHG MA:M MA>K> BL K>:EER GH @HH= ><HGHFB<L BG ):KQBLF;
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: EHG@>K MBF> % ?HNG= LHF>MABG@ NL>?NE BG MA> GHMBHG H? ABLMHKB<:E
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):KQBLF, LH MH LI>:D. 0A>K> BL LHF>MABG@ MH MA:M, MAHN@A BMiL ?:K ?KHF
MA> <HFIE>M> LMHKR.
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;>>G :G:K<ABLM. /H % G>O>K ?>EM MA> LEB@AM>LM :MMK:<MBHG MH /M:EBGBLF HK
/HOB>M <HFFNGBLF.
% P:L HG<> :M +Q?HK= :G= P>GM MH : L>FBG:KcBM P:L BG 1968
LH MA> IE:<> P:L ?BEE>= PBMA K:=B<:EL. 0A>R :LD>= PA:M % MAHN@AM H?
):KQBLF, :G= % L:B= MA:M ):KQBLF F:=> IL>N=H-LG<> H? HG> BGLB@AM
MA:M ,KHN=AHG A:=, G:F>ER MA:M IKHI>KMR BL MA>?M. (H<D> L:P MA>
BGLMBMNMBHG H? IKBO:M> IKHI>KMR :L : @K>:M MABG@ ;><:NL> BM P:L : P:R
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IHP>K. 0A>K> BL LMBEE : EHM H? O:EN> MH MA:M. 0A> =:G@>K H? LH<B:EBLF BL
MA> <HG<>GMK:MBHG H? IHEBMB<:E :G= ><HGHFB< IHP>K BG MA> L:F> A:G=L.
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IKHLI><M ?HK : @HH= LHMR. %? MA>K> P>K> :G HIIHKMNGBMR ?HK =>FH-
<K:MB< LH<B:EBLF LHF>PA>K>, % PHNE= ;> PBEEBG@ MH L>> BM @BO>G : MKR.
% :F GHM I>LLBFBLMB< :;HNM MA> F:G:@>= <:IBM:EBLF MA:M RHN ?BG= BG
GHKMA>KG !NKHI>:G <HNGMKB>L. 0A>R A:O> E>:KG>= MH <HF;BG> :<MBOBLM
><HGHFB< IHEB<R PBMA =>FH<K:<R. % =HGiM L>> MA:M MA> NM<A HK MA>
*HKP>@B:GL A:O> E>LL EB;>KMR, :EE MABG@L <HGLB=>K>=, MA:G P> =H. (/HEHP
1984, 130-131)
/HEHPiL @K:=N:M> MA>LBL P:L f:G >QIEHK:MHKR :MM>FIM MH FH=>E <A:G@>L BG
MA> LBS> =BLMKB;NMBHG H? P:@> BG<HF> NLBG@ BGM>K:<MBG@ ):KDH?? IKH<>LL>L ?HK
>FIEHRF>GM-NG>FIEHRF>GM :G= P:@> K:M>Lg (/HEHP 1988). $> BL FHLM P>EE-
DGHPG ?HK ABL FH=>EBG@ H? ><HGHFB< @KHPMA, PAB<A BL :ELH PA:M >:KG>= ABF MA>
*H;>E ,KBS>. /HEHP P:L : L>GBHK ><HGHFBLM HG MA> CHNG<BE H? !<HGHFB< A=OBL>KL
MH ,K>LB=>GM &HAG ". '>GG>=R ?KHF 1961 MH 1963.
3KBMBG@ BG 1974 :;HNM MA> P>E?:K> IKH@K:FL IKHFNE@:M>= ;R MA> '>GG>=R
:G= &HAGLHG A=FBGBLMK:MBHGL, :G= LI><B?B<:EER :;HNM ,K>LB=>GM &HAGLHGiL #K>:M
/HMR BGBMB:MBO>, /HEHP :G= !EB #BGS;>K@ L:B=: f%M L>>FL MH NL MA:M GH HG> PAH
K>:=L MA> >OB=>G<> BG MA> IK><>=BG@ >LL:RL <:G L>KBHNLER LN;L<KB;> MH >BMA>K H? MA>
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MA> K>?HKF A:= ;>>G fE:NG<A>= BG MA> FB=LM H? 7:G8 BG<K>=B;E> ;HHFg (/HEHP 2002,
33). /HEHP L:B= A> HIIHL>L MBF> EBFBML HG P>E?:K> (B;B=.).
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K>LI><M:;BEBMR <HF>L ?KHF: LM:RBG@ <EHL> MH MA> MK:=BMBHG:E LBFIEB?RBG@ :LLNFIMBHGL
H? ><HGHFB<L. 0A:M BL GHM PAHEER ;:=. %M BL <>KM:BGER ;>MM>K MA:G PAHE>L:E> hG>P
I:K:=B@Fi-FHG@>KBG@. BNM MA>K> :K> MBF>L PA>G <HFFHG L>GL> E>:=L :P:R ?KHF
MA> MK:=BMBHG, :G= MA>G % PHNE= <AHHL> <HFFHG L>GL> >O>KR MBF>g (/HEHP 2009;,
165).
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 636
/HEHP A:L LB@G>= I>MBMBHGL HIIHLBG@ MA> #>HK@> 3. BNLA M:Q <NML, LNI-
IHKMBG@ : K:BL> BG MA> FBGBFNF P:@>, LNIIHKMBG@ MA> ">=>K:E .><HO>KR (/MBFNENL)
A<M, LNIIHKMBG@ >GA:G<>= IHP>KL ?HK NGBHGL (f!FIEHR>> "K>> CAHB<> A<Mg), :G=
>G=HKLBG@ &HAG '>KKR ?HK IK>LB=>GM BG 2004 ($>=>G@K>G >M :E. 2010).
/HEHP <HFF>GM>= HG K>?HKF IHLLB;BEBMB>L :?M>K MA> K><>GM K><>LLBHG:
0A>K> :K> L>O>K:E DBG=L H? K>@NE:MHKR K>?HKF MA:M <HNE= IE:<> EBFBML
HG E>O>K:@>, IK>L>KO> MA> >LL>GMB:E ?NG<MBHGL H? ?BG:G<>, :G= =BFBGBLA
MA> ;NK=>G HG M:Q-I:R>KL. /HF> H? MA>F :K> FHK> F:KD>M-HKB>GM>=,
HMA>KL FHK> LM:M> HKB>GM>=. A P>EE-=>LB@G>= LRLM>F <HNE= F:D> NL> H?
L>O>K:E H? MA>F, :L EHG@ :L IKBHKBMR BL <E>:K. +G> K>:LHG ?HK P>E<HFBG@
MA> IK>L>G<> H? L>O>K:E E:R>KL H? IKHM><MBHG BL MA:M E:BLL>S-?:BK> PHGiM
=H, I:I>K K>@NE:MBHGL :K> ONEG>K:;E> MH MA> <K>:MBHG :G= >QIEHBM:MBHG
H? EHHIAHE>L, :G= MA> IHEBMB<:E IKH<>LL PBEE LHF>MBF>L E>:= MH
G>NK:LMA>GB< K>@NE:MHKL. 3> :K> IKH;:;ER ;>MM>K H?? PBMA =>?>GL> BG
=>IMA, >O>G PBMA MA> KBLD H? LHF> ;NK>:N<K:MB< BGM>K?>K>G<>. (/HEHP
2010, 30)
/HEHP <HGMKB;NM>= :G >LL:R HG ?BL<:E IHEB<R MH : 2012 ;HHD MBME>= In the Wake
of the Crisis, PKBMBG@:
NKBG@ EHG@ :G= =>>I K><>LLBHGLcBM A:L ;><HF> >OB=>GM MA:M
FHG>M:KR IHEB<R F:R K>:<A BML EBFBML PBMAHNM ;>BG@ :;E> MH @>G>K:M>
>GHN@A :@@K>@:M> =>F:G= MH <EHL> MA> >Q<>LL LNIIER @:I. /H
@HO>KGF>GML A:O> MNKG>= FHK> HK E>LL BGLMBG<MBO>ER MH =BL<K>MBHG:KR
?BL<:E IHEB<R, >O>G B? MA> E:M>LM K>?BG>= MA>HKR <:GGHM :IIKHO>. %? P> :K>
@HBG@ MH =H =BL<K>MBHG:KR ?BL<:E IHEB<R, P> LAHNE= MKR MH =H BM KB@AM. c
7A8 G>P KHNG= H? FHK> ><HGHFB<:EER LHIABLMB<:M>= >LMBF:M>L
FB@AM G:KKHPMA> K:G@> H? >QI><M>= FNEMBIEB>K >??><ML :G= BFIKHO> MA>
F:DBG@ H? =BL<K>MBHG:KR ?BL<:E IHEB<R. (/HEHP 2012;, 73, 75)
%G :G 2013 HI->=, /HEHP PKBM>L :;HNM MA> G:MBHG:E =>;M:
%G MA> EHG@ KNG P> G>>= : <E>:K IE:G MH K>=N<> MA> K:MBH H? IN;EB<ER A>E=
=>;M MH G:MBHG:E BG<HF>. BNM ?HK GHP MA> ;>LM <A:G<> MH K>BGOB@HK:M>
MA> ><HGHFR, LINK ;NLBG>LL BGO>LMF>GM :G= >G<HNK:@> <HGLNF>K
LI>G=BG@ BL MAKHN@A IN;EB< ;HKKHPBG@ :G= LI>G=BG@. %GLM>:=, P>iK>
A>:=BG@ BGMH :G BEE-:=OBL>=, :<KHLL-MA>-;H:K= :NLM>KBMR IKH@K:F.
(/HEHP 2013:)
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 637
.>@:K=BG@ @KHPMA BG =>O>EHIBG@ <HNGMKB>L, /HEHPA:L :@K>>= fPBMA MA> HI>G-
><HGHFR I>HIE>g MA:M MK:=> PBEE A>EI MA>L> ><HGHFB>L, ;NM :==>=:
3A>K> % MABGD MA> HI>G-><HGHFR I:KMBL:GL KNG BGMH IKH;E>FLe:G= BM
BL : K>LI><M BG PAB<A : EHM H? F:KD>M-HKB>GM>= ><HGHFB<L :G= ><HGH-
FBLML ?:BEeBL MA:M MA>R M>G= MH EHHD :M HO>K:EE IKH@K>LL :G= ;KNLA H??
MA> ?:<M MA:M : EHM H? I>HIE> EHL> BG MABL IKH<>LL. c A LHMR BG PAB<A :
LF:EE GNF;>K H? I>HIE> @>M O>KR KB<A :G= : E:K@> GNF;>K H? I>HIE> @>M
O>KR IHHK BL GHM K>:EER IKH@K>LLBG@c. (/HEHP 2002, 27-28)
%G K>LIHGL> MH : JN>LMBHGG:BK> IKH=N<>= ;R ':K>G $HKG, /HEHP L:B= MA:M MA>
IHEBMB<B:G A> FHLM :=FBK>L ?HK ABL A:G= BG ><HGHFB< IHEB<R BL &HAG ". '>GG>=R, :G=
MA:M MA> FHLM FBLE>:=BG@ MA>HK>MB<:E :IIKH:<A BG ><HGHFB<L A:L ;>>G K>:E ;NLBG>LL
<R<E> MA>HKR ($HKG 2009, 271).
/HEHP H<<:LBHG:EER PKBM>L BG : P:R MA:M BL K:MA>K I:KMBL:G. "HK >Q:FIE>, BG :
1987 KHNG=M:;E> =BL<NLLBHG, /HEHP L:B=: f3A:M =H>L MA> .>:@:G A=FBGBLMK:MBHG
<:K> :;HNM? % MABGD BM <:K>L :;HNM MA> =BLMKB;NMBHG H? P>:EMA :G= IHP>K, :G= BML
IKH@K:FBL :G= A:L :EP:RL ;>>G MA> K>=BLMKB;NMBHG H? P>:EMA BG ?:OHNK H? MA> P>:EMAR
:G= H? IHP>K BG ?:OHNK H? MA> IHP>K?NE. AG= BM BL MA> >GO>EHI> MA>HK>F MA:M F:D>L
MA>FIHEBMB<:EER KB@AMg (BG /HEHP>M :E. 1987, 182). %G MA> L:F> =BL<NLLBHG, /HEHPL:B=
MA:M )B<A:E ':E><DB ;>EB>O>= fMA> ;NLBG>LL <HFFNGBMR PHNE= ;> NGA:IIR PBMA ?NEE
>FIEHRF>GM ;><:NL> BM PHNE= F:D> MA> PHKDBG@ <E:LL>L INLAR :G= =BLK>LI><M?NE.
% A:O> NLN:EER MAHN@AM MA:M A> P:L PKHG@; ?NEE >FIEHRF>GM PHNE= F:D> PHKD>KL
<HGM>GM :G= <:IBM:EBLML KB<A. /HF>MBF>L BM L>>FL MA:M FH=>KG <HGL>KO:MBO>L :K>
MKRBG@ MH IKHO> ':E><DB KB@AMg (B;B=., 185).
,KH?>LLHK /HEHP DBG=ER K>LIHG=>= MH HNK JN>LMBHGG:BK> ;R L>G=BG@ : E>MM>K
LNFF:KBSBG@ MA> ABLMHKR H? ABL B=>HEH@B<:E HNMEHHD. 3> A:O> ?HK <HGO>GB>G<>
BGL>KM>= MA> JN>LMBHG M>QM BG ;K:<D>ML:
[1. When you were growing up, what sort of political or ideological views were present
so, kindly describe them for us.]
1. % P:L ;HKG BG 1924 BG BKHHDERG, *5, LH @K>P NI BG MA> 1930L.
)R I:K>GML P>K> PAHE>A>:KM>= "K:GDEBG .HHL>O>EM >FH<K:ML. (BD>
FHLM MABGDBG@ LMN=>GML BG MA:M MBF> :G= IE:<>, % P:L MH MA> E>?M H?
FR I:K>GML. /HF>MABG@ BGM>K>LMBG@ A:II>G>=. A F:CHK BG?EN>G<> HG
F> P:L : AB@A L<AHHE M>:<A>K PAH BG A>K RHNMA A:= ;>>G !FF:
#HE=F:GiL L><K>M:KR, :G= LMBEE MAHN@AM H? A>KL>E? :L : IABEHLHIAB<:E
:G:K<ABLM. +G> <HGL>JN>G<> P:L MA:M % G>O>K A:= : FHF>GMiL LRF-
I:MAR ?HK MA> /HOB>M 1GBHG (GHK ?HK 0KHMLDRBLFe?HK F> MA> KHM L>M BG
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PBMA (>GBG HK ;>?HK>). /H % G>O>K A:= MA> ;:= <HGLG<> MA:M MNKG>=
LHF> H? FR <HGM>FIHK:KB>L BGMH KB@AM-PBG@>KL PA>G =BLBEENLBHG>=.
[2. How about at age 25 or so? Had they changed at all by then?]
2. BR 25, :?M>K 3 R>:KL BG MA> AKFR :G= FHK> >=N<:MBHG, % P:L :
EB;>K:E >FH<K:M.
[3. And how about age 35 or 40? Please describe any changes undergone
since your early twenties.]
3. BMMH.
[4. And now please bring it down to the present. Have your views changed
sensibilities or outlook?]
4. BMMH.
[5. Overall, would you say your views have changed, and, if so, have they
of ideological space)?]
5. *H <A:G@> BG @>G>K:E HKB>GM:MBHG. +? <HNKL> % A:O> <A:G@>=
FR FBG= HG LHF> BLLN>L.
[6. If your views did undergo changes, what caused the changes? Was it
grateful if you try to explain why your views changed, to whatever extent they did.]
6. % MABGD FR IHEBMB<:E OB>PL :KBL> FHLMER ?KHF <HFFHG H;-
L>KO:MBHG :G= : =BLEBD> H? ;>BG@ AHH=PBGD>=.
*HM O>KR BGM>K>LMBG@, ;NM MA:MiL MA> IHBGM. (/HEHP 2013<)
References
Ginzberg, Eli, and Robert M. Solow. 1974. /HF> (>LLHGL H? MA> 1960L. %G The
Great Society: Lessons for the Future, >=L. #BGS;>K@ :G= /HEHP, 211-220. *>P
5HKD: B:LB< BHHDL.
Hayek, F. A. 1944. The Road to Serfdom. (HG=HG: .HNME>=@>.
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 639
.HPF:G & AEE:GA>E=.
Samuelson, Paul. 1989. .H;>KM /HEHP: AG A??><MBHG:M> ,HKMK:BM. Journal of
Economic Perspectives 3(3): 91-97.
Solow, Robert M. 1984. %GM>KOB>P ;R AKCH 'E:F>K. %G Conversations with Economists:
New Classical Economists and Their Opponents Speak Out on the Current Controversy
in Macroeconomics ;R 'E:F>K. 0HMHP:, *.&.: .HPF:G & AEE:GA>E=.
Solow, Robert M. 1988. ANMH;BH@K:IAR. %G Les Prix Nobel: The Nobel Prizes 1987,
>=. 3BEA>EF +=>E;>K@. /MH<DAHEF: *H;>E "HNG=:MBHG. Link
Solow, Robert M. 2001. 0A> )HLM /B@GB?B<:GM CHGMKB;NMBHGL MH !<HGHFB<L
NKBG@ MA> 0P>GMB>MA C>GMNKR 7LRFIHLBNF8. European Journal of the History of
Economic Thought 8(3): 295-297.
Solow, Robert M. 2002. %GM>KOB>P ;R HN@E:L CE>F>GM. The Region (">=>K:E
.>L>KO> B:GD H? )BGG>:IHEBL), />IM>F;>K: 24-34. Link
Solow, Robert M. 2009:. %GM>KOB>P ;R ':K>G %EL> $HKG. %G Roads to Wisdom:
CA>EM>GA:F, 1': !=P:K= !E@:K.
Solow, Robert M. 2009;. ANMH;BH@K:IAB<:E <A:IM>K BG Lives of the Laureates: Twenty-
three Nobel Economists, 5MA >=., >=L. 3BEEB:F BK>BM :G= B:KKR 0. $BKL<A,
153-170. C:F;KB=@>, ):LL.: )%0 ,K>LL.
Solow, Robert M. 2010. 0A> BB@@>K 0A>R AK>c Daedalus 139(4): 22-30.
Solow, Robert M. 2012:. 0A> />K?=HF /<:K>. The New Republic, ><>F;>K 6:
40-43. Link
Solow, Robert M. 2012;. "BL<:E ,HEB<R. %G In The Wake of the Crisis: Leading
Economists Reassess Economic Policy, >=L. +EBO>K BE:G<A:K=, :OB= .HF>K,
)B<A:>E /I>G<>, :G= &HL>IA /MB@EBMS, 73-76. C:F;KB=@>, ):LL.: )%0 ,K>LL.
Solow, Robert M. 2013:. +NK >;M, +NKL>EO>L. New York Times, ">;KN:KR 27.
Link
Solow, Robert M. 2013;. 3AR %L 0A>K> *H )BEMHG "KB>=F:G 0H=:R? Econ Journal
Watch 10(2): 214-216. Link
Solow, Robert M. 2013<. CHKK>LIHG=>G<> PBMA :GB>E 'E>BG, ):K<A 10.
Solow, Robert M., Alan Budd, and Christian von Weizsacker. 1987. 0A>
CHGL>KO:MBO> .>OHENMBHG: A .HNG=M:;E> BL<NLLBHG. Economic Policy 2(5):
181-200.
ECON JOURNAL WATCH
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A. Michael Spence
.:BL>= BG C:G:=:, )B<A:>E /I>G<> (1943d) P>GM MH ,KBG<>MHG 1GBO>KLBMR
?HK ABL NG=>K@K:=N:M> >=N<:MBHG. $> >:KG>= ABL F:LM>KiL =>@K>> ?KHF +Q?HK=
1GBO>KLBMR :G= ABL ,A.. ?KHF $:KO:K=. AM $:KO:K=, A> LMN=B>= NG=>K '>GG>MA
AKKHP :G= 0AHF:L /<A>EEBG@, :FHG@ HMA>KL (/I>G<> 2002). ,HEBMB<:EER, /I>G<>
=>L<KB;>L ABFL>E? :L f: <>GMKBLM =>FH<K:Mg (/I>G<> 2013;).
/I>G<> A:L M:N@AM :M $:KO:K= :G= /M:G?HK=, :G= A> BL GHP IKH?>LLHK :M *>P
5HKD 1GBO>KLBMR. A LAHKM ;BH@K:IAR HG MA> *51 P>;LBM> (link) L:RL MA:M ABL PHKD
f?H<NL>L HG ><HGHFB< IHEB<R BG >F>K@BG@ F:KD>ML, MA> ><HGHFB<L H? BG?HKF:MBHG,
:G= MA> BFI:<M H? E>:=>KLABI HG ><HGHFB< @KHPMA.g %G 2001, A> P:L :P:K=>=
MA> *H;>E ,KBS> BG ><HGHFB<L :EHG@ PBMA #>HK@> AD>KEH? :G= &HL>IA /MB@EBMS ?HK
MA>BK PHKD HG :LRFF>MKB< BG?HKF:MBHG. /I>G<> =>O>EHI>= : MA>HKR H? LB@G:EBG@; ?HK
>Q:FIE>, BG=BOB=N:EL F:R :MM:BG >=N<:MBHG:E =BLMBG<MBHGL MH LB@G:E MA>BK IKH=N<MBOBMR.
$BL IHEB<R :=OB<> BL K:K>ER IHBGM>=; BM A:L LHF>MBF>L LN@@>LM>= @K>:M>K
@HO>KGF>GM BGM>KO>GMBHG. 3A>G LI>:DBG@ H? AHP =>O>EHIBG@ <HNGMKB>L LAHNE=
>FNE:M> :=O:G<>= ><HGHFB>L :?M>K MA> 2008 K><>LLBHG, /I>G<> LM:M>=:
*HP, BG MA> :?M>KF:MA H? : <KBLBL MA:M ;>@:G PBMA >QMK>F> =BLMK>LL BG
MA> :=O:G<>= <HNGMKB>Li ?BG:G<B:E F:KD>ML, MA> LMKN<MNK> :G= K>@NE:MBHG
H? MA> :=O:G<>=-<HNGMKR LRLM>FL :K> BG MA> IKH<>LL H? LB@GB?B<:GM :G=
I>KF:G>GM <A:G@> BG M>KFL H? K>@NE:MHKR LMKN<MNK> :G= BGO>LMHK
;>A:OBHK. 0A> EB@AMER K>@NE:M>= FH=>E, PBMA BML LMKHG@ IK>LNFIMBHG
MA:M L>E?-K>@NE:MBHG PBEE ;> : LM:;BEBSBG@ BG?EN>G<>, A:L ;>>G K>C><M>=
:EHG@ PBMA MA> :LLNFIMBHG MA:M LHIABLMB<:M>= I:KMB<BI:GML BG LN??BGM
GNF;>KL :<<NK:M>ER I>K<>BO> :G= F:G:@> LAB?MBG@ LRLM>FB< KBLD.
(/I>G<> 2011:, 131)
%G : I:I>K PBMA /:G=BE> $E:MLAP:RH, /I>G<> :K@N>= ?HK IHEBMB<B:GL MH :==K>LL
BG>JN:EBMR :G= BG<HF> =BLMKB;NMBHG (/I>G<> :G= $E:MLAP:RH 2011). +G IHEB<R
<AHB<>L MH :<AB>O> f>JNBMR,g /I>G<> :G= .:OB ':G;NK A:O> PKBMM>G:
,>HIE> @>G>K:EER <:K> :;HNM >JNBMR ?HK ;HMA FHK:E :G= IK:@F:MB<
K>:LHGL. 0AHL> K>:LHGL :K> MK:GLE:M>= BGMH IHEBMB<:E :G= LH<B:E <AHB<>L
:G= BFIE>F>GM>= ;R IHEB<R. 0A> IHEBMB<:E <A:EE>G@> BL MH :OHB= MA>
S>KH-LNF @:F> O>KLBHG H? MABL >Q>K<BL> BG PAB<A HG> I>KLHGiL @:BG BL
:GHMA>K 7sic8 EHLL. 0ANL BM BL BFIHKM:GM MH <K>:M> :G= <AHHL> IHEBL
MA:M =>:E PBMA >JNBMR ;NM :ELH IKHFHM> (HK =H GHM BFI>=>) @KHPMA
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 641
:G= >QI:G=BG@ HIIHKMNGBMR H? :G BG<ENLBO> DBG=. 0A> <A:EE>G@> FNLM
;> MAHN@AM H? :L :G BGM>KM>FIHK:E HG> :G= GHM LBFIER :L : LM:MB<
K>=BLMKB;NMBHG:E HG>. (':G;NK :G= /I>G<> 2010, 13)
%G : 2011 ;HHD, /I>G<> <HFF>GM>= HG MA> KHE> H? @HO>KGF>GM: f!??><MBO>
@HO>KGF>GML :G= F:KD>ML :K> ;HMA >LL>GMB:E BG@K>=B>GML. 0A>R :K> GHM BG <HF-
I>MBMBHG PBMA >:<A HMA>K ;NM K:MA>K <HFIE>F>GM:KR I:KML H? MA> IKH<>LL. 0H ;> LNK>,
@HO>KGF>GML can ;> MHH BGMKNLBO>. BNM MA>R <:G :ELH ;> MHH LF:EE :G= BG>??><MBO>g
(/I>G<> 2011:, 95). CHG<>KGBG@ ><HGHFB< ?K>>=HF, /I>G<> PKHM>:
0A> FB<KH><HGHFB< =RG:FB< BL :LLH<B:M>= PBMA BGO>LMF>GM ?HK IKH?BM,
>GMK>IK>G>NKB:E :<MBOBMR, >GMKR, :G= >QBM. %M BL : =><>GMK:EBS>=, ;HMMHF-NI
IKH<>LL. 0H ?NG<MBHG, BM K>JNBK>L : <>KM:BG DBG= H? ><HGHFB< ?K>>=HF.
%G MA> FH=>KG >K:, MA:M ?K>>=HF BG<EN=>L :<<>LL MH F:KD>ML :G= MH
?BG:G<BG@, :L P>EE :L : LRLM>F H? @HO>KGF>GM :G= @HO>KG:G<> MA:M
:EEHPL I>HIE> MH >Q>K<BL> MABL ?K>>=HF ;R F:DBG@ BGO>LMF>GML :G=
?HKFBG@ ;NLBG>LL>L PBMAHNM >Q<>LLBO>ER ;NK=>GLHF> :IIKHO:E
IKH<>LL>L HK HNMKB@AM K>LMKB<MBHGL. %M :ELH =>I>G=L HG LHF> LRLM>F
H? IKHI>KMR KB@AML. "HK MA> IKH<>LL H? BGO>LMF>GM MH HI>K:M>, I>HIE>
FNLM ;> :;E> MH HPG :LL>ML :G= ;NR :G= L>EE MA>F. AG= BM K>EB>L HG
: K>:LHG:;E> =>@K>> H? LM:;BEBMR, PBMAHNM PAB<A BGO>LMF>GM KBLD BL
>E>O:M>= :G= BGO>LMF>GM LN??>KL. (/I>G<> 2011:, 104)
/I>G<> LI>:DL A>K> H? f?K>>=HFg :G= f?HKFBG@ ;NLBG>LL>L PBMAHNM >Q<>LLBO>ER
;NK=>GLHF> :IIKHO:E IKH<>LL HK HNMKB@AM K>LMKB<MBHGL,g R>M P> A:O> GHM ?HNG= :GR
<:EE ;R /I>G<> ?HK EB;>K:EBSBG@ LI><B?B< K>LMKB<MBHGL HG ?K>>=HF.
/I>G<> A:L >G<HNK:@>= G:MBHGL MH LMK>G@MA>G MA>BK ><HGHFB>L ;R BGO>LMBG@
BG IN;EB< :LL>ML (/I>G<> 2013:). %G : 2011 BGM>KOB>P, /I>G<> :=OH<:M>= LMKHG@>K
>??HKML MH K:BL> >FIEHRF>GM:
/HF> E>:=>K BL @HBG@ MH A:O> MH LM:G= NI :M LHF> IHBGM :G= L:R P> K>:EER
G>>= MH LI>G= FHG>R INMMBG@ I>HIE> ;:<D MH PHKD, I>KBH=. c 708A>
P:R P>iK> =HBG@ BM BL INMMBG@ :EE MA> ;NK=>G HG MA> NG>FIEHR>= PABE>
MKRBG@ MH E>:O> MA> >FIEHR>= NGMHN<A>=. !O>GMN:EER, MABL BL @HBG@ MH
K>JNBK> : K>=BLMKB;NMBHG H? MA:M ;NK=>G. (/I>G<> 2011;)
/I>G<>iL <KBMBJN> H? MA> ?K>> F:KD>M BG<EN=>L ;HMA IK:@F:MB< :G= LH<B:E :L-
I><ML:
):KD>ML :K> MHHEL MA:M, K>E:MBO> MH MA> :EM>KG:MBO>L, A:II>G MH A:O> @K>:M
LMK>G@MAL PBMA K>LI><M MH BG<>GMBO>L, >??BG<R, :G= BGGHO:MBHG. BNM
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2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 642
MA>R :K> GHM I>K?><M; MA>R NG=>KI>K?HKFBG MA> IK>L>G<> H? >QM>KG:EBMB>L
(MA> NG-IKB<>= <HGL>JN>G<>Le?HK >Q:FIE>, :BK IHEENMBHGeH? BG=B-
OB=N:E :<MBHGL), BG?HKF:MBHG:E @:IL :G= :LRFF>MKB>L, :G= <HHK=BG:MBHG
IKH;E>FL PA>G MA>K> :K> FNEMBIE> >JNBEB;KB:, LHF> LNI>KBHK MH HMA>KL.
BNM F:KD>ML A:O> FHK> ?NG=:F>GM:E P>:DG>LL>L. +K, K:MA>K,
FHLM LHMB>L A:O> BFIHKM:GM ><HGHFB< :G= LH<B:E H;C><MBO>L MA:M
F:KD>ML :G= <HFI>MBMBHG :K> GHM =>LB@G>= MH :<AB>O>. %G MH=:RiL
K:IB=ER @EH;:EBSBG@ PHKE=, MA> FHLM BFIHKM:GM H? MA>L> H;C><MBO>Le
>QIK>LL>= BG O:KBHNL P:RL MAKHN@A MA> IHEBMB<:E :G= IHEB<RF:DBG@
IKH<>LL BG : PB=> K:G@> H? <HNGMKB>Le:K> LM:;BEBMR, =BLMKB;NMBHG:E
>JNBMR, :G= LNLM:BG:;BEBMR. (/I>G<> 2012)
,KH?>LLHK /I>G<> DBG=ER K>LIHG=>= MH HNK JN>LMBHGG:BK>, L>G=BG@ MA> ?HE-
EHPBG@ F>LL:@>:
% @K>P NI BG C:G:=:. /H MA> <HGM>QM =H>LGiM JNBM> ?BM MA> AF>KB<:G
LMKN<MNK>.
% MABGD FR ?:FBER P:L :G= % P:L :G= K>F:BG PA:M FB@AM ;>
M>KF>= : <>GMKBLM =>FH<K:M, PBMA K>LI><M ?HK F:KD>ML, BG<>GMBO>L :G=
?K>>=HF ;NM PBMA : OB>P MA:M MA>K> BL :G BG=BOB=N:E :G= : <HEE><MBO>
K>LIHGLB;BEBMR ?HK BG<ENLBO>G>LL, >QIK>LL>= I:KMB:EER MAKHN@A @HO>KG-
F>GM.
%G M>KFL H? >OHENMBHG GHM FN<A A:L <A:G@>= BG MA:M K>LI><M,
;NM % DGHP FN<A FHK> :;HNM MA> PHKE= :G= MA> =>O>EHIBG@ <HNGMKB>L
PA>K> 85% H? MA> PHKE=iL IHINE:MBHG EBO>. % A:O> :EP:RL ;>EB>O>= MA:M
@HO>KGF>GM A:L : <KN<B:E >OHEOBG@ (PBMA <BK<NFLM:G<>L) <HFIE>-
F>GM:KR KHE> MH F:KD>ML, MH IE:R. 0A:M ;>EB>? A:L ;>>G K>BG?HK<>= ;R MA>
>QI>KB>G<> H? =>O>EHIBG@ <HNGMKB>L. (/I>G<> 2013;)
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MA> AF>KB<:G !<HGHFR :G= MA> !FIEHRF>GM CA:EE>G@>. 3HKDBG@ I:I>K.
CHNG<BE HG "HK>B@G .>E:MBHGL (*>P 5HKD). Link
George J. Stigler
;R :GB>E B. 'E>BG
0A> HGER <ABE= H? #>KF:G-LI>:DBG@ BFFB@K:GML MH MA> 1GBM>= /M:M>L, #>HK@>
/MB@E>K (1911d1991) @K>P NI BG MA> />:MME> :K>: :G= :MM>G=>= MA> 1GBO>KLBMR H?
3:LABG@MHG, @K:=N:MBG@ BG 1931. $> P>GM MH *HKMAP>LM>KG ?HK ABL )BA, :G= MA>G
MH MA> 1GBO>KLBMR H? CAB<:@H ?HK ABL ,A.. BG ><HGHFB<L, <HG?>KK>= BG 1938. %G
ABL *H;>E :NMH;BH@K:IAR A> =>L<KB;>= MA> IKH?>LLHKL :G= ?>EEHP LMN=>GML PAH
BG?EN>G<>= ABF =NKBG@ ABL @K:=N:M> LMN=B>L :M CAB<:@H:
0A> 1GBO>KLBMR H? CAB<:@H MA>G A:= MAK>> ><HGHFBLMLe>:<A K>F:KD-
:;E> BG ABL HPG P:ReNG=>K PAHL> BG?EN>G<> % <:F>. "K:GD $. 'GB@AM
P:L : IHP>K?NE, L<>IMB<:E IABEHLHIA>K, :M MA:M MBF> OB@HKHNLER =>;:MBG@
ANLMKB:G <:IBM:E MA>HKR ;NM @K:=N:EER EHLBG@ BGM>K>LM BG MA> =>M:BEL H?
><HGHFB< MA>HKR. &:<H; 2BG>K P:L MA> EH@B<:E =BL<BIEBG:KB:G, :G=
>JN:EER MA> HFGBLGM LMN=>GM H? MA> ABLMHKR H? ><HGHFB<L. $>GKR
/BFHGL P:L MA> I:LLBHG:M> LIHD>LF:G ?HK : K:MBHG:E, =><>GMK:EBS>=
HK@:GBS:MBHG H? MA> ><HGHFR. % P:L >JN:EER BG?EN>G<>= ;R MPH ?>EEHP
LMN=>GML, 3. AEE>G 3:EEBL :G= )BEMHG "KB>=F:G. (/MB@E>K 1983:)
%G :GHMA>K :NMH;BH@K:IAB<:E >LL:R, ;>LB=>L ABL <EHL> ?KB>G=L 3:EEBL :G= "KB>=F:G,
/MB@E>K F>GMBHGL :ELH ,:NE /:FN>ELHG, '>GG>MA BHNE=BG@, :G= /NG> C:KELHG :L
?>EEHP LMN=>GML, :G= PKBM>L: f0A> @BO>-:G=-M:D> :FHG@ NL LMN=>GMLcP:L MA> ?BKLM
>QI>KB>G<> % A:= H? <HGLM:GM >Q<A:G@>L BG : <BK<E> H? ?BKLM-<E:LL FBG=L, :G= %
:<JNBK>= : EB?>EHG@ M:LM> ?HK BMg (/MB@E>K 1995, 99).
B>@BGGBG@ BG 1936, /MB@E>K M:N@AM :M %HP:, )BGG>LHM: (MA>K> HO>KE:IIBG@ ?HK
HG> R>:K PBMA "KB>=F:G), BKHPG, :G= CHENF;B:. /MB@E>K MA>G K>MNKG>= MH M>:<A
:M CAB<:@H BG 1958 :G= K>F:BG>= MA>K>. %G 1982 A> K><>BO>= MA> *H;>E ,KBS> BG
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 644
!<HGHFB< /G<> <AB>?ER ?HK ABL PHKD HG MA> ><HGHFB<L H? BG?HKF:MBHG :G= HG MA>
><HGHFB<L H? K>@NE:MBHG.
A?M>K /MB@E>KiL =>:MA BG 1991, : GNF;>K H? <HEE>:@N>L PKHM> F>FHKB:EL.
)BEMHG "KB>=F:G L:RL MA:M A> :G= /MB@E>K LA:K>= LBFBE:K OB>PL HG IHEB<R, ;NM A>
K>F:KDL HG : =B??>K>G<> BG :MMBMN=>:
0AHN@A #>HK@> :G= % :@K>>= :EFHLM <HFIE>M>ER :;HNM :IIKHIKB:M>
IN;EB< IHEB<R, A> P:L G>O>K :L :<MBO> BG MA> IN;EB< IHEB<R :K>: :L % P:L.
$BL >FIBKB<:E LMN=B>L H? BG=NLMKB:E HK@:GBS:MBHG I>KLN:=>= ABF MA:M
MA> IHEBMB<:E F:KD>M, EBD> MA> ><HGHFB< F:KD>M, BL KNE>= ?:K FHK> ;R
L>E?-BGM>K>LM MA:G ;R :GR =BLBGM>K>LM>= INKLNBM H? MA> fIN;EB< BGM>K>LM,g
:G= MA>K>;R E>= ABF MH ;> HG> H? MA> IBHG>>KL BG PA:M <:F> MH ;>
<:EE>= fIN;EB< <AHB<>g ><HGHFB<L. A<<HK=BG@ER, A> ;><:F> LD>IMB<:E
MA:M :II>:EL MH MA> I>KO>KL> >??><M H? @HO>KGF>GM IHEBL HG MA> IN;EB<
BGM>K>LM PHNE= ;> >??><MBO>. f1GMBE MA> ;:LB< EH@B< H? IHEBMB<:E EB?> BL
=>O>EHI>=,g A> PKHM>, fK>?HKF>KL PBEE ;> BEE >JNBII>= MH NL> MA> LM:M>
?HK MA>BK K>?HKFL, :G= OB<MBFL H? MA> IKH@K>LLBO> NL> H? MA> LM:M>iL
LNIIHKM H? LI><B:E @KHNIL PBEE ;> A>EIE>LL MH IKHM><M MA>FL>EO>L.g
0AHN@A % ?NEER :@K>>= PBMA ABL IN;EB< <AHB<> :IIKH:<A, A> :G= % A:= :
KNGGBG@ :K@NF>GM :;HNM MA> F>:GBG@ :G= KHE> H? B=>HEH@R :G= :;HNM
MA> >??><MBO>G>LL H? L>>DBG@ MH BG?HKFMA> IN;EB< :;HNM PA>K> BML fMKN>g
BGM>K>LM E:R. c 708AHN@A % ;>EB>O> P> <E:KB?B>= HNK =BL:@K>>F>GM HO>K
MBF>, P> G>O>K K>LHEO>= BM. f)BEMHG,g A> P:L ?HG= H? L:RBG@, fP:GML MH
<A:G@> MA> PHKE=; % HGER P:GM MH NG=>KLM:G= BM.g ("KB>=F:G 1993, 772)
/MB@E>K (1962:) L:P BGM>EE><MN:EL :L M>G=BG@ MH ;> AHLMBE> MH F:KD>M-HKB>GM>=
;>A:OBHK:
0A> BGM>EE><MN:E A:L G>O>K ?>EM DBG=ER MHP:K= MA> F:KD>M IE:<>; MH ABF
BM A:L :EP:RL ;>>G : IE:<> H? ONE@:K F>G :G= H? ;:L> FHMBO>L. c
738A:M>O>K MA> E:M>GM LRFI:MAB>L H? MA> BGM>EE><MN:E ?HK MA> F:KD>M
IE:<>, MA> AHLMBEBMB>L :K> HO>KM. 0A> <HGM>FIM ?HK MA> fIKH?BM FHMBO>g
PAB<A =BK><ML ><HGHFB< :<MBOBMR BL PB=>LIK>:=, :G= MA> LNLIB<BHG H? MA>
;>A:OBHK MH PAB<A BM E>:=L BL =>>I-L>:M>=. 0A> <A:K@> MA:M AF>KB<:G
LHMR BL F:M>KB:EBLMB< A:L ;>>G K><BM>= FHK> H?M>G MA:G MA> ><-
E:K:MBHG H? %G=>I>G=>G<>, :G= A:L ;>>G MK:GLE:M>= BGMH FHK> ?HK>B@G
E:G@N:@>L. (/MB@E>K 1962:)
%G MA> HI>GBG@ I:@>L H? ABL F>FHBKL, /MB@E>K (1988, 4) L:RL, f><HGHFBLML A:O>
;>>G MA> IK>FB>K hIHNK>KL H? <HE= P:M>Ki HG IKHIHL:EL ?HK LH<B:E BFIKHO>F>GM, MH
MA> =>LI:BK H? MA> K>?HKF>KL :G= IABE:GMAKHIBLML PAH LNIIHKM MA>L> IKHIHL:EL.g
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 645
0A> LMHKR H? /MB@E>KiL B=>HEH@B<:E <A:K:<M>K BL, BG HG> L>GL>, ?:BKER <E>:K. %G
M>KFL H? PA:M IHEBL A> P:L BG<EBG>= MH ?:OHK, MA> LMHKR L>>FL MH ;> MABL: "KHF
@K:=N:M> L<AHHE, BG?EN>G<>= ;R MA> IKH?>LLHKL :G= ?>EEHP LMN=>GML F>GMBHG>=
:;HO>, I:KMB<NE:KER 'GB@AM, A> BL @>G>K:EER IKH-F:KD>M :G= JNBM> LD>IMB<:E :;HNM
@HO>KGF>GM :<MBOBLF. 0AHL> M>G=>GL IKH;:;ER ;><:F> FHK> =>?BGBM> :G= FHK>
<HGLBLM>GM HO>K MA> R>:KL MA:M /MB@E>K :G= "KB>=F:G KBI>G>=; BM BL GHM NGK>:LHG:;E>
MH MABGD MA:M "KB>=F:GiL =>O>EHIF>GM BG MA> 1940L :G= 1950L, E>:=BG@ BGMH
Capitalism and Freedom ("KB>=F:G 1962) :G= MA>G ;>RHG=, E>= PA:M P:L LHF>MABG@
H? : <HFFHG =>O>EHIF>GM :FHG@ ABL :LLH<B:M>L. /MB@E>K PKHM>: f"KB>=F:G A:L
LNK>ER >Q>K<BL>= HG> H? MA> F:CHK BGM>EE><MN:E BG?EN>G<>L NIHG F> MAKHN@AHNM FR
EB?>g (/MB@E>K 1995, 99). BNM BG MA> =>O>EHIF>GM, /MB@E>K BL : ?>EEHP, GHM : ?HEEHP>K.
%G MA> 1960L :G= 1970L LHF> H? /MB@E>KiL <HGMKB;NMBHGL ;><:F> <NMMBG@ >=@>L
H? MA> @KHPBG@ FHO>F>GM H? :GMB-@HO>KGF>GM ><HGHFB<L. $BL PHKD HG BG?HK-
F:MBHG (/MB@E>K 1961; 1962;) A>EI>= MH P>:D>G : PB=>LIK>:= AHLMBEBMR MH :=O>KMBLBG@
(/MB@E>K 1984; 1995, 109). )HK> BFIHKM:GMER, ABL PHKD HG MA> <HGL>JN>G<>L H?
K>@NE:MBHG (/MB@E>K :G= "KB>=E:G= 1962; /MB@E>K 1963)eMA:M BM =H>LGiM G><>LL:KBER
A:O> MA> <HGL>JN>G<>L LNIIHL>=ER BGM>G=>=e:G= MA>G ABL MA>HKR H? K>@NE:MBHG
:G= IHEBMB<L (/MB@E>K 1971)eMA:M L>E?BLA BGM>K>LML DGHPBG@ER =KBO> MA> IKH<>LL :G=
MRIB<:EER IK>O:BE HO>K MA> <HFFHG @HH=, LH ?HK@>M :;HNM AHP I>HIE> K>IK>L>GM
MA>BK BGM>GMBHGLe>F;HE=>G>= <E:LLB<:E EB;>K:EBLFiL H??>GLBO> :@:BGLM MA> @HO>KG-
F>GM:EBS:MBHG H? LH<B:E :??:BKL. %G HGER HG> :K>: H? IHEB<R, BM L>>FL, G:F>ER, :GMBMKNLM,
=B= /MB@E>K NG=>K@H : =>?BGBM> <A:G@> H? OB>P, @KHPBG@ FHK> <E:LLB<:E EB;>K:E HG MA>
BLLN>. /H, HO>K:EE, ?KHF : LBFIE> LM:G=IHBGM H? IHEB<R OB>PL, /MB@E>KiL LMHKR BL ?:BKER
<E>:K :G= ?:BKER LBFIE>.
AM : =>>I>K E>O>E, AHP>O>K, /MB@E>KiL B=>HEH@B<:E LMHKR BL FHK> <HFIEB<:M>=.
:OB= ). (>OR (: LMN=>GM H? /MB@E>KiL) :G= /:G=K: ,>:KM :K> MA> :NMAHKL H? MA> >GMKR
HG /MB@E>K BG The New Palgrave Dictionary of Economics. (>OR :G= ,>:KM (2008) ?K:F>
MA>BK MK>:MF>GM BG M>KFL H? /MB@E>K NG=>K@HBG@ : f<A:G@> H? :MMBMN=>g ;>MP>>G fABL
'GB@AMB:G :G= ABL ):G=>OBEE>:G I>KBH=L.g 0A>R LN@@>LM MA:M MA> 'GB@AMB:G I>KBH=
BL K>IK>L>GM>= I:KMB<NE:KER ;R :G >:KER American Economic Review :KMB<E> (/MB@E>K 1943)
:G= ;R The Theory of Price (/MB@E>K 1946:).
75
(>OR :G= ,>:KM L:R MA> ):G=>OBEE>:G
I>KBH= BL ?BKLM F:KD>= ;R /MB@E>KiL :==BG@ : JNHM:MBHG ?KHF MA> fI>G>MK:MBG@g
B>KG:K= ):G=>OBEE> BG MA> 1966 >=BMBHG H? The Theory of Price (1966, 68), :G= MA:M
/MB@E>KiL ):G=>OBEE>:G M>G=>GL HGER @KHP MA>K>:?M>K. /MB@E>K (1982, 13, 14)
ABFL>E? LIHD> H? ABL A:OBG@ f>KK>=,g H? MA> f>KKHK H? FR P:RL,g PBMA K>LI><M MH
MABG@L A> L:B= BG MA> IK>LB=>GMB:E AF>KB<:G !<HGHFB< ALLH<B:MBHG :==K>LL @BO>G BG
1964 (/MB@E>K 1965).
75. 0H MA>L> K>IK>L>GM:MBHGL H? MA> f'GB@AMB:G I>KBH=g FB@AM ;> :==>= /MB@E>K 1948 :G=, :L MAKHP;:<DL,
/MB@E>K 1983; :G= .:BLB:G :G= /MB@E>K 1988.
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0ABL ):G=>OBEE>:G I:EE, :L BGLM:GMB:M>= BGe:G=, BG=>>=, IKHIHNG=>= BGe
/MB@E>KiL PKBMBG@L, A:L L>O>K:E BGM>KK>E:M>= ?:<>ML. +G> <HNE= F:D> MA> <:L>, % MABGD,
MA:M MA> I:EE MA:M <:F> HO>K /MB@E>K P:L NGA>:EMAR, >O>G : FHO> MA:M @H>L :P:R
?KHF <E:LLB<:E EB;>K:EBLF. %G MA> IK>L>GM IKH?BE>, AHP>O>K, % LMB<D MH MA> LBFIE>K,
IHEB<R-OB>PL =BF>GLBHG, >Q<>IM ?HK GHMBG@ HG> ?:<>M H? MA> =>>I>K ):G=>OBEE>:G
I:EE, G:F>ER /MB@E>KiL K>F:KDL :;HNM MA> F>:GBG@ H? EB;>KMR.
0AHF:L $:SE>MM (BG /MB@E>K 1984) K>IHKML MA:M BG MA> E:M> 1940L, :L : RHNG@
OBLBMBG@ E><MNK>K :M CHENF;B:, /MB@E>K LAHP>= :G >:KER ;>GM MHP:K= ?K>>-F:KD>M
IHEBL: f%G 7ABL8 ?BKLM :==K>LL, /MB@E>K =>M:BE>= MA> <HNGM>KIKH=N<MBO> <HGL>JN>G<>L
H? K>GM <HGMKHEL. $> MA>G >QIHL>= AHP FBGBFNF-P:@> E:PL <K>:M> NG>FIEHRF>GM
:G= =BL<KBFBG:M> :@:BGLM EHP-P:@> PHKD>KL.g /MB@E>K (1946;) <KBMB<BS>= MA>
FBGBFNF P:@>, :G= LN@@>LM>= : G>@:MBO> BG<HF> M:Q (L>> HG MABL (>OR :G= ,>:KM
2008). %G 1946 "KB>=F:G :G= /MB@E>K IN;EBLA>= : IB><> :@:BGLM K>GM-<HGMKHE <:EE>=
f.HH?L HK C>BEBG@L? 0A> CNKK>GM $HNLBG@ ,KH;E>Fg ("KB>=F:G :G= /MB@E>K 1946).
/MB@E>K K>F:BG>= MAKHN@AHNM ABL <:K>>K : IK>FB>K CAB<:@H L<AHHE LD>IMB< H?
@HO>KGF>GM :<MBOBLF. $> P:L IK>LB=>GM H? MA> )HGM ,>E>KBG /HMR ?KHF 1976 MH
1978. %G 1988 &HAG .:BLB:G :G= /MB@E>K IN;EBLA>= : LMK:B@AM?HKP:K= HI->= :@:BGLM
MA> FBGBFNF P:@> BG MA> New York Times (.:BLB:G :G= /MB@E>K 1988)eIBMMBG@ MA>
*H;>EBLM /MB@E>K :@:BGLM MA> *H;>EBLM (:PK>G<> 'E>BG, PAH A:= E>= : I>MBMBHG H? 54
><HGHFBLML BG ?:OHK H? K:BLBG@ MA> FBGBFNFP:@> (/DB=FHK> 1988). %G :G BGM>KOB>P
IN;EBLA>= BG 1984, 0AHF:L $:SE>MM :LD>= /MB@E>K, f3A:M @HO>KGF>GM IKH@K:F
PHNE= RHN FHLM P:GM MH L>> :;HEBLA>=?g /MB@E>K ;>@BGL ABL K>LIHGL> ;R L:RBG@,
f0A>K>iL : EHG@ EBLM H? MA>Fg (/MB@E>K 1984; ?HK :GHMA>K BGM>KOB>P, L>> /MB@E>K 1989).
0A> HG> IHEB<R BLLN> HG PAB<A /MB@E>K <E>:KER <A:G@>= ABL FBG= BL :GMBMKNLM.
f1GMBE MA> 1950L % :<<>IM>= MA> IK>O:BEBG@ OB>P H? FR IKH?>LLBHG MA:M FHGHIHER
P:L PB=>LIK>:=c. /HF> H? MA> ?E:OHK H? FR OB>PL :M MA> MBF> <:G ;> @:BG>= ?KHF
HG> H? FR ?>P :II>:K:G<>L ;>?HK> : <HG@K>LLBHG:E <HFFBMM>>g (/MB@E>K 1988, 97).
/MB@E>K MA>G JNHM>L ?KHF A>:KBG@L A>E= BG 1950, BG<EN=BG@ ABL LM:M>F>GM, fBM BL FR
;>EB>?eLI>:DBG@ :L :G ><HGHFBLM :G= GHM :L : E:PR>KeMA:M MA> ;:LB< MKHN;E> PBMA
MA> :GMB-MKNLM E:PLcBL MA>BK ?:BENK> MH K><H@GBS> MA:M PA>G :G BG=NLMKR BL F:=> NI
H?, HK =HFBG:M>= ;R, : ?>P ;B@ ?BKFL, MA>K> BL BGA>K>GMER : LMKN<MNK> BG<HGLBLM>GM
PBMA >??BGM <HFI>MBMBO> HI>K:MBHGg (JNHM>= BG /MB@E>K 1988, 98-99). %G MA> MA>G-
IK>L>GM 1988, A> MA>G <HGMBGN>L: f% GHP F:KO>E :M FR <HG?B=>G<> :M MA:M MBF>
BG =BL<NLLBG@ MA> IKHI>K P:R MH KNG : LM>>E <HFI:GRc. 3A:M BL LMBEE FHK>
>F;:KK:LLBG@ BL MA:M % GH EHG@>K ;>EB>O> MA> ><HGHFB<L % P:L IK>:<ABG@g (B;B=., 99).
/MB@E>K MA>G =BL<NLL>L MA> <A:G@> H? MABGDBG@ H<<NKKBG@ :M CAB<:@H =NKBG@ MA> 1950L
:G= 1960L, IHBGMBG@ >LI><B:EER MH A:KHG BK><MHK :G= F>GMBHGBG@ K>L>:K<A ;R &HAG
)<#>>, /:F ,>EMSF:G, $:KHE= >FL>MS, :G= (>LM>K 0>EL>K (B;B=., 103; L>> :ELH
'BM<A 1983, 209). /MB@E>K IKH<>>=L MH F>GMBHG MA:M BG 1982 A> A:= HIIHKMNGBMR MH
:II>:K :L >QI>KM PBMG>LL BG MA> <:L> H? fMA> :MM>FIM ;R )H;BE MH M:D> HO>K (;NR
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 647
HNM) ):K:MAHG +BE CHFI:GR,g K>IHKMBG@ MA:M: f0A> CN=@> KNE>= :@:BGLM )H;BE (:G=
F>!)g (/MB@E>K 1988, 104, 106).
/MB@E>K, AHP>O>K, :II:K>GMER G>O>K MHHD : ?NEER ?K>>-F:KD>M EBG> :@:BGLM
:GMBMKNLM. %G MA> 1984 BGM>KOB>P ;R $:SE>MM, /MB@E>K L:B= f%iO> E>:KG>=,g :G= MA:M A>
=B= GHM EBD> MA> CE:RMHG A<M :G= PHNE= EBD> MH L>> MA> ">=>K:E 0K:=> CHFFBLLBHG
:;HEBLA>=, ;NM A> L:B= A> LMBEE EBD>= MA> /A>KF:G A<M (/MB@E>K 1984). 3A>MA>K HG>
LAHNE= K>@:K= MA> MK>:MF>GM H? MA> BLLN> H? :GMBMKNLM BG ABL F>FHBKL, IN;EBLA>= ?HNK
R>:KL E:M>K, :L >OB=>G<> H? ?NKMA>K FHO>F>GM BL NG<>KM:BG.
%G 1978 /MB@E>K IN;EBLA>= : LAHKM :KMB<E> <:EE>= f3>:EMA, :G= ,HLLB;ER
(B;>KMR,g BG PAB<A A> L:RL: fA PB=>K =HF:BG H? <AHB<> BL :GHMA>K P:R H? L:RBG@ MA:M
: I>KLHG A:L FHK> ?K>>=HFHK EB;>KMRg (/MB@E>K 1978, 214). $> L:RL: f0A> =BLMBG<MBHG
;>MP>>G P>:EMA :G= EB;>KMR BL GHM >:LBER =K:PGg :G= MA:M f7M8A> INKIHL> H? MA>
=BLMBG<MBHG ;>MP>>G P>:EMA :G= EB;>KMR BL :ELH >ENLBO>g (B;B=., 215-216). 0A> =KB?M H?
MA> IB><> BL MH LGB?? :M M:ED H? EB;>KMR. )>:GPABE>, PBMABG MA> IB><>, /MB@E>K ABFL>E?
=>I>G=L HG MA> O>KR =BLMBG<MBHG A> BL JN>LMBHGBG@, PA>G A> LI>:DL H? fOHENGM:KR
MK:GL:<MBHGL,g f<H>K<BHG,g :G= H? HG> ;>BG@ f?K>> MH >GM>Kg :G= f?K>> MH <AHHL>g
(B;B=., 213, 214).
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Joseph E. Stiglitz
.:BL>= ;R I:K>GML MA:M A> A:L =>L<KB;>= :L : *>P >:E >FH<K:M :G= :
&>??>KLHGB:G =>FH<K:M, &HL>IA /MB@EBMS (1943d) @K>P NI BG #:KR, %G=B:G:, PBMA
LHF>PA:M FBQ>= OB>PL H? @HO>KGF>GM. !:KER HG, A> P:L HIIHL>= MH L>@K>@:MBHG
:G= =BLMNK;>= ;R <BOBE KB@AML OBHE:MBHGL. %G ABL RHNMA, A> A:L L:B=, A> :<JNBK>= :G
>G=NKBG@ f=BLMKNLM H? :NMAHKBMRg (/MB@EBMS 2002:). $> >:KG>= ABL *H;>E ,KBS> ?HK
ABL PHKD HG :LRFF>MKB< BG?HKF:MBHG. /MB@EBMS L>>L F:KD>M ?:BENK>L <:NL>= ;R LN<A
:LRFF>MKB>L, :G= H?M>G :=OH<:M>L @HO>KGF>GM BGM>KO>GMBHG BG MAHL> :K>:L. /MB@EBMS
A:L :<DGHPE>=@>= MA> IKH;E>F H? BG<>GMBO>L BG MA> IHEBMB<:E LIA>K>, :L P>EE (/MB@EBMS
2002;, 523).
A?M>K >:KGBG@ ABL ;:<A>EHKiL ?KHF AFA>KLM CHEE>@>, /MB@EBMS P>GM MH )%0 ?HK
ABL ,A.. BG ><HGHFB<L. $> M:N@AM :M )%0, 5:E>, +Q?HK=, ,KBG<>MHG, :G= /M:G?HK=
;>?HK> L>MMEBG@ :M CHENF;B:. $BL PHKD A:L ;>>G :IIEB<:;E> MH :G :KK:R H? ><HGHFB<
BLLN>L, ?KHF <K>=BM K:MBHGBG@ MH >??BG<R P:@>L. ':KE: $H?? PKBM>L:
$BL PHKD >EN<B=:M>= : ;KH:= L>M H? IA>GHF>G: MA:M A:= E:K@>ER ;>>G
B@GHK>= ;>?HK> 1970 ;><:NL> MA>R P>K> HNMLB=> MA> EBFBML H? MA>
LM:G=:K= I:K:=B@F: BG<>GMBO> <HGMK:<ML, ;:GDKNIM<R, JN:GMBMR K:MBHG-
BG@, ?BG:G<B:E LMKN<MNK>, >JNBEB;KBNF IKB<> =BLMKB;NMBHGL, BGGHO:MBHG,
:G= =RL?NG<MBHG:E BGLMBMNMBHGL. 0ABL PHKD <HGMKB;NM>= MH : I:K:=B@F
LAB?M BG ><HGHFB<L. %G MA> G>P I:K:=B@F, MA> IKB<> LRLM>F HGER
BFI>K?><MER LHEO>L MA> BG?HKF:MBHG IKH;E>F H? L<:K<BMR ;><:NL> H? MA>
F:GR HMA>K BG?HKF:MBHG IKH;E>FL MA:M :KBL> BG MA> ><HGHFR. ($H??
2008)
/MB@EBMS PKBM>L BG ABL :NMH;BH@K:IAB<:E >LL:R: f0A> IHEBMB<L H? )%0 :ELH LNBM>=
F> P>EE. )R M>:<A>KL P>K> FHLMER >LM:;EBLAF>GM EB;>K:EL, ;NM MA>K> P>K> : ?>P MA:M
P>K> FHK> JN>LMBHGBG@. % PHG=>K MHH AHP % PHNE= A:O> ?:K>= A:= % @HG> MH HG> H?
MA> L<AHHEL, EBD> CAB<:@H, PA>K> MA>K> BL : FHK> <HGL>KO:MBO> ;>GM. 3HNE= % A:O>
<A:G@>=? +K PHNE= % A:O> CNLM ;>>G NGA:IIR?g (/MB@EBMS 2002:).
%G 1980 /MB@EBMS :G= AGMAHGR AMDBGLHG PKHM>:
0A> LM:M>cA:L : FN<A FHK> ;:LB< KHE> MH IE:R BG MA:M BML ?BKLM ?NG<MBHG
BL MH >LM:;EBLA :G= >G?HK<> MA> fKNE>L H? MA> ><HGHFB< @:F>.g c 0A>
LM:G=:K= CNLMB?B<:MBHG H? LM:M> BGM>KO>GMBHG M:D>L :L BML LM:KMBG@ IHBGM MA>
;>A:OBHNK H? MA> ><HGHFR BG MA> :;L>G<> H? MA> @HO>KGF>GM, MA:M BL,
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2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 650
BG MA> ARIHMA>MB<:E LBMN:MBHG H? : ?K>> F:KD>M ><HGHFR. (AMDBGLHG :G=
/MB@EBMS 1980, 4-6).
0A>R <HGMBGN>=:
0A>K> BL BG=>>= EBMME> K>:LHG MH ;>EB>O> MA:M MA> F:KD>M <HNE= ?NG<MBHG
BG MA> P:R :LLNF>= BG MA> fGH-@HO>KGF>GM ><HGHFRg: fHG> =>L<KBI-
MBHG H? LN<A : LH<B:E HK=>K, :G= IKH;:;ER : AB@AER K>:EBLMB< HG>, PHNE= ;>
LNFF:KBS>= ;R MA> PHK= h<A:HLig (BN<A:G:G, 1970, I. 3). AL P> A:O>
:K@N>=c, MA> LM:M> BL >LL>GMB:E MH MA> ?NG<MBHGBG@ H? : FH=>KG F:KD>M
><HGHFReMH IK>O>GM LN<A f<A:HLg =>O>EHIBG@e;R E>@BMBFBSBG@
IKHI>KMR KB@AML, ;R <HGMKHEEBG@ FHG>M:KR :G= ?BG:G<B:E HI>K:MBHGL, ;R
K>@NE:MBG@ >GMKR MH ><HGHFB< :<MBOBMB>L, >M<. (AMDBGLHG :G= /MB@EBMS
1980, 8-9)
%G 1989, /MB@EBMS K>F:KD>= HG K>=BLMKB;NMBHG:
%G :==BMBHG MH MAHL> BGLM:G<>L PA>K> MA> F:KD>M ?:BEL MH IKHOB=> :
(,:K>MH) >??BGM :EEH<:MBHG H? K>LHNK<>L, MA> @HO>KGF>GM F:R A:O>
: KHE>, >BMA>K ;><:NL> MA> K>LNEMBG@ =BLMKB;NMBHG H? BG<HF> BL H;-
C><MBHG:;E>, HK ;><:NL> MA>K> :K> LHF> F>KBM @HH=L HK ;:=L GHM
:=>JN:M>ER LNIIEB>= ;R MA> F:KD>M. (/MB@EBMS 1989, 39)
/MB@EBMS, AHP>O>K, L>>FL MH :=OBL> :@:BGLM PB=>LIK>:= @HO>KGF>GM HPG>KLABI BG MA>
IKH=N<MBHG H? @HH=L :G= L>KOB<>L:
0A> B=>: MA:M IKBO:M>, IKH?BM-F:QBFBSBG@ ?BKFL :<M BG : P:R PAB<A BL
GHM <HGLBLM>GM PBMA MA> IN;EB< BGM>K>LM, :G= MA:M MABL =BL<K>I:G<R BL
>LI><B:EER BFIHKM:GM BG <>KM:BG <>GMK:E L><MHKLeA>:OR BG=NLMKB>L,
?BG:G<B:E BGLMBMNMBHGL, MK:GLIHKM:MBHGeA:L ;>>G : <>GMK:E M>G>M BG
LH<B:EBLM B=>HEH@R. A L>>FBG@ (NGIKHO>=) <HKHEE:KR BL MA:M B? MA>
@HO>KGF>GM G:MBHG:EBS>= MA>L> >GM>KIKBL>L, MA>R PHNE= :<M BG MA>
IN;EB< BGM>K>LM. (/MB@EBMS 1989, 31)
0A> IN;EB< L><MHK, L:R /MB@EBMS :G= (RG /JNBK>, fLAHNE= ?H<NL BML >??HKML HG
MAHL> :K>:L PA>K> MA> IKBO:M> L><MHK ?:BELg (/MB@EBMS :G= /JNBK> 1998, 144). f>?>GL>,
K>=BLMKB;NMBHG, MA> E>@:E :G= CN=B<B:E LRLM>F, K>@NE:MBHG H? ?BG:G<B:E F:KD>ML, :G=
IKHM><MBHG H? MA> >GOBKHGF>GM :K> :EE :K>:L BG PAB<A MA> IN;EB< L><MHK A:L MH IE:R
MA> <>GMK:E KHE>g (B;B=., 144-145).
/MB@EBMS A:L :MM>FIM>= MH LMKBD> : ;:E:G<> ;>MP>>G MA> LM:M> :G= MA> F:KD>M:
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 651
0A> G>P =>O>EHIF>GM :@>G=: BL BG?HKF>= ;R ABLMHKB<:E >QI>KB>G<>L
:G= A:L =BL<:K=>= MA> GHMBHGL H? fHGER-#HO>KGF>GMg HK fHGER-
F:KD>Mg ;:L>= =>O>EHIF>GM. 0ABL ?K:F>PHKD L>>L @HO>KGF>GM :G=
F:KD>ML :L <HFIE>F>GML K:MA>K MA:G LN;LMBMNM>L. %M M:D>L :L =H@F:
G>BMA>K MA:M F:KD>ML ;R MA>FL>EO>L PBEE >GLNK> =>LBK:;E> HNM<HF>L GHK
MA:M MA> :;L>G<> H? : F:KD>M, HK LHF> K>E:M>= F:KD>M ?:BENK>, PBEE
K>JNBK> MA:M @HO>KGF>GML :LLNF> K>LIHGLB;BEBMR ?HK MA> :<MBOBMR. %M
H?M>G =H>L GHM >O>G :LD PA>MA>K : I:KMB<NE:K :<MBOBMR LAHNE= ;> BG MA>
IN;EB< HK IKBO:M> L><MHK. .:MA>K, BG LHF> <BK<NFLM:G<>L, MA> G>P
:@>G=: L>>L @HO>KGF>GM A>EIBG@ MH <K>:M> F:KD>MLe:L F:GR H? MA>
!:LM ALB:G ><HGHFB>L =B= BG D>R :LI><ML H? MA> ?BG:G<B:E F:KD>M. %G
HMA>K <BK<NFLM:G<>L (LN<A :L >=N<:MBHG), BM L>>L MA> MPH PHKDBG@
MH@>MA>K :L I:KMG>KL, >:<A PBMA BML HPG K>LIHGLB;BEBMB>L. %G LMBEE HMA>KL
(LN<A :L ;:GDBG@), BM L>>L @HO>KGF>GM IKHOB=BG@ MA> >LL>GMB:E
K>@NE:MHKR L>KOB<>L PBMAHNM PAB<A F:KD>ML <:GGHM ?NG<MBHG ;><:NL>
BGO>LMHKL PBEE E:<D G><>LL:KR <HG?B=>G<>. 0A> G>P:@>G=: L>>L MA> /M:M>
LMK>M<ABG@ ;>RHG= BFIE>F>GMBG@ ,B@HNOB:G M:Q:MBHG MA:M <HKK><ML
>QM>KG:EBMB>L, MHP:K= : <HFIE>F>GM:KR KHE> MA:M A>EIL IKHOB=> MA>
BG?HKF:MBHG :G= BGLMBMNMBHG:E, ANF:G :G= IARLB<:E BG?K:LMKN<MNK>
K>JNBK>= ?HK F:KD>ML MH >QBLM :G= ?NG<MBHG P>EE. (/MB@EBMS 1999, 3)
AEMAHN@A /MB@EBMS H?M>G F:D>L @>G>K:E K>F:KDL :;HNM MA> G>>= ?HK F:KD>ML,
P> A:O> GHM ?HNG= :GR <:EEL ;R ABF?HK EB;>K:EBS:MBHG H? LI><B?B< K>LMKB<MBHGL. /MB@EBMS
A:L LB@G>= I>MBMBHGL ?HK K:BLBG@ MA> FBGBFNF P:@>, LNIIHKMBG@ MA> 2008 ">=>K:E
.><HO>KR A<M, LNIIHKMBG@ :N@F>GM:MBHG H? NGBHG IKBOBE>@>L (f!FIEHR>> "K>>
CAHB<> A<Mg), HIIHLBG@ MA> #>HK@> 3. BNLA M:Q <NML, :G= >G=HKLBG@ &HAG '>KKR
?HK IK>LB=>GM BG 2004 ($>=>G@K>G >M :E. 2010).
:OB= $>G=>KLHG (2008) =>L<KB;>L /MB@EBMSiL ?:BMA BG @HO>KGF>GM :<MHKL :L
fM>FI>K>=,g IHLLB;ER ;R ABL >QI>KB>G<> PHKDBG@ PBMA MA>L> :@>GL. $> =>L<KB;>L
/MB@EBMSiL BGOHEO>F>GM BG IHEB<RF:DBG@:
"KHF 1993 MH 2000, /MB@EBMS >GM>K>= MA> IHEBMB<:E :K>G:, ?BKLM :L :
F>F;>K :G= MA>G :L <A:BKF:G H? ,K>LB=>GM BBEE CEBGMHGiL CHNG<BE H?
!<HGHFB< A=OBL>KL, :G= MA>G :L MA> <AB>? ><HGHFBLM H? MA> 3HKE=
B:GD. %G MABL E:MM>K KHE> A> A:= F:CHK <HG?EB<ML PBMA ><HGHFBLML :M
MA> %GM>KG:MBHG:E )HG>M:KR "NG= (%)") :G= :M MA> 1./. 0K>:LNKR HO>K
MA>BK OB>PL H? @HO>KGF>GM ><HGHFB< IHEB<R BG %G=HG>LB: :G= HMA>K
IHHK <HNGMKB>L. /MB@EBMS H;C><M>= MH MA>BK :=OH<:<R H? M:Q BG<K>:L>L :G=
MB@AM FHG>M:KR IHEB<R =NKBG@ MBF>L H? K><>LLBHG, : IHEB<R MA:M A> <:EE>=
fF:KD>M ?NG=:F>GM:EBLF.g ($>G=>KLHG 2008)
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2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 652
/MB@EBMS >QIE:BGL ABL <HG<>KGL PBMA @HO>KGF>GM :<MBHG: f0A> IKH;E>F BL MH
IKHOB=> BG<>GMBO>L ?HK MAHL> LH >GMKNLM>= MH :<M HG ;>A:E? H? MAHL> PAH MA>R :K>
LNIIHL>= MH ;> L>KOBG@g (/MB@EBMS 2002;, 523). 5>M, A> L>>L : I:KMB:E LHENMBHG:
f>FH<K:<Re<HGM>LM:;BEBMR BG IHEBMB<:E IKH<>LL>LeIKHOB=>L : <A><D HG :;NL>L
H? MA> IHP>KL MA:M <HF> ?KHF =>E>@:MBHG CNLM :L BM =H>L BG ><HGHFB< IKH<>LL>L;
;NMcMA> >E><MHK:E IKH<>LL IKHOB=>L :G BFI>K?><M <A><Dg (B;B=.). /MB@EBMS :ELH A:L
AB@A AHI>L ?HK MA> >??><MBO>G>LL H? @HO>KGF>GM MK:GLI:K>G<R (B;B=., 524).
/MB@EBMS L:RL ABL BGLB@AML <:LM =HN;M HG MA> <HG<ENLBHGL H? <HFI>MBMBHG-;:L>=
><HGHFB< FH=>EL: f/HF> H? MA> FHLM BFIHKM:GM <HG<ENLBHGL H? ><HGHFB< MA>HKR
:K> GHM KH;NLM MH <HGLB=>K:MBHGL H? BFI>K?><M BG?HKF:MBHGg (.HMAL<ABE= :G= /MB@EBMS
1976, 629).
%G ABL *H;>E E><MNK>, A> L:B=:
3> A:O> L>>G AHP MA> <HFI>MBMBO> I:K:=B@F MA:M =HFBG:M>=
><HGHFB< MABGDBG@ ?HK MPH <>GMNKB>L, GHM HGER P:L GHM KH;NLM, GHM HGER
=B= GHM >QIE:BG D>R ><HGHFB< IA>GHF>G:, ;NM :ELH E>= MH FBL@NB=>=
IHEB<R IK>L<KBIMBHGL. (/MB@EBMS 2002;, 519)
/MB@EBMS F>:GL F:KD>M-;:L>= IHEBL, PAB<A, A> <HGM>G=>=, :K> fI:KMB<NE:KER BG:I-
IKHIKB:M> ?HK =>O>EHIBG@ <HNGMKB>Lg (B;B=.).
/HF> H? /MB@EBMSiL PHKD HG =>O>EHIF>GM ><HGHFB<L BL =>L<KB;>= ;R $H?? :L
?HEEHPL:
$BL FH=>EL P>K> BFIHKM:GM BG >LM:;EBLABG@ (:) MA:M IHLBMBO> ?>>=;:<D
F><A:GBLFL <:G @BO> KBL> MH FNEMBIE> >JNBEB;KB: :G= NG=>K=>O>EHIF>GM
MK:IL; (;) MA:M, ;><:NL> MA> <:NL>L H? F:KD>M ?:BENK>L :G= <HGLMK:BGML HG
@KHPMA O:KR @K>:MER ?KHFL>MMBG@ MH L>MMBG@, :G:ERLBL A:L MH ;> =HG> <:L>
;R <:L>; :G= (<) MA:M GHG-F:KD>M BGLMBMNMBHGL G>>= A:O> GH >??BG<R
IKHI>KMB>L. ($H?? 2008)
3BMA (RG /JNBK>, /MB@EBMS HNMEBG>= MAK>> BG@K>=B>GML ?HK @KHPMA: f: LM:;E> :G=
<K>=B;E> IHEB<R >GOBKHGF>GM, :G HI>G :G= <HFI>MBMBO> ><HGHFR, :G= : ?H<NL>=
IN;EB< L><MHKg (/MB@EBMS :G= /JNBK> 1998, 142). $> A:L <KBMB<BS>= MA> MK>G= H? <:IBM:E
F:KD>M EB;>K:EBS:MBHG, L:RBG@ BM ANKML =>O>EHIBG@ <HNGMKB>L (/MB@EBMS 2002<, 244).
A?M>K MA> ?:EE H? <HFFNGBLF, /MB@EBMS PKHM>, G:MBHGL FHO>= MHP:K= F:KD>ML,
:G= F:GR :LLNF>= MABL PHNE= ;KBG@ :;HNM AB@A>K BG<HF>L. f%GLM>:=, BG<HF>L
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0K>:LNKR, K><HFF>G=>= MA>BK PHKD, PAB<A P:L MA>G IN;EBLA>= BG 1941 :L :
ECON JOURNAL WATCH
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/MHG> PHG MA> ><HGHFB<L *H;>E BG 1984 ?HK ABL PHKD HG G:MBHG:E :<<HNGML,
LI><B?B<:EER ABL BGM>@K:MBHG H? =HN;E>->GMKR ;HHDD>>IBG@ (.HR:E /P>=BLA A<:=>FR
H? /G<>L 1984).
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:=O:GM:@> H? L>E? K>@NE:MBHG ;R F>:GL H? =><>GMK:EBS:MBHG H? =><BLBHG
F:DBG@. 0A> H;C><MBHG MH BM BL MA:M BM PHKDL fPBMA EBFBM>= O:EN>L :G=
EBFBM>= BG?HKF:MBHG: MA> O:EN>L H? MA> F:KD>M IE:<> :G= MA>
BG?HKF:MBHG IKHOB=>= ;R <NKK>GM IKB<>L :G= ;R MA> IKB<>L HG : LF:EE
GNF;>K H? ?HKP:K= F:KD>ML.g (3HE?> 1968, 428)
/MHG> :ELH K><H@GBS>= ?:BENK>L H? BGM>KO>GMBHG, LI><B?B<:EER NGBGM>G=>= <HG-
L>JN>G<>L. $> ;>EB>O>=, AHP>O>K, MA:M FHK> :<<NK:M> F>:LNK>F>GM :G= FH=>EBG@
<HNE= :F>EBHK:M> MA> G>@:MBO> K>LNEML H? A:G=L-HG IE:GGBG@. %G 3HE?>iL PHK=L,
f/MHG> <HGMBGN>L PBMA MA> M><AGH<K:MB< :LL>KMBHG MA:M MA> BLLN>L ;>?HK> NL LAHNE=
GHM ;> <HGLB=>K>= BG M>KFL H? <HEE><MBOBLF O>KLNL IKBO:M> HPG>KLABI, ;NM K:MA>K BG
M>KFL H? @HH= IE:GGBG@ O>KLNL ;:= IE:GGBG@c. 7/MHG> L:P8 ABL KHE> :L IKHOB=BG@ :
F:<ABG> ?HK <HA>K>GM IE:GGBG@ H? MA> ><HGHFR :L : PAHE>g (3HE?> 1968, 428).
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 659
References
Deaton, Angus. 2008. /MHG>, &HAG .B<A:K= *B<AHE:L (1913d1991). %G The New
Palgrave Dictionary of Economics, 2G= >=., >=L. /M>O>G *. NKE:N? :G= (:PK>G<>
!. BENF>. B:LBG@LMHD>, 1': ,:E@K:O> ):<FBEE:G. Link
Johansen, Leif. 1985. .B<A:K= /MHG>iL CHGMKB;NMBHGL MH !<HGHFB<L. Scandinavian
Journal of Economics 87(1): 4-32. Link
Royal Swedish Academy of Sciences. 1984. 0ABL 5>:KiL ,KBS> BG !<HGHFB<L
AP:K=>= ?HK ,BHG>>KBG@ 3HKD BG MA> >O>EHIF>GM H? /RLM>FL H? *:MBHG:E
A<<HNGML. ,K>LL K>E>:L>, +<MH;>K 18. Link
Stone, Richard. 1951. 0A> 1L> :G= >O>EHIF>GM H? *:MBHG:E %G<HF> :G=
!QI>G=BMNK> !LMBF:M>L. %G Lessons of the British War Economy, >=. . *.
CA>LM>K. C:F;KB=@>, 1': C:F;KB=@> 1GBO>KLBMR ,K>LL.
Stone, Richard. 1985. ANMH;BH@K:IAR. %G Les Prix Nobel: The Nobel Prizes 1984, >=.
3BEA>EF +=>E;>K@. /MH<DAHEF: *H;>E "HNG=:MBHG. Link
Wolfe, John N. 1968. .>OB>P H? A Programme For Growth: Vol. 4, Capital Output and
Employment, 19481960, and Vol. 5, The Model in Its Environment ;R .B<A:K=
/MHG>. Econometrica 36(2): 427-429. Link
Jan Tinbergen
BHKG BG MA> *>MA>KE:G=L, &:G 0BG;>K@>G (1903d1994) ;><:F> BGOHEO>= >:KER
PBMA LH<B:E-=>FH<K:MB< FHO>F>GML. 0BG;>K@>G ;><:F> : F>F;>K H? MA> /H<B:E
>FH<K:MB< 3HKD>KL ,:KMR (/A,) BG 1922, :G= A> P:L :<MBO> BG MA> (>:@N> H?
/H<B:E->FH<K:MB< /MN=>GM CEN;L (//C), ?HNG=BG@ : =>I:KMF>GM H? MA> //C BG
(>B=>G (BHNF:GL 2003). AL A> FHO>= BGMH ><HGHFB< FH=>EBG@, MA> FHMBO:MBHG
MHP:K= >JN:EBMR LM:R>= PBMA ABF. %G :G BGM>KOB>P E:M>K BG EB?>, A> L:B= MA:M A> A:=
@K>:M LRFI:MAR ?HK MA> NG=>K=H@ :G= <HGMBGN>= MH :=OH<:M> f=>FH<K:MB< LH<B:E-
BLFg (0BG;>K@>G 1992, 277; L>> :ELH 0BG;>K@>G :G= "BL<A>K 1987; 0>KA:E 1988, 264).
A?M>K @K:=N:MBG@ BG 1929 PBMA : =H<MHK:M> BG ,ARLB<L ?KHF(>R=>G 1GBO>KLBMR,
0BG;>K@>G PHKD>= LMN=RBG@ ;NLBG>LL <R<E>L ?HK MA> NM<A C>GMK:E BNK>:N H?
/M:MBLMB<L. $> K>F:BG>= MA>K> ?HK 16 R>:KL, PBMA : MPH-R>:K LMBGM :M MA> (>:@N> H?
*:MBHGL ?KHF 1936d38. 0BG;>K@>G P>GM HG MH ;><HF> =BK><MHK H? MA> *>MA>KE:G=L
C>GMK:E ,E:GGBG@ BNK>:N ?KHF 1945 MH 1955 ((BG=;><D 1992). A MKBI MH %G=B: BG
1951 BFIK>LL>= 0BG;>K@>G PBMA MA> G>>= ?HK K>L>:K<A BG ><HGHFB< =>O>EHIF>GM
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 660
(BHNF:GL 2003). "KHF 1966 MH 1975, A> P:L <A:BKF:G H? MA> 1GBM>= *:MBHGL
CHFFBMM>> HG >O>EHIF>GM ,E:GGBG@ (B>:N= :G= HLM:E>K 1997, 425).
0BG;>K@>GiL F:CHK <HGMKB;NMBHG MH ><HGHFB<L P:L BG F:<KH><HGHFB<
FH=>EBG@. 0BG;>K@>G >QI>KBF>GM>= PBMA >E:;HK:M> FH=>EL, LN<A :L : FH=>E H?
AF>KB<:G BGO>LMF>GM :G= ;NLBG>LL <R<E>L (0BG;>K@>G 1939) MA:M BG<HKIHK:M>=
LHF> 70 O:KB:;E>L :G= 50 >JN:MBHGL ("KB>=F:G 1940, 657). 3HKDBG@ MH =>O>EHI :
FHK> LM:MBLMB<:E ;:LBL ?HK '>RG>LB:G B=>:L, 0BG;>K@>G BG 1936 =>O>EHI>= : IKHMH-
,ABEEBIL CNKO> (B:<HG 1973).
0BG;>K@>GiL >:KER PHKD K>?E><M>= ABL OB>PL HG EB;>K:E ><HGHFB< IHEB<R: f%G BML
FHLM LI><B?B< :G= FHLM K>E>O:GM L>GL> MA> GHMBHG H? ><HGHFB< IHEB<R PBEE, AHP>O>K,
K>?>K MH @HO>KGF>GML. c 3A>K>:L BG MA> GBG>M>>GMA <>GMNKR @HO>KGF>GM:E ;>-
A:OBHK P:L I>KA:IL :EFHLM K>LMKB<M>= MH ?BL<:E :<MBOBMR, LBG<> MA>G MA> =>O>EHIF>GM
A:L >O>K ;>>G FHK> BGMH MA> =BK><MBHG H? :G :MM>FIM :M EHHDBG@ :?M>K MA> hgeneral
interesti, BG PA:M>O>K L>GL> MA:M F:R ;> M:D>Gg (0BG;>K@>G 1952, 1). $> <HGMBGN>= ;R
<HFI:KBG@ EB;>K:E :G= ):KQBLM ><HGHFB<L, :G= =BLFBLLBG@ ;HMA:
/HF> L<AHHEL H? MAHN@AM HG ><HGHFB< IHEB<R ;>EB>O> MA:M :G HIMBFNF
IHEB<R BL @N:K:GM>>= ;R : JN:EBM:MBO> <AHB<> HGER. +G> >Q:FIE> 7BL8c
MA> ):G<A>LM>K L<AHHE H? EB;>K:E ><HGHFB< IHEB<R; MA>BK <AHB<> ;>BG@
MA:M H? fE:BLL>S ?:BK>.g 0A>R ;>EB>O> MA>R <HNE= IKHO> MA:M MA> F:Q-
BFNF H? @>G>K:E P>EE-;>BG@ PHNE= ;> :NMHF:MB<:EER H;M:BG>= ;R
<HFIE>M> ?K>>=HF H? ><HGHFB< :<MBOBMR. AGHMA>K >Q:FIE> H? : <>KM:BG
:-IKBHKB ;>EB>? H? MABL MRI> BL MA> >QMK>F> LH<B:EBLM HIBGBHG MA:M HGER
LM:M> HPG>KLABI <:G ;> : @N:K:GM>> ?HK MA> F:QBFNF H? @>G>K:E P>EE-
;>BG@. 0ABL >Q:FIE> BL, AHP>O>K, HGER : I:KMB:E HG>, LBG<> IHEB<R PHNE=,
MA> LM:M> HPG>KLABI HG<> >LM:;EBLA>=, BGOHEO> : E:K@> GNF;>K H?
JN:GMBM:MBO> =><BLBHGL MH ;> M:D>G BG <HGL>JN>G<>. BHMA MA>L> <:L>L
:K> >Q:FIE>L H? :G faprioristic policyg, ;:L>= HG MA>HKB>L K:MA>K MA:G HG
>FIBKB<:E K>L>:K<A. (0BG;>K@>G 1952, 1-3)
%G MA> 1960L, 0BG;>K@>G <HGMBGN>= ABL =BLFBLL:E H? EB;>K:E ><HGHFB< IHEB<R
PABE> IKHFHMBG@ : <>GMK:EER IE:GG>= F:<KH><HGHFR:
(HG@ :@H, PA>G MA> PHK= IE:GGBG@ A:= GHM R>M ;>>G BGO>GM>=, MA>
>E>F>GML H? IE:GG>= IHEB<R CNLM >GNF>K:M>= P>K> GHM PAHEER :;L>GM.
0ANL, >O>G B? GH ?HKF:E ?HK><:LML P>K> F:=>, IHEB<R F:D>KL A:= LHF>
B=>:L HG PA:M MA> ?NMNK> <HNKL> H? >O>GML FB@AM ;>. %G F:GR <:L>L
MA>R F:R A:O> NL>=, <HGL<BHNLER HK NG<HGL<BHNLER, PA:M P> GHP <:EE
HG> H? MA> fG:]O>g F>MAH=L H? ?HK><:LMBG@e?HK BGLM:G<>, ;R LBFIE>
>QMK:IHE:MBHG H? K><>GM FHO>F>GML HK ;R :LLNFBG@ GH FHO>F>GM :M
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 661
:EE. AL BL P>EE DGHPG, <R<EB<:E =HPGMNKGL P>K> GHM ?HK>L>>G, E>:=BG@ MH
HO>KIKH=N<MBHG HK, HG<> MA>R A:= H<<NKK>=, MH HO>KI>LLBFBLMB< OB>PL
HG ?NMNK> =>O>EHIF>GM.
0A> ?HKFNE:MBHG H? :BFL H? IHEB<R ;><:F> FHK> G><>LL:KR :?M>K
MA> ;>EB>? BG E:BLL>S ?:BK> P:L @BO>G NI. B>?HK> MA:M MBF> MA>K> P:L
GH G>>= ?HK IE:GGBG@, LBG<> BM P:L ;>EB>O>= MA:M ?K>> ><HGHFB< ?HK<>L
PHNE= E>:= MH MA> ;>LM =>O>EHIF>GM <HG<>BO:;E>. 3A>G MABL ;>EB>? =B>=
BM ;><:F> G><>LL:KR MH ?HKFNE:M> GHKFL ?HK HIMBFNF =>O>EHIF>GM.
+G> H? MA> <NKK>GM =B??B<NEMB>L BL MA:M :FHG@ F:GR IHEBMB<B:GL, IKH;:;ER
:L : <HGL>JN>G<> H? HNK >=N<:MBHG LRLM>F, : IK>?>K>G<> >QBLML ?HK
MABGDBG@ BG JN:EBM:MBO> M>KFL HGER. BNM :G ><HGHFB< IHEB<R FNLM ;>
;:L>= HG JN:GMBM:MBO> :L P>EE :L JN:EBM:MBO> ?HKFNE:MBHGL. (0BG;>K@>G
1964, 43)
BR 1966, 0BG;>K@>GiL OB>PL HG <>GMK:E IE:GGBG@ ?NKMA>K =>O>EHI>= BGMH PHKE=
IE:GGBG@:
3> <:G L:R MA:M P> A:O> LHF> ;>@BGGBG@L :EK>:=R H? LN<A PHKE=
IE:GGBG@ :G= % PHNE= EBD> MH LM:KM PBMA MA> MK>:MF>GM H? FR LN;C><M ;R
CNLM K>FBG=BG@ RHN H? PA:M ;>@BGGBG@L P>, BG ?:<M, A:O>. +? <HNKL>,
MA>K> :K> : PAHE> L>M H? BGM>KG:MBHG:E HK@:GBS:MBHGL, F:BGER MA> F>F-
;>KL H? MA> 1GBM>= *:MBHGL ?:FBER, ;NM :ELH HMA>KL MA:M =H >G@:@>
:EK>:=R BG LHF> ><HGHFB< IE:GGBG@. +G<> PA>G, :L % AHI>, MA>
BGM>KG:MBHG:E IHEBMB<:E LMKN<MNK> PBEE ;><HF> LMKHG@>K, MA:M IE:GGBG@
PBEE ;> MA> ;:LBL ?HK : K>:EER BGM>KG:MBHG:E ><HGHFB< IHEB<R. c AEE MA>
7IHEB<R8 F>:LNK>L % :F JNHMBG@ :K> BG ?:<M F>:LNK>L MA:M A:O> MH ;>
M:D>G :M MA> PHKE= E>O>E. %M BL, H? <HNKL>, <HG<>BO:;E> MA:M MA>R ;> M:D>G
;R LHF> LHKM H? :@K>>F>GM ;>MP>>G :NMHGHFHNL <HNGMKB>L ;NM BM
PHNE= ;> FN<A FHK> >??BGM B? MA>R <HNE= ;> M:D>G ;R LHF>MABG@
<HFI:K:;E> MH : 3HKE= #HO>KGF>GM. c % MABGD MA> @>G>K:E BGM>K>LM
=H>L K>JNBK> MA:M P> A:O> : LMKHG@ C>GMK> PBMA : LMKHG@ IHEB<R.
(0BG;>K@>G 1966, 70-71)
$BL OB>PL HG EB;>K:E ><HGHFB< IHEBL K>F:BG>= MA> L:F>: fAL : KNE>, MH=:R
P> PHNE= :BF :M K>=N<BG@ MA> BG>JN:EBMB>L ;>MP>>GcK>@BHGL. "HKF>KER, BG MA> MBF>
H? laissez-faire, P> =B= GHM <:K> FN<A :;HNM MABLg (0BG;>K@>G 1966, 7).
%G 1967 0BG;>K@>G PKHM> : ;HHD ?HK NL> BG fNGBO>KLBMB>L :L P>EE :L ?HK LHF>
H? MA> IE:GGBG@ >QI>KML BG @HO>KGF>GML,g :G= A> <HGMBGN>= MA> <HG=>FG:MBHG H?
EB;>K:E ><HGHFB< IHEB<R:
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 662
,HEB<R-F:D>KLi LH<B:E P>E?:K> ?NG<MBHGL :K> H?M>G BG?EN>G<>= ;R LHF>
general theories HK fprinciplesg <HG<>KGBG@ ><HGHFB< IHEB<R, MA>L> M>G=BG@
MH LNFF:KBS> >QI>KB>G<> PBMA, HK LGMB?B< BGLB@AM BGMH, MABL <HF-
IEB<:M>= F:MM>K, :G= FHK> HK E>LL LMK>:FEBGBG@ BM. (B;>K:E IHEBMB<B:GL,
?HK >Q:FIE>, M>G= MH >FIA:LBS> MA> BFIHKM:G<> H? ><HGHFB< ?K>>=HF
H? MA> BG=BOB=N:E, LBG<> MA>R MABGD MA>R <:G K>ER HG : GNF;>K H? L>E?-
:=CNLMBG@ ?HK<>L BG MA> ><HGHFR ?HK E>MMBG@ BM :=:IM BML>E? MH <A:G@>L :G=
;EBG=ER ?BG= BML HIMBFNF LM:M>. (0BG;>K@>G 1967, 12)
0A> :BFL H? ><HGHFB< IHEB<R A:O> <A:G@>= : @HH= =>:E BG MA> <HNKL>
H? ABLMHKR. 0ABL A:L IKH;:;ER ;>>G I:KMER =N> MH <A:G@>L BG BG=BOB=N:E
:BFL @>G>K:EER, ;NM ?EN<MN:MBHGL BG ><HGHFB< <HGOB<MBHGL A:O> ;>>G
FHK> BFIHKM:GM. %G I:KMB<NE:K, MA> ;>EB>? MA:M MA> ><HGHFB< F><A:GBLF
FB@AM A:O> LN??BGM BGA>K>GM ?HK<>L H? L>E?-K>@NE:MBHG =B=, BG MA>
GBG>M>>GMA <>GMNKR, >Q>KM <HGLB=>K:;E> BG?EN>G<> HG IN;EB< HIBGBHG.
0H MA> >QM>GM MA:M MABL ;>EB>? BL LMBEE <HKK><M, ><HGHFB< IHEB<R F:R ;>
HG> H? :;LM>GMBHG. (B;>K:E IHEBMB<B:GL, HG MA> ;:LBL H? MA> EB;>K:E L<AHHE
H? ><HGHFB< LG<>, A>E= MABL ;>EB>? O>KR LMKHG@ER :G= <HGL>JN>GMER
K>=N<>= MA> K:G@> H? ><HGHFB< IHEB<R. (0BG;>K@>G 1967, 15)
+G> H? MA> ?NKMA>K EBFBM:MBHGL MH MA> K>E>O:G<> H? MA> <>GMK:E IKHI-
HLBMBHG H? ?K>>->GM>KIKBL> ><HGHFB<L BL <:NL>= ;R MA> static <A:K:<M>K
H? MA> :LLNFIMBHGL ?KHF PAB<A BM BL =>KBO>=. *H :<<HNGM BL M:D>G H?
MA> =B??B<NEMB>L MA:M F:R :KBL> ?KHF MA> IKH<>LL H? :=:IM:MBHG, ?HK MABL
G><>LL:KBER K>JNBK>L : =RG:FB< :G:ERLBL. (0BG;>K@>G 1967, 35)
C>KM:BG IABEHLHIA>KL A:O> :=OH<:M>= <HFIE>M> ?K>>=HF :L MA>
@HO>KGBG@ IKBG<BIE> H? ><HGHFB< IHEB<R. CHFIE>M> ?K>>=HFA:L A:K=ER
>O>K >QBLM>= BG :GR K>@NE:K LHMR PHKMAR H? LMN=R. BNM BM A:L ;>>G
:IIKH:<A>= ?KHF MBF> MH MBF>, :G= BG PB=>ER O:KRBG@ =>@K>>L, >BMA>K
BG LF:EE <HFFNGBMB>L ?HKF>= A:IA:S:K=ER, HK BG <>KM:BG ><HGHFB>L
I:KMB<NE:KER =>OHM>= MH MA> B=>: H? ?K>>=HF. cBKB>?ER LM:M>=, <HFIE>M>
?K>>=HFM>G=L MH K>L>F;E> MA> LM:M> H? :??:BKL BG MA> CNG@E> :G=, :L ?:K :L
P> DGHP, BG <>KM:BG :GBF:E <HFFNGBMB>L, PA>K> MA> LMKHG@ :G= ;KNM:E
KNE>. (0BG;>K@>G 1967, 211)
0BG;>K@>G <HG<EN=>=: f%M BL ABL 7MA> :NMAHKiL8 ;>EB>? MA:M LHF> H? MA> K>?HKFL EBLM>=
LAHNE= K:GD AB@A BG ><HGHFB< IHEB<R IKH@K:FL, :G= LAHNE= ;> INKLN>= PBMA FHK>
>G>K@R MA:G BL MA> <:L> :M IK>L>GM. 0A>L> :K> BGM>KG:MBHG:E BGM>@K:MBHG, MA>
BGM>KG:MBHG:E MK:GL?>K H? BG<HF>L, MA> BGMKH=N<MBHG H? ;NBEM-BG LM:;BEBS>KL :G= MA>
K:P F:M>KB:E LM:G=:K= BG MA> BGM>KG:MBHG:E ?B>E=, :G= MA> :IIEB<:MBHG H? ?:FBER
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 663
IE:GGBG@, H? BG=NLMKB:E =>FH<K:<R :G= MA> >JN:EBS:MBHG H? HIIHKMNGBMB>L, BG MA>
G:MBHG:E ?B>E=g (0BG;>K@>G 1967, 208).
+G MA> @EH;:E E>O>E, 0BG;>K@>G IK>L<KB;>= : FBQ H? ?K>> MK:=> :G= IKH-
M><MBHGBLF: f0A> HO>KLBFIEB?B>= MA>HKB>L H? BGM>KG:MBHG:E MK:=> >O>G M>EE NL MA:M
LBFNEM:G>HNLER MA> P>EE;>BG@ H? :EE <HNGMKB>L H? MA> PHKE= PBEE ;> F:QBFBS>= ;R MA>
:;HEBMBHG H? :EE H;LM:<E>L MH MK:=>. /N<A : LM:M>F>GM @H>L MHH ?:K; HG MA> HG> A:G=,
LHF> IKHM><MBHG H? BG?:GM BG=NLMKB>L BG RHNG@ <HNGMKB>L BL @>G>K:EER K><H@GBS>=
MH ;> =>LBK:;E>. +G MA> HMA>K A:G=, MA> MA>HKR H? MA> HIMBFNF M:KB?? M>EEL NL MA:M
F:QBFNF P>EE;>BG@ ?HK : <HNGMKR A:OBG@ : O>KR E:K@> LA:K> BG PHKE= MK:=> F:R
;> H;M:BG>= ;R BFIHLBG@ MA:M M:KB??, MH MA> =>MKBF>GM H? MA> K>LM H? MA> PHKE=g
(0BG;>K@>G 1970, 6). 0BG;>K@>G MA>G IKHIHL>= MA:M FNEMBG:MBHG:E >GM>KIKBL>L L>>D
HNM MA> fHIMBF:E BGM>KG:MBHG:E =BOBLBHG H? E:;HK.g 0H <A><D IHLLB;E> :;NL>L ;R E:K@>
<HKIHK:M> ;NLBG>LL, 0BG;>K@>G K>JNBK>= fLNI>KOBLBHG H? FNEMBG:MBHG:E >GM>KIKBL>L
;R LNIK:G:MBHG:E ;H=B>L, LN<A :L MA> 1GBM>= *:MBHGLg (0BG;>K@>G 1970, 8).
AM : 1GBM>= *:MBHGL %GLMBMNM> ?HK 0K:BGBG@ :G= .>L>:K<A E><MNK> BG 1971,
0BG;>K@>G LM:M>=: fA?M>K MA> IK:<MB<:E >QI>KB>G<> H? MA> AB@AER NG>JN:E BG<HF>
=BLMKB;NMBHG BG : <HFIE>M>ER ?K>> LHMR MA> G><>LLBMR H? BGLMBMNMBHGL I>K?HKFBG@
BG<HF> K>=BLMKB;NMBHG ;><:F> >OB=>GM. 0A> =BL<HO>KR H? MA> F:GB?HE= >QM>KG:E
>??><ML H? : GNF;>K H? :<MBOBMB>L A:L @K:=N:EER F:=> BM <E>:K PAR hMA> LM:M>i FNLM ;>
:FHG@ MA> BGLMBMNMBHGL H? :G HIMBF:E HK=>K. A EHG@ EBLM H? :<MBOBMB>L <:G ;> @BO>G
PAB<A <:GGHM ;> E>?M MH ?K>> >GM>KIKBL>: MA> IKHOBLBHG H? L><NKBMR, H? LHNG= FHG>R,
H? : LN??BGM E>O>E H? MHM:E =>F:G= :G= H? MHM:E L:OBG@L, MA> K>@NE:MBHG H? NGLM:;E>
F:KD>ML, >=N<:MBHG, MA> F:BGM>G:G<> H? MA> KH:= LRLM>F :G= LH HGg (0BG;>K@>G
1971, 8).
%G 1975, 0BG;>K@>G PKHM> : <A:IM>K HG MA> IKH;E>F H? =>?BGBG@ CNLMB<> :G=
>JNBMR: f0A> IK>L>GM :MMBMN=> H? :@GHLMB<BLF OBL-V-OBL : =>?BGBMBHG H? >JNBMR HK
CNLMB<> PAB<A BL :ELH IK>?>KK>= ;R FHLM ><HGHFBLML P:L IK><>=>= ;R : I>KBH= BG
PAB<A F:GR ><HGHFBLML PAHF P> BG !NKHI> <:EE EB;>K:EBLMeHK ):G<A>LM>K
EB;>K:ELe=B= A:O> : =>?BGBMBHG H? CNLMB<>. &NLMB<> P:L <HGLB=>K>= MH <HGLBLM H? MA>
>JN:EBMR ;>MP>>G :G BG=BOB=N:EiL income received ?KHF LHMR :G= ABL contribution MH
LHMR ;R F:DBG@ :O:BE:;E> I:KM H? MA> IKH=N<MBHG ?:<MHKL A> HPG>=. 0A> =>?BGBMBHG
BL MRIB<:EER BG=BOB=N:EBLMB< BG MA:M BM =>:EL PBMA MA> K>E:MBHGLABIL H? >:<A BG=BOB=N:E
MH LHMR :L :G :;LMK:<M >GMBMR :G= =H>L GHM <HFI:K> BG=BOB=N:EL MH >:<A HMA>K.g
0BG;>K@>G =>EBO>K>= ABL OB>P: f%G BG<K>:LBG@ GNF;>KL F>F;>KL H? HNK LHMR :K>
=HN;MBG@ MABL BGM>KIK>M:MBHG H? PA:M P> ?>>E PA>G P> LI>:D :;HNM CNLMB<> HK >JNBMR.
c +NK IHLBMBO> LN@@>LMBHG <HGLBLML H? :=A>KBG@ MH MA> =>?BGBMBHG MA:M >JNBMR LM:G=L
?HK equal welfare for all individualsg (0BG;>K@>G 1975, 129-130).
%G MA> L:F> ;HHD, 0BG;>K@>G <HGMBGN>= MH =BL<K>=BM FH=>KG EB;>K:EBLF HG
: FHK:E E>O>E :G= >LIHNL> @HO>KGF>GM BGM>KO>GMBHG: f3> PBEE =>?BG> :L BG<HF>
=BLMKB;NMBHG IHEBL :EE BGM>KO>GMBHG BGMH MA> IKH<>LL H? BG<HF> ?HKF:MBHG PBMA MA>
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@>G>K:E H;C><MBO> H? <A:G@BG@ BG<HF> =BLMKB;NMBHG. c 70A> :=O:GM:@>L H? BG=BK><M
IHEBL, PAB<A A:O> :G BFI:<M ;>ABG= MA> F:KD>M8 BL MA:M MA>R =H GHM =BLKNIM ;NM
K:MA>K LAB?M MA> >JNBEB;KBNFc. %G HG> P:R HK :GHMA>K BG<HF> =BLMKB;NMBHG IHEBL
:K> F>:GM MH <A:G@> MA> ?K>> F:KD>M HK=>K HK laissez-faire, >Q:<MER ;><:NL> MA>
HNM<HF> H? LN<A : <HFIE>M>ER ?K>> LRLM>F BL <HGLB=>K>= MH ;> >MAB<:EER
NG:<<>IM:;E>. 0ABL MA>R A:O> BG <HFFHG PBMA : EHG@ EBLM H? FH=>KG IN;EB<
BGM>K?>K>G<>L, ?KHF IKHAB;BMBHG H? <ABE= E:;HNK MH BFIHLBMBHG H? ><HEH@B<:E
LM:G=:K=Lg (0BG;>K@>G 1975, 137).
BR 1985, 0BG;>K@>G MNKG>= MH :<:=>FB< ):KQBLF MH =BL<NLL fMA> =>>I>K
:BFL H? : LH<B:EBLM HK=>Kg: f):KQ >QIEB<BMER <E:BF>= MA:M P> LAHNE= :BF :M scientific
LH<B:EBLF; :G= LG<> BL : <HGMBGNBG@ IKH<>LL H? posing questions, :G= MKRBG@ MH :GLP>K
MA>F, M>LMBG@ MA> :GLP>KL ;R empirical research :G= MA>G IHLBG@ new questions. c %G
HMA>K PHK=L, : MKNER ):KQB:G :MMBMN=> BL MH CHBG MA> IKH<>LL H? scientific research, NLBG@
:EE G>P >OB=>G<> :O:BE:;E>, MH =>O>EHI G>P BGLB@AMLg (0BG;>K@>G 1985, 175).
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James Tobin
&:F>L 0H;BG (1918d2002) P:L HG> H? MA> @>G>K:MBHG H? ><HGHFBLML
BG?EN>G<>= ;R @KHPBG@ NI =NKBG@ MA> #K>:M >IK>LLBHG. 0H;BG L:RL ABL BGM>K>LM BG
F:<KH><HGHFB< IKH;E>FL <:F> ?KHF ABL FHMA>K, : LH<B:E PHKD>K =>:EBG@ PBMA MA>
NG>FIEHR>=, :G= ABL ?:MA>K, PAH P:L BGM>EE><MN:E :G= : fEB;>K:E HG ABL HPGg (0H;BG
1999;, 868). 0H;BG L>>FL MH A:O> ;>>G ?:BKER <HGLM:GM BG ABL OB>P, ?:OHKBG@ IKBO:M>
F:KD>ML LN;C><M>= MH K>@NE:MBHG :G= '>RG>LB:G F:G:@>F>GM ('KN@F:G 2002).
0H;BG (1999;, 870-871) AB@AEB@AML '>RG>LiL BG?EN>G<> =NKBG@ ABL RHNMA:
f'>RG>L P:L ?:L<BG:MBG@ ;><:NL> BM EHHD>= EBD> A> A:= : ?KNBM?NE G>P P:R H? @HBG@
:;HNM ><HGHFB<L. 0H F>, BM EHHD>= EBD> ?NG. AG= MA>G HG MA> HMA>K A:G= MABL P:L
:ELH : K>OHEM. % MABGD K>OHEML :@:BGLM HE= >LM:;EBLA>= PBL=HF :K> >Q<BMBG@ MH RHNG@
I>HIE>. %M P:L >Q<BMBG@ MH F> >O>G MAHN@A % A:= GHM ;>>G K>:EER M:N@AM MA> HE=
><HGHFB<L >GHN@A MH DGHP PA:M '>RG>L P:L K>OHEMBG@ :@:BGLM. c '>RG>L P:L :
D>>G H;L>KO>K H? MA> K>:E PHKE=. %M A:= MA> KBG@ H? MKNMA MH FR >:KL ;:<D MA>G.g
0H;BG P>GM MH $:KO:K= 1GBO>KLBMR ?HK NG=>K@K:=N:M> :G= @K:=N:M> PHKD. %G
<HEE>@>, 0H;BG P:L : *>P >:E>K (0H;BG 1986, 118) :G= K><:EEL MA:M "K:GDEBG .
.HHL>O>EM P:L ABL IHEBMB<:E A>KH (0H;BG 1996, 661). %G ABL *H;>E :NMH;BH@K:IAB<:E
GHM>L, 0H;BG PKHM>: f0A> FBL>K:;E> ?:BENK>L H? <:IBM:EBLM ><HGHFB>L BG MA> #K>:M
>IK>LLBHG P>K> KHHM <:NL>L H? PHKE=PB=> LH<B:E :G= IHEBMB<:E =BL:LM>KLg (0H;BG
1982:).
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0H;BGiL =H<MHK:E LMN=B>L P>K> BGM>KKNIM>= ;R MA> 3:K. $> A>E= : IHLBMBHG :M
MA> +??B<> H? ,KB<> A=FBGBLMK:MBHG :G= CBOBEB:G /NIIER PAB<A A>EI>= "K:G<> :G=
BKBM:BG :EEH<:M> L<:K<> F:M>KB:EL :P:R ?KHF <BOBEB:G NL> ?HK FBEBM:KR IKH@K:FL. $>
K>F>F;>KL >GCHRBG@ PHKDBG@ BG MA> ;NK>:N<K:<R BG 3:LABG@MHG ;>?HK> MA> 1GBM>=
/M:M>L >GM>K>= MA> P:K (0H;BG 1999;, 872). NKBG@ 3HKE= 3:K %%, 0H;BG CHBG>= MA>
1./. *:OR :G= L>KO>= HO>KL>:L :L : G:OB@:MHK H? : G:O:E =>LMKHR>K ?HK MAK>> :G= :
A:E? R>:KL (B;B=.). 1IHG K>MNKGBG@ MH <BOBEB:G EB?>, A> K>MNKG>= MH $:KO:K= MH ?BGBLA ABL
,A..
0H;BG CHBG>= MA> ?:<NEMR :M 5:E> 1GBO>KLBMR BG 1950 :G= K>F:BG>= :M 5:E>
MA>K>:?M>K. $> PHG MA> *H;>E ,KBS> BG 1981 f?HK ABL :G:ERLBL H? ?BG:G<B:E F:KD>ML
:G= MA>BK K>E:MBHGL MH >QI>G=BMNK> =><BLBHGL, >FIEHRF>GM, IKH=N<MBHG :G= IKB<>L.g
0H;BG <E:BF>= MH ;> I:KM H? MA> f5:E> L<AHHE,g MH ;> <HGMK:LM>= PBMA MA>
fCAB<:@H L<AHHE.g 0H;BG K>?E><M>=:
% MABGD MA:M PA:M I>HIE> F>:G ;R MA> 5:E> L<AHHE @H>L ;:<D MH MA>
1950iL. %M BL B=>GMB?B>= PBMA FR, :G= AKM +DNGiL, F:<KH><HGHFB< :G=
FHG>M:KR OB>PL :G= M>:<ABG@L. c %G HNK PHKD P> :MM>FIM>= MH
IKHOB=> : K>:LHG:;ER LRLM>F:MB< OB>P H? PA:M '>RG>LB:G ><HGHFB<L
P:L, :G= PA:M :IIEB<:MBHGL P>K> IHLLB;E>. %G FHG>M:KR MA>HKR, MA> 5:E>
L<AHHE IKHOB=>= :G :EM>KG:MBO> MH FHG>M:KBLF. %M BGOHEO>= MA> IHLLB;E>
KHE>L H? FHG>M:KR :G= ?BL<:E IHEB<R. % P:L O>KR FN<A BGOHEO>= BG MA:M
<HGMKHO>KLR PBMA FHG>M:KBLML. (JNHM>= BG CHE:G=>K 1999, 120)
0H;BG :ELH LIHD> H? <HG?EB<M PBMA fMA> >G>FR,g MA> K>:E-;NLBG>LL-<R<E>
MA>HKBLML:
0A:MiL PA:M P>iO> ;>>G ?B@AMBG@ :;HNM :EE MA>L> R>:KL, :G= MA:MiL CNLM :
K>I>MBMBHG H? MA> <HG?EB<M ;>MP>>G '>RG>L ABFL>E? :G= MA> ><HGHFBLML
A> K>@:K=>= :L CE:LLB<:ELeGHM MA> ;>LM PHK= MH NL> ?HK MA>F. 0A>
*>P CE:LLB<:EL :G= MA> K>:E-;NLBG>LL-<R<E> ;>EB>O>KL :K> FN<A FHK>
>QMK>F> MA:G MA> I>HIE> MA:M '>RG>L P:L :K@NBG@ PBMA BG ABL =:R, ;NM
BMiL MA> L:F> :K@NF>GM HO>K :@:BG. A<MN:EER, ,B@HN P:L : FN<A FHK>
K>:LHG:;E>, IE:NLB;E> ><HGHFBLM MA:G (N<:L :G= LHF> H? MA> HMA>K
*>P CE:LLB<:EL. (JNHM>= BG CHE:G=>K 1999, 123)
AM ABL *H;>E ;:GJN>M, 0H;BG (1982;) L:B= H? ><HGHFB<L MA:M f: LN;C><M LH
<EHL> MH IHEBMB<L :G= IHEB<R BG>OBM:;ER ;E>G=L B=>HEH@R :G= LG<>. 0A> OBLBHG :G=
>G>K@R MA:M ;KBG@ G>PB=>:L :K> H?M>G B=>HEH@B<:E :G= IHEBMB<:E, ;NM ?K>> IKH?>LLBHG:E
L<KNMBGR L>E><ML MA> B=>:L =>L>KOBG@ H? LNKOBO:E.g
AL ><HGHFB< :=OBLHK MH &HAG ". '>GG>=R, 0H;BG A>EI>= <K:?M : M:Q <NM, :G=
E:M>K HIIHL>= .HG:E= .>:@:GiL M:Q <NML. CKBMB<BSBG@ MA> &HAGLHG A=FBGBLMK:MBHG
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 667
?HK ?:BEBG@ MH IKBHKBMBS> MA> P:K HG IHO>KMR HO>K MA> 2B>MG:F P:K, 0H;BG E:F>GM>=:
f708A> BLLN> H? BG>JN:EBMR 7BL8 MHH EHG@ H?? MA> :@>G=: H? AF>KB<:G IHEBMB<L. %M BL
AB@A MBF>eE>M NL AHI> BM BL GHM MHH E:M>eMH M:D> =K:LMB< :<MBHG MH K>=N<> ><HGHFB<
BG>JN:EBMR. % AHI> MA:M :??EN>GM FB==E>-<E:LL AF>KB<:GL :G= MA>BK E>:=>KL A:O>
>GHN@A IHEBMB<:E F:MNKBMR :G= I>KLI><MBO> MH M:D> LN<A :<MBHG >O>G MAHN@A MA>R
A:O> MH M:Q MA>FL>EO>L MH ?BG:G<> BMg (0H;BG 1968, 28-29).
%G 1970 0H;BG PKHM> : I:I>K HNMEBGBG@ : <HG<>IM H? fLI><B?B< >@:EBM:KB:GBLFg:
0ABL BL MA> OB>P MA:M <>KM:BG LI><B?B< L<:K<> <HFFH=BMB>L LAHNE= ;>
=BLMKB;NM>= E>LL NG>JN:EER MA:G MA> :;BEBMR MH I:R ?HK MA>F. C:G=B=:M>L
?HK LN<A L>GMBF>GML BG<EN=> ;:LB< G><>LLBMB>L H? EB?>, A>:EMA, :G=
<BMBS>GLABI. +NK BGLMBMNMBHGL :G= IHEBL :EK>:=R FH=B?R F:KD>M
=BLMKB;NMBHGL BG F:GR <:L>L, :G= MA> BLLN>L K:BL>= ;R LI><B?B<
>@:EBM:KB:GBLF :K> <>GMK:E MH F:GR IKHIHL:EL GHP ;>?HK> MA> <HNGMKR.
(0H;BG 1970, 264)
0H;BG =B= F:D> <HFF>GML <KBMB<:E H? <>KM:BG P>E?:K> LM:M> IHEBL:
f%G?E:MBHG:KR ;B:L 7?KHF '>RG>LB:G IKHM:@HGBLML H? MA> 1970L8, P:L >Q:<>K;:M>=
;R LH<B:E P>E?:K> E>@BLE:MBHG, >QM>G=>= :G= >QI:G=>= :L BM P:L ;R IHLMP:K
:=FBGBLMK:MBHGL :G= CHG@K>LL>L H? ;HMA I:KMB>L, FHLM =K:F:MB<:EER ;>@BGGBG@ PBMA
MA> #K>:M /HMR IKH@K:FL H? MA> E:M> 1960L. /H<B:E BGLNK:G<> =NEEL MH LHF> =>@K>>
MA> BG<>GMBO> MH L>>D :G= :<<>IM >FIEHRF>GM, >LI><B:EER MA> E>LL K>FNG>K:MBO> HK
:MMK:<MBO> CH;Lg (0H;BG 1983, 33). $> <HGMBGN>L: f0A> IKHFHMBHG H? FHGHIHEBLMB<
IHP>KL ?HK NGBHGL H? PHKD>KL :G= ?:KF>KL P:L CNLMB?B>= ;R &. '. #:E;K:BMA :G=
HMA>KL :L <HNGM>KO:BEBG@ MA> FHGHIHEBLMB< IHP>KL H? ;B@ ;NLBG>LL, MH MA> ;>G>?BM
H? LHMR :L : PAHE>. 0ABL =N;BHNL IKHIHLBMBHG P:L G>O>K <HG@>GB:E MH EB;>K:E
'>RG>LB:GL =>OHM>= IKBG<BI:EER MH ?NEE >FIEHRF>GM :G= =BFBGBLA>= BG>JN:EBMRg
(B;B=.).
BNM 0H;BG ;>EB>O>= MA:M .HG:E= .>:@:GiL f<HNGM>K-K>OHENMBHGg P>GM MHH ?:K:
!JN:EBMR H? HIIHKMNGBMR A:L ;>>G :G AF>KB<:G B=>:Ec +IIHKMNGBMB>L
:K> :<MN:EER ?:K ?KHF >JN:E. 3> AF>KB<:GL >L<:I>= MA> ?>N=:E <:LM>L
H? MA> +E= 3HKE=, ;NM >K><M>= HNK HPG K:<B:E, K>EB@BHNL, :G= >MAGB<
;:KKB>KL. c $>K> :L BG HMA>K =>FH<K:L, @HO>KGF>GML A:O> LHN@AM
MH :KK>LM MA> FHF>GMNF H? BG>JN:EBMR ;R ?K>> IN;EB< >=N<:MBHG, LH<B:E
BGLNK:G<>, hP:K HG IHO>KMRi F>:LNK>L, :G= IKH@K>LLBO> M:Q:MBHG. 1./.
;N=@>M :G= M:Q E>@BLE:MBHG H? 1981 BL : ABLMHKB< K>O>KL:E H? =BK><MBHG :G=
INKIHL>. c708A> F>LL:@> BL <E>:K >GHN@A; BG>JN:EBMR H? HIIHKMNGBMR
BL GH EHG@>K : <HG<>KG H? MA> ?>=>K:E @HO>KGF>GM. c %G MA> A:LMR
<HFI>MBMBHG H? ;HMA I:KMB>L ?HK MA> ?:OHK H? P>:EMAR <HGLMBMN>GML,
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 668
CHG@K>LL <:LN:EER EB;>K:EBS>= MA>L> M:Q>L PBMAHNM <HG<>KG ?HK
NG<A><D>= =RG:LMB:EMA :G= BG>JN:EBMR H? HIIHKMNGBMR. (0H;BG 1983,
36-37)
0H;BG P:L GHM LAR BG ABL <KBMB<BLF H? MA> .>:@:G A=FBGBLMK:MBHGiL ><HGHFB<
IHEBL:
0A> .>:@:G ><HGHFB< IKH@K:F BL :=O>KMBL>= MH <NK> BG?E:MBHG :G=
NG>FIEHRF>GM, MH K>OBO> IKH=N<MBOBMR, BGO>LMF>GM, A:K= PHKD, :G=
MAKB?M. %M IKH;:;ER <:GGHM :<AB>O> MAHL> PHG=>K?NE K>LNEML. 3A:M BM BL
LNK> MH =H BL MH K>=BLMKB;NM> P>:EMA, IHP>K, :G= HIIHKMNGBMR MH MA>
P>:EMAR :G= IHP>K?NE :G= MA>BK A>BKL. %? MA:M BL BML IKBG<BI:E HNM<HF>,
MA> IN;EB< PBEE ;><HF> <HGLB=>K:;ER =BL>G?K:G<ABL>=. >LIBM> BML ?K>>
F:KD>M B=>HEH@R, MA> A=FBGBLMK:MBHG A:L =HG> EBMME> MH =BLF:GME>
K>@NE:MBHG :G= LN;LB=B>L MA:M :K> <HLMER, BG>??BGM, :G= BG?E:MBHG:KR.
c 0A> A=FBGBLMK:MBHG BL ;R GH F>:GL =>OHM>= MH F:KD>M ?K>>=HF,
<HFI>MBMBHG, :G= <HGLNF>K BGM>K>LM :L MH <A:EE>G@> BFIHKM:GM
;NLBG>LL, E:;HK, :G= ?:KF <HGLMBMN>GML. 0A>L> IHEBMB<:EER L:<K>= <HPL
A:O> ;>>G :KHNG= : EHG@ MBF>, :G= GH HMA>K :=FBGBLMK:MBHGL A:O>
FNLM>K>= MA> PBEE HK IHP>K MH DBEE MA>F >BMA>K. BNM :G :=FBGBLMK:MBHG
MA:M <E:BFL : IHINE:K F:G=:M> ?HK <HNGM>K-K>OHENMBHG LAHNE= GHM E>:O>
NGL<:MA>= MA> FHLM H;C><MBHG:;E> ?>:MNK>L H? MA> HE= HK=>K. (0H;BG
1983, 38)
0H;BG, AHP>O>K, :ELH <:NMBHG>= :@:BGLM :G= >O>G <KBMB<BS>= HO>K-K>@NE:MBHG.
f3> LAHNE= ;> >LI><B:EER LNLIB<BHNL H? BGM>KO>GMBHGL MA:M L>>F;HMA BG>??BGM :G=
BG>JNBM:;E>, ?HK >Q:FIE>, K>GM <HGMKHEL BG *>P 5HKD HK )HL<HP HK )>QB<H CBMR, HK
IKB<> LNIIHKML :G= BKKB@:MBHG LN;LB=B>L ;>G>?BMBG@ :??EN>GM ?:KF>KL, HK EHP-BGM>K>LM
EH:GL MH P>EE-A>>E>= LMN=>GMLg (0H;BG 1994, 330).
0H;BG (1978) LN@@>LM>= : LF:EE M:Q MH K>=N<> <NKK>G<R LI><NE:MBHG, :G B=>:
MA:M ;><:F> DGHPG :L MA> 0H;BG M:Q (L>> 0H;BG 1999:, 167). BNM 0H;BG (2001)
LMKHG@ER H;C><M>= MH HMA>KLi IKHIHL:EL MA:M : f0H;BG M:Qg ;> NL>= MH EBFBM MK:=> BG
@HH=L, >QIK>LLBG@ ABL LNIIHKM ?HK MA> %GM>KG:MBHG:E )HG>M:KR "NG=, 3HKE= B:GD,
:G= 3HKE= 0K:=> +K@:GBS:MBHG.
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 669
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.H;>KM /ABEE>K HG MA> f5:E> 0K:=BMBHGg BG ):<KH><HGHFB<L. Macroeconomic
Dynamics 3(1): 116-143.
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&:F>L 0H;BG :G= 3. AEE>G 3:EEBL. 3:LABG@MHG, .C.: AF>KB<:G !GM>KIKBL>
%GLMBMNM>.
Tobin, James. 1970. +G (BFBMBG@ MA> HF:BG H? %G>JN:EBMR. Journal of Law and
Economics 13(2): 263-277.
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Tobin, James. 1982:. ANMH;BH@K:IAR. %G Les Prix Nobel: The Nobel Prizes 1981, >=.
Tobin, James. 1982;. B:GJN>M /I>><A. %G Les Prix Nobel: The Nobel Prizes 1981, >=.
Tobin, James. 1983. 0A> CHGL>KO:MBO> CHNGM>K-.>OHENMBHG BG !<HGHFB< ,HEB<R.
Journal of Economic Education 14(1): 30-39.
Tobin, James. 1986. ANMH;BH@K:IAB<:E >LL:R BG Lives of the Laureates: Seven Nobel
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,K>LL.
Tobin, James. 1994. +G> HK 0PH CA>>KL ?HK f0A> %GOBLB;E> $:G=.g %G Market
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325-339. *>P 5HKD: ). !. /A:KI>.
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Tobin, James. 1999:. "BG:G<B:E #EH;:EBS:MBHG. Cowles Foundation Paper 981. CHPE>L
"HNG=:MBHG ?HK .>L>:K<A BG !<HGHFB<L :M 5:E> 1GBO>KLBMR (*>P $:O>G,
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OHG .>B>KF:GG :G= )B<A:>E: /<AB>LLE8. Spiegel Online, />IM>F;>K 3. Link
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William Vickrey
3BEEB:F 2B<DK>R (1914d1996) P:L ;HKG BG 2B<MHKB:, BKBMBLA CHENF;B:, :G=
:MM>G=>= ,ABEEBIL A<:=>FR BG AG=HO>K, ):LL:<ANL>MML, ?HK AB@A L<AHHE. $> P>GM MH
5:E> ?HK ABL ;:<A>EHKiL =>@K>> :G= @K:=N:M>= BG 1935 PBMA : B./. BG F:MA>F:MB<L. $>
K><>BO>= ABL F:LM>KiL BG 1937 :G= ,A.. BG 1948 ?KHF CHENF;B: 1GBO>KLBMR; ;>BG@
f: -N:D>K, : I:<B?BLM, :G= : FHK:E ><HGHFBLMg ($HEM >M :E. 1998, 1), 2B<DK>R P:L
: <HGLGMBHNL H;C><MHK BG 3HKE= 3:K %% (BKHPGE>> :G= %=> 2013, 202). 2B<DK>R
;><:F> : IKH?>LLHK :M CHENF;B: :G= K>F:BG>= MA>K> ?HK MA> K>LM H? ABL <:K>>K.
.B<A:K= AKGHMM (1998, 108) :L<KB;>L MH 2B<DK>R : IKBF:KR <HG<>KG PBMA LH<B:E
CNLMB<> (L>> :ELH K\S> 1998), R>M 2B<DK>R H?M>G K><HFF>G=>= NGHKMAH=HQ IHEBL
MH ;>MM>K :<AB>O> ABL >MAB<:E @H:EL (3:KLA 1996). ">P H? 2B<DK>RiL K><HF-
F>G=:MBHGL P>K> BFIE>F>GM>= ;><:NL> H? ABL fE:<D H? IHEBMB<:E L>GLB;BEBMRg ($HEM
>M :E. 1998, 1). $HP>O>K FN<A 2B<DK>R F:R A:O> E:<D>= L:B= L>GLB;BEBMR, P> :=FBK>
2B<DK>R GHM E>:LM ?HK MA> MA> P:R ABL =BL<HNKL> <:G :LLNF> :G >MAB<:E OHB<> BG
: <:G=B= :G= G:MNK:E F:GG>K (L>>, ?HK >Q:FIE>, 2B<DK>R 1979). :OB= CHE:G=>K
(1998) P:KFER MK>:ML 2B<DK>RiL PBEEBG@G>LL MH <:KKR fDHHDRg B=>:L ?HKP:K=, ;HMA BG
MA> IKH?>LLBHG, GHM FBG=BG@ MA:M BM PHNE= M:D> M>G HK MP>GMR R>:KL ?HK HMA>KL MH
<HF> :KHNG=, :G= BG I>KLHG:E EB?>, LN<A :L KHEE>K-LD:MBG@ MH PHKD.
%G 1996, 2B<DK>R P:L :P:K=>= MA> *H;>E :EHG@ PBMA &:F>L )BKKE>>L f?HK MA>BK
?NG=:F>GM:E <HGMKB;NMBHGL MH MA> ><HGHFB< MA>HKR H? BG<>GMBO>L NG=>K :LRFF>MKB<
BG?HKF:MBHGgeBG 2B<DK>RiL <:L>, I:KMB<NE:KER ?HK ABL PHKD HG M:Q:MBHG. $BL
<HEE>:@N> ,:NE :OB=LHG K><:EEL MA> =:RL ?HEEHPBG@ MA> IKBS> :GGHNG<>F>GM: f%G
: ?ENKKR H? BGM>KOB>PL ;>MP>>G MA> >B@AMA :G= MA> >E>O>GMA H? +<MH;>K, 2B<DK>R
GHM>= MA:M A> P:L IE>:L>= MH ;> : *H;>E E:NK>:M> GHM ?HK MA> FHG>R MA:M A> PHNE=
I>KLHG:EER K><>BO> ;NM ?HK MA> IN;EB< IE:M?HKF BM PHNE= :??HK= ABF MH >QIE:BG AHP
hMA> BGL:G> INKLNBM H? MA> AHER @K:BE H? : ;:E:G<>= ;N=@>M BG MA> >G= BL @HBG@ MH =KBO>
MA> ><HGHFR BGMH : =>IK>LLBHG.i $>K> ?BG:EER P:L : OHB<> MA:M <HNE= :MMK:<M :MM>GMBHG
MH MA> '>RG>LB:G O>KBMR MA:M MA>K> P:L :G BFIHKM:GM KHE> ?HK MA> @HO>KGF>GM hMH
>Q>K<BL> : @NB=BG@ BG?EN>G<>i MH >GLNK> MA:M >??><MBO> =>F:G= BL F:BGM:BG>= :M BML
?NEE->FIEHRF>GM E>O>Eg (:OB=LHG 1997, 493).
/:=ER, GH LN<A L>KOB<> P:L 2B<DK>R :;E> MH I>K?HKF, ?HK CNLM MAK>> =:RL :?M>K
MA> :P:K= :GGHNG<>F>GM A> LN??>K>= : ?:M:E A>:KM :MM:<D.
2B<DK>R BL P>EE DGHPG ?HK ABL PKBMBG@L HG M:Q:MBHG, ;NM A> PHKD>= HG : O:KB>MR
H? BLLN>L. f7$8BL <AHB<> H? MHIB<L LM>FF>= ?KHF LH<B:E :G= FHK:E <HG<>KGL, 7:G=8
ABL MK>:MF>GML H? MA>F LMK>LL>= BFIKHO>F>GML BG K>LHNK<> :EEH<:MBHG. c h#K>:M>K
>??BG<R ?HK MA> <HFFHG @HH=i PHNE= ;> :G :IIKHIKB:M> LEH@:G ?HK ABL PHKDg
(AKGHMM 2008). 0BFHMAR C:GHO: L:RL MA:M 2B<DK>R fIHBGM>= HNM MA:M MA> H??B<B:E
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 671
NG>FIEHRF>GM K:M> L>KBHNLER NG=>KLM:M>L MA> MKN> E>O>E H? CH;E>LLG>LL :G=
NG=>K>FIEHRF>GM. ):LL NG>FIEHRF>GM, A> :K@N>=, K>F:BGL HG> H? MA> FHLM
LB@GB?B<:GM <HGMKB;NMBG@ ?:<MHKL MH : PB=> K:G@> H? hLH<B:E I:MAHEH@B>L,i BG<EN=BG@
IHO>KMR, AHF>E>LLG>LL, <KBF>, =KN@ :;NL>, =BOHK<>, =HF>LMB< OBHE>G<>, ;KHD>G
AHF>L, K:<B:E :G= K>EB@BHNL :GM:@HGBLFL, :G= G>@E><M H? >=N<:MBHG:E HIIHKMNGBMB>L.
$> NK@>= : IKH@K:F H? PA:M A> <:EE>= h<AH<D-?NEE >FIEHRF>GMi MH :==K>LL MA> ?NEE
K:G@> H? IK>LLBG@ LH<B:E IKH;E>FLg (C:GHO: 1997, 97).
%G :G H;BMN:KR ?HK 2B<DK>R, :OB= 3:KLA =>L<KB;>L ABL IHEBMB<L: f7$8> K>-
F:BG>= MH ABL =>:MA : <HFFBMM>= '>RG>LB:G, IK>H<<NIB>= PBMA MA> LI><M>K H? @EH;:E
HO>KL:OBG@. BNM ABL <HGMKB;NMBHGL MH ?BG:G<B:E >G@BG>>KBG@ P>K> HG I:K PBMA MAHL>
HMA>K IKH@>GBMHKL H? IKBO:MBS:MBHG =>K>@NE:MBHG. c 2B<DK>R P:Lc: =BLI:LLBHG:M>
BGO>LMB@:MHK H? <:IBM:EBLF PAH D>IM ABL EB;>K:E <HGOB<MBHGL BG MA>
;:<D@KHNG=g(3:KLA 1996).
B>?HK> PHKDBG@ MHP:K= ABL =H<MHK:M> =>@K>>, 2B<DK>R PHKD>= BG MA> 0:Q
.>L>:K<A BOBLBHG H? MA> 1./. 0K>:LNKR (AKGHMM 1998, 97). %G :G >:KER I:I>K, A>
IKHIHL>= F:DBG@ BG<HF> M:Q>L FHK> >JNBM:;E> ;R NLBG@ <NFNE:MBO> :O>K:@BG@ MH
LFHHMA M:Q ;BEEL (B;B=.). $BL >QM>GLBO> =BLL>KM:MBHG, IN;EBLA>= :L Agenda for Progressive
Taxation (2B<DK>R 1947), HNMEBG>= FHK> G>P M:Q:MBHG L<A>F>L. 2B<DK>R :BF>= MH
fIKHOB=> : ?:BKER =>M:BE>= :G:ERLBL H? LHF> H? MA> IKH;E>FL BGOHEO>= BG IKH@K>LLBO>
M:Q:MBHG :G= MH LN@@>LM AHP MA>L> IKH;E>FL <:G ;>LM ;> F>Mg (B;B=., BBB). $BL
INKIHL> P:L MH IKHOB=> :G :@>G=: ?HK E:PF:D>KL fPAH :K> BGM>K>LM>= BG BFIKHOBG@
MA> IKH@K>LLBO> >E>F>GML BG HNK M:Q LMKN<MNK>.g $> <HGMBGN>=: fA<<HK=BG@ER,
LDBIIBG@ ;KB>?ER HO>K MA> IABEHLHIAB<:E :G= MA>HK>MB<:E ;:<D@KHNG= H? IKH@K>LLBO>
M:Q:MBHG, % A:O> IKH<>>=>= MH =BL<NLL IHBGM ;R IHBGM CNLM PA:M FNLM ;> =HG> MH
P>E= HNK IKH@K>LLBO> M:Q LMKN<MNK> BGMH : <HGLBLM>GM, PHKD:;E> LRLM>F, K>:LHG:;ER
?K>> ?KHF NG=>LBK:;E> K>I>K<NLLBHGL :G= <:I:;E> H? IKH=N<BG@ LN;LM:GMB:E
K>=BLMKB;NMBHGL H? BG<HF>g (B;B=., BBB-O). f0A> NEMBF:M> @H:E LAHNE= ;> : M:Q LRLM>F
BG PAB<A BG<HF>, LI>G=BG@, :G= LN<<>LLBHG M:Q>L (:G= :L : K>FHM> IHLLB;BEBMR, M:Q>L
HG G>M PHKMA) :K> MA> HGER M:Q>L E>OB>= IKBF:KBER ?HK K>O>GN>. +MA>K M:Q>L LAHNE=
;> =>LB@G>=, ;HMA :L MH K:M>L :G= ?HKF, BG=>I>G=>GMER H? K>O>GN> <HGLB=>K:MBHGLg
(B;B=., 392).
$> <HGMBGN>=:
%M F:R ;> ?>EM ;R F:GR MA:M MA> K>?HKFL LN@@>LM>= A>K> :K> MHH NMHIB:G
:G= I>K?><MBHGBLM. 0H ;> LNK>, MA> IK>L>GM MK>G= BL :EE BG MA> =BK><MBHG H?
LBFIEB?B<:MBHG :G= H? HO>KEHHDBG@ K>?BG>F>GML MA:M BGOHEO> :==BMBHG:E
:EEHP:G<>L HK <HFINM:MBHGL, :G= BG=>>= MA>K> BL FN<A MH ;> L:B= BG
?:OHK H? LBFIEB?B<:MBHG. (2B<DK>R 1947, 393)
ECON JOURNAL WATCH
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%? : M:Q BL L>M NI LH MA:M MA> ;NK=>G BL MA> L:F> K>@:K=E>LL H? MA> :<MBHG
H? MA> M:QI:R>K, BM ?HEEHPL MA:M MA>K> PBEE ;> GH EHHIAHE>L ;R PAB<A MA>
M:QI:R>K <:G >L<:I> M:Q. 0A>K> PBEE ;> GH G>>= MH MKR MH <BK<NFL<KB;>
MA> :O>GN>L H? :OHB=:G<> ;R =>M:BE>= :G= FBGNM> =BLMBG<MBHGL ;>MP>>G
MA> MK>:MF>GM MH ;> :IIEB>= MH O:KBHNL IHLLB;E> EBG>L H? :<MBHG, GHK
PBEE MA>K> ;> :GR H<<:LBHG MH LNI>KBFIHL> NIHG MA> E:P : I:M<APHKD
H? EHHIAHE>-IEN@@BG@ IKHOBLBHGL. %G MA> EHG@ KNG, MA> <HKK><M F>MAH=
PBEE NLN:EER I:R ;B@@>K =BOB=>G=L BG LBFIEB<BMR :G= ?K>>=HF ?KHF
NG?HK>L>>G =B??B<NEMB>L MA:G KHN@A :G= K>:=R :IIKHQBF:MBHGL. (B;B=.,
395)
%G 1992, 2B<DK>R H??>K>= :G f1I=:M>= A@>G=: ?HK ,KH@K>LLBO> 0:Q:MBHG,g
BG PAB<A A> <:EE>= ?HK : FHK> G>NMK:E <:IBM:E @:BGL M:Q MAKHN@A K:BLBG@ K:M>L ?HK
EHG@>K AHE=BG@ I>KBH=L (2B<DK>R 1992:, 257). $> IKHIHL>= >G<HNK:@BG@ BGO>LMF>GM
;R <NMMBG@ MA> <HKIHK:M> BG<HF> M:Q (B;B=., 258).
#HO>KGF>GM =>;M P:L : MHIB< MA:M P:L IKHFBG>GM BG LHF> H? 2B<DK>RiL E:M>K
PKBMBG@L. %G 1986 2B<DK>R LM:M>= MA:M, PA>G E:PF:D>KL =><B=> HG : E>O>E H? =>;M
?BG:G<>, MA> FHLM BFIHKM:GM <HGLB=>K:MBHG LAHNE= ;> MA> F:BGM>G:G<> H? ?NEE >F-
IEHRF>GM: f0A> EHLL H? HNMINM :G= MA> LH<B:E IKH;E>FL MA:M :KBL> ?KHF
NG>FIEHRF>GM :K> LN<A L>KBHNL F:MM>KL :L MH =HFBG:M> :EE HMA>K <HGLB=>K:MBHGLg
(2B<DK>R 1986, 12).
%G 1993, 2B<DK>R PKHM> BG : PHKDBG@ I:I>K: f 3> :K> GHM @HBG@ MH @>M HNM H?
MA> ><HGHFB< =HE=KNFL :L EHG@ :L P> <HGMBGN> MH ;> H;L>LL>= PBMA MA> NGK>:LHG>=
B=>HEH@B<:E @H:E H? K>=N<BG@ MA> LH-<:EE>= =>?B<BM. 0A> h=>?B<BMi BL GHM :G ><HGHFB<
LBG ;NM :G ><HGHFB< G><>LLBMR. %ML FHLM BFIHKM:GM ?NG<MBHG BL MH ;> MA> F>:GL
PA>K>;R INK<A:LBG@ IHP>K GHM LI>GM HG <HGLNFIMBHG, HK K><R<E>= BGMH BG<HF> ;R
MA> IKBO:M> <K>:MBHG H? G>M <:IBM:E, BL K><R<E>= BGMH INK<A:LBG@ IHP>K ;R @HO>KGF>GM
;HKKHPBG@ :G= LI>G=BG@. ,NK<A:LBG@ IHP>K GHM LH K><R<E>= ;><HF>L GHGINK<A:L>,
GHGL:E>L, GHGIKH=N<MBHG, :G= NG>FIEHRF>GMg (2B<DK>R 2000, 189).
%G :GHMA>K IB><> IN;EBLA>= IHLMANFHNLER, 2B<DK>R PKHM>: f"NEE >FIEHRF>GM
K>JNBK>L E:K@> @HO>KGF>GM =>;ML. "HK MA> BG=NLMKB:EBS>= PHKE= :L : PAHE>, :G= ?HK
FHLM H? BML <HGLMBMN>GM <HNGMKB>L BG=BOB=N:EER, BM A:L ;><HF> BFIHLLB;E>, ?HK MA>
?HK>L>>:;E> ?NMNK>, MH :<AB>O> LNLM:BG>= :=>JN:M>ER ?NEE >FIEHRF>GM PBMAHNM E:K@>
:G= @KHPBG@ @HO>KGF>GM =>;M :G= <HKK>LIHG=BG@ ;N=@>M =>?B<BMLg (2B<DK>R 1997,
497). %G MA> L:F> I:I>K 2B<DK>R F:=> LBFBE:K IKHGHNG<>F>GML, LN<A :L: f(:K@>
@HO>KGF>GM =>;M <:G A:O> : LM:;BEBSBG@ >??><Mg :G= fA E:K@>K @HO>KGF>GM =>;M <:G
BG<K>:L> MA> K>:E A>KBM:@> E>?M MH ?NMNK> @>G>K:MBHGLg (1997, 508-509).
2B<DK>R :ELH =>O>EHI>= :G B=>: H? AHP MH :OHB= MA> ,ABEEBIL CNKO> MK:=>H??
;>MP>>G BG?E:MBHG :G= NG>FIEHRF>GM. A<<HK=BG@ MH 2B<DK>R, MA> >QBLM>G<> H? MA>
MK:=>H?? BL :G BGLMBMNMBHG:E HNM<HF>:
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 673
%M BL HG> H? MA> :PDP:K= ?:<ML H? <NKK>GM IHEBMB<:E EB?> MA:M NGE>LL NG>F-
IEHRF>GM K>:<A>L >QMK>F> E>O>EL, MAHL> PAH M>G= MH K>@:K= BG?E:MBHG
:L : FHK> L>KBHNL MAK>:M MH MA>BK P>EE-;>BG@ :K> EBD>ER MH HNMGNF;>K
LB@GB?B<:GMER MAHL> PAH MABGD >FIEHRF>GM BL MA> @K>:M>K MAK>:M. c 0A>
M>G=>G<R MH K>@:K= BG?E:MBHG :L MA> @K>:M>K >OBE BL >LI><B:EER LMKHG@ BG
BG?EN>GMB:E ?BG:G<B:E <BK<E>L :G= :FHG@ FHG>M:KR :NMAHKBMB>L.
A<<NLMHF>= MH ?H<NL HG O:EN>L >QIK>LL>= BG M>KFL H? FHG>R, MA>R
M>G= MH K>@:K= BG?E:MBHG :L : DBG= H? L:<KBE>@> :@:BGLM MA> BGM>@KBMR H? MA>
FHG>M:KR NGBM BG M>KFL H? PAB<A @HH= :G= >OBE M>G= MH ;> <:E<NE:M>=.
c %G=>>=, NG=>K <NKK>GM IK:<MB<>L MA> HGER P:R BG PAB<A ?BL<:E :G=
FHG>M:KR :NMAHKBMB>L <:G K>LMK:BG BG?E:MBHG BL ;R <K>:MBG@
NG>FIEHRF>GM. 0A> >OBE BGA>K>L GHM BG BG?E:MBHG I>K L> ;NM MA> BG>IM
F>:LNK>L M:D>G MH LNIIK>LL BM. (2B<DK>R 1992;, 341)
AKGHMM LNFF:KBS>L 2B<DK>RiL IKHIHL:E:
3AR GHM, 2B<DK>R K>:LHG>=, <K>:M> 7:8cF:KD>M ?HK IKB<> BG<K>:L>L (:M
E>:LM ?HK F:CHK LM:G=:K=BS>= IKH=N<ML)? BR K>LMKB<MBG@ MA> GNF;>K H?
F:KD>M:;E> F:KDNI P:KK:GML, MA> @HO>KGF>GM <HNE= <HGMKHE MA> HO>K-
:EE E>O>E H? IKB<> BG<K>:L>L, :G= <HNE= MA>K>?HK> INKLN> >QI:GLBHG:KR
F:<KH><HGHFB< IHEB<R, MA>K>;R K>=N<BG@ NG>FIEHRF>GM, PBMAHNM
PHKKRBG@ :;HNM <K>:MBG@ BG?E:MBHG:KR IK>LLNK>L. 0A> IKHIHL:E BL
BG@>GBHNL ;NM :M MA> L:F> MBF> GHM O>KR L>GLB;E>. (AKGHMM 1998, 107)
+G /H<B:E /><NKBMR, 2B<DK>R PKHM>: f,KBO:MBS:MBHG, HK HMA>K FHO>L MHP:K=L
?NEE :<MN:KB:E ?NG=BG@ H? HE=-:@> I>GLBHG IKHOBLBHGL H? LH<B:E L><NKBMR LRLM>FL <:G
;> =BL:LMKHNLg (2B<DK>R 1997, 502).
+G MA> LBS> H? @HO>KGF>GM, 2B<DK>R PKHM>: f1G>FIEHRF>GM-K>=N<BG@ ?BL<:E
IHEB<R =H>L GHM K>JNBK> :G BG<K>:L> BG MA> HO>K:EE LBS> H? @HO>KGF>GM HI>K:MBHGL. 0H
;> LNK>, :G:K<AR-EB;>KM:KB:GL A:O> <HF;BG>= MA> FRLMBJN> H? MA> ;:E:G<>= ;N=@>M
PBMA :II>:EL MH : IHINE:K :O>KLBHG MH M:Q>L MH IKHFHM> :G BG=BL<KBFBG:M> =HPG-
LBSBG@ H? @HO>KGF>GM. BNM ?NEE >FIEHRF>GM <:G ;> K>:<A>= ;R >BMA>K AB@A M:Q>L :G=
>O>G E:K@>K @HO>KGF>GM, HK ;R EHP @HO>KGF>GM :G= >O>G LF:EE>K M:Q>Lg (2B<DK>R
1997, 503).
%G MA> 1993 PHKDBG@ I:I>K, 2B<DK>R PKHM>: f):GR IKH?>LL : ?:BMA MA:M B? HGER
@HO>KGF>GML PHNE= LMHI F>==EBG@ :G= ;:E:G<> ;N=@>ML, ?K>> <:IBM:E F:KD>ML PHNE=
BG MA>BK HPG @HH= MBF> ;KBG@ :;HNM IKHLI>KBMR, IHLLB;E> PBMA MA> :B= H? hLHNG=i
FHG>M:KR IHEB<R. %M BL :LLNF>= MA:M MA>K> BL : F:KD>M F><A:GBLF ;R PAB<A BGM>K>LM
K:M>L :=CNLM IKHFIMER :G= :NMHF:MB<:EER MH >JN:M> IE:GG>= L:OBG@L :G= BGO>LMF>GM
BG : F:GG>K :G:EH@HNL MH MA> F:KD>M ;R PAB<A MA> IKB<> H? IHM:MH>L ;:E:G<>L
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LNIIER :G= =>F:G=. %G K>:EBMR GH LN<A F:KD>M F><A:GBLF >QBLML. %? : IKHLI>KHNL
>JNBEB;KBNF BL MH ;> :<AB>O>=, BM PBEE K>JNBK> =>EB;>K:M> BGM>KO>GMBHG HG MA> I:KM H?
FHG>M:KR :NMAHKBMB>Lg (2B<DK>R 2000, 200).
2B<DK>R =B= >QM>GLBO> PHKD LAHPBG@ MA> >??B<:<R H? MHEEL ?HK >:LBG@ <HG@>L-
MBHG. A IK>->FBG>GM NK;:G MK:GLIHKM ><HGHFBLM, 2B<DK>R <K>:M>= MA> ?BKLM NL>?NE
FH=>E H? ;HMME>G><D MK:??B< =RG:FB<L (AKGHMM 2008).
AEMAHN@A 2B<DK>R P:L H?M>G =BL:IIHBGM>= :M MA> E:<D H? BFIE>F>GM:MBHG H?
ABL IHEB<R LN@@>LMBHGL, ABL PHKD A:L A:= LHF> F:CHK BFI:<ML.
$BL L>FBG:E PHKD HG :N<MBHG MA>HKR A:L :EK>:=R A:= : F:CHK BFI:<M
HG MA> :EEH<:MBHG H? =KBEEBG@ KB@AML, MBF;>K KB@AML :G= ;:G=PB=MA; ABL
PHKD HG F:K@BG:E-<HLM IKB<BG@ A:L ;>>G BG?EN>GMB:E BG MA> :=HIMBHG H?
FHK> LHIABLMB<:M>= IKB<BG@ IHEBL ;R : PB=> K:G@> H? IN;EB< NMBEBMB>L
:G= PBEE ;><HF> BG<K>:LBG@ER BG?EN>GMB:E :L <HLM->??><MBO> M><AGHEH@B>L
MH BFIE>F>GM ABL IKHIHL:EL :K> =>O>EHI>=; <HG@>LMBHG IKB<BG@ H? NK;:G
:NMH MK:O>E BL ;>BG@ :<MBO>ER =>;:M>= BG : AHLM H? CNKBL=B<MBHGL, :G= <KN=>
?HKFL H? BM A:O> ;>>G BGMKH=N<>= BG LHF>c (AKGHMM 1998, 93)
+G MA> INKIHL>L H? ><HGHFB<L, 2B<DK>R HG<> <HFF>GM>=: f+NK ;>LM AHI>
BL IKH;:;ER MH F:D> MA> L>E?-BGM>K>LM-IHP>K>= I:KM H? HNK ><HGHFB< LRLM>F :L
LFHHMA-KNGGBG@ :L IHLLB;E>, LH MA:M FHK> :G= FHK> H? HNK <HGL<BHNL >??HKM <:G ;>
=BK><M>= MHP:K=L MA> LHENMBHG H? MAHL> IKH;E>FL MA:M <:GGHM ;> K>LHEO>= PBMAHNM
>QIEB<BM >MAB<:E <HGLB=>K:MBHGLg (2B<DK>R 1953, 177). 0ABL <HFF>GM, AKGHMM L:RL,
fIKHOB=>L :M E>:LM I:KM H? MA> :GLP>K MHcPAR 2B<DK>R, =>LIBM> ABL LMKHG@ <HFFBM-
F>GM MH LH<B:E CNLMB<>, M>G=>= MH IKHIHL> IHEBL :BF>= :M BFIKHOBG@ >??BG<Rg
(AKGHMM 1998, 108).
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Oliver E. Williamson
76
+EBO>K 3BEEB:FLHG (1932d) P:L ;HKG :G= K:BL>= BG /NI>KBHK, 3BL<HGLBG. $BL
I:K>GML P>K> ;HMA AB@A L<AHHE M>:<A>KL BG : LF:EE KNK:E MHPG. 3BEEB:FLHGiL ?:MA>K
:G= @K:G=?:MA>K CHBG>= MH LM:KM : LF:EE ;NLBG>LL BG K>:E >LM:M>. 3BEEB:FLHG K>?E><M>=
HG ABL ?:MA>K:
)R ?:MA>K P:LcHNM@HBG@ :G= A:= :G NGNLN:E @B?M PBMA <ABE=K>G. $BL
HPG <ABE=K>G P>K> =>OHM>= MH ABF. $> P:L ?KB>G=L PBMA :G= P:L
K>@NE:KER <HGLNEM>= ;R HMA>K RHNG@LM>KL. $> P:L /NI>KBHKiL /:GM:
CE:NLe:M MA> 'BP:GBL, MA> HKIA:G:@>, ?HK G>B@A;HNKAHH= DB=L, ABL
@K:G=<ABE=K>G, :G= HG K>JN>LMe?HK :;HNM ?B?M>>G R>:KL. $> P:L :ELH
:<MBO> BG <BOB< :??:BKLeMA> CA:F;>K H? CHFF>K<>, MA> AHLIBM:E :G=
P:L HG MA> CBMR CHNG<BE ?HK :;HNM MP>EO> R>:KL, M>G H? MA>F :L BML
,K>LB=>GM. $BL @>G>KHNL LIBKBM P:L <HF;BG>= PBMA ?BL<:E <HGL>KO:MBLF.
$BL BGM>@KBMR P:L E>@>G=:KR. (3BEEB:FLHG 1986, QB-QBB)
3BEEB:FLHG, :MMK:<M>= MH F:MA :G= LG<> BG AB@A L<AHHE, =><B=>= MH ;><HF>
:G >G@BG>>K (3BEEB:FLHG 1986, QBB). $> >GKHEE>= BG .BIHG CHEE>@>iL CHBGM IKH@K:F
PBMA )%0 :G= >:KG>= ABL ;:<A>EHKiL =>@K>>; PABE> :M )%0, 3BEEB:FLHG P:L F>G-
MHK>= ;R '>GG>MA AKKHP (3BEEB:FLHG 2010). A?M>K PHKDBG@ :L :G >G@BG>>K, PAB<A
@:O> ABF MA> fHIIHKMNGBMR MH E>:KG :;HNM ;HMA ;B@ @HO>KGF>GM :G= ;B@ ;NLBG>LLg
:G= f@HM : @HH= B=>: H? AHP ;NK>:N<K:<R ?NG<MBHG>=g (3BEEB:FLHG 1986, QBB),
3BEEB:FLHG P>GM MH /M:G?HK= ?HK @K:=N:M> L<AHHE, ;NM =><B=>= MH LPBM<A ?KHF
;NLBG>LL MH ><HGHFB<L (3BEEB:FLHG 2010), FHOBG@ HG MH C:KG>@B>-)>EEHG ?HK ABL
,A.. 1IHG >:KGBG@ ABL =>@K>>, 3BEEB:FLHG ;><:F> : ?:<NEMR F>F;>K :M MA>
1GBO>KLBMR H? C:EB?HKGB: :M B>KD>E>R. $> P>GM HG MH MA> 1GBO>KLBMR H? ,>GGLREO:GB:
:G= 5:E> 1GBO>KLBMR, MA>G K>MNKG>= MH B>KD>E>R BG MA> E:M> 1980L :G= A:L LM:R>= MA>K>
LBG<> (3BEEB:FLHG 2010).
"H<NLBG@ HG MA> >??><M H? ?HKF:E :G= BG?HKF:E BGLMBMNMBHGL HG MK:GL:<MBHG
<HLML, 3BEEB:FLHG P:L : IBHG>>K BG PA:M A:L ;><HF> DGHPG :L *>P %GLMBMNMBHG:E
!<HGHFB<L. %G 2009, A> PHG MA> *H;>E ,KBS> BG !<HGHFB<L f?HK ABL :G:ERLBL H?
><HGHFB< @HO>KG:G<>, >LI><B:EER MA> ;HNG=:KB>L H? MA> ?BKF,g LA:KBG@ MA> IKBS>
PBMA !EBGHK +LMKHF. 0A> *H;>E <HFFBMM>> =>L<KB;>= 3BEEB:FLHGiL <HGMKB;NMBHG
:L IKHOB=BG@ f: MA>HKR H? PAR LHF> ><HGHFB< MK:GL:<MBHGL M:D> IE:<> PBMABG ?BKFL
:G= HMA>K LBFBE:K MK:GL:<MBHGL M:D> IE:<> ;>MP>>G ?BKFL, MA:M BL, BG MA> F:KD>MIE:<>.g
76. 3> MA:GD ,>M>K #. 'E>BG ?HK ?>>=;:<D HG MABL IKH?BE>.
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 677
AE>Q 0:;:KKHD >QIE:BGL 3BEEB:FLHGiL MABGDBG@ NLBG@ MA> <HGM>QM H? A=:F
/FBMAiL IBG ?:<MHKR:
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?:<MHKR?i h3AR :K> MA> 18 LM>IL MH F:D> : IBG I>K?HKF>= ;R : LBG@E>
?BKF K:MA>K MA:G MPH HK FHK>?i h3AR :K> MA>K> F:GR ?BKFL BGLM>:=
H? HG> E:K@> ?BKF?i h3AR =H>L MA> IBG ?:<MHKR GHM O>KMB<:EER BGM>@K:M>
NIP:K=L MH ;NR MA> LM>>E ?:<MHKR :G= =HPGP:K=L MH ;NR MA> K>M:BE
A:K=P:K> LAHI?i
3BEEB:FLHGiL :GLP>KL K>LM HG MA> GHMBHGL H? ;HNG=>= K:MBHG:EBMR,
<HGMK:<M BG<HFIE>M>G>LL, :LL>M LI><B?B<BMR :G= HIIHKMNGBLF. /M:KM :M
MA> >G=, :LL>M LI><B?B<BMR :G= HIIHKMNGBLF. 3A>G : =>:E A:L ;>>G
L>:E>= MA> I:KMB>L MRIB<:EER FHO> ?KHF A:OBG@ F:GR IHM>GMB:E I:KMG>KL
MH ;>BG@ EH<D>= BG. 0A:MiL ;:= ;><:NL> BM K:BL>L MA> IHLLB;BEBMR H?
HIIHKMNGBLFeHG> I:KMR <:G >QIEHBM MA> HMA>K. BNM BMiL :ELH @HH=
;><:NL> PA>G MA> EH<D-BG BL <K>=B;E> >:<A I:KMR F:R ;> FHK> PBEEBG@
MH BGO>LM BG :LL>ML PAB<A :K> >QMK:-IKH=N<MBO> ;NM LI><B?B< MH MA>
K>E:MBHGLABI. (0:;:KKHD 2009)
3BEEB:FLHG BL O>KR K>L>KO>= :G= K>MB<>GM BG IHEB<R CN=@F>GML :G= IHEBMB<L.
+G MA> PAHE>, P> @>M MA> BFIK>LLBHG MA:M A> BL GHM AHLMBE> MH <E:LLB<:E EB;>K:E, ?K>>-
F:KD>M B=>:L.
0A> ><HGHFBLM ,>M>K 'E>BG, H? MA> hANLMKB:Gi L<AHHE, L:RL, f3BEEB:FLHG BL
GH ANLMKB:G,g ;NM MA:M 3BEEB:FLHG fBL LRFI:MA>MB< MH ANLMKB:G MA>F>L (I:KMB<NE:KER
MA> $:R>DB:G NG=>KLM:G=BG@ H? M:<BM DGHPE>=@> :G= F:KD>M <HFI>MBMBHG).g %G MA>
<E:LLKHHF, 3BEEB:FLHG f>G<HNK:@>L LMN=>GML MH K>:= MA> ANLMKB:GL (I:KMB<NE:KER
$:R>D, PAHF A> <BM>L H?M>G)g (,. 'E>BG 2009).
$:OBG@ PHKD>= :M MA> AGMBMKNLM BOBLBHG H? MA> 1./. >I:KMF>GM H? &NLMB<>,
3BEEB:FLHG A:L :IIEB>= ABL MA>HKB>L H? MA> ?BKF, LI><B?B<:EER O>KMB<:E BGM>@K:MBHG, MH
BLLN>L H? :GMBMKNLM. C:KE /A:IBKH =>L<KB;>L 3BEEB:FLHGiL ;>:KBG@ :M MABL CNG<MNK>:
3BEEB:FLHG P:L LD>IMB<:E H? MA> <HGO>GMBHG:E PBL=HF H? MA> MBF>,
PAB<A IK>LNF>= MA:M MA> INKIHL> :G= >??><M H? F:GR O>KMB<:E IK:<MB<>L
P:L MA> >GA:G<>F>GM H? F:KD>M IHP>K :G= MA> >K><MBHG H? >GMKR
;:KKB>KL. CHGMK:KR MH MABL OB>P, PAB<A P:L PB=>ER :=HIM>= ;R :GMBMKNLM
E:PR>KL :G= <HNKML BG MA> 1960L, 3BEEB:FLHG <HNE= L>> K:MBHG:E>L ?HK
O:KBHNL O>KMB<:E IK:<MB<>L MA:M P>K> ;:L>= BGLM>:= HG ><HGHFB<
>??BG<R. (/A:IBKH 2010, 138)
3BEEB:FLHG :ELH L:P MA:M MK:GL:<MBHG <HLML :IIER GHM HGER MH ?BKFL ;NM :ELH MH
@HO>KGF>GML. $> GHM>L MA:M, IKBHK MH <A:G@>L BG MABGDBG@, fPA>K>:L F:KD>ML P>K>
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 678
LN;C><M MH h?:BENK>Li ?HK PAB<A <HKK><MBO> IN;EB< IHEB<R F>:LNK>L P>K> IK>L<KB;>=,
MA>K> P:L GH <HKK>LIHG=BG@ IKHOBLBHG ?HK ?:BENK>L BG MA> IN;EB< L><MHKg (3BEEB:FLHG
2010).
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:==K>LL BL =DE>BG@@FN.>=N.
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1GBO>KLBMR. $> BL <NKK>GMER :G BG=>I>G=>GM K>L>:K<A>K. $BL
>F:BE BL FB<A:>E=:S:@F:<.<HF.
Hannah Mead BL : ,A.. LMN=>GM BG ><HGHFB<L :M #>HK@>
):LHG 1GBO>KLBMR. /A> BL ?H<NLBG@ HG MA> LMN=R H? BGLMBMNMBHGL.
$>K >F:BE :==K>LL BL AF>:=@@FN.>=N.
Niclas Berggren BL ALLH<B:M> ,KH?>LLHK H? !<HGHFB<L :M MA>
.>L>:K<A %GLMBMNM> H? %G=NLMKB:E !<HGHFB<L (%"*) BG
/MH<DAHEF, /P>=>G, :G= BL :??BEB:M>= PBMA MA> >I:KMF>GM H?
%GLMBMNMBHG:E !<HGHFB<L, 1GBO>KLBMR H? !<HGHFB<L BG ,K:@N>,
CS><A .>IN;EB<. $BL K>L>:K<A BL BG BGLMBMNMBHG:E ><HGHFB<L :G=
MA> ><HGHFB<L H? MKNLM :G= K>EB@BHG. $BL >F:BE :==K>LL BL
GB<E:L.;>K@@K>G@B?G.L>.
About the Authors
ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 680
Jason Briggeman BL MA> F:G:@BG@ >=BMHK H? Econ Journal
Watch, :G :=CNG<M ?:<NEMR F>F;>K BG MA> /H<B:E :G= B>A:OBHK:E
/G<> >I:KMF>GM :M C>GMK:E 0>Q:L CHEE>@>, :G= : =H<MHK:E
<:G=B=:M> BG MA> >I:KMF>GM H? !<HGHFB<L :M #>HK@> ):LHG
1GBO>KLBMR. $BL >F:BE :==K>LL BL C:LHG@;KB@@>F:G.HK@.
Benny Carlson (;HKG 1950) BL IKH?>LLHK :M MA> >I:KMF>GM H?
!<HGHFB< $BLMHKR :M (NG= 1GBO>KLBMR. $> LM:KM>= HNM :L :
CHNKG:EBLM BG MA> 1970L. $BL F:BG :K>: H? BGM>K>LM BL MA> ABLMHKR
H? ><HGHFB< :G= LH<B:E B=>:L, I:KMB<NE:KER MA> >Q<A:G@> H? B=>:L
;>MP>>G #>KF:GR, MA> 1GBM>= /M:M>L, :G= /P>=>G =NKBG@ MA>
20MA <>GMNKR. 0ABL K>L>:K<A A:L <HG<>KG>= LN<A MA>F>L :L MA>
#>KF:G ABLMHKB<:E L<AHHE, AF>KB<:G BGLMBMNMBHG:EBLF,
AF>KB<:G P>E?:K> <:IBM:EBLF :G= LH<B:E >G@BG>>KBG@, BK>MMHG
3HH=L, =>K>@NE:MBHG, 1./. P>E?:K> K>?HKF, :G= MA> ><HGHFB< BGM>@K:MBHG H? /HF:EB
K>?N@>>L. $BL >F:BE :==K>LL BL ;>GGR.<:KELHG@>DA.EN.L>.
Viviana Di Giovinazzo H;M:BG>= : CHBGM ,A.. BG !<HGHFB<L
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%M:ER, PBMA : MA>LBL HG MA> $NG@:KB:G-;HKG ><HGHFBLM 0B;HK
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1GBO>KLBMR H? )BE:GH BB<H<<:, LA> A:L IN;EBLA>= BG MA> ?B>E=L H?
ABLMHKR H? ><HGHFB<L :G= ;>A:OBHK:E ><HGHFB<L :G= BL PKBMBG@
:G BGM>EE><MN:E ;BH@K:IAR H? /<BMHOLDR. $>K >F:BE :==K>LL BL
OBOB:G:.=B@BHOBG:SSH@NGBFB;.BM.
Ib E. Eriksen BL IKH?>LLHK BG ><HGHFB<L :M MA> 1GBO>KLBMR H?
A@=>K, 'KBLMB:GL:G=, *HKP:R. $> A:L :ELH ;>>G : K>L>:K<A
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.>L>:K<A :M MA> *HKP>@B:G /<AHHE H? !<HGHFB<L, B>K@>G. $>
A:L ;>>G : F:G:@>F>GM <HGLNEM:GM. $BL M>:<ABG@ ;:<D@KHNG=
BL BG BGM>KG:MBHG:E ><HGHFB<L, LABIIBG@ ><HGHFB<L :G= ?BG:G<>.
$BL K>L>:K<A ?B>E=L :K> BG LABIIBG@ ><HGHFB<L :G= ?BG:G<B:E
><HGHFB<L. %G K><>GM R>:KL A> A:L PHKD>= HG IKHC><ML K>E:M>=
MH MA> ABLMHKR H? ><HGHFB< MAHN@AM. $BL >F:BE :==K>LL BL B;.>.>KBDL>G@NB:.GH.
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 681
Dan Hammond BL $NEMJNBLM ":FBER ,KH?>LLHK :G= CA:BK H?
MA> !<HGHFB<L >I:KMF>GM H? 3:D> "HK>LM 1GBO>KLBMR. $>
L>KO>= :L ,K>LB=>GM H? MA> $BLMHKR H? !<HGHFB<L /HMR BG
2001-02. $> A:L PKBMM>G >QM>GLBO>ER HG MA> CAB<:@H /<AHHE,
BG<EN=BG@ Theory and Measurement: Causality Issues in Milton
Friedmans Monetary Economics (C:F;KB=@> 1GBO>KLBMR ,K>LL,
1996). 3BMA CE:BK> $:FFHG= A> >=BM>= Making Chicago Price
Theory: Friedman-Stigler Correspondence, 1945-1957 (.HNME>=@>,
2006), :G= PBMA /M>O>G )>=>F: :G= &HAG /BG@E>MHG, Chicago Price Theory (!=P:K=
!E@:K, 2013). $BL >F:BE :==K>LL BL A:FFHG=@P?N.>=N.
E. C. Pasour, Jr., BL ,KH?>LLHK !F>KBMNL H? A@KB<NEMNK:E :G=
.>LHNK<> !<HGHFB<L :M *HKMA C:KHEBG: /M:M> 1GBO>KLBMR. $>
K><>BO>= ABL ,A.. BG :@KB<NEMNK:E ><HGHFB<L ?KHF )B<AB@:G
/M:M> 1GBO>KLBMR. $> BL MA> :NMAHK H? Agriculture and the State:
Market Processes and Bureaucracy :G=, PBMA .:G=:E .. .N<D>K, H?
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ECON JOURNAL WATCH
2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 682

Econ Journal Watch: Scholarly Comments On Academic Economics

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Econ Journal Watch: Scholarly Comments On Academic Economics

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