Η επιστροφή του Σεφέρη στη Μικρά Ασία: τόπος – ταυτότητα – Μνήμη

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The history of the mainstream rejection of interdependent preferences

The notion of interdependent preferences has a long history in economic thought. It can be found in the works of authors such as Hume, Rae, Genovesi, Smith, Marx and Mill among others. In the 20th century, the idea became more widespread mainly through the works of Veblen and Duesenberry. Recently, an increasing number of theorists are interested in issues like reference income, relative consumption and positional goods which are all based on the concept of interdependent preferences. However, such preferences were never part of the corpus of orthodox theory. For instance, although Pareto and Marshall were aware of their existence, they rejected their incorporation into economic theory. There were various reasons for this rejection. The structure of mainstream economic methodology might be one reason. Another reason had to do with the theoretical implications of adopting interdependent preferences. The paper discusses the main historical aspects of this idea in relation to the mainstream resistance to incorporate it in orthodox economic theory

Origins and Development of the Trend towards Value-Free Economics

The vast majority of pre-Classical and of many Classical economists thought that it was natural to incorporate value judgments and norms in their economic reasoning. However, there was a gradual dominance of the idea of a neutral or value-free economic science which gained momentum with the second Marginalist generation. More specifically, clear signs of this tendency can be found in the works of Sidgwick, Pareto and Fisher. The paper examines the process of this change and provides possible justifications. In particular, the work discusses this trend with reference to the growing influence of classical physics, and positivist philosophies of science. Consequently, the paper shows that there was a gradual broadening of the meaning of the term “value judgments” to include mental states and motivations. These developments are essential in the understanding of the formation of the standard economic theory and especially of microeconomic theory.Economic Methodology, Values and Economics, History of Economic Thought

Trade Union Priorities and Wage Rigidity

The starting point of the paper is that trade unions engage in substitution once certain targets have been met. This implies that a priority-based or hierarchical model might be a better approximation to union behaviour. This model requires a two-part union utility function which changes when a satisfactory (or target) level of the priority variable (e.g. the wage rate) is met. After demonstrating the workings of such a model in a monopoly union framework, it is shown that when the wage is below the target level, there is real wage rigidity. Employment increases only when the target wage has been achievedTrade Unions; Wages

Preferences for Permitted and Protected Left-Turn Signal Displays

Twenty-two different signal displays for permitted and protected left turns were evaluated from a driver comprehension perspective. The objective was to identify which alternate signal displays used to convey the same left-turn message to the driver are better comprehended and therefore recommended for use in the field. Protected displays compliant with the Manual on Uniform Traffic Control Devices were found to be better comprehended than certain noncompliant displays; however, some noncompliant permitted displays were found to outperform their compliant counterparts. Regional comprehension biases are nonexistent for the most part, regardless of display compliance with the Manual on Uniform Traffic Control Devices. Permitted left-turn signals using indications other than a steady green ball were found to enhance driver comprehension. The “Left Turn Must Yield on Green Ball” sign used with a “doghouse” display is beneficial during the permitted phase, but confusing when displayed during the protected left-and-through phase. Other supplemental signs used with various left-turn displays were also evaluated

THE CONCEPT OF COMPARISON INCOME: AN HISTORICAL PERSPECTIVE

Theories of social comparison have a long presence in the social sciences and have provided many useful insights. In economics, the idea of comparison, aspiration or relative income belongs to this theoretical framework. The first systematic usages of this idea can be found in the works of Keynes and Duesenberry. After these works the concept was relatively ignored by orthodox theorists until its recent re-appearance mainly in the fields of labour and macroeconomics. To the contrary, however, income comparisons continued to play a role in much of Keynesian inspired and Behavioural economics literature. In the last few years it has made a strong comeback in the literature of job satisfaction and of the economics of happiness. This paper attempts to trace the development of the concept in the modern history of economic thought. It also discusses the main theoretical implications of adopting income comparisons and possible reasons for its relative disregard by orthodox economics.Relative Income; History of Economic Thought; Wages

Economic Policies, Political Considerations and Overall Health

Socioeconomic factors play a crucial role in determining physiological and psychological health levels of the population. The level of unemployment, income inequality and poverty levels are largely affected by economic policies and the economic cycles. Economic policies can also influence the occurrence of economic cycles which in turn influence socioeconomic factors and therefore health inequalities. Economic policies are influenced by political considerations as the historical record of many countries indicates. The paper discusses the conduct and the effects of economic policy on health inequalities. It starts with a discussion of the need and of the instruments of economic policy and also its effectiveness in smoothing the economic cycle. It also examines the interplay between main policy targets such as unemployment and inflation with political considerations. Finally, it concentrates on the effects of economic policies for health inequalities in view of economic recessions.Economic Policy, Health, Socio-economic Factors

NORMATIVE ISSUES IN MARGINALISM: THE CASE OF P. WICKSTEED

ABSTRACT Phillip Wicksteed’s ideas played an important role in the history of economic methodology. This is because of two reasons: The first was that his views represent the starting point of the deliberate attempt to expel normative issues from marginalist economic analysis. The second reason was that his ideas influenced his disciple L. Robbins, who was one of the first theorists to set the methodological basis for an allegedly value-free economic science. The paper examines Wicksteed’s conception of a positive economic science and the role of normative aspects. In the same context, his views on the nature and the role of economic man, and his analysis of selfish and altruistic behaviour are also discussed. Finally, the work combines the above with Wicksteed’s economic methodology in order to asses his overall role and influence on the development of the trend towards a value-free economic theory.Marginalism, Wicksteed, Normative, History of Economic Thought

An Evaluation of Age Effects on Driver Comprehension of Flashing Traffic Signal Indications using Multivariate Multiple Response Analysis of Variance Models

Objective: The objective of this experiment was to identify whether drivers comprehended traffic signals differently when turning left at signalized intersections where traffic signals were in “flashing mode” operation. Method:Multivariate multiple response analysis of variance models were used to analyze the simultaneous effects of displayed color combination, age, and geographical location on signal message interpretation. Data were gathered in a laboratory environment. Results: Left-turn and through-signal color combination had a significant effect on subject comprehension. Comprehension was found to be lowest for displays flashing red only, followed by displays flashing red on the left-turn, and yellow on the through-signal, with best comprehended displays flashing yellow only. No overall significant age effects were identified, with one minor exception. No geographical region effects were identified. Signal section arrangement and the use of an arrow or circular illuminated lens had no significant effect on comprehension. Discussion: Traffic signal displays in “flashing mode” operation were previously identified as the least well-comprehended displays for drivers turning left. The present effort identified that this is mainly due to displays flashing red indications on the through-signal. Comprehension of displays flashing yellow indications on the through-signal is comparable to that of permitted left-turn indications. Impact on the Industry: There is a need to develop alternatives for signal displays flashing red indications on the through-signal because a large percentage of drivers facing such indications mistakenly think they have the right-of-way when, in fact, they do not. However, use of such displays on minor streets intersecting major streets cannot currently be avoided when signals are placed in flashing operation. Practitioners using flashing signal operations need not be concerned about signal message comprehension differences among age groups. They can use any among the analyzed alternative signals that convey a given message without impacting signal message comprehension