In This Issue:
Welcome to the December 2004 issue of Econ Journal Watch. EJW is a triannual peer-reviewed journal for scholarly commentary on academic economics.
In this issue’s Comments,
- Peter Minowitz argues William Grampp mishandled Adam Smith in his article appearing in the JPE.
- James Forder suggests that Alan Blinder’s survey treating “credibility” (appearing in the AER) neglects particular ways central bankers and academic economists might understand that term differently.
- Fabio Rojas examines how George Akerlof and Rachel Kranton, writing in the JEL, apply identity and politics to school reform.
- Philip Coelho, Daniel Klein, and James McClure explore Wolfgang Pesendorfer’s model of fashion cycles in the AER. Wolfgang Pesendorfer responds.
- Jih Y. Chang and Rati Ram conclude their exchange with Jeffrey Edwards and Anya McGuirk over economic growth, levels of development, and income inequality.
In Character Issues: Drawing on religious history and rival doctrines, Robert H. Nelson distinguishes two ways of economic enlightenment: scholasticism and pietism. He suggests that the scholastic church of academic economics should give way to more pietistic movements, and shows that leading figures writing in the EJ’s centennial issue provide support for such a reformation.
In Investigating the Apparatus, Randall Holcombe dissects the National Research Council’s rankings of economics departments, and reflects on the impact on economic research.
Economics in Practice: By studying the indices of leading textbooks, Dan Johansson shows that core Ph.D. theory is devoid of entrepreneurship, institutions, property rights, and economic freedom. He reflects on a profession that is like Hamlet without the Danish prince.
Letters on statistical significance by Thomas Schelling and Robert Gelfond appear in Correspondence; Stephen Ziliak and Deirdre McCloskey reply.