Ray Petridis - Academia.edu (original) (raw)
Papers by Ray Petridis
The Economic Journal, Sep 1, 1991
These twelve essays, commemorating the centenary of the publication of the Principles, were commi... more These twelve essays, commemorating the centenary of the publication of the Principles, were commissioned by the Royal Economic Society, which Marshall was instrumental in founding. The authors are well-known economists, and the editor is the leading Marshall scholar. Hoping to appeal to a wide audience, the essays are "broad evaluations of Marshall's work, its impact, and its lessons for today's economics as well as contributions of a more specialised interpretative or biographical nature'' (ix). The collection is divided into three parts. The first five essays assess Marshall's influence on economics, in particular labor, money, international trade, and industrial organization. The next three are biographical. The final four essays address "various facets of the economics of the Principles, " including capital theory, time-period analysis, barter, and consumer's surplus. The editor was guided by three broad principles: the authors were not selected because they are Marshall specialists; they were not restricted to evaluating the Principles; and they were given free rein in treating their topics, choosing their "own vantage points" and providing a "personal reaction rather than a synthesis of others' views" (ix-x). These essays thus "do not provide a comprehensive, impartial, and 'definitive' coverage" of Marshall and his work (XI.
History of Economics Review
The Australian Economic Review, 1991
A more competitive and export-oriented manufacturing sector is an important objective of the Aust... more A more competitive and export-oriented manufacturing sector is an important objective of the Australian Labor Government's economic strategy. In furthering this objective levels of tariff protection have been lowered and foreign exchange markets deregulated. The strategy has been boosted by the competitive gain afforded by depreciation of the Australian dollar in 1985 and 1986. This article offers estimates of the size of Australian manufacturing investment in export-creating capacity over the period 1980-81 to 1987-88. A breakdown of these estimates by individual industries is also provided. Our estimates indicate an improving trend since depreciation of the Australian dollar. However, this improvement has been from a low base. Moreover, the levels of investment in export-creating capacity have yet to attain the levels prevailing in the early 1980s, and there are worrying signs that the improving trend stalled toward the end of the period. However, the breakdown of our estimates by industry groupings shows positive changes in the pattern of investment in export-creating capacity. There has been a movement away from resourcebased manufactures and a larger share for elaborately transformed manufactures. This is a favourable shift in emphasis since such technologically sophisticated manufactures have been amongst the fastest growing world markets.
History of Political Economy, 1996
The wages of labour are the encouragement of industry, which, like every other human quality, imp... more The wages of labour are the encouragement of industry, which, like every other human quality, improves in proportion to the encouragement it receives. Where wages are high, accordingly we shall always find the workmen more active, diligent and expeditious than where they are low.-Adam Smith, Wealth of Nations Recently the search by economists for a satisfactory explanation of cyclical variations in involuntary unemployment has returned to analyses of the dependence of labor prodnctivity on the real wage. These so-called efficiency-wage hypotheses suggest that it would be rational for profitmaximizing firms to pay their workers real wages in excess of the marketclearing wage in order to minimize labor cost per efficiency unit. There are a variety of channels throngh which higher real wages may inflnence productivity, and, conseqnently, a plethora of efficiency-wage models have been developed. Some of these models have direct antecedents, especially in the internal labor market literature of labor economics and in earlier attempts to explain wage rigidity in macroeconomics (Akerlof and Yellen 1986; Katz 1986).
History of Political Economy, 1999
American Journal of Economics and Sociology, 1991
These twelve essays, commemorating the centenary of the publication of the Principles, were commi... more These twelve essays, commemorating the centenary of the publication of the Principles, were commissioned by the Royal Economic Society, which Marshall was instrumental in founding. The authors are well-known economists, and the editor is the leading Marshall scholar. Hoping to appeal to a wide audience, the essays are "broad evaluations of Marshall's work, its impact, and its lessons for today's economics as well as contributions of a more specialised interpretative or biographical nature'' (ix). The collection is divided into three parts. The first five essays assess Marshall's influence on economics, in particular labor, money, international trade, and industrial organization. The next three are biographical. The final four essays address "various facets of the economics of the Principles, " including capital theory, time-period analysis, barter, and consumer's surplus. The editor was guided by three broad principles: the authors were not selected because they are Marshall specialists; they were not restricted to evaluating the Principles; and they were given free rein in treating their topics, choosing their "own vantage points" and providing a "personal reaction rather than a synthesis of others' views" (ix-x). These essays thus "do not provide a comprehensive, impartial, and 'definitive' coverage" of Marshall and his work (XI.
History of Economics Review, Apr 12, 2021
This is a significant and important book because its author Toshihiro Tanaka and Tony Endres were... more This is a significant and important book because its author Toshihiro Tanaka and Tony Endres were the only international participants at the inaugural conference of the History of Economic Thought ...
Journal of the History of Economic Thought, 2002
The Australian Economic Review, 2000
History of Political Economy, Sep 1, 1999
This article attempts to correct some terminological inexactitude by marshalling evidence in favo... more This article attempts to correct some terminological inexactitude by marshalling evidence in favor of two related propositions. The first is that the policy of tolerating ongoing inflation in the hope of sustainably reducing unemployment should properly be called pseudo-Keynesian. The second proposition is that the policy of increasing unemployment in the hope of obtaining benefits with respect to inflation should prop-erly be called anti-Keynesian. The collapse of the Keynesian Phillips curve was, therefore, a failure of old Keynesian economics, but not a failure of the economics of John Maynard Keynes. Robert Solow (1978, 147) concluded that there was “little that is specifically Keynesian about [the Phillips curve] either historically or analytically”; but when the experiment of tolerating higher inflation was seen to be associated with an increase in rates of unemployment, a profound sense of crisis arose among econometricians, economists in general, and Keynesian economists in particular. Inflation had pro-duced a “general crisis of capitalism and the stability of Communist prices shines like a good deed in a naughty world ” (Wiles 1973, 377). Sidney Weintraub (1978, 209)-a Cassandra in these matters-noted that Phillips curves “now generated postmortems not predictions. ” By
This paper reports an investigation into the impact of the business cycle on occupational segrega... more This paper reports an investigation into the impact of the business cycle on occupational segregation. The analysis is conducted for the period 1978-91 and uses data disaggregated by full-time and part-time employment status and by the presence or absence of children. In each period examined the degree of occupational segregation in full-time employment is found to be at least double that in part-time, and the occupational segregation of women without children is found to be greater than that for women with children in both full-time and part-time employment. No significant business cycle effect is found.
The Biographical Dictionary of British Economists
History of Economics Review, 2011
Edward Shann resigned his professorial post at the University of Western Australia in 1934 after ... more Edward Shann resigned his professorial post at the University of Western Australia in 1934 after a period of disquiet about his frequent absences. Satisfaction with economics evaporated at the appointment of his talented replacement, A.G.B. Fisher, who moved on after twenty-three months. Economics was left rudderless for almost four years as financial constraints and the onset of war threatened the survival of economics at the University of Western Australia (UWA). The appointment of F.R.E. Mauldon as Professor in Economics in 1941 heralded a gradual improvement in course content, research activity and staffing. By 1945 the threat to the survival of economics was averted. In the immediate postwar period a pool of talented students recruited through war service schemes and from younger matriculants made their mark as original researchers in academia and in the public service. Interaction with the business and the wider community via the Economic Society was mainly instigated by the p...
The Australian Economic Review, 2000
This article examines the relationship between mental health and wellbeing and unemploy-SMHWB) da... more This article examines the relationship between mental health and wellbeing and unemploy-SMHWB) data sets. Three indicators of mental health and wellbeing are adopted. The first is a psychological wellbeing measure derived from responses to questions included in the 1995 NHS on time felt down, happy, peaceful, and nervous (the SF-36 mental health scale). The second indicator relates to diagnoses of mental disorders including substance use disorders, affective disorders and anxiety disorders. Our final indicator relates to suicidal thoughts and plans and (unsuccessful) suicide attempts. On the basis of these measures, unemployed persons exhibit poorer mental health and wellbeing outcomes than the full-time employed.
The Economic Journal, Sep 1, 1991
These twelve essays, commemorating the centenary of the publication of the Principles, were commi... more These twelve essays, commemorating the centenary of the publication of the Principles, were commissioned by the Royal Economic Society, which Marshall was instrumental in founding. The authors are well-known economists, and the editor is the leading Marshall scholar. Hoping to appeal to a wide audience, the essays are "broad evaluations of Marshall's work, its impact, and its lessons for today's economics as well as contributions of a more specialised interpretative or biographical nature'' (ix). The collection is divided into three parts. The first five essays assess Marshall's influence on economics, in particular labor, money, international trade, and industrial organization. The next three are biographical. The final four essays address "various facets of the economics of the Principles, " including capital theory, time-period analysis, barter, and consumer's surplus. The editor was guided by three broad principles: the authors were not selected because they are Marshall specialists; they were not restricted to evaluating the Principles; and they were given free rein in treating their topics, choosing their "own vantage points" and providing a "personal reaction rather than a synthesis of others' views" (ix-x). These essays thus "do not provide a comprehensive, impartial, and 'definitive' coverage" of Marshall and his work (XI.
History of Economics Review
The Australian Economic Review, 1991
A more competitive and export-oriented manufacturing sector is an important objective of the Aust... more A more competitive and export-oriented manufacturing sector is an important objective of the Australian Labor Government's economic strategy. In furthering this objective levels of tariff protection have been lowered and foreign exchange markets deregulated. The strategy has been boosted by the competitive gain afforded by depreciation of the Australian dollar in 1985 and 1986. This article offers estimates of the size of Australian manufacturing investment in export-creating capacity over the period 1980-81 to 1987-88. A breakdown of these estimates by individual industries is also provided. Our estimates indicate an improving trend since depreciation of the Australian dollar. However, this improvement has been from a low base. Moreover, the levels of investment in export-creating capacity have yet to attain the levels prevailing in the early 1980s, and there are worrying signs that the improving trend stalled toward the end of the period. However, the breakdown of our estimates by industry groupings shows positive changes in the pattern of investment in export-creating capacity. There has been a movement away from resourcebased manufactures and a larger share for elaborately transformed manufactures. This is a favourable shift in emphasis since such technologically sophisticated manufactures have been amongst the fastest growing world markets.
History of Political Economy, 1996
The wages of labour are the encouragement of industry, which, like every other human quality, imp... more The wages of labour are the encouragement of industry, which, like every other human quality, improves in proportion to the encouragement it receives. Where wages are high, accordingly we shall always find the workmen more active, diligent and expeditious than where they are low.-Adam Smith, Wealth of Nations Recently the search by economists for a satisfactory explanation of cyclical variations in involuntary unemployment has returned to analyses of the dependence of labor prodnctivity on the real wage. These so-called efficiency-wage hypotheses suggest that it would be rational for profitmaximizing firms to pay their workers real wages in excess of the marketclearing wage in order to minimize labor cost per efficiency unit. There are a variety of channels throngh which higher real wages may inflnence productivity, and, conseqnently, a plethora of efficiency-wage models have been developed. Some of these models have direct antecedents, especially in the internal labor market literature of labor economics and in earlier attempts to explain wage rigidity in macroeconomics (Akerlof and Yellen 1986; Katz 1986).
History of Political Economy, 1999
American Journal of Economics and Sociology, 1991
These twelve essays, commemorating the centenary of the publication of the Principles, were commi... more These twelve essays, commemorating the centenary of the publication of the Principles, were commissioned by the Royal Economic Society, which Marshall was instrumental in founding. The authors are well-known economists, and the editor is the leading Marshall scholar. Hoping to appeal to a wide audience, the essays are "broad evaluations of Marshall's work, its impact, and its lessons for today's economics as well as contributions of a more specialised interpretative or biographical nature'' (ix). The collection is divided into three parts. The first five essays assess Marshall's influence on economics, in particular labor, money, international trade, and industrial organization. The next three are biographical. The final four essays address "various facets of the economics of the Principles, " including capital theory, time-period analysis, barter, and consumer's surplus. The editor was guided by three broad principles: the authors were not selected because they are Marshall specialists; they were not restricted to evaluating the Principles; and they were given free rein in treating their topics, choosing their "own vantage points" and providing a "personal reaction rather than a synthesis of others' views" (ix-x). These essays thus "do not provide a comprehensive, impartial, and 'definitive' coverage" of Marshall and his work (XI.
History of Economics Review, Apr 12, 2021
This is a significant and important book because its author Toshihiro Tanaka and Tony Endres were... more This is a significant and important book because its author Toshihiro Tanaka and Tony Endres were the only international participants at the inaugural conference of the History of Economic Thought ...
Journal of the History of Economic Thought, 2002
The Australian Economic Review, 2000
History of Political Economy, Sep 1, 1999
This article attempts to correct some terminological inexactitude by marshalling evidence in favo... more This article attempts to correct some terminological inexactitude by marshalling evidence in favor of two related propositions. The first is that the policy of tolerating ongoing inflation in the hope of sustainably reducing unemployment should properly be called pseudo-Keynesian. The second proposition is that the policy of increasing unemployment in the hope of obtaining benefits with respect to inflation should prop-erly be called anti-Keynesian. The collapse of the Keynesian Phillips curve was, therefore, a failure of old Keynesian economics, but not a failure of the economics of John Maynard Keynes. Robert Solow (1978, 147) concluded that there was “little that is specifically Keynesian about [the Phillips curve] either historically or analytically”; but when the experiment of tolerating higher inflation was seen to be associated with an increase in rates of unemployment, a profound sense of crisis arose among econometricians, economists in general, and Keynesian economists in particular. Inflation had pro-duced a “general crisis of capitalism and the stability of Communist prices shines like a good deed in a naughty world ” (Wiles 1973, 377). Sidney Weintraub (1978, 209)-a Cassandra in these matters-noted that Phillips curves “now generated postmortems not predictions. ” By
This paper reports an investigation into the impact of the business cycle on occupational segrega... more This paper reports an investigation into the impact of the business cycle on occupational segregation. The analysis is conducted for the period 1978-91 and uses data disaggregated by full-time and part-time employment status and by the presence or absence of children. In each period examined the degree of occupational segregation in full-time employment is found to be at least double that in part-time, and the occupational segregation of women without children is found to be greater than that for women with children in both full-time and part-time employment. No significant business cycle effect is found.
The Biographical Dictionary of British Economists
History of Economics Review, 2011
Edward Shann resigned his professorial post at the University of Western Australia in 1934 after ... more Edward Shann resigned his professorial post at the University of Western Australia in 1934 after a period of disquiet about his frequent absences. Satisfaction with economics evaporated at the appointment of his talented replacement, A.G.B. Fisher, who moved on after twenty-three months. Economics was left rudderless for almost four years as financial constraints and the onset of war threatened the survival of economics at the University of Western Australia (UWA). The appointment of F.R.E. Mauldon as Professor in Economics in 1941 heralded a gradual improvement in course content, research activity and staffing. By 1945 the threat to the survival of economics was averted. In the immediate postwar period a pool of talented students recruited through war service schemes and from younger matriculants made their mark as original researchers in academia and in the public service. Interaction with the business and the wider community via the Economic Society was mainly instigated by the p...
The Australian Economic Review, 2000
This article examines the relationship between mental health and wellbeing and unemploy-SMHWB) da... more This article examines the relationship between mental health and wellbeing and unemploy-SMHWB) data sets. Three indicators of mental health and wellbeing are adopted. The first is a psychological wellbeing measure derived from responses to questions included in the 1995 NHS on time felt down, happy, peaceful, and nervous (the SF-36 mental health scale). The second indicator relates to diagnoses of mental disorders including substance use disorders, affective disorders and anxiety disorders. Our final indicator relates to suicidal thoughts and plans and (unsuccessful) suicide attempts. On the basis of these measures, unemployed persons exhibit poorer mental health and wellbeing outcomes than the full-time employed.