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1

The solitude of heterodoxy. On the writings of Kamilla Lányi

100%
Kovacs J. M.
Kozgazdasagi Szemle (Economic Review)
|
2007
|
vol. 54
|
issue 7/8
644-681
EN
The study outlines the career of Kamilla Lányi, who died recently. She was among the highly educated, original, unclassifiable Hungarian economists of the last half-century, who left a huge number of papers for posterity and influenced deeply the theoretical and economy-policy choices of younger colleagues, yet received no scholarly title, chair or award from the great figures in the profession or politics at any time. She moved as an instinctive, sovereign scholar in modern economics and in the border areas between traditional sociology and social history, and as a committed democrat, stretched the boundaries of liberal economic thinking. Lányi's work is presented here in a way that allows her career as an economist to reflect as much as possible from a period when a wild Stalinist and then a '56 rebel could be made out of a hardly grown-up apprentice sociographer, who never denied a long subsequent period as an advocate of market socialism and a welfare market economy, but departed this life amidst deep anxieties and reservations about capitalism at the end of the millennium.
2

Methodology and relevancy in economics. Today's economics and associated sciences

63%
Csaba L.
Kozgazdasagi Szemle (Economic Review)
|
2008
|
vol. 55
|
issue 4
285-307
EN
The study examines four questions: 1. It moves from experience - from the spread of unfamiliarity - towards causes in search of an explanation for an absence of conformity arising from the world's now urgent economic difficulties and the technicist orthodoxy of today's economic theory. The dominant approach is one-sidedly axiomatic and follows exclusively the inherent rules of formalization, while resting or having rested on assumptions and means beyond which other disciplines (especially the natural sciences) have clearly advanced in recent decades. 2. It explores the question of how and why there came to be a methodological exclusiveness in the world's leading journals, which often squeezes out the specific subject of examination in theory and research. 3. It raises the question of whether the mutual effect of the failures of the past and the mainstream that opened up theory in directions previously avoided will produce over decades a change of paradigm in Kuhn's sense. The reply given here is negative. 4. Proposals are made for moderation and for better application of the findings of associated sciences and for a need for greater methodological multiplicity. Instead of relying on single arbitrarily chosen textbooks or schools, the argument follows the course of the Nobel laureates in determining the boundaries and achievements of this branch of science.
3

SOCIAL SCIENTIFIC FACTS AND NATURAL SCIENTIFIC TECHNIQUES (Tarsadalomtudomanyi tenyek es termeszettudomanyos modszerek)

63%
Torok A.
Kozgazdasagi Szemle (Economic Review)
|
2009
|
vol. 56
|
issue 12
1067-1087
EN
The study assesses some cases of the more or less ubiquitous methodological approach in economics whereby priority is given to quantitative tools of analysis. Economists often borrow techniques for reflecting facts from the natural sciences, but the limits of these need scrutinizing more closely. They are presented here in examples from statistics and cliometrics. The author stresses the importance of distinguishing 'quantitative' from 'pseudo-quantitative' products of economic research when such products of knowledge creation are assessed by referees for professional journals or by others.
4

EX OCCIDENTE FLUX. A DEBATE ON THE USEFULNESS OF MACROECONOMICS AND THE RESPONSIBILITY OF ECONOMICS (Ex occidente flux. Vita a makrookonomia hasznarol es a kozgazdasagtan felelossegerol)

51%
Kovacs J. M.
Kozgazdasagi Szemle (Economic Review)
|
2009
|
vol. 56
|
issue 10
881-912
EN
Scholarly debate on a blog? A short exposition, indicative references, hasty conclusions. A personal note, a wisecrack or two, a feel of 'work in progress'. It is no easy task for a chronicler to approach the new genre with the traditional tools of intellectual historiography and go for analysis instead of loose blog comments: seeking causes, attempting a typology, making comparisons, sometimes taking seriously notes not seriously intended. For it would be a luxury to leave to swift oblivion on the net a sequence of texts over 200,000 characters long, of a scholarly standard far higher than most open exchanges in Hungarian economics. The attempt is made on the recent macroeconomics debate on the ELTECON blog. Not as a conclusion to the debate or a summary of it, rather as a snapshot of what one prestigious group of Hungarian theoretical economists think of the quality and responsibility of their profession. Amidst the irritating clamour of economic crisis. The snapshot is taken at an unusual time, when the beam of the West is hardly shining. In this curious light, the article seeks to answer three questions: 1. Has the crisis affected the debaters' opinions on the scientific and moral value of their models? 2. How firmly are these opinions grounded on scientific principles? 3. Do they have a strong local tinge to them? All in all, are the debaters' macroeconomic arguments convincing in themselves? The author leaves better qualified observers to decide that.
5

The role of fiscal and monetary policy during and after recent crisis

51%
Yevdokimov Y.
Mekhanizm Rehuluvannya Economiky
|
2011
|
vol. 1 (51)
138-146
EN
Different views on the role of fiscal and monetary policy are discussed in terms of history of economic thought. Fundamental features of fiscal and monetary policy are identified and analyzed with respect to recent financial and economic crisis. Lessons from variety of fiscal and monetary stimulus used by different countries to overcome recent crisis are summarized.
6

POLITICKÁ EKONOMIE JEAN-BAPTISTY SAYE

51%
Loužek M.
Ekonomický časopis (Journal of Economics)
|
2007
|
vol. 55
|
issue 9
905-915
EN
The paper is concerned with the life and works of French classical economist Jean-Baptiste Say. First section outlines the life of Jean-Baptiste Say. Second section analyzes his 'Treatise on Political Economy' (1803). Third section discusses Say's Law of Markets. Forth section deals with the Keynes' interpretation of Say. Fifth section highlights Say's actual legacy, especially his opinions on taxation and public debt.
7

Thorstein Veblen and evolutionary economics - an experiment in establishing a new picture of humanity. Thorstein Veblen born 150 years ago

51%
Hausmann P.
Kozgazdasagi Szemle (Economic Review)
|
2007
|
vol. 54
|
issue 11
1012-1024
EN
The study examines the side of Veblen's work in which this excellent theorist argued for a new scientific cognition, as an alternative to the mainstream scientific outlook of his age. This induced Veblen to prepare a clinical picture of economic man, and to outline a new, more authentic picture of mankind. This evolution-based picture of humanity is presented here. It also seeks to contribute to confirming that Veblen's ideas should not just be seen as durable for cognition efforts in the new millennium, but as having value in offering new directions for the renewal of economics.
8

Can the 'grand theory' return to economics? Notes on the theoretical history of the system paradigm

51%
Madarasz A.
Kozgazdasagi Szemle (Economic Review)
|
2008
|
vol. 55
|
issue 2
95-106
EN
The study starts from János Kornai's concept of a system paradigm and the list of economists there to lift certain elements from its antecedents in intellectual history. The sociological writers of the 1960s thought it was inopportune to create a grand theory, while the social scientists of the 1980s were busy celebrating the return of the great traditional system-creating process and its mode of narration. Adam Smith presented his economics as part of a comprehensive theory of social organization that would cover the principles and history of law, politics and morality. This is illustrated by his analysis of the paradox of commercial society and his demonstration of how wealth led to the restoration of liberty and the establishment of regular governance. Marx and the German historical school both strove to identify laws of the historical development of society, although they each rejected the other elements of the other's concept. Schumpeter's oeuvre was marked by an effort to combine theoretical analysis with historical description, so that from an analysis of economic development he could arrive at a theory presenting the interdependence of the various areas of social activity.
9

BUBBLES AND MYTHS, CRISES AND EXPLANATIONS: TULIP MANIA AND THE SOUTH SEA BUBBLE. PART I. (Buborekok es legendak. Valsagok es valsagmagyarazatok - tulipanmania es a Deltengeri Tarsasag. I. rész)

51%
Madarasz A.
Kozgazdasagi Szemle (Economic Review)
|
2009
|
vol. 56
|
issue 7/8
609-633
EN
The accounts of early bubbles and crises are becoming fashionable again in economic discourse during the recent downturn. The article, having looked at the revival of macroeconomic debate provoked by the failure of current theory, sums up various interpretations of the Dutch tulip mania of 1634-7. These range from an outburst of popular madness, through an early example of an efficient financial market, to an instance of culture shock. Some well-known anecdotes about tulip mania are traced back to their original sources, and the article explores the various patterns and intentions in the use economists and historians have made of them.
10

The Problem of Public Debt in Pre-Keynesian Economic Thought

51%
Babczuk A.
Ekonomista
|
2008
|
issue 6
777-797
EN
Managers of public finances and thinkers were interested in public debt long time before economic theory started to be formulated. Initially negative attitude to public debt was a consequence of theological criticism of financial usury. For the first time public debt as instrument of public finance management was accepted by mercantilists. In first half of 19th century most economists, especially representatives of the English liberal school, were strong against creation of public debt. One of the first economist who justified temporary public credit was C.F. Bastable. In the second half of 19th century public debt was accepted by representatives of historical school. They argued with neoclassical economists, who were against the practice of incurring public debt.
11

Technical and economic efficiency in Koopmans' theory of production

32%
Zalai E.
Kozgazdasagi Szemle (Economic Review)
|
2008
|
vol. 55
|
issue 1
3-34
EN
Generalizing from his experience in solving practical problems, Koopmans set about devising a linear model for analysing activity. Surprisingly, he found that economics at that time possessed no uniform, sufficiently exact theory of production or system of concepts for it. He set out in a pioneering study to provide a theoretical framework for a linear model for analysing activity by expressing first the axiomatic bases of production theory, which rest on the concept of technological sets. He is associated with exact definition of the concept of production efficiency and efficiency prices, and confirmation of their relation as mutual postulates within the linear model of activity analysis. Koopmans saw the present, purely technical definition of efficiency as a special case; he aimed to introduce and analyse the concept of economic efficiency. The study uses the duality precepts of linear programming to reconstruct the results for the latter. It is shown first that evidence confirming the duality precepts of linear programming is equal in value, and secondly that efficiency prices are really shadow prices in today's sense. Furthermore, the model for the interpretation of economic efficiency can be seen as a direct predecessor of the Arrow-Debreu-McKenzie models of general equilibrium theory, as it contained almost every essential element and concept of them - equilibrium prices are nothing other than Koopmans' efficiency prices. Finally Koopmans' model is reinterpreted as a necessary tool for microeconomic description of enterprise technology
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