FESTRÉ , Agnès

This paper gives an interpretation of Michael Polanyi's vision of government and economics as spanningbetween Hayek and Keynes. The influence of Hayek is manifested by the opposition to centralplanning and the defence of self-organization as a superior mechanism for coordinating individualplans, while the one of Keynes is evidenced in the...

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This paper examines and compares, in both historical and theoretical perspectives, Hayek and Schumpeter's account of the role played by banks and credit in their respective explanations of business cycles. The first section is focused on the common inheritance ofthese two authors, which can be traced back to Wicksell, going from Mises whose...

In a first section, we shall discuss the main issues that divided Wicksell and Mises during a debate that took place between them in 1914. We will first analyze how the two authors conceived the link between the "commodity market" and the "money market" as well as their respective stance on the question of the independence of the "loan rate of...

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International audience

This paper offers further experimental evidence on the nature of fair behaviour, investigating the effects of different splitting options on offers and rejection rates of low offers in ultimatum games. The experiment provides a robustness check of the validity of the results in the literature concerning the behaviour of the proposer and...

International audience

The main purpose of this chapter is to assess the originality of Schumpeter's theory of business cycles. The first section outlines the distinctive features of Schumpeter's approach to business cycles and economic dynamics. Section two looks at the mechanisms constituting the cycle in Schumpeter's two major contributions on this subject, the...

It is now commonplace to regard social norms as a subject of growing interest in the economic literature (e.g., game theoretical approaches based on 'other-regarding' individual preferences, the analysis of the impact of rewards or punishment on individuals' behaviour through experimental economics as well as field experiments, the revival of...

International audience

International audience

This paper analyses Michael Polanyi's vision of economics. We stress two major features: first, the radical opposition to central planning and his defence of self-organization as a superior mechanism for coordinating individual plans that he shared with Hayek; second, the strong support for state interventionism in order to fight unemployment...

In the first section we discuss the Wicksellian origins of Schumpeter's and Hayek's approaches to money and banking in the context of dynamic economic analysis. The second section compares the role played by banks and credit in Schumpeter's and Hayek's explanation of economic fluctuations. We conclude by contrasting both authors' perception of...

In this paper, we reconsider Ludwig von Mises and Friedrich Hayek's theories of business cycles in the light of their methodological approach. In the first part, we clarify Mises and Hayek's methodological frameworks in order to provide a better understanding of their programmatic approach of business cycles. The second part is dedicated to...

In this paper we revisit Michael Polanyi's overall contribution to the understanding oftacit knowledge and its implications in philosophy of science with a focus on experimentalresearch in social sciences. We first review and discuss Polanyi's references to experimentsin general and draw two important lessons for observing individual...

In 1940 Schumpeter wrote a paper entitled: "The Meaning of Rationality in the Social Sciences", which was intended to one of the meetings of a seminar including Talcott Parsons, Wassilly Léontief, Paul Sweezy and other Harvard scholars, that he took the initiative to start. In this paper Schumpeter develops thoroughly his own conception of...

National audience

In this contribution, we provide an interpretation of Wieser's contribution to economics, which pays tribute to the originality of his work, and particularly his view of how institutions interfere with individual behavior. This interaction takes place within a disequilibrium framework where social influences such as power or social class, and...

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International audience

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International audience

This book surveys how economists engage with knowledge and beliefs in various fields of economic analysis, such as general equilibrium theory, decision theory, game theory, experimental economics, evolutionary theory of the firm, financial markets and the history of economic thought.The contributors to this book also suggest the need for a more...