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Apprentissage et découverte : Ecrits de jeunesse (Vienne, 1925-1935)BookKarl Popper, « Versions françaises », 2019-11, 320 pages, Rue d'Ulm, 2019

Après la publication du Soi et son cerveau (Rue d’Ulm, oct. 2018), ce volume vient clore la publication des œuvres de Popper en langue française (à l’exception de textes datés consacrés quasi exclusivement à la physique quantique). Les écrits de jeunesse montrent la genèse de l’œuvre poppérienne dans une Vienne éducatrice et matrice de savoirs neufs (réforme scolaire, néopsychologie, Cercle de Vienne) au sein d’un milieu cosmopolite progressiste, et l’environnement d’un penseur enthousiaste dans ses premières réalisations. Ils traitent aussi bien de la relation élève-enseignant que du processus de mémorisation, de l’idée de patrie que de l’« expérience vécue de la règle ».

Trade Policy and Market Power: Firm-Level EvidenceJournal articleAlan Asprilla, Nicolas Berman, Olivier Cadot et Mélise Jaud, International Economic Review, Volume 60, Issue 4, pp. 1647-1673, 2019

This article identifies the effect of trade policy on market power through new data and a new identification strategy. We identify market power by observing how exporting firms price discriminate across markets following variations in bilateral exchange rates. Pricing-to-market is prevalent in all countries in our sample, even among small firms, although it is increasing in firm size. More importantly, we find that the effect of nontariff measures (NTMs) is not isomorphic to that of tariffs. Whereas tariffs reduce the market power of foreign firms through rent-shifting effects, NTMs reinforce the market power of nonexiting firms, domestic and foreign alike.

Hegel et l’économie politique de son tempsJournal articleGilles Campagnolo, Archives de Philosophie, Volume 82, Issue 4, pp. 749-769, 2019

FR/ Dans Économie politique et philosophie chez Steuart et Hegel (1963), Paul Chamley examine l’intérêt que Hegel prit tôt pour l’économie. Il le rapporte à l’influence sur Hegel de la lecture, à Francfort, de l’Enquête publiée par James Steuart, ouvrage (aujourd’hui trop négligé) qui précéda La Richesse des nations d’Adam Smith. Quels thèmes majeurs Hegel y puisa-t-il ? Existe-t-il d’ailleurs une « économie hégélienne » per se ? Les notions hégéliennes en ce domaine sont-elles d’un bloc ? Outre l’effet du livre de Steuart, s’exercèrent les influences du caméralisme germanique traditionnel et du classicisme britannique naissant. Il faut donc montrer plus de circonspection que Chamley n’en eut et cet essai réévalue les vues de Hegel sur l’économie dans son époque.

EN/ In Économie politique et philosophie chez Steuart et Hegel (1963), Paul Chamley examined Hegel’s interest in economics. Chamley stressed the influence on Hegel of reading Sir James Steuart’s An Inquiry into the Principles of Political Economy, a major work (too overlooked today) that preceded Adam Smith’s Wealth of Nations. Now, is there such a thing as “Hegelian economics?” If so, what are its themes and is it fully consistent, or should one consider, besides the influence of Steuart, that of a body of traditional German Cameralist writings as well as that of incipient British classicism? This essay reevaluates Hegelian views on economics with regard to the knowledge that Hegel drew from economics in his time

Maurice Allais on the quantity theory of money: the ontological restatementJournal articleRamzi Klabi, Journal of Economic Methodology, Volume 26, Issue 4, pp. 361-379, 2019

This paper is about a little known part of Allais’ oeuvre, namely his restatement of the quantity theory of money. It shows that this restatement contains an original refinement of the notion of stability of the relative demand for money. To explain this refinement, this essay investigates Allais’ concept of psychological time – a concept strongly emphasised but not duly examined by most of his commentators. It shows how Allais’ restatement of the quantity theory amounts – in the final analysis – to a theory of time. It explores an analogy, Allais mentioned, between his quantity theory and the theory of relativity in physics, revealing thereby the ontological nature of this restatement.

Rent Creation and Rent Sharing: New Measures and Impacts on Total Factor ProductivityJournal articleGilbert Cette, Jimmy Lopez et Jacques Mairesse, Economic Inquiry, Volume 57, Issue 4, pp. 1915-1938, 2019

This analysis proposes new measures of rent creation and rent sharing and assesses their impact on productivity on cross‐country‐industry panel data. We find first that: (1) anticompetitive product market regulations positively affect rent creation and (2) employment protection legislation boosts hourly wages, particularly for low‐skill workers. However, we find no significant impact of this employment legislation on rent sharing, as the hourly wage increases are offset by a negative impact on hours worked. Second, using regulation indicators as instruments, we find that rent creation and rent sharing both have a substantial negative impact on total factor productivity. (JEL E22, E24, O30, L50, O43, O47, C23)

Epidemiological Transition and the Wealth of Nations: the Case of HIV/AIDS in a Microsimulation ModelJournal articleYves Arrighi et Bruno Ventelou, Revue d'économie politique, Volume 129, Issue 4, pp. 591-618, 2019

This paper aims at quantifying the effect of healthcare programs on economic outcomes in the context of developing countries experiencing epidemiological transitions. It is widely accepted in the literature that treatment programs result in production gains among ill-health workers. However, these programs have the additional effect of modifying both the size and the composition of the working population by increasing the proportion of chronically-ill individuals. First, we define the theoretical conditions under which this macro-epidemiological phenomenon outweighs the positive effect of an increase in production. Second, we decompose the economic consequences of access to antiretroviral treatments against HIV in three sub-Saharan African countries. Forecasts of an individual’s health status, depending on whether he or she has access to medication, are generated using a microsimulation model. We use the model to generate a counterfactual (as if the adverse epidemiological effect did not exist), which allows decomposing the total impact of the HIV-medicines program into two different effects: positive and negative. We find that the positive effect of treatment procurement outweighs the negative epidemiological effect. Of course, this approach is only an indicator of economic performance and should in no way constitute a decision-making criterion about the ethical necessity of access to health care.

IntroductionJournal articleCarine Franc, Alain Paraponaris et Bruno Ventelou, Revue d'economie politique, Volume 129, Issue 4, pp. 441-445, 2019


Immigrants' Wage Performance in a Routine Biased Technological Change Era: France 1994-2012Journal articleEva Moreno-Galbis, Jérémy Tanguy, Ahmed Tritah et Catherine Laffineur, Industrial Relations, Volume 58, Issue 4, pp. 623-673, 2019

Over the period 1994–2012, immigrants’ wage growth in France outperformed that of natives. We investigate to what extent changes in task-specific returns to skills contributed to this wage dynamics differential through two channels: changes in the valuation of skills (price effect) and occupational sorting (quantity effect). We find that the wage growth premium of immigrants is mainly explained by the progressive reallocation of immigrants toward tasks whose returns increase over time. Immigrants seem to have taken advantage of labor demand restructuring driven by globalization and technological changes.

Mixed-asset portfolio allocation under mean-reverting asset returnsJournal articleCharles-Olivier Amédée-Manesme, Fabrice Barthélémy, Philippe Bertrand et Jean-Luc Prigent, Annals of Operations Research, Volume 281, Issue 1-2, pp. 65-98, 2019

Standard results about portfolio optimization suggest that the allocation to real estate in a mixed-asset portfolio should be around 15–20%. However, the institutional investors share in real estate is significantly smaller, around 7–9%. Many researches have addressed this point even if as of today no consensus has emerged. In this paper, we built-up an allocation model that can explain the empirical observed weights. For this purpose, we account for the term structure of all standard financial assets and also of real estate asset class (expected returns, volatilities and correlations depending on the time to maturity). We propose a dynamic portfolio optimization model that allows analyzing portfolio weights with respect to the whole term structure modelling, due to its tractability and its good fit when being adequately calibrated. In this framework, we provide explicit and operational solutions to the dynamic mixed-asset portfolio allocation (cash, real estate, stock and bond). The results show that accounting for investment horizon and mean-reverting dynamics allows to better examine how portfolio allocations depend on both risk aversion and investment horizon.

Steuart, Hegel, Chamley : A case upon the nature of ‘influence’Book chapterGilles Campagnolo, J. M. Menudo (Eds.), 2019-10, pp. Chap.14,25p, Routledge, 2019

At the time when Hegel’s political economy is born, there is no other example that a full-fledged economic system may have been built outside the Classical