Modelling the US Federal Spending Process: Overview and Implications

The object of study is the US Federal budget process - an institutional process of increasing prominence in US and world affairs - which is unique in generating quantitative data for scholarly research. The authors first outline their rigorous, but simple, econometric models of how budget decisions are made, coordinated, and implemented and then trace the implications of their high-inertia view of the process for the US economic cycle. They propound a presidential and Congressional ambition model of current and postwar cyclical economic difficulties, including stagflation, in terms of a macroeconomic model of the US economy in which federal governmental expenditure is endogenous. The chapter concludes with speculation on the disastrous consequences for society of the growth of a sluggishly adaptable bureaucratic process operating in a rapidly changing economic and social environment

Microfoundations

The paper argues that the microfoundations programme can be understood as an implementation of an underlying methodological principle, methodological individualism, and that it therefore shares a fundamental ambiguity with that principle, viz, whether the macro must be derived from and therefore reducible to, or rather consistent with micro-level behaviours. The pluralist conclusion of the paper is not that research guided by the principle of microfoundations is necessarily wrong, but that the exclusion of approaches not guided by that principle is indeed necessarily wrong. The argument is made via an examination of the advantages claimed for dynamic stochastic general equilibrium models, the relationship between parts and wholes in social science, and the concepts of reduction, substrate neutrality, the intentional stance, and hypostatisation

Microfoundations

This paper argues that the microfoundations programme can be understood as an implementation of an underlying methodological principle—methodological individualism—and that it therefore shares a fundamental ambiguity with that principle, viz, whether the macro must be derived from and therefore reducible to, or rather consistent with, micro-level behaviours. The pluralist conclusion of the paper is not that research guided by the principle of microfoundations is necessarily wrong, but that the exclusion of approaches not guided by that principle is indeed necessarily wrong. The argument is made via an examination of the advantages claimed for dynamic stochastic general equilibrium models, the relationship between parts and wholes in social science, and the concepts of reduction, substrate neutrality, the intentional stance, and hypostatisation

John Stuart Mill and Fourierism: ‘association’, ‘friendly rivalry’ and distributive justice

John Stuart Mill’s self-description as ‘under the general designation of Socialist’ has been under-explored. It is an important feature of something else often overlooked: the importance of the French context of Mill’s thought. This article focuses on the role of Fourierism in the development of Mill’s ideas, exploring the links to Fourierism in Mill’s writing on profit-sharing; his use of the words ‘association’ and ‘friendly rivalry’; and his views concerning distributive justice. It then reconsiders his assessment of Fourierism as a desirable, workable and immediately implementable form of social reform, ultimately arguing it was Mill’s most-preferred form of ‘utopian’ socialism

Assumption without representation: the unacknowledged abstraction from communities and social goods

We have not clearly acknowledged the abstraction from unpriceable “social goods” (derived from communities) which, different from private and public goods, simply disappear if it is attempted to market them. Separability from markets and economics has not been argued, much less established. Acknowledging communities would reinforce rather than undermine them, and thus facilitate the production of social goods. But it would also help economics by facilitating our understanding of – and response to – financial crises as well as environmental destruction and many social problems, and by reducing the alienation from economics often felt by students and the public

Studies in mathematics and mechanics

Studies in Mathematics and Mechanics is a collection of studies presented to Professor Richard von Mises as a token of reverence and appreciation on the occasion of his seventieth birthday which occurred on April 19, 1953. von Mises' thought has been a stimulus in many seemingly unconnected fields of mathematics, science, and philosophy, to which he has contributed decisive results and new formulations of fundamental concepts. The book contains 42 chapters organized into five parts. Part I contains papers on algebra, number theory and geometry. These include a study of Poincaré's representati