New issue of Econ Journal Watch

[[{“value”:”Toward Bubble Clarity: An American Economic Review article by Jianjun Miao and Pengfei Wang purports to “provide a theory of rational stock price bubbles.” Here, Tomohiro Hirano and Alexis Akira Toda argue that Miao and Wang’s ‘bubble’ talk is inapt. It is more appropriate to interpret their model as one of multiple fundamental equilibria, where all equilibrium asset
The post New issue of Econ Journal Watch appeared first on Marginal REVOLUTION.”}]]

Toward Bubble Clarity: An American Economic Review article by Jianjun Miao and Pengfei Wang purports to “provide a theory of rational stock price bubbles.” Here, Tomohiro Hirano and Alexis Akira Toda argue that Miao and Wang’s ‘bubble’ talk is inapt. It is more appropriate to interpret their model as one of multiple fundamental equilibria, where all equilibrium asset prices are equal to the present discounted value of dividends. (Miao and Wang are hereby invited to reply in a future issue of this journal.)

Who Perpetrated the Maidan Massacre? Who Overthrew the Ukrainian Government in 2014? Ivan Katchanovski criticizes Atlantic Council Senior Fellow Adrian Karatnycky, particularly his claims about Maidan in his Yale University Press book Battleground Ukraine: From Independence to War with Russia (2024). (Karatnycky is hereby invited to reply in a future issue of this journal.)

“The silence of these writers is dreadfully expressive”—Burke: David Barker has published five critiques of the temperature~growth literature. None of the commented-on authors has replied (all are listed in Sounds of Silence). Here Barker reflects on the fact that none has engaged his body of work. (The invitation to reply remains open.)

Was Karl Marx’s becoming a big deal destined or adventitious? The debate over a provocative Journal of Political Economy article continues: Joseph Francis rejoins and Phillip Magness and Michael Makovi conclude with a second reply.

Mobile payment adoption and online shopping in China: Muzaffarjon Ahunov and Leo Van Hove criticize an article that found that women consumers do more online shopping expenditure if they have adopted mobile payment instruments, but the result for men was not found. Ahunov and Van Hove point out multiple weaknesses. When they redo the analysis, they find completely different results, both in terms of magnitude and where the gender effect is concerned.

Hello, I’m 1930s America, and I Have a Recovery Problem: George Selgin provides erudite consideration of hypotheses about the recovery, and the non-recovery, of Depression-era America in his book False Dawn: The New Deal and the Promise of Recovery, 1933-1947 (University of Chicago Press, 2025), says Jason E. Taylor in his review essay.

Classical Liberalism in Argentina, from 1884 to 2023: Following up on their previous article treating the 19th century, Alejandro Gómez and Nicolás Cachanosky now continue the story of classical liberalism in Argentina. They highlight the impact of nationalist education reforms starting in 1908, which undermined liberal foundations and contributed to the emergence of Peronism and institutional instability. They highlight key figures such as Alberto Benegas Lynch, Carlos Sánchez Sañudo, and Álvaro Alsogaray. The piece extends the Classical Liberalism in Econ, by Country series.

From Medieval Provincial Law to State Liberalism: Economic Thought in Sweden—that is the English translation of the recent title by the Swedish intellectual historian Lars Magnusson. Here in a review essay, Max Skjönsberg shares key teachings and the progression from mercantilism to a liberal nation-state.

EJW News: “Jason Briggeman, 416 Thank Yous”