Читать реферат по английскому: "Nobel Prize Winners Essay Research Paper The" Страница 2

(Назад) (Cкачать работу)

?counterfactual? arguments (supposing that things had happened differently

than they did, and examining what the consequences would have been) and a great

deal of benefit-cost analysis, Fogel argued that canals would have done the job

just as well as the ?iron horse,? which probably contributed no more than 3

percent to the growth of gross domestic product, according to his calculations.

In a second, ?Time on the Cross,? written with Stanley Engerman and

published in 1974, Fogel argued that the institution of slavery had been more

profitable than previously thought. His conclusion influenced a decade of

controversy, and he was said to be somehow endorsing slavery. Fogel later

published a four-volume study called ?Without Consent or Contract,? in which

he argued forcefully that slavery ended not because it was economically

inefficient, but because it was morally repugnant. ?I think it was Bob Fogel

who coined the term cliometrics for the application of econometric theory to

history,?6 said Harvard University professor John Meyer. It was Meyer, with a

seminal paper on the economics of slavery written with Alf Conrad in 1967, who

started the excitement over using the econometric methods that emerged from

World War II to the study history. Deeply embedded in North?s theories about

economic history is the belief that technical innovations alone are not enough

to affect economic development; institutions, such as laws, constitutions, and

norms of behavior, play a vital role. He states that ?Institutions form the

incentive structure of a society, and the political and economic institutions,

in consequence, are the underlying determinants of economic performance North

also theorized that it is the interaction among such institutions and

organizations as political parties, schools, churches, and trade unions that

shapes the evolution of an economy. This mean, if the institutional framework

rewards piracy, then piratical organizations will come into existence; and if

the institutional framework rewards productive activities, then

organizations/firms will come into existence to engage in productive activities.

In 1968 he applied this theory to the great upswing in productivity experienced

by the shipping industry in the 19th century. He showed that the boom was caused

not by technical improvements, but rather by efforts to reduce piracy and

improve emergency services. North also devoted a lot of time to using his

theories to address the question, ?Why do some countries become rich while

others remain poor? In answering this question North found out that it is

essential to understand that history repeatedly demonstrates that the evolution

of phenomena including prejudice, myths, and ideologies all play a great role in

explaining societies and change. Towards the end of North?s Study, he merge

towards the theory that the past is an ideal testing ground for hypotheses about

economics and the various forces that propel economic development. He also

specifically stated that ?Economic history is about the performance of

economies through time,?7 which he stated in his Nobel Peace Prize lecture.

The Game Theory and the theory of Economic Development made an impact on the

American society that allowed the society to improve in sensibility. Though Nash

and North was the main source in creating the theories, the other three?s

input helped allow the theories to be of more meaning to the society. These two

theories has and will continue to influence other perceptions of the American

economy because society learn and improve from each other, but the basis will

always remain. Therefore, these five recipients will always remain and be

remembered as being part of America?s Economic Science history.

Bibliography

Business Week, Published, 1994 Harsanyi, John C., Harsanyi Autobiographical

Essay Harsanyi, John C., Papers in Game Theory, Published, 1982 New York Times,

Published, 1993 Nash, John, Essays on Game Theory, Published, 1997 North,

Douglass C., Structure and Change in Economic History, Published 1976 The Boston

Globe, Published 1994.

Похожие работы