History of economic theory : scope, method, and content

xvi, 527 p.; 23 cm

Understanding Pluralism and Formalism in Economics

Economics evolves in fits and starts as it struggles to come to an understanding of the economy and to provide some guidance for policy. In this evolution there has been an ongoing debate between "formalists," those economists who believe that the study of economics should consist of a highly formal analysis of the economy, and "non-formalists," who believe that a less formal, process-oriented analysis of the economy, including relevant historical and institutional elements, is the more appropriate model for economic analysis. Although Leland Yeager falls into the nonformalist category, he is unusual in that he also falls into the committed pluralist category, and he is always considering and integrating subtle ideas developed from formalist models into his work. His wide-ranging scholarship has enabled him to integrate a sense of history and institutions into his analysis, and while he has consistently avoided any mathematical presentation of his ideas, the ideas he addresses are those addressed more by formalists than nonformalists. Although Yeager's analysis is nonformal, it is, nevertheless, highly rigorous; his views are always well thought out and supported by impeccable logic. But, except among his ardent admirers, his work has not had the impact that its cogency deserves. The reason lies in part in the very attributes of his work that give it its strengths. It is iconoclastic --logical unto itself but unbending in its dedication to the exposition of the institutional realities of the time. Be it in his interest in Interlingua, his theory of money, his consideration of the role of ethics, or in his consideration of what Austrian economics is all about, one can be sure that Leland's work will provide enormous insight but also that it likely will be out of step with the mainstream profession's thinking. He could have expressed his ideas in a formalistic manner, but he found that approach a less than optimal way of expressing them, because it would not allow him to point out the subtleties of the argument that went beyond the math. Thus, his work was rich in institutional detail that was impossible to include within a formalist presentation of those ideas, but at the same time was concerned with the ideas that the formalists were concerned with, not the ideas that the nonformalists focused on. Recently there have been a number of considerations of formalism, pluralism, and their relationship to the evolution of economic thought over the last 100 years. 1 In Morgan and Rutherford there seems to be a sense that formalism is bad and that nonformalism is inherently pluralistic and good, and that, in an ideal pluralistically committed world, being out of step with the mainstream should be a strength. In a profession devoted to a pluralist methodology, researchers would turn to those who are out of step for applicable solutions, because the insights one might gain from them would likely be higher than from other sources. Leland Yeager certainly would be considered pluralistic and open; in his work he has demonstrated a willingness to give every view consideration, and he has always dealt seriously with those that he felt met his standard of insightfulness, regardless of whether they advanced an "in" theory or not

Attenuation of neuroinflammation and Alzheimer's disease pathology by liver x receptors

Alzheimer's disease (AD) is an age-dependent neurodegenerative disease that causes progressive cognitive impairment. The initiation and progression of AD has been linked to cholesterol metabolism and inflammation, processes that can be modulated by liver x receptors (LXRs). We show here that endogenous LXR signaling impacts the development of AD-related pathology. Genetic loss of either Lxrα or Lxrβ in APP/PS1 transgenic mice results in increased amyloid plaque load. LXRs regulate basal and inducible expression of key cholesterol homeostatic genes in the brain and act as potent inhibitors of inflammatory gene expression. Ligand activation of LXRs attenuates the inflammatory response of primary mixed glial cultures to fibrillar amyloid β peptide (fAβ) in a receptor-dependent manner. Furthermore, LXRs promote the capacity of microglia to maintain fAβ-stimulated phagocytosis in the setting of inflammation. These results identify endogenous LXR signaling as an important determinant of AD pathogenesis in mice. We propose that LXRs may be tractable targets for the treatment of AD due to their ability to modulate both lipid metabolic and inflammatory gene expression in the brain