This paper uses an experimental design to assess the effectiveness of calls on cooperation in man... more This paper uses an experimental design to assess the effectiveness of calls on cooperation in managing the shortage of a vital commodity through non-price mechanisms. Using the large unexpected shortage of flu-vaccines in the Fall 2004, we observed the responses of the ...
This article explores the development of Keynesian macroeconomics in its early years, and especia... more This article explores the development of Keynesian macroeconomics in its early years, and especially in the Big Bang period immediately after the publication of The General Theory. In this period, as standard macroeconomics evolved into the “Keynesian-neoclassical synthesis,” its promoters discarded many of the insights of The General Theory. The paradigm that was adopted had some advantages. But its simplifications have had serious consequences—including immense regulatory inertia in response to massive changes in the financial system and unnecessarily narrow application of accelerationist considerations (regarding inflation expectations).
The economics of organizations is replete with the pitfalls of monetary rewards and punishments t... more The economics of organizations is replete with the pitfalls of monetary rewards and punishments to motivate workers. If economic incentives do not work, what does? This paper proposes that workers' self-image as jobholders, coupled with their ideal as to how their job should be done, can be a major work incentive. It shows how such identities can flatten reward schedules, as they solve “principal agent” problem. The paper also identifies and explores a new tradeoff: supervisors may provide information to principals, but create rifts within the workforce and reduce employees' intrinsic work incentives. We motivate the theory with examples from the classic sociology of military and civilian organizations.
This paper summarizes the results of our efforts to broaden the theory of the Phillips curve and ... more This paper summarizes the results of our efforts to broaden the theory of the Phillips curve and to explain the joint evolution of inflation and unemployment in the United States and Canada since 1930.
This paper uses an experimental design to assess the effectiveness of calls on cooperation in man... more This paper uses an experimental design to assess the effectiveness of calls on cooperation in managing the shortage of a vital commodity through non-price mechanisms. Using the large unexpected shortage of flu-vaccines in the Fall 2004, we observed the responses of the ...
This article explores the development of Keynesian macroeconomics in its early years, and especia... more This article explores the development of Keynesian macroeconomics in its early years, and especially in the Big Bang period immediately after the publication of The General Theory. In this period, as standard macroeconomics evolved into the “Keynesian-neoclassical synthesis,” its promoters discarded many of the insights of The General Theory. The paradigm that was adopted had some advantages. But its simplifications have had serious consequences—including immense regulatory inertia in response to massive changes in the financial system and unnecessarily narrow application of accelerationist considerations (regarding inflation expectations).
The economics of organizations is replete with the pitfalls of monetary rewards and punishments t... more The economics of organizations is replete with the pitfalls of monetary rewards and punishments to motivate workers. If economic incentives do not work, what does? This paper proposes that workers' self-image as jobholders, coupled with their ideal as to how their job should be done, can be a major work incentive. It shows how such identities can flatten reward schedules, as they solve “principal agent” problem. The paper also identifies and explores a new tradeoff: supervisors may provide information to principals, but create rifts within the workforce and reduce employees' intrinsic work incentives. We motivate the theory with examples from the classic sociology of military and civilian organizations.
This paper summarizes the results of our efforts to broaden the theory of the Phillips curve and ... more This paper summarizes the results of our efforts to broaden the theory of the Phillips curve and to explain the joint evolution of inflation and unemployment in the United States and Canada since 1930.
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