Journal of Economic Issues

Founded in 1967, the Journal of Economic Issues is a quarterly journal that publishes articles on economic methodology, economic control and policy problems. It also contains book reviews and proceedings of annual meetings conducted by the Association of Evolutionary Economics, its publisher.It is edited by Richard V. Adkisson.

Articles from Vol. 37, No. 3, September

A Note on the Implications of Global Convergence under a Non-Redistributive Solution
The dominant view of economic development at the beginning of the twenty-first century assumes laissez-faire capitalism as the optimal route for developing economies to advance and, ultimately, converge with the developed world. This is not to ignore...
Books Received
ACS, ZOLTAN J. Handbook of Entrepreneurship Research: An Interdisciplinary Survey and Introduction. Dordrecht, The Netherlands: Kluwer Academic Publishers, 2003. Pp. 560. Cloth $169.00. ALLEN, DOUGLAS W., and DEAN LUECK. The Nature of the Farm:...
Dollarization in Latin America: Wave of the Future or Flight to the Past?
Latin American economic policy during the 1990s was guided by the "Washington consensus," which embodied the orthodox model's espousal of free trade and economic liberalization (Williamson 1990). Macroeconomic performance improved over the lost decade...
Economic Sociology and Embeddedness: How Shall We Conceptualize Economic Action?
One of the most persistent themes within economic sociology has been the critical assessment of economics. More precisely, economic sociology finds a unifying denominator in its critique of modeling strategies which proceed from the notion of homo...
Entry Point: Comment on W. Brown
William Brown's comment (2000) on Garnett 1999 and Cullenberg 1999 is brilliant, I will comment only on the issue of entry points (see the in-depth discussion of this term in Resnick and Wolff 1987). There is a consensus among heterodox economists...
From Parents to Children: Intra-Household Altruism as Institutional Behavior
The role of parental nurturing has not received adequate emphasis in economics. Not-withstanding a society's complementary investment in schools, healthcare, and other vehicles of human capital formation, very few will contest the fact that children...
Innovation, Diffusion, and Institutional Change
It is generally accepted that technological development is a stimulus of institutional change. Institutional or ceremonial impediments to change are overcome by specific instances of technological progress which hold the promise of improvements in...
Institutional Economics and Community Development: The Pioneering Roles of Henry C. Carey and Van Buren Denslow
Henry C. Carey (1793-1879) conceived a line of thought that remains more relevant to institutional economists than one might at first realize. Carey thought much about the need for "community development" as distinguished from "economic development."...
Institutions and the Business Cycle
Feudal European political-economic institutions included a self-sufficient manor with very little market exchange, barter rather than money, and production motivated only by the need of the manor rather than a profit. All of these institutions meant...
John R. Commons and the Foundations of Institutional Economics
The purpose of this essay is to evaluate the attempts of John Rogers Commons (1862-1945) to provide the "old" tradition of American institutional economics with a systematic theoretical foundation. (1) Although there are several other evaluations of...
Keynes and Commons on Money
Post Keynesians and institutionalists share several common ideas. As Robert Keller showed, they have the same conception of time, money, and society (1983). Because time is historical, it implies that decisions are irreversible and that uncertainty...
Paradigms of Value and the Value of Paradigms: A Reply to Howard Sherman
The recent resurgence of dialogue and solidarity among heterodox economists owes a significant debt to Howard Sherman. In Foundations of Radical Political Economy (1987) and other works, Sherman--a longtime Marxist--has reached beyond the boundaries...
Ronald Coase and the Institutionalists Once Again: A Note on a Neglected Essay by Lawrence Kelso Frank
In an insightful and well-documented paper, Steven G. Medema (1996) has examined the ideas of Ronald Coase in connection with their commonalties with--and differences from--American institutionalism. Medema's focus is mainly--although not exclusively--on...
Social Structure in Economic Theory
Social structure is a core concept in most social sciences, but it has never quite had this status in economics. Much economic theory, especially the orthodox variety, keeps away from structural methods and makes little or no reference to social structure:...
Teaching the Principles of Economics: A Proposal for a Multi-Paradigmatic Approach
In recent years, many "mainstream" economic educators have expressed concern over the decline in the number of economics majors as well as overall enrollments in economics. This concern has prompted some mainstream academic economists to examine their...
The Misappropriation of Health Care Reform: The Case of Washington State
The public-private partnership of health insurance coverage in the United States is breaking down. This partnership, consisting of private health insurance coverage for the employed and public health insurance for the poor, disabled, and elderly, had...
Under What Circumstances Do Social Accords Work?
Social accords can provide wide-ranging macroeconomic benefits, including low unemployment and inflation, economic stability, and real improvements in the material conditions of the most disadvantaged. More debatable is the extent to which successful...
Value Theory and Institutionalism: Reply to Garnett
Rob Garnett has done a remarkably clear, thoughtful, and well-balanced critique of my views. I welcome the opportunity to correct my misreading of his original paper (1999) so as to clarify some important issues. I thought he was saying that the...