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ABSTRACTS

 

REVISTA DE ECONOMÍA INSTITUCIONAL No. 20, FIRST SEMESTER 2009

 

 

Banking and Regions in Colombia 1850-1880
Juan Santiago Correa [pdf] [html]

[Key words: monetary policy, radicalism, free banking, regional banking; JEL: E52, E58, N16]

This article analyses the development of the Colombian monetary and banking system between 1850 and 1880. The political debate and the power struggle at the national level determined the economic model of this period. Beyond its technical feasibility, the economic decisions were influenced by the concept of Nation that each group wanted to impose.

Beyond the Rhetoric of Reaction. Economic Analysis of Disentailment in Colombia, 1861-1888
Roberto Luis Jaramillo y Adolfo Meisel Roca [pdf] [html]

[Keywords: disentailment, economic historiography; JEL: N26, N46, H30]

This article studies the disentailment of mortmain in Colombia. Most of this land was held by the Catholic Church, which derived considerable economic and political power from its ownership. The Radical faction of the Liberal Party, which governed the country between 1863 and 1876, promoted numerous reforms directed at eliminating the institutions that had survived the years of Spanish colonial rule, and were an obstacle to the advance of the economy. A substantial portion of all the properties of the Church were thus expropriated. This process was culminated with the signing of a treaty -“Concordato"- between the Colombian government and Holy See. The treaty recognized in favor of the Church “the value of disentailed loans and property". Colombian historiography has given little attention to the process of disentailment, as a result of the influence of the Conservative historiography, which portrayed it as a failure. This mistaken appreciation can only be corrected through research in primary sources. In this paper we have used primary sources that had not been discussed in the most influential works on Colombian economic history of the 19th century and conclude that it was the main economic reform of that period, since it represented at least 16% of the GDP of 1860 and was a very profitable operation for the government.

The Growth of Public Expenditure in Colombia, 1925-2003, A Narrative Vision À La Wagner or À La Peacock and Wiseman?
Mauricio Avella Gómez [pdf] [html]

[Keywords: Wagner's Law, growth and public spending; JEL: H50]

This exploratory article describes the growth path of national government expenditure during the last eighty years. It covers the following topics: the long term relation between economic growth and public expenditure; budget policies executed in different macroeconomic contexts; and the evolving institutional frameworks of budget execution.

Durkheim in Colombia
Gonzalo Cataño [pdf] [html]

[Keywords: sociological theory, history of social thought, pedagogy, religion, anomie, typology; JEL: Z13]

This essay is an account of the reception of Émile Durkheim's thought in Colombia. Special attention is given to its application aand use by Colombian sociologists, educators and historians. It also covers the teaching of Durkheim's work in universities and the translation of his texts by Colombian scholars.

The Sensory Order, Individualism and Economic Knowledge in the Work of Hayek
David Ortiz [pdf] [html]

[Keywords: connexionism, economic knowledge, liberalism, mind-body, subject matter of economics; JEL: B31]

The Sensory Order (1952) is a work on theoretical psychology, which can be understood as an attempt to explain the relationship between cosmos and mind. By addressing these matters, Hayek established solid basis for his own ideas about economic knowledge and the problem to be solved by economics. The purpose of this essay is to give a plausible account of why The Sensory Order takes a crucial place in the special manner in which Hayek approaches both individualism and economic knowledge. This exercise will help recognize the reasons that led to Hayek's interest in theoretical psychology, and how his ideas on this field permeate his understanding of the subject matter of the social sciences.

What is the Value of Desertion?
María del Pilar Castillo y Boris Salazar [pdf] [html]

[Keywords: s ocial networks, desertion, game theory; JEL: D85, D83]

Members of an illegal armed organization reveal their desertion minimum values in reaction to the incentives offered by a government. Depending on the organization's network structure, the desertion of an individual member will unleash a contagion process that will destroy the local network at a varying speed. Staging a game between a government and the members of an illegal organization, connected through a network structure, we show that the speed of the desertion process depends on the network structure and on its members' minimum desertion values.

Effects of Migration on Child Labour in Colombia
David Khoudour-Castéras [pdf] [html]

[Keywords: migration, child labour, Colombia; JEL: F22, J13, J61, O54]

The purpose of this article is to show that the strong increase in internal displacement and international emigration in Colombia during the last years has had repercussions in terms of child labour. On the one hand, because migration tends to enhance the vulnerability of minors to the risks of labour and sexual exploitation, especially when migration is autonomous. On the other hand, because even when parents are the ones who migrate there is no guarantee that the remittances they send contribute to financing the education of children left behind.

Needs, Rights and Public Policies: A Perspective from Economic Theory
Mauricio Pérez Salazar [pdf] [html]

[Keywords: needs, progressive realization, rights, merit goods; JEL: B10, K0]

Adam Smith held that needs comprise, “not only those things which nature, but those things which the established rules of decency have rendered necessary". In other words, they are socially determined. Needs are not independent of the budget constraints faced by each society. As economic growth displaces the production possibility frontier, both the scope of goods and services considered needs and the material possibility of their satisfaction increase. The doctrine of progressive realization of economic and social rights is an answer to the problem of how to relate the expansion of the scope of these rights with the resources available to fulfill them. It is a deliberative process that also involves a change in social values and preferences that can be illustrated with Wagner's law. This change leads to the gradual expansion of the set of goods and services that can be considered merit goods.

Axiomatics or Empirism? On the Use of Matematics in Economics
Nestor Rubiano Paez [pdf] [html]

[Keywords: methodology, epistemology, axiomatics, mathematization; JEL: A12, B41]

The basis of this essay, which analyzes the use of mathematics in economics, is the supposed dilemma between axiomatics and empiricism. The proponents of formalist axiomatics hold that economic phenomena should be explored and expressed with the language of mathematics, because mathematics is a form of reasoning from predefined axioms and because its reflection is more precise and rigorous. Empiricists of realists argue that this methodology cloisters economists in abstract discussions that are not pertinent to real economic problems. The article reviews some fundamental philosophical works and contrasts their arguments with those of economists both persuasions.

Is 21st Century Socialism a Feasible Alternative?
Alejandro Agafonow y Håvard Haarstad [pdf] [html]

[Keywords: socialism, market, planning, Marxism; JEL: P21, P27]

The purpose of this work is to contribute to a critical analysis of what has been called 21 st century socialism. Socialist regimes of the 20 th century distorted the theoretical Marxian economic model partly because of the impossibility of socialist economic calculation. Allin Cottrell and Paul Cockshott argue that in the 21 st century Socialism, supported by several political parties, social movements and some Latin-American governments, the impossibility of economic calculation can be overcome by the use of computers and Internet. In this paper we offer criticism of economic and political aspects of Cottrell and Cockshott's theoretical design. Our discussion of the economic aspects is inspired by market socialism, while our discussion of political aspects draws on debates surrounding political or egalitarian liberalism.

Bibliometric Analysis of the Revista de Economía Institucional on Its First Ten Years
Gonzalo Ordóñez Matamoros, Alejandro Hernández Badillo, Carolina Hernández y Carolina Méndez [pdf] [html]

[Keywords: bibliometrics, institutional economics, journal evaluation criteria, impact factor, scientometrics; JEL: A30, B52, C88]

Using bibliomterics and data mining tools, this article assess the performance of the Revista de Economía Institucional and identifies its strengths and weaknesses using eight evaluation criteria: level of specialization, research component, contribution to the popularization of science, role as communication channel among peers and as community builder, multidisciplinarity, methodological pluralism, cosmopolitanism and impact. For so doing, the authors relied on the most representative journal databases on the field as well as on the journal's archives.

Institutions and Economic Development. A Conceptual Framework
Pablo Bandeira [pdf] [html]

[Keywords: institutions, economic development, political economy of development; JEL: H10, N10, O10]

In recent years, there has been a plethora of econometric literature on the determinants of growth. However, the lack of a theory that integrates economic, political and cultural factors does not allow an adequate interpretation of these new results. This article proposes a conceptual framework that can facilitate the interpretation of these econometric results, reach some conclusions about political and economic institutions that favour development and the political problems that arise when modifications of the former are proposed.

Common Agricultural Policy and the 2008 Review
David García Brenes [pdf] [html]

[Keywords: agricultural policy, European Union, international trade; JEL: F13, Q17, Q18]

Over time, the CAP has had a very important role for the economic objectives of the EU. It is the institutional policy with the highest share of the community budget. This article examines the evolution of the CAP since the nineties, with the aims of reducing surpluses, developing an agricultural sector which is sustainable and open in global markets and responding to the new priorities of consumers. The reform of the CAP proposed by the European Commission in May 2008 is also analyzed.

 
 



Revista de Economía Institucional
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