From Edgeworth to Econophysics: A Methodological Perspective

Although most of the marginalist economists’ methodology was influenced by 19th century classical physics, the work of second generation marginalist Francis Ysidro Edgeworth represents the highest point of classical physics influence to the development of mainstream economic methodology. Edgeworth’s close parallelism between celestial and social mechanics expressed in his analogies between utility and energy and the principle of utility maximization to maximum energy, are important indications of the physics scientific ideal for economics. Subsequent leading theorists were not as explicit, although economic theory continued to be influenced by physics scientific ideal as the work of Pareto, Fisher and Samuelson indicates. However, the physics methodological framework has made a recent reappearance in the relatively new field of econophysics. Although there are methodological similarities, there are also important differences between mainstream economics and econophysics. Econophysicists’ emphasis to statistical mechanics rather to mechanical models, their reservations towards rational agent theory and their rejection of many standard assumptions of mainstream economics, are examples of such differences. This might also explain the resistance of mainstream economic theorists to incorporate econophysics into economics. The paper examines the above from a methodological viewpoint. It also discusses the possible reasons for this historical development and its implications for economic methodology

The Old Institutional School and Labour Market Functions and Policies

The significant role of institutional and non-market factors in the functioning of an economic system was a core theme of the old institutional economists. They also criticised the narrow conception of economic welfare only in terms of efficiency and satisfaction of consumer interests. Instead, they focused on issues related to justice, human self-development and labourers’ welfare. Their conception of the labour market functions is an indicative example of the uniqueness of their approach. In contrast to the standard approach, labour market functioning does not depend only on the price mechanism, but is also affected by other key factors and parameters such as the social norms, several psychological factors and various labour institutions. This chapter seeks to examine and highlight the contribution of the old institutional economics towards labour market functions and policies. After presenting the origins and method of the School, it briefly compares old Institutionalism and early Neoclassical economics focusing on labour market issues. It also discusses the old institutional approach with respect to the collective action and labour market policy. The chapter concludes with Ross-Dunlop debate on labour unions and the case of minimum wages policy in order to emphasize the relevance of early institutional ideas in analysing contemporary labour market issues

COVID-19 disruption reveals mass-tourism pressure on nearshore sea turtle distributions and access to optima breeding habitat

Quantifying the extent to which animals detect and respond to human presence allows us to identify pressure (disturbance) and inform conservation management objectively; however, obtaining baselines against which to compare human impact is hindered in areas where human activities are already well established. For example, Zakynthos Island (Greece, Mediterranean) receives around 850,000 visitors each summer, while supporting an important loggerhead sea turtle rookery (~300 individuals/season). The coronavirus (COVID-19)-driven absence of tourism in May–June 2020 provided an opportunity to evaluate the distribution dynamics of this population in the absence (2020) vs. presence (2018 and 2019) of visitors using programmed unmanned aerial system (UAS) surveys. Ambient sea temperature transitioned from suboptimal for breeding in May to optimal in late June, with turtle distribution appearing to shift from shallow (to benefit from waters 3–5°C above ambient) to deeper waters in 2018 and 2019, but not 2020. The 2020 data set demonstrated that increased tourism pressure, not temperature, drives turtles offshore. Specifically, >50% of turtles remained within 100 m of shore at densities of 25–50 visitors/km, even when sea temperature rose, with 2018 and 2019 data supporting this trend. Reduced access to warmer, nearshore waters by tourism could delay the onset of nesting and increase the length of the egg maturation period between nesting events (internesting interval) at this site. A coastal refuge zone could be delimited in May–June where touristic infrastructure is minimal, but also where turtles frequently aggregate. In conclusion, sea turtles appear capable of perceiving changes in the level of human pressure at fine spatial and temporal scales and adjusting their distribution accordingly

Drones for research on sea turtles and other marine vertebrates – A review

We review how unmanned aerial vehicles (UAVs), often referred to as drones, are being deployed to study the abundance and behaviour of sea turtles, identifying some of the commonalities and differences with studies on other marine vertebrates, including marine mammals and fish. UAV studies of all three groups primarily focus on obtaining estimates of abundance, distribution and density, while some studies have provided novel insights on the body condition, movement and behaviour of individuals (including inter-specific interactions). We discuss the emerging possibilities of how UAVs can become part of the standard methodologies for sea turtle ecologists through combining information on abundance and behaviour. For instance, UAV surveys can reveal turtle densities and hence operational sex ratios of sea turtles, which could be linked to levels of multiple paternity. Furthermore, embedding UAV surveys within a mark-recapture framework will enable improved abundance estimates. The complexity of behaviours revealed by direct observations of sea turtles and animal-borne cameras can also be examined using UAV footage, complementing studies using electronic tags, such as time-depth recorders and satellite transmitters. Overall, UAVs provide a low-cost approach of quantifying the flexibility of marine animal behaviour, allowing us to integrate information on abundance to establish how individuals respond to the presence of other organisms and the immediate environment

From Edgeworth to Econophysics: A Methodological Perspective

Although most of the marginalist economists’ methodology was influenced by 19th century classical physics, the work of second generation marginalist Francis Ysidro Edgeworth represents the highest point of classical physics influence to the development of mainstream economic methodology. Edgeworth’s close parallelism between celestial and social mechanics expressed in his analogies between utility and energy and the principle of utility maximization to maximum energy, are important indications of the physics scientific ideal for economics. Subsequent leading theorists were not as explicit, although economic theory continued to be influenced by physics scientific ideal as the work of Pareto, Fisher and Samuelson indicates. However, the physics methodological framework has made a recent reappearance in the relatively new field of econophysics. Although there are methodological similarities, there are also important differences between mainstream economics and econophysics. Econophysicists’ emphasis to statistical mechanics rather to mechanical models, their reservations towards rational agent theory and their rejection of many standard assumptions of mainstream economics, are examples of such differences. This might also explain the resistance of mainstream economic theorists to incorporate econophysics into economics. The paper examines the above from a methodological viewpoint. It also discusses the possible reasons for this historical development and its implications for economic methodology

The Relationship between Psychology and Economics: Insights from the History of Economic Thought

Psychological ideas had always played a role on the formation of economic thought as can be seen in the works of many influential pre-classical and classical authors. Up to the beginning of the 20th century, there was almost no methodological objection regarding the incorporation of ideas from psychology into economic theories. After this period, a fundamental shift in mainstream economics took place which is also known as the Paretian turn. This conceptual change, initiated mainly by Vilfredo Pareto and completed with the emergence of the theories of choice in the first decades of the 20th century, attempted to expel all psychological notions from economic theory. However, in the last three decades, the increasing appeal of subjective well-being research and especially of the new behavioral economics, re-brought the topic onto the surface. In order to better comprehend and to contribute to the recent discussion concerning the relationship between the two disciplines, the study of relevant views found in history of economic thought is necessary. The paper starts with a brief sketch of the history of the relationship between economics and psychology, focusing also to the recent literature which points to a reconsideration of this relationship. After an examination of psychological ideas found in influential pre-marginalist writers, the paper discusses the arguments supporting the case for the interaction between the two fields. It also suggests that the work of Richard Jennings can be seen as the peak of the early interaction between economics and psychology. Finally, it considers the relevance of these arguments for the current debate concerning the relationship between economics and psychology

The Relationship between Psychology and Economics: Insights from the History of Economic Thought

Psychological ideas had always played a role on the formation of economic thought as can be seen in the works of many influential pre-classical and classical authors. Up to the beginning of the 20th century, there was almost no methodological objection regarding the incorporation of ideas from psychology into economic theories. After this period, a fundamental shift in mainstream economics took place which is also known as the Paretian turn. This conceptual change, initiated mainly by Vilfredo Pareto and completed with the emergence of the theories of choice in the first decades of the 20th century, attempted to expel all psychological notions from economic theory. However, in the last three decades, the increasing appeal of subjective well-being research and especially of the new behavioral economics, re-brought the topic onto the surface. In order to better comprehend and to contribute to the recent discussion concerning the relationship between the two disciplines, the study of relevant views found in history of economic thought is necessary. The paper starts with a brief sketch of the history of the relationship between economics and psychology, focusing also to the recent literature which points to a reconsideration of this relationship. After an examination of psychological ideas found in influential pre-marginalist writers, the paper discusses the arguments supporting the case for the interaction between the two fields. It also suggests that the work of Richard Jennings can be seen as the peak of the early interaction between economics and psychology. Finally, it considers the relevance of these arguments for the current debate concerning the relationship between economics and psychology

The Development of Trade Union theory and Mainstream Economic Methodology

The pre-war approaches to trade unions were mainly based on the theoretical and methodological viewpoints of early institutional economics. Trade unions were conceived of as politico-economic organizations whose members were motivated by relative comparisons and also were concerned with issues of equity and justice. In the post-war period, there was a major theoretical and methodological shift towards the idea of unions as optimizing economic units with well-defined objective functions which are optimized subject to purely economic constraints. This conceptual transformation took place mainly through the Dunlop-Ross debate, in which John Dunlop conceived unions as analogous to business firms, which was contrary to Arthur Ross’ institutional and political approach. The emerging post war mainstream methodological framework with its mathematical formalism and the exclusion of sociological, political and psychological elements from economic analysis was the main reason for the prevalence of Dunlop’s ideas. However, after decades of analytical developments, the current state of trade union theory has not produced very impressive theoretical results.The paper traces the historical development of the economic analysis of the trade unions from a methodological perspective. It examines the methodological reasons for the dominance of Dunlop’s approach and also the current state of, and the contemporary criticism towards, the established theory. Furthermore, it discusses the contemporary efforts to build a more comprehensive approach to trade union theory and to trade union objectives, also incorporating Ross’ institutional and political insights

Machine learning to detect marine animals in UAV imagery: effect of morphology, spacing, behaviour and habitat

Machine learning algorithms are being increasingly used to process large volumes of wildlife imagery data from unmanned aerial vehicles (UAVs); however, suitable algorithms to monitor multiple species are required to enhance efficiency. Here, we developed a machine learning algorithm using a low-cost computer. We trained a convolutional neural network and tested its performance in: (1) distinguishing focal organisms of three marine taxa (Australian fur seals, loggerhead sea turtles and Australasian gannets; body size ranges: 0.8–2.5 m, 0.6–1.0 m, and 0.8–0.9 m, respectively); and (2) simultaneously delineating the fine-scale movement trajectories of multiple sea turtles at a fish cleaning station. For all species, the algorithm performed best at detecting individuals of similar body length, displaying consistent behaviour or occupying uniform habitat (proportion of individuals detected, or recall of 0.94, 0.79 and 0.75 for gannets, seals and turtles, respectively). For gannets, performance was impacted by spacing (huddling pairs with offspring) and behaviour (resting vs. flying shapes, overall precision: 0.74). For seals, accuracy was impacted by morphology (sexual dimorphism and pups), spacing (huddling and creches) and habitat complexity (seal sized boulders) (overall precision: 0.27). For sea turtles, performance was impacted by habitat complexity, position in water column, spacing, behaviour (interacting individuals) and turbidity (overall precision: 0.24); body size variation had no impact. For sea turtle trajectories, locations were estimated with a relative positioning error of <50 cm. In conclusion, we demonstrate that, while the same machine learning algorithm can be used to survey multiple species, no single algorithm captures all components optimally within a given site. We recommend that, rather than attempting to fully automate detection of UAV imagery data, semi-automation is implemented (i.e. part automated and part manual, as commonly practised for photo-identification). Approaches to enhance the efficiency of manual detection are required in parallel to the development of effective implementation of machine learning algorithms

Sumner Slichter and Emil Lederer: Central Visions Compared*

umner Slichter was “perhaps the most influential industrial economist in America”, while Emil Lederer was “the leading academic socialist of Germany in the 1920’s”. However, most aspects of their works remain unexplored. This paper analyzes Lederer’s and Slichter’s central theses. Given the presence of main elements of both economists’ visions in the famous Debate on Technological Unemployment which took place in the U.S.A. (1928-1933), it is surprising that so little attention has been paid to their works. After a careful examination of their writings, their theoretical investigations in a great number of thematic areas seem to converge. Analytically, both economists, attempted to explain the apparent inability of the economic system to readjust and absorb the unemployed workers. Also, both economists disputed the assertion of Say’s law that full equilibrium would be assured by the functioning of market forces. They both emphasised on the role of technical change. Another interesting aspect of both economists’ investigations is their respective theoretical shift around 1930 which could be related to the disastrous consequences of the Great Depression. The paper concludes that, despite some obvious differences between Lederer and Slichter, the parallels are undeniable