Research Papers

We critically reviewed the identification strategies of the social determinants of individual behaviors and interactions.

While a rich literature on the identification strategies for uncovering empirical evidence of social interactions exists, a more mature system of identification strategies is needed to identify the conditions under which social interactions occur.

This overview of the existing identification strategies of social interactions clarifies the directions for future research that improves the empirical modeling of social interactions.

We examined the deterrent effect of imprisonment on criminal behavior, considering the impact of incarceration as a crime prevention strategy.

We aimed to provide empirical evidence on the effectiveness of imprisonment as a deterrent, contributing to the ongoing policy debate on crime control strategies.

Our findings can inform the discussion on the role of imprisonment in controlling crime, offering insights that can guide policymakers in developing evidence-based criminal justice policies.

We analyzed a model of adoption decisions in which social interactions are present.

There has been a resurgence of interest in the role of social interactions in determining the rate at which technologies are adopted. We focused on the properties of a particular model of heterogeneous atomistic potential adopters to identify properties of adoption curves that imply the presence of social interactions.

We revealed two model properties that may assist empirical researchers in interpreting some interesting patterns in the data that provide useful directions for uncovering social influences on individual behavior.

We examined James Tobin’s contributions to growth theory over more than four decades, focusing on his emphasis on portfolio substitution between money and capital. We explored how his work stood apart from other neoclassical growth models and its relationship to the evolution of modern growth economics.

We conducted this examination to highlight the unique aspects of Tobin’s contributions to long-run growth theory. His focus on portfolio substitution provided a distinctive perspective on the non-neutrality of money, which diverged from traditional neoclassical models and influenced modern growth economics.

We want to shed light on the distinctive and influential contributions of James Tobin to growth theory. Understanding his emphasis on portfolio substitution and its implications for the non-neutrality of money enhances our comprehension of the complexities in long-run economic growth and informs contemporary economic thought and policy.

We discussed the history and usage of cross-country regressions in modern growth economics, examining their controversial interpretations and the exaggerated support for various new growth theories. We also highlighted their valuable role in identifying modern stylized facts about growth behavior.

We undertook this study to address the controversy surrounding cross-country regressions and to correct the misconceptions from early interpretations. By doing so, we aim to clarify their role and utility in empirical growth analysis and modern economic theory.

We aim to provide a critical reassessment of cross-country regressions, a fundamental tool in growth economics. By clarifying their appropriate use and significance, we contribute to more accurate and reliable empirical analyses, which are essential for understanding and fostering economic growth.

In this paper, we explore Robbins’ critical attitude to formal empirical work from the perspective of contemporary economics.

Robbins‘ discussion of the role of empirical analysis should be seen as the most celebrated effort to reject any fundamental role for statistical methods as a source of economic knowledge. We want to argue that his attitude towards empirical work rested on indefensible assumptions and that he failed to realise that the role he saw for empirical work undermined his belief in the primacy of economic theory.

Robbins’ attitudes are echoed in modern economics, best exemplified by the calibration methodology of Kydland and Prescott, which is vulnerable to similar criticisms.

This chapter provides an overview of current practices in the econometric analysis of economic growth by describing some of the main methodologies that have been developed to study growth, major empirical findings, and the relationship between econometric analyses and growth theories.

Growth econometrics has long been an active field of research, especially since the mid 1980s, but the position of this field within economics remains uneasy. There are observers who regard this form of evidence as essentially inadmissible. It is important to understand why this is so. We will review the problems in this research in detail, but argue that there are some grounds for optimism.

The abiding interest of the study of aggregate productivity, whether in levels or growth rates, perhaps speaks for itself. Seeking to understand the wealth of nations is one of the oldest and most important research agendas in the entire discipline. At the same time, it is also one of the areas in which genuine progress seems hardest to achieve.

We surveyed the econometrics of convergence and examined various empirical claims regarding convergence between rich and poor countries. Our focus was on understanding the relationship between statistical and economic notions of convergence and how disparities in empirical studies may stem from neglecting this relationship.

We conducted this survey because understanding whether convergence exists between rich and poor countries is a pivotal question in new growth economics. New growth theories highlight forms of divergence not explained by neoclassical models, necessitating a thorough investigation of existing empirical evidence.

Our study is important as it addresses the critical issue of economic disparity between countries. By elucidating the relationship between statistical and economic convergence, we provide clarity on the divergent empirical claims, which is essential for formulating effective economic policies and fostering global economic equity

To stimulate further work on social interactions that moves the field towards the consideration of aggregate phenomena, first, we review some of the theory and econometrics of social interactions. This part of the chapter will represent a brief synthesis of a large literature. Second, we consider how this body of work may be related to macroeconomics.

While the importance of social interactions has been argued for a range of interesting behaviors, far less attention has been paid to the role of social interactions in aggregate phenomena. There has yet to be any systematic examination of whether social interactions may help explain the standard macroeconomic phenomena of growth and fluctuations, although they may be connected to social interactions.

Within economics, social interaction research constitutes a growing area of study. This research represents a good-faith attempt to introduce substantive sociological factors into economic modeling. There is now an impressive range of applications of social interaction models in microeconomic contexts.

We described a framework for meritocratic and affirmative action policies from the perspective of standard economic notions of efficiency in the context of admissions to public universities.

We wanted to explore the efficiency side of admissions policies and so address the presumption that admission policies should be justified by meritocratic admissions rules.

Affirmative action constitutes a redistribution of college slots toward minority students, particularly for more exclusive institutions, and it affects a large number of minority students.