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Journal articles on the topic 'Value-free economics'

Author: Grafiati

Published: 10 September 2021

Last updated: 1 February 2022

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1

Drakopoulos, S. A. "Origins and Development of the Trend Toward Value-Free Economics." Journal of the History of Economic Thought 19, no. 2 (1997): 286–300. http://dx.doi.org/10.1017/s1053837200000821.

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The idea of value-free economics is an old methodological issue. It has given rise to one of the most important controversies in the history of economic thought. The discussion was important because it had to do with the scientific nature of economics. One can still find a significant number of methodological works (e.g. Coddington 1972, Gordon 1977, Samuels 1977, Sugden 1981, Colander 1994) which echo this old controversy. Most economists today, though, would agree that the claim of an economic theory free from values is essential in establishing the scientific nature of the discipline. A positive, value-free economics, in the sense of not relying on any particular set of value judgments or on any philosophical or psychological framework, is generally seen as the ideal. This approach has crucially influenced important branches of economics such as microeconomic theory. The current established position was a product of a historical process which played a significant role in the formation of the body of economic theory. Furthermore, the idea of what is value-free economics has changed since its first introduction as a scientific ideal. The nature of this change is also important for understanding the present conception of the scientific character of economics.

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2

Tubadji, Annie. "Value-Free Analysis of Values: A Culture-Based Development Approach." Sustainability 12, no. 22 (2020): 9492. http://dx.doi.org/10.3390/su12229492.

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Recent literature in the fields of Political Economy, New Institutional Economics and New Cultural Economics has converged in the use of empirical methods, offering a series of consistent quantitative analysis of values. However, an overarching positive methodology for the value-free study of values has not yet precipitated. Building on a mixed systematic-integrative literature review of a pluralistic variety of perspectives from Adam Smith’s ‘Impartial’ Spectator to modern moral philosophy, the current study suggests the Culture-Based Development (CBD) approach for analyzing the economic impact of values on socio-economic development. The CBD approach suggests that the value-free analysis needs: (i) to use positive methods to classify a value as local or universal; (ii) to examine the existence of what is termed the Aristotelian Kuznets curve of values (i.e., to test for the presence of an inflection point in the economic impact from the particular value) and (iii) to account for Platonian cultural relativity (i.e., the cultural embeddedness expressed in the geographic nestedness of the empirical data about values). The paper details the theoretical and methodological cornerstones underpinning the proposed CBD approach for value-free analysis of values.

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3

Szab�, Andrea. "The Value of Free Water: Analyzing South Africa's Free Basic Water Policy." Econometrica 83, no. 5 (2015): 1913–61. http://dx.doi.org/10.3982/ecta11917.

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4

Pink, Małgorzata. "Value Theory in the Economics of Sustainable Development." Problemy Ekorozwoju 15, no. 1 (2020): 95–102. http://dx.doi.org/10.35784/pe.2020.1.11.

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Historically, the value theory was based on an objectivist approach, where the value of the goods arises through the involvement of private means of production, with a special role of work or a subjectivist approach, where value is a subjective phenomenon and depends on marginal utility of the economic entity. The neoclassical revolution replaced the vague value theory with price theory, the economic reality and consumer expectations led to a situation in which lowering the price of goods at the expense of the environment became a commonly accepted mode of operation. For a long time, the value theory in economics was not an area of reflection, both in the sense of economic and moral value. It was assumed that the subjective character of the value phenomenon makes the analysis of value elusive for the tools of economics. At the same time, environmental goods were considered to be so-called free, occurring in unlimited quantities. These assumptions have contributed to the development of an economics theory that is the antithesis of the economics of sustainable development, excessively exploiting the environment and, indirectly, society as well. The assumptions of sustainable development redefine the space for interpretation of the value theory and imply a change in the approach to an environmental element that cannot be understood in the sense of a free good and which imposes an objective understanding of values that can be preserved or lost in the production process.

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5

Platt, Harlan, Sebahattin Demirkan, and Marjorie Platt. "Free Cash Flow, Enterprise Value, and Investor Caution." Journal of Private Equity 13, no. 4 (2010): 42–50. http://dx.doi.org/10.3905/jpe.2010.13.4.042.

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6

Caplan, Arthur J., Douglas Jackson-Smith, and Sandy Marquart-Pyatt. "Does ‘free-sampling’ enhance the value of public goods?" Applied Economics Letters 17, no. 4 (2008): 335–39. http://dx.doi.org/10.1080/13504850701735872.

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7

Martins, Nuno Ornelas. "Hilary Putnam and Vivian Walsh (eds.), The End of Value-Free Economics." OEconomia, no. 3-3 (September 1, 2013): 514–19. http://dx.doi.org/10.4000/oeconomia.97.

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8

Nelson, J. A. "Value-Free or Valueless? Notes on the Pursuit of Detachment in Economics." History of Political Economy 25, no. 1 (1993): 121–45. http://dx.doi.org/10.1215/00182702-25-1-121.

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9

Schreft, Stacey L., and Bruce D. Smith. "The social value of risk-free government debt." Annals of Finance 4, no. 2 (2007): 131–55. http://dx.doi.org/10.1007/s10436-007-0073-3.

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10

Aydinonat, N. Emrah. "Is spontaneous order a value-free descriptive methodological tool?" Journal of Economic Methodology 17, no. 4 (2010): 448–52. http://dx.doi.org/10.1080/1350178x.2010.525111.

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11

Nelson, Julie A. "Feminism and Economics." Journal of Economic Perspectives 9, no. 2 (1995): 131–48. http://dx.doi.org/10.1257/jep.9.2.131.

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Recent feminist theorizing about gender and science could improve economic practice. The usual definitions of the subject matter, models, methods, and pedagogy of economics, while often perceived as value-free and impartial, contain distinct masculine biases. The alternative is not a ‘feminine’ economics, not a ‘female’ economics, but an economics in which practitioners of either sex make use of the widest range of appropriate methods in studying the subject of economic provisioning. Examples are given of work in which gender conformity has not been a defining factor, as well as work in which gender biases are apparent.

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12

Coggins, Jay S., and Cyrus A. Ramezani. "An Arbitrage-Free Approach to Quasi-Option Value." Journal of Environmental Economics and Management 35, no. 2 (1998): 103–25. http://dx.doi.org/10.1006/jeem.1998.1024.

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13

Lubensky, Dmitry, and Eric Schmidbauer. "FREE PRODUCT TRIALS: DISCLOSING QUALITY AND MATCH VALUE." Economic Inquiry 58, no. 4 (2019): 1565–76. http://dx.doi.org/10.1111/ecin.12858.

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14

Alamar, Benjamin C., and Stanton A. Glantz. "Smoke-free Ordinances Increase Restaurant Profit and Value." Contemporary Economic Policy 22, no. 4 (2004): 520–25. http://dx.doi.org/10.1093/cep/byh038.

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15

Yuengert, Andrew. "Why did the economist cross the road? The hierarchical logic of ethical and economic reasoning." Economics and Philosophy 18, no. 2 (2002): 329–49. http://dx.doi.org/10.1017/s0266267102002080.

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The debate over whether or not economics is value-free has focused on the fact-value distinction: “is” does not imply “ought.” This paper approaches the role of ethics in economics from a Thomistic perspective, focusing not on the content of economic analysis, but on the actions taken by economic researchers. Positive economics, when it satisfies Aristotle's definition of technique, enjoys a certain autonomy from ethics, an autonomy limited by a technique's dependence for guidance and justification on ethical reflection. The modern isolation of technique from ultimate ends entails the risk of mistaking the proximate ends of economics for ultimate ends, especially when applying economic methods in new ways or to new social phenomena.

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16

Burkett, Paul. "Nature's ‘Free Gifts' and the Ecological Significance of Value." Capital & Class 23, no. 2 (1999): 89–110. http://dx.doi.org/10.1177/030981689906800106.

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17

Lux, Thibaut, and Antonis Papapantoleon. "Model-free bounds on Value-at-Risk using extreme value information and statistical distances." Insurance: Mathematics and Economics 86 (May 2019): 73–83. http://dx.doi.org/10.1016/j.insmatheco.2019.01.007.

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18

Shorrer, Ran I. "Entropy and the value of information for investors: The prior-free implications." Economics Letters 164 (March 2018): 62–64. http://dx.doi.org/10.1016/j.econlet.2018.01.001.

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19

Cheshire, Paul, and Stephen Sheppard. "Capitalising the Value of Free Schools: The Impact of Supply Characteristics and Uncertainty." Economic Journal 114, no. 499 (2004): F397—F424. http://dx.doi.org/10.1111/j.1468-0297.2004.00252.x.

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20

Pressman, S. "Economics and the Philosophy of Science. * Value-Free Science?: Purity and Power in Modern Knowledge." History of Political Economy 25, no. 3 (1993): 553–55. http://dx.doi.org/10.1215/00182702-25-3-553.

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21

Morck, Randall, and Bernard Yeung. "Economics, History, and Causation." Business History Review 85, no. 1 (2011): 39–63. http://dx.doi.org/10.1017/s000768051100002x.

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Economics and history both strive to understand causation: economics by using instrumental variables econometrics, and history by weighing the plausibility of alternative narratives. Instrumental variables can lose value with repeated use because of an econometric tragedy of the commons: each successful use of an instrument creates an additional latent variable problem for all other uses of that instrument. Economists should therefore consider historians' approach to inferring causality from detailed context, the plausibility of alternative narratives, external consistency, and recognition that free will makes human decisions intrinsically exogenous.

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22

Aydin, Necati. "Free market madness and human nature." Humanomics 31, no. 1 (2015): 88–103. http://dx.doi.org/10.1108/h-12-2013-0088.

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Purpose – This paper aims to discuss the crises of free market capitalism in terms of its understanding of human nature. It reveals how recent market madness can be attributed to certain elements of human nature. Design/methodology/approach – The paper uses a conceptual and philosophical approach to analyze crises of free market capitalism. It links both success and failure of capitalism to its understanding of human nature. It compares and contrasts economic assumptions of human nature in conventional and Islamic economics. It attempts to explain the 2008 financial crisis through a comprehensive theory of human nature. Findings – It sheds some light on the irrational aspect of human nature as the driving factor behind the 2008 financial crisis. It elaborates on the importance of knowing self for knowing human decisions in free market economy. It concludes with the need for a comprehensive theory of human nature to predict and prevent irrational and irresponsible behaviors of populist politicians, greedy capitalists and conspicuous consumers. The paper also reflects on the 2013 Nobel Prize in economics as a victory for the study of human nature. Originality/value – The paper offers a new perspective to understand crises of free market capitalism.

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23

Bartenev, Victor N. "Value-Energy Interrelationship and Dynamic Added Value Taxation." Journal of Interdisciplinary Economics 21, no. 3 (2009): 273–94. http://dx.doi.org/10.1177/02601079x09002100303.

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Energy and system grounds of economy and its taxation subsystem based on operational identity (isomorphism) between economy and electric power amplifier are considered. Consistent economy treating as an added value amplifier allows coupling monetary and energy units in the form of value-energy correlation characterizing economic efficiency and growth. For well-developed economy, this correlation is approximated by electric energy price. System stability requirements lead to the concept of dynamic added value taxation (DAVT) performing powerful economy regulating functions. In particular, DAVT can serve as an effective mean for stabilizing energy-carriers prices. To define more precisely value-energy isomorphism, system interrelationship between added value and Gibbs free energy is discussed. JEL codes: E63, H21, O11, 023, Q43

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24

Stapleford, John E. "Christian Ethics and Economics." Journal of Interdisciplinary Studies 12, no. 1 (2000): 125–42. http://dx.doi.org/10.5840/jis2000121/27.

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There are universal Christian ethics that should be applied in economics. Christian ethics in economics stresses free will; the immense value, dignity, and unique talents of the individual; individual accountability for the use of resources, charity, and the exercise of justice; the relevance of the family and community; and a role for the state in the adjudication of economic justice, the enforcement of contracts, and the facilitation of competition and minimization of exploitation in product and resource markets. Civil authorities are to be obeyed until they set themselves in opposition to divine law, while the individual is prior to the state and the social order. Among economic systems. Christian ethics favors mvced democratic capitalism, rejecting non-democratic socialism and authoritarianism. Strictly utilitarian, consequentialist, or contractarian approaches to economic policy are unacceptable, since they reject the other-regardedness of God's law. While Christian ethics establishes certain clear economic objectives, final policy choices require a synthesis of reasoning research, and practical application.

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25

Lamour, Christian, and Nathalie Lorentz. "The economics of free newspapers: the business value of banal cosmopolitanism in the city of flows." Journal of Media Business Studies 16, no. 2 (2019): 110–25. http://dx.doi.org/10.1080/16522354.2019.1616376.

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26

Weston, Samuel C. "Toward a Better Understanding of the Positive/Normative Distinction in Economics." Economics and Philosophy 10, no. 1 (1994): 1–17. http://dx.doi.org/10.1017/s0266267100001681.

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This essay argues in favor of retaining the positive/normative distinction in economics, in spite of developments in methodology and epistemology that have cast doubt on the possibility of a “value-free” economics. The central claim is that it is worthwhile to distinguish between positive economic analysis and normative judgments, even if economics is viewed as being permeated with ethical values. This argument is presented without trying either to demonstrate that there is (or is not) a profound epistemological difference between science and ethics or to show that positive science can (or cannot) afford us access to objective reality.

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27

Hewa, Soma. "SOCIOLOGY AND PUBLIC POLICY: THE DEBATE ON VALUE‐FREE SOCIAL SCIENCE." International Journal of Sociology and Social Policy 13, no. 1/2 (1993): 64–82. http://dx.doi.org/10.1108/eb013167.

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28

Mariolis, T., and G. Soklis. "On constructing numeraire-free measures of price-value deviation: a note on the Steedman-Tomkins distance." Cambridge Journal of Economics 35, no. 3 (2010): 613–18. http://dx.doi.org/10.1093/cje/beq032.

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29

CHRISTIE, WILLIAM G., and VIKRAM NANDA. "Free Cash Flow, Shareholder Value, and the Undistributed Profits Tax of 1936 and 1937." Journal of Finance 49, no. 5 (1994): 1727–54. http://dx.doi.org/10.1111/j.1540-6261.1994.tb04779.x.

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30

Jeuland, Marc. "The economics of dams." Oxford Review of Economic Policy 36, no. 1 (2020): 45–68. http://dx.doi.org/10.1093/oxrep/grz028.

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Abstract Dams provide a host of benefits to societies, helping to balance variability in water availability with demand for multiple uses, allowing power generation, providing and enhancing recreation opportunities, and offering protection against damaging floods. Yet dams are often controversial due to their high investment requirements, unequal distributional effects, and concerns over the irreparable harm they may cause to free-flowing rivers and ecosystems. This paper considers the economic case for such projects, organized around a review of what we know about their value and impacts. Though heterogeneity across contexts is a common feature of interventions in many sectors, we argue that it is particularly acute in the case of dams, and that this creates difficulties for drawing general conclusions about their social value. Still, evidence suggests that investment in additional surface water storage may not always be the best solution for addressing water scarcity. Furthermore, a number of biases and blind spots exist in economic frameworks used to evaluate dams, and these often challenge analysts’ ability to correctly identify which projects will be most attractive. Perhaps due to some of these perceived deficiencies, policy-makers do not appear to make much use of economic analyses for decision-making about dams. If progress is to be made in avoiding costly mistakes related to construction and removal of such infrastructures in the future, economists need to improve the realism and methods underlying their analyses of the value of dams, and offer more useful interpretations of the results that these approaches produce.

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31

Aragones, Enriqueta, Itzhak Gilboa, Andrew Postlewaite, and David Schmeidler. "Fact-Free Learning." American Economic Review 95, no. 5 (2005): 1355–68. http://dx.doi.org/10.1257/000282805775014308.

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People may be surprised to notice certain regularities that hold in existing knowledge they have had for some time. That is, they may learn without getting new factual information. We argue that this can be partly explained by computational complexity. We show that, given a knowledge base, finding a small set of variables that obtain a certain value of R2 is computationally hard, in the sense that this term is used in computer science. We discuss some of the implications of this result and of fact-free learning in general.

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32

Shores, Mark. "Countries of the world: free and subscription information sources." Reference Reviews 30, no. 4 (2016): 1–5. http://dx.doi.org/10.1108/rr-06-2015-0162.

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Purpose This paper aims to summarize the quality and usefulness of several online resources, both subscription and free, for finding information on countries of the world. Design/methodology/approach The paper describes several free and commercial sources that can be used for conducting research on countries of the world, evaluates them and makes recommendations regarding their use and appropriateness for specific clientele. Findings There are many free resources that can be used for locating information on countries of the world, but researchers needing current and in-depth economic and demographic information may need to consult subscription databases. Research limitations/implications This paper intentionally limits its analysis to resources that provide basic statistical and narrative information, along with descriptions of culture; online tools for gathering comprehensive data on country economics and demographics have been excluded for purposes of brevity. Originality/value This paper offers a comparative overview, survey and analysis of multiple references sources that can be utilized to locate country information, which will be of value to information professionals, as well as information seekers.

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33

Zhang, Runqi, Jinlong Zhao, and Jingyuan Zhao. "Effects of free trade agreements on global value chain trade----a research perspective of GVC backward linkage." Applied Economics 53, no. 44 (2021): 5122–34. http://dx.doi.org/10.1080/00036846.2021.1917763.

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34

Stein, Herbert. "A Successful Accident: Recollections and Speculations about the CEA." Journal of Economic Perspectives 10, no. 3 (1996): 3–21. http://dx.doi.org/10.1257/jep.10.3.3.

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As originally conceived, the President's Council of Economic Advisers would have a unique relation with the president, using Keynesian analysis to advise him on maintaining full employment. After fifty years, the Council has evolved into being a useful cog in a large decision-making apparatus, dealing with the whole range of federal problems of economic policy and bringing to bear whatever economics has to say. The initial Keynesian predisposition has faded. The Council has participated in some mistakes but it has made a valuable contribution, primarily by persistent representation of the value of the free market.

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35

Gunning, J. Patrick. "How to be a Value-Free Advocate of Laissez Faire. Ludwig von Mises's Solution." American Journal of Economics and Sociology 64, no. 3 (2005): 901–18. http://dx.doi.org/10.1111/j.1536-7150.2005.00397.x.

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36

Godman, Brian, and Lars L. Gustafsson. "A New Reimbursement System for Innovative Pharmaceuticals Combining Value-Based and Free Market Pricing." Applied Health Economics and Health Policy 11, no. 1 (2013): 79–82. http://dx.doi.org/10.1007/s40258-012-0008-7.

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37

Little, Daniel. "Review of The end of value-free economics, edited by Hilary Putnam and Vivian Walsh. Routledge, 2011, 230pp." Erasmus Journal for Philosophy and Economics 5, no. 1 (2012): 87. http://dx.doi.org/10.23941/ejpe.v5i1.94.

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Ornelas Martins, Nuno. "Hilary Putnam and Vivian Walsh (eds.), The End of Value-Free Economics Routledge, 229 pages, ISBN 978-0415665162." OEconomia 2013, no. 03 (2013): 514–19. http://dx.doi.org/10.4074/s2113520713013108.

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39

Burczak, Theodore A. "The Postmodern Moments of F. A. Hayek'S Economics." Economics and Philosophy 10, no. 1 (1994): 31–58. http://dx.doi.org/10.1017/s026626710000170x.

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Postmodernism is often characterized, among other things, as the belief in the unattainability of objective truth and as a rejection of teleological and reductionist, or essentialist, forms of thought. For instance, in his provocative book The Rhetoric of Economics (1985), Donald McCloskey sketches the implications for economic methodology of Richard Rorty's (1979) rejection of the modernist quest for Truth, as represented by various rationalist and empiricist epistemologies. McCloskey describes modernist methodology as displaying a desire to predict and control, a search for objective–;which often means measurable–;knowledge, and an attempt to develop a value-free inquiry, among other characteristics (McCloskey, 1985, pp. 7-8). This “methodological correctness,” McCloske suggests, is discredited by the postmodern dissatisfaction with traditional epistemology. Thus, in place of the modernist belief in a rule-guided path to truth, he advocates a “free market” approach to knowledge, in which participants in the variety of theoretical conversations agree to be earnest and listen politely to one another.

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40

Khoerulloh, Abd Kholik, and Syifa Rohmaniatul Hidayah. "Islamic Economics as a Science and System." Khazanah Sosial 3, no. 2 (2021): 66–73. http://dx.doi.org/10.15575/ks.v3i2.11029.

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Understanding a thing as a whole must begin with understanding the nature of science itself. Islamic economics as a science has received rejection from western scientists because of its value-free nature. However, Islamic economics is not entirely a doctrine and normative assumptions, because the Qur'an and hadith as the main legal basis for Muslims contain many descriptive assumptions that can be verified by modern science. Using a qualitative approach and conducting ontological studies to understand Islamic economics better, it is deemed necessary to see Islamic economics as a system that is full of spiritual values without neglecting the material values contained in this research. being the basis of Islamic economics contains many descriptive arguments that can be proven by modern science.

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Butchers, James, Gurmeet Singh Bhabra, Harjeet Singh Bhabra, and Anindya Sen. "Agency Conflicts and the Marginal Value of Capital Expenditure in Australian Listed Companies." Review of Pacific Basin Financial Markets and Policies 24, no. 01 (2021): 2150001. http://dx.doi.org/10.1142/s0219091521500016.

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We examine the value implications of Jensen’s free cash flow hypothesis for a sample of Australian listed companies. Consistent with the US evidence in Masulis, R, C Wang and F Xie (2009). Agency problems at dual-class companies. Journal of Finance, 64(4), 1697–1727, we find that the marginal value of corporate capital expenditures in Australian listed companies is inversely related to the magnitude of agency conflicts arising out of the use of free cash flows. Our results suggest that firms where managers have a greater ability to extract private benefits and are therefore more likely to maximize their own private benefits rather than shareholder wealth will suffer from a lower perceived valuation of their capital investments. Our findings are robust to alternative proxies for relative cash flows and growth opportunities and also hold over multiple sub-periods and industry groupings.

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42

Barkley, Andrew P. "Wheat Price Policy in Pakistan: A Welfare Economics Approach." Pakistan Development Review 31, no. 4II (1992): 1145–56. http://dx.doi.org/10.30541/v31i4iipp.1145-1156.

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The production of wheat is vital to the economy of Pakistan; wheat accounts for over one-third of planted acreage, contributes roughly one-third of the agricultural sector's value added, and is the major staple in the nation's diet. The growth rate of wheat production in Pakistan over the past thirty years has been phenomenal: nearly five percent per year [Cornelisse and Kuijpers (1987)]. This outstanding performance in the growth of wheat output is remarkable considering that it has occurred in spite of government intervention that has reduced incentives to wheat production. Economists have devoted much time and effort to the analysis of the divergence between domestic and international prices for agricultural commodities. Wheat prices that prevail in world markets represent the opportunity cost of agricultural resources, reflecting the scarcity value of the inputs used in the production of wheat. Economic efficiency occurs when domestic prices for both producer and consumers equals world prices. Government intervention often occurs for reasons other than economic efficiency; governments may distort domestic agricultural prices to increase revenues, promote industrialisation, maintain low food prices for industrial workers or low-income consumers, or insulate domestic producers from fluctuations in world commodity market prices. Government intervention that maintains the domestic price of wheat at levels lower than the world price results in decreased output levels and higher rates of consumption than would occur in a free market, free trade regime. This form of price intervention results in a transfer of income from wheat producers to wheat consumers, efficiency losses that represent foregone opportunities for agricultural resources, and an increase in government expenditures.

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43

Wysocki, Igor, and Dawid Megger. "Austrian welfare economics: A critical approach." Ekonomia 25, no. 1 (2019): 73–80. http://dx.doi.org/10.19195/2084-4093.25.1.5.

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Austrian welfare economics: A critical approachIt seemed that since Rothbard’s 2008 [1956] exquisite Toward a Reconstruction of Utility and Welfare Economics, one can make a case for the free market based on some modified concept of efficiency. Rothbard famously argued that being equipped with the notions of Pareto-superior moves and demonstrated preference suffices for the above purpose. Our agenda in the present paper is purely negative. First, we face the challenge — in our opinion, inadequately addressed in Austrian literature so far — of sharply defining Pareto-superior moves; to wit, how to evaluate whether a Pareto-superior move occurs; or, more specifically, what is the standard of comparison which would allow us to determine whether a given action constitutes a Pareto-superior move or not. Thus, we sieve out any approaches to social welfare that would be either trivial and therefore uninteresting and the ones that would be irreconcilable with fundamental Austrian premises e.g., ordinal value scales and therefore non-aggregation of utility, etc.. As a result, we seemingly end up with what might constitute a specifically Austrian view on welfare, which non-surprisingly coincides with the actual positions taken by contemporary prominent Austrians themselves for instance, see: Gordon, 1993; Herbener, 1997; Block 1995. Yet, the main thrust of our paper is to argue that this very position cannot withstand criticism, for it either makes an intuitively wrong prediction as we demonstrate in our thought experiment or it vitiates the argument for the free market from the concept of Pareto-efficiency.

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Choi, Nakgyoon. "Global Value Chains and East Asian Trade in Value-Added." Asian Economic Papers 14, no. 3 (2015): 129–44. http://dx.doi.org/10.1162/asep_a_00388.

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The rise of global value chains (GVCs) has changed the patterns of trade in East Asia. This paper aims to analyze GVCs since the mid 1990s and to investigate the determinants of East Asian trade in value-added. At the world level, export (measured in value-added) is increasingly sensitive to the capital–labor ratio and high-skilled labor productivity. In East Asia, however, the opposite trend is seen. It is also found that free trade agreements do not promote export in East Asia, only export in intermediate goods.

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Shahnoori, Parvaneh, and Glenn P. Jenkins. "The value of online banking to small and medium-sized enterprises: evidence from firms operating in the uae free trade zones." Applied Economics 51, no. 37 (2019): 4046–55. http://dx.doi.org/10.1080/00036846.2019.1588948.

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Bahun, Joseph, and Walter E. Block. "Land management in the Conata Basin: a free market approach." Humanomics 31, no. 1 (2015): 2–17. http://dx.doi.org/10.1108/h-08-2013-0054.

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Purpose – The purpose of this paper is to demonstrate the viability of free market environmentalism. This is the philosophy that has as its basic premise the view that laissez faire capitalism and concomitant private property rights, far from being an impediment to the well-functioning of the environment, are actually the last best hope for this desiderata. Design/methodology/approach – The prairie dog and the ferret are not the species usually associated with concern over endangerment. Typically, it is the whale, the elephant and the rhino that are subjected to such an analysis. The authors approach this issue through the “eyeglasses” of the economist who sees value in our free enterprise institutions. Findings – The authors found that the tragedy of the commons works in this case as it does in all other relevant venues: if land is not privately held, but rather open to all, a tragedy occurs: there is economics misallocation and a too swift use of resources compared to the optimal situation. Originality/value – The authors know of no other examination of the prairie dog and the ferret in the Conata Basin. This is an important case in point in amassing evidence of the workings of the private property system vis-à-vis the environment.

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McKelvey, Seth. "“But one kind” of Life." Nineteenth-Century Literature 70, no. 4 (2016): 448–72. http://dx.doi.org/10.1525/ncl.2016.70.4.448.

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Seth McKelvey, “‘But one kind’ of Life: Thoreau’s Subjective Theory of Value in Walden” (pp. 448–472) Literary scholars generally take for granted Henry David Thoreau’s hostility to market exchange in Walden (1854). I argue, however, that Thoreau anticipates the subjective theory of value and the related concept of diminishing marginal utility, offering glimpses of ideas that would not be formalized in economics until after his death but that should nevertheless align him with a long lineage of free market thinkers. Thoreau does not reject the marketplace as a means to achieve his own best interests, but rather challenges his society’s definition of what those interests should be, attacking the misguided desire to accumulate excessive material wealth and the burdensome labor that attends such aspirations. I juxtapose the economics put forth in Walden with the work of Austrian free market economist Carl Menger in order to illustrate how Thoreau can so vehemently oppose the materialistic obsessions of capitalism while simultaneously remaining amenable to the principles of free exchange.

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Bourgeois, Alexandre. "Free Services from the Digital Economy: Do We Need to Measure Their Value and How?" Economie et Statistique / Economics and Statistics, no. 517-518-519 (October 8, 2020): 157–72. http://dx.doi.org/10.24187/ecostat.2020.517t.2021.

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Wahl, Jenny Bourne. "The Bondsman's Burden: An Economic Analysis of the Jurisprudence of Slaves and Common Carriers." Journal of Economic History 53, no. 3 (1993): 495–526. http://dx.doi.org/10.1017/s0022050700013462.

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Antebellum judges played crucial roles in resolving conflicts between slaveowners and common-carrier owners. Because courts could easily quantify the value of a slave's life, they were quicker to compensate slaveowners for slaves injured or killed by a common carrier than to award damages to an injured free person or his estate. Yet judges also had to craft rules governing the behavior of the slave property itself. By the 1860s, Southern courts had established law that encouraged parties with legal standing to act efficiently. Strikingly, tort doctrines developed in slave cases foreshadowed the evolution of law for free accident victims.

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Teixeira, Arilton. "Effects of trade policy on total factor productivity." Estudos Econômicos (São Paulo) 33, no. 2 (2003): 217–47. http://dx.doi.org/10.1590/s0101-41612003000200001.

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This paper examines if trade policy can account for the difference in total factor productivity (TFP) across countries. A two-sector dynamic international-trade model is developed where technological progress is neutral and a coalition of workers can stop the adoption of new technologies. The key findings are the following: (i) With free trade, or tariff, the best technology is always used and TFP is always at its highest value. Under a quota, this is not always the case and TFP is generally below its highest value; (ii) even controlling for difference of skilled labor (or human capital), workers from the quota economy have smaller productivity than workers from the free trade economy.

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